InCred Equities - Torrent Pharmaceuticals Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	107,280	115,160	127,398	141,604
Operating EBITDA (Rsm)	33,680	37,210	41,539	47,207
Net Profit (Rsm)	16,560	19,110	23,767	28,167
Core EPS (Rs)	47.1	57.0	70.2	83.2
Core EPS Growth	28.0%	21.0%	23.3%	18.5%
FD Core P/E (x)	66.97	55.37	44.92	37.90
DPS (Rs)	30.0	30.0	30.0	20.0
Dividend Yield	0.95%	0.95%	0.95%	0.63%
EV/EBITDA (x)	32.57	29.31	25.88	22.33
P/FCFE (x)	17.13	23.32	18.70	16.12
Net Gearing	43.1%	30.8%	8.7%	(12.0%)
P/BV (x)	15.57	14.06	11.92	9.93
ROE	24.4%	26.7%	28.7%	28.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	107,280	115,160	127,398	141,604
Gross Profit	80,420	87,400	97,077	108,327
Operating EBITDA	33,680	37,210	41,539	47,207
Depreciation And Amortisation	(8,080)	(7,950)	(8,500)	(8,950)
Operating EBIT	25,600	29,260	33,039	38,257
Financial Income/(Expense)	(3,540)	(2,520)	(1,600)	(1,000)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	580	230	250	300
Profit Before Tax (pre-EI)	22,640	26,970	31,689	37,557
Exceptional Items	880	(240)
Pre-tax Profit	23,520	26,730	31,689	37,557
Taxation	(6,960)	(7,620)	(7,922)	(9,389)
Exceptional Income - post-tax
Profit After Tax	16,560	19,110	23,767	28,167
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,560	19,110	23,767	28,167
Recurring Net Profit	15,940	19,282	23,767	28,167
Fully Diluted Recurring Net Profit	15,940	19,282	23,767	28,167

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	33,680	37,210	41,539	47,207
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,180	(4,810)	(3,579)	(3,196)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(5,200)	(6,550)	(7,922)	(9,389)
Net Interest (Paid)/Received	(3,540)	(2,520)	(1,600)	(1,000)
Tax Paid	(3,120)	(4,020)	(6,572)	(8,689)
Cashflow From Operations	32,660	25,850	30,038	34,622
Capex	(2,990)	(5,930)	(3,000)	(3,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	29,670	19,920	27,038	31,622
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(10,150)	(10,830)	(10,153)	(10,153)
Preferred Dividends
Other Financing Cashflow	(16,990)	(11,980)	(13,705)	(11,077)
Cash Flow From Financing	(27,140)	(22,810)	(23,859)	(21,230)
Total Cash Generated	2,530	(2,890)	3,180	10,391
Free Cashflow To Equity	62,330	45,770	57,076	66,243
Free Cashflow To Firm	65,870	48,290	58,676	67,243

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	9,800	6,910	10,090	20,481
Total Debtors	18,440	18,670	21,021	22,657
Inventories	22,790	25,410	26,754	28,321
Total Other Current Assets	5,080	5,240	6,370	5,664
Total Current Assets	56,110	56,230	64,234	77,122
Fixed Assets	35,780	38,220	32,720	26,770
Total Investments	320	440	440	440
Intangible Assets	49,210	46,020	46,020	46,020
Total Other Non-Current Assets	9,190	8,990	8,990	8,990
Total Non-current Assets	94,500	93,670	88,170	82,220
Short-term Debt	23,340	18,340	17,000	7,500
Current Portion of Long-Term Debt
Total Creditors	20,890	18,200	19,139	17,986
Other Current Liabilities	10,030	10,630	10,936	11,391
Total Current Liabilities	54,260	47,170	47,075	36,877
Total Long-term Debt	16,040	11,920	905	28
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	11,750	14,900	14,900	14,900
Total Non-current Liabilities	27,790	26,820	15,805	14,928
Total Provisions
Total Liabilities	82,050	73,990	62,880	51,804
Shareholders Equity	68,560	75,910	89,524	107,538
Minority Interests
Total Equity	68,560	75,910	89,524	107,538

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	11.5%	7.3%	10.6%	11.2%
Operating EBITDA Growth	18.5%	10.5%	11.6%	13.6%
Operating EBITDA Margin	31.4%	32.3%	32.6%	33.3%
Net Cash Per Share (Rs)	(87.40)	(68.99)	(23.09)	38.27
BVPS (Rs)	202.57	224.29	264.51	317.74
Gross Interest Cover	7.23	11.61	20.65	38.26
Effective Tax Rate	29.6%	28.5%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	64.44	58.81	56.86	56.29
Inventory Days	306.36	316.88	313.97	302.04
Accounts Payables Days	256.02	256.99	224.74	203.60
ROIC (%)	17.5%	19.2%	22.1%	26.2%
ROCE (%)	23.0%	27.3%	30.9%	34.4%
Return On Average Assets	12.2%	14.1%	16.5%	18.6%

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

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Market Data

Source: Bloomberg