InCred Equities - Data Patterns (India) Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	5,198	5,856	7,925	10,852
Operating EBITDA (Rsm)	2,216	2,602	3,295	4,475
Net Profit (Rsm)	1,817	2,127	2,627	3,518
Core EPS (Rs)	32.4	38.0	46.9	62.8
Core EPS Growth	46.5%	17.0%	23.5%	33.9%
FD Core P/E (x)	53.08	45.35	36.71	27.41
DPS (Rs)	4.5	5.4	6.7	8.9
Dividend Yield	0.26%	0.31%	0.39%	0.52%
EV/EBITDA (x)	41.74	35.18	27.60	19.88
P/FCFE (x)	(113.15)	104.16	(588.76)	120.79
Net Gearing	(29.7%)	(32.5%)	(31.8%)	(36.7%)
P/BV (x)	7.28	6.40	5.57	4.74
ROE	14.6%	15.0%	16.2%	18.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	5,198	5,856	7,925	10,852
Gross Profit	3,547	4,243	5,389	7,314
Operating EBITDA	2,216	2,602	3,295	4,475
Depreciation And Amortisation	(161)	(138)	(212)	(251)
Operating EBIT	2,055	2,464	3,083	4,224
Financial Income/(Expense)	(93)	(123)	(135)	(184)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	460	480	555	651
Profit Before Tax (pre-EI)	2,422	2,821	3,503	4,691
Exceptional Items
Pre-tax Profit	2,422	2,821	3,503	4,691
Taxation	(605)	(695)	(876)	(1,173)
Exceptional Income - post-tax
Profit After Tax	1,817	2,127	2,627	3,518
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,817	2,127	2,627	3,518
Recurring Net Profit	1,817	2,127	2,627	3,518
Fully Diluted Recurring Net Profit	1,817	2,127	2,627	3,518

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	2,216	2,602	3,295	4,475
Cash Flow from Invt. & Assoc.
Change In Working Capital	(213)	(255)	70	76
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	164
Other Operating Cashflow	(143)
Net Interest (Paid)/Received
Tax Paid	(631)	(695)	(876)	(1,173)
Cashflow From Operations	1,394	1,652	2,489	3,378
Capex	(872)	(900)	(769)	(414)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,367)	174	(1,884)	(2,165)
Cash Flow From Investing	(2,239)	(726)	(2,653)	(2,580)
Debt Raised/(repaid)	(7)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(252)	(302)	(373)	(500)
Preferred Dividends
Other Financing Cashflow	(162)	(127)	(83)	(111)
Cash Flow From Financing	(421)	(429)	(456)	(611)
Total Cash Generated	(1,266)	497	(620)	187
Free Cashflow To Equity	(852)	926	(164)	798
Free Cashflow To Firm	(845)	926	(164)	798

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,927	4,892	5,514	7,457
Total Debtors	3,988	4,332	5,211	6,541
Inventories	2,668	2,727	3,257	4,162
Total Other Current Assets	804	866	1,086	1,189
Total Current Assets	11,387	12,817	15,068	19,349
Fixed Assets	1,983	2,731	3,288	3,452
Total Investments	2,622	2,342	3,170	4,341
Intangible Assets
Total Other Non-Current Assets	926	1,043	1,412	1,302
Total Non-current Assets	5,531	6,116	7,870	9,095
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	501	565	782	1,189
Other Current Liabilities	2,956	3,096	4,560	6,541
Total Current Liabilities	3,457	3,661	5,341	7,730
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	150	146	198	271
Total Non-current Liabilities	150	146	198	271
Total Provisions	69	74	92	118
Total Liabilities	3,676	3,881	5,632	8,119
Shareholders Equity	13,242	15,067	17,321	20,340
Minority Interests
Total Equity	13,242	15,067	17,321	20,340

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.6%	12.7%	35.3%	36.9%
Operating EBITDA Growth	29.0%	17.4%	26.6%	35.8%
Operating EBITDA Margin	42.6%	44.4%	41.6%	41.2%
Net Cash Per Share (Rs)	70.12	87.36	98.46	133.16
BVPS (Rs)	236.47	269.05	309.30	363.21
Gross Interest Cover	22.02	20.04	22.88	22.90
Effective Tax Rate	25.0%	24.6%	25.0%	25.0%
Net Dividend Payout Ratio	13.9%	14.2%	14.2%	14.2%
Accounts Receivables Days	274.30	259.28	219.75	197.64
Inventory Days	508.14	610.52	430.64	382.75
Accounts Payables Days	104.63	120.58	96.87	101.67
ROIC (%)	29.0%	35.7%	38.4%	47.4%
ROCE (%)	16.5%	17.4%	19.0%	22.4%
Return On Average Assets	12.2%	12.5%	13.2%	14.4%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg