InCred Equities - Voltas Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	124,812	164,070	193,859	213,388
Operating EBITDA (Rsm)	4,746	13,046	15,161	17,254
Net Profit (Rsm)	2,481	9,989	12,231	14,516
Core EPS (Rs)	7.5	30.2	37.0	43.9
Core EPS Growth	1.5%	302.6%	22.4%	18.7%
FD Core P/E (x)	224.95	55.88	45.63	38.45
DPS (Rs)	4.3	5.6	7.3	9.5
Dividend Yield	0.26%	0.33%	0.43%	0.56%
EV/EBITDA (x)	117.37	42.69	36.62	31.93
P/FCFE (x)	165.86	602.79	155.21	139.92
Net Gearing	(2.4%)	(2.3%)	(4.3%)	(8.5%)
P/BV (x)	9.59	8.41	7.33	6.38
ROE	4.4%	16.0%	17.2%	17.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	124,812	164,070	193,859	213,388
Gross Profit	26,672	36,898	45,363	50,360
Operating EBITDA	4,746	13,046	15,161	17,254
Depreciation And Amortisation	(476)	(552)	(612)	(668)
Operating EBIT	4,270	12,494	14,549	16,586
Financial Income/(Expense)	(559)	(593)	(655)	(699)
Pretax Income/(Loss) from Assoc.	(1,386)	(1,375)	(825)	(330)
Non-Operating Income/(Expense)	2,533	3,378	3,560	3,959
Profit Before Tax (pre-EI)	4,858	13,903	16,629	19,517
Exceptional Items
Pre-tax Profit	4,858	13,903	16,629	19,517
Taxation	(2,377)	(3,914)	(4,399)	(5,001)
Exceptional Income - post-tax
Profit After Tax	2,481	9,989	12,231	14,516
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,481	9,989	12,231	14,516
Recurring Net Profit	2,481	9,989	12,231	14,516
Fully Diluted Recurring Net Profit	2,481	9,989	12,231	14,516

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,746	13,046	15,161	17,254
Cash Flow from Invt. & Assoc.
Change In Working Capital	801	(6,891)	(2,758)	(6,224)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,183	2,461	2,908	3,201
Net Interest (Paid)/Received
Tax Paid	(2,115)	(3,914)	(4,399)	(5,001)
Cashflow From Operations	7,615	4,702	10,912	9,230
Capex	(2,883)	984	(1,120)	(1,120)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,341)	(5,116)	(6,571)	(4,514)
Cash Flow From Investing	(5,224)	(4,132)	(7,691)	(5,634)
Debt Raised/(repaid)	974	357	374	393
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,432)	(1,862)	(2,421)	(3,147)
Preferred Dividends
Other Financing Cashflow	(713)	(66)	(350)	(512)
Cash Flow From Financing	(1,172)	(1,571)	(2,396)	(3,266)
Total Cash Generated	1,219	(1,002)	825	330
Free Cashflow To Equity	3,365	926	3,596	3,989
Free Cashflow To Firm	2,392	569	3,221	3,596

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,523	9,046	11,146	15,759
Total Debtors	25,328	32,364	37,178	40,924
Inventories	21,354	26,970	30,805	33,908
Total Other Current Assets	17,027	22,520	26,078	28,705
Total Current Assets	72,232	90,901	105,207	119,296
Fixed Assets	7,980	6,441	6,949	7,401
Total Investments	35,532	39,377	44,588	49,079
Intangible Assets	723	723	723	723
Total Other Non-Current Assets	3,890	5,742	7,754	8,536
Total Non-current Assets	48,125	52,283	60,014	65,738
Short-term Debt	4,853	5,096	5,351	5,618
Current Portion of Long-Term Debt
Total Creditors	38,557	50,345	58,954	64,893
Other Current Liabilities	12,043	13,485	15,934	17,539
Total Current Liabilities	55,453	68,926	80,239	88,050
Total Long-term Debt	2,280	2,394	2,514	2,639
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,383	1,969	2,326	2,561
Total Non-current Liabilities	3,663	4,363	4,840	5,200
Total Provisions	2,699	3,227	3,663	3,937
Total Liabilities	61,815	76,515	88,742	97,187
Shareholders Equity	58,205	66,332	76,142	87,510
Minority Interests	337	337	337	337
Total Equity	58,542	66,669	76,479	87,847

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	31.4%	31.5%	18.2%	10.1%
Operating EBITDA Growth	(17.1%)	174.9%	16.2%	13.8%
Operating EBITDA Margin	3.8%	8.0%	7.8%	8.1%
Net Cash Per Share (Rs)	4.20	4.70	9.92	22.67
BVPS (Rs)	175.91	200.47	230.12	264.47
Gross Interest Cover	7.64	21.05	22.22	23.74
Effective Tax Rate	48.9%	28.2%	26.5%	25.6%
Net Dividend Payout Ratio	57.7%	18.6%	19.8%	21.7%
Accounts Receivables Days	69.08	64.17	65.47	66.80
Inventory Days	69.31	69.35	71.01	72.44
Accounts Payables Days	127.72	127.58	134.33	138.64
ROIC (%)	12.3%	29.9%	31.1%	32.5%
ROCE (%)	6.7%	17.7%	18.2%	18.3%
Return On Average Assets	2.6%	7.9%	8.2%	8.6%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

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Market Data

Source: Bloomberg