InCred Equities - Samvardhana Motherson International Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	984,947	1,219,614	1,376,889	1,545,963
Operating EBITDA (Rsm)	88,516	109,321	129,162	147,589
Net Profit (Rsm)	20,371	36,714	48,182	61,371
Core EPS (Rs)	3.9	5.4	7.1	9.1
Core EPS Growth	66.8%	38.0%	31.2%	27.4%
FD Core P/E (x)	55.01	30.52	23.26	18.26
DPS (Rs)	0.8	1.2	1.6	2.0
Dividend Yield	0.48%	0.75%	1.00%	1.26%
EV/EBITDA (x)	13.33	10.47	8.55	7.25
P/FCFE (x)	4.54	7.50	4.18	9.50
Net Gearing	36.7%	23.7%	14.4%	8.3%
P/BV (x)	4.28	3.30	2.98	2.65
ROE	10.9%	12.2%	13.5%	15.4%
% 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	1,219,614	1,376,889	1,545,963
Gross Profit	440,800	536,630	605,831	680,224
Operating EBITDA	88,516	109,321	129,162	147,589
Depreciation And Amortisation	(38,105)	(45,726)	(51,213)	(56,334)
Operating EBIT	50,411	63,595	77,949	91,255
Financial Income/(Expense)	(14,902)	(17,512)	(15,454)	(11,369)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,266	3,059	3,762	4,514
Profit Before Tax (pre-EI)	37,775	49,142	66,256	84,400
Exceptional Items
Pre-tax Profit	37,775	49,142	66,256	84,400
Taxation	(10,516)	(12,285)	(17,889)	(22,788)
Exceptional Income - post-tax	(6,229)
Profit After Tax	21,029	36,856	48,367	61,612
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	36,714	48,182	61,371
Recurring Net Profit	26,600	36,714	48,182	61,371
Fully Diluted Recurring Net Profit	26,600	36,714	48,182	61,371

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	88,516	109,321	129,162	147,589
Cash Flow from Invt. & Assoc.
Change In Working Capital	35,244	37,156	20,048	(34,404)
(Incr)/Decr in Total Provisions	(77,335)	(111,848)	(129,000)	(92,400)
Other Non-Cash (Income)/Expense	2,199	12,308	9,851	7,184
Other Operating Cashflow
Net Interest (Paid)/Received	(12,637)	(14,454)	(11,692)	(6,854)
Tax Paid	(12,627)	(14,743)	(21,202)	(27,008)
Cashflow From Operations	23,360	17,741	(2,834)	(5,894)
Capex	(118,049)	(130,000)	(60,000)	(65,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	462,974	435,206	451,741	192,845
Cash Flow From Investing	344,924	305,206	391,741	127,845
Debt Raised/(repaid)	(121,657)	(173,513)	(120,513)	(3,972)
Proceeds From Issue Of Shares		64,376
Shares Repurchased
Dividends Paid	(5,421)	(8,444)	(11,258)	(14,073)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(127,078)	(117,581)	(131,771)	(18,044)
Total Cash Generated	241,207	205,367	257,136	103,908
Free Cashflow To Equity	246,628	149,434	268,394	117,980
Free Cashflow To Firm	383,187	340,459	404,361	133,320

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	69,858	34,157	64,378	74,682
Total Debtors	171,943	183,778	181,070	199,069
Inventories	91,386	110,267	120,714	135,536
Total Other Current Assets	56,788	52,000	60,000	63,000
Total Current Assets	389,974	380,202	426,162	472,288
Fixed Assets	326,192	410,466	419,253	427,919
Total Investments	65,215	86,735	104,082	124,899
Intangible Assets
Total Other Non-Current Assets	68,837	63,746	66,746	69,746
Total Non-current Assets	460,243	560,948	590,082	622,564
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	273,996	294,239	317,664
Other Current Liabilities	136,637	150,000	155,000	160,000
Total Current Liabilities	471,322	484,509	522,239	545,664
Total Long-term Debt	65,000	60,000	50,000	45,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	65,000	60,000	50,000	45,000
Total Provisions	31,740	32,896	38,209	44,429
Total Liabilities	568,062	577,404	610,448	635,092
Shareholders Equity	261,549	339,195	376,119	423,417
Minority Interests	20,606	24,550	29,677	36,342
Total Equity	282,155	363,745	405,795	459,759

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	25.2%	23.8%	12.9%	12.3%
Operating EBITDA Growth	42.6%	23.5%	18.1%	14.3%
Operating EBITDA Margin	9.0%	9.0%	9.4%	9.5%
Net Cash Per Share (Rs)	(15.30)	(12.74)	(8.65)	(5.65)
BVPS (Rs)	38.60	50.06	55.50	62.48
Gross Interest Cover	3.38	3.63	5.04	8.03
Effective Tax Rate	27.8%	25.0%	27.0%	27.0%
Net Dividend Payout Ratio	20.4%	23.0%	23.4%	22.9%
Accounts Receivables Days	50.09	53.23	48.36	44.88
Inventory Days	56.89	53.88	54.67	54.02
Accounts Payables Days	123.27	133.65	134.49	128.99
ROIC (%)	18.4%	18.0%	19.7%	22.9%
ROCE (%)	12.1%	13.3%	15.0%	16.1%
Return On Average Assets	6.1%	6.5%	7.0%	7.5%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

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Market Data

Source: Bloomberg