InCred Equities - Godrej Consumer Products Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	140,961	143,643	157,035	172,515
Operating EBITDA (Rsm)	29,435	30,030	33,913	38,369
Net Profit (Rsm)	(5,606)	18,523	24,817	29,144
Core EPS (Rs)	18.7	18.7	24.3	28.5
Core EPS Growth	9.1%	(0.1%)	9.0%	17.4%
FD Core P/E (x)	(220.79)	66.83	49.88	42.48
DPS (Rs)	8.8	6.7	7.2	8.3
Dividend Yield	0.41%	2.07%	0.60%	0.69%
EV/EBITDA (x)	41.76	41.15	36.58	32.27
P/FCFE (x)	41.92	58.36	40.41	129.40
Net Gearing	(6.7%)	(1.8%)	1.9%	0.0%
P/BV (x)	9.82	10.31	9.03	7.85
ROE	14.5%	15.6%	19.3%	19.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	140,961	143,643	157,035	172,515
Gross Profit	77,758	78,282	87,435	97,127
Operating EBITDA	29,435	30,030	33,913	38,369
Depreciation And Amortisation	(2,410)	(2,340)	(2,527)	(2,778)
Operating EBIT	27,025	27,690	31,386	35,591
Financial Income/(Expense)	(274)	(340)	(1,109)	(758)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	26,751	27,350	30,277	34,833
Exceptional Items
Pre-tax Profit	26,751	27,350	30,277	34,833
Taxation	(7,588)	(8,196)	(5,460)	(5,689)
Exceptional Income - post-tax	(24,769)	(632)
Profit After Tax	(5,606)	18,523	24,817	29,144
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(5,606)	18,523	24,817	29,144
Recurring Net Profit	19,163	19,154	24,817	29,144
Fully Diluted Recurring Net Profit	19,163	19,154	24,817	29,144

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	29,435	30,030	33,913	38,369
Cash Flow from Invt. & Assoc.
Change In Working Capital	(337)	1,315	(17,140)	(16,505)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,690	3,161	3,277	3,424
Net Interest (Paid)/Received	(2,964)	(3,501)	(4,386)	(4,182)
Tax Paid	(7,588)	(8,196)	(5,460)	(5,689)
Cashflow From Operations	21,236	22,809	10,203	15,417
Capex	(7,735)	(7,254)	(5,250)	(5,750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(4,905)	(2,168)
Other Investing Cashflow
Cash Flow From Investing	(12,640)	(9,422)	(5,250)	(5,750)
Debt Raised/(repaid)	20,926	7,823	25,681	(100)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,999)	(6,848)	(7,382)	(8,534)
Preferred Dividends
Other Financing Cashflow	(18,962)	(15,000)	(2,289)	1,365
Cash Flow From Financing	(7,034)	(14,025)	16,010	(7,269)
Total Cash Generated	1,562	(639)	20,963	2,398
Free Cashflow To Equity	29,523	21,210	30,634	9,567
Free Cashflow To Firm	11,560	16,888	9,339	13,848

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	40,664	42,193	63,157	65,554
Total Debtors	15,354	18,191	21,705	31,104
Inventories	12,709	14,186	23,888	32,401
Total Other Current Assets	7,312	7,923	8,159	8,182
Total Current Assets	76,039	82,494	116,909	137,242
Fixed Assets	54,814	58,538	61,261	64,233
Total Investments
Intangible Assets	50,264	51,454	51,454	51,454
Total Other Non-Current Assets	2,804	(449)	1,499	133
Total Non-current Assets	107,882	109,543	114,214	115,821
Short-term Debt	31,864	39,122	64,653	64,403
Current Portion of Long-Term Debt
Total Creditors	16,755	21,421	18,732	19,775
Other Current Liabilities	23,137	29,388	25,699	27,129
Total Current Liabilities	71,756	89,931	109,084	111,307
Total Long-term Debt	358	923	1,073	1,223
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	358	923	1,073	1,223
Total Provisions	2,576	2,565	2,565	2,565
Total Liabilities	74,690	93,419	112,722	115,095
Shareholders Equity	125,986	120,039	137,133	157,742
Minority Interests
Total Equity	125,986	120,039	137,133	157,742

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	5.9%	1.9%	9.3%	9.9%
Operating EBITDA Growth	21.1%	2.0%	12.9%	13.1%
Operating EBITDA Margin	20.9%	20.9%	21.6%	22.2%
Net Cash Per Share (Rs)	8.25	2.10	(2.51)	(0.07)
BVPS (Rs)	123.18	117.34	134.05	154.20
Gross Interest Cover	9.12	7.91	7.16	8.51
Effective Tax Rate	28.4%	30.0%	18.0%	16.3%
Net Dividend Payout Ratio	26.7%	133.5%	29.7%	29.3%
Accounts Receivables Days	36.00	42.62	46.37	55.87
Inventory Days	81.08	75.10	99.84	136.27
Accounts Payables Days	101.02	106.59	105.29	93.22
ROIC (%)	26.1%	28.0%	25.4%	25.3%
ROCE (%)	18.4%	18.3%	18.2%	17.5%
Return On Average Assets	10.8%	10.4%	12.3%	12.4%

(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