Stock Verdict Birlasoft LTD 2024-06-05

Report as on 5 June 2024 at 11:51 AM
LOW DEBT
Very Positive Birlasoft Ltd
Results in Mar 24
Strong buy
Mildly Bullish
Technical Trend
CMP: 619.10
Fair STOCK INFO:
Valuation BSE – 532400/ NSE – BSOFT
Market Cap - Mid Cap (Rs. 17,092 cr)
Sector – IT - Software
High (42.1%) 52 w H/L (Rs.) – 861.6/326.9
Dividend Yield: 0.75%
Institutional Holding Debt Equity: -0.45%
Return on Equity: 20.49%
Price to Book: 5.42
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Birlasoft Ltd
CMP: 619.10 Strong Buy 81
Report as on 5 June 2024 at 11:51 AM
Strong Sell Sell Hold Buy Strong Buy
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WHY IT’S A STRONG BUY? IS THIS STOCK FOR YOU?

Medium Risk, High Return (1 Year)
Low Debt Company with Strong Long Term
Fundamental Strength Absolute Risk Volatility
Adjusted
-Healthy long term growth as Operating profit has
grown by an annual rate 23.97% Birlasoft Ltd 78.78% 2.50 31.57%
-Company has a low Debt to Equity ratio (avg) at 0 SENSEX 16.69% 1.37 12.19%
times
How much should you buy? -
-The company has been able to generate a Return
Overall Portfolio exposure to Birlasoft Ltd should be less
on Capital Employed (avg) of 33.97% signifying high
than 10%
profitability per unit of total capital (equity and debt)
Overall Portfolio exposure to IT - Software should be
With a growth in Net Profit of 11.81%, the less than 30%
company declared Very Positive results in Mar 24 (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in IT - Software )
-The company has declared positive results for the
last 4 consecutive quarters When to exit? - We will constantly monitor the company
and suggest at the appropriate time to exit from the
-ROCE(HY) Highest at 27.24 % stock
-NET SALES(Q) Highest at Rs 1,362.55 cr
-PBDIT(Q) Highest at Rs 221.67 cr. RETURNS SUMMARY (Price + Dividend)
Stock is technically in a Mildly Bullish range The stock gave a total returns of 80.08% in the last 1 year
Outperforming Sensex returns of 16.69%
-The stocks MACD and KST technical factors are also
200%
Bullish
With ROE of 20.5, it has a Fair valuation with a 5.4 100%
Price to Book Value

0%
-The stock is trading at a premium compared to its
average historical valuations
-100%
-Over the past year, while the stock has generated a
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return of 78.78%, its profits have risen by 88.1% ; the

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PEG ratio of the company is 0.3

Birlasoft Ltd MIDCAP
High Institutional Holdings at 42.1%
-These investors have better capability and
Investors Returns (3 years) –
resources to analyse fundamentals of companies
than most retail investors. Period 6M 1Y 2Y 3Y
-Their stake has increased by 0.69% over the Stock (%) -2.86% 80.08% 64.86% 88.47%
previous quarter.
Sector (%) 3.68% 3.68% 9.48% 18.82%
Sensex (%) 5.73% 16.69% 31.38% 40.63%
MOJO PROFESSIONAL 1
Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM
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MOJO PROFESSIONAL 2
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QUALITY
LOW DEBT COMPANY WITH STRONG

LONG TERM FUNDAMENTAL STRENGTH
High Growth in Net Sales 6000Cr

5,278
of 15.7% CAGR
15.7%
4,794
4,130
Company has experienced an increase
CAGR in its Net Sales in each of the past 4
4000Cr
3,290
consecutive years 2,550
Company’s Net Sales growth has 2000Cr

increased in each of the past 4
consecutive years
Net Sales has seen a high growth of 0Cr
10.1% over previous period Mar 2019 Mar 2020 Mar 2022 Mar 2023 Mar 2024
Total Debt Debt to Equity Ratio

Low Debt to Equity Ratio Mar 2024 93.17 -0.37
Company’s average Debt to Equity ratio over the past few years Mar 2023 85.69 -0.32
is low at -0.37 times
Mar 2022 117.76 -0.29
No clear trend in Debt to Equity Ratio numbers Mar 2020 135.77 -0.16
ROE
The company has been able to generate a Return on Equity
15.71% ROE
(avg) of 15.71% signifying high profitability per unit of
shareholders funds
Dividend Payout Ratio

Company's high Dividend Pay-out ratio of 29.01% signifying the
29.01%
Dividend Payout Ratio
profits of the company are real
MOJO PROFESSIONAL 3
FINANCIAL TREND
Positive
WITH A GROWTH IN NET PROFIT

results for
OF 11.81%, THE COMPANY 4

DECLARED VERY POSITIVE consecutive
quarters
RESULTS IN MAR 24
Near term sales trend is very 1 226.39 1 262.77 1 309.88 1 342.95 1 362.55
positive
Rs 1,362.6
cr Net Sales (Rs Cr)
Highest at Rs 1,362.55 cr and Grown
Net Sales - each quarter in the last five quarters
Quarterly
Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Near term Operating Profit trend

Rs 221.7 is quite positive 207.15 214.29 221.67
193.12
cr Operating Profit (Rs Cr)

Highest at Rs 221.67 cr. and Grown
166.96
Operating Profit each quarter in the last five quarters

- Quarterly
Company's efficiency has

improved 15.81 15.96 16.27
15.29
16.3% 13.61
Operating Profit to Sales

Operating Profit Highest at 16.27% and Grown
Margin - each quarter in the last five quarters
Quarterly
MOJO PROFESSIONAL 4
FINANCIAL TREND
Near term PBT trend is very

Rs 196.5 positive 196.5
179.96 187.28
cr PBT less Other Income (Rs Cr)

Highest at Rs 196.50 cr. and Grown
142.03
167.51
PBT - Quarterly each quarter in the last five quarters
Near term PAT trend is positive 180.08

161.06
29.6% PAT (Rs Cr)

At Rs 180.08 cr has Grown at 29.6 % 112.17
137.54
145.08
PAT Growth over average PAT of the previous four quarters of Rs

138.96 Cr
The company has displayed 26.63 27.24
27.2% increased efficiency by generating 23.28
higher profit on overall capital 18.08 18.84
ROCE - Half (equity and debt)

Yearly
ROCE (%)
Highest at 27.24 %
in the last five half yearly periods
Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024
MOJO PROFESSIONAL 5
FINANCIAL TREND
Increasing profitability; company 6.53

has created higher earnings for 5.84
Rs 6.5 cr shareholders
5
5.27
4.08
Earnings per
EPS (Rs)
Share (EPS) -
Highest at Rs 6.53
Quarterly
in the last five quarters
Mar'24 Dec'23 Change%

Net Sales 1,362.6 1,343.0 1.5%
Key Operating Profit (PBDIT) excl Other Income 221.7 214.3 3.4%
Result Interest 4.1 6.0 -31.4%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 180.1 161.1 11.8%
Operating Profit Margin (Excl OI) 16.3 16.0 0.3%
Consolidate- figures in Rs
Cr
MOJO PROFESSIONAL 6
TECHNICALS
STOCK IS TECHNICALLY IN A MILDLY

BULLISH RANGE
Mildly Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average
619.10 666.37 652.99
Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Mildly Bullish (monthly)
KST Bullish (monthly)
Dow Theory Mildly Bullish (weekly)
Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
85.78%
78.78%
1.56%
53.47%
29.87%
-18.43%
Stock BSE 500 Stock BSE 500 Stock BSE 500
MOJO PROFESSIONAL 7
VALUATION
WITH ROE OF 20.5, IT HAS A FAIR

VALUATION WITH A 5.4 PRICE TO BOOK
VALUE
Expensive
Fair KPIT
TataTechnologi.
Technolog.
valuation
Coforge
Valuation Cyient Birlasoft Ltd
as compared to its Fundamentals

Attractive
Weak Fundamental Strong
Price to Book Value vs ROE
Expensive 24 9.6
Fundamental
Valuation
as compared to its 12 4.8
past valuations 0 0
24
0
3
19
20
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02
02
02
20
20
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Birlasoft Ltd Fair 5.4 26.5 0.3 0.8%
Valuation
Multiples Tata Technolog. Very Expensive 12.8 60.5 0 0%
vs Peers KPIT Technologi. Very Expensive 17.6 63.7 1.1 0.3%
Coforge Expensive 9.2 41.6 0 1.4%
Cyient Fair 4.4 25.7 0.8 1.6%
MOJO PROFESSIONAL 8
SHAREHOLDING
INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 42.1 % OF THE COMPANY
These investors have better capability and resources 60%
to analyse fundamentals of companies than most

retail investors. 41.41% 42.10%
39.96%
40%
Their stake has increased by 0.69% over the previous 32.50% 32.68%
35.80%
quarter.
20%
0%
Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24
Insurance
Companies
FIIs
23.48%
Raising FIIs Confidence
2.06% Other FIIs have increased holdings this quarter and now hold 23.48% of the
Mutual Fu…
0.02% company
16.22% Non Instit…
16.99%
Other DIIs
0.34%
Promoters
40.92%
FII
30%
23.48%
holding has increased by 2.23% 21.25%
20% 17.57%
Number of FIIs holding stake in the company has
increased to 324 from 282
11.47% 11.31%
10%
0%
MOJO PROFESSIONAL 9
RETURNS
MARKET BEATING PERFORMANCE

The stock has generated 200%
a return of 78.78% in the
last 1 year, much higher 100%
78.78% than market (BSE 500)

returns of 29.87% 0%
UP -100%
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Birlasoft Ltd BSE500
Inconsistent Performance against Mid Cap

companies
Birlasoft Ltd has not been a consistent
performer in the last 1 year
4th
Quartile
1st
Quartile
4th
Quartile
Stock has been in the 1st quartile in 2023 and
in 4th in YTD period
YTD 2023 2022

-17.07% 141.20% -45.09%
Company 1 Month 3 Month 1 Year 3 Years
Return Birlasoft Ltd -2.29% -18.43% 78.78% 85.78%

Comparison TCS -2.29% -6.48% 14.04% 19.35%
with Peers Infosys 0.9% -11.02% 9.52% 3.18%
Closest peers by
market cap HCL Technologies -0.02% -16.8% 18.38% 43.82%
Wipro -1.72% -12.53% 11.06% -17.02%
MOJO PROFESSIONAL 10
RESULT
ANALYSIS 
QUARTERLY VARIANCE
QUARTER RESULTS VARIANCE ANALYSIS

Mar'24 Dec'23 QoQ Mar'23 YoY Comments
Total Operating income 1,363 1,343 1.5% 1,226 11.1% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 1,141 1,129 1.1% 1,059 7.7% QoQ and YoY increase
Operating Profit (PBDIT) excl Other Income 222 214 3.4% 167 32.8% QoQ and YoY increase
Other Income 46 28 62.3% -2 -2%
Operating Profit (PBDIT) 267 242 10.3% 165 62.4% High Growth in previous quarter
and same quarter last year
Interest 4 6 -31.4% 4 2.8%
Exceptional Items 0 0 0% 0 0%
Depreciation 21 21 0.1% 21 0.6% QoQ and YoY increase
Profit Before Tax 242 215 12.4% 140 73.4% High Growth in previous quarter
Tax 62 54 14.2% 28 125.5% High Growth in previous quarter
Provisions and contingencies 0 0 0% 0 0%
Net Profit 180 161 11.8% 112 60.5% High Growth in previous quarter
Share in Profit of Associates 0 0 0% 0 0%
Minority Interest 0 0 0% 0 0%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 180 161 11.8% 112 60.5% High Growth in previous quarter
Consolidate results triggered in Rs Cr
Margins
Mar'24 Dec'23 Sep'23 Jun'23 Mar'23 Avg. (4 Comments
Qtrs)
OPM 16.3% 16.0% 15.8% 15.3% 13.6% 15.2% Higher than average (4 Qtrs) – Promising
GPM 19.3% 17.6% 16.6% 16.1% 13.1% 15.8% Higher than average (4 Qtrs) – Promising
NPM 13.2% 12.0% 11.1% 10.9% 9.2% 10.8% Higher than average (4 Qtrs) – Promising
ANNUAL RESULT
NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2024 IS 10.08% VS 16.09% IN MAR
2023
Consolidated Net Profit: YoY Growth in year ended Mar 2024 is 88.12% vs -28.48% in Mar
2023
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2024 is
60.67% vs -18.69% in Mar 2023
Interest: YoY Growth in year ended Mar 2024 is 7.26% vs 42.78% in Mar 2023 10.08%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2024 has improved from NET SALES
Mar 2023
Mar'24 Mar'23 Change(%)

Net Sales 5,278.15 4,794.77 10.08%
Key Operating Profit (PBDIT) excl Other Income 836.23 520.47 60.67%
Annual Interest 19.94 18.59 7.26%
Results Exceptional Items 0.00 0.00
Consolidated Net Profit 623.76 331.58 88.12%
Operating Profit Margin (Excl OI) 15.84 10.85 4.99%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year
Net Sales-YoY Growth in year ended Mar 2024 is 10.08% vs Consolidated Net Profit-YoY Growth in year ended Mar 2024
16.09% in Mar 2023 is 88.12% vs -28.48% in Mar 2023
10000 1000
623.76
4,794.77 5,278.15
4,130.35 463.64
5000 3,290.97 3,555.72 500 331.58
320.83
224.35
0 0
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2024 is 60.67% vs -18.69% in Mar 2023 Mar 2024 has improved from Mar 2023
1000 836.23 20
14.88 15.50 15.84
640.12 11.91
529.23 520.47 10.85
500 391.92 10
0 0
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Figures in Rs Crore
BALANCESHEET AND CASHFLOW
BALANCE SHEET AND CASH FLOW

ANALYSIS
0.0% Borrowings
Mar'23
0.00
Mar'22
0.00
Change%
Increase
Other Long Term Liabilities 66.21 91.16 -27.37%
Fixed Assets 652.21 614.66 6.11%
Investments 74.11 54.07 37.06%
in Borrowings in quarter Current Assets 2,169.77 2,433.30 -10.83%
ended Mar 2023 vs in
Figures in Rs Cr
Mar 2022
Other Long Term Liabilities: YoY Growth in year ended Mar 2023 is -27.37% vs -8.73% in Mar 2022
Fixed Assets: YoY Growth in year ended Mar 2023 is 6.11% vs 4.75% in Mar 2022
Investments: YoY Growth in year ended Mar 2023 is 37.06% vs in Mar 2022
Current Assets: YoY Growth in year ended Mar 2023 is -10.83% vs 15.58% in Mar 2022
Cash From Operation - YoY Growth in year ended Mar

99.84% 2023 is 99.84% vs -49.68% in Mar 2022
Mar'23 Mar'22 Change%
GROWTH Cash Flow from Operating Activities 560.92 280.69 99.84%
Figures in Rs Cr
750
557.84 560.92
500
309.91 280.69
250
-71.58
-250
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
PEER COMPARISION
PEER COMPARISON
Birlasoft Ltd Coforge Cyient Indiamart Inter. Sonata
Software
Size
Market Cap (Cr.) 17,241 34,200 19,851 14,684 14,258
Annual Sales (TTM) (Cr.) 5,278 9,179 7,147 1,197 8,613
Annual Net Profit (TTM) (Cr.) 624 799 735 335 483
Growth Factors (TTM)
Net Sales Growth 1 year 10.1% 14.5% 18.8% 21.5% 15.6%
Operating Profit Growth 1 year 71.4% 8.5% 38.8% 24.6% 9.3%
Net Profit Growth 1 year 88.1% 8.9% 33.7% 18.2% 6.9%
Net Sales Growth 5 year 15.7% 20.1% 9.1% 18.7% 23.8%
Operating Profit Growth 5 year 24% 16.2% 14.8% 87.3% 13%
Net Profit Growth 5 year 17.7% 14.4% 8.8% 75.9% 14.3%
Capital Structure Factors
EBIT to Interest 37.7 8.8 8.9 33.1 7
Debt to EBITDA 0.1 0.5 0.6 0.1 1.1
Net Debt to Equity -0.5 0.1 -0.1 -1.3 -0.2
Sales to Capital Employed 3.1 2.3 1.8 - 8
Management Quality Factors
ROCE (latest) 44.7% 27.6% 26% -53.9% 55.4%
ROE(latest) 20.5% 22% 17.3% 19.3% 34.4%
Tax Ratio 25.3% 21.7% 24.5% 22.5% 24.3%
Operating CF to Net Profit 169.2% 129.6% 100.8% 166.8% 59.4%
Dividend Payout Ratio 29% 56.4% 55.9% 35.9% 48.3%
Valuation Factors
PE Ratio 26.5 41.6 25.7 42.9 29.2
Price to Book 5.4 9.2 4.4 8.3 10
PEG Ratio 0.3 - 0.8 2.1 4.2
Dividend Yield 0.8% 1.4% 1.6% - 1.6%
EV to EBITDA 18.1 23.6 14.3 36.5 18.9
EV to Capital Employed 9 8.4 4.7 -22.1 12.8
Shareholding
Promoter Holdings 40.9% - 23.2% 49.2% 28.2%
Promoter Pledged Holdings - - - - -
Total Institutional Holding 42.1% 89.3% 57% 33.7% 33%
FII Holdings 23.5% 35% 31% 23.1% 13.9%
Returns
1 Month -1.6% 14.4% -0.8% -11.6% -24.4%
3 Months -17.8% -18.8% -9% -6.2% -38.3%
YTD -13.5% -18.3% -22.2% -9.1% -31.4%
1 Year 80.1% 11.6% 28.1% -11.9% 4.6%
3 Years 87.1% 38.8% 122% -28.6% 85.2%
COMPANY BACKGROUND
COMPANY BACKGROUND
About the Company

Birla Soft Ltd (formerly Knowns as KPIT Technologies Limited) was incorporated as
INDUSTRY : IT - Public Limited Company on 28th December, 1990. The Company provides Software
Software Development, global IT consulting and product engineering solutions to its clients,
predominantly in Banking, Financial Services and Insurance, Life Sciences and
Services, Energy Resources and Utilities and Manufacturing including Discrete
17,092 cr (Mid Cap) Manufacturing, Hi-Tech & Media, Auto and Consumer packaged goods verticals.
Part of NIFTY FREE

SMALL 100
Board of Directors
Anant Talaulicar Independent Director
Sneha Padve Company Secretary
Alka Bharucha Independent Director
Amita Birla Chairman (Non-Executive)
C K Birla Director
3 more board of directors
Company Coordinates
Company Details: Registrat Details:

Plot 35/36 MIDC Phase-I, R Gandhi Info Park Hinjawadi Pune Link Intime India Pvt Ltd, Block No 202, 2nd Floor, Akshay
Maharashtra : 411057 Complex, Near Ganesh Temple, Off Dhole Patil Road , Pune
Tel: 91-20-66525000 Fax: 020-26053503
Fax: 91-20-66525001 Email: pune@intimespectrum.com
Email: grievances@kpitcummins.com
Website: http://www.birlasoft.com
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Stock Verdict Birlasoft LTD 2024-06-05

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Stock Verdict Birlasoft LTD 2024-06-05

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Report as on 5 June 2024 at 11:51 AM

WHY IT’S A STRONG BUY? IS THIS STOCK FOR YOU?

With ROE of 20.5, it has a Fair valuation with a 5.4 100%

Price to Book Value

return of 78.78%, its profits have risen by 88.1% ; the

PEG ratio of the company is 0.3

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis Report was

Some factors/data, as well as the buy/sell/hold call

To access the LATEST version of this report.

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

LOW DEBT COMPANY WITH STRONG

High Growth in Net Sales 6000Cr

consecutive years 2,550

Company’s Net Sales growth has 2000Cr

Total Debt Debt to Equity Ratio

Dividend Payout Ratio

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

WITH A GROWTH IN NET PROFIT

OF 11.81%, THE COMPANY 4

Near term Operating Profit trend

cr Operating Profit (Rs Cr)

Operating Profit each quarter in the last five quarters

Company's efficiency has

Operating Profit to Sales

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

Near term PBT trend is very

cr PBT less Other Income (Rs Cr)

PBT - Quarterly each quarter in the last five quarters

Near term PAT trend is positive 180.08

29.6% PAT (Rs Cr)

PAT Growth over average PAT of the previous four quarters of Rs

The company has displayed 26.63 27.24

27.2% increased efficiency by generating 23.28

higher profit on overall capital 18.08 18.84

ROCE - Half (equity and debt)

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

Increasing profitability; company 6.53

Mar'24 Dec'23 Change%

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

STOCK IS TECHNICALLY IN A MILDLY

619.10 666.37 652.99

Factors with upward momentum

Consistent Returns over the last 3 years

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

WITH ROE OF 20.5, IT HAS A FAIR

Valuation Cyient Birlasoft Ltd

as compared to its Fundamentals

Price to Book Value vs ROE

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

INSTITUTIONAL INVESTORS COLLECTIVELY

to analyse fundamentals of companies than most

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

MARKET BEATING PERFORMANCE

78.78% than market (BSE 500)

Inconsistent Performance against Mid Cap

YTD 2023 2022

Company 1 Month 3 Month 1 Year 3 Years

Return Birlasoft Ltd -2.29% -18.43% 78.78% 85.78%

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

Birlasoft Ltd STRONG BUY | Report as on 5 June 2024 at 11:51 AM

QUARTER RESULTS VARIANCE ANALYSIS