InCred Equities - LTIMindtree Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	355,170	380,081	408,055	445,748
Operating EBITDA (Rsm)	63,874	64,949	73,450	82,018
Net Profit (Rsm)	45,821	45,987	52,609	59,238
Core EPS (Rs)	154.6	155.0	177.2	199.6
Core EPS Growth	3.8%	0.3%	14.4%	12.6%
FD Core P/E (x)	33.66	33.58	29.36	26.08
DPS (Rs)	65.0	65.0	86.8	99.8
Dividend Yield	1.25%	1.25%	1.67%	1.92%
EV/EBITDA (x)	22.93	22.37	19.43	17.07
P/FCFE (x)	35.47	49.04	36.42	33.96
Net Gearing	(39.0%)	(40.1%)	(46.4%)	(51.1%)
P/BV (x)	7.71	6.81	6.09	5.45
ROE	25.0%	21.5%	21.9%	22.1%
% 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	380,081	408,055	445,748
Gross Profit	127,847	133,855	146,900	160,915
Operating EBITDA	63,874	64,949	73,450	82,018
Depreciation And Amortisation	(8,189)	(9,915)	(10,201)	(10,698)
Operating EBIT	55,685	55,034	63,249	71,320
Financial Income/(Expense)	4,802	7,108	7,412	8,239
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	60,487	62,142	70,661	79,558
Exceptional Items
Pre-tax Profit	60,487	62,142	70,661	79,558
Taxation	(14,641)	(16,122)	(18,019)	(20,287)
Exceptional Income - post-tax
Profit After Tax	45,846	46,020	52,642	59,271
Minority Interests	(25)	(33)	(33)	(33)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	45,821	45,987	52,609	59,238
Recurring Net Profit	45,821	45,987	52,609	59,238
Fully Diluted Recurring Net Profit	45,821	45,987	52,609	59,238

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	63,874	64,949	73,450	82,018
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,975	(4,803)	(2,274)	(5,434)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,217)	(2,789)	(2,789)	(2,789)
Tax Paid	(15,707)	(16,374)	(18,019)	(20,287)
Cashflow From Operations	51,925	40,983	50,369	53,507
Capex	(8,432)	(9,496)	(7,957)	(8,023)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(30,689)	(7,886)	10,201	11,028
Cash Flow From Investing	(39,121)	(17,382)	2,244	3,004
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,753)	(19,246)	(25,779)	(29,619)
Preferred Dividends
Other Financing Cashflow	(4,935)	(6,498)	(2,789)	(2,789)
Cash Flow From Financing	(22,688)	(25,744)	(28,568)	(32,408)
Total Cash Generated	(9,884)	(2,143)	24,046	24,103
Free Cashflow To Equity	43,493	31,487	42,412	45,483
Free Cashflow To Firm	15,021	26,390	55,402	59,300

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	95,694	109,622	136,421	163,279
Total Debtors	70,321	76,882	80,795	87,367
Inventories
Total Other Current Assets	22,449	22,875	22,880	22,881
Total Current Assets	188,464	209,379	240,095	273,526
Fixed Assets	40,237	45,449	43,205	40,530
Total Investments	19,902	24,706	24,706	24,706
Intangible Assets	15,078	14,212	14,212	14,212
Total Other Non-Current Assets	11,949	12,554	12,554	12,554
Total Non-current Assets	87,166	96,921	94,677	92,002
Short-term Debt	407	23	23	23
Current Portion of Long-Term Debt
Total Creditors	14,939	15,499	17,138	18,276
Other Current Liabilities	42,086	44,137	44,137	44,137
Total Current Liabilities	57,432	59,659	61,298	62,436
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	17,934	19,526	19,526	19,526
Total Non-current Liabilities	17,934	19,526	19,526	19,526
Total Provisions
Total Liabilities	75,366	79,185	80,824	81,962
Shareholders Equity	200,172	226,983	253,814	283,433
Minority Interests	92	132	132	132
Total Equity	200,264	227,115	253,946	283,565

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.0%	7.0%	7.4%	9.2%
Operating EBITDA Growth	4.6%	1.7%	13.1%	11.7%
Operating EBITDA Margin	18.0%	17.1%	18.0%	18.4%
Net Cash Per Share (Rs)	263.02	307.05	397.33	487.81
BVPS (Rs)	674.85	764.68	855.07	954.85
Gross Interest Cover	25.12	19.73	22.68	25.57
Effective Tax Rate	24.2%	25.9%	25.5%	25.5%
Net Dividend Payout Ratio	42.0%	41.9%	49.0%	50.0%
Accounts Receivables Days	73.26	70.68	70.52	68.85
Inventory Days
Accounts Payables Days	22.38	22.56	22.81	22.69
ROIC (%)	43.3%	39.6%	41.9%	47.3%
ROCE (%)	21.3%	17.6%	18.2%	18.5%
Return On Average Assets	16.5%	14.0%	14.7%	15.2%

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

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

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Market Data

Source: Bloomberg