InCred Equities - Blue Jet Healthcare

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	7,210	7,632	8,254	8,921
Operating EBITDA (Rsm)	2,191	2,335	2,639	2,870
Net Profit (Rsm)	1,600	1,726	1,986	2,205
Core EPS (Rs)	9.2	9.9	11.4	12.7
Core EPS Growth	(11.9%)	7.8%	15.1%	11.0%
FD Core P/E (x)	59.61	55.28	48.04	43.27
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	43.26	40.09	35.04	31.63
P/FCFE (x)	(671.07)	81.22	93.08	63.43
Net Gearing	(9.1%)	(20.9%)	(27.8%)	(36.3%)
P/BV (x)	14.00	11.17	9.06	7.49
ROE	26.6%	22.5%	20.8%	19.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	7,210	7,632	8,254	8,921
Gross Profit	3,850	4,106	4,464	4,841
Operating EBITDA	2,191	2,335	2,639	2,870
Depreciation And Amortisation	(251)	(234)	(271)	(309)
Operating EBIT	1,940	2,101	2,368	2,561
Financial Income/(Expense)	(14)	(14)	(14)	(14)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	240	220	301	400
Profit Before Tax (pre-EI)	2,166	2,307	2,655	2,948
Exceptional Items
Pre-tax Profit	2,166	2,307	2,655	2,948
Taxation	(566)	(581)	(669)	(743)
Exceptional Income - post-tax
Profit After Tax	1,600	1,726	1,986	2,205
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,600	1,726	1,986	2,205
Recurring Net Profit	1,600	1,726	1,986	2,205
Fully Diluted Recurring Net Profit	1,600	1,726	1,986	2,205

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	2,191	2,335	2,639	2,870
Cash Flow from Invt. & Assoc.
Change In Working Capital	(329)	(309)	(375)	(354)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	82	(56)	(56)	(56)
Net Interest (Paid)/Received	(14)	(14)	(14)	(14)
Tax Paid	(600)	(581)	(669)	(743)
Cashflow From Operations	1,330	1,375	1,525	1,704
Capex	(593)	(200)	(500)	(200)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(880)
Cash Flow From Investing	(1,473)	(200)	(500)	(200)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(42)
Cash Flow From Financing	(42)
Total Cash Generated	(185)	1,175	1,025	1,504
Free Cashflow To Equity	(142)	1,175	1,025	1,504
Free Cashflow To Firm	(129)	1,188	1,038	1,518

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	656	1,838	2,971	4,668
Total Debtors	2,394	2,671	2,971	3,256
Inventories	1,257	1,330	1,439	1,555
Total Other Current Assets	2,344	2,344	2,344	2,344
Total Current Assets	6,650	8,183	9,725	11,822
Fixed Assets	1,510	1,610	2,010	2,110
Total Investments	305	405	505	605
Intangible Assets	0	51	51	51
Total Other Non-Current Assets	155	155	155	155
Total Non-current Assets	1,970	2,221	2,721	2,921
Short-term Debt	19	50	50	50
Current Portion of Long-Term Debt
Total Creditors	538	580	613	661
Other Current Liabilities	1,182	1,182	1,182	1,182
Total Current Liabilities	1,739	1,812	1,845	1,893
Total Long-term Debt	15
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	41	41	41	41
Total Non-current Liabilities	57	41	41	41
Total Provisions	10	10	10	10
Total Liabilities	1,806	1,864	1,897	1,944
Shareholders Equity	6,815	8,541	10,526	12,731
Minority Interests
Total Equity	6,815	8,541	10,526	12,731

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	5.5%	5.9%	8.1%	8.1%
Operating EBITDA Growth	(12.1%)	6.6%	13.0%	8.8%
Operating EBITDA Margin	30.4%	30.6%	32.0%	32.2%
Net Cash Per Share (Rs)	3.59	10.31	16.84	26.62
BVPS (Rs)	39.29	49.23	60.68	73.39
Gross Interest Cover	142.66	154.47	174.09	188.34
Effective Tax Rate	26.1%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	118.17	121.12	124.76	127.40
Inventory Days	125.31	133.90	133.31	133.91
Accounts Payables Days	59.94	57.87	57.46	57.00
ROIC (%)	24.4%	24.6%	24.7%	25.1%
ROCE (%)	31.7%	27.2%	24.7%	21.9%
Return On Average Assets	20.4%	18.2%	17.5%	16.3%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com