InCred Equities - Container Corp of India Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	87,904	88,634	102,719	120,515
Operating EBITDA (Rsm)	19,452	18,553	23,052	27,921
Net Profit (Rsm)	12,536	12,943	15,569	19,730
Core EPS (Rs)	20.6	20.2	25.5	32.4
Core EPS Growth	6.8%	(2.0%)	26.7%	26.7%
FD Core P/E (x)	39.34	40.14	31.68	25.01
DPS (Rs)	11.5	11.5	7.7	9.7
Dividend Yield	1.42%	1.42%	0.95%	1.20%
EV/EBITDA (x)	23.69	24.66	19.48	15.71
P/FCFE (x)	63.83	47.37	41.45	29.73
Net Gearing	(27.4%)	(28.8%)	(32.9%)	(37.0%)
P/BV (x)	4.18	3.99	3.67	3.33
ROE	10.9%	10.2%	12.1%	14.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	87,904	88,634	102,719	120,515
Gross Profit	28,254	27,354	32,771	38,939
Operating EBITDA	19,452	18,553	23,052	27,921
Depreciation And Amortisation	(6,009)	(6,177)	(6,875)	(7,232)
Operating EBIT	13,444	12,376	16,177	20,690
Financial Income/(Expense)	3,129	3,957	4,887	6,003
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	16,573	16,333	21,064	26,693
Exceptional Items		871
Pre-tax Profit	16,573	17,204	21,064	26,693
Taxation	(4,037)	(4,261)	(5,495)	(6,964)
Exceptional Income - post-tax
Profit After Tax	12,536	12,943	15,569	19,730
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,536	12,943	15,569	19,730
Recurring Net Profit	12,536	12,288	15,569	19,730
Fully Diluted Recurring Net Profit	12,536	12,288	15,569	19,730

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	19,452	18,553	23,052	27,921
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,773)	1,104	(409)	(230)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense		871
Other Operating Cashflow
Net Interest (Paid)/Received	3,129	3,957	4,887	6,003
Tax Paid	(4,037)	(4,261)	(5,495)	(6,964)
Cashflow From Operations	16,772	20,224	22,035	26,731
Capex	(10,133)	(9,812)	(10,133)	(10,133)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,090	0
Cash Flow From Investing	(9,044)	(9,812)	(10,133)	(10,133)
Debt Raised/(repaid)				1
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(7,007)	(7,007)	(5,605)	(7,103)
Preferred Dividends
Other Financing Cashflow	1,189	(172)	2,254	1,238
Cash Flow From Financing	(5,818)	(7,179)	(3,351)	(5,864)
Total Cash Generated	1,910	3,233	8,551	10,734
Free Cashflow To Equity	7,728	10,412	11,902	16,599
Free Cashflow To Firm	8,381	11,107	12,597	17,293

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	32,389	35,622	44,166	54,847
Total Debtors	3,295	3,944	4,571	5,363
Inventories	499	497	497	497
Total Other Current Assets	10,055	7,761	9,834	11,537
Total Current Assets	46,237	47,824	59,068	72,244
Fixed Assets	79,077	81,637	83,584	86,486
Total Investments	13,336	13,336	13,336	13,336
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	92,412	94,973	96,920	99,822
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,653	11,040	13,331	15,596
Other Current Liabilities	1,501	1,572	1,572	1,572
Total Current Liabilities	13,154	12,612	14,903	17,168
Total Long-term Debt				1
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	7,372	6,691	6,691	6,691
Total Non-current Liabilities	7,372	6,691	6,691	6,692
Total Provisions
Total Liabilities	20,526	19,303	21,593	23,860
Shareholders Equity	118,124	123,495	134,394	148,206
Minority Interests
Total Equity	118,124	123,495	134,394	148,206

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	6.6%	0.8%	15.9%	17.3%
Operating EBITDA Growth	5.4%	(4.6%)	24.2%	21.1%
Operating EBITDA Margin	22.1%	20.9%	22.4%	23.2%
Net Cash Per Share (Rs)	53.16	58.46	72.46	89.96
BVPS (Rs)	193.87	202.68	220.50	243.08
Gross Interest Cover	20.58	17.81	23.28	29.77
Effective Tax Rate	24.4%	24.8%	26.1%	26.1%
Net Dividend Payout Ratio	55.9%	58.0%	30.0%	30.0%
Accounts Receivables Days	11.26	14.90	15.13	15.04
Inventory Days	2.67	2.97	2.59	2.22
Accounts Payables Days	73.92	67.58	63.59	64.72
ROIC (%)	18.2%	15.5%	19.9%	24.8%
ROCE (%)	14.9%	14.1%	16.9%	19.4%
Return On Average Assets	6.9%	5.8%	7.2%	8.4%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg