InCred Equities - Samvardhana Motherson International Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	986,917	1,136,626	1,316,148	1,483,897
Operating EBITDA (Rsm)	90,486	105,519	116,019	135,691
Net Profit (Rsm)	22,342	35,370	41,743	54,545
Core EPS (Rs)	2.7	3.4	3.9	5.1
Core EPS Growth	79.1%	28.5%	13.7%	30.7%
FD Core P/E (x)	50.02	31.59	26.77	20.49
DPS (Rs)	0.8	0.9	1.0	1.5
Dividend Yield	0.76%	0.81%	0.96%	1.43%
EV/EBITDA (x)	13.00	10.97	9.55	7.94
P/FCFE (x)	(176.65)	(23.28)	28.49	7.24
Net Gearing	36.7%	22.5%	10.9%	6.7%
P/BV (x)	4.27	3.20	2.83	2.58
ROE	11.8%	12.0%	11.2%	13.2%
% 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	1,316,148	1,483,897
Gross Profit	442,770	526,104	579,105	652,915
Operating EBITDA	90,486	105,519	116,019	135,691
Depreciation And Amortisation	(38,105)	(44,934)	(51,225)	(57,884)
Operating EBIT	52,381	60,585	64,794	77,807
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	53,074	69,373
Exceptional Items
Pre-tax Profit	39,745	45,558	53,074	69,373
Taxation	(10,516)	(10,706)	(13,799)	(18,037)
Exceptional Income - post-tax	(6,229)	(1,330)
Profit After Tax	23,000	33,522	39,274	51,336
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	41,743	54,545
Recurring Net Profit	28,571	36,700	41,743	54,545
Fully Diluted Recurring Net Profit	28,571	36,700	41,743	54,545

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	90,486	105,519	116,019	135,691
Cash Flow from Invt. & Assoc.
Change In Working Capital	(47,175)	37,156	64,465	56,547
(Incr)/Decr in Total Provisions	56,665	(111,848)	(109,392)	(11,000)
Other Non-Cash (Income)/Expense	(1,949)	10,978	14,636	2,281
Other Operating Cashflow
Net Interest (Paid)/Received	(12,637)	(15,027)	(11,721)	(8,434)
Tax Paid	(12,627)	(13,762)	(16,453)	(21,506)
Cashflow From Operations	72,764	13,016	57,555	153,580
Capex	(118,049)	(77,006)	(60,000)	(65,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	47,616	189,500	188,104	63,215
Cash Flow From Investing	(70,433)	112,494	128,104	(1,785)
Debt Raised/(repaid)	(8,657)	(173,513)	(146,436)	2,513
Proceeds From Issue Of Shares		64,376	22,116
Shares Repurchased
Dividends Paid	(8,539)	(9,073)	(10,674)	(16,011)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(17,196)	(118,210)	(134,994)	(13,498)
Total Cash Generated	(14,865)	7,300	50,665	138,298
Free Cashflow To Equity	(6,326)	(48,003)	39,223	154,309
Free Cashflow To Firm	17,233	144,334	202,050	165,601

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	69,858	62,888	77,004	81,709
Total Debtors	171,943	193,284	209,141	223,601
Inventories	91,386	107,873	122,600	138,226
Total Other Current Assets	56,788	60,864	62,000	65,000
Total Current Assets	389,974	424,909	470,745	508,536
Fixed Assets	326,192	358,264	367,039	374,155
Total Investments	65,215	65,996	82,495	103,119
Intangible Assets
Total Other Non-Current Assets	68,837	79,304	75,413	78,413
Total Non-current Assets	460,243	503,564	524,947	555,686
Short-term Debt	8,000	5,000	3,000	3,000
Current Portion of Long-Term Debt	100,513	76,436	70,000	65,000
Total Creditors	226,172	236,692	259,624	284,583
Other Current Liabilities	136,637	140,613	155,000	160,000
Total Current Liabilities	471,322	458,741	487,624	512,583
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	33,447	36,431	40,899
Total Liabilities	568,062	557,188	574,054	598,482
Shareholders Equity	261,549	348,803	394,872	433,406
Minority Interests	20,606	22,482	26,766	32,334
Total Equity	282,155	371,285	421,638	465,740

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	25.4%	15.2%	15.8%	12.7%
Operating EBITDA Growth	45.8%	16.6%	10.0%	17.0%
Operating EBITDA Margin	9.2%	9.3%	8.8%	9.1%
Net Cash Per Share (Rs)	(9.71)	(7.83)	(4.31)	(2.93)
BVPS (Rs)	24.50	32.68	36.99	40.60
Gross Interest Cover	3.52	3.22	3.95	5.64
Effective Tax Rate	26.5%	23.5%	26.0%	26.0%
Net Dividend Payout Ratio	29.9%	24.7%	25.6%	29.4%
Accounts Receivables Days	49.99	58.64	55.80	53.22
Inventory Days	56.89	59.56	57.07	57.28
Accounts Payables Days	123.27	138.36	122.89	119.52
ROIC (%)	19.1%	17.2%	15.3%	18.5%
ROCE (%)	12.6%	12.2%	11.9%	13.5%
Return On Average Assets	6.3%	6.6%	6.5%	7.2%

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

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

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Market Data

Source: Bloomberg