InCred Equities - Birla Corporation Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	96,562	92,145	99,905	109,158
Operating EBITDA (Rsm)	14,376	12,172	14,795	17,380
Net Profit (Rsm)	4,138	3,336	4,647	6,188
Core EPS (Rs)	53.7	43.3	60.4	80.4
Core EPS Growth	1,122.4%	(19.4%)	39.3%	33.2%
FD Core P/E (x)	25.65	31.82	22.84	17.15
DPS (Rs)	10.0	10.0	10.9	14.5
Dividend Yield	0.88%	0.88%	0.95%	1.27%
EV/EBITDA (x)	9.49	10.81	9.20	7.97
P/FCFE (x)	31.30	28.30	16.64	11.78
Net Gearing	45.3%	36.2%	40.7%	41.1%
P/BV (x)	1.59	1.51	1.44	1.35
ROE	6.5%	4.9%	6.5%	8.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	96,562	92,145	99,905	109,158
Gross Profit	96,562	92,145	99,905	109,158
Operating EBITDA	14,376	12,172	14,795	17,380
Depreciation And Amortisation	(5,783)	(5,719)	(6,004)	(6,305)
Operating EBIT	8,593	6,454	8,791	11,075
Financial Income/(Expense)	(3,717)	(3,271)	(3,434)	(3,606)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	856	979	881	837
Profit Before Tax (pre-EI)	5,732	4,162	6,238	8,306
Exceptional Items
Pre-tax Profit	5,732	4,162	6,238	8,306
Taxation	(1,594)	(826)	(1,591)	(2,118)
Exceptional Income - post-tax
Profit After Tax	4,138	3,336	4,647	6,188
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	4,138	3,336	4,647	6,188
Recurring Net Profit	4,138	3,336	4,647	6,188
Fully Diluted Recurring Net Profit	4,138	3,336	4,647	6,188

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	14,376	12,172	14,795	17,380
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,185)	(1,821)	(1,436)	458
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	856	979	881	837
Other Operating Cashflow	8,465	9,462	9,462	9,462
Net Interest (Paid)/Received	(3,717)	(3,271)	(3,434)	(3,606)
Tax Paid	(1,594)	(826)	(1,591)	(2,118)
Cashflow From Operations	16,201	16,695	18,677	22,413
Capex	(5,255)	(4,436)	(11,200)	(13,200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,745)	(4,421)	(1,600)	(700)
Cash Flow From Investing	(7,001)	(8,857)	(12,800)	(13,900)
Debt Raised/(repaid)	(5,809)	(4,087)	500	500
Proceeds From Issue Of Shares			0	0
Shares Repurchased
Dividends Paid	(770)	(770)	(837)	(1,114)
Preferred Dividends
Other Financing Cashflow	(3,118)	(3,370)	(9,637)	(9,696)
Cash Flow From Financing	(9,698)	(8,227)	(9,974)	(10,309)
Total Cash Generated	(497)	(389)	(4,096)	(1,797)
Free Cashflow To Equity	3,391	3,751	6,378	9,013
Free Cashflow To Firm	12,918	11,109	9,312	12,119

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	7,439	8,220	4,124	2,327
Total Debtors	4,149	3,391	4,106	4,486
Inventories	9,646	9,670	10,401	11,065
Total Other Current Assets	8,582	8,026	8,792	9,278
Total Current Assets	29,816	29,306	27,422	27,157
Fixed Assets	97,893	95,338	100,334	107,029
Total Investments	7,035	7,579	8,379	8,879
Intangible Assets	4,805	5,605	6,405	6,605
Total Other Non-Current Assets	4,813	5,480	5,680	5,880
Total Non-current Assets	114,546	114,003	120,798	128,394
Short-term Debt	5,845	6,979	6,979	6,979
Current Portion of Long-Term Debt
Total Creditors	8,680	8,724	9,057	9,973
Other Current Liabilities	10,659	11,146	11,589	12,662
Total Current Liabilities	25,184	26,849	27,625	29,615
Total Long-term Debt	31,853	26,654	27,154	27,654
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	20,587	19,655	19,655	19,655
Total Non-current Liabilities	52,440	46,309	46,809	47,309
Total Provisions
Total Liabilities	77,624	73,158	74,434	76,923
Shareholders Equity	66,738	70,151	73,786	78,627
Minority Interests	0	0	0	0
Total Equity	66,738	70,152	73,787	78,627

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	11.2%	(4.6%)	8.4%	9.3%
Operating EBITDA Growth	86.2%	(15.3%)	21.6%	17.5%
Operating EBITDA Margin	14.9%	13.2%	14.8%	15.9%
Net Cash Per Share (Rs)	(392.94)	(330.02)	(389.71)	(419.53)
BVPS (Rs)	866.66	910.99	958.20	1,021.05
Gross Interest Cover	2.31	1.97	2.56	3.07
Effective Tax Rate	27.8%	19.9%	25.5%	25.5%
Net Dividend Payout Ratio	22.5%	27.9%	21.8%	21.8%
Accounts Receivables Days	13.95	14.93	13.69	14.36
Inventory Days	38.29	38.25	36.66	35.89
Accounts Payables Days	39.70	39.72	38.13	37.84
ROIC (%)	7.8%	6.0%	7.6%	9.1%
ROCE (%)	8.3%	6.2%	8.3%	10.0%
Return On Average Assets	5.5%	4.6%	5.5%	6.4%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg