InCred Equities - Camlin Fine Sciences

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue (Rsm)	14,121	16,549	21,514	25,816
Operating EBITDA (Rsm)	1,528	2,241	3,933	5,360
Net Profit (Rsm)	604	978	2,364	3,418
Core EPS (Rs)	4.2	6.2	15.1	21.8
Core EPS Growth	(19.2%)	46.8%	141.7%	44.6%
FD Core P/E (x)	28.66	19.52	8.08	5.59
DPS (Rs)	0.3	0.5	1.2	1.7
Dividend Yield	0.32%	0.51%	1.24%	1.79%
EV/EBITDA (x)	14.58	11.05	6.00	4.13
P/FCFE (x)	(47.48)	(18.28)	23.85	10.45
Net Gearing	62.8%	49.0%	28.1%	13.5%
P/BV (x)	2.55	2.02	1.49	1.16
ROE	8.7%	11.5%	21.2%	23.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Net Revenues	14,121	16,549	21,514	25,816
Gross Profit	6,526	8,936	12,048	14,457
Operating EBITDA	1,528	2,241	3,933	5,360
Depreciation And Amortisation	(560)	(633)	(698)	(715)
Operating EBIT	968	1,608	3,235	4,645
Financial Income/(Expense)	(358)	(600)	(375)	(375)
Pretax Income/(Loss) from Assoc.	(1)
Non-Operating Income/(Expense)	330	300	300	300
Profit Before Tax (pre-EI)	940	1,308	3,160	4,569
Exceptional Items
Pre-tax Profit	940	1,308	3,160	4,569
Taxation	(336)	(330)	(796)	(1,151)
Exceptional Income - post-tax
Profit After Tax	604	978	2,364	3,418
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	604	978	2,364	3,418
Recurring Net Profit	604	978	2,364	3,418
Fully Diluted Recurring Net Profit	604	978	2,364	3,418

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
EBITDA	1,528	2,241	3,933	5,360
Cash Flow from Invt. & Assoc.
Change In Working Capital	64	(3,056)	(2,661)	(2,705)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(126)	300	300	300
Other Operating Cashflow	650	600	600	600
Net Interest (Paid)/Received	(358)	(600)	(375)	(375)
Tax Paid	(304)	(330)	(796)	(1,151)
Cashflow From Operations	1,454	(845)	1,001	2,028
Capex	(2,138)	(200)	(200)	(200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(353)
Cash Flow From Investing	(2,491)	(200)	(200)	(200)
Debt Raised/(repaid)	672
Proceeds From Issue Of Shares	948
Shares Repurchased
Dividends Paid	(7)	(98)	(236)	(342)
Preferred Dividends
Other Financing Cashflow	(254)
Cash Flow From Financing	1,360	(98)	(236)	(342)
Total Cash Generated	323	(1,143)	564	1,486
Free Cashflow To Equity	(364)	(1,045)	801	1,828
Free Cashflow To Firm	(679)	(445)	1,176	2,203

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Cash And Equivalents	1,421	924	1,108	2,584
Total Debtors	2,997	3,774	4,906	5,887
Inventories	3,709	4,461	5,799	6,959
Total Other Current Assets	809	1,964	2,817	3,955
Total Current Assets	8,935	11,123	14,630	19,385
Fixed Assets	7,406	6,848	6,350	5,835
Total Investments	72	94	94	94
Intangible Assets	757	684	684	684
Total Other Non-Current Assets	831	722	722	722
Total Non-current Assets	9,065	8,349	7,851	7,336
Short-term Debt	2,349	2,169	2,169	2,169
Current Portion of Long-Term Debt
Total Creditors	2,338	2,208	2,871	3,445
Other Current Liabilities	1,265	1,023	1,023	1,023
Total Current Liabilities	5,953	5,401	6,063	6,637
Total Long-term Debt	3,876	3,732	2,732	2,732
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	385	84	84	84
Total Non-current Liabilities	4,261	3,816	2,817	2,817
Total Provisions	136	91	91	91
Total Liabilities	10,350	9,308	8,971	9,545
Shareholders Equity	7,479	9,467	12,812	16,478
Minority Interests	171	697	697	697
Total Equity	7,651	10,164	13,509	17,175

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue Growth	19.0%	17.2%	30.0%	20.0%
Operating EBITDA Growth	(16.0%)	46.6%	75.5%	36.3%
Operating EBITDA Margin	10.8%	13.5%	18.3%	20.8%
Net Cash Per Share (Rs)	(30.61)	(31.70)	(24.17)	(14.76)
BVPS (Rs)	47.65	60.30	81.61	104.97
Gross Interest Cover	2.71	2.68	8.62	12.38
Effective Tax Rate	35.8%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	10.0%	10.0%	10.0%	10.0%
Accounts Receivables Days	73.72	74.67	73.63	76.30
Inventory Days	166.01	195.85	197.81	204.98
Accounts Payables Days	94.24	108.98	97.92	101.46
ROIC (%)	5.8%	9.3%	15.9%	20.0%
ROCE (%)	7.4%	10.7%	18.7%	22.9%
Return On Average Assets	5.1%	7.6%	12.6%	15.0%

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

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

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Market Data

Source: Bloomberg