InCred Equities - Birlasoft

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	52,781	55,078	61,541	68,018
Operating EBITDA (Rsm)	8,362	6,911	8,616	10,883
Net Profit (Rsm)	6,238	5,270	6,698	8,557
Core EPS (Rs)	22.2	18.8	23.9	30.5
Core EPS Growth	29.8%	(15.5%)	27.1%	27.8%
FD Core P/E (x)	24.84	29.40	23.13	18.11
DPS (Rs)	6.5	7.5	9.5	11.0
Dividend Yield	1.18%	1.36%	1.72%	1.99%
EV/EBITDA (x)	16.85	19.83	15.47	11.77
P/FCFE (x)	27.91	31.25	29.93	23.02
Net Gearing	(46.0%)	(53.3%)	(57.6%)	(62.4%)
P/BV (x)	5.09	4.61	4.12	3.59
ROE	22.7%	16.5%	18.8%	21.2%
% 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	55,078	61,541	68,018
Gross Profit	22,298	22,001	24,617	27,888
Operating EBITDA	8,362	6,911	8,616	10,883
Depreciation And Amortisation	(850)	(885)	(923)	(1,000)
Operating EBIT	7,512	6,026	7,693	9,883
Financial Income/(Expense)	836	1,052	1,262	1,557
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	8,348	7,078	8,955	11,440
Exceptional Items
Pre-tax Profit	8,348	7,078	8,955	11,440
Taxation	(2,110)	(1,808)	(2,257)	(2,883)
Exceptional Income - post-tax
Profit After Tax	6,238	5,270	6,698	8,557
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,238	5,270	6,698	8,557
Recurring Net Profit	6,238	5,270	6,698	8,557
Fully Diluted Recurring Net Profit	6,238	5,270	6,698	8,557

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,362	6,911	8,616	10,883
Cash Flow from Invt. & Assoc.
Change In Working Capital	(730)	241	(690)	(657)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(1,807)	(1,808)	(2,257)	(2,883)
Cashflow From Operations	5,825	5,344	5,669	7,344
Capex	(262)	(386)	(492)	(612)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(6,007)	1,298	1,508	1,802
Cash Flow From Investing	(6,269)	912	1,015	1,190
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,240)	(2,105)	(2,666)	(3,087)
Preferred Dividends
Other Financing Cashflow	(438)	(246)	(246)	(246)
Cash Flow From Financing	(1,678)	(2,350)	(2,912)	(3,333)
Total Cash Generated	(2,123)	3,906	3,773	5,201
Free Cashflow To Equity	5,562	4,959	5,177	6,731
Free Cashflow To Firm	(445)	6,256	6,684	8,534

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	14,586	18,491	22,264	27,465
Total Debtors	10,365	10,110	11,128	12,113
Inventories
Total Other Current Assets	2,723	2,723	2,723	2,723
Total Current Assets	27,674	31,325	36,115	42,302
Fixed Assets	2,036	1,536	1,105	718
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	11,083	10,652	10,264
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,805	2,792	3,119	3,448
Other Current Liabilities	4,653	4,653	4,653	4,653
Total Current Liabilities	7,458	7,444	7,772	8,100
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	8,802	9,129	9,457
Shareholders Equity	30,441	33,606	37,639	43,109
Minority Interests
Total Equity	30,441	33,606	37,639	43,109

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.1%	4.4%	11.7%	10.5%
Operating EBITDA Growth	24.5%	(17.4%)	24.7%	26.3%
Operating EBITDA Margin	15.8%	12.5%	14.0%	16.0%
Net Cash Per Share (Rs)	49.92	63.83	77.28	95.81
BVPS (Rs)	108.47	119.75	134.12	153.61
Gross Interest Cover	37.67	24.54	31.33	40.25
Effective Tax Rate	25.3%	25.5%	25.2%	25.2%
Net Dividend Payout Ratio	29.2%	39.9%	39.8%	36.1%
Accounts Receivables Days	67.20	67.84	62.98	62.36
Inventory Days
Accounts Payables Days	30.64	30.88	29.21	29.86
ROIC (%)	39.5%	31.6%	42.8%	53.9%
ROCE (%)	20.0%	13.8%	15.9%	18.1%
Return On Average Assets	15.8%	11.0%	12.9%	14.9%

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

(91) 02241611554 smit.gosrani@incredresearch.com

More Reports

Market Data

Source: Bloomberg