InCred Equities - Persistent Systems Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	98,216	118,216	142,084	169,955
Operating EBITDA (Rsm)	17,243	20,317	25,291	31,272
Net Profit (Rsm)	10,935	13,775	17,007	21,045
Core EPS (Rs)	74.5	89.2	109.9	135.9
Core EPS Growth	23.6%	19.8%	23.1%	23.7%
FD Core P/E (x)	80.09	63.99	51.98	42.00
DPS (Rs)	26.0	32.0	42.8	54.4
Dividend Yield	0.46%	0.56%	0.75%	0.95%
EV/EBITDA (x)	50.05	42.46	33.91	27.10
P/FCFE (x)	112.38	89.33	66.64	51.50
Net Gearing	(25.9%)	(32.1%)	(38.5%)	(44.7%)
P/BV (x)	17.73	15.14	12.85	10.86
ROE	25.6%	25.5%	26.7%	28.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	98,216	118,216	142,084	169,955
Gross Profit	32,985	39,392	47,740	57,615
Operating EBITDA	17,243	20,317	25,291	31,272
Depreciation And Amortisation	(3,094)	(3,048)	(3,694)	(4,419)
Operating EBIT	14,149	17,269	21,597	26,853
Financial Income/(Expense)	813	976	1,080	1,207
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	14,962	18,245	22,677	28,060
Exceptional Items
Pre-tax Profit	14,962	18,245	22,677	28,060
Taxation	(3,541)	(4,471)	(5,669)	(7,015)
Exceptional Income - post-tax	(486)
Profit After Tax	10,935	13,775	17,007	21,045
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	10,935	13,775	17,007	21,045
Recurring Net Profit	11,421	13,775	17,007	21,045
Fully Diluted Recurring Net Profit	11,421	13,775	17,007	21,045

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	17,243	20,317	25,291	31,272
Cash Flow from Invt. & Assoc.
Change In Working Capital	(2,052)	(3,180)	(3,558)	(4,292)
(Incr)/Decr in Total Provisions	(1,145)
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(3,414)	(4,471)	(5,669)	(7,015)
Cashflow From Operations	10,633	12,667	16,064	19,965
Capex	(2,839)	(2,800)	(2,800)	(2,800)
Disposals Of FAs/subsidiaries	49
Acq. Of Subsidiaries/investments	(2,074)
Other Investing Cashflow	169	976	1,080	1,207
Cash Flow From Investing	(4,695)	(1,824)	(1,720)	(1,593)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,084)	(4,954)	(6,633)	(8,418)
Preferred Dividends
Other Financing Cashflow	(1,853)
Cash Flow From Financing	(5,937)	(4,954)	(6,633)	(8,418)
Total Cash Generated	1	5,889	7,711	9,954
Free Cashflow To Equity	7,794	9,867	13,264	17,165
Free Cashflow To Firm	5,938	10,843	14,344	18,371

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	12,955	18,845	26,556	36,510
Total Debtors	23,282	27,781	33,248	39,769
Inventories
Total Other Current Assets	4,994	4,994	4,994	4,994
Total Current Assets	41,232	51,619	64,798	81,273
Fixed Assets	7,062	6,815	5,920	4,302
Total Investments	5,539	5,539	5,539	5,539
Intangible Assets	15,488	15,488	15,488	15,488
Total Other Non-Current Assets	4,415	4,415	4,415	4,415
Total Non-current Assets	32,504	32,256	31,362	29,743
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	8,139	9,457	11,367	13,596
Other Current Liabilities	13,703	13,703	13,703	13,703
Total Current Liabilities	21,842	23,160	25,070	27,299
Total Long-term Debt	99	99	99	99
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,671	1,671	1,671	1,671
Total Non-current Liabilities	1,770	1,770	1,770	1,770
Total Provisions	547	547	547	547
Total Liabilities	24,159	25,478	27,387	29,617
Shareholders Equity	49,577	58,398	68,773	81,399
Minority Interests
Total Equity	49,577	58,398	68,773	81,399

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	17.6%	20.4%	20.2%	19.6%
Operating EBITDA Growth	13.5%	17.8%	24.5%	23.6%
Operating EBITDA Margin	17.6%	17.2%	17.8%	18.4%
Net Cash Per Share (Rs)	83.54	121.09	170.91	235.20
BVPS (Rs)	322.14	377.24	444.26	525.82
Gross Interest Cover
Effective Tax Rate	23.7%	24.5%	25.0%	25.0%
Net Dividend Payout Ratio	26.7%	27.2%	29.2%	30.0%
Accounts Receivables Days	81.12	78.83	78.39	78.41
Inventory Days
Accounts Payables Days	38.69	40.74	40.28	40.55
ROIC (%)	34.6%	39.0%	44.6%	51.6%
ROCE (%)	23.6%	24.1%	25.4%	26.8%
Return On Average Assets	20.5%	22.2%	24.3%	26.2%

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

(91) 02241611554 smit.gosrani@incredresearch.com

More Reports

Market Data

Source: Bloomberg