InCred Equities - Birlasoft

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	53,752	52,315	57,118	62,975
Operating EBITDA (Rsm)	6,974	6,783	7,825	9,100
Net Profit (Rsm)	5,168	4,515	6,052	7,054
Core EPS (Rs)	18.3	16.0	21.5	25.0
Core EPS Growth	(17.5%)	(12.6%)	34.1%	16.6%
FD Core P/E (x)	20.38	23.33	17.40	14.93
DPS (Rs)	6.5	9.5	11.0	11.0
Dividend Yield	1.74%	2.54%	2.94%	2.94%
EV/EBITDA (x)	12.54	12.47	10.44	8.58
P/FCFE (x)	19.50	23.56	22.07	19.58
Net Gearing	(51.3%)	(56.6%)	(59.7%)	(62.6%)
P/BV (x)	3.03	2.88	2.66	2.42
ROE	15.8%	12.6%	15.9%	17.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	53,752	52,315	57,118	62,975
Gross Profit	21,744	20,850	22,990	25,568
Operating EBITDA	6,974	6,783	7,825	9,100
Depreciation And Amortisation	(857)	(846)	(902)	(982)
Operating EBIT	6,117	5,937	6,923	8,117
Financial Income/(Expense)	851	1,111	1,201	1,344
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,968	7,049	8,124	9,462
Exceptional Items
Pre-tax Profit	6,968	7,049	8,124	9,462
Taxation	(1,801)	(2,534)	(2,072)	(2,408)
Exceptional Income - post-tax
Profit After Tax	5,168	4,515	6,052	7,054
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,168	4,515	6,052	7,054
Recurring Net Profit	5,168	4,515	6,052	7,054
Fully Diluted Recurring Net Profit	5,168	4,515	6,052	7,054

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	6,974	6,783	7,825	9,100
Cash Flow from Invt. & Assoc.
Change In Working Capital	144	640	(469)	(746)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	635
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(1,878)	(2,534)	(2,072)	(2,408)
Cashflow From Operations	5,875	4,889	5,285	5,946
Capex	(486)	(419)	(514)	(567)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(3,884)	1,310	1,399	1,543
Cash Flow From Investing	(4,370)	891	885	976
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,796)	(2,678)	(3,101)	(3,101)
Preferred Dividends
Other Financing Cashflow	(359)	(198)	(198)	(198)
Cash Flow From Financing	(2,155)	(2,876)	(3,299)	(3,299)
Total Cash Generated	(650)	2,904	2,871	3,623
Free Cashflow To Equity	5,389	4,471	4,771	5,379
Free Cashflow To Firm	1,505	5,781	6,170	6,922

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	19,019	21,924	24,795	28,417
Total Debtors	9,802	9,460	10,172	11,215
Inventories
Total Other Current Assets	2,811	2,811	2,811	2,811
Total Current Assets	31,632	34,195	37,778	42,443
Fixed Assets	2,355	1,927	1,539	1,123
Total Investments	3,794	3,794	3,794	3,794
Intangible Assets	5,310	5,310	5,310	5,310
Total Other Non-Current Assets	1,533	1,533	1,533	1,533
Total Non-current Assets	12,992	12,564	12,176	11,760
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,353	2,652	2,895	3,192
Other Current Liabilities	5,501	5,501	5,501	5,501
Total Current Liabilities	7,854	8,152	8,396	8,692
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,988	1,988	1,988	1,988
Total Non-current Liabilities	1,988	1,988	1,988	1,988
Total Provisions
Total Liabilities	9,842	10,140	10,383	10,680
Shareholders Equity	34,782	36,619	39,570	43,523
Minority Interests
Total Equity	34,782	36,619	39,570	43,523

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	1.8%	(2.7%)	9.2%	10.3%
Operating EBITDA Growth	(16.6%)	(2.7%)	15.4%	16.3%
Operating EBITDA Margin	13.0%	13.0%	13.7%	14.5%
Net Cash Per Share (Rs)	63.28	73.59	83.77	96.62
BVPS (Rs)	123.39	129.90	140.37	154.40
Gross Interest Cover	26.10	29.91	34.88	40.90
Effective Tax Rate	25.8%	35.9%	25.5%	25.5%
Net Dividend Payout Ratio	35.5%	59.3%	51.2%	44.0%
Accounts Receivables Days	68.47	67.19	62.72	61.98
Inventory Days
Accounts Payables Days	29.41	29.03	29.66	29.70
ROIC (%)	32.0%	27.2%	40.0%	46.7%
ROCE (%)	13.5%	10.3%	13.1%	14.2%
Return On Average Assets	10.8%	8.3%	10.7%	11.6%

(91) 22 4161 1543 abhishek.shindadkr@incredresearch.com

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Market Data

Source: Bloomberg