InCred Equities - LTIMindtree Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	380,081	407,288	442,581	487,958
Operating EBITDA (Rsm)	64,949	72,241	80,107	90,760
Net Profit (Rsm)	45,987	51,311	57,746	65,708
Core EPS (Rs)	155.0	172.9	194.5	221.4
Core EPS Growth	0.3%	11.5%	12.5%	13.8%
FD Core P/E (x)	34.41	30.85	27.41	24.09
DPS (Rs)	65.0	100.0	97.3	110.7
Dividend Yield	1.22%	1.87%	1.82%	2.08%
EV/EBITDA (x)	22.96	20.35	18.02	15.59
P/FCFE (x)	44.00	36.96	33.48	30.19
Net Gearing	(40.1%)	(45.3%)	(50.1%)	(54.1%)
P/BV (x)	6.97	6.37	5.70	5.10
ROE	21.5%	21.6%	21.9%	22.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	380,081	407,288	442,581	487,958
Gross Profit	133,855	144,569	157,116	175,177
Operating EBITDA	64,949	72,241	80,107	90,760
Depreciation And Amortisation	(9,915)	(10,053)	(10,622)	(11,711)
Operating EBIT	55,034	62,188	69,485	79,049
Financial Income/(Expense)	7,108	8,438	8,053	9,176
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	62,142	70,626	77,539	88,225
Exceptional Items
Pre-tax Profit	62,142	70,626	77,539	88,225
Taxation	(16,122)	(19,295)	(19,772)	(22,497)
Exceptional Income - post-tax
Profit After Tax	46,020	51,331	57,766	65,728
Minority Interests	(33)	(20)	(20)	(20)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	45,987	51,311	57,746	65,708
Recurring Net Profit	45,987	51,311	57,746	65,708
Fully Diluted Recurring Net Profit	45,987	51,311	57,746	65,708

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	64,949	72,241	80,107	90,760
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,803)	(2,154)	(5,063)	(7,033)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,686	(20)	(20)	(20)
Net Interest (Paid)/Received
Tax Paid	(16,374)	(19,295)	(19,772)	(22,497)
Cashflow From Operations	45,458	50,772	55,252	61,209
Capex	(9,496)	(7,942)	(7,966)	(8,783)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(7,886)	11,334	10,949	12,072
Cash Flow From Investing	(17,382)	3,392	2,983	3,289
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(19,246)	(29,627)	(28,873)	(32,854)
Preferred Dividends
Other Financing Cashflow	(6,498)	(2,896)	(2,896)	(2,896)
Cash Flow From Financing	(25,744)	(32,523)	(31,769)	(35,750)
Total Cash Generated	2,332	21,642	26,466	28,748
Free Cashflow To Equity	35,962	42,830	47,285	52,426
Free Cashflow To Firm	28,076	54,164	58,235	64,498

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	109,622	131,264	157,729	186,477
Total Debtors	76,882	80,643	86,746	95,640
Inventories
Total Other Current Assets	22,875	22,875	22,875	22,875
Total Current Assets	209,379	234,782	267,350	304,992
Fixed Assets	45,449	43,338	40,682	37,755
Total Investments	24,706	24,706	24,706	24,706
Intangible Assets	14,212	14,212	14,212	14,212
Total Other Non-Current Assets	12,554	12,554	12,554	12,554
Total Non-current Assets	96,921	94,810	92,154	89,227
Short-term Debt	23	23	23	23
Current Portion of Long-Term Debt
Total Creditors	15,499	17,106	18,146	20,006
Other Current Liabilities	44,137	44,137	44,137	44,137
Total Current Liabilities	59,659	61,266	62,306	64,166
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	19,526	19,526	19,526	19,526
Total Non-current Liabilities	19,526	19,526	19,526	19,526
Total Provisions
Total Liabilities	79,185	80,792	81,832	83,692
Shareholders Equity	226,983	248,667	277,541	310,394
Minority Interests	132	132	132	132
Total Equity	227,115	248,799	277,673	310,526

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	7.0%	7.2%	8.7%	10.3%
Operating EBITDA Growth	1.7%	11.2%	10.9%	13.3%
Operating EBITDA Margin	17.1%	17.7%	18.1%	18.6%
Net Cash Per Share (Rs)	307.05	379.96	469.12	565.96
BVPS (Rs)	764.68	837.73	935.00	1,045.68
Gross Interest Cover	19.73	21.47	23.99	27.30
Effective Tax Rate	25.9%	27.3%	25.5%	25.5%
Net Dividend Payout Ratio	41.9%	57.7%	50.0%	50.0%
Accounts Receivables Days	70.68	70.58	69.02	68.21
Inventory Days
Accounts Payables Days	22.56	22.65	22.54	22.26
ROIC (%)	39.6%	40.2%	46.1%	51.3%
ROCE (%)	17.6%	17.6%	18.4%	18.8%
Return On Average Assets	14.0%	14.2%	15.0%	15.6%

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

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Market Data

Source: Bloomberg