InCred Equities - Crompton Greaves Consumer Electricals

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	73,128	83,105	92,654	103,806
Operating EBITDA (Rsm)	7,137	9,240	10,790	11,967
Net Profit (Rsm)	4,418	6,000	7,226	8,103
Core EPS (Rs)	6.9	9.4	11.3	12.7
Core EPS Growth	(7.5%)	35.5%	20.4%	12.1%
FD Core P/E (x)	56.48	41.69	34.61	30.87
DPS (Rs)	3.0	4.0	5.0	6.0
Dividend Yield	0.77%	1.03%	1.29%	1.54%
EV/EBITDA (x)	35.10	26.86	22.78	20.17
P/FCFE (x)	91.46	129.73	44.95	34.52
Net Gearing	(10.2%)	(17.0%)	(21.4%)	(29.2%)
P/BV (x)	8.32	7.48	6.68	6.00
ROE	15.6%	18.9%	20.4%	20.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	73,128	83,105	92,654	103,806
Gross Profit	23,125	26,450	29,834	33,737
Operating EBITDA	7,137	9,240	10,790	11,967
Depreciation And Amortisation	(1,288)	(1,337)	(1,378)	(1,421)
Operating EBIT	5,849	7,902	9,412	10,546
Financial Income/(Expense)	(406)	34	166	211
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	288	150	158	165
Profit Before Tax (pre-EI)	5,731	8,087	9,735	10,922
Exceptional Items
Pre-tax Profit	5,731	8,087	9,735	10,922
Taxation	(1,313)	(2,004)	(2,358)	(2,642)
Exceptional Income - post-tax
Profit After Tax	4,418	6,083	7,377	8,280
Minority Interests		(83)	(151)	(177)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,418	6,000	7,226	8,103
Recurring Net Profit	4,418	6,000	7,226	8,103
Fully Diluted Recurring Net Profit	4,418	6,000	7,226	8,103

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	7,137	9,240	10,790	11,967
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,226	(1,164)	(2,250)	(493)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(351)	184	324	376
Net Interest (Paid)/Received	406	(34)	(166)	(211)
Tax Paid	(984)	(2,004)	(2,358)	(2,642)
Cashflow From Operations	8,434	6,222	6,339	8,997
Capex	(838)	(721)	(743)	(765)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(1,663)	(500)	(500)	(1,500)
Other Investing Cashflow	432	425	467	514
Cash Flow From Investing	(2,069)	(796)	(775)	(1,751)
Debt Raised/(repaid)	(3,640)	(3,500)
Proceeds From Issue Of Shares	893
Shares Repurchased
Dividends Paid	(1,912)	(2,572)	(3,216)	(3,859)
Preferred Dividends
Other Financing Cashflow	(754)	(390)	(301)	(303)
Cash Flow From Financing	(5,413)	(6,463)	(3,517)	(4,162)
Total Cash Generated	952	(1,037)	2,047	3,084
Free Cashflow To Equity	2,725	1,926	5,564	7,246
Free Cashflow To Firm	5,573	5,036	5,263	6,943

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	9,499	8,962	11,509	16,094
Total Debtors	7,209	7,741	8,631	9,670
Inventories	8,304	9,335	10,408	11,660
Total Other Current Assets	2,036	2,281	3,051	3,418
Total Current Assets	27,048	28,319	33,598	40,842
Fixed Assets	19,584	18,968	18,332	17,676
Total Investments
Intangible Assets	12,855	12,855	12,855	12,855
Total Other Non-Current Assets	1,330	1,354	1,416	1,482
Total Non-current Assets	33,769	33,177	32,603	32,012
Short-term Debt	3,000	1,247	1,247	1,247
Current Portion of Long-Term Debt
Total Creditors	13,145	13,661	13,961	15,642
Other Current Liabilities	4,174	4,326	4,569	5,119
Total Current Liabilities	20,318	19,234	19,778	22,008
Total Long-term Debt	2,990	1,243	1,243	1,243
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,920	2,920	2,920	2,920
Total Non-current Liabilities	5,910	4,163	4,163	4,163
Total Provisions	99	99	99	99
Total Liabilities	26,327	23,496	24,040	26,270
Shareholders Equity	29,996	33,424	37,434	41,679
Minority Interests	4,494	4,577	4,728	4,905
Total Equity	34,490	38,000	42,162	46,584

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	6.5%	13.6%	11.5%	12.0%
Operating EBITDA Growth	(7.4%)	29.5%	16.8%	10.9%
Operating EBITDA Margin	9.8%	11.1%	11.6%	11.5%
Net Cash Per Share (Rs)	5.49	10.11	14.09	21.25
BVPS (Rs)	46.97	52.21	58.48	65.11
Gross Interest Cover	7.39	20.25	31.26	34.78
Effective Tax Rate	22.9%	24.8%	24.2%	24.2%
Net Dividend Payout Ratio	33.4%	32.1%	33.5%	35.9%
Accounts Receivables Days	34.73	32.83	32.25	32.17
Inventory Days	57.46	56.82	57.36	57.48
Accounts Payables Days	85.76	86.35	80.25	77.10
ROIC (%)	16.2%	23.2%	27.2%	29.2%
ROCE (%)	15.4%	20.5%	23.2%	23.6%
Return On Average Assets	10.5%	13.2%	15.0%	15.4%

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

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Market Data

Source: Bloomberg