InCred Equities - IRB InvIT Fund

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	10,508	11,090	12,050	13,119
Operating EBITDA (Rsm)	8,030	8,837	10,004	10,640
Net Profit (Rsm)	3,701	3,946	3,466	3,685
Core EPS (Rs)	6.4	6.8	6.0	6.3
Core EPS Growth	22.2%	6.6%	(12.2%)	6.3%
FD Core P/E (x)	8.27	7.76	8.83	8.30
DPS (Rs)	8.0	8.1	4.0	3.0
Dividend Yield	15.17%	15.27%	7.55%	5.60%
EV/EBITDA (x)	7.55	6.78	5.69	4.94
P/FCFE (x)	2.90	6.91	13.24	17.84
Net Gearing	74.9%	74.9%	65.2%	51.9%
P/BV (x)	0.76	0.78	0.76	0.72
ROE	9.1%	10.0%	8.7%	8.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	10,508	11,090	12,050	13,119
Gross Profit	8,030	8,837	10,004	10,640
Operating EBITDA	8,030	8,837	10,004	10,640
Depreciation And Amortisation	(2,613)	(2,295)	(2,960)	(3,591)
Operating EBIT	5,417	6,542	7,044	7,049
Financial Income/(Expense)	(1,926)	(2,722)	(3,026)	(2,827)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	254	238
Profit Before Tax (pre-EI)	3,745	4,058	4,018	4,222
Exceptional Items
Pre-tax Profit	3,745	4,058	4,018	4,222
Taxation	(44)	(112)	(552)	(537)
Exceptional Income - post-tax
Profit After Tax	3,701	3,946	3,466	3,685
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,701	3,946	3,466	3,685
Recurring Net Profit	3,701	3,946	3,466	3,685
Fully Diluted Recurring Net Profit	3,701	3,946	3,466	3,685

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	8,030	8,837	10,004	10,640
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,943)	(83)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(1,672)	(2,484)	(3,026)	(2,827)
Tax Paid	(44)	(112)	(552)	(537)
Cashflow From Operations	1,371	6,158	6,426	7,276
Capex
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,238)	(1,837)	(2,647)	(3,925)
Cash Flow From Investing	(2,238)	(1,837)	(2,647)	(3,925)
Debt Raised/(repaid)	11,421	106	(1,467)	(1,636)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,644)	(4,673)	(2,312)	(1,715)
Preferred Dividends
Other Financing Cashflow	(12,634)
Cash Flow From Financing	(5,857)	(4,567)	(3,779)	(3,351)
Total Cash Generated	(6,724)	(246)
Free Cashflow To Equity	10,554	4,427	2,312	1,715
Free Cashflow To Firm	1,059	7,043	6,805	6,179

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	360	1,178	2,725	5,439
Total Debtors
Inventories
Total Other Current Assets	4,326	4,409	4,409	4,409
Total Current Assets	4,686	5,587	7,133	9,847
Fixed Assets	65,758	64,050	62,190	59,810
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	65,758	64,050	62,190	59,810
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities
Total Current Liabilities
Total Long-term Debt	30,380	30,486	29,019	27,383
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	30,380	30,486	29,019	27,383
Total Provisions
Total Liabilities	30,380	30,486	29,019	27,383
Shareholders Equity	40,064	39,150	40,304	42,274
Minority Interests
Total Equity	40,064	39,150	40,304	42,274

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(18.5%)	5.5%	8.7%	8.9%
Operating EBITDA Growth	(23.4%)	10.0%	13.2%	6.4%
Operating EBITDA Margin	76.4%	79.7%	83.0%	81.1%
Net Cash Per Share (Rs)	(51.71)	(50.49)	(45.30)	(37.80)
BVPS (Rs)	69.02	67.44	69.43	72.82
Gross Interest Cover	2.81	2.40	2.33	2.49
Effective Tax Rate	1.2%	2.8%	13.7%	12.7%
Net Dividend Payout Ratio	125.5%	118.4%	66.7%	46.5%
Accounts Receivables Days
Inventory Days
Accounts Payables Days
ROIC (%)	10.1%	9.3%	10.3%	10.6%
ROCE (%)	8.3%	9.3%	10.1%	10.1%
Return On Average Assets	8.5%	9.5%	9.3%	9.4%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg