InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	132,785	141,861	156,588	174,048
Operating EBITDA (Rsm)	24,220	26,337	29,188	32,547
Net Profit (Rsm)	15,549	16,916	19,541	22,190
Core EPS (Rs)	81.9	88.8	102.4	116.3
Core EPS Growth	(5.1%)	8.4%	15.3%	13.6%
FD Core P/E (x)	30.19	27.85	24.16	21.28
DPS (Rs)	55.0	65.0	71.7	81.4
Dividend Yield	2.23%	2.63%	2.90%	3.29%
EV/EBITDA (x)	18.89	17.16	15.25	13.43
P/FCFE (x)	21.93	25.19	23.99	22.54
Net Gearing	(13.5%)	(20.6%)	(27.4%)	(33.4%)
P/BV (x)	5.35	5.11	4.80	4.50
ROE	18.6%	18.8%	20.5%	21.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	132,785	141,861	156,588	174,048
Gross Profit	40,013	44,519	49,231	54,825
Operating EBITDA	24,220	26,337	29,188	32,547
Depreciation And Amortisation	(4,105)	(4,692)	(5,011)	(5,570)
Operating EBIT	20,115	21,646	24,177	26,978
Financial Income/(Expense)	569	872	1,878	2,689
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	20,685	22,517	26,055	29,666
Exceptional Items
Pre-tax Profit	20,685	22,517	26,055	29,666
Taxation	(5,135)	(5,602)	(6,514)	(7,476)
Exceptional Income - post-tax
Profit After Tax	15,549	16,916	19,541	22,190
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	15,549	16,916	19,541	22,190
Recurring Net Profit	15,549	16,916	19,541	22,190
Fully Diluted Recurring Net Profit	15,549	16,916	19,541	22,190

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,220	26,337	29,188	32,547
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,028	(1,035)	(1,797)	(2,130)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(5,902)	(5,602)	(6,514)	(7,476)
Cashflow From Operations	22,346	19,701	20,877	22,941
Capex	(937)	(1,000)	(1,200)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(23,884)	2,559	2,662	2,924
Cash Flow From Investing	(24,821)	1,559	1,462	924
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(9,427)	(12,414)	(13,679)	(15,533)
Preferred Dividends
Other Financing Cashflow	10,198	(1,687)	(784)	(235)
Cash Flow From Financing	771	(14,101)	(14,463)	(15,768)
Total Cash Generated	(1,704)	7,159	7,877	8,097
Free Cashflow To Equity	21,409	18,701	19,677	20,941
Free Cashflow To Firm	(2,475)	21,260	22,339	23,865

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	34,071	41,230	49,107	57,203
Total Debtors	24,256	25,819	28,499	31,677
Inventories
Total Other Current Assets	7,997	7,997	7,997	7,997
Total Current Assets	66,324	75,046	85,603	96,877
Fixed Assets	9,352	5,661	1,850	(1,720)
Total Investments	8,454	8,454	8,454	8,454
Intangible Assets	46,588	46,588	46,588	46,588
Total Other Non-Current Assets	10,583	10,583	10,583	10,583
Total Non-current Assets	74,978	71,287	67,476	63,906
Short-term Debt	15,436	15,436	15,436	15,436
Current Portion of Long-Term Debt
Total Creditors	7,983	8,512	9,395	10,443
Other Current Liabilities	18,627	18,627	18,627	18,627
Total Current Liabilities	42,046	42,575	43,458	44,506
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,310	11,310	11,310	11,310
Total Non-current Liabilities	11,310	11,310	11,310	11,310
Total Provisions
Total Liabilities	53,356	53,885	54,769	55,816
Shareholders Equity	87,946	92,448	98,310	104,967
Minority Interests
Total Equity	87,946	92,448	98,310	104,967

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(3.8%)	6.8%	10.4%	11.2%
Operating EBITDA Growth	(0.5%)	8.7%	10.8%	11.5%
Operating EBITDA Margin	18.2%	18.6%	18.6%	18.7%
Net Cash Per Share (Rs)	62.55	99.82	141.10	183.54
BVPS (Rs)	462.86	484.54	515.27	550.16
Gross Interest Cover	12.50	12.83	30.84	114.70
Effective Tax Rate	24.8%	24.9%	25.0%	25.2%
Net Dividend Payout Ratio	67.4%	73.4%	70.0%	70.0%
Accounts Receivables Days	67.98	64.42	63.31	63.10
Inventory Days
Accounts Payables Days	32.70	30.92	30.44	30.37
ROIC (%)	25.2%	22.5%	26.1%	29.9%
ROCE (%)	15.3%	14.5%	15.4%	16.3%
Return On Average Assets	11.7%	11.3%	12.1%	12.9%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 22 4161 1544 vikas.swami@incredresearch.com

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Market Data

Source: Bloomberg