InCred Equities - Clean Science and Technology

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	9,358	7,915	8,602	8,853
Operating EBITDA (Rsm)	4,021	3,321	3,518	3,428
Net Profit (Rsm)	2,952	2,440	2,686	2,619
Core EPS (Rs)	27.8	23.0	25.3	24.6
Core EPS Growth	29.2%	(17.3%)	10.1%	(2.5%)
FD Core P/E (x)	46.48	56.23	51.08	52.39
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	33.28	38.38	35.53	35.76
P/FCFE (x)	11.86	58.85	59.51	58.97
Net Gearing	(33.7%)	(84.8%)	(87.7%)	(90.3%)
P/BV (x)	13.58	11.91	9.87	8.47
ROE	33.2%	22.6%	21.1%	17.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	9,358	7,915	8,602	8,853
Gross Profit	6,098	5,144	5,590	5,754
Operating EBITDA	4,021	3,321	3,518	3,428
Depreciation And Amortisation	(361)	(459)	(459)	(459)
Operating EBIT	3,660	2,861	3,059	2,969
Financial Income/(Expense)	(2)	(9)	(1)	(1)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	298	413	533	533
Profit Before Tax (pre-EI)	3,956	3,265	3,591	3,501
Exceptional Items
Pre-tax Profit	3,956	3,265	3,591	3,501
Taxation	(1,005)	(825)	(905)	(882)
Exceptional Income - post-tax
Profit After Tax	2,952	2,440	2,686	2,619
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,952	2,440	2,686	2,619
Recurring Net Profit	2,952	2,440	2,686	2,619
Fully Diluted Recurring Net Profit	2,952	2,440	2,686	2,619

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	4,021	3,321	3,518	3,428
Cash Flow from Invt. & Assoc.
Change In Working Capital	(51)	132	(140)	(51)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	298	413	533	533
Net Interest (Paid)/Received	(2)	(9)	(1)	(1)
Tax Paid	(1,005)	(825)	(905)	(882)
Cashflow From Operations	3,262	3,032	3,006	3,027
Capex	4,155	(350)	(350)	(350)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	4,155	(350)	(350)	(350)
Cash Flow From Investing	8,310	(700)	(700)	(700)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(738)	(610)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(738)	(610)
Total Cash Generated	10,834	1,722	2,306	2,327
Free Cashflow To Equity	11,572	2,332	2,306	2,327
Free Cashflow To Firm	11,574	2,341	2,306	2,328

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	3,401	9,774	12,190	14,628
Total Debtors	1,462	1,774	1,928	1,985
Inventories	1,088	1,018	1,107	1,139
Total Other Current Assets	352	352	352	352
Total Current Assets	6,303	12,919	15,578	18,104
Fixed Assets	577	142	(41)	(224)
Total Investments	255
Intangible Assets
Total Other Non-Current Assets	160	160	160	160
Total Non-current Assets	992	302	119	(64)
Short-term Debt	1	1	1	1
Current Portion of Long-Term Debt
Total Creditors	805	1,180	1,282	1,320
Other Current Liabilities	349	349	349	349
Total Current Liabilities	1,155	1,531	1,633	1,671
Total Long-term Debt		3	3	3
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	23
Total Non-current Liabilities	23	3	3	3
Total Provisions	240	163	163	163
Total Liabilities	1,418	1,697	1,799	1,837
Shareholders Equity	10,100	11,524	13,898	16,203
Minority Interests
Total Equity	10,100	11,524	13,898	16,203

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	36.6%	(15.4%)	8.7%	2.9%
Operating EBITDA Growth	34.1%	(17.4%)	6.0%	(2.6%)
Operating EBITDA Margin	43.0%	42.0%	40.9%	38.7%
Net Cash Per Share (Rs)	31.99	91.90	114.64	137.57
BVPS (Rs)	95.01	108.41	130.74	152.43
Gross Interest Cover	1,876.95	309.01	3,437.29	3,335.79
Effective Tax Rate	25.4%	25.3%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	58.46	74.62	78.56	80.67
Inventory Days	110.26	138.75	128.81	132.26
Accounts Payables Days	102.25	130.76	149.24	153.25
ROIC (%)	52.1%	86.1%	119.3%	118.5%
ROCE (%)	40.2%	26.0%	23.8%	19.5%
Return On Average Assets	35.7%	23.9%	18.6%	15.5%

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

(91) 2241611549 pratyush.kamal@incredresearch.com

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

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Market Data

Source: Bloomberg