Stock ECLERX ECLERX SERVICES LIMITED
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Financials eClerx Services Limited

Equities

ECLERX

INE738I01010

Business Support Services

Market Closed - NSE India S.E.
Other stock markets
 07:43:52 2024-06-03 am EDT 		5-day change 1st Jan Change
2,191 INR -0.12% Intraday chart for eClerx Services Limited -2.36% -15.44%
May. 20 Nomura Adjusts eClerx Services’ Price Target to INR2,800 From INR3,000, Keeps at Buy MT
May. 17 EClerx Services Limited Recommends Dividend for the Financial Year Ended March 31, 2024 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 44,427 13,514 37,509 78,114 61,853 105,814 - -
Enterprise Value (EV) 1 37,068 5,812 30,316 71,238 54,961 114,177 91,308 87,526
P/E ratio 19.1 x 6.38 x 13.6 x 19.5 x 13.3 x 22.7 x 19.7 x 16.2 x
Yield 0.09% 0.27% 0.09% 0.04% 0.08% 0.05% 0.06% 0.06%
Capitalization / Revenue 3.11 x 0.94 x 2.4 x 3.62 x 2.34 x 3.9 x 3.23 x 2.89 x
EV / Revenue 2.59 x 0.4 x 1.94 x 3.3 x 2.08 x 3.9 x 2.79 x 2.39 x
EV / EBITDA 12.1 x 1.8 x 6.77 x 10.8 x 7.61 x 14.7 x 11.5 x 9.26 x
EV / FCF 24.1 x 1.95 x 9.31 x 18.4 x 12.6 x 20.7 x 18.2 x 17 x
FCF Yield 4.16% 51.4% 10.7% 5.44% 7.94% 4.82% 5.49% 5.87%
Price to Book 3.14 x 1.01 x 2.56 x 5.01 x 3.61 x 4.9 x 4.41 x 3.69 x
Nbr of stocks (in thousands) 58,067 55,475 51,009 49,414 47,933 48,231 - -
Reference price 2 765.1 243.6 735.3 1,581 1,290 2,194 2,194 2,194
Announcement Date 5/23/19 6/9/20 6/10/21 5/24/22 5/25/23 5/16/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,306 14,376 15,645 21,603 26,479 29,255 32,723 36,660
EBITDA 1 3,076 3,235 4,480 6,606 7,222 7,748 7,948 9,452
EBIT 1 2,629 2,526 3,664 5,574 6,082 6,490 6,832 8,143
Operating Margin 18.38% 17.57% 23.42% 25.8% 22.97% 22.18% 20.88% 22.21%
Earnings before Tax (EBT) 1 3,115 2,805 3,806 5,605 6,530 6,893 7,118 8,540
Net income 1 2,283 2,090 2,826 4,174 4,888 5,115 5,309 6,364
Net margin 15.96% 14.54% 18.06% 19.32% 18.46% 17.48% 16.22% 17.36%
EPS 2 39.99 38.17 54.19 81.05 97.15 104.4 111.3 135.1
Free Cash Flow 1 1,540 2,985 3,257 3,873 4,366 4,520 5,009 5,140
FCF margin 10.77% 20.76% 20.82% 17.93% 16.49% 15.47% 15.31% 14.02%
FCF Conversion (EBITDA) 50.07% 92.26% 72.71% 58.63% 60.45% 56.88% 63.02% 54.37%
FCF Conversion (Net income) 67.48% 142.83% 115.28% 92.8% 89.32% 86.72% 94.36% 80.76%
Dividend per Share 2 0.6667 0.6667 0.6667 0.6667 1.000 1.000 1.250 1.250
Announcement Date 5/23/19 6/9/20 6/10/21 5/24/22 5/25/23 5/16/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 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
Net sales 1 3,943 4,728 4,863 5,233 5,592 5,917 6,178 6,503 6,867 6,931 6,845 7,082 7,503 7,569 7,895
EBITDA 1 1,121 1,525 1,412 1,651 1,724 1,820 1,435 1,813 1,905 2,069 1,673 1,817 2,164 2,052 1,720
EBIT 1 918.6 1,281 1,175 1,399 1,460 1,540 1,186 1,539 1,606 1,751 1,389 1,582 1,847 1,801 1,384
Operating Margin 23.29% 27.08% 24.16% 26.74% 26.1% 26.03% 19.2% 23.67% 23.39% 25.26% 20.29% 22.35% 24.62% 23.79% 17.53%
Earnings before Tax (EBT) 959.4 1,289 1,215 1,353 1,449 1,587 1,355 1,698 1,732 1,745 - 1,695 1,938 - 1,558
Net income 1 710.4 987.5 913.1 1,007 1,066 1,188 992 1,259 1,312 1,325 1,063 1,206 1,421 1,395 1,166
Net margin 18.02% 20.89% 18.78% 19.25% 19.06% 20.07% 16.06% 19.36% 19.1% 19.12% 15.53% 17.03% 18.94% 18.43% 14.77%
EPS 2 13.86 19.21 17.70 19.31 20.76 23.44 19.63 24.93 26.01 26.66 21.82 24.67 29.16 28.66 24.10
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 1/28/21 6/10/21 8/13/21 11/2/21 2/2/22 5/24/22 8/9/22 11/10/22 2/2/23 5/25/23 8/9/23 - - - -
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 7,359 7,702 7,192 6,876 6,891 12,081 14,506 18,288
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,540 2,985 3,257 3,873 4,366 4,520 5,009 5,140
ROE (net income / shareholders' equity) 17.7% 15.6% 20.1% 27.2% 29.8% 26.6% 23.4% 24.8%
ROA (Net income/ Total Assets) 15.1% 12.5% - - - - - -
Assets 1 15,141 16,666 - - - - - -
Book Value Per Share 2 244.0 241.0 287.0 316.0 357.0 448.0 498.0 594.0
Cash Flow per Share 36.10 60.80 - - - - - -
Capex 1 521 343 388 608 684 1,577 1,375 1,538
Capex / Sales 3.64% 2.39% 2.48% 2.82% 2.58% 5.4% 4.2% 4.19%
Announcement Date 5/23/19 6/9/20 6/10/21 5/24/22 5/25/23 5/16/24 - -
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 eClerx Services Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
2,194 INR
Average target price
2,700 INR
Spread / Average Target
+23.09%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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