InCred Equities - Divi's Laboratories

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	78,450	93,600	104,609	118,373
Operating EBITDA (Rsm)	22,030	29,670	34,606	41,402
Net Profit (Rsm)	16,000	21,910	25,340	30,362
Core EPS (Rs)	60.3	82.5	95.5	114.4
Core EPS Growth	(12.2%)	36.9%	15.7%	19.8%
FD Core P/E (x)	99.99	73.02	63.14	52.69
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	70.78	52.65	45.09	37.44
P/FCFE (x)	105.32	85.64	56.32	39.57
Net Gearing	(29.3%)	(24.8%)	(23.2%)	(25.9%)
P/BV (x)	11.79	10.69	9.58	8.44
ROE	12.1%	15.4%	16.0%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	78,450	93,600	104,609	118,373
Gross Profit	47,160	56,350	63,812	73,391
Operating EBITDA	22,030	29,670	34,606	41,402
Depreciation And Amortisation	(3,780)	(4,020)	(4,500)	(4,900)
Operating EBIT	18,250	25,650	30,106	36,502
Financial Income/(Expense)	(30)	(20)	(20)	(20)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,410	3,530	3,700	4,000
Profit Before Tax (pre-EI)	21,630	29,160	33,786	40,482
Exceptional Items
Pre-tax Profit	21,630	29,160	33,786	40,482
Taxation	(5,630)	(7,250)	(8,447)	(10,121)
Exceptional Income - post-tax
Profit After Tax	16,000	21,910	25,340	30,362
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	16,000	21,910	25,340	30,362
Recurring Net Profit	16,000	21,910	25,340	30,362
Fully Diluted Recurring Net Profit	16,000	21,910	25,340	30,362

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	22,030	29,670	34,606	41,402
Cash Flow from Invt. & Assoc.
Change In Working Capital	(6,070)	(5,540)	(3,707)	(5,065)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(3,350)	(7,600)	(8,447)	(10,121)
Net Interest (Paid)/Received	(30)	(20)	(20)	(20)
Tax Paid	(6,730)	(11,110)	(12,127)	(14,101)
Cashflow From Operations	12,610	16,530	22,452	26,217
Capex	(10,030)	(14,380)	(16,500)	(12,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	2,580	2,150	5,952	14,217
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,960)	(7,964)	(7,964)	(7,964)
Preferred Dividends
Other Financing Cashflow	3,049	(30)	3,693	3,984
Cash Flow From Financing	(4,911)	(7,994)	(4,271)	(3,980)
Total Cash Generated	(2,331)	(5,844)	1,682	10,237
Free Cashflow To Equity	15,190	18,680	28,404	40,434
Free Cashflow To Firm	15,220	18,700	28,424	40,454

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	39,800	37,150	38,832	49,069
Total Debtors	21,560	27,310	29,291	31,961
Inventories	31,840	32,360	33,475	35,512
Total Other Current Assets	3,550	3,990	4,184	4,735
Total Current Assets	96,750	100,810	105,781	121,276
Fixed Assets	55,130	64,600	76,600	83,700
Total Investments	820	650	650	650
Intangible Assets	40	40	40	40
Total Other Non-Current Assets	1,960	3,220	3,220	3,220
Total Non-current Assets	57,950	68,510	80,510	87,610
Short-term Debt		20	20	20
Current Portion of Long-Term Debt
Total Creditors	8,240	9,100	9,013	9,310
Other Current Liabilities	4,540	5,400	5,070	4,965
Total Current Liabilities	12,780	14,520	14,103	14,296
Total Long-term Debt			13	18
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	6,210	5,110	5,110	5,110
Total Non-current Liabilities	6,210	5,110	5,123	5,128
Total Provisions
Total Liabilities	18,990	19,630	19,226	19,423
Shareholders Equity	135,710	149,690	167,066	189,463
Minority Interests
Total Equity	135,710	149,690	167,066	189,463

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	1.0%	19.3%	11.8%	13.2%
Operating EBITDA Growth	(6.9%)	34.7%	16.6%	19.6%
Operating EBITDA Margin	28.1%	31.7%	33.1%	35.0%
Net Cash Per Share (Rs)	149.92	139.87	146.15	184.70
BVPS (Rs)	511.21	563.87	629.32	713.69
Gross Interest Cover	608.33	1,282.50	1,505.31	1,825.10
Effective Tax Rate	26.0%	24.9%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	91.86	95.29	98.74	94.43
Inventory Days	360.71	314.54	294.50	279.89
Accounts Payables Days	92.53	84.95	81.02	74.34
ROIC (%)	13.5%	16.4%	17.0%	18.8%
ROCE (%)	13.9%	18.0%	19.0%	20.5%
Return On Average Assets	10.7%	13.5%	14.3%	15.4%

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

(91) 02241611540 niharika.agarwal@incredresearch.com

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Market Data

Source: Bloomberg