Financials Mphasis Limited NSE India S.E.

Equities

MPHASIS

INE356A01018

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 07:43:49 2024-05-09 EDT			5-day change	1st Jan Change
2,249 ^INR	-1.33%		-2.83%	-17.90%

05-09	Mphasis Limited Appoints Sunil Gulati as an Independent Director	CI
04-29	Nomura Adjusts Mphasis’ Price Target to INR2,010 From INR2,030, Keeps at Reduce	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	184,143	123,894	333,580	634,185	338,451	425,044	-	-
Enterprise Value (EV) ¹	172,452	108,572	318,142	620,214	316,223	451,265	407,884	400,890
P/E ratio	17.8 x	10.5 x	27.7 x	44.7 x	20.8 x	29.2 x	24.8 x	21.5 x
Yield	2.73%	5.27%	2.13%	1.36%	2.78%	2.39%	2.64%	2.95%
Capitalization / Revenue	2.38 x	1.4 x	3.43 x	5.3 x	2.45 x	3.4 x	2.94 x	2.64 x
EV / Revenue	2.23 x	1.23 x	3.27 x	5.19 x	2.29 x	3.4 x	2.82 x	2.49 x
EV / EBITDA	13 x	6.58 x	17.6 x	29.3 x	13 x	18.6 x	15.3 x	13.4 x
EV / FCF	19.9 x	9.09 x	23.9 x	38.9 x	23.4 x	25.6 x	24.5 x	21.5 x
FCF Yield	5.01%	11%	4.18%	2.57%	4.26%	3.91%	4.09%	4.65%
Price to Book	3.51 x	2.13 x	5.16 x	9.2 x	4.27 x	5.14 x	4.57 x	4.26 x
Nbr of stocks (in thousands)	186,219	186,447	187,042	187,818	188,400	188,959	-	-
Reference price ²	988.8	664.5	1,783	3,377	1,796	2,249	2,249	2,249
Announcement Date	19-05-27	20-05-14	21-05-13	22-04-28	23-04-27	24-04-25	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	77,310	88,435	97,223	119,614	137,985	132,785	144,582	161,248
EBITDA ¹	13,238	16,504	18,029	21,176	24,340	24,219	26,576	29,985
EBIT ¹	12,480	14,188	15,611	18,269	21,087	20,114	22,186	25,344
Operating Margin	16.14%	16.04%	16.06%	15.27%	15.28%	15.15%	15.34%	15.72%
Earnings before Tax (EBT) ¹	14,073	15,154	16,306	19,129	21,731	20,683	22,996	26,527
Net income ¹	10,734	11,848	12,168	14,309	16,379	15,548	17,216	19,896
Net margin	13.88%	13.4%	12.52%	11.96%	11.87%	11.71%	11.91%	12.34%
EPS ²	55.50	63.09	64.43	75.61	86.37	81.83	90.65	104.5
Free Cash Flow ¹	8,648	11,949	13,284	15,957	13,486	16,160	16,670	18,653
FCF margin	11.19%	13.51%	13.66%	13.34%	9.77%	12.13%	11.53%	11.57%
FCF Conversion (EBITDA)	65.33%	72.4%	73.68%	75.35%	55.41%	67.17%	62.72%	62.21%
FCF Conversion (Net income)	80.57%	100.85%	109.17%	111.52%	82.34%	103.76%	96.82%	93.75%
Dividend per Share ²	27.00	35.00	38.00	46.00	50.00	53.72	59.43	66.35
Announcement Date	19-05-27	20-05-14	21-05-13	22-04-28	23-04-27	24-04-25	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	26,908	28,692	31,237	32,777	34,112	35,198	35,062	33,612	32,520	32,765	33,379	34,149	34,812	35,663	36,356
EBITDA ¹	4,893	4,980	5,531	5,772	6,000	6,178	6,175	5,987	5,869	5,956	6,006	6,177	6,210	6,399	6,632
EBIT ¹	4,270	4,320	4,705	4,973	5,204	5,376	5,354	5,152	4,995	5,067	4,972	5,168	5,237	5,435	5,582
Operating Margin	15.87%	15.06%	15.06%	15.17%	15.26%	15.27%	15.27%	15.33%	15.36%	15.46%	14.9%	15.13%	15.04%	15.24%	15.35%
Earnings before Tax (EBT) ¹	4,581	4,597	4,796	5,156	5,329	5,551	5,510	5,341	5,258	5,217	4,986	5,224	5,406	5,773	5,846
Net income ¹	3,397	3,415	3,577	3,921	4,019	4,185	4,123	4,053	3,961	3,919	3,736	3,916	4,085	4,254	4,385
Net margin	12.62%	11.9%	11.45%	11.96%	11.78%	11.89%	11.76%	12.06%	12.18%	11.96%	11.19%	11.47%	11.73%	11.93%	12.06%
EPS ²	17.91	17.96	18.85	20.61	21.17	22.10	21.78	21.39	20.93	20.62	19.64	20.44	21.50	22.17	22.73
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21-07-22	21-10-21	22-01-20	22-04-28	22-07-21	22-10-20	23-01-19	23-04-27	23-07-20	23-10-19	24-02-01	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	11,691	15,322	15,438	13,972	22,228	11,414	17,160	24,154
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,648	11,949	13,284	15,957	13,486	16,160	16,670	18,653
ROE (net income / shareholders' equity)	20%	21.4%	19.7%	21.2%	22%	19.6%	19.2%	20.6%
ROA (Net income/ Total Assets)	15%	14.7%	13.4%	14.2%	14.6%	13.8%	11.7%	12.9%
Assets ¹	71,782	80,623	90,739	100,775	111,828	112,910	147,350	154,513
Book Value Per Share ²	282.0	313.0	346.0	367.0	421.0	438.0	492.0	528.0
Cash Flow per Share ²	49.10	70.30	77.00	90.70	77.10	101.0	109.0	120.0
Capex ¹	849	1,261	1,262	1,200	1,131	13,627	3,708	3,939
Capex / Sales	1.1%	1.43%	1.3%	1%	0.82%	10.23%	2.56%	2.44%
Announcement Date	19-05-27	20-05-14	21-05-13	22-04-28	23-04-27	24-04-25	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mphasis Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,249 INR

Average target price

2,465 INR

Spread / Average Target

+9.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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