InCred Equities - Colgate Palmolive India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	56,804	62,792	67,275	73,747
Operating EBITDA (Rsm)	19,008	21,132	22,663	25,099
Net Profit (Rsm)	13,432	15,126	16,465	18,263
Core EPS (Rs)	49.4	55.6	60.5	67.1
Core EPS Growth	26.9%	12.6%	8.8%	10.9%
FD Core P/E (x)	55.36	49.15	45.16	40.71
DPS (Rs)	46.9	52.8	57.5	63.8
Dividend Yield	1.57%	1.93%	2.10%	2.33%
EV/EBITDA (x)	38.43	34.66	32.29	29.15
P/FCFE (x)	44.47	59.99	45.38	42.39
Net Gearing	(69.5%)	(56.6%)	(58.0%)	(56.4%)
P/BV (x)	39.67	38.13	36.58	35.01
ROE	74.8%	79.1%	82.7%	87.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	56,804	62,792	67,275	73,747
Gross Profit	39,575	43,935	47,273	52,042
Operating EBITDA	19,008	21,132	22,663	25,099
Depreciation And Amortisation	(1,715)	(1,754)	(1,724)	(1,809)
Operating EBIT	17,293	19,379	20,939	23,289
Financial Income/(Expense)	680	861	1,093	1,150
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	35	37	39	41
Profit Before Tax (pre-EI)	18,008	20,277	22,071	24,481
Exceptional Items
Pre-tax Profit	18,008	20,277	22,071	24,481
Taxation	(4,577)	(5,150)	(5,606)	(6,218)
Exceptional Income - post-tax
Profit After Tax	13,432	15,126	16,465	18,263
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,432	15,126	16,465	18,263
Recurring Net Profit	13,432	15,126	16,465	18,263
Fully Diluted Recurring Net Profit	13,432	15,126	16,465	18,263

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	19,008	21,132	22,663	25,099
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,544	(2,985)	(304)	(531)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	765	938	1,162	1,231
Net Interest (Paid)/Received	(50)	(40)	(30)	(40)
Tax Paid	(4,577)	(5,150)	(5,606)	(6,218)
Cashflow From Operations	17,691	13,895	17,885	19,541
Capex	(1,000)	(1,500)	(1,500)	(2,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,000)	(1,500)	(1,500)	(2,000)
Debt Raised/(repaid)	28
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(11,670)	(14,370)	(15,642)	(17,349)
Preferred Dividends
Other Financing Cashflow	(591)	(40)	(30)	(40)
Cash Flow From Financing	(12,233)	(14,410)	(15,672)	(17,389)
Total Cash Generated	4,458	(2,015)	714	152
Free Cashflow To Equity	16,719	12,395	16,385	17,541
Free Cashflow To Firm	16,741	12,435	16,415	17,581

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	13,738	11,763	12,506	12,698
Total Debtors	1,674	1,032	1,290	1,414
Inventories	2,964	2,236	2,580	2,829
Total Other Current Assets	3,898	6,021	6,451	7,072
Total Current Assets	22,274	21,052	22,828	24,012
Fixed Assets	9,043	8,790	8,566	8,756
Total Investments
Intangible Assets
Total Other Non-Current Assets	648	648	648	648
Total Non-current Assets	9,691	9,437	9,213	9,404
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	11,302	9,131	9,778	10,129
Total Current Liabilities	11,302	9,131	9,778	10,129
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	718	718	718	718
Total Non-current Liabilities	718	718	718	718
Total Provisions	1,202	1,141	1,222	1,333
Total Liabilities	13,222	10,990	11,718	12,180
Shareholders Equity	18,744	19,500	20,323	21,236
Minority Interests
Total Equity	18,744	19,500	20,323	21,236

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	8.7%	10.5%	7.1%	9.6%
Operating EBITDA Growth	22.9%	11.2%	7.2%	10.7%
Operating EBITDA Margin	33.5%	33.7%	33.7%	34.0%
Net Cash Per Share (Rs)	47.87	40.61	43.34	44.05
BVPS (Rs)	68.91	71.69	74.72	78.07
Gross Interest Cover	345.86	484.47	697.96	582.23
Effective Tax Rate	25.4%	25.4%	25.4%	25.4%
Net Dividend Payout Ratio	86.9%	95.0%	95.0%	95.0%
Accounts Receivables Days	10.43	7.87	6.30	6.69
Inventory Days	66.93	50.33	43.95	45.48
Accounts Payables Days
ROIC (%)	249.7%	201.9%	214.6%	219.9%
ROCE (%)	95.8%	101.5%	106.2%	113.2%
Return On Average Assets	41.9%	45.7%	49.2%	52.3%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg