InCred Equities - Divi's Laboratories

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	77,675	78,450	90,550	105,256
Operating EBITDA (Rsm)	23,669	22,030	27,899	35,817
Net Profit (Rsm)	18,225	16,000	19,634	25,965
Core EPS (Rs)	68.7	60.3	74.0	97.8
Core EPS Growth	(38.4%)	(12.2%)	22.7%	32.2%
FD Core P/E (x)	85.95	97.91	79.78	60.33
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	64.37	69.26	54.67	42.32
P/FCFE (x)	35.23	103.13	62.74	52.59
Net Gearing	(33.0%)	(29.3%)	(27.5%)	(29.8%)
P/BV (x)	12.27	11.54	10.63	9.32
ROE	14.9%	12.1%	13.9%	16.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	77,675	78,450	90,550	105,256
Gross Profit	47,138	47,160	54,330	64,627
Operating EBITDA	23,669	22,030	27,899	35,817
Depreciation And Amortisation	(3,432)	(3,780)	(4,300)	(4,700)
Operating EBIT	20,237	18,250	23,599	31,117
Financial Income/(Expense)	(7)	(30)	(30)	(30)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,447	3,410	3,700	4,000
Profit Before Tax (pre-EI)	23,677	21,630	27,269	35,087
Exceptional Items
Pre-tax Profit	23,677	21,630	27,269	35,087
Taxation	(5,453)	(5,630)	(7,635)	(9,123)
Exceptional Income - post-tax
Profit After Tax	18,225	16,000	19,634	25,965
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	18,225	16,000	19,634	25,965
Recurring Net Profit	18,225	16,000	19,634	25,965
Fully Diluted Recurring Net Profit	18,225	16,000	19,634	25,965

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	23,669	22,030	27,899	35,817
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,188	(6,070)	(279)	(7,801)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(3,260)	(3,350)	(7,635)	(9,123)
Net Interest (Paid)/Received	(7)	(30)	(30)	(30)
Tax Paid	(6,709)	(6,730)	(11,305)	(13,093)
Cashflow From Operations	24,597	12,610	19,985	18,894
Capex	(4,730)	(10,030)	(15,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	19,867	2,580	4,985	10,894
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,964)	(7,960)	(7,964)	(5,309)
Preferred Dividends
Other Financing Cashflow	2,039	3,049	3,817	3,991
Cash Flow From Financing	(5,925)	(4,911)	(4,147)	(1,319)
Total Cash Generated	13,942	(2,331)	838	9,575
Free Cashflow To Equity	44,465	15,190	24,970	29,788
Free Cashflow To Firm	44,471	15,220	25,000	29,818

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	42,131	39,800	40,638	50,213
Total Debtors	17,925	21,560	21,732	25,261
Inventories	30,004	31,840	30,787	35,787
Total Other Current Assets	3,057	3,550	3,622	4,210
Total Current Assets	93,117	96,750	96,779	115,472
Fixed Assets	49,292	55,130	65,830	69,130
Total Investments	771	820	820	820
Intangible Assets	53	40	40	40
Total Other Non-Current Assets	1,155	1,960	1,960	1,960
Total Non-current Assets	51,270	57,950	68,650	71,950
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	7,625	8,240	8,134	9,050
Other Current Liabilities	3,386	4,540	3,559	3,959
Total Current Liabilities	11,011	12,780	11,692	13,009
Total Long-term Debt			147	168
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	5,706	6,210	6,210	6,210
Total Non-current Liabilities	5,706	6,210	6,357	6,378
Total Provisions
Total Liabilities	16,717	18,990	18,050	19,387
Shareholders Equity	127,671	135,710	147,380	168,035
Minority Interests
Total Equity	127,671	135,710	147,380	168,035

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(13.3%)	1.0%	15.4%	16.2%
Operating EBITDA Growth	(39.0%)	(6.9%)	26.6%	28.4%
Operating EBITDA Margin	30.5%	28.1%	30.8%	34.0%
Net Cash Per Share (Rs)	158.70	149.92	152.53	188.52
BVPS (Rs)	480.93	511.21	555.17	632.98
Gross Interest Cover	3,020.51	608.33	786.64	1,037.24
Effective Tax Rate	23.0%	26.0%	28.0%	26.0%
Net Dividend Payout Ratio
Accounts Receivables Days	99.07	91.86	87.25	81.48
Inventory Days	348.36	360.71	315.56	299.04
Accounts Payables Days	93.12	92.53	82.50	77.19
ROIC (%)	16.7%	13.5%	15.7%	18.9%
ROCE (%)	16.5%	13.9%	16.7%	19.7%
Return On Average Assets	13.1%	10.7%	12.3%	14.7%

(91) 22 4161 1552 praful.bohra@incredresearch.com

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg