InCred Equities - L&T Infotech

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue (Rsm)	123,698	156,687	193,317	227,235
Operating EBITDA (Rsm)	27,251	30,585	37,175	45,015
Net Profit (Rsm)	19,382	22,986	26,914	32,487
Core EPS (Rs)	110.5	130.9	153.3	185.1
Core EPS Growth	27.4%	18.5%	17.1%	20.7%
FD Core P/E (x)
DPS (Rs)	40.0	55.0	65.9	83.3
Dividend Yield
EV/EBITDA (x)	(1.33)	(1.04)	(0.91)	(1.01)
P/FCFE (x)
Net Gearing	(49.5%)	(36.1%)	(32.8%)	(37.4%)
P/BV (x)
ROE	30.5%	28.5%	28.1%	28.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Net Revenues	123,698	156,687	193,317	227,235
Gross Profit	41,505	48,120	59,213	70,693
Operating EBITDA	27,251	30,585	37,175	45,015
Depreciation And Amortisation	(3,325)	(3,549)	(4,833)	(5,681)
Operating EBIT	23,926	27,036	32,342	39,334
Financial Income/(Expense)	1,956	3,939	4,077	4,243
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	25,882	30,975	36,419	43,577
Exceptional Items
Pre-tax Profit	25,882	30,975	36,419	43,577
Taxation	(6,500)	(7,989)	(9,505)	(11,090)
Exceptional Income - post-tax
Profit After Tax	19,382	22,986	26,914	32,487
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	19,382	22,986	26,914	32,487
Recurring Net Profit	19,382	22,986	26,914	32,487
Fully Diluted Recurring Net Profit	19,382	22,986	26,914	32,487

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
EBITDA	27,251	30,585	37,175	45,015
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,704	(9,542)	(7,100)	(7,155)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(6,400)	(8,113)	(9,505)	(11,090)
Cashflow From Operations	23,555	12,930	20,570	26,770
Capex	(2,719)	(8,590)	(7,000)	(5,000)
Disposals Of FAs/subsidiaries	54	34
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(13,895)	(1,038)	4,833	4,999
Cash Flow From Investing	(16,560)	(9,594)	(2,167)	(1)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,319)	(8,749)	(11,573)	(14,619)
Preferred Dividends
Other Financing Cashflow	231	(1,709)	(861)	(756)
Cash Flow From Financing	(5,088)	(10,458)	(12,434)	(15,375)
Total Cash Generated	1,907	(7,122)	5,969	11,394
Free Cashflow To Equity	20,836	4,340	13,570	21,770
Free Cashflow To Firm	6,995	3,336	18,403	26,769

(Rs mn)	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Total Cash And Equivalents	43,876	39,139	41,283	52,676
Total Debtors	31,248	41,710	50,845	59,766
Inventories
Total Other Current Assets	6,189	7,807	7,807	7,807
Total Current Assets	81,313	88,656	99,935	120,249
Fixed Assets	10,481	15,723	21,830	21,149
Total Investments	3,065	6,474	6,474	6,474
Intangible Assets	9,241	10,057	10,057	10,057
Total Other Non-Current Assets	2,991	3,773	3,773	3,773
Total Non-current Assets	25,778	36,027	42,134	41,453
Short-term Debt	414	519	519	519
Current Portion of Long-Term Debt
Total Creditors	8,277	8,028	10,063	11,829
Other Current Liabilities	17,632	20,636	20,636	20,636
Total Current Liabilities	26,323	29,183	31,218	32,984
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	7,697	7,307	7,307	7,307
Total Non-current Liabilities	7,697	7,307	7,307	7,307
Total Provisions
Total Liabilities	34,020	36,490	38,525	40,291
Shareholders Equity	73,034	88,146	103,487	121,355
Minority Interests	37	57	57	57
Total Equity	73,071	88,203	103,544	121,412

	Mar-21A	Mar-22F	Mar-23F	Mar-24F
Revenue Growth	13.7%	26.7%	23.4%	17.5%
Operating EBITDA Growth	34.3%	12.2%	21.5%	21.1%
Operating EBITDA Margin	22.0%	19.5%	19.2%	19.8%
Net Cash Per Share (Rs)	205.84	181.21	193.42	258.32
BVPS (Rs)	415.72	502.12	589.51	691.29
Gross Interest Cover
Effective Tax Rate	25.1%	25.8%	26.1%	25.5%
Net Dividend Payout Ratio	36.0%	41.9%	43.0%	45.0%
Accounts Receivables Days	93.14	84.98	87.38	88.84
Inventory Days
Accounts Payables Days	33.81	27.41	24.62	25.52
ROIC (%)	48.2%	58.6%	47.4%	46.1%
ROCE (%)	24.6%	22.8%	23.2%	24.5%
Return On Average Assets	18.3%	17.3%	17.9%	19.3%

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

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Market Data

Source: Bloomberg