InCred Equities - Escorts Kubota Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	87,767	96,268	113,459	128,899
Operating EBITDA (Rsm)	11,687	13,467	15,692	17,152
Net Profit (Rsm)	10,371	11,826	13,679	14,932
Core EPS (Rs)	93.9	107.0	123.8	135.1
Core EPS Growth	52.5%	14.0%	15.7%	9.2%
FD Core P/E (x)	37.23	32.65	28.23	25.86
DPS (Rs)	13.0	18.0	21.0	25.0
Dividend Yield	0.37%	0.52%	0.60%	0.72%
EV/EBITDA (x)	32.04	28.09	24.29	22.20
P/FCFE (x)	41.39	(204.84)	(709.87)	123.09
Net Gearing	(12.6%)	(7.6%)	(4.3%)	(4.2%)
P/BV (x)	4.19	3.79	3.41	3.08
ROE	11.8%	12.2%	12.7%	12.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	87,767	96,268	113,459	128,899
Gross Profit	27,396	30,421	35,740	39,959
Operating EBITDA	11,687	13,467	15,692	17,152
Depreciation And Amortisation	(1,664)	(1,890)	(2,092)	(2,348)
Operating EBIT	10,023	11,577	13,601	14,803
Financial Income/(Expense)	(108)	(70)	(50)	(50)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,983	4,262	4,688	5,157
Profit Before Tax (pre-EI)	13,898	15,768	18,239	19,910
Exceptional Items
Pre-tax Profit	13,898	15,768	18,239	19,910
Taxation	(3,527)	(3,942)	(4,560)	(4,977)
Exceptional Income - post-tax
Profit After Tax	10,371	11,826	13,679	14,932
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,371	11,826	13,679	14,932
Recurring Net Profit	10,371	11,826	13,679	14,932
Fully Diluted Recurring Net Profit	10,371	11,826	13,679	14,932

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	11,687	13,467	15,692	17,152
Cash Flow from Invt. & Assoc.
Change In Working Capital	(437)	(1,150)	(1,065)	(844)
(Incr)/Decr in Total Provisions	1,827	608	300	200
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	3,875	4,192	4,638	5,107
Tax Paid	(3,527)	(3,942)	(4,560)	(4,977)
Cashflow From Operations	13,426	13,175	15,006	16,637
Capex	(1,842)	(8,491)	(5,500)	(3,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,255)	(6,569)	(10,050)	(10,000)
Cash Flow From Investing	(4,097)	(15,060)	(15,550)	(13,500)
Debt Raised/(repaid)
Proceeds From Issue Of Shares	(931)	0	0	0
Shares Repurchased
Dividends Paid	(1,437)	(1,989)	(2,321)	(2,763)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(2,367)	(1,989)	(2,321)	(2,763)
Total Cash Generated	6,962	(3,874)	(2,864)	374
Free Cashflow To Equity	9,329	(1,885)	(544)	3,137
Free Cashflow To Firm	9,438	(1,815)	(494)	3,187

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	11,647	7,773	4,908	5,283
Total Debtors	12,086	12,396	13,988	15,185
Inventories	11,581	13,187	13,988	15,185
Total Other Current Assets	4,512	4,881	5,231	5,531
Total Current Assets	39,826	38,238	38,116	41,185
Fixed Assets	23,689	26,798	30,207	31,358
Total Investments	52,826	59,326	69,326	79,326
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	76,514	86,124	99,533	110,684
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	11,893	12,660	13,988	15,539
Other Current Liabilities	6,076	6,576	7,076	7,576
Total Current Liabilities	17,969	19,236	21,064	23,114
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	2,743	3,151	3,251	3,251
Total Liabilities	20,711	22,387	24,315	26,365
Shareholders Equity	92,138	101,975	113,333	125,503
Minority Interests
Total Equity	92,138	101,975	113,333	125,503

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.2%	9.7%	17.9%	13.6%
Operating EBITDA Growth	49.7%	15.2%	16.5%	9.3%
Operating EBITDA Margin	13.3%	14.0%	13.8%	13.3%
Net Cash Per Share (Rs)	105.40	70.34	44.42	47.81
BVPS (Rs)	833.82	922.85	1,025.64	1,135.78
Gross Interest Cover	92.46	165.38	272.02	296.06
Effective Tax Rate	25.4%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	13.9%	16.8%	17.0%	18.5%
Accounts Receivables Days	50.24	46.41	42.44	41.30
Inventory Days	70.05	68.65	63.81	59.86
Accounts Payables Days	73.22	68.05	62.57	60.59
ROIC (%)	23.3%	25.6%	26.8%	26.2%
ROCE (%)	11.2%	11.8%	12.5%	12.3%
Return On Average Assets	9.5%	9.9%	10.5%	10.3%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 02241611552 ravi.gupta@incredresearch.com

More Reports

Market Data

Source: Bloomberg