InCred Equities - Alembic Pharmaceuticals Ltd

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue (Rsm)	53,931	52,242	58,664	65,791
Operating EBITDA (Rsm)	15,576	9,926	11,733	13,487
Net Profit (Rsm)	11,781	6,639	7,727	8,785
Core EPS (Rs)	61.2	33.8	39.3	44.7
Core EPS Growth	33.5%	(44.8%)	16.4%	13.7%
FD Core P/E (x)	17.00	30.80	26.46	23.27
DPS (Rs)	14.0	10.0	13.0	13.0
Dividend Yield	1.35%	0.96%	1.25%	1.25%
EV/EBITDA (x)	12.85	21.02	17.76	15.38
P/FCFE (x)	(28.35)	49.04	81.43	64.30
Net Gearing	1.9%	9.7%	8.4%	6.2%
P/BV (x)	3.99	3.65	3.35	3.04
ROE	28.2%	12.4%	13.2%	13.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Net Revenues	53,931	52,242	58,664	65,791
Gross Profit	41,358	37,615	42,238	47,369
Operating EBITDA	15,576	9,926	11,733	13,487
Depreciation And Amortisation	(1,835)	(2,096)	(2,535)	(3,003)
Operating EBIT	13,741	7,830	9,197	10,484
Financial Income/(Expense)	(160)	(170)	(212)	(212)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	100	105	116	127
Profit Before Tax (pre-EI)	13,681	7,765	9,101	10,399
Exceptional Items
Pre-tax Profit	13,681	7,765	9,101	10,399
Taxation	(2,533)	(1,437)	(1,684)	(1,924)
Exceptional Income - post-tax
Profit After Tax	11,148	6,329	7,417	8,475
Minority Interests	634	310	310	310
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	11,781	6,639	7,727	8,785
Recurring Net Profit	11,781	6,639	7,727	8,785
Fully Diluted Recurring Net Profit	11,781	6,639	7,727	8,785

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
EBITDA	15,576	9,926	11,733	13,487
Cash Flow from Invt. & Assoc.
Change In Working Capital	88	(1,137)	(817)	(1,667)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(160)	(170)	(212)	(212)
Tax Paid	(2,629)	(1,437)	(1,684)	(1,924)
Cashflow From Operations	12,874	7,183	9,020	9,683
Capex	(7,564)	(6,619)	(6,625)	(6,631)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	100	105	116	127
Cash Flow From Investing	(7,464)	(6,513)	(6,509)	(6,504)
Debt Raised/(repaid)	(12,476)	3,500
Proceeds From Issue Of Shares	16
Shares Repurchased
Dividends Paid	(2,751)	(1,965)	(2,555)	(2,555)
Preferred Dividends
Other Financing Cashflow	10,052	(105)	295	294
Cash Flow From Financing	(5,160)	1,430	(2,260)	(2,260)
Total Cash Generated	251	2,100	251	919
Free Cashflow To Equity	(7,066)	4,170	2,511	3,180
Free Cashflow To Firm	5,571	839	2,723	3,392

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Cash And Equivalents	1,058	3,158	3,409	4,328
Total Debtors	3,486	5,439	6,107	6,849
Inventories	14,862	15,029	16,072	18,025
Total Other Current Assets	6,373	6,755	7,176	7,638
Total Current Assets	25,779	30,381	32,764	36,841
Fixed Assets	36,480	40,884	44,849	48,346
Total Investments	493	908	923	938
Intangible Assets	3,229	3,348	3,473	3,604
Total Other Non-Current Assets	1,108	1,164	1,222	1,283
Total Non-current Assets	41,311	46,304	50,466	54,170
Short-term Debt	0	8,499	8,499	8,499
Current Portion of Long-Term Debt
Total Creditors	6,688	5,217	5,786	6,448
Other Current Liabilities	6,121	5,992	6,667	7,414
Total Current Liabilities	12,808	19,708	20,952	22,361
Total Long-term Debt	1,999	0	0	0
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	715	693	778	873
Total Non-current Liabilities	2,714	693	778	873
Total Provisions	897	940	985	1,032
Total Liabilities	16,420	21,341	22,715	24,266
Shareholders Equity	51,276	55,949	61,122	67,352
Minority Interests	(606)	(606)	(606)	(606)
Total Equity	50,670	55,343	60,515	66,745

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue Growth	17.1%	(3.1%)	12.3%	12.1%
Operating EBITDA Growth	27.4%	(36.3%)	18.2%	15.0%
Operating EBITDA Margin	28.9%	19.0%	20.0%	20.5%
Net Cash Per Share (Rs)	(4.79)	(27.18)	(25.90)	(21.22)
BVPS (Rs)	260.91	284.69	311.01	342.71
Gross Interest Cover	85.77	46.07	43.29	49.34
Effective Tax Rate	18.5%	18.5%	18.5%	18.5%
Net Dividend Payout Ratio	19.2%	24.3%	27.1%	23.9%
Accounts Receivables Days	41.06	31.18	35.92	35.94
Inventory Days	388.08	372.91	345.55	337.80
Accounts Payables Days	187.92	148.53	122.25	121.21
ROIC (%)	26.1%	12.8%	13.8%	14.6%
ROCE (%)	26.9%	13.4%	13.8%	14.5%
Return On Average Assets	21.8%	11.0%	11.6%	12.2%

(91) 22 4161 1552 praful.bohra@incredresearch.com

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Market Data

Source: Bloomberg