InCred Equities - Laurus Labs

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	60,406	50,408	55,929	65,766
Operating EBITDA (Rsm)	15,922	7,775	11,193	15,581
Net Profit (Rsm)	7,901	1,623	3,643	6,619
Core EPS (Rs)	14.7	3.0	6.8	12.3
Core EPS Growth	(4.5%)	(79.5%)	124.5%	81.7%
FD Core P/E (x)	34.82	169.56	75.52	41.57
DPS (Rs)	4.0	2.0	2.0	2.0
Dividend Yield	0.78%	0.39%	0.39%	0.39%
EV/EBITDA (x)	18.46	38.28	26.60	19.16
P/FCFE (x)	28.13	41.98	20.06	22.95
Net Gearing	47.5%	57.5%	54.4%	50.2%
P/BV (x)	6.81	6.69	6.29	5.57
ROE	21.4%	4.0%	8.6%	14.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	60,406	50,408	55,929	65,766
Gross Profit	32,662	26,084	31,488	37,487
Operating EBITDA	15,922	7,775	11,193	15,581
Depreciation And Amortisation	(3,241)	(3,846)	(4,300)	(4,800)
Operating EBIT	12,681	3,929	6,893	10,781
Financial Income/(Expense)	(1,652)	(1,829)	(2,180)	(2,100)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	60	263	250	250
Profit Before Tax (pre-EI)	11,089	2,364	4,963	8,931
Exceptional Items
Pre-tax Profit	11,089	2,364	4,963	8,931
Taxation	(3,123)	(682)	(1,390)	(2,411)
Exceptional Income - post-tax
Profit After Tax	7,966	1,682	3,573	6,519
Minority Interests	(65)	(59)	70	100
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	7,901	1,623	3,643	6,619
Recurring Net Profit	7,901	1,623	3,643	6,619
Fully Diluted Recurring Net Profit	7,901	1,623	3,643	6,619

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	15,922	7,775	11,193	15,581
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,153)	(290)	986	(3,276)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	(2,830)	(828)	(1,320)	(2,311)
Net Interest (Paid)/Received	(1,652)	(1,829)	(2,180)	(2,100)
Tax Paid	(1,239)	738	610	(461)
Cashflow From Operations	9,939	6,657	10,859	9,994
Capex	(9,875)	(6,760)	(8,000)	(8,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(223)
Other Investing Cashflow
Cash Flow From Investing	(159)	(103)	2,859	1,994
Debt Raised/(repaid)
Proceeds From Issue Of Shares	74	26
Shares Repurchased
Dividends Paid	(1,404)	(862)	(1,080)	(1,083)
Preferred Dividends
Other Financing Cashflow	1,207	1,871	(1,643)	(116)
Cash Flow From Financing	(122)	1,035	(2,723)	(1,199)
Total Cash Generated	(281)	932	136	795
Free Cashflow To Equity	9,780	6,554	13,719	11,988
Free Cashflow To Firm	11,432	8,383	15,899	14,088

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	485	1,417	1,552	2,348
Total Debtors	15,804	16,629	16,779	18,415
Inventories	16,848	18,454	19,575	21,045
Total Other Current Assets	1,480	1,850	1,957	2,302
Total Current Assets	34,617	38,350	39,863	44,109
Fixed Assets	37,002	40,475	44,175	47,375
Total Investments	499	1,240	1,240	1,240
Intangible Assets	2,592	2,653	2,653	2,653
Total Other Non-Current Assets	1,894	1,152	1,152	1,152
Total Non-current Assets	41,987	45,521	49,221	52,421
Short-term Debt	12,106	17,088	17,088	17,088
Current Portion of Long-Term Debt
Total Creditors	7,107	10,512	10,467	9,865
Other Current Liabilities	5,111	3,522	5,931	6,708
Total Current Liabilities	24,323	31,123	33,487	33,662
Total Long-term Debt	7,614	7,982	8,269	10,003
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,181	3,610	3,610	3,610
Total Non-current Liabilities	11,795	11,592	11,878	13,612
Total Provisions
Total Liabilities	36,117	42,715	45,365	47,274
Shareholders Equity	40,375	41,110	43,743	49,380
Minority Interests	111	46	(24)	(124)
Total Equity	40,487	41,156	43,719	49,256

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	22.4%	(16.6%)	11.0%	17.6%
Operating EBITDA Growth	11.9%	(51.2%)	44.0%	39.2%
Operating EBITDA Margin	26.4%	15.4%	20.0%	23.7%
Net Cash Per Share (Rs)	(35.71)	(43.91)	(44.19)	(45.93)
BVPS (Rs)	74.95	76.31	81.20	91.66
Gross Interest Cover	7.68	2.15	3.16	5.13
Effective Tax Rate	28.2%	28.8%	28.0%	27.0%
Net Dividend Payout Ratio
Accounts Receivables Days	88.66	117.42	109.01	97.66
Inventory Days	226.63	264.87	283.96	262.14
Accounts Payables Days	104.40	132.19	156.66	131.21
ROIC (%)	15.0%	4.4%	7.4%	10.6%
ROCE (%)	22.8%	6.2%	10.2%	14.8%
Return On Average Assets	12.6%	3.8%	6.0%	8.7%

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

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

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Market Data

Source: Bloomberg