InCred Equities - Marico Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	96,530	105,287	115,822	127,574
Operating EBITDA (Rsm)	20,260	22,447	25,010	27,780
Net Profit (Rsm)	13,390	15,698	17,419	19,412
Core EPS (Rs)	10.4	12.2	13.5	15.0
Core EPS Growth	15.6%	17.2%	11.0%	11.4%
FD Core P/E (x)	56.93	48.56	43.76	39.27
DPS (Rs)	5.5	6.1	6.8	7.6
Dividend Yield	1.09%	1.21%	1.35%	1.51%
EV/EBITDA (x)	37.39	33.46	29.84	26.68
P/FCFE (x)	63.63	577.83	62.60	56.52
Net Gearing	(19.6%)	(24.7%)	(29.4%)	(33.0%)
P/BV (x)	19.89	13.73	12.17	10.80
ROE	35.1%	33.5%	29.5%	29.1%
% 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	105,287	115,822	127,574
Gross Profit	49,050	52,452	58,433	65,163
Operating EBITDA	20,260	22,447	25,010	27,780
Depreciation And Amortisation	(1,580)	(2,453)	(2,915)	(3,376)
Operating EBIT	18,680	19,994	22,096	24,404
Financial Income/(Expense)	(730)	713	896	1,126
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	17,950	20,707	22,991	25,529
Exceptional Items
Pre-tax Profit	17,950	20,707	22,991	25,529
Taxation	(4,350)	(4,809)	(5,372)	(5,917)
Exceptional Income - post-tax
Profit After Tax	13,600	15,898	17,619	19,612
Minority Interests	(210)	(200)	(200)	(200)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,390	15,698	17,419	19,412
Recurring Net Profit	13,390	15,698	17,419	19,412
Fully Diluted Recurring Net Profit	13,390	15,698	17,419	19,412

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	20,260	22,447	25,010	27,780
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,520)	(8,492)	(656)	(1,801)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,420	1,313	1,496	1,726
Net Interest (Paid)/Received	(730)	(600)	(600)	(600)
Tax Paid	(4,350)	(4,809)	(5,372)	(5,917)
Cashflow From Operations	15,080	9,859	19,878	21,188
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)	(9,211)	(10,295)	(11,507)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(12,290)	(9,211)	(10,295)	(11,507)
Total Cash Generated	(310)	(7,892)	1,884	1,980
Free Cashflow To Equity	11,980	1,319	12,178	13,488
Free Cashflow To Firm	12,710	1,919	12,778	14,088

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,020	18,398	23,282	28,262
Total Debtors	10,690	17,631	19,376	23,855
Inventories	13,360	21,172	20,987	19,320
Total Other Current Assets	6,350	4,304	4,730	5,206
Total Current Assets	42,420	61,506	68,375	76,643
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	21,697	23,014	24,487
Other Current Liabilities
Total Current Liabilities	19,640	25,527	26,844	28,317
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	128	140	154
Total Liabilities	19,720	25,675	27,004	28,491
Shareholders Equity	38,320	55,537	62,662	70,567
Minority Interests	3,370	3,370	3,370	3,370
Total Equity	41,690	58,907	66,032	73,937

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(1.1%)	9.1%	10.0%	10.1%
Operating EBITDA Growth	11.9%	10.8%	11.4%	11.1%
Operating EBITDA Margin	21.0%	21.3%	21.6%	21.8%
Net Cash Per Share (Rs)	6.35	11.28	15.06	18.92
BVPS (Rs)	29.71	43.05	48.58	54.70
Gross Interest Cover	25.59	33.32	36.83	40.67
Effective Tax Rate	24.2%	23.2%	23.4%	23.2%
Net Dividend Payout Ratio	62.2%	58.7%	59.1%	59.3%
Accounts Receivables Days	39.40	49.09	58.31	61.84
Inventory Days	98.44	119.28	134.07	117.86
Accounts Payables Days	116.58	129.55	142.18	138.90
ROIC (%)	49.3%	41.6%	43.7%	45.5%
ROCE (%)	41.6%	36.9%	33.3%	33.1%
Return On Average Assets	20.9%	18.3%	16.9%	17.1%

(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