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VALUATION
As per EV/EBITDA 20x Range for 2019: 215-245 Range for 2020: 310-325
Rs Cr Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (up 19) Mar-20 (down 19)
Sales (Q) 451 487 455 483 521 559 554 647 UP DOWN UP DOWN UP DOWN
Sales 1,614 1,878 2281 2828.44 2782.82 3564 3507 3506 3451
% Growth YOY 18% 16% 21.46% 24% 22% 26% 24% 26% 24%
Quarterly 409 424 403 429 465 495 499 595
Expenses 1,446 1,645 2068
Estimated Expenses 2546 2574 2505 2532 3172 3207 3121 3157 3121 3156 3071 3106
Material Cost 27% 26.5% 26.00% 25.00% 26.00%
Professional fees to Doctors 22% 23.5% 24.00% 24.00% 24.00%
Employee Cost 23% 23% 23.00% 22.50% 22.00%
Selling and Admin Cost 28% 27% 27.00% 28.50% 28.00%
Operating Profit (Q) 56 64 55 57
Operating Profit 168 233 213 283 255 278 250 392 356 386 351 386 351 380 345
Operating Profit Margin 10% 12% 9% 10% 9% 10% 9% 11.00% 10.00% 11.00% 10.00% 11.00% 10.00% 11.00% 10.00%
Other Income (Q) -7 10 5 5.7 3.5 5
Other Income 19.5 22 22 22 22 25 25 25 25 25 25 25 25
Other Income as % of Sales -0.40% 0.50% 0.96% 1.02% 0.63% 0.77%
Depreciation (Q) 76 80 22 29 24 26
Depreciation 100 115 115 115 115 125 125 125 125 125 125 125 125
Interest (Q) 33 28 10 8 8 20
Interest 47 60 60 60 60 70 70 70 70 70 70 70 70
PBT (Q) 21 26 24 12.5
Profit before tax (PBT) 51 135 80 130 102 125 97 222 186 216 156 216 181 210 150
% Growth YOY 148% 165% -40.74%
PBT Margin 3% 7% 3.51%
Tax 52 29 47 37 46 36 81 68 79 60 79 66 76 58
Net profit (Q) 11 16.5 14 10
Net profit 21 83 51.5 82 64 80 62 140.98 118.35 137.03 95.77 136.97 114.70 133.08 92.29
% Growth YOY 251% 299% -37.95%
Net Profit Margin 1% 4% 2.26%
EPS 1 4.1 2.5 4.03 3.16 3.89 3.03 6.90 5.79 6.70 4.69 6.70 5.61 6.51 4.52
EBITDA 233 213 283 255 278 250 392 356 386 351 386 351 380 345
EV/EBITDA 20x 4660 4686 5657 5091 5566 5009 7840 7128 7716 7015 7714 7013 7592 6901
Net Debt 183 730 650 650 650 650 575 575 575 575 575 575 575 575
EV 4,477 3956 5007 4441 4916 4359 7265 6553 7141 6440 7139 6438 7017 6326
No. of shares 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44
Per Share Value 219.0 193.5 245.0 217.3 240.5 213.3 355.5 320.6 349.4 315.0 349.3 315.0 343.3 309.5

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Nahrud val.

  • 1. VALUATION As per EV/EBITDA 20x Range for 2019: 215-245 Range for 2020: 310-325 Rs Cr Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 (up 19) Mar-20 (down 19) Sales (Q) 451 487 455 483 521 559 554 647 UP DOWN UP DOWN UP DOWN Sales 1,614 1,878 2281 2828.44 2782.82 3564 3507 3506 3451 % Growth YOY 18% 16% 21.46% 24% 22% 26% 24% 26% 24% Quarterly 409 424 403 429 465 495 499 595 Expenses 1,446 1,645 2068 Estimated Expenses 2546 2574 2505 2532 3172 3207 3121 3157 3121 3156 3071 3106 Material Cost 27% 26.5% 26.00% 25.00% 26.00% Professional fees to Doctors 22% 23.5% 24.00% 24.00% 24.00% Employee Cost 23% 23% 23.00% 22.50% 22.00% Selling and Admin Cost 28% 27% 27.00% 28.50% 28.00% Operating Profit (Q) 56 64 55 57 Operating Profit 168 233 213 283 255 278 250 392 356 386 351 386 351 380 345 Operating Profit Margin 10% 12% 9% 10% 9% 10% 9% 11.00% 10.00% 11.00% 10.00% 11.00% 10.00% 11.00% 10.00% Other Income (Q) -7 10 5 5.7 3.5 5 Other Income 19.5 22 22 22 22 25 25 25 25 25 25 25 25 Other Income as % of Sales -0.40% 0.50% 0.96% 1.02% 0.63% 0.77% Depreciation (Q) 76 80 22 29 24 26 Depreciation 100 115 115 115 115 125 125 125 125 125 125 125 125 Interest (Q) 33 28 10 8 8 20 Interest 47 60 60 60 60 70 70 70 70 70 70 70 70 PBT (Q) 21 26 24 12.5 Profit before tax (PBT) 51 135 80 130 102 125 97 222 186 216 156 216 181 210 150 % Growth YOY 148% 165% -40.74% PBT Margin 3% 7% 3.51% Tax 52 29 47 37 46 36 81 68 79 60 79 66 76 58 Net profit (Q) 11 16.5 14 10 Net profit 21 83 51.5 82 64 80 62 140.98 118.35 137.03 95.77 136.97 114.70 133.08 92.29 % Growth YOY 251% 299% -37.95% Net Profit Margin 1% 4% 2.26% EPS 1 4.1 2.5 4.03 3.16 3.89 3.03 6.90 5.79 6.70 4.69 6.70 5.61 6.51 4.52 EBITDA 233 213 283 255 278 250 392 356 386 351 386 351 380 345 EV/EBITDA 20x 4660 4686 5657 5091 5566 5009 7840 7128 7716 7015 7714 7013 7592 6901 Net Debt 183 730 650 650 650 650 575 575 575 575 575 575 575 575 EV 4,477 3956 5007 4441 4916 4359 7265 6553 7141 6440 7139 6438 7017 6326 No. of shares 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 20.44 Per Share Value 219.0 193.5 245.0 217.3 240.5 213.3 355.5 320.6 349.4 315.0 349.3 315.0 343.3 309.5