InCred Equities - Samvardhana Motherson International Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	984,947	1,155,113	1,325,590	1,486,107
Operating EBITDA (Rsm)	88,516	107,725	126,747	144,075
Net Profit (Rsm)	20,371	34,878	46,040	57,592
Core EPS (Rs)	3.7	4.9	6.5	8.1
Core EPS Growth	66.8%	31.1%	32.0%	25.1%
FD Core P/E (x)	46.19	26.98	20.44	16.34
DPS (Rs)	0.8	1.2	1.6	2.0
Dividend Yield	0.58%	0.90%	1.21%	1.51%
EV/EBITDA (x)	11.30	9.00	7.35	6.25
P/FCFE (x)	33.26	(10.30)	46.60	44.24
Net Gearing	36.7%	25.2%	16.6%	12.5%
P/BV (x)	3.60	2.79	2.43	2.19
ROE	10.9%	11.6%	12.7%	14.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	984,947	1,155,113	1,325,590	1,486,107
Gross Profit	440,800	525,576	583,260	653,887
Operating EBITDA	88,516	107,725	126,747	144,075
Depreciation And Amortisation	(38,105)	(45,726)	(51,213)	(56,334)
Operating EBIT	50,411	61,999	75,534	87,741
Financial Income/(Expense)	(14,902)	(18,702)	(16,391)	(13,534)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,266	3,398	4,180	5,016
Profit Before Tax (pre-EI)	37,775	46,695	63,323	79,223
Exceptional Items
Pre-tax Profit	37,775	46,695	63,323	79,223
Taxation	(10,516)	(11,674)	(17,097)	(21,390)
Exceptional Income - post-tax	(6,229)
Profit After Tax	21,029	35,021	46,226	57,833
Minority Interests	(3,034)	(3,944)	(5,127)	(6,665)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax	2,376	3,801	4,941	6,424
Net Profit	20,371	34,878	46,040	57,592
Recurring Net Profit	26,600	34,878	46,040	57,592
Fully Diluted Recurring Net Profit	26,600	34,878	46,040	57,592

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	88,516	107,725	126,747	144,075
Cash Flow from Invt. & Assoc.
Change In Working Capital	35,244	37,156	15,823	(5,631)
(Incr)/Decr in Total Provisions	(77,335)	(111,848)	(117,000)	(92,400)
Other Non-Cash (Income)/Expense	2,199	12,308	9,973	7,453
Other Operating Cashflow
Net Interest (Paid)/Received	(12,637)	(15,304)	(12,211)	(8,518)
Tax Paid	(12,627)	(14,008)	(20,263)	(25,351)
Cashflow From Operations	23,360	16,028	3,069	19,628
Capex	(118,049)	(118,000)	(60,000)	(65,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	244,638	184,120	202,636	70,610
Cash Flow From Investing	126,589	66,120	142,636	5,610
Debt Raised/(repaid)	(121,657)	(173,513)	(125,513)	(3,972)
Proceeds From Issue Of Shares		64,376	15,000
Shares Repurchased
Dividends Paid	(5,421)	(8,444)	(11,386)	(14,232)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(127,078)	(117,581)	(121,899)	(18,204)
Total Cash Generated	22,871	(35,433)	23,807	7,034
Free Cashflow To Equity	28,292	(91,365)	20,192	21,267
Free Cashflow To Firm	164,851	100,850	162,096	38,772

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	69,858	34,425	53,895	54,641
Total Debtors	171,943	158,235	174,324	191,362
Inventories	91,386	110,764	123,480	138,432
Total Other Current Assets	56,788	59,000	60,000	63,000
Total Current Assets	389,974	362,424	411,699	447,435
Fixed Assets	326,192	398,466	407,253	415,919
Total Investments	65,215	86,735	108,419	135,524
Intangible Assets
Total Other Non-Current Assets	68,837	65,746	66,746	69,746
Total Non-current Assets	460,243	550,948	582,419	621,189
Short-term Debt	8,000	5,000	3,000	3,000
Current Portion of Long-Term Debt	100,513	55,513	70,000	65,000
Total Creditors	226,172	253,175	261,486	285,007
Other Current Liabilities	136,637	140,000	155,000	160,000
Total Current Liabilities	471,322	453,688	489,486	513,007
Total Long-term Debt	65,000	65,000	50,000	45,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	65,000	65,000	50,000	45,000
Total Provisions	31,740	32,773	37,940	43,901
Total Liabilities	568,062	551,462	577,426	601,908
Shareholders Equity	261,549	337,360	387,015	430,374
Minority Interests	20,606	24,550	29,677	36,342
Total Equity	282,155	361,910	416,691	466,716

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.2%	17.3%	14.8%	12.1%
Operating EBITDA Growth	42.6%	21.7%	17.7%	13.7%
Operating EBITDA Margin	9.0%	9.3%	9.6%	9.7%
Net Cash Per Share (Rs)	(14.57)	(12.80)	(9.71)	(8.20)
BVPS (Rs)	36.75	47.41	54.39	60.48
Gross Interest Cover	3.38	3.32	4.61	6.48
Effective Tax Rate	27.8%	25.0%	27.0%	27.0%
Net Dividend Payout Ratio	20.4%	24.2%	24.7%	24.7%
Accounts Receivables Days	50.09	52.17	45.78	44.91
Inventory Days	56.89	58.60	57.59	57.44
Accounts Payables Days	123.27	138.96	126.53	119.84
ROIC (%)	18.4%	17.6%	18.9%	21.1%
ROCE (%)	12.1%	12.9%	14.4%	15.2%
Return On Average Assets	6.1%	6.5%	7.1%	7.5%

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(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg