InCred Equities

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	890,884	887,509	920,596	932,979
Operating EBITDA (Rsm)	180,818	175,172	184,006	189,279
Net Profit (Rsm)	131,354	131,636	136,915	141,733
Core EPS (Rs)	12.5	12.5	13.0	13.5
Core EPS Growth	(9.5%)	0.1%	4.0%	3.5%
FD Core P/E (x)	20.12	20.10	19.33	18.68
DPS (Rs)	10.0	10.0	10.4	10.8
Dividend Yield	3.97%	3.97%	4.14%	4.28%
EV/EBITDA (x)	12.69	12.83	11.99	11.40
P/FCFE (x)	17.08	20.48	20.71	19.70
Net Gearing	(42.3%)	(46.9%)	(50.4%)	(54.0%)
P/BV (x)	3.21	3.11	3.02	2.92
ROE	16.7%	15.7%	15.8%	15.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	890,884	887,509	920,596	932,979
Gross Profit	302,661	290,106	307,365	314,299
Operating EBITDA	180,818	175,172	184,006	189,279
Depreciation And Amortisation	(29,579)	(27,486)	(28,511)	(28,894)
Operating EBIT	151,239	147,687	155,495	160,385
Financial Income/(Expense)	14,739	12,880	15,027	15,423
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	8,725	13,119	10,127	11,196
Profit Before Tax (pre-EI)	174,703	173,686	180,649	187,005
Exceptional Items
Pre-tax Profit	174,703	173,686	180,649	187,005
Taxation	(42,777)	(42,006)	(43,690)	(45,227)
Exceptional Income - post-tax
Profit After Tax	131,926	131,680	136,959	141,777
Minority Interests	(572)	(44)	(44)	(44)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	131,354	131,636	136,915	141,733
Recurring Net Profit	131,354	131,636	136,915	141,733
Fully Diluted Recurring Net Profit	131,354	131,636	136,915	141,733

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	180,818	175,172	184,006	189,279
Cash Flow from Invt. & Assoc.
Change In Working Capital	10,274	4,049	(4,448)	(1,665)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(572)	(44)	(44)	(44)
Other Operating Cashflow	5,081
Net Interest (Paid)/Received
Tax Paid	(26,175)	(42,006)	(43,690)	(45,227)
Cashflow From Operations	169,426	137,171	135,823	142,344
Capex	(14,737)	(8,000)	(8,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(65,993)	40,431	39,586	41,051
Cash Flow From Investing	(80,730)	32,431	31,586	33,051
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(62,750)	(105,060)	(109,532)	(113,387)
Preferred Dividends
Other Financing Cashflow	(1,213)	(14,432)	(14,432)	(14,432)
Cash Flow From Financing	(63,963)	(119,492)	(123,964)	(127,819)
Total Cash Generated	24,733	50,111	43,445	47,576
Free Cashflow To Equity	154,689	129,171	127,823	134,344
Free Cashflow To Firm	88,696	169,603	167,409	175,395

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	533,448	583,559	627,004	674,580
Total Debtors	182,025	177,249	183,857	186,330
Inventories	694	694	694	694
Total Other Current Assets	61,608	61,608	61,608	61,608
Total Current Assets	777,775	823,110	873,164	923,213
Fixed Assets	106,035	86,549	66,039	45,145
Total Investments	32,748	32,748	32,748	32,748
Intangible Assets	347,796	347,796	347,796	347,796
Total Other Non-Current Assets	17,498	17,498	17,498	17,498
Total Non-current Assets	504,077	484,591	464,081	443,187
Short-term Debt	97,863	97,863	97,863	97,863
Current Portion of Long-Term Debt
Total Creditors	58,667	57,941	60,101	60,909
Other Current Liabilities	129,723	129,723	129,723	129,723
Total Current Liabilities	286,253	285,527	287,687	288,495
Total Long-term Debt	63,954	63,954	63,954	63,954
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	105,866	105,866	105,866	105,866
Total Non-current Liabilities	169,820	169,820	169,820	169,820
Total Provisions
Total Liabilities	456,073	455,347	457,507	458,315
Shareholders Equity	823,641	850,217	877,600	905,946
Minority Interests	2,138	2,138	2,138	2,138
Total Equity	825,779	852,355	879,738	908,084

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	(0.7%)	(0.4%)	3.7%	1.3%
Operating EBITDA Growth	6.5%	(3.1%)	5.0%	2.9%
Operating EBITDA Margin	20.3%	19.7%	20.0%	20.3%
Net Cash Per Share (Rs)	33.30	38.03	42.17	46.69
BVPS (Rs)	78.48	80.93	83.53	86.23
Gross Interest Cover	10.24	10.23	10.77	11.11
Effective Tax Rate	24.5%	24.2%	24.2%	24.2%
Net Dividend Payout Ratio	80.0%	79.8%	80.0%	80.0%
Accounts Receivables Days	72.90	73.88	71.59	72.41
Inventory Days	0.50	0.42	0.41	0.41
Accounts Payables Days	36.09	35.62	35.13	35.70
ROIC (%)	21.4%	21.2%	23.4%	24.9%
ROCE (%)	11.9%	10.9%	11.2%	11.3%
Return On Average Assets	9.9%	9.4%	9.5%	9.6%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

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Market Data

Source: Bloomberg