InCred Equities - LTIMindtree Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	355,170	380,674	426,010	476,780
Operating EBITDA (Rsm)	63,874	67,470	78,386	90,588
Net Profit (Rsm)	45,821	48,782	56,573	65,610
Core EPS (Rs)	154.6	164.5	190.7	221.2
Core EPS Growth	3.8%	6.4%	16.0%	16.0%
FD Core P/E (x)	38.07	35.79	30.86	26.61
DPS (Rs)	65.0	70.0	93.5	110.6
Dividend Yield	1.10%	1.19%	1.59%	1.88%
EV/EBITDA (x)	26.09	24.35	20.65	17.56
P/FCFE (x)	40.11	49.70	42.40	35.44
Net Gearing	(39.0%)	(45.1%)	(49.4%)	(53.5%)
P/BV (x)	8.72	7.65	6.79	6.02
ROE	25.0%	22.8%	23.3%	24.0%
% 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	380,674	426,010	476,780
Gross Profit	127,847	134,484	153,364	174,025
Operating EBITDA	63,874	67,470	78,386	90,588
Depreciation And Amortisation	(8,189)	(9,655)	(10,224)	(11,443)
Operating EBIT	55,685	57,815	68,162	79,146
Financial Income/(Expense)	4,802	7,749	7,817	8,963
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	60,487	65,564	75,979	88,108
Exceptional Items
Pre-tax Profit	60,487	65,564	75,979	88,108
Taxation	(14,641)	(16,751)	(19,375)	(22,468)
Exceptional Income - post-tax
Profit After Tax	45,846	48,813	56,604	65,641
Minority Interests	(25)	(31)	(31)	(31)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	45,821	48,782	56,573	65,610
Recurring Net Profit	45,821	48,782	56,573	65,610
Fully Diluted Recurring Net Profit	45,821	48,782	56,573	65,610

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	63,874	67,470	78,386	90,588
Cash Flow from Invt. & Assoc.
Change In Working Capital	5,975	(4,384)	(6,692)	(7,443)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,217)	(2,833)	(2,833)	(2,833)
Tax Paid	(15,707)	(16,751)	(19,375)	(22,468)
Cashflow From Operations	51,925	43,503	49,486	57,844
Capex	(8,432)	(8,375)	(8,307)	(8,582)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(30,689)	10,582	10,650	11,796
Cash Flow From Investing	(39,121)	2,207	2,343	3,214
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(17,753)	(20,727)	(27,721)	(32,805)
Preferred Dividends
Other Financing Cashflow	(4,935)	(2,833)	(2,833)	(2,833)
Cash Flow From Financing	(22,688)	(23,560)	(30,554)	(35,638)
Total Cash Generated	(9,884)	22,150	21,276	25,420
Free Cashflow To Equity	43,493	35,128	41,179	49,262
Free Cashflow To Firm	15,021	48,543	54,663	63,891

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	95,694	120,646	144,721	172,942
Total Debtors	70,321	75,754	84,350	93,449
Inventories
Total Other Current Assets	22,449	22,449	22,452	22,453
Total Current Assets	188,464	218,849	251,523	288,844
Fixed Assets	40,237	38,957	37,040	34,179
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	85,886	83,969	81,108
Short-term Debt	407	407	407	407
Current Portion of Long-Term Debt
Total Creditors	14,939	15,988	17,892	19,548
Other Current Liabilities	42,086	42,086	42,086	42,086
Total Current Liabilities	57,432	58,481	60,385	62,041
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	76,415	78,319	79,975
Shareholders Equity	200,172	228,228	257,080	289,885
Minority Interests	92	92	92	92
Total Equity	200,264	228,320	257,172	289,977

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	7.0%	7.2%	11.9%	11.9%
Operating EBITDA Growth	4.6%	5.6%	16.2%	15.6%
Operating EBITDA Margin	18.0%	17.7%	18.4%	19.0%
Net Cash Per Share (Rs)	263.02	347.14	428.30	523.45
BVPS (Rs)	674.85	769.44	866.71	977.31
Gross Interest Cover	25.12	20.41	24.06	27.94
Effective Tax Rate	24.2%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	42.0%	42.5%	49.0%	50.0%
Accounts Receivables Days	73.26	70.03	68.59	68.06
Inventory Days
Accounts Payables Days	22.38	22.93	22.68	22.57
ROIC (%)	43.3%	41.8%	47.9%	53.2%
ROCE (%)	21.3%	18.6%	19.5%	20.2%
Return On Average Assets	16.5%	14.8%	15.9%	16.7%

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

(91) 02241611554 smit.gosrani@incredresearch.com

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Market Data

Source: Bloomberg