InCred Equities - Jyothy Labs Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	27,569	29,813	32,976	36,328
Operating EBITDA (Rsm)	4,798	5,358	6,027	6,710
Net Profit (Rsm)	3,695	4,241	4,913	5,640
Core EPS (Rs)	10.1	11.6	13.4	15.4
Core EPS Growth	58.8%	14.8%	15.8%	14.8%
FD Core P/E (x)	40.23	35.04	30.25	26.35
DPS (Rs)	3.0	4.5	3.3	3.3
Dividend Yield	0.74%	1.11%	0.82%	0.82%
EV/EBITDA (x)	30.63	27.29	24.17	21.15
P/FCFE (x)	(393.82)	80.70	67.21	29.71
Net Gearing	(9.2%)	(11.6%)	(12.1%)	(23.4%)
P/BV (x)	8.22	7.19	6.10	5.16
ROE	22.0%	21.9%	21.8%	21.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	27,569	29,813	32,976	36,328
Gross Profit	13,531	14,811	16,448	18,153
Operating EBITDA	4,798	5,358	6,027	6,710
Depreciation And Amortisation	(500)	(500)	(510)	(512)
Operating EBIT	4,298	4,858	5,517	6,198
Financial Income/(Expense)	(47)	(20)	(20)	(20)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	537	634	843	1,099
Profit Before Tax (pre-EI)	4,788	5,472	6,340	7,277
Exceptional Items
Pre-tax Profit	4,788	5,472	6,340	7,277
Taxation	(1,095)	(1,231)	(1,426)	(1,637)
Exceptional Income - post-tax
Profit After Tax	3,693	4,241	4,913	5,640
Minority Interests	2
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,695	4,241	4,913	5,640
Recurring Net Profit	3,695	4,241	4,913	5,640
Fully Diluted Recurring Net Profit	3,695	4,241	4,913	5,640

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,798	5,358	6,027	6,710
Cash Flow from Invt. & Assoc.	2
Change In Working Capital	(4,004)	(2,499)	(2,712)	(649)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	537	634	843	1,099
Net Interest (Paid)/Received	(47)	(20)	(20)	(20)
Tax Paid	(1,095)	(1,231)	(1,426)	(1,637)
Cashflow From Operations	190	2,242	2,711	5,503
Capex	(568)	(400)	(500)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(568)	(400)	(500)	(500)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,102)	(1,102)	(1,652)	(1,212)
Preferred Dividends
Other Financing Cashflow	305
Cash Flow From Financing	(797)	(1,102)	(1,652)	(1,212)
Total Cash Generated	(1,174)	740	559	3,791
Free Cashflow To Equity	(377)	1,842	2,211	5,003
Free Cashflow To Firm	(330)	1,862	2,231	5,023

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,661	2,401	2,960	6,751
Total Debtors	2,014	2,695	4,337	4,777
Inventories	2,835	4,002	5,240	5,773
Total Other Current Assets	5,461	5,461	5,461	5,461
Total Current Assets	11,970	14,559	17,997	22,761
Fixed Assets	3,469	3,369	3,359	3,347
Total Investments
Intangible Assets	7,918	7,918	7,918	7,918
Total Other Non-Current Assets	653	653	653	653
Total Non-current Assets	12,039	11,939	11,929	11,917
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,761	2,010	2,067	2,272
Other Current Liabilities	2,061	2,061	2,061	2,061
Total Current Liabilities	4,822	4,071	4,128	4,333
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	1,086	1,186	1,295	1,415
Total Liabilities	5,907	5,257	5,423	5,748
Shareholders Equity	18,083	20,672	24,373	28,801
Minority Interests	19	19	19	19
Total Equity	18,102	20,691	24,392	28,820

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.9%	8.1%	10.6%	10.2%
Operating EBITDA Growth	51.9%	11.7%	12.5%	11.3%
Operating EBITDA Margin	17.4%	18.0%	18.3%	18.5%
Net Cash Per Share (Rs)	4.52	6.54	8.06	18.38
BVPS (Rs)	49.25	56.30	66.38	78.44
Gross Interest Cover	90.88	242.91	275.83	309.91
Effective Tax Rate	22.9%	22.5%	22.5%	22.5%
Net Dividend Payout Ratio	29.8%	39.0%	24.7%	21.5%
Accounts Receivables Days	22.45	28.83	38.92	45.78
Inventory Days	76.10	83.18	102.06	110.58
Accounts Payables Days	63.75	58.03	45.02	43.57
ROIC (%)	24.5%	24.3%	24.2%	26.3%
ROCE (%)	25.6%	25.0%	24.5%	23.3%
Return On Average Assets	16.8%	16.9%	17.5%	17.5%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg