InCred Equities - Torrent Pharmaceuticals Ltd

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	96,200	107,280	119,422	133,191
Operating EBITDA (Rsm)	28,420	33,680	38,981	44,283
Net Profit (Rsm)	12,450	16,560	20,168	25,319
Core EPS (Rs)	36.8	47.1	59.6	74.8
Core EPS Growth	14.8%	28.0%	26.5%	25.5%
FD Core P/E (x)	84.13	65.71	51.94	41.37
DPS (Rs)	22.0	30.0	30.0	30.0
Dividend Yield	0.71%	0.97%	0.97%	0.97%
EV/EBITDA (x)	38.45	31.97	27.63	23.95
P/FCFE (x)	45.13	16.80	38.87	17.91
Net Gearing	73.7%	43.1%	38.0%	14.2%
P/BV (x)	16.90	15.28	13.33	11.17
ROE	20.5%	24.4%	27.4%	29.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	96,200	107,280	119,422	133,191
Gross Profit	68,850	80,420	90,752	101,988
Operating EBITDA	28,420	33,680	38,981	44,283
Depreciation And Amortisation	(7,070)	(8,080)	(8,100)	(8,500)
Operating EBIT	21,350	25,600	30,881	35,783
Financial Income/(Expense)	(3,330)	(3,540)	(2,670)	(2,100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	450	580	600	1,000
Profit Before Tax (pre-EI)	18,470	22,640	28,811	34,683
Exceptional Items		880
Pre-tax Profit	18,470	23,520	28,811	34,683
Taxation	(6,020)	(6,960)	(8,643)	(9,364)
Exceptional Income - post-tax
Profit After Tax	12,450	16,560	20,168	25,319
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,450	16,560	20,168	25,319
Recurring Net Profit	12,450	15,940	20,168	25,319
Fully Diluted Recurring Net Profit	12,450	15,940	20,168	25,319

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	28,420	33,680	38,981	44,283
Cash Flow from Invt. & Assoc.
Change In Working Capital	(182)	4,180	(15,366)	(4,173)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(4,557)	(5,200)	(8,643)	(9,364)
Net Interest (Paid)/Received	(3,330)	(3,540)	(2,670)	(2,100)
Tax Paid	(1,674)	(3,120)	(6,573)	(8,264)
Cashflow From Operations	23,681	32,660	14,972	30,746
Capex	(4,152)	(2,990)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(20,000)
Other Investing Cashflow
Cash Flow From Investing	(471)	29,670	11,972	27,746
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,630)	(10,150)	(10,153)	(10,153)
Preferred Dividends
Other Financing Cashflow	10,471	(16,990)	(10,020)	(4,408)
Cash Flow From Financing	1,841	(27,140)	(20,174)	(14,561)
Total Cash Generated	1,370	2,530	(8,202)	13,184
Free Cashflow To Equity	23,210	62,330	26,944	58,491
Free Cashflow To Firm	26,540	65,870	29,614	60,591

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	7,270	9,800	1,598	14,783
Total Debtors	19,440	18,440	23,884	26,638
Inventories	22,300	22,790	29,856	33,298
Total Other Current Assets	4,280	5,080	5,971	6,660
Total Current Assets	53,290	56,110	61,309	81,378
Fixed Assets	34,600	35,780	30,680	25,180
Total Investments	430	320	320	320
Intangible Assets	54,270	49,210	49,210	49,210
Total Other Non-Current Assets	7,530	9,190	9,190	9,190
Total Non-current Assets	96,830	94,500	89,400	83,900
Short-term Debt	28,010	23,340	23,340	23,340
Current Portion of Long-Term Debt
Total Creditors	16,790	20,890	18,426	20,152
Other Current Liabilities	9,670	10,030	10,529	11,515
Total Current Liabilities	54,470	54,260	52,295	55,007
Total Long-term Debt	24,960	16,040	8,090	4,782
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	8,710	11,750	11,750	11,750
Total Non-current Liabilities	33,670	27,790	19,840	16,532
Total Provisions
Total Liabilities	88,140	82,050	72,135	71,539
Shareholders Equity	61,980	68,560	78,574	93,739
Minority Interests
Total Equity	61,980	68,560	78,574	93,739

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	13.1%	11.5%	11.3%	11.5%
Operating EBITDA Growth	16.9%	18.5%	15.7%	13.6%
Operating EBITDA Margin	29.5%	31.4%	32.6%	33.2%
Net Cash Per Share (Rs)	(135.03)	(87.40)	(88.14)	(39.41)
BVPS (Rs)	183.13	202.57	232.16	276.97
Gross Interest Cover	6.41	7.23	11.57	17.04
Effective Tax Rate	32.6%	29.6%	30.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	67.86	64.44	64.68	69.23
Inventory Days	313.09	306.36	335.11	369.37
Accounts Payables Days	223.74	256.02	250.27	225.64
ROIC (%)	13.8%	17.5%	19.3%	22.6%
ROCE (%)	19.8%	23.0%	28.3%	30.9%
Return On Average Assets	10.6%	12.2%	14.7%	17.0%

(91) 22 4161 1552 praful.bohra@incredresearch.com

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg