Abhishek SHINDADKAR

Abhishek SHINDADKAR

Director - Research
(91) 22 4161 1543
abhishek.shindadkr@incredresearch.com
Executive Summary

Abhishek Shindadkar joins our InCred Research team from May 2021. He has over 16 years of Equity Research experience, tracking technology, internet, and staffing companies. He was previously associated with organizations such as Elara Capital, Equirus Securities, ICICI Direct and Evalueserve and comes with an excellent track record of identifying multi-baggers. He holds an MBA and a Bachelor of Engineering.

Valuation
Company Industry Sector Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
Birlasoft IT Services Technology HOLD 2.1 552 570 3.2% 11.5 16.4 17.1 42.5% 4.6% 33.72 32.24 6.08 6.35 22.74 0.81% 19.5%
Coforge Limited IT Services Technology REDUCE 7.5 8,117 4,431 (45.4)% 74.6 108.8 111.7 45.8% 2.6% 74.60 72.68 18.43 16.37 45.28 0.63% 26.0%
Cyient Limited IT Services Technology ADD 2.8 1,813 2,034 12.2% 33.1 47.5 46.8 43.6% (1.5%) 38.17 38.76 6.39 5.75 23.12 1.32% 23.0%
HCL Technologies IT Services Technology ADD 68.0 1,821 2,021 11.0% 40.6 49.8 54.8 22.8% 10.0% 36.55 33.23 7.98 7.54 23.81 2.42% 22.2%
Infosys IT Services Technology ADD 104.3 1,825 2,166 18.7% 45.4 52.2 57.3 15.0% 9.8% 34.94 31.82 10.21 10.13 23.92 1.69% 29.2%
L&T Infotech IT Services Technology HOLD 0.0 0 5,251 0.0% 110.5 130.9 153.3 18.5% 17.1% 0.00 0.00 0.00 0.00 (1.04) 0.00% 28.5%
L&T Technology Services Ltd IT Services Technology HOLD 7.5 5,133 5,619 9.5% 62.8 90.6 114.0 44.2% 25.9% 56.65 45.01 13.03 12.37 37.17 0.68% 25.1%
LTIMindtree Ltd IT Services Technology ADD 24.0 5,886 7,264 23.4% 0.0 133.5 148.9 0.0% 11.6% 44.10 39.52 12.19 10.51 32.02 0.55% 55.3%
Mindtree Ltd IT Services Technology ADD 0.0 0 3,699 0.0% 67.5 100.3 120.0 48.6% 19.6% 0.00 0.00 0.00 0.00 (1.29) 0.00% 33.8%
Mphasis IT Services Technology HOLD 7.3 2,789 3,294 18.1% 65.0 76.4 86.3 17.7% 13.0% 36.50 32.31 7.63 6.66 24.31 1.63% 21.5%
Persistent Systems Ltd IT Services Technology HOLD 12.3 5,710 6,260 9.6% 29.5 45.2 60.3 53.2% 33.4% 126.43 94.76 25.91 22.01 89.98 0.27% 30.0%
Sonata Software IT Services Technology HOLD 2.1 547 826 51.0% 8.8 13.6 16.3 54.3% 20.0% 40.32 33.59 13.81 11.67 30.75 1.92% 37.6%
Tata Consultancy Services IT Services Technology ADD 201.3 4,040 4,915 21.7% 86.7 103.6 115.2 19.5% 11.2% 38.98 35.06 16.76 16.34 27.38 1.06% 43.7%
Tata Elxsi Ltd Technology - Overall Technology REDUCE 5.6 6,549 6,064 (7.4)% 59.3 88.3 121.3 49.0% 37.4% 74.18 54.00 25.48 19.55 51.98 0.73% 37.2%
Tata Technologies Ltd Technology - Overall Technology REDUCE 5.3 949 740 (22.0)% 5.9 10.8 15.4 82.7% 42.8% 88.10 61.69 16.88 12.88 57.75 0.00% 19.8%
Tech Mahindra Services - Overall Services ADD 22.9 1,700 1,877 10.4% 50.5 63.0 54.6 24.9% (13.4%) 26.97 31.15 5.60 5.39 18.02 2.63% 21.5%
Wipro IT Services Technology HOLD 40.5 562 466 (17.0)% 18.8 21.9 20.7 16.9% (5.6%) 25.64 27.15 4.71 3.97 17.95 1.07% 20.0%
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