In FY20, Zydus generated the FCFF of 234 crores. And considering interest payment of 140 crores and borrowings repayment of 50 crores, FCFE was around 44 crores.
In FY21, they should generate FCFF of nearly 300-320 crores approximately (as per my estimate), and considering 140 crores interest payment, FCFE should be around 160-180 crores and for FY22 (9 months), FCFE should be nearly 100-120 crores approximately.
As of 31st March 2020, they had 82 crores cash and bank balances and 110 crores in the overnight fund.
Hence, they should be comfortably able to repay debt in FY22. But for FY23 and FY24, they might need to take short term debt to repay NCDs. And again repay the short term debt in the subsequent year. Or they may not distribute dividends for a few years. Also, consider the fact that I have taken a very conservative estimate for the growth in FCFF.
But the conclusion is that they have a fairly good liquidity position.
