InCred Equities - Godrej Consumer Products Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	140,961	146,762	155,678	167,682
Operating EBITDA (Rsm)	29,435	30,925	33,945	37,358
Net Profit (Rsm)	(5,606)	19,805	23,730	27,102
Core EPS (Rs)	18.7	19.4	23.2	26.5
Core EPS Growth	9.1%	3.3%	19.8%	14.2%
FD Core P/E (x)	(205.42)	58.14	48.53	42.49
DPS (Rs)	8.8	8.0	9.3	10.1
Dividend Yield	0.44%	0.71%	0.82%	0.90%
EV/EBITDA (x)	38.83	37.19	33.90	30.57
P/FCFE (x)	39.00	51.78	149.64	67.04
Net Gearing	(6.7%)	(1.1%)	(0.5%)	(5.6%)
P/BV (x)	9.14	8.39	7.60	6.84
ROE	14.5%	15.0%	16.4%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	140,961	146,762	155,678	167,682
Gross Profit	77,758	81,237	87,978	95,798
Operating EBITDA	29,435	30,925	33,945	37,358
Depreciation And Amortisation	(2,410)	(3,045)	(3,326)	(3,648)
Operating EBIT	27,025	27,880	30,619	33,710
Financial Income/(Expense)	(274)	(11)	116	313
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	26,751	27,868	30,735	34,022
Exceptional Items
Pre-tax Profit	26,751	27,868	30,735	34,022
Taxation	(7,588)	(8,063)	(7,005)	(6,920)
Exceptional Income - post-tax	(24,769)
Profit After Tax	(5,606)	19,805	23,730	27,102
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(5,606)	19,805	23,730	27,102
Recurring Net Profit	19,163	19,805	23,730	27,102
Fully Diluted Recurring Net Profit	19,163	19,805	23,730	27,102

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	29,435	30,925	33,945	37,358
Cash Flow from Invt. & Assoc.
Change In Working Capital	(337)	(15,608)	(14,011)	(7,724)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,690	2,609	2,832	3,073
Net Interest (Paid)/Received	(2,964)	(2,620)	(2,715)	(2,760)
Tax Paid	(7,588)	(8,063)	(7,005)	(6,920)
Cashflow From Operations	21,236	7,242	13,045	23,026
Capex	(7,735)	(4,750)	(5,250)	(5,750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(4,905)
Other Investing Cashflow
Cash Flow From Investing	(12,640)	(4,750)	(5,250)	(5,750)
Debt Raised/(repaid)	20,926	19,749	(100)	(100)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,999)	(8,186)	(9,470)	(10,381)
Preferred Dividends
Other Financing Cashflow	(18,962)	(1,183)	913	1,661
Cash Flow From Financing	(7,034)	10,380	(8,657)	(8,820)
Total Cash Generated	1,562	12,872	(862)	8,456
Free Cashflow To Equity	29,523	22,241	7,695	17,176
Free Cashflow To Firm	11,560	5,112	10,510	20,036

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	40,664	53,536	52,674	61,130
Total Debtors	15,354	18,487	24,973	29,933
Inventories	12,709	20,039	24,031	27,862
Total Other Current Assets	7,312	7,476	7,491	7,508
Total Current Assets	76,039	99,538	109,169	126,433
Fixed Assets	54,814	56,519	58,443	60,545
Total Investments
Intangible Assets	50,264	50,264	50,264	50,264
Total Other Non-Current Assets	2,804	3,646	2,733	1,072
Total Non-current Assets	107,882	110,429	111,440	111,881
Short-term Debt	31,864	51,413	51,163	50,913
Current Portion of Long-Term Debt
Total Creditors	16,755	13,147	10,600	11,386
Other Current Liabilities	23,137	18,156	14,638	15,723
Total Current Liabilities	71,756	82,716	76,401	78,021
Total Long-term Debt	358	558	708	858
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	358	558	708	858
Total Provisions	2,576	2,576	2,576	2,576
Total Liabilities	74,690	85,850	79,685	81,455
Shareholders Equity	125,986	137,264	151,523	168,245
Minority Interests
Total Equity	125,986	137,264	151,523	168,245

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.9%	4.1%	6.1%	7.7%
Operating EBITDA Growth	21.1%	5.1%	9.8%	10.1%
Operating EBITDA Margin	20.9%	21.1%	21.8%	22.3%
Net Cash Per Share (Rs)	8.25	1.53	0.78	9.15
BVPS (Rs)	123.18	134.20	148.15	164.49
Gross Interest Cover	9.12	10.64	11.28	12.21
Effective Tax Rate	28.4%	28.9%	22.8%	20.3%
Net Dividend Payout Ratio	26.7%	41.3%	39.9%	38.3%
Accounts Receivables Days	36.00	42.08	50.95	59.76
Inventory Days	81.08	91.21	118.80	131.75
Accounts Payables Days	101.02	83.28	64.02	55.82
ROIC (%)	26.1%	22.3%	21.5%	22.5%
ROCE (%)	18.4%	16.6%	16.2%	16.5%
Return On Average Assets	10.8%	10.1%	11.0%	11.7%

(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