InCred Equities - Data Patterns (India) Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	5,198	6,226	8,110	10,934
Operating EBITDA (Rsm)	2,216	2,708	3,405	4,521
Net Profit (Rsm)	1,817	2,224	2,717	3,555
Core EPS (Rs)	32.4	39.7	48.5	63.5
Core EPS Growth	46.5%	22.4%	22.2%	30.8%
FD Core P/E (x)	70.62	57.70	47.22	36.09
DPS (Rs)	4.5	5.6	6.9	9.0
Dividend Yield	0.20%	0.25%	0.30%	0.39%
EV/EBITDA (x)	56.13	45.72	36.08	26.70
P/FCFE (x)	(150.55)	396.90	405.94	124.77
Net Gearing	(29.7%)	(29.8%)	(31.4%)	(36.9%)
P/BV (x)	9.69	8.47	7.34	6.25
ROE	14.6%	15.7%	16.7%	18.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	5,198	6,226	8,110	10,934
Gross Profit	3,547	4,350	5,515	7,370
Operating EBITDA	2,216	2,708	3,405	4,521
Depreciation And Amortisation	(161)	(144)	(212)	(251)
Operating EBIT	2,055	2,564	3,193	4,270
Financial Income/(Expense)	(93)	(119)	(138)	(186)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	460	514	568	656
Profit Before Tax (pre-EI)	2,422	2,959	3,623	4,740
Exceptional Items
Pre-tax Profit	2,422	2,959	3,623	4,740
Taxation	(605)	(735)	(906)	(1,185)
Exceptional Income - post-tax
Profit After Tax	1,817	2,224	2,717	3,555
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,817	2,224	2,717	3,555
Recurring Net Profit	1,817	2,224	2,717	3,555
Fully Diluted Recurring Net Profit	1,817	2,224	2,717	3,555

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	2,216	2,708	3,405	4,521
Cash Flow from Invt. & Assoc.
Change In Working Capital	(213)	(521)	239	141
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	164
Other Operating Cashflow	(143)
Net Interest (Paid)/Received
Tax Paid	(631)	(735)	(906)	(1,185)
Cashflow From Operations	1,394	1,451	2,738	3,477
Capex	(872)	(900)	(769)	(414)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,367)	(228)	(1,653)	(2,035)
Cash Flow From Investing	(2,239)	(1,128)	(2,422)	(2,449)
Debt Raised/(repaid)	(7)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(252)	(316)	(386)	(505)
Preferred Dividends
Other Financing Cashflow	(162)	(113)	(91)	(115)
Cash Flow From Financing	(421)	(429)	(477)	(620)
Total Cash Generated	(1,266)	(106)	(160)	408
Free Cashflow To Equity	(852)	323	316	1,028
Free Cashflow To Firm	(845)	323	316	1,028

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,927	4,511	5,481	7,584
Total Debtors	3,988	4,605	5,333	6,590
Inventories	2,668	2,900	3,333	4,194
Total Other Current Assets	804	921	1,111	1,198
Total Current Assets	11,387	12,937	15,258	19,566
Fixed Assets	1,983	2,725	3,282	3,446
Total Investments	2,622	2,490	3,244	4,374
Intangible Assets
Total Other Non-Current Assets	926	1,109	1,445	1,312
Total Non-current Assets	5,531	6,324	7,971	9,131
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	501	600	800	1,198
Other Current Liabilities	2,956	3,292	4,666	6,590
Total Current Liabilities	3,457	3,892	5,466	7,789
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	150	156	203	273
Total Non-current Liabilities	150	156	203	273
Total Provisions	69	77	94	118
Total Liabilities	3,676	4,125	5,763	8,181
Shareholders Equity	13,242	15,150	17,482	20,532
Minority Interests
Total Equity	13,242	15,150	17,482	20,532

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	14.6%	19.8%	30.3%	34.8%
Operating EBITDA Growth	29.0%	22.2%	25.7%	32.8%
Operating EBITDA Margin	42.6%	43.5%	42.0%	41.3%
Net Cash Per Share (Rs)	70.12	80.55	97.88	135.42
BVPS (Rs)	236.47	270.54	312.17	366.64
Gross Interest Cover	22.02	21.60	23.16	22.97
Effective Tax Rate	25.0%	24.8%	25.0%	25.0%
Net Dividend Payout Ratio	13.9%	14.2%	14.2%	14.2%
Accounts Receivables Days	274.30	251.90	223.63	199.01
Inventory Days	508.14	541.89	438.27	385.37
Accounts Payables Days	104.63	107.19	98.45	102.31
ROIC (%)	29.0%	37.1%	38.2%	47.2%
ROCE (%)	16.5%	18.0%	19.5%	22.4%
Return On Average Assets	12.2%	13.0%	13.4%	14.4%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg