InCred Equities - Birlasoft

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	52,781	54,203	58,491	63,309
Operating EBITDA (Rsm)	8,362	6,941	7,896	9,022
Net Profit (Rsm)	6,238	5,233	6,070	7,050
Core EPS (Rs)	22.2	18.6	21.5	25.0
Core EPS Growth	29.8%	(16.5%)	16.0%	16.1%
FD Core P/E (x)	17.63	21.12	18.21	15.68
DPS (Rs)	6.5	7.5	9.5	11.0
Dividend Yield	1.66%	1.91%	2.42%	2.81%
EV/EBITDA (x)	11.48	13.34	11.29	9.46
P/FCFE (x)	19.81	21.51	22.22	19.66
Net Gearing	(46.0%)	(53.5%)	(57.8%)	(61.6%)
P/BV (x)	3.61	3.29	2.99	2.70
ROE	22.7%	16.4%	17.2%	18.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	52,781	54,203	58,491	63,309
Gross Profit	22,298	21,777	23,397	25,482
Operating EBITDA	8,362	6,941	7,896	9,022
Depreciation And Amortisation	(850)	(853)	(877)	(931)
Operating EBIT	7,512	6,088	7,019	8,091
Financial Income/(Expense)	836	938	1,097	1,334
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	8,348	7,025	8,115	9,425
Exceptional Items
Pre-tax Profit	8,348	7,025	8,115	9,425
Taxation	(2,110)	(1,792)	(2,045)	(2,375)
Exceptional Income - post-tax
Profit After Tax	6,238	5,233	6,070	7,050
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,238	5,233	6,070	7,050
Recurring Net Profit	6,238	5,233	6,070	7,050
Fully Diluted Recurring Net Profit	6,238	5,233	6,070	7,050

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,362	6,941	7,896	9,022
Cash Flow from Invt. & Assoc.
Change In Working Capital	(730)	358	(410)	(454)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(1,807)	(1,792)	(2,045)	(2,375)
Cashflow From Operations	5,825	5,507	5,442	6,193
Capex	(262)	(379)	(468)	(570)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(6,007)	1,186	1,345	1,583
Cash Flow From Investing	(6,269)	807	877	1,013
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,240)	(2,115)	(2,679)	(3,102)
Preferred Dividends
Other Financing Cashflow	(438)	(249)	(249)	(249)
Cash Flow From Financing	(1,678)	(2,364)	(2,928)	(3,351)
Total Cash Generated	(2,123)	3,950	3,391	3,855
Free Cashflow To Equity	5,562	5,127	4,974	5,623
Free Cashflow To Firm	(445)	6,313	6,319	7,206

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	14,586	18,535	21,926	25,781
Total Debtors	10,365	9,950	10,577	11,274
Inventories
Total Other Current Assets	2,723	2,723	2,723	2,723
Total Current Assets	27,674	31,208	35,226	39,779
Fixed Assets	2,036	1,562	1,152	791
Total Investments	3,023	3,023	3,023	3,023
Intangible Assets	5,052	5,052	5,052	5,052
Total Other Non-Current Assets	1,472	1,472	1,472	1,472
Total Non-current Assets	11,582	11,109	10,699	10,338
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,805	2,747	2,965	3,209
Other Current Liabilities	4,653	4,653	4,653	4,653
Total Current Liabilities	7,458	7,400	7,617	7,862
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,357	1,357	1,357	1,357
Total Non-current Liabilities	1,357	1,357	1,357	1,357
Total Provisions
Total Liabilities	8,815	8,757	8,975	9,219
Shareholders Equity	30,441	33,559	36,951	40,899
Minority Interests
Total Equity	30,441	33,559	36,951	40,899

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.1%	2.7%	7.9%	8.2%
Operating EBITDA Growth	24.5%	(17.0%)	13.8%	14.3%
Operating EBITDA Margin	15.8%	12.8%	13.5%	14.2%
Net Cash Per Share (Rs)	49.92	63.68	75.70	89.37
BVPS (Rs)	108.47	119.00	131.03	145.03
Gross Interest Cover	37.67	24.47	28.22	32.53
Effective Tax Rate	25.3%	25.5%	25.2%	25.2%
Net Dividend Payout Ratio	29.2%	40.4%	44.1%	44.0%
Accounts Receivables Days	67.20	68.40	64.04	62.99
Inventory Days
Accounts Payables Days	30.64	31.25	29.70	29.78
ROIC (%)	39.5%	32.0%	39.3%	45.3%
ROCE (%)	20.0%	13.9%	14.7%	15.3%
Return On Average Assets	15.8%	11.1%	11.9%	12.6%

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

(91) 22 4161 1544 vikas.swami@incredresearch.com

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Market Data

Source: Bloomberg