InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	897,603	890,884	883,835	918,031
Operating EBITDA (Rsm)	169,830	180,818	182,070	188,196
Net Profit (Rsm)	110,452	131,354	131,520	136,725
Core EPS (Rs)	13.8	12.5	12.5	13.0
Core EPS Growth	(33.2%)	(9.5%)	0.1%	4.0%
FD Core P/E (x)	17.97	19.85	19.84	19.08
DPS (Rs)	1.0	10.0	10.0	10.4
Dividend Yield	0.40%	4.03%	4.03%	4.19%
EV/EBITDA (x)	10.21	12.79	12.44	11.80
P/FCFE (x)	12.32	20.82	19.83	20.00
Net Gearing	(33.8%)	(38.3%)	(43.1%)	(47.1%)
P/BV (x)	3.50	3.38	3.27	3.16
ROE	14.5%	17.3%	16.8%	16.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	897,603	890,884	883,835	918,031
Gross Profit	300,177	302,661	302,272	312,131
Operating EBITDA	169,830	180,818	182,070	188,196
Depreciation And Amortisation	(34,071)	(29,579)	(29,167)	(29,836)
Operating EBIT	135,759	151,239	152,903	158,360
Financial Income/(Expense)	6,929	14,739	13,215	14,309
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	4,755	8,725	8,838	9,180
Profit Before Tax (pre-EI)	147,443	174,703	174,957	181,850
Exceptional Items
Pre-tax Profit	147,443	174,703	174,957	181,850
Taxation	(36,089)	(42,777)	(42,864)	(44,553)
Exceptional Income - post-tax
Profit After Tax	111,354	131,926	132,092	137,297
Minority Interests	(902)	(572)	(572)	(572)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	110,452	131,354	131,520	136,725
Recurring Net Profit	110,452	131,354	131,520	136,725
Fully Diluted Recurring Net Profit	110,452	131,354	131,520	136,725

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	169,830	180,818	182,070	188,196
Cash Flow from Invt. & Assoc.
Change In Working Capital	18,051	(3,760)	949	(4,603)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(902)	(572)	(572)	(572)
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(15,360)	(42,777)	(42,864)	(44,553)
Cashflow From Operations	171,619	133,709	139,583	138,468
Capex	(10,510)	(8,500)	(8,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	22,190	38,234	37,121	38,557
Cash Flow From Investing	11,680	29,734	29,121	30,557
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased	(145,173)
Dividends Paid	(5,218)	(105,083)	(105,216)	(109,380)
Preferred Dividends
Other Financing Cashflow	(32,176)	(14,770)	(15,068)	(15,068)
Cash Flow From Financing	(182,567)	(119,853)	(120,284)	(124,448)
Total Cash Generated	732	43,590	48,419	44,578
Free Cashflow To Equity	161,109	125,209	131,583	130,468
Free Cashflow To Firm	183,299	163,443	168,704	169,025

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	408,124	451,714	500,133	544,711
Total Debtors	173,822	178,177	176,767	183,606
Inventories	907	907	907	907
Total Other Current Assets	67,809	67,809	67,809	67,809
Total Current Assets	650,662	698,607	745,616	797,033
Fixed Assets	99,317	78,238	57,071	35,235
Total Investments	32,293	32,293	32,293	32,293
Intangible Assets	344,197	344,197	344,197	344,197
Total Other Non-Current Assets	21,437	21,437	21,437	21,437
Total Non-current Assets	497,244	476,165	454,998	433,162
Short-term Debt	79,166	79,166	79,166	79,166
Current Portion of Long-Term Debt
Total Creditors	57,655	58,250	57,789	60,025
Other Current Liabilities	115,637	115,637	115,637	115,637
Total Current Liabilities	252,458	253,053	252,592	254,828
Total Long-term Debt	62,300	62,300	62,300	62,300
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	86,478	86,478	86,478	86,478
Total Non-current Liabilities	148,778	148,778	148,778	148,778
Total Provisions
Total Liabilities	401,236	401,831	401,370	403,606
Shareholders Equity	745,330	771,601	797,905	825,250
Minority Interests	1,340	1,340	1,340	1,340
Total Equity	746,670	772,941	799,245	826,590

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(0.8%)	(0.7%)	(0.8%)	3.9%
Operating EBITDA Growth	0.5%	6.5%	0.7%	3.4%
Operating EBITDA Margin	18.9%	20.3%	20.6%	20.5%
Net Cash Per Share (Rs)	24.11	28.23	32.85	37.09
BVPS (Rs)	71.10	73.52	76.03	78.64
Gross Interest Cover	10.82	10.24	10.15	10.51
Effective Tax Rate	24.5%	24.5%	24.5%	24.5%
Net Dividend Payout Ratio	9.5%	80.0%	80.0%	80.0%
Accounts Receivables Days	73.33	72.11	73.29	71.64
Inventory Days	0.64	0.56	0.57	0.55
Accounts Payables Days	35.86	35.96	36.41	35.49
ROIC (%)	18.2%	21.4%	22.3%	24.2%
ROCE (%)	11.1%	12.5%	12.3%	12.3%
Return On Average Assets	9.2%	10.4%	10.3%	10.4%

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

(91) 22 4161 1544 vikas.swami@incredresearch.com

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Market Data

Source: Bloomberg