InCred Equities - Birlasoft

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	52,781	53,752	55,640	61,557
Operating EBITDA (Rsm)	8,362	6,974	7,456	8,433
Net Profit (Rsm)	6,238	5,168	5,633	6,475
Core EPS (Rs)	22.2	18.3	20.0	23.0
Core EPS Growth	29.8%	(17.5%)	9.0%	15.0%
FD Core P/E (x)	18.50	22.43	20.57	17.90
DPS (Rs)	6.5	6.5	9.5	11.0
Dividend Yield	1.58%	1.58%	2.31%	2.68%
EV/EBITDA (x)	12.12	14.00	12.65	10.82
P/FCFE (x)	20.78	22.17	23.25	22.90
Net Gearing	(46.0%)	(54.0%)	(58.6%)	(61.5%)
P/BV (x)	3.79	3.43	3.15	2.89
ROE	22.7%	16.1%	16.0%	16.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	52,781	53,752	55,640	61,557
Gross Profit	22,298	21,744	22,256	24,777
Operating EBITDA	8,362	6,974	7,456	8,433
Depreciation And Amortisation	(850)	(857)	(885)	(923)
Operating EBIT	7,512	6,117	6,571	7,510
Financial Income/(Expense)	836	851	990	1,181
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	8,348	6,968	7,561	8,691
Exceptional Items
Pre-tax Profit	8,348	6,968	7,561	8,691
Taxation	(2,110)	(1,801)	(1,928)	(2,216)
Exceptional Income - post-tax
Profit After Tax	6,238	5,168	5,633	6,475
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,238	5,168	5,633	6,475
Recurring Net Profit	6,238	5,168	5,633	6,475
Fully Diluted Recurring Net Profit	6,238	5,168	5,633	6,475

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,362	6,974	7,456	8,433
Cash Flow from Invt. & Assoc.
Change In Working Capital	(730)	417	(98)	(601)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received
Tax Paid	(1,807)	(1,801)	(1,928)	(2,216)
Cashflow From Operations	5,825	5,591	5,429	5,616
Capex	(262)	(376)	(445)	(554)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(6,007)	1,085	1,224	1,416
Cash Flow From Investing	(6,269)	709	779	862
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,240)	(1,832)	(2,678)	(3,101)
Preferred Dividends
Other Financing Cashflow	(438)	(234)	(234)	(234)
Cash Flow From Financing	(1,678)	(2,067)	(2,912)	(3,335)
Total Cash Generated	(2,123)	4,234	3,296	3,142
Free Cashflow To Equity	5,562	5,215	4,984	5,062
Free Cashflow To Firm	(445)	6,300	6,208	6,477

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	14,586	18,819	22,115	25,257
Total Debtors	10,365	9,867	10,061	10,962
Inventories
Total Other Current Assets	2,723	2,723	2,723	2,723
Total Current Assets	27,674	31,409	34,899	38,943
Fixed Assets	2,036	1,555	1,115	746
Total Investments	3,023	3,023	3,023	3,023
Intangible Assets	5,052	5,052	5,052	5,052
Total Other Non-Current Assets	1,472	1,472	1,472	1,472
Total Non-current Assets	11,582	11,102	10,662	10,293
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	2,805	2,724	2,820	3,120
Other Current Liabilities	4,653	4,653	4,653	4,653
Total Current Liabilities	7,458	7,377	7,473	7,773
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,357	1,357	1,357	1,357
Total Non-current Liabilities	1,357	1,357	1,357	1,357
Total Provisions
Total Liabilities	8,815	8,734	8,830	9,130
Shareholders Equity	30,441	33,777	36,731	40,106
Minority Interests
Total Equity	30,441	33,777	36,731	40,106

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	10.1%	1.8%	3.5%	10.6%
Operating EBITDA Growth	24.5%	(16.6%)	6.9%	13.1%
Operating EBITDA Margin	15.8%	13.0%	13.4%	13.7%
Net Cash Per Share (Rs)	49.92	64.71	76.40	87.55
BVPS (Rs)	108.47	119.82	130.30	142.27
Gross Interest Cover	37.67	26.10	28.04	32.04
Effective Tax Rate	25.3%	25.8%	25.5%	25.5%
Net Dividend Payout Ratio	29.2%	35.5%	47.5%	47.9%
Accounts Receivables Days	67.20	68.69	65.36	62.33
Inventory Days
Accounts Payables Days	30.64	31.53	30.31	29.47
ROIC (%)	39.5%	32.0%	36.8%	43.2%
ROCE (%)	20.0%	13.9%	13.7%	14.3%
Return On Average Assets	15.8%	11.1%	11.1%	11.8%

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

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

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Market Data

Source: Bloomberg