InCred Equities - Laurus Labs

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	50,408	55,537	65,231	75,228
Operating EBITDA (Rsm)	7,775	10,550	15,969	20,185
Net Profit (Rsm)	1,623	3,580	6,647	9,702
Core EPS (Rs)	3.0	6.6	12.3	18.0
Core EPS Growth	(79.5%)	120.6%	85.7%	46.0%
FD Core P/E (x)	297.77	134.96	72.69	49.80
DPS (Rs)	2.0	0.8	0.8	2.0
Dividend Yield	0.22%	0.09%	0.09%	0.22%
EV/EBITDA (x)	65.04	48.12	31.93	25.07
P/FCFE (x)	73.73	72.97	45.95	25.49
Net Gearing	57.5%	55.4%	53.3%	39.4%
P/BV (x)	11.75	10.80	9.47	7.99
ROE	4.0%	8.3%	13.9%	17.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	50,408	55,537	65,231	75,228
Gross Profit	26,084	30,757	37,508	44,009
Operating EBITDA	7,775	10,550	15,969	20,185
Depreciation And Amortisation	(3,846)	(4,301)	(4,800)	(5,200)
Operating EBIT	3,929	6,249	11,169	14,985
Financial Income/(Expense)	(1,829)	(2,160)	(2,550)	(2,200)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	263	751	350	300
Profit Before Tax (pre-EI)	2,364	4,840	8,969	13,085
Exceptional Items
Pre-tax Profit	2,364	4,840	8,969	13,085
Taxation	(682)	(1,299)	(2,422)	(3,533)
Exceptional Income - post-tax
Profit After Tax	1,682	3,541	6,547	9,552
Minority Interests	(59)	39	100	150
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,623	3,580	6,647	9,702
Recurring Net Profit	1,623	3,580	6,647	9,702
Fully Diluted Recurring Net Profit	1,623	3,580	6,647	9,702

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	7,775	10,550	15,969	20,185
Cash Flow from Invt. & Assoc.
Change In Working Capital	(290)	(3,746)	(3,389)	(3,825)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(828)	(787)	(2,322)	(3,383)
Net Interest (Paid)/Received	(1,829)	(2,160)	(2,550)	(2,200)
Tax Paid	738	619	(122)	(1,483)
Cashflow From Operations	6,657	6,017	10,258	12,977
Capex	(6,760)	(5,411)	(10,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(103)	605	258	5,977
Debt Raised/(repaid)
Proceeds From Issue Of Shares	26	102
Shares Repurchased
Dividends Paid	(862)	(431)	(431)	(431)
Preferred Dividends
Other Financing Cashflow	1,871	(250)	(398)	(2,952)
Cash Flow From Financing	1,035	(580)	(830)	(3,384)
Total Cash Generated	932	26	(571)	2,593
Free Cashflow To Equity	6,554	6,622	10,517	18,954
Free Cashflow To Firm	8,383	8,782	13,067	21,154

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,417	1,442	871	3,464
Total Debtors	16,629	20,072	22,179	24,073
Inventories	18,454	19,365	22,179	24,825
Total Other Current Assets	1,850	2,444	2,283	2,633
Total Current Assets	38,350	43,323	47,511	54,996
Fixed Assets	40,475	43,160	48,360	50,160
Total Investments	1,240	2,333	2,333	2,333
Intangible Assets	2,653	2,656	2,656	2,656
Total Other Non-Current Assets	1,152	1,884	1,884	1,884
Total Non-current Assets	45,521	50,033	55,233	57,033
Short-term Debt	17,088	20,475	20,475	20,475
Current Portion of Long-Term Debt
Total Creditors	10,512	9,585	9,698	9,981
Other Current Liabilities	3,522	5,337	6,595	7,377
Total Current Liabilities	31,123	35,397	36,768	37,833
Total Long-term Debt	7,982	6,456	8,258	7,205
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,610	5,478	5,478	5,478
Total Non-current Liabilities	11,592	11,933	13,735	12,683
Total Provisions
Total Liabilities	42,715	47,331	50,503	50,516
Shareholders Equity	41,110	44,726	51,042	60,463
Minority Interests	46	1,300	1,200	1,050
Total Equity	41,156	46,025	52,241	61,512

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	(16.6%)	10.2%	17.5%	15.3%
Operating EBITDA Growth	(51.2%)	35.7%	51.4%	26.4%
Operating EBITDA Margin	15.4%	19.0%	24.5%	26.8%
Net Cash Per Share (Rs)	(43.86)	(47.27)	(51.67)	(44.91)
BVPS (Rs)	76.23	82.94	94.65	112.12
Gross Interest Cover	2.15	2.89	4.38	6.81
Effective Tax Rate	28.8%	26.8%	27.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	117.42	120.60	118.20	112.20
Inventory Days	264.87	278.54	273.48	274.77
Accounts Payables Days	132.19	148.01	126.94	115.04
ROIC (%)	4.4%	6.3%	10.0%	12.6%
ROCE (%)	6.2%	9.0%	14.5%	17.6%
Return On Average Assets	3.8%	5.8%	8.6%	10.4%

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

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Source: Bloomberg