InCred Equities - Jyothy Labs Limited

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	28,470	30,605	33,479	36,704
Operating EBITDA (Rsm)	4,996	5,054	5,590	6,192
Net Profit (Rsm)	3,704	3,782	4,106	4,600
Core EPS (Rs)	10.2	10.3	11.2	12.5
Core EPS Growth	1.4%	0.9%	8.6%	12.0%
FD Core P/E (x)	32.24	31.58	29.08	25.96
DPS (Rs)	3.0	3.3	3.3	3.3
Dividend Yield	1.08%	1.01%	1.01%	1.01%
EV/EBITDA (x)	23.62	23.40	20.80	18.42
P/FCFE (x)	125.63	146.94	37.27	34.33
Net Gearing	(6.9%)	(4.9%)	(12.0%)	(18.4%)
P/BV (x)	5.83	5.18	4.60	4.07
ROE	19.4%	17.4%	16.7%	16.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	28,470	30,605	33,479	36,704
Gross Profit	14,275	15,223	16,686	18,330
Operating EBITDA	4,996	5,054	5,590	6,192
Depreciation And Amortisation	(561)	(645)	(757)	(757)
Operating EBIT	4,435	4,409	4,833	5,435
Financial Income/(Expense)	(59)	(65)	(80)	(85)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	556	633	685	743
Profit Before Tax (pre-EI)	4,931	4,977	5,438	6,092
Exceptional Items
Pre-tax Profit	4,931	4,977	5,438	6,092
Taxation	(1,184)	(1,195)	(1,332)	(1,493)
Exceptional Income - post-tax	(43)
Profit After Tax	3,704	3,782	4,106	4,600
Minority Interests	1
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,704	3,782	4,106	4,600
Recurring Net Profit	3,747	3,782	4,106	4,600
Fully Diluted Recurring Net Profit	3,747	3,782	4,106	4,600

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	4,996	5,054	5,590	6,192
Cash Flow from Invt. & Assoc.	1
Change In Working Capital	(2,546)	(3,414)	(1,409)	(1,578)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	556	633	685	743
Net Interest (Paid)/Received	(59)	(65)	(80)	(85)
Tax Paid	(1,184)	(1,195)	(1,332)	(1,493)
Cashflow From Operations	1,763	1,013	3,454	3,778
Capex	(813)	(200)	(250)	(300)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow
Cash Flow From Investing	(813)	(200)	(250)	(300)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,102)	(1,102)	(1,212)	(1,212)
Preferred Dividends
Other Financing Cashflow	98	0	0
Cash Flow From Financing	(1,004)	(1,102)	(1,212)	(1,212)
Total Cash Generated	(53)	(289)	1,992	2,266
Free Cashflow To Equity	951	813	3,204	3,478
Free Cashflow To Firm	1,010	878	3,284	3,563

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	1,424	1,135	3,127	5,393
Total Debtors	2,744	4,025	4,586	5,028
Inventories	3,281	4,863	5,503	6,536
Total Other Current Assets	7,336	7,336	7,336	7,336
Total Current Assets	14,784	17,358	20,552	24,293
Fixed Assets	3,712	3,267	2,760	2,303
Total Investments
Intangible Assets	7,926	7,926	7,926	7,926
Total Other Non-Current Assets	486	486	486	486
Total Non-current Assets	12,124	11,679	11,172	10,715
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,903	2,240	1,910	1,672
Other Current Liabilities	2,294	2,294	2,294	2,294
Total Current Liabilities	5,197	4,534	4,204	3,966
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions	1,216	1,328	1,451	1,585
Total Liabilities	6,413	5,862	5,655	5,551
Shareholders Equity	20,495	23,065	25,959	29,347
Minority Interests
Total Equity	20,495	23,065	25,959	29,347

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	3.3%	7.5%	9.4%	9.6%
Operating EBITDA Growth	4.1%	1.2%	10.6%	10.8%
Operating EBITDA Margin	17.5%	16.5%	16.7%	16.9%
Net Cash Per Share (Rs)	3.88	3.09	8.52	14.69
BVPS (Rs)	55.81	62.81	70.69	79.92
Gross Interest Cover	74.78	67.83	60.41	63.94
Effective Tax Rate	24.0%	24.0%	24.5%	24.5%
Net Dividend Payout Ratio	34.3%	32.0%	29.5%	26.3%
Accounts Receivables Days	30.50	40.37	46.94	47.80
Inventory Days	78.62	96.62	112.66	119.58
Accounts Payables Days	72.82	61.02	45.10	35.58
ROIC (%)	21.9%	18.9%	19.8%	21.2%
ROCE (%)	23.0%	20.2%	19.7%	19.7%
Return On Average Assets	15.0%	13.8%	13.8%	14.0%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

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Market Data

Source: Bloomberg