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Prabhudas Lilladher Report
IT services companies have shown tremendous rigor over cash flow management in backdrop of Covid-19 pandemic in FY21.
Conversion of profit after tax to free cash flow has substantially improved in FY21 for Tier-I IT companies with average approximately 140% FCF/PAT in nine months-FY21 versus ~90% in FY20.
Cash and short term investments in balance sheet have risen by 25-65% and free cash flow to the firm by 24-158% for Tier-I IT services companies.
Onset of Covid-19 pandemic in Q4 FY20, led to drop in payout of most of the IT companies in FY20 as compared to their historical average payout.
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