InCred Equities - Marico Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	96,530	106,313	116,932	128,775
Operating EBITDA (Rsm)	20,260	21,723	24,624	27,833
Net Profit (Rsm)	13,390	15,432	17,454	19,885
Core EPS (Rs)	10.4	12.0	13.5	15.4
Core EPS Growth	15.6%	15.3%	13.1%	13.9%
FD Core P/E (x)	63.24	54.87	48.52	42.59
DPS (Rs)	5.5	5.9	6.8	7.8
Dividend Yield	0.98%	1.05%	1.20%	1.39%
EV/EBITDA (x)	41.56	38.76	34.04	29.96
P/FCFE (x)	70.69	1,176.99	69.54	60.92
Net Gearing	(19.6%)	(15.2%)	(20.1%)	(23.9%)
P/BV (x)	22.10	16.90	14.90	13.13
ROE	35.1%	34.9%	32.6%	32.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	96,530	106,313	116,932	128,775
Gross Profit	49,050	52,916	58,942	65,722
Operating EBITDA	20,260	21,723	24,624	27,833
Depreciation And Amortisation	(1,580)	(2,453)	(2,915)	(3,376)
Operating EBIT	18,680	19,270	21,709	24,457
Financial Income/(Expense)	(730)	895	1,128	1,490
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	17,950	20,165	22,837	25,947
Exceptional Items
Pre-tax Profit	17,950	20,165	22,837	25,947
Taxation	(4,350)	(4,533)	(5,182)	(5,862)
Exceptional Income - post-tax
Profit After Tax	13,600	15,632	17,654	20,085
Minority Interests	(210)	(200)	(200)	(200)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,390	15,432	17,454	19,885
Recurring Net Profit	13,390	15,432	17,454	19,885
Fully Diluted Recurring Net Profit	13,390	15,432	17,454	19,885

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	20,260	21,723	24,624	27,833
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,520)	(8,826)	(691)	(1,861)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,420	1,595	1,848	2,230
Net Interest (Paid)/Received	(730)	(700)	(720)	(740)
Tax Paid	(4,350)	(4,533)	(5,182)	(5,862)
Cashflow From Operations	15,080	9,259	19,878	21,601
Capex	(5,800)	(4,919)	(4,700)	(4,700)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	2,700	(3,620)	(3,000)	(3,000)
Cash Flow From Investing	(3,100)	(8,539)	(7,700)	(7,700)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(12,290)	(8,887)	(10,201)	(11,764)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(12,290)	(8,887)	(10,201)	(11,764)
Total Cash Generated	(310)	(8,167)	1,977	2,137
Free Cashflow To Equity	11,980	719	12,178	13,901
Free Cashflow To Firm	12,710	1,419	12,898	14,641

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,020	11,983	15,960	20,097
Total Debtors	10,690	17,856	19,620	24,151
Inventories	13,360	21,397	21,199	19,501
Total Other Current Assets	6,350	4,359	4,789	5,270
Total Current Assets	42,420	55,595	61,568	69,019
Fixed Assets	16,070	22,328	24,113	25,437
Total Investments	5,670	6,460	6,460	6,460
Intangible Assets	9,370	5,578	5,578	5,578
Total Other Non-Current Assets	(2,110)	(1,260)	(1,260)	(1,260)
Total Non-current Assets	29,000	33,106	34,891	36,215
Short-term Debt	3,830	3,830	3,830	3,830
Current Portion of Long-Term Debt
Total Creditors	15,810	21,864	23,157	24,597
Other Current Liabilities
Total Current Liabilities	19,640	25,694	26,987	28,427
Total Long-term Debt		20	20	20
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities		20	20	20
Total Provisions	80	132	144	157
Total Liabilities	19,720	25,846	27,150	28,603
Shareholders Equity	38,320	50,096	56,849	64,471
Minority Interests	3,370	3,370	3,370	3,370
Total Equity	41,690	53,466	60,219	67,841

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(1.1%)	10.1%	10.0%	10.1%
Operating EBITDA Growth	11.9%	7.2%	13.4%	13.0%
Operating EBITDA Margin	21.0%	20.4%	21.1%	21.6%
Net Cash Per Share (Rs)	6.35	6.30	9.39	12.59
BVPS (Rs)	29.71	38.83	44.07	49.98
Gross Interest Cover	25.59	27.53	30.15	33.05
Effective Tax Rate	24.2%	22.5%	22.7%	22.6%
Net Dividend Payout Ratio	62.2%	57.6%	58.4%	59.2%
Accounts Receivables Days	39.40	49.00	58.49	62.03
Inventory Days	98.44	118.79	134.05	117.80
Accounts Payables Days	116.58	128.76	141.68	138.22
ROIC (%)	49.3%	39.8%	42.7%	45.2%
ROCE (%)	41.6%	37.5%	35.8%	36.0%
Return On Average Assets	20.9%	18.4%	17.9%	18.4%

(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