InCred Equities - IRB InvIT Fund

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	11,090	11,747	12,725	13,337
Operating EBITDA (Rsm)	8,837	9,717	10,274	11,175
Net Profit (Rsm)	3,946	3,254	3,214	4,317
Core EPS (Rs)	6.8	5.6	5.5	7.4
Core EPS Growth	6.6%	(17.5%)	(1.2%)	34.3%
FD Core P/E (x)	8.83	10.71	10.84	8.07
DPS (Rs)	8.1	3.6	6.9	2.7
Dividend Yield	13.41%	5.98%	11.51%	4.54%
EV/EBITDA (x)	7.26	6.29	5.80	4.94
P/FCFE (x)	7.87	16.71	8.69	4.78
Net Gearing	74.9%	65.2%	62.6%	48.2%
P/BV (x)	0.89	0.86	0.88	0.82
ROE	10.0%	8.2%	8.1%	10.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	11,090	11,747	12,725	13,337
Gross Profit	8,837	9,717	10,274	11,175
Operating EBITDA	8,837	9,717	10,274	11,175
Depreciation And Amortisation	(2,295)	(2,945)	(3,576)	(2,966)
Operating EBIT	6,542	6,771	6,698	8,210
Financial Income/(Expense)	(2,722)	(3,026)	(3,026)	(2,827)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	238
Profit Before Tax (pre-EI)	4,058	3,745	3,672	5,382
Exceptional Items
Pre-tax Profit	4,058	3,745	3,672	5,382
Taxation	(112)	(491)	(457)	(1,065)
Exceptional Income - post-tax
Profit After Tax	3,946	3,254	3,214	4,317
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,946	3,254	3,214	4,317
Recurring Net Profit	3,946	3,254	3,214	4,317
Fully Diluted Recurring Net Profit	3,946	3,254	3,214	4,317

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,837	9,717	10,274	11,175
Cash Flow from Invt. & Assoc.
Change In Working Capital	(83)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,484)	(3,026)	(3,026)	(2,827)
Tax Paid	(112)	(491)	(457)	(1,065)
Cashflow From Operations	6,158	6,199	6,790	7,283
Capex
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,837)	(2,647)	(2,780)
Cash Flow From Investing	(1,837)	(2,647)	(2,780)
Debt Raised/(repaid)	106	(1,467)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,673)	(2,084)	(4,010)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(4,567)	(3,551)	(4,010)
Total Cash Generated	(246)	0		7,283
Free Cashflow To Equity	4,427	2,084	4,010	7,283
Free Cashflow To Firm	7,043	6,578	7,036	10,110

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	1,178	2,725	4,294	7,026
Total Debtors
Inventories
Total Other Current Assets	4,409	4,409	4,409	4,409
Total Current Assets	5,587	7,133	8,702	11,434
Fixed Assets	64,050	62,205	59,840	58,206
Total Investments
Intangible Assets
Total Other Non-Current Assets
Total Non-current Assets	64,050	62,205	59,840	58,206
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities
Total Current Liabilities
Total Long-term Debt	30,486	29,019	29,019	27,383
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	30,486	29,019	29,019	27,383
Total Provisions
Total Liabilities	30,486	29,019	29,019	27,383
Shareholders Equity	39,150	40,319	39,523	42,258
Minority Interests
Total Equity	39,150	40,319	39,523	42,258

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	5.5%	5.9%	8.3%	4.8%
Operating EBITDA Growth	10.0%	10.0%	5.7%	8.8%
Operating EBITDA Margin	79.7%	82.7%	80.7%	83.8%
Net Cash Per Share (Rs)	(50.49)	(45.30)	(42.59)	(35.07)
BVPS (Rs)	67.44	69.46	68.08	72.80
Gross Interest Cover	2.40	2.24	2.21	2.90
Effective Tax Rate	2.8%	13.1%	12.5%	19.8%
Net Dividend Payout Ratio	118.4%	64.1%	124.8%	36.7%
Accounts Receivables Days
Inventory Days
Accounts Payables Days
ROIC (%)	9.3%	9.9%	10.1%	12.8%
ROCE (%)	9.3%	9.7%	9.7%	11.9%
Return On Average Assets	9.5%	9.0%	9.1%	10.3%

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

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

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Market Data

Source: Bloomberg