Company Overview - Printcare

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Printing - Direct Exports		984.0	708.2	1,231.7	0.0	0.0	0.0			1,262.7
	YoY		nan	-28.0	73.9						2.5

2	Printing - Indirect Exports		544.3	889.9	1,741.8	0.0	0.0	0.0			2,428.9
	YoY		nan	63.5	95.7						39.4

3	Printing - Local Sales		1,371.5	1,869.5	3,897.8	0.0	0.0	0.0			2,640.2
	YoY		nan	28.3	35.8						135.5

4	Packaging - Direct Exports		335.3	430.2	584.4	0.0	0.0	0.0			1,376.1
	YoY		nan	36.0	64.8						-21.1

5	Packaging - Indirect Exports		1,651.5	2,246.0	3,701.1	0.0	0.0	0.0			2,918.8
	YoY		nan	30.8	102.3						-24.7

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		4,617.3	5,767.2	10,061.6	0.0	2,483.7	2,508.5			10,025.9
	- As a % of sales		72.6%	71.4%	68.7%	nan%	79.7%	79.6%			75.1%

2	Administration		386.0	680.3	1,272.9	0.0	280.1	326.7			1,263.1	0
	- As a % of sales		10.3%	13.0%	11.3%	nan%	12.2%	13.6%			12.4%

3	Selling & Distribution		182.3	205.4	368.5	0.0	135.7	76.7			362.1
	- As a % of sales		3.0%	2.7%	2.6%	nan%	4.4%	2.4%			2.8%

4	Capital Expenditure		458.5	883.9	329.2	0.0	99.9	34.4		0	433.7	00	0	00	0
	- As a % of sales		7.6%	11.6%	2.3%	nan%	3.2%	1.1%			3.4%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	5,308.2	5,832.4	6,607.9	nan	8,002.3	8,102.3	8,136.7	8,002.3	9,751.4
	Capital Expenditure	458.5	883.9	329.2	0.0	99.9	34.4	222
	Balance C/F	5,832.4	6,607.9	8,002.3	nan	8,102.3	8,136.7		9,751.4

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	2,281.9	2,563.9	2,843.1	nan	3,179.1	8,102.3	8,136.7		3,179.1					3,242.6
Depreciation charge	287.9	363.2	392.0	0.0	99.2	102.1			399.5
- As a % of sales	4.8%	4.8%	2.8%	nan%	3.2%	3.2%			3.1%
Balance C/F	2,563.9	2,843.1	3,179.1	nan	8,102.3	8,136.7	111	111	3,242.6	111	111	111	111	111	111	111	111	111
Net Book Value at end	3,268.5	3,764.8	4,823.2	nan	0.0	0.0			6,508.7

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	1,857.1	2,700.4	3,344.7	0.0	0.0	0.0	3,468.8
- As a % of sales	30.8	35.4	23.6	nan	0	0	26.9
Four Qtr Cum. Revenue				3,152.9	6,269.6	6,269.6
Four Qtr Cum. COGS				-2,508.5	-4,992.2	-4,992.2

	2.2 Inventories		1,661.0	2,603.9	4,255.7	0.0	0.0	0.0			3,049.6
	- As a % of COGS		36.0	45.2	42.3	nan	0	0			30.4

	2.3 Prepayments		27.5	49.2	67.5	0.0	0.0	0.0			592.1
	- As a % of sales		0.5	0.6	0.5	nan	0	0			4.6

	2.4 Accounts payable		1,068.7	1,429.7	1,767.2	0.0	0.0	0.0			1,781.0
	- As a % of COGS		23.1	24.8	17.6	nan	0	0			17.8

2.5 Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						551.7

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	2,224.5	2,551.4	4,389.7	4,389.7	0.0	0.0	0.0		4,389.7
Issuance of debt	6,855.0	8,877.4	8,652.7	0.0	3,582.9	4,915.1			7,513.8
Repayment of debt	6,504.3	7,169.2	8,980.6	0.0	3,705.1	5,146.8			6,829.0
Closing balance - Calculated	2,551.4	4,389.7	4,140.9	4,389.7	0.0	0.0			4,825.5
Adjustments	-23.8	130.2	79.1	0.0	0.0	0.0
Interest Expenses	138.0	249.5	793.1	0.0	0.0	0.0			452.3
Average Interest rate (%)	577.8	719.0	1859.4	0	0	0	%	%	1008.9	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	43.1	102.5	86.5	0.0	68.4	62.3	56.2		68.4					141.3
Additions	75.4	0.0	0.0	0.0	0.0	0.0
Payments	22.9	23.7	24.4	0.0	6.1	6.1			39.6
Closing balance	102.5	86.5	68.4	0.0	62.3	56.2			141.3
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Lease Interest expenses	6.8	7.8	6.2	0.0	0.0	0.0			9.2
Average Interest rate (%)	9.3	8.2	8.0	0	0	0	%	%	8.8	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			1,565.5	0.0	0.0	0.0		1,178.1	778.0
ii. Interest Income	1.6	25.9	41.8	0.0	7.3	7.5			24.4
Average Interest Income Rate	0.6	1.3	3.1	0	0	0	%	%	1.1	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	519.3	2,336.2	1,957.4	0.0	20.0	190.8			535.7
Opening balance	21.4	19.3	100.1	100.1	385.4	346.4	106.2
Current Income Tax	-79.6	71.2	453.1	0.0	0.0	0.0			312.8
Taxes paid	53.1	27.1	116.9	0.0	39.0	240.2	0.0		376.4					312.8
Closing balance	19.3	100.1	385.4	100.1	346.4	106.2			275.4
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	6,019.9	7,626.2	14,156.3	3,116.7	3,152.9	12,885.4
COGS	4,617.3	5,767.2	10,061.6	2,483.7	2,508.5
Gross Profit	1,402.6	1,859.0	4,094.7	633.0	644.4	2,859.6
Administration Exp.	386.0	680.3	1,272.9	280.1	326.7
Selling & Distribution Exp.	182.3	205.4	368.5	135.7	76.7
Depreciation	287.9	363.2	392.0	99.2	102.1	399.5
7. Amortisation
Other Operating Expenses	0.0	-22.6	-20.4	-25.2	24.6	nan
Operating Income	605.7	1,518.4	2,739.0	151.0	289.6	977.1
Interest Expenses	151.2	260.8	823.4			465.8
Interest Income	1.6	25.9	41.8	7.3	7.5
Other (Expenses)/Income	63.2	1,052.8	0.0	0.0	0.0	nan
Profit Before Tax	519.3	2,336.2	1,957.4	20.0	190.8	535.7
Tax Expenses	-79.6	71.2	453.1	0.0	0.0
Profit After Tax	598.9	2,265.0	1,504.3	-49.5	138.2
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	598.9	2,265.0	1,504.3	-49.5	138.2

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	519.3	2,336.2	1,957.4	20.0	190.8		535.7
Depreciation	From OA 1.1	287.9	363.2	392.0	99.2	102.1		399.5
Change in Working Capital	From OA 2	-356.7	-1,450.2	-2,062.6	708.9	263.3		551.7
Income Tax Paid	From OA 5	53.1	27.1	116.9	39.0	240.2		376.4
Other		26.5	-951.1	258.7	-0.7	4.5		5.2
Net Cash Flow from / (used in) Operating Activities		453.4	303.0	460.5	796.1	328.2		1,159.0
Capital Expenditure	From CA 4	458.5	883.9	329.2	99.9	34.4		433.7
Other		24.6	706.2	387.0	-91.7	-5.0		-1,251.9
Cash Flows from Investing Activities		-540.4	-187.5	43.5	-193.8	-41.4		-1,800.5
Borrowings		6,855.0	8,877.4	8,652.7	3,582.9	4,915.1		7,513.8
Debt Repayments		6,504.3	8,980.6	8,980.6	3,705.1	5,146.8		6,829.0
10. Lease Additions
Lease Repayments		22.9	24.4	24.4	6.1	6.1		39.6
Other		-111.0	-435.6	-515.8	-300.9	0.0		-387.5
Net Cash flows from / (used in) Financing Activities		216.8	1,248.8	-868.1	-429.2<	-237.8		257.8
Other		2.2	17.0	-14.1	-9.6	4.7		-20.2
Net Increase/(Decrease) in Cash and Cash Equivalents		129.8	1,364.4	-364.1	173.1	49.1		-383.7
Balance adjustments as per company		83.7	26.2	17.1	-1,324.5	-1,378.3		20.9
Cash and CE at Start		25.8	157.9	1,539.2	1,161.0	1,324.5	4Q	1,161.0	757.1
Cash and CE at End		157.9	1,539.2	1,161.0	1,324.5			757.1

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	3,268.5	3,764.8	4,823.2	0.0	0.0			6,508.7
2. Right-of-use assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible assets		131.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Investment in an associate		68.3	66.8	69.1	0.0	0.0	68.6	68.6	69.9	68.6	68.6	68.6	68.6	68.6	68.6	68.6	68.6	68.6
5. Other financial assets		114.5	93.7	73.4	0.0	0.0	134.5	nan	144.1	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		3.1	2.1	2.7	0.0	0.0	3.4	3.4	3.3	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4	3.4
Deferred Tax Assets		58.6	46.5	194.8	0.0	0.0	119.0	119.0	94.6	119.0	119.0	119.0	119.0	119.0	119.0	119.0	119.0	119.0
Non Current Assets		3,644.9	3,973.9	5,163.2	0.0	0.0			6,820.6
Inventories	From OA 2.2	1,661.0	2,603.9	4,255.7	0.0	0.0			3,049.6
Trade and Other Receivables	From OA 2.1	1,857.1	2,700.4	3,344.7	0.0	0.0			3,468.8
Prepayments	From OA 2.3	27.5	49.2	67.5	0.0	0.0			592.1
Other		116.5	193.4	198.1	0.0	0.0	222.9	222.9	183.6	222.9	222.9	222.9	222.9	222.9	222.9	222.9	222.9	222.9
12. Other financial assets		0.0	503.5	163.6	0.0	0.0	933.7	933.7	1,526.6	933.7	933.7	933.7	933.7	933.7	933.7	933.7	933.7	933.7
13. Income tax recoverable		nan	nan	nan	nan	nan	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	241.5	1,565.5	1,178.1	0.0	0.0			778.0
Current Assets		3,903.6	7,615.8	9,207.8	nan	nan			9,598.7
Total Assets		7,548.5	11,589.7	14,370.9	nan	nan
Equities and Liabilities
1. Stated capital		271.9	271.9	271.9	0.0	0.0	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9	271.9
2. Reserves	4,169.2	995.6	995.6	998.4	0.0	0.0	980.3	980.3	978.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3	980.3
Retained Earnings		1,752.7	3,554.6	4,169.2	0.0	0.0			3,642.2
Other		2.0	1.0	1,155.0	0	0.0	2,660.0	2,660.0	2,674.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0	2,660.0
Equity attributable to equity holders of parent
5. Non-controlling interest		190.1	214.2	240.7	0.0	0.0	342.2	342.2	302.8	342.2	342.2	342.2	342.2	342.2	342.2	342.2	342.2	342.2
Total Equity		3,212.3	5,054.6	6,835.2	0.0	0.0			7,869.2
Long Term Debt	From OA 3	1,294.3	1,923.7	1,434.7	0.0	0.0			1,130.9
Financing and Lease Payables	From OA 4	102.5	86.5	68.4	62.3	56.2			141.3
Deferred Tax Liabilities		236.9	211.2	739.5	0.0	0.0	1,120.3	1,120.3	1,113.8	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3	1,120.3
Employee Benefit Liabilities		215.2	228.8	316.7	0.0	0.0	332.4	332.4	331.6	332.4	332.4	332.4	332.4	332.4	332.4	332.4	332.4	332.4
nan		nan	nan	nan	nan	nan	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		1,832.9	2,432.0	2,539.3	nan	nan			2,686.9
Current Maturities of Long Term Debt	Added to LT debt in the forecast	1,257.0	1,257.0	2,706.2	0.0	0.0			3,694.6
Trade Payables	From OA 2.4	1,068.7	1,429.7	1,767.2	0.0	0.0			1,781.0
13. Amounts due to related parties		58.6	62.9	100.6	0.0	0.0	72.7	72.7	60.4	72.7	72.7	72.7	72.7	72.7	72.7	72.7	72.7	72.7
Income Tax Liabilities	From OA 6	19.3	100.1	385.4	346.4	106.2			275.4
Other Accruals	From OA 2.5	0	0	0	0	0
Other		nan	nan	nan	nan	nan	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bank Overdraft		83.7	26.2	17.1	0.0	0.0	62.0	nan	20.9	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		2,503.3	4,103.1	4,996.5	nan	nan			5,863.2
Total Equity and Liabilities		7,548.5	11,589.7	14,370.9	nan	nan			16,419.2

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-4,987.8
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		0.0
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			7,869.2
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		0.0	0.0	0.0
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	93.726712	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)