InCred Equities - Samvardhana Motherson International Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	986,917	1,136,626	1,303,026	1,474,170
Operating EBITDA (Rsm)	90,486	105,519	118,016	137,001
Net Profit (Rsm)	22,342	35,370	43,553	56,642
Core EPS (Rs)	4.0	5.2	6.1	8.0
Core EPS Growth	79.1%	28.5%	18.7%	30.1%
FD Core P/E (x)	50.16	31.69	25.73	19.79
DPS (Rs)	0.8	0.9	1.0	1.5
Dividend Yield	0.48%	0.53%	0.63%	0.95%
EV/EBITDA (x)	13.04	10.84	9.40	7.86
P/FCFE (x)	39.61	(11.32)	(74.09)	(68.83)
Net Gearing	36.7%	23.5%	16.3%	12.0%
P/BV (x)	4.28	3.27	2.84	2.54
ROE	11.8%	12.1%	11.8%	13.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	986,917	1,136,626	1,303,026	1,474,170
Gross Profit	442,770	526,104	573,331	648,635
Operating EBITDA	90,486	105,519	118,016	137,001
Depreciation And Amortisation	(38,105)	(44,934)	(50,776)	(56,361)
Operating EBIT	52,381	60,585	67,241	80,640
Financial Income/(Expense)	(14,902)	(18,824)	(16,391)	(13,805)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,266	3,797	4,670	5,371
Profit Before Tax (pre-EI)	39,745	45,558	55,520	72,206
Exceptional Items
Pre-tax Profit	39,745	45,558	55,520	72,206
Taxation	(10,516)	(10,706)	(14,435)	(18,774)
Exceptional Income - post-tax	(6,229)	(1,330)
Profit After Tax	23,000	33,522	41,085	53,433
Minority Interests	(3,034)	(3,427)	(4,284)	(5,569)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax	2,376	5,275	6,752	8,778
Net Profit	22,342	35,370	43,553	56,642
Recurring Net Profit	28,571	36,700	43,553	56,642
Fully Diluted Recurring Net Profit	28,571	36,700	43,553	56,642

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	90,486	105,519	118,016	137,001
Cash Flow from Invt. & Assoc.
Change In Working Capital	(14,541)	37,156	15,570	(6,249)
(Incr)/Decr in Total Provisions	53,165	(111,848)	(117,000)	(89,400)
Other Non-Cash (Income)/Expense	3,536	10,978	9,701	7,571
Other Operating Cashflow
Net Interest (Paid)/Received	(12,637)	(15,027)	(11,721)	(8,434)
Tax Paid	(12,627)	(13,762)	(17,211)	(22,384)
Cashflow From Operations	107,382	13,016	(2,644)	18,105
Capex	(118,049)	(118,000)	(60,000)	(65,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	47,616	179,481	173,031	34,584
Cash Flow From Investing	(70,433)	61,481	113,031	(30,416)
Debt Raised/(repaid)	(8,657)	(173,513)	(125,513)	(3,972)
Proceeds From Issue Of Shares		64,376	15,000
Shares Repurchased
Dividends Paid	(5,421)	(5,981)	(7,116)	(10,674)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(14,078)	(115,118)	(117,629)	(14,646)
Total Cash Generated	22,871	(40,622)	(7,242)	(26,956)
Free Cashflow To Equity	28,292	(99,017)	(15,126)	(16,282)
Free Cashflow To Firm	51,851	93,320	126,778	1,494

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	69,858	39,256	54,202	55,877
Total Debtors	171,943	155,702	171,357	189,825
Inventories	91,386	108,992	121,378	137,320
Total Other Current Assets	56,788	59,000	62,000	65,000
Total Current Assets	389,974	362,949	408,937	448,022
Fixed Assets	326,192	399,258	408,482	417,121
Total Investments	65,215	86,735	108,419	135,524
Intangible Assets
Total Other Non-Current Assets	68,837	65,746	69,746	72,746
Total Non-current Assets	460,243	551,740	586,648	625,391
Short-term Debt	8,000	5,000	3,000	3,000
Current Portion of Long-Term Debt	100,513	55,513	70,000	65,000
Total Creditors	226,172	249,123	257,035	282,718
Other Current Liabilities	136,637	140,000	155,000	160,000
Total Current Liabilities	471,322	449,636	485,035	510,718
Total Long-term Debt	65,000	65,000	50,000	45,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	65,000	65,000	50,000	45,000
Total Provisions	31,740	33,045	37,821	43,432
Total Liabilities	568,062	547,682	572,856	599,149
Shareholders Equity	261,549	342,974	394,412	440,379
Minority Interests	20,606	24,033	28,316	33,885
Total Equity	282,155	367,007	422,728	474,264

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	25.4%	15.2%	14.6%	13.1%
Operating EBITDA Growth	45.8%	16.6%	11.8%	16.1%
Operating EBITDA Margin	9.2%	9.3%	9.1%	9.3%
Net Cash Per Share (Rs)	(14.57)	(12.12)	(9.67)	(8.03)
BVPS (Rs)	36.75	48.20	55.43	61.89
Gross Interest Cover	3.52	3.22	4.10	5.84
Effective Tax Rate	26.5%	23.5%	26.0%	26.0%
Net Dividend Payout Ratio	19.0%	16.3%	16.3%	18.8%
Accounts Receivables Days	49.99	52.61	45.81	44.71
Inventory Days	56.89	59.90	57.62	57.19
Accounts Payables Days	123.27	142.08	126.59	119.32
ROIC (%)	19.1%	17.2%	16.8%	19.2%
ROCE (%)	12.6%	12.5%	12.6%	13.9%
Return On Average Assets	6.3%	6.7%	6.7%	7.3%

(91) 22 4161 1541 pramod.amthe@incredresearch.com

(91) 22 4161 1552 ravi.gupta@incredresearch.com

More Reports

Market Data

Source: Bloomberg