InCred Equities - Gujarat Pipavav Port Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	9,170	9,753	11,603	12,877
Operating EBITDA (Rsm)	5,061	5,593	6,881	7,724
Net Profit (Rsm)	2,918	3,663	4,686	5,399
Core EPS (Rs)	6.7	7.6	9.7	11.2
Core EPS Growth	61.3%	13.6%	27.9%	15.2%
FD Core P/E (x)	28.73	22.89	17.89	15.53
DPS (Rs)	6.1	7.0	5.9	6.7
Dividend Yield	4.24%	4.83%	4.10%	4.67%
EV/EBITDA (x)	14.64	13.01	10.25	8.82
P/FCFE (x)	29.45	15.59	14.74	9.91
Net Gearing	(43.1%)	(50.4%)	(57.9%)	(64.3%)
P/BV (x)	4.03	4.11	3.87	3.63
ROE	15.7%	17.8%	22.3%	24.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	9,170	9,753	11,603	12,877
Gross Profit	7,522	8,117	9,792	10,927
Operating EBITDA	5,061	5,593	6,881	7,724
Depreciation And Amortisation	(1,162)	(1,207)	(1,237)	(1,267)
Operating EBIT	3,899	4,387	5,644	6,457
Financial Income/(Expense)	430	497	604	742
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	4,329	4,884	6,248	7,199
Exceptional Items	(410)
Pre-tax Profit	3,919	4,884	6,248	7,199
Taxation	(1,001)	(1,221)	(1,562)	(1,800)
Exceptional Income - post-tax
Profit After Tax	2,918	3,663	4,686	5,399
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,918	3,663	4,686	5,399
Recurring Net Profit	3,224	3,663	4,686	5,399
Fully Diluted Recurring Net Profit	3,224	3,663	4,686	5,399

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	5,061	5,593	6,881	7,724
Cash Flow from Invt. & Assoc.
Change In Working Capital	15	134	344
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(410)
Other Operating Cashflow
Net Interest (Paid)/Received	430	497	604	742
Tax Paid	(1,083)	(997)	(1,391)
Cashflow From Operations	4,014	5,227	6,437	8,466
Capex	(1,167)	152	(750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(1,167)	152	(750)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(3,554)	(4,051)	(3,437)
Preferred Dividends
Other Financing Cashflow	(475)
Cash Flow From Financing	(4,029)	(4,051)	(3,437)
Total Cash Generated	(1,181)	1,328	2,250	8,466
Free Cashflow To Equity	2,847	5,379	5,687	8,466
Free Cashflow To Firm	2,927	5,459	5,767	8,546

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	8,948	10,276	12,526	14,879
Total Debtors	856	732	871	966
Inventories	76	95	112	125
Total Other Current Assets	1,081	878	1,044	1,159
Total Current Assets	10,961	11,980	14,553	17,129
Fixed Assets	14,577	13,219	12,732	12,215
Total Investments	830	830	830	830
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	15,407	14,049	13,562	13,045
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	3,691	3,515	4,182	4,641
Other Current Liabilities
Total Current Liabilities	3,691	3,515	4,182	4,641
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	1,894	2,118	2,289	2,408
Total Liabilities	5,585	5,634	6,471	7,049
Shareholders Equity	20,783	20,395	21,644	23,125
Minority Interests
Total Equity	20,783	20,395	21,644	23,125

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	23.3%	6.4%	19.0%	11.0%
Operating EBITDA Growth	21.0%	10.5%	23.0%	12.2%
Operating EBITDA Margin	55.2%	57.4%	59.3%	60.0%
Net Cash Per Share (Rs)	18.51	21.26	25.91	30.78
BVPS (Rs)	42.99	42.19	44.77	47.83
Gross Interest Cover	48.74	54.84	70.55	80.71
Effective Tax Rate	25.5%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio	106.8%	110.6%	73.3%	72.6%
Accounts Receivables Days	27.39	29.72	25.21	26.03
Inventory Days	19.69	19.02	20.86	22.21
Accounts Payables Days	732.08	804.03	775.60	825.95
ROIC (%)	30.2%	34.0%	49.5%	61.0%
ROCE (%)	20.0%	22.5%	28.1%	30.5%
Return On Average Assets	11.2%	12.1%	15.1%	16.0%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

(91) 22 4161 1500 shivam.agarwal@incredresearch.com

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Market Data

Source: Bloomberg