InCred Equities

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	1,536,710	1,641,508	1,710,543	1,845,740
Operating EBITDA (Rsm)	364,250	393,774	414,636	447,592
Net Profit (Rsm)	262,320	263,791	287,856	311,019
Core EPS (Rs)	63.0	63.6	69.4	74.9
Core EPS Growth	9.8%	1.0%	9.0%	8.0%
FD Core P/E (x)	24.83	24.58	22.55	20.87
DPS (Rs)	46.0	53.0	59.0	63.7
Dividend Yield	2.94%	3.38%	3.77%	4.07%
EV/EBITDA (x)	17.31	15.93	15.00	13.80
P/FCFE (x)	32.74	27.36	23.95	23.50
Net Gearing	(24.1%)	(23.2%)	(28.0%)	(31.1%)
P/BV (x)	7.35	7.01	6.70	6.39
ROE	32.1%	29.2%	30.4%	31.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	1,536,710	1,641,508	1,710,543	1,845,740
Gross Profit	509,350	546,522	571,321	616,477
Operating EBITDA	364,250	393,774	414,636	447,592
Depreciation And Amortisation	(46,780)	(47,746)	(49,777)	(53,526)
Operating EBIT	317,470	346,029	364,859	394,066
Financial Income/(Expense)	15,980	20,276	22,254	24,340
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	26,440	8,321	7,868	8,306
Profit Before Tax (pre-EI)	359,890	374,625	394,981	426,711
Exceptional Items
Pre-tax Profit	359,890	374,625	394,981	426,711
Taxation	(97,410)	(110,354)	(106,645)	(115,212)
Exceptional Income - post-tax
Profit After Tax	262,480	264,271	288,336	311,499
Minority Interests	(160)	(480)	(480)	(480)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	262,320	263,791	287,856	311,019
Recurring Net Profit	262,320	263,791	287,856	311,019
Fully Diluted Recurring Net Profit	262,320	263,791	287,856	311,019

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	364,250	393,774	414,636	447,592
Cash Flow from Invt. & Assoc.
Change In Working Capital	(50,820)	(21,918)	(14,496)	(33,707)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(160)	(480)	(480)	(480)
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(92,310)	(110,354)	(106,645)	(115,212)
Cashflow From Operations	220,960	261,023	293,014	298,193
Capex	(22,010)	(24,000)	(22,000)	(22,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(28,080)	(10,504)	34,273	36,796
Cash Flow From Investing	(50,090)	(34,504)	12,273	14,796
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(146,920)	(219,520)	(244,678)	(264,366)
Preferred Dividends
Other Financing Cashflow	(28,120)	(4,150)	(4,150)	(4,150)
Cash Flow From Financing	(175,040)	(223,670)	(248,828)	(268,516)
Total Cash Generated	(4,170)	2,849	56,459	44,473
Free Cashflow To Equity	198,950	237,023	271,014	276,193
Free Cashflow To Firm	170,870	226,519	305,287	312,989

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	277,010	279,859	336,318	380,790
Total Debtors	429,610	454,226	468,642	505,682
Inventories
Total Other Current Assets	187,700	187,700	187,700	187,700
Total Current Assets	894,320	921,785	992,660	1,074,173
Fixed Assets	192,150	211,654	183,877	152,351
Total Investments	148,470	148,470	148,470	148,470
Intangible Assets	87,000	87,000	87,000	87,000
Total Other Non-Current Assets	56,200	56,200	56,200	56,200
Total Non-current Assets	483,820	503,324	475,547	444,021
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	39,560	42,258	42,178	45,511
Other Current Liabilities	348,380	348,380	348,380	348,380
Total Current Liabilities	387,940	390,638	390,558	393,891
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	105,590	105,590	105,590	105,590
Total Non-current Liabilities	105,590	105,590	105,590	105,590
Total Provisions
Total Liabilities	493,530	496,228	496,148	499,481
Shareholders Equity	881,160	925,431	968,609	1,015,262
Minority Interests	3,450	3,450	3,450	3,450
Total Equity	884,610	928,881	972,059	1,018,712

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	4.7%	6.8%	4.2%	7.9%
Operating EBITDA Growth	3.7%	8.1%	5.3%	7.9%
Operating EBITDA Margin	23.7%	24.0%	24.2%	24.3%
Net Cash Per Share (Rs)	51.41	52.01	65.61	76.33
BVPS (Rs)	212.67	222.97	233.38	244.62
Gross Interest Cover	67.69	83.38	87.92	94.96
Effective Tax Rate	27.1%	29.5%	27.0%	27.0%
Net Dividend Payout Ratio	72.6%	83.2%	85.0%	85.0%
Accounts Receivables Days	99.37	98.26	98.46	96.34
Inventory Days
Accounts Payables Days	13.89	13.64	13.53	13.02
ROIC (%)	44.4%	43.2%	43.9%	48.5%
ROCE (%)	26.1%	25.1%	26.3%	27.2%
Return On Average Assets	19.0%	17.8%	18.8%	19.7%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

(91) 22 4161 1544 vikas.swami@incredresearch.com

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Market Data

Source: Bloomberg