InCred Equities - Astec Lifesciences Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	6,282	5,025	5,528	6,081
Operating EBITDA (Rsm)	763	85	57	(34)
Net Profit (Rsm)	256	(237)	(94)	153
Core EPS (Rs)	13.1	(12.1)	(4.8)	7.8
Core EPS Growth	(71.6%)	(192.6%)	(60.3%)	(262.0%)
FD Core P/E (x)	80.83	(87.32)	(219.80)	135.64
DPS (Rs)	0.8	(0.7)	(0.3)	0.5
Dividend Yield	0.08%	(0.07%)	(0.03%)	0.05%
EV/EBITDA (x)	31.58	270.68	418.16	(713.77)
P/FCFE (x)	90.75	14.86	15.14	(71.27)
Net Gearing	80.8%	53.5%	73.1%	81.8%
P/BV (x)	4.93	4.84	4.95	4.78
ROE	6.3%	(5.6%)	(2.2%)	3.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	6,282	5,025	5,528	6,081
Gross Profit	2,269	1,884	2,073	2,280
Operating EBITDA	763	85	57	(34)
Depreciation And Amortisation	(337)	(442)	(535)	(622)
Operating EBIT	426	(357)	(478)	(656)
Financial Income/(Expense)	(207)	(113)	(147)	(180)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	131	154	499	1,040
Profit Before Tax (pre-EI)	349	(317)	(126)	204
Exceptional Items
Pre-tax Profit	349	(317)	(126)	204
Taxation	(94)	80	32	(51)
Exceptional Income - post-tax
Profit After Tax	256	(237)	(94)	153
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	256	(237)	(94)	153
Recurring Net Profit	256	(237)	(94)	153
Fully Diluted Recurring Net Profit	256	(237)	(94)	153

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	763	85	57	(34)
Cash Flow from Invt. & Assoc.
Change In Working Capital	(59)	484	(217)	(247)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(39)	482	(4)	1
Other Operating Cashflow	338	1,234	646	1,220
Net Interest (Paid)/Received	(207)	(113)	(147)	(180)
Tax Paid	(49)	80	32	(51)
Cashflow From Operations	747	2,251	366	710
Capex	(1,173)	(858)	(1,000)	(1,000)
Disposals Of FAs/subsidiaries	8
Acq. Of Subsidiaries/investments	(1)
Other Investing Cashflow	41
Cash Flow From Investing	(1,125)	(858)	(1,000)	(1,000)
Debt Raised/(repaid)	606		2,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(29)	15	6	(9)
Preferred Dividends
Other Financing Cashflow	(199)	(113)	(147)	(180)
Cash Flow From Financing	378	(99)	1,859	(189)
Total Cash Generated	(1)	1,294	1,226	(480)
Free Cashflow To Equity	228	1,393	1,366	(290)
Free Cashflow To Firm	(171)	1,506	(487)	(110)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	22	1,127	2,352	1,873
Total Debtors	1,549	1,239	1,363	1,499
Inventories	2,948	2,359	2,595	2,854
Total Other Current Assets	469	533	545	557
Total Current Assets	4,989	5,258	6,855	6,783
Fixed Assets	4,134	4,549	5,014	5,392
Total Investments	0	0	0	0
Intangible Assets
Total Other Non-Current Assets	672	177	182	182
Total Non-current Assets	4,806	4,727	5,196	5,574
Short-term Debt	3,303	3,303	5,303	5,303
Current Portion of Long-Term Debt
Total Creditors	1,772	1,417	1,559	1,715
Other Current Liabilities	187	189	202	207
Total Current Liabilities	5,262	4,910	7,064	7,225
Total Long-term Debt	109	109	109	109
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	13
Total Non-current Liabilities	122	109	109	109
Total Provisions	214	215	216	217
Total Liabilities	5,599	5,234	7,389	7,551
Shareholders Equity	4,194	4,271	4,183	4,326
Minority Interests	2	2	2	2
Total Equity	4,196	4,273	4,185	4,328

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(7.2%)	(20.0%)	10.0%	10.0%
Operating EBITDA Growth	(50.5%)	(88.9%)	(33.1%)	(159.8%)
Operating EBITDA Margin	12.1%	1.7%	1.0%	(0.6%)
Net Cash Per Share (Rs)	(172.92)	(116.55)	(156.05)	(180.52)
BVPS (Rs)	213.90	217.85	213.34	220.64
Gross Interest Cover	2.06	(3.15)	(3.26)	(3.65)
Effective Tax Rate	26.8%			25.2%
Net Dividend Payout Ratio	6.2%	6.2%	6.2%	6.2%
Accounts Receivables Days	124.50	101.26	85.91	85.91
Inventory Days	219.14	308.38	261.66	261.66
Accounts Payables Days	166.93	185.32	157.24	157.24
ROIC (%)	4.7%	(3.4%)	(4.9%)	(6.2%)
ROCE (%)	5.8%	(4.5%)	(5.4%)	(6.6%)
Return On Average Assets	4.4%	(1.5%)	0.1%	2.4%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg