InCred Equities - Jyothy Labs Limited

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	27,569	28,470	30,862	33,782
Operating EBITDA (Rsm)	4,798	4,996	5,140	5,688
Net Profit (Rsm)	3,695	3,704	3,847	4,180
Core EPS (Rs)	10.1	10.2	10.5	11.4
Core EPS Growth	58.8%	1.4%	2.7%	8.7%
FD Core P/E (x)	33.67	33.58	32.33	29.76
DPS (Rs)	3.0	3.0	3.3	3.3
Dividend Yield	0.89%	1.03%	0.97%	0.97%
EV/EBITDA (x)	25.58	24.61	24.09	21.30
P/FCFE (x)	(329.60)	130.87	525.81	31.94
Net Gearing	(9.2%)	(6.9%)	(2.4%)	(12.4%)
P/BV (x)	6.88	6.07	5.38	4.77
ROE	22.0%	19.4%	17.6%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	27,569	28,470	30,862	33,782
Gross Profit	13,531	14,275	15,382	16,871
Operating EBITDA	4,798	4,996	5,140	5,688
Depreciation And Amortisation	(500)	(561)	(645)	(757)
Operating EBIT	4,298	4,435	4,495	4,931
Financial Income/(Expense)	(47)	(59)	(65)	(80)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	537	556	633	685
Profit Before Tax (pre-EI)	4,788	4,931	5,063	5,537
Exceptional Items
Pre-tax Profit	4,788	4,931	5,063	5,537
Taxation	(1,095)	(1,184)	(1,216)	(1,356)
Exceptional Income - post-tax		(43)
Profit After Tax	3,693	3,704	3,847	4,180
Minority Interests	2	1
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,695	3,704	3,847	4,180
Recurring Net Profit	3,695	3,747	3,847	4,180
Fully Diluted Recurring Net Profit	3,695	3,747	3,847	4,180

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	4,798	4,996	5,140	5,688
Cash Flow from Invt. & Assoc.	2	1
Change In Working Capital	(4,004)	(2,546)	(3,756)	(543)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	537	556	633	685
Net Interest (Paid)/Received	(47)	(59)	(65)	(80)
Tax Paid	(1,095)	(1,184)	(1,216)	(1,356)
Cashflow From Operations	190	1,763	737	4,394
Capex	(568)	(813)	(500)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(568)	(813)	(500)	(500)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,102)	(1,102)	(1,102)	(1,212)
Preferred Dividends
Other Financing Cashflow	305	98		0
Cash Flow From Financing	(797)	(1,004)	(1,102)	(1,212)
Total Cash Generated	(1,174)	(53)	(865)	2,682
Free Cashflow To Equity	(377)	951	237	3,894
Free Cashflow To Firm	(330)	1,010	302	3,974

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,661	1,424	558	3,241
Total Debtors	2,014	2,744	4,059	4,443
Inventories	2,835	3,281	4,904	5,368
Total Other Current Assets	5,461	7,336	7,336	7,336
Total Current Assets	11,970	14,784	16,857	20,387
Fixed Assets	3,469	3,712	3,567	3,310
Total Investments
Intangible Assets	7,918	7,926	7,926	7,926
Total Other Non-Current Assets	653	486	486	486
Total Non-current Assets	12,039	12,124	11,979	11,722
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,761	2,903	1,973	2,155
Other Current Liabilities	2,061	2,294	2,294	2,294
Total Current Liabilities	4,822	5,197	4,267	4,449
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	1,086	1,216	1,328	1,451
Total Liabilities	5,907	6,413	5,595	5,900
Shareholders Equity	18,083	20,495	23,131	26,099
Minority Interests	19
Total Equity	18,102	20,495	23,131	26,099

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	10.9%	3.3%	8.4%	9.5%
Operating EBITDA Growth	51.9%	4.1%	2.9%	10.7%
Operating EBITDA Margin	17.4%	17.5%	16.7%	16.8%
Net Cash Per Share (Rs)	4.52	3.88	1.52	8.83
BVPS (Rs)	49.25	55.81	62.99	71.08
Gross Interest Cover	90.88	74.78	69.15	61.64
Effective Tax Rate	22.9%	24.0%	24.0%	24.5%
Net Dividend Payout Ratio	29.8%	34.3%	31.5%	29.0%
Accounts Receivables Days	22.45	30.50	40.23	45.93
Inventory Days	76.10	78.62	96.49	110.85
Accounts Payables Days	63.75	72.82	57.49	44.55
ROIC (%)	24.5%	21.9%	18.7%	20.2%
ROCE (%)	25.6%	23.0%	20.6%	20.0%
Return On Average Assets	16.8%	15.0%	14.0%	14.0%

(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