InCred Equities - LTIMindtree Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	355,170	381,688	415,335	454,211
Operating EBITDA (Rsm)	63,874	66,567	74,760	83,575
Net Profit (Rsm)	45,821	46,935	53,562	60,379
Core EPS (Rs)	154.6	158.1	180.3	203.3
Core EPS Growth	3.8%	2.3%	14.0%	12.7%
FD Core P/E (x)	29.11	28.46	24.95	22.14
DPS (Rs)	65.0	70.0	88.4	101.6
Dividend Yield	1.44%	1.55%	1.96%	2.26%
EV/EBITDA (x)	19.66	18.54	16.19	14.16
P/FCFE (x)	30.67	38.87	32.89	28.87
Net Gearing	(39.0%)	(44.8%)	(49.7%)	(54.0%)
P/BV (x)	6.67	5.90	5.27	4.71
ROE	25.0%	22.0%	22.3%	22.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	355,170	381,688	415,335	454,211
Gross Profit	127,847	136,561	149,521	163,970
Operating EBITDA	63,874	66,567	74,760	83,575
Depreciation And Amortisation	(8,189)	(10,089)	(10,383)	(10,901)
Operating EBIT	55,685	56,479	64,377	72,674
Financial Income/(Expense)	4,802	6,964	7,578	8,432
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	60,487	63,442	71,955	81,106
Exceptional Items
Pre-tax Profit	60,487	63,442	71,955	81,106
Taxation	(14,641)	(16,463)	(18,349)	(20,682)
Exceptional Income - post-tax
Profit After Tax	45,846	46,980	53,607	60,424
Minority Interests	(25)	(45)	(45)	(45)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	45,821	46,935	53,562	60,379
Recurring Net Profit	45,821	46,935	53,562	60,379
Fully Diluted Recurring Net Profit	45,821	46,935	53,562	60,379

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	63,874	66,567	74,760	83,575
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,975	(4,543)	(4,867)	(5,610)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,217)	(2,805)	(2,805)	(2,805)
Tax Paid	(15,707)	(16,463)	(18,349)	(20,682)
Cashflow From Operations	51,925	42,757	48,739	54,477
Capex	(8,432)	(8,397)	(8,099)	(8,176)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(30,689)	9,769	10,383	11,237
Cash Flow From Investing	(39,121)	1,372	2,284	3,061
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,753)	(20,730)	(26,245)	(30,189)
Preferred Dividends
Other Financing Cashflow	(4,935)	(2,805)	(2,805)	(2,805)
Cash Flow From Financing	(22,688)	(23,535)	(29,050)	(32,994)
Total Cash Generated	(9,884)	20,594	21,973	24,544
Free Cashflow To Equity	43,493	34,360	40,640	46,302
Free Cashflow To Firm	15,021	46,933	53,829	60,344

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	95,694	119,048	143,778	171,082
Total Debtors	70,321	75,956	82,236	89,025
Inventories
Total Other Current Assets	22,449	22,449	22,452	22,453
Total Current Assets	188,464	217,453	248,467	282,560
Fixed Assets	40,237	38,545	36,261	33,536
Total Investments	19,902	19,902	19,902	19,902
Intangible Assets	15,078	15,078	15,078	15,078
Total Other Non-Current Assets	11,949	11,949	11,949	11,949
Total Non-current Assets	87,166	85,474	83,190	80,465
Short-term Debt	407	407	407	407
Current Portion of Long-Term Debt
Total Creditors	14,939	16,031	17,444	18,623
Other Current Liabilities	42,086	42,086	42,086	42,086
Total Current Liabilities	57,432	58,524	59,937	61,116
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	17,934	17,934	17,934	17,934
Total Non-current Liabilities	17,934	17,934	17,934	17,934
Total Provisions
Total Liabilities	75,366	76,458	77,871	79,050
Shareholders Equity	200,172	226,377	253,694	283,883
Minority Interests	92	92	92	92
Total Equity	200,264	226,469	253,786	283,975

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.0%	7.5%	8.8%	9.4%
Operating EBITDA Growth	4.6%	4.2%	12.3%	11.8%
Operating EBITDA Margin	18.0%	17.4%	18.0%	18.4%
Net Cash Per Share (Rs)	263.02	341.27	424.53	516.45
BVPS (Rs)	674.85	762.13	854.09	955.73
Gross Interest Cover	25.12	20.13	22.95	25.91
Effective Tax Rate	24.2%	25.9%	25.5%	25.5%
Net Dividend Payout Ratio	42.0%	44.2%	49.0%	50.0%
Accounts Receivables Days	73.26	69.94	69.51	68.81
Inventory Days
Accounts Payables Days	22.38	23.06	22.98	22.68
ROIC (%)	43.3%	40.6%	45.3%	49.9%
ROCE (%)	21.3%	18.1%	18.6%	18.9%
Return On Average Assets	16.5%	14.5%	15.1%	15.6%

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

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

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Market Data

Source: Bloomberg