InCred Equities - VRL Logistics Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	28,886	31,609	32,760	35,375
Operating EBITDA (Rsm)	3,934	5,730	6,741	6,654
Net Profit (Rsm)	889	1,830	2,252	2,162
Core EPS (Rs)	10.1	20.0	25.7	24.7
Core EPS Growth	(42.5%)	98.3%	29.0%	(4.0%)
FD Core P/E (x)	27.62	13.35	10.84	11.29
DPS (Rs)	5.0	15.0	7.0	7.0
Dividend Yield	1.79%	5.37%	2.51%	2.51%
EV/EBITDA (x)	8.97	6.45	4.91	4.42
P/FCFE (x)	6.97	11.86	5.69	5.71
Net Gearing	113.6%	115.3%	69.5%	35.7%
P/BV (x)	2.58	2.25	1.96	1.74
ROE	9.2%	17.2%	19.3%	16.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	28,886	31,609	32,760	35,375
Gross Profit	9,219	11,616	13,402	14,385
Operating EBITDA	3,934	5,730	6,741	6,654
Depreciation And Amortisation	(2,162)	(2,536)	(2,788)	(2,839)
Operating EBIT	1,773	3,193	3,953	3,815
Financial Income/(Expense)	(568)	(807)	(889)	(873)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	1,205	2,386	3,064	2,942
Exceptional Items	5	114
Pre-tax Profit	1,210	2,500	3,064	2,942
Taxation	(321)	(670)	(812)	(780)
Exceptional Income - post-tax
Profit After Tax	889	1,830	2,252	2,162
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	889	1,830	2,252	2,162
Recurring Net Profit	885	1,746	2,252	2,162
Fully Diluted Recurring Net Profit	885	1,746	2,252	2,162

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	3,934	5,730	6,741	6,654
Cash Flow from Invt. & Assoc.
Change In Working Capital	(149)	19	(149)	(122)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	5	114
Other Operating Cashflow
Net Interest (Paid)/Received	(568)	(807)	(889)	(873)
Tax Paid	(321)	(670)	(812)	(780)
Cashflow From Operations	2,901	4,385	4,892	4,880
Capex	(2,988)	(4,437)	(600)	(600)
Disposals Of FAs/subsidiaries	150	0
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(2,838)	(4,436)	(600)	(600)
Debt Raised/(repaid)	3,456	2,111
Proceeds From Issue Of Shares	(748)		0	0
Shares Repurchased
Dividends Paid	(437)	(1,312)	(612)	(612)
Preferred Dividends
Other Financing Cashflow	(2,897)	(399)	150
Cash Flow From Financing	(626)	400	(462)	(612)
Total Cash Generated	(563)	349	3,829	3,667
Free Cashflow To Equity	3,520	2,060	4,292	4,280
Free Cashflow To Firm	842	897	5,335	5,323

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	190	538	4,369	8,036
Total Debtors	885	929	983	1,061
Inventories	412	429	491	531
Total Other Current Assets	602	628	670	715
Total Current Assets	2,088	2,525	6,513	10,343
Fixed Assets	19,232	22,569	20,230	17,991
Total Investments	9	9	9	9
Intangible Assets
Total Other Non-Current Assets	810	754	754	754
Total Non-current Assets	20,052	23,332	20,993	18,754
Short-term Debt	571	788	13,045	13,045
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	1,076	1,188	1,198	1,239
Total Current Liabilities	1,647	1,976	14,243	14,284
Total Long-term Debt	10,363	12,258
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	10,363	12,258
Total Provisions	672	778	778	778
Total Liabilities	12,682	15,011	15,021	15,061
Shareholders Equity	9,458	10,846	12,485	14,035
Minority Interests
Total Equity	9,458	10,846	12,485	14,035

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	9.1%	9.4%	3.6%	8.0%
Operating EBITDA Growth	(2.0%)	45.6%	17.6%	(1.3%)
Operating EBITDA Margin	13.6%	18.1%	20.6%	18.8%
Net Cash Per Share (Rs)	(122.84)	(142.98)	(99.20)	(57.27)
BVPS (Rs)	108.13	123.99	142.74	160.46
Gross Interest Cover	2.28	3.37	3.79	3.66
Effective Tax Rate	26.6%	26.8%	26.5%	26.5%
Net Dividend Payout Ratio	49.5%	76.5%	27.2%	28.3%
Accounts Receivables Days	10.75	10.47	10.65	10.55
Inventory Days	8.72	7.68	8.68	8.89
Accounts Payables Days
ROIC (%)	10.6%	15.3%	16.4%	17.4%
ROCE (%)	10.2%	14.6%	16.1%	14.7%
Return On Average Assets	7.1%	10.5%	11.8%	10.7%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

More Reports

Market Data

Source: Bloomberg