Accounts Final

Financial Analysisof 4 companies from the IT industy

Rishabh TandonH15046

Abstract

Balance Sheet and Profit and loss statements of 4 IT companies have beenanalysed on the basis of trend, horizontal, vertical and ratio analysis

Topic Page No.

Acknowledgement 3

Aim of the project 4

Brief on the four companies 4

Financial Analysis of TCS 6

Financial Analysis of Wipro 18

Financial Analysis of Tech Mahindra 30

Financial Analysis of Infosys 42

2

ACKNOWLEDGEMENT

I would like to express my heartfelt gratitude to Father James Santhanam for giving me this opportunity to work on a practical application of the theory that was taught in the classroom sessions.

Making this project wasn’t possible had it not been for the learning in the AFM classes.

Post the completion of this project, I find myself quite enlightened in understanding the financial standing of any company. I am sure that this would surely help me in my career.

Rishabh TandonH15046

3

Aim of the project

The aim of the project is to financially analyse the balance sheet and profit and loss statements of four companies, including one benchmark company in the industry.

The analysis is performed through the following four methods:Trend AnalysisHorizontal AnalysisVerticalRatio Analysis

Brief Introduction of the 4 companies

Tata Consultancy Services (Benchmark Company)

Tata Consultancy Services Limited (TCS) is an Indian multinational IT service, consulting and business solutions company headquartered in Mumbai, Maharashtra. TCS operates in 46 countries. It is a subsidiary of the Tata Group and is listed on the Bombay Stock Exchange and the National Stock Exchange of India. TCS is one of the largest Indian companies by market capitalization ($80 billion)and is the largest India-based IT services company by 2013 revenues. TCS is now placed among the ‘Big 4’ most valuable IT services brands worldwide. In 2015, TCS is ranked 64th overall in the Forbes World's Most Innovative Companies ranking, making it both the highest-ranked IT services company and the first Indian company. It is the world's 10th largest IT services provider, measured by the revenues.

Wipro

Wipro Limited (Western India Products Limited is an Indian multinational IT Consulting and System Integration services company headquartered in Bangalore, India. As of March 2015, the company has 158,217 employees servicing over 900 of the Fortune 1000 corporations with a presence in 67 countries. On 31 March 2015, its market capitalization was approximately $ 35 Billion, making it one of India's largest publicly traded companies and seventh largest IT Services firm in the World.

To focus on core IT Business, it demerged its non-IT businesses into a separate company named Wipro Enterprises Limited with effect from 31 March 2013.The demerged companies are consumer care, lighting, healthcare and infrastructure engineering which contributed approximately 10% of the revenues of Wipro Limited in previous financial year.

4

https://en.wikipedia.org/wiki/Market_capitalization

https://en.wikipedia.org/wiki/Bangalore,_India

https://en.wikipedia.org/wiki/System_Integration

https://en.wikipedia.org/wiki/System_Integration

https://en.wikipedia.org/wiki/IT_Consulting

https://en.wikipedia.org/wiki/Multinational_corporation

https://en.wikipedia.org/wiki/Top_software_companies_in_India


https://en.wikipedia.org/wiki/Market_capitalization

https://en.wikipedia.org/wiki/National_Stock_Exchange_of_India

https://en.wikipedia.org/wiki/Bombay_Stock_Exchange

https://en.wikipedia.org/wiki/Tata_Group

https://en.wikipedia.org/wiki/Maharashtra

https://en.wikipedia.org/wiki/Mumbai

https://en.wikipedia.org/wiki/Information_technology_consulting

https://en.wikipedia.org/wiki/Service_(economics)

https://en.wikipedia.org/w/index.php?title=Multi_corporation&action=edit&redlink=1

https://en.wikipedia.org/wiki/India

In Later Part of 2014, Wipro's largest deal in its five decade of history and probably one of the largest deals in the history of the Information Technology services industry was the 10 year $ 1.2 billion contract with ATCO, a Canadian Energy & Utilities corporation based out of Calgary, Alberta. The Deal was spearheaded by Rishad Premji along with Canadian Team.

Tech Mahindra

Tech Mahindra Limited is an Indian multinational provider of information technology (IT), networking technology solutions and Business Process Outsourcing (BPO) to the telecommunications industry. It is a specialist in digital transformation, consulting and business re-engineering solutions. Part of the Mahindra Group, it is a USD 4.6 billion company with 103,000+ professionals across 51 countries. It provides services to 727 global customers including Fortune 500 companies. Tech Mahindra is also one of the Fab 50 companies in Asia, a list compiled by Forbes.

Anand Mahindra is the founder of Tech Mahindra, which was earlier known as Mahindra-British Telecom. Tech Mahindra is headquartered at Pune, India, and was ranked #5 in India's software services (IT) firms and overall #111 in Fortune India 500 list for 2012. Tech Mahindra, on 25 June 2013, announced the completion of a merger with Mahindra Satyam.

Tech Mahindra has operations in more than 51 countries with 40 sales offices and 72 delivery centres. Assessed at SEI CMMi Level 5, its software headcount stood at 72,952, BPO at 22,693 and support at 7,636 at the end of the financial year 2015.

Infosys

Infosys Limited (formerly Infosys Technologies Limited) is an Indian multinational corporation that provides business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bangalore,Karnataka.

Infosys is the second-largest India-based IT services company by 2014 revenues, and the fifth largest employer of H-1B visa professionals in the United States in FY 2013. On 15 February 2015, its market capitalisation was ₹ 263,735 crores ($42.51 billion), making it India's sixth largest publicly traded company.

5

https://en.wikipedia.org/wiki/Market_capitalisation

https://en.wikipedia.org/wiki/Market_capitalisation

https://en.wikipedia.org/wiki/H-1B_visa


https://en.wikipedia.org/wiki/Karnataka

https://en.wikipedia.org/wiki/Bangalore

https://en.wikipedia.org/wiki/Outsourcing

https://en.wikipedia.org/wiki/Software_engineering

https://en.wikipedia.org/wiki/Information_technology

https://en.wikipedia.org/wiki/Business_consulting


https://en.wikipedia.org/wiki/Mahindra_Satyam

https://en.wikipedia.org/wiki/Fortune_India_500

https://en.wikipedia.org/wiki/Pune

https://en.wikipedia.org/wiki/British_Telecom

https://en.wikipedia.org/wiki/Mahindra_Group

https://en.wikipedia.org/wiki/Mahindra_Group

https://en.wikipedia.org/wiki/Business_process_outsourcing

https://en.wikipedia.org/wiki/Information_technology


https://en.wikipedia.org/wiki/India

https://en.wikipedia.org/wiki/ATCO

Financial Analysis of TCS

Balance Sheet Standalone Balance Sheet ------------------- in Rs. Cr. -------------------

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 195.87 195.87 295.72 295.72 295.72

Equity Share Capital 195.87 195.87 195.72 195.72 195.72

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 100.00 100.00 100.00

Reserves 45,220.57 43,856.01 32,266.53 24,560.91 19,283.77

Networth 45,416.44 44,051.88 32,562.25 24,856.63 19,579.49Secured Loans 64.13 88.64 161.60 93.47 32.33

Unsecured Loans 186.14 1.05 1.52 2.76 4.00

Total Debt 250.27 89.69 163.12 96.23 36.33Total Liabilities 45,666.71 44,141.57 32,725.37 24,952.86 19,615.82 Mar '15 Mar '14 Mar '13 Mar '12 Mar '11


Application Of FundsGross Block 14,095.04 11,220.11 9,152.32 7,261.85 6,016.93

Less: Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Less: Accum. Depreciation 6,098.75 5,290.92 4,048.04 3,198.23 2,594.75

Net Block 7,996.29 5,929.19 5,104.28 4,063.62 3,422.18Capital Work in Progress 2,706.94 3,047.53 1,763.85 1,399.82 1,072.86

Investments 3,398.70 5,832.42 6,324.38 5,688.39 5,795.49Inventories 12.34 8.57 6.34 4.14 5.37

Sundry Debtors 17,036.76 14,471.89 11,202.32 9,107.72 4,806.67

Cash and Bank Balance 16,502.50 12,566.26 4,054.16 3,280.07 3,120.52

Total Current Assets 33,551.60 27,046.72 15,262.82 12,391.93 7,932.56

Loans and Advances 15,411.77 15,748.33 14,556.81 10,715.05 7,819.72

Fixed Deposits 0.00 0.00 0.00 0.00 0.00

Total CA, Loans & Advances 48,963.37 42,795.05 29,819.63 23,106.98 15,752.28

Deferred Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 10,252.33 7,355.18 6,121.11 4,761.43 3,936.88

Provisions 7,146.26 6,107.44 4,165.66 4,544.52 2,490.11

Total CL & Provisions 17,398.59 13,462.62 10,286.77 9,305.95 6,426.99

Net Current Assets 31,564.78 29,332.43 19,532.86 13,801.03 9,325.29Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 45,666.71 44,141.57 32,725.37 24,952.86 19,615.82Contingent Liabilities 9,161.54 10,880.43 10,984.51 6,545.88 3,948.89

6

Book Value (Rs) 231.87 224.90 165.86 126.49 99.53

Profit and Loss Statement of TCSStandalone Profit & Loss account ------------------- in Rs. Cr. -------------------



Income

Sales Turnover 73,582.15 64,676.08 48,426.96 38,858.79 29,275.68

Excise Duty 4.09 3.15 0.82 0.25 0.27

Net Sales 73,578.06 64,672.93 48,426.14 38,858.54 29,275.41

Other Income 4,995.11 3,114.71 2,230.39 2,685.18 494.73

Stock Adjustments -0.15 0.07 0.00 -0.26 -0.87

Total Income 78,573.02 67,787.71 50,656.53 41,543.46 29,769.27

ExpenditureRaw Materials 64.68 39.79 25.04 11.81 17.75

Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00

Employee Cost 27,368.32 21,466.56 17,081.72 14,100.41 10,221.85

Other Manufacturing Expenses 19,796.40 16,950.73 13,360.51 10,575.83 8,104.03

Selling and Admin Expenses 0.00 0.00 0.00 0.00 0.00

Miscellaneous Expenses 5,320.31 4,682.20 3,652.60 2,784.51 2,167.38

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

Total Expenses 52,549.71 43,139.28 34,119.87 27,472.56 20,511.01



Operating Profit 21,028.20 21,533.72 14,306.27 11,385.72 8,763.53

PBDIT 26,023.31 24,648.43 16,536.66 14,070.90 9,258.26

Interest 79.57 23.41 30.62 16.40 20.01

PBDT 25,943.74 24,625.02 16,506.04 14,054.50 9,238.25

Depreciation 1,393.77 1,080.55 802.86 688.17 537.82

Other Written Off 0.00 0.00 0.00 0.00 0.00

Profit Before Tax 24,549.97 23,544.47 15,703.18 13,366.33 8,700.43

Extra-ordinary items 0.00 0.00 0.00 0.00 0.00

PBT (Post Extra-ord Items) 24,549.97 23,544.47 15,703.18 13,366.33 8,700.43

Tax 5,293.01 5,069.55 2,916.84 2,390.35 1,130.44

Reported Net Profit 19,256.96 18,474.92 12,786.34 10,975.98 7,569.99

7

Total Value Addition 52,485.03 43,099.49 34,094.83 27,460.75 20,493.26

Preference Dividend 0.00 28.76 19.00 22.00 11.00

Equity Dividend 15,473.87 6,267.33 4,305.88 4,893.04 2,740.10

Corporate Dividend Tax 2,591.54 788.96 712.18 797.34 450.82

Per share data (annualised)

Shares in issue (lakhs) 19,587.28 19,587.28 19,572.21 19,572.21 19,572.21

Earning Per Share (Rs) 98.31 94.17 65.23 55.97 38.62Equity Dividend (%) 7,900.00 3,200.00 2,200.00 2,500.00 1,400.00

Book Value (Rs) 231.87 224.90 165.86 126.49 99.53

Trend Analysis (TCS)

Balance Sheet

Trend Analysis

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 66.23495198 66.23495198 100 100 100Equity Share Capital 100.0766401 100.0766401 100 100 100Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 234.5006708 227.4244611 167.324802 127.365707 100Revaluation Reserves 0 0 0 0 0Networth 231.9592594 224.9899257 166.307958 126.9523874 100Secured Loans 198.3606557 0 0 289.1122796 100Unsecured Loans 4653.5 26.25 38 69 100

Total Debt 688.8797137 246.8758602 448.995320 264.8775117 100Total Liabilities 232.8055111 225.0304601 166.831516 127.2078353 100

Application Of Funds

Gross Block 234.25634 186.4756612 152.109464 120.6902856 100Less: Accum. Depreciation 235.0419116 203.9086617 156.008864 123.257732 100Net Block 233.6607075 173.2576895 149.152879 118.7436079 100Capital Work in Progress 252.3106463 284.0566337 164.406353 130.4755513 100Investments 58.64387653 100.6372196 109.125889 98.15201131 100Inventories 229.7951583 159.5903166 118.063317 77.09497207 100Sundry Debtors 354.4399761 301.0793335 233.057813 189.4808672 100Cash and Bank Balance 528.8381424 402.6976273 129.919372 105.1129299 100Total Current Assets 422.9605575 340.9582783 192.407243 156.2160261 100Loans and Advances 197.0885147 201.3925051 186.155130 137.026006 100Fixed Deposits 0 0 0 0 0Total CA, Loans & Advances 310.8335428 271.6752749 189.303580 146.689749 100Deferred Credit 0 0 0 0 0

8

Current Liabilities 260.4176404 186.8276402 155.481244 120.9442503 100Provisions 286.9857155 245.2678797 167.288192 182.502781 100Total CL & Provisions 270.7113283 209.470063 160.055795 144.7948418 100Net Current Assets 338.4857736 314.5471079 209.461153 147.9957192 100Miscellaneous Expenses 0 0 0 0 0Total Assets 232.8055111 225.0304601 166.831516 127.2078353 100Contingent Liabilities 232.0029173 275.5313518 278.167029 165.7650631 100Book Value (Rs) 232.9649352 225.9620215 166.643223 127.0873104 100

Profit and loss account

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11IncomeSales Turnover 251.3422404 220.9208462 165.4170287 132.734030 100Excise Duty 1514.814815 1166.666667 303.7037037 92.5925925 100

Net Sales 251.3305877 220.9121239 165.4157534 132.734400 100Other Income 1009.663857 629.5777495 450.8297455 542.756655 100Stock Adjustments 17.24137931 -8.045977011 0 29.8850574 100Total Income 263.9400294 227.7103537 170.16383 139.551490 100Expenditure Raw Materials 364.3943662 224.1690141 141.0704225 66.5352112 100Power & Fuel Cost 0 0 0 0 0Employee Cost 267.7433146 210.0066035 167.1098676 137.943816 100Other Manufacturing Expenses 244.2784639 209.164206 164.8625437 130.500874 100Selling and Admin Expenses 0 0 0 0 0Miscellaneous Expenses 245.4719523 216.0304146 168.5260545 128.473548 100Preoperative Exp Capitalised 0 0 0 0 100Total Expenses 256.2024493 210.3225536 166.3490486 133.940551 100

Operating Profit 239.9512525 245.7197043 163.2478008 129.921618 100PBDIT 281.0820824 266.2317757 178.6152042 151.982121 100Interest 397.6511744 116.9915042 153.0234883 81.9590204 100PBDT 280.8295943 266.5550294 178.6706357 152.133791 100Depreciation 259.1517608 200.9129449 149.2804284 127.955449 100Other Written Off 0 0 0 0 0Profit Before Tax 282.1696169 270.6127168 180.4874012 153.628383 100Extra-ordinary items 0 0 0 0 0PBT (Post Extra-ord Items) 282.1696169 270.6127168 180.4874012 153.628383 100Tax 468.2256467 448.4581225 258.026963 211.453062 100Reported Net Profit 254.3855408 244.0547478 168.9082813 144.993322 100Total Value Addition 256.1087401 210.3105606 166.3709434 133.998934 100Preference Dividend 0 261.4545455 172.7272727 200 100Equity Dividend 564.7191708 228.7263239 157.14317 178.571585 100Corporate Dividend Tax 574.8502728 175.0055455 157.9743578 176.864380

5100

9

Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) 254.5572242 243.83739 168.9021233 144.924909 100Equity Dividend (%) 564.2857143 228.5714286 157.1428571 178.571428 100Book Value (Rs) 232.9649352 225.9620215 166.6432231 127.087310 100

Horizontal Analysis (TCS)

Balance Sheet


Absolute Change

% Change

Abs.Change

% Change

Abs.Change

% Change

Abs.Change

% Change

Abs.Change

% Change

Sources Of Funds

Total Share Capital 0.00 0 99.85 33.76504802

0.00 0 0.00 0 - -

Equity Share Capital 0.00 0 0.15 0.076640098

0.00 0 0.00 0 - -

Share Application Money 0.00 0 0.00 0 0.00 0 0.00 0 - -

Preference Share Capital 0.00 0 100.00 0 0.00 0 0.00 0 - -

Reserves 1,364.56 3.111454964

11,589.48

35.91796205

7,705.62 31.37351181

5,277.14

27.36570702

- -

Revaluation Reserves 0.00 0 0.00 0 0.00 0 0.00 0 - -

Networth 1,364.56 3.097620351

11,489.63

35.28512311

7,705.62 31.00026029

5,277.14

26.95238742

- -

Secured Loans 24.51 27.65117329

72.96 45.14851485

68.13 100 61.14 189.1122796

- -

Unsecured Loans 185.09 17627.61905

0.47 30.92105263

1.24 44.92753623

1.24 31 - -

Total Debt 160.58 179.0389118

73.43 45.01593919

66.89 69.51054765

59.90 164.8775117

- -

Total Liabilities 1,525.14 3.455110455

11,416.20

34.8848615

7,772.51 31.14877413

5,337.04

27.20783531

- -

Application Of Funds - -

Gross Block 2,874.93 2,067.79

1,890.47

1,244.92

6,016.93 234.26 47.78 34.37 31.42 20.69

Less: Accum. Depreciation 807.83 15.26823312

1,242.88

30.70325392

849.81 26.57125973

603.48 23.25773196

- -

Net Block 2,067.10 34.86310946

824.91 16.1611432

1,040.66 25.6091859

641.44 18.74360788

- -

Capital Work in Progress 340.59 11.17593592

1,283.68

72.77716359

364.03 26.00548642

326.96 30.47555133

- -

Investments 2,433.72 41.72744761

491.96 7.778786221

635.99 11.1804922

107.10 1.847988695

- -

Inventories 3.77 43.99066511

2.23 35.17350158

2.20 53.14009662

1.23 22.90502793

- -

Sundry Debtors 2,564.87 17.72311702

3,269.57

29.1865435

2,094.60 22.99807197

4,301.05

89.48086721

- -

Cash and Bank Balance 3,936.24 31.323 8,512.1 209.95 774.09 23.599 159.55 5.112929 - -

10

87839 0 96464 80122 896Total Current Assets 6,504.88 24.050

5318211,783.90

77.20657126

2,870.89 23.16741621

4,459.37

56.2160261

- -

Loans and Advances 336.56 2.137115491

1,191.52

8.185309831

3,841.76 35.85386909

2,895.33

37.02600605

- -

Fixed Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total CA, Loans & Advances 6,168.32 14.41362961

12,975.42

43.51301475

6,712.65 29.05031294

7,354.70

46.68974904

- -

Deferred Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Current Liabilities 2,897.15 39.38924676

1,234.07

20.16088585

1,359.68 28.55612705

824.55 20.94425027

- -

Provisions 1,038.82 17.00909055

1,941.78

46.61398194

378.86 8.336634012

2,054.41

82.502781

- -

Total CL & Provisions 3,935.97 29.23628536

3,175.85

30.87315066

980.82 10.53970847

2,878.96

44.79484175

- -

Net Current Assets 2,232.35 7.61051846

9,799.57

50.16966281

5,731.83 41.53190016

4,475.74

47.99571917

- -

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total Assets 1,525.14 3.455110455

11,416.20

34.8848615

7,772.51 31.14877413

5,337.04

27.20783531

Contingent Liabilities

1,718.89 15.79799695

104.08 0.947516093

4,438.63 67.80799526

2,596.99

65.76506309

- -

Book Value (Rs) 6.97 3.09915518

59.04 35.59628602

39.37 31.12499012

26.96 27.08731036

- -

Profit and loss account Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

Absolute Change

% Change

Abs.Change

% Change Abs.Change

% Change

Absolute Change

% Change Abs.Change

% Change

Sales Turnover 8,906.07 13.7702687

16,249.12

33.55387165 9,568.17 24.62292315

9583.11 32.73403043 - -

Excise Duty 0.94 0 2.33 0 0.57 0 0.02 7.407407407 - -

Net Sales 8,905.13 13.76948593

16,246.79

33.54962836 9,567.60 24.62161471

9583.13 32.73440065 - -

Other Income 1,880.40 60.37159158

884.32 39.64867131 454.79 16.9370396

2190.45 442.7566551 - -

Stock Adjustments 0.22 0 0.07 0 0.26 -100 0.61 -70.11494253 - -

Total Income 10,785.31

15.91042093

17,131.18

33.81830536 9,113.07 21.93623256

11774.19 39.55149051 - -

Expenditure - -

Raw Materials 24.89 62.55340538

14.75 58.9057508 13.23 112.0237087

5.94 33.46478873 - -

Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Employee Cost 5,901.76 27.49280742

4,384.84 25.66978033 2,981.31 21.14342774

3878.56 37.94381643 - -

Other Manufacturing Expenses

2,845.67 0 3,590.22 0 2,784.68 0 2471.8 30.50087426 - -

Selling and Admin Expenses

0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Miscellaneous Expenses

638.11 13.62842254

1,029.60 28.18813996 868.09 31.17568262

617.13 28.47354871 - -

Preoperative Exp Capitalised

0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Total Expenses 9,410.43 21.81406366

9,019.41 26.43447938 6,647.31 24.19617975

6961.55 33.94055193 - -

- -

- -

Operating Profit 505.52 2.347573944

7,227.45 50.51945755 2,920.55 25.65099089

2622.19 29.92161834 - -

11

PBDIT 1,374.88 5.577961761

8,111.77 49.05325501 2,465.76 17.52382577

4812.64 51.98212191 - -

Interest 56.16 239.8974797

7.21 23.5467015 14.22 86.70731707

3.61 18.04097951 - -

PBDT 1,318.72 5.355203772

8,118.98 49.18793363 2,451.54 17.44309652

4816.25 52.13379157 - -

Depreciation 313.22 28.98708991

277.69 34.58759933 114.69 16.6659401

150.35 27.95544978 - -

Other Written Off 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Profit Before Tax 1,005.50 4.270641896

7,841.29 49.93440819 2,336.85 17.48310868

4665.9 53.62838388 - -

Extra-ordinary items

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

PBT (Post Extra-ord Items)

1,005.50 4.270641896

7,841.29 49.93440819 2,336.85 17.48310868

4665.9 53.62838388 - -

Tax 223.46 4.407886302

2,152.71 73.802814 526.49 22.02564478

1259.91 111.4530625 - -

Reported Net Profit

782.04 4.232981794

5,688.58 44.4895099 1,810.36 16.49383472

3405.99 44.99332232 - -

Total Value Addition

9,385.54 21.77645258

9,004.66 26.41063176 6,634.08 24.15840791

6967.49 33.99893428 - -

Preference Dividend

28.76 100 9.76 51.36842105 3.00 13.63636364

11 100 - -

Equity Dividend 9,206.54 146.8973231

1,961.45 45.55282544 587.16 11.9999019

2152.94 78.57158498 - -

Corporate Dividend Tax

1,802.58 228.4754614

76.78 10.78098234 85.16 10.6805127

346.52 76.86438046 - -


Shares in issue (lakhs)

Earning Per Share (Rs)

4.14 4.396304556

28.94 44.36608922 9.26 16.54457745

17.35 44.92490937 - -

Equity Dividend (%)

4,700.00 146.875

1,000.00 45.45454545 300.00 12 1100 78.57142857 - -

Book Value (Rs) 6.97 3.09915518

59.04 35.59628602 39.37 31.12499012

26.96 27.08731036 - -

12

Vertical analysis (TCS)

Balance Sheet

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 0.4289120 0.44373 0.90364 1.18511465 1.507558695Equity Share Capital 0.4289120 0.44373 0.59807 0.78435898 0.997766089Share Application Money 0 0.00000 0.00000 0 0Preference Share Capital 0 0.00000 0.30557 0.40075566 0.509792606Reserves 99.023052 99.3530 98.59791 98.4292381 98.30723365Revaluation Reserves 0 0.00000 0.00000 0 0Networth 99.451964 99.7968 99.50155 99.6143528 99.81479235Secured Loans 0.1404305 0.20081 0.49381 0.37458632 0.16481595Unsecured Loans 0.4076054 0.00238 0.00464 0.01106085 0.020391704Total Debt 0.5480359

760.20319 0.49845 0.38564717 0.185207654

Total Liabilities 100 100.000 100.0000 100 100

Application Of Funds Gross Block 2,874.93 807.14 177.32 645.55 4,772.01Less: Accum. Depreciation 13.354914 11.9862 12.36973 12.8170879 13.22784365Net Block 17.510107 13.4322 15.59732 16.2851873 17.44602061Capital Work in Progress 5.9276002 6.90399 5.38986 5.60985794 5.469360955Investments 7.4424016 13.2129 19.32562 22.7965451 29.54497951Inventories 0.0270218 0.01941 0.01937 0.01659128 0.027375863Sundry Debtors 37.306738 32.7851 34.23130 36.4997038 24.50404826Cash and Bank Balance 36.136827 28.4680 12.38843 13.1450663 15.90818023Total Current Assets 73.470587 61.2726 46.63911 49.6613614 40.43960436Loans and Advances 33.748369 35.6768 44.48173 42.9411698 39.86435438Fixed Deposits 0 0.00000 0.00000 0 0Total CA, Loans & Advances 107.21895 96.9495 91.12083 92.6025313 80.30395874Deferred Credit 0 0.00000 0.00000 0 0Current Liabilities 22.450336 16.6627 18.70448 19.0817004 20.06992315Provisions 15.648729 13.8360 12.72915 18.2124213 12.69439667

13

68 3 4Total CL & Provisions 38.099066

0430.49873

31.43362 37.2941218 32.76431982

Net Current Assets 69.11989062

66.45081

59.68721 55.30840954

47.53963892

Miscellaneous Expenses 0 0.00000 0.00000 0 0Total Assets 100 100.000

00100.00000

100 100

Contingent Liabilities20.06174739

24.64894

33.56573 26.23298492

20.13114925

Book Value (Rs) 0.507744044

0.50950 0.50682 0.506915841

0.507396581

Profit and loss

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 100.005558

7100.00487

100.00169 100.0006434 100.0009223

Excise Duty 0.005558722

0.00487 0.00169 0.000643359 0.000922276

Net Sales 100 100.00000

100.00000 100 100

Other Income 6.788857983

4.81610 4.60576 6.910141246 1.689916555

Stock Adjustments -0.00020386 0.00011 0.00000 -0.00066909 -0.002971777

Total Income 106.7886541

104.81620

104.60576 106.9094722 101.6869448

Expenditure 0 0.00000 0.00000 0 0Raw Materials 0.08790664 0.06152 0.05171 0.03039229 0.06063108

9Power & Fuel Cost 0 0.00000 0.00000 0 0Employee Cost 37.1963055

333.19250 35.27376 36.28651514 34.9161634

3Other Manu.Expenses

26.90530302

26.20993 27.58946 27.21623098 27.68203759


0 0.00000 0.00000 0 0


7.230837562

7.23981 7.54262 7.165760731 7.403414675

14


0 0.00000 0.00000 0 0

Total Expenses 71.42035275

66.70377 70.45755 70.69889914 70.06224678

Operating Profit 28.5794433

833.29634 29.54245 29.30043177 29.9347814

4PBDIT 35.3683013

738.11244 34.14821 36.21057302 31.624698

Interest 0.10814365 0.03620 0.06323 0.042204365 0.068350879

PBDT 35.26015772

38.07624 34.08498 36.16836865 31.55634712

Depreciation 1.894273918

1.67079 1.65791 1.770962059 1.837104929

Other Written Off 0 0.00000 0.00000 0 0Profit Before Tax 33.3658838 36.40545 32.42707 34.39740659 29.7192421

9Extra-ordinary items

0 0.00000 0.00000 0 0


33.3658838 36.40545 32.42707 34.39740659 29.71924219

Tax 7.19373411 7.83875 6.02328 6.15141485 3.861397671

Reported Net Profit 26.17214969

28.56670 26.40380 28.24599174 25.85784452

Total Value Addition

71.33244611

66.64224 70.40584 70.66850685 70.00161569

Preference Dividend

0 0.04447 0.03924 0.056615611 0.037574196

Equity Dividend 21.03054905

9.69081 8.89164 12.5919296 9.35973228


3.52216408 1.21992 1.47065 2.051904163 1.539927195



26.62108786

30.28667 40.41662 50.36784707 66.85545992


0.133613199

0.14561 0.13470 0.144035262 0.131919587

Equity Dividend (%) 10.7368963 4.94797 4.54300 6.433592204 4.782170429

Book Value (Rs) 0.315134702

0.34775 0.34250 0.325514031 0.339978159

15

Financial Ratios (TCS)

Key Financial Ratios


Investment Valuation RatiosFace Value 1.00 1.00 1.00 1.00 1.00

Dividend Per Share 79.00 32.00 22.00 25.00 14.00

Operating Profit Per Share (Rs) 107.36 109.94 73.09 58.17 44.78

Net Operating Profit Per Share (Rs) 375.64 330.18 247.42 198.54 149.58

Free Reserves Per Share (Rs) -- -- -- -- --

Bonus in Equity Capital 79.59 79.59 79.65 79.65 79.65

Profitability Ratios

Operating Profit Margin(%) 28.57 33.29 29.54 29.30 29.93Profit Before Interest And Tax Margin(%) 25.15 30.17 26.65 25.75 27.63

16

Gross Profit Margin(%) 26.68 31.62 27.88 27.52 28.09

Cash Profit Margin(%) 25.78 28.84 26.82 28.07 27.23

Adjusted Cash Margin(%) 25.78 28.84 26.82 28.07 27.23

Net Profit Margin(%) 26.17 28.56 26.40 28.24 25.85

Adjusted Net Profit Margin(%) 24.67 27.25 25.24 26.42 25.42

Return On Capital Employed(%) 52.77 53.39 48.07 53.63 44.45

Return On Net Worth(%) 42.40 41.87 39.32 44.24 38.80

Adjusted Return on Net Worth(%) 41.23 41.87 39.32 44.24 38.80Return on Assets Excluding Revaluations 231.87 224.90 165.86 126.49 99.53

Return on Assets Including Revaluations 231.87 224.90 165.86 126.49 99.53

Return on Long Term Funds(%) 52.99 53.39 48.19 53.63 44.45

Liquidity And Solvency Ratios

Current Ratio 2.78 3.18 2.85 2.48 2.45

Quick Ratio 2.80 3.16 2.88 2.47 2.44

Debt Equity Ratio 0.01 -- 0.01 0.01 0.01

Long Term Debt Equity Ratio -- -- 0.01 0.01 0.01

Debt Coverage Ratios

Interest Cover 302.89 1,006.74 513.84 816.02 435.80

Total Debt to Owners Fund 0.01 0.00 0.01 0.01 0.01

Financial Charges Coverage Ratio 320.41 1,052.90 540.06 857.98 462.68Financial Charges Coverage Ratio Post Tax 260.53 836.35 444.80 712.23 406.19

Management Efficiency Ratios

Inventory Turnover Ratio 5,962.90 7,546.80 7,638.32 9,386.18 5,451.71

Debtors Turnover Ratio 4.67 5.04 4.77 5.59 7.19

Investments Turnover Ratio 5,962.90 7,546.80 7,638.32 9,386.18 5,451.71

Fixed Assets Turnover Ratio 5.23 5.79 5.32 5.39 4.91

Total Assets Turnover Ratio 1.61 1.47 1.48 1.56 1.50

Asset Turnover Ratio 1.64 1.68 1.68 1.74 1.68

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --

Number of Days In Working Capital 140.01 137.53 110.67 86.25 72.38

Profit & Loss Account Ratios

Material Cost Composition 0.08 0.06 0.05 0.03 0.06Imported Composition of Raw Materials Consumed 71.30 78.95 74.42 78.43 80.35

Selling Distribution Cost Composition -- -- -- -- --

Expenses as Composition of Total Sales 97.60 96.27 94.87 98.04 91.08

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 80.35 33.97 33.72 44.66 36.24

Dividend Payout Ratio Cash Profit 74.93 32.09 31.73 42.02 33.84

Earning Retention Ratio 17.38 66.03 66.28 55.34 63.76

Cash Earning Retention Ratio 23.11 67.91 68.27 57.98 66.16

AdjustedCash Flow Times 0.01 0.00 0.01 0.01 0.00

17


Earnings Per Share 98.31 94.17 65.23 55.97 38.62

Book Value 231.87 224.90 165.86 126.49 99.53

Financial Analysis (Wipro)

Balance SheetStandalone Balance Sheet ------------------- in Rs. Cr. -------------------


Sources Of Funds

Total Share Capital 493.70 493.20 492.60 491.70 490.80




Reserves 34,127.90 28,862.70 23,736.90 23,860.80 20,829.40

Networth 34,621. 29,355.90 24,229.50 24,352.50 21,320.20

18

60Secured Loans 114.30 106.00 50.40 1.00 9.60

Unsecured Loans 5,919.30 4,404.30 3,995.60 5,242.20 4,701.20

Total Debt 6,033.60 4,510.30 4,046.00 5,243.20 4,710.80

Total Liabilities 40,655.20 33,866.20 28,275.50 29,595.70 26,031.00




Gross Block 9,451.20 9,034.60 8,312.50 8,761.60 7,740.60


Less: Accum. Depreciation 5,412.80 5,059.60 4,403.10 4,111.80 3,503.60

Net Block 4,038.40 3,975.00 3,909.40 4,649.80 4,237.00

Capital Work in Progress 361.20 275.10 378.90 301.20 396.40

Investments 10,768.50 11,036.00 10,904.20 10,335.20 10,813.40

Inventories 479.40 228.30 320.50 785.10 724.90

Sundry Debtors 8,144.20 8,550.90 8,499.40 7,967.00 5,781.30




Fixed Deposits 0.00 0.00 0.00 0.00 0.00


Deferred Credit 0.00 0.00 0.00 0.00 0.00


Provisions 4,388.60 3,878.10 3,638.30 3,016.00 2,967.60


Net Current Assets 25,487.10 18,580.10 13,083.00 14,309.50 10,584.20

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 40,655.20 33,866.20 28,275.50 29,595.70 26,031.00

Contingent Liabilities 3,022.20 2,793.40 2,657.80 2,820.50 1,677.90

Book Value (Rs) 140.22 119.03 98.38 99.04 86.86

19

Profit and loss statement

Standalone Profit & Loss account ------------------- in Rs. Cr. -------------------


Income

Sales Turnover 41,210.00 38,765.10 33,229.60 31,803.40 26,401.20

Excise Duty 0.20 7.90 3.10 120.50 100.70

Net Sales 41,209.80 38,757.20 33,226.50 31,682.90 26,300.50

Other Income 2,499.00 1,611.20 1,325.30 1,227.40 680.70

Stock Adjustments 254.30 -0.90 18.20 -44.90 31.60

Total Income 43,963.10 40,367.50 34,570.00 32,865.40 27,012.80

Expenditure

Raw Materials 2,457.00 2,548.50 2,701.40 4,684.90 3,805.60

Power & Fuel Cost 242.60 246.80 230.40 233.40 200.50

Employee Cost 19,726.30 18,337.50 15,904.20 13,311.50 10,937.40

Other Manufacturing Expenses 0.00 0.00 0.00 0.00 0.00




Total Expenses 32,264.80 29,647.90 26,311.20 25,595.00 20,571.20



PBDIT 11,698.30 10,719.60 8,258.80 7,270.40 6,441.60

Interest 362.90 374.70 352.40 605.70 136.00

PBDT 11,335.40 10,344.90 7,906.40 6,664.70 6,305.60

Depreciation 778.40 736.70 701.30 746.10 600.10





Tax 2,363.90 2,220.80 1,554.90 1,233.50 861.80



20


Equity Dividend 2,963.60 1,973.60 1,724.70 1,475.20 1,472.60

Corporate Dividend Tax 592.40 335.30 289.20 239.30 220.40



Earning Per Share (Rs) 33.18 29.95 22.94 19.05 19.73Equity Dividend (%) 600.00 400.00 350.00 300.00 300.00

Book Value (Rs) 140.22 119.03 98.38 99.04 86.86

Trend Analysis (Wipro)

Balance sheet

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 100.590872 100.488997 100.366748 100.183374 100Equity Share Capital 100.590872 100.488997 100.366748 100.183374 100Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 163.844853 138.567121 113.958635 114.553467 100Revaluation Reserves 0 0 0 0 0Networth 162.388720 137.690547 113.645744 114.222662 100Secured Loans 1190.625 0 0 10.4166666 100Unsecured Loans 125.910405 93.6845911 84.9910661 111.507700 100Total Debt 128.080156 95.7438227 85.8877473 111.301689 100Total Liabilities 156.179939 130.099496 108.622411 113.940571 100


Gross Block 122.099062 116.717050 107.388316 113.190192 100Less: Accum. Depreciation 154.492522 144.411462 125.673592 117.359287 100Net Block 95.3127212 93.8163795 92.2681142 109.742742 100Capital Work in Progress 91.1200807 69.3995963 95.5852674 75.9838546 100Investments 99.5847744 102.058557 100.839698 95.5777091 100Inventories 66.1332597 31.4939991 44.2129949 108.304593 100Sundry Debtors 140.871430 147.906180 147.015377 137.806375 100Cash and Bank Balance 301.106989 202.850114 149.912555 119.785520 100Total Current Assets 207.447798 165.114650 141.938596 127.972159 100Loans and Advances 200.320241 159.642421 127.720255 119.549077 100Fixed Deposits 0 0 0 0 0

21

Total CA, Loans & Advances 204.789803 163.073957 136.636319 124.831039 100Deferred Credit 0 0 0 0 0Current Liabilities 163.334765 156.068890 171.694134 116.851519 100Provisions 147.883811 130.681358 122.600754 101.630947 100Total CL & Provisions 157.666155 146.754772 153.682870 111.267431 100Net Current Assets 240.803272 175.545624 123.608775 135.196802 100Miscellaneous Expenses 0 0 0 0 0Total Assets 156.179939 130.099496 108.622411 113.694057 100Contingent Liabilities 180.118004 166.481911 158.400381 168.097026 100Book Value (Rs) 161.432189 137.036610 113.262721 114.022565 100

Profit and loss

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11IncomeSales Turnover 156.0913898 146.830825

9125.8639759

120.4619487 100

Excise Duty 0.198609732 7.845084409

3.078450844

119.6623635 100

Net Sales 156.6882759 147.3629779

126.3341001

120.4650102 100

Other Income 367.1220802 236.6975173

194.6966358

180.3143823 100

Stock Adjustments 804.7468354 -2.848101266

57.59493671

-142.0886076 100

Total Income 162.7491411 149.4384144

127.9763668

121.666025 100

Expenditure Raw Materials 64.56274963 66.9671011

170.98486441

123.1054236 100

Power & Fuel Cost 0 0 0 0 0Employee Cost 180.3563918 167.658675

7145.411158 121.7062556 100

Other Manu. Expenses 0 0 0 0 0Selling&Admin Expenses 0 0 0 0 0Miscellaneous Expenses 174.8298594 151.306928

2132.8286867

130.8740693 100


0 0 0 0 0

Total Expenses 156.8445205 144.1233375

127.9030878

124.4215214 100

Operating Profit 159.6851186 158.107240 120.354458 104.8968043 100

22

2 5PBDIT 181.6055017 166.412071

5128.2103825

112.8663686 100

Interest 266.8382353 275.5147059

259.1176471

445.3676471 100

PBDT 179.7671911 164.0589317

125.3869576

105.6949378 100

Depreciation 129.7117147 122.7628729

116.863856 124.3292785 100

Other Written Off 0 0 0 0 0Profit Before Tax 185.0319867 168.402418

7126.2834107

103.7349926 100

Extra-ordinary items 0 0 0 0 0PBT (Post Extra-ord Items)

185.0319867 168.4024187

126.2834107

103.7349926 100

Tax 274.297981 257.6932003

180.4246925

143.1306568 100

Reported Net Profit 169.149617 152.5156389

116.6504945

96.72564362 100

Total Value Addition 177.7914301 161.6369232

140.8228754

124.7202605 100

Preference Dividend 0 0 0 0 0Equity Dividend 201.2494907 134.021458

6117.1193807

100.1765585 100

Corporate Dividend Tax 268.784029 152.1324864

131.215971 108.5753176 100

Per share data (annual) Shares in issue (lakhs) Earning Per Share (Rs) 168.170299 151.799290

4116.2696401

96.55347187 100

Equity Dividend (%) 200 133.3333333

116.6666667

100 100

Book Value (Rs) 161.4321897 137.0366106

113.2627216

114.022565 100

Horizontal Analysis (Wipro)

Balance Sheet

Horizontal Analysis


Abs.Change

% Change

Abs.Change

% Change

Abs.Change

% Change

Abs.Change

% Change Abs.Change

% Change

Sources Of Funds

Total Share Capital 0.50 0.101378751

0.60 0.12180268

0.90 0.183038438

0.90 0.183374083

- -

23

Equity Share Capital 0.50 0.101378 0.60 0.12180 0.90 0.183038 0.90 0.1833740 - -



Reserves 5,265.20

18.24222959

5,125.80

21.59422671

123.90 0.519261718

3,031.40

14.55346769

- -


Networth 5,265.70

17.93745039

5,126.40

21.15767969

123.00 0.505081614

3,032.30

14.22266208

- -

Secured Loans 8.30 7.830188679

55.60 110.3174603

49.40 100 8.60 89.58333333

- -

Unsecured Loans 1,515.00

34.39820176

408.70 10.22875163

1,246.60 23.78009233

541.00 11.50770016

- -

Total Debt 1,523.30

33.77380662

464.30 11.47553139

1,197.20 22.83338419

532.40 11.30168973

- -

Total Liabilities 6,789.00

20.04653607

5,590.70

19.77224099

1,320.20 4.460783154

3,564.70

13.69405709

- -


Gross Block 416.60 722.10 449.10 1,021.00 7,740.60 122.10 5.38 9.33 5.80 13.19


656.50 14.90994981

291.30 7.084488545

608.20 17.35928759

- -

Net Block 63.40 1.594968553

65.60 1.678006855

740.40 15.92326552

412.80 9.742742506

- -


103.80 27.39509105

77.70 25.79681275

95.20 24.01614531

- -

Investments 267.50 2.423885466

131.80 1.208708571

569.00 5.505457079

478.20 4.422290861

- -

Inventories 251.10 109.9868594

92.20 28.7675507

464.60 59.17717488

60.20 8.304593737

- -

Sundry Debtors 406.70 4.756224491

51.50 0.605925124

532.40 6.682565583

2,185.70

37.80637573

- -

Cash and Bank Balance 5,112.60

48.43816616

2,754.50

35.31229168

1,567.60 25.15081504

1,029.50

19.78552073

- -

Total Current Assets 4,957.00

25.63863847

2,713.80

16.32822512

1,635.40 10.91365308

3,275.40

27.97215936

- -

Loans and Advances 2,832.60

25.48058327

2,222.90

24.99381592

569.00 6.834999039

1,361.30

19.54907733

- -

Fixed Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total CA, Loans & Advances 7,789.60

25.58093712

4,936.70

19.34890903

2,204.40 9.457007169

4,636.70

24.83103947

- -

Deferred Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Current Liabilities 372.10 4.65555639

800.20 9.100627786

2,808.60 46.93359179

863.00 16.85151918

- -

Provisions 510.50 13.16366262

239.80 6.590990298

622.30 20.63328912

48.40 1.630947567

- -

Total CL & Provisions 882.60 7.435113346

560.40 4.508048363

3,430.90 38.12026399

911.40 11.26743151

- -

Net Current Assets 6,907.00

37.17418098

5,497.10

42.01712146

1,226.50 8.571228904

3,725.30

35.19680278

- -


Total Assets 6,789.00

20.04653607

5,590.70

19.77224099

1,320.20 4.460783154

3,564.70

13.69405709

Contingent Liabilities228.80 8.190735

305135.60 5.10196

403162.70 5.768480

7661,142.60

68.09702604

- -

Book Value (Rs) 21.19 17.80223473

20.65 20.99003863

0.66 0.666397415

12.18 14.02256505

- -

Profit and loss

24


25

Abs.Change

% Change Abs.Change

% Change Abs.Change

5 Change Abs.Change

% Change Abs.Change

% Change

Sales Turnover 2,444.90 6.306961674

5,535.50 16.65834076 1,426.20

4.484426193 5402.2 20.4619487 - -

Excise Duty 7.70 0 4.80 0 117.40 0 19.8 19.66236346 - -

Net Sales 2,452.60 6.328114518

5,530.70 16.64544866 1,543.60

4.87202876 5382.4 20.46501017 - -

Other Income 887.80 55.10178749

285.90 21.57247416 97.90 7.976209875 546.7 80.31438225 - -

Stock Adjustments 255.20 0 19.10 104.9450549 63.10 -140.5345212

76.5 242.0886076 - -

Total Income 3,595.60 8.907165418

5,797.50 16.77032109 1,704.60

5.186609626 5852.6 21.666025 - -

Expenditure - -

Raw Materials 91.50 3.590347263

152.90 5.660028134 1,983.50

42.33815023 879.3 23.10542359 - -

Power & Fuel Cost 4.20 1.70178282 16.40 7.118055556 3.00 1.285347044 32.9 16.40897756 - -

Employee Cost 1,388.80 7.573551466

2,433.30 15.29973215 2,592.70

19.47714382 2374.1 21.7062556 - -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -


1,323.80 15.54649975

1,039.90 13.91133348 110.00 1.49351002 1737.5 30.87406934 - -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Total Expenses 2,616.90 8.826594801

3,336.70 12.68167168 716.20 2.798202774 5023.8 24.42152135 - -

- -

- -


2,174.90 31.36799596 890.50 14.73605825 282.1 4.896804319 - -

PBDIT 978.70 9.130004851

2,460.80 29.79609629 988.40 13.59485035 828.8 12.8663686 - -

Interest 11.80 3.149186015

22.30 6.328036322 253.30 41.81938253 469.7 345.3676471 - -

PBDT 990.50 9.57476631 2,438.50 30.8421026 1,241.70

18.63099614 359.1 5.694937833 - -

Depreciation 41.70 5.660377358

35.40 5.04776843 44.80 6.00455703 146 24.32927845 - -


Profit Before Tax 948.80 9.874898524

2,403.10 33.35276401 1,286.50

21.73655932 213.1 3.734992551 - -

Extra-ordinary items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -


948.80 9.874898524

2,403.10 33.35276401 1,286.50

21.73655932 213.1 3.734992551 - -

Tax 143.10 6.443623919

665.90 42.8259052 321.40 26.05593839 371.7 43.13065676 - -


1,737.20 30.74581431 965.10 20.59934687 158.6 3.27435638 - -

Total Value Addition 2,708.40 9.994317217

3,489.60 14.78030309 2,699.70

12.9109856 4144.5 24.72026053 - -

Preference Dividend 0.00 #DIV/0! 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

Equity Dividend 990.00 50.16214025

248.90 14.43149533 249.50 16.91296095 2.6 0.176558468 - -


257.10 76.67760215

46.10 15.94052559 49.90 20.85248642 18.9 8.575317604 - -




3.23 10.78464107

7.01 30.55797733 3.89 20.41994751 0.68 3.44652813 - -

26

Equity Dividend (%) 200.00 50 50.00 14.28571429 50.00 16.66666667 0 0 - -

Book Value (Rs) 21.19 17.80223473

20.65 20.99003863 0.66 0.666397415 12.18 14.02256505 - -

Vertical Analysis (Wipro)

27

Balance sheet

Vertical Analysis Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 1.2143588 1.45632 1.74214 1.6613899 1.885444278Equity Share Capital 1.2143588 1.45632 1.74214 1.6613899 1.885444278

Share Application Money 0 0.00000 0.00000 0 0Preference Share Capital 0 0.00000 0.00000 0 0Reserves 83.944735 85.2256 83.9486 80.622522 80.01767124Revaluation Reserves 0 0.00000 0.00000 0 0Networth 85.159094 86.6820 85.6907 82.283912 81.90311552Secured Loans 0.2811448 0.31300 0.17825 0.0033788 0.036879106Unsecured Loans 14.559761 13.0050 14.1309 17.712708 18.06000538Total Debt 14.840905 13.3180 14.3092 17.716087 18.09688448Total Liabilities 100 100.000 100.000 100 100

Application Of Funds Gross Block 416.60 305.50 273.00 571.90 6,719.60Less: Accum. Depreciation 13.313918 14.9399 15.5721 13.893234 13.45933694Net Block 9.9332926 11.7373 13.8261

015.711066 16.27674696

Capital Work in Progress 0.8884472 0.81231 1.34003 1.0177154 1.522799739Investments 26.487386 32.587 38.564 34.921289 41.54047098Inventories 1.1791849 0.67412 1.13349 2.652750 2.784756636Sundry Debtors 20.032369 25.249 30.0592 26.919451 22.20928892Cash and Bank Balance 38.537505 31.1664 27.5871 21.059816 19.98885944Total Current Assets 59.749060 57.0896 58.7798 50.632017 44.982905Loans and Advances 34.311232 32.8253 31.4540 28.128410 26.75079713Fixed Deposits 0 0.00000 0.00000 0 0Total CA, Loans & Advances 94.060292 89.9150 90.2339 78.760428 71.73370212Deferred Credit 0 0.00000 0.00000 0 0Current Liabilities 20.574735 23.6005 31.096 20.219829 19.67346625

Provisions 10.794683 11.4512 12.8673 10.190669 11.40025354Total CL & Provisions 31.369418 35.0517 43.9642 30.410498 31.0737198Net Current Assets 62.690873 54.8632 46.2697 48.349929 40.65998233Miscellaneous Expenses 0 0.00000 0.00000 0 0Total Assets 100 100.000 100.000 100 100

Contingent Liabilities7.4337354 8.24834 9.39966 9.5301006

576.44577619

Book Value (Rs) 0.3449005 0.35147 0.34793 0.3346432 0.333679075

28

Profit and loss

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 100.000485 100.0203 100.0093 100.380331 100.3828825Excise Duty 0.00048532 0.02038 0.00933 0.38033134 0.382882455

Net Sales 100 100.0000 100.0000 100 100Other Income 6.06409155 4.15716 3.98868 3.87401405 2.588163723Stock Adjustments 0.61708622 -0.00232 0.05478 -0.14171682 0.120149807Total Income 106.681177 104.1548 104.0434 103.732297 102.7083135

Expenditure 0 0.00000 0.00000 0 0Raw Materials 5.96217404 6.57555 8.13026 14.7868408 14.46968689Power & Fuel Cost 0.58869492 0.63678 0.69342 0.73667498 0.762342921Employee Cost 47.8679828 47.31379 47.86601 42.0147776 41.58628163Other Manufacturing Expenses

0 0.00000 0.00000 0 0


0 0.00000 0.00000 0 0

Miscellaneous Expenses 23.8751462 21.97037 22.49771 23.2466093 21.39769206Preoperative Exp Capitalised

0 0.00000 0.00000 0 0

Total Expenses 78.2939980 76.49650 79.18740 80.7849029 78.2160035 Operating Profit 22.3230882 23.50118 20.86738 19.0733802 21.90414631PBDIT 28.3717975 27.65834 24.85606 22.9473943 24.49231003Interest 0.88061577 0.96679 1.06060 1.91175681 0.517100435PBDT 27.5065639 26.69156 23.79546 21.0356375 23.9752096Depreciation 1.88887109 1.90081 2.11066 2.35489806 2.281705671Other Written Off 0 0.00000 0.00000 0 0Profit Before Tax 25.6176928 24.79075 21.68480 18.6807394 21.69350393Extra-ordinary items 0 0.00000 0.00000 0 0PBT (Post Extra-ord Items) 25.6176928 24.79075 21.68480 18.6807394 21.69350393Tax 5.73625691 5.73003 4.67970 3.89326734 3.276743788Reported Net Profit 19.8814359 19.06072 17.00510 14.7874721 18.41676014Total Value Addition 72.3318239 69.92094 71.05714 65.9980620 63.74631661Preference Dividend 0 0.00000 0.00000 0 0Equity Dividend 7.19149328 5.09222 5.19074 4.65613943 5.599133096Corporate Dividend Tax 1.43752214 0.86513 0.87039 0.75529702 0.838006882Per share data (annualised)

29

Shares in issue (lakhs) 59.9139767 63.63507 74.12562 77.6051434 93.32176194Earning Per Share (Rs) 0.08051482 0.07728 0.06904 0.06012707 0.075017585Equity Dividend (%) 1.45596435 1.03207 1.05338 0.94688301 1.140662725Book Value (Rs) 0.34025887 0.30712 0.29609 0.31259764 0.330259881

Financial Ratios (Wipro)

30










Operating Profit Margin(%) 22.32 23.50 20.86 19.07 21.90

Profit Before Interest And Tax Margin(%) 19.26 20.73 18.03 16.09 19.12








Adjusted Return on Net Worth(%) 23.66 25.16 23.31 19.23 22.71

Return on Assets Excluding Revaluations 140.22 119.03 98.38 99.04 86.86




Current Ratio 2.16 1.98 1.55 1.94 1.72

Quick Ratio 2.95 2.53 2.02 2.50 2.22

Debt Equity Ratio 0.17 0.15 0.17 0.22 0.22

Long Term Debt Equity Ratio 0.03 0.03 -- 0.09 0.09


Interest Cover 30.09 26.64 21.45 10.77 42.95

Total Debt to Owners Fund 0.17 0.15 0.17 0.22 0.22

Financial Charges Coverage Ratio 32.24 28.61 23.44 12.00 47.36Financial Charges Coverage Ratio Post Tax 25.72 22.68 19.02 9.97 41.03


Inventory Turnover Ratio 85.96 169.80 103.68 40.51 36.42


Investments Turnover Ratio 85.96 169.80 103.68 40.51 36.42

Fixed Assets Turnover Ratio 4.59 4.46 4.17 3.81 3.46

Total Assets Turnover Ratio 1.03 1.16 1.19 1.09 1.02

31






Material Cost Composition 5.96 6.57 8.13 14.78 14.46Imported Composition of Raw Materials Consumed 76.47 68.97 68.49 33.71 35.34








AdjustedCash Flow Times 0.67 0.56 0.64 0.97 0.87



Book Value 140.22 119.03 98.38 99.04 86.86

32

Financial Analysis of Tech Mahindra

Balance SheetStandalone Balance Sheet ------------------- in Rs. Cr. -------------------




Share Application Money 1,230.70 1,231.90 0.30 0.00 0.00


Reserves 10,775.40 8,355.10 4,054.40 3,315.70 3,258.00

Networth 12,486.50 9,820.50 4,182.80 3,443.20 3,384.00

Secured Loans 0.00 5.00 354.40 610.60 600.00

Unsecured Loans 0.00 0.00 750.10 516.00 582.70

Total Debt 0.00 5.00 1,104.50 1,126.60 1,182.70



Application Of FundsGross Block 4,596.50 4,116.00 1,559.20 1,381.80 1,243.90


Less: Accum. Depreciation 2,615.50 2,282.40 839.10 729.20 643.90

Net Block 1,981.00 1,833.60 720.10 652.60 600.00Capital Work in Progress 551.10 264.00 28.40 162.70 60.80


Sundry Debtors 4,240.80 3,927.80 1,372.50 1,243.10 964.30

Cash and Bank Balance 1,819.50 2,826.30 271.10 138.90 193.80


Loans and Advances 4,336.40 3,593.50 1,058.90 894.50 1,146.00

Fixed Deposits 0.00 0.00 0.00 0.00 0.00


Deferred Credit 0.00 0.00 0.00 0.00 0.00


Provisions 1,806.60 1,409.70 375.20 309.40 284.80


Net Current Assets 5,866.70 5,433.90 731.30 501.10 791.00Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

33

Total Assets 12,486.50 9,825.50 5,287.30 4,569.80 4,566.70

Contingent Liabilities 6,390.60 2,385.10 558.90 265.80 354.10

Book Value (Rs) 117.15 367.86 326.45 270.08 268.67

Profit and loss statement

Standalone Profit & Loss account ------------------- in Rs. Cr. -------------------


Income

Sales Turnover 19,162.70 16,295.10 6,001.90 5,243.00 4,965.50

Excise Duty 0.00 0.00 0.00 0.00 0.00

Net Sales 19,162.70 16,295.10 6,001.90 5,243.00 4,965.50

Other Income 185.80 190.30 -95.20 -0.20 126.60

Stock Adjustments 0.00 0.00 0.00 0.00 0.00

Total Income 19,348.50 16,485.40 5,906.70 5,242.80 5,092.10

ExpenditureRaw Materials 0.00 0.00 0.00 0.00 0.00

Power & Fuel Cost 119.20 120.40 60.00 55.00 52.20

Employee Cost 7,201.20 6,971.50 2,513.80 2,251.00 1,943.80



Miscellaneous Expenses 1,824.20 2,361.10 635.40 745.00 680.70


Total Expenses 15,936.10 12,733.80 4,823.50 4,410.80 4,036.50


Operating Profit 3,226.60 3,561.30 1,178.40 832.20 929.00PBDIT 3,412.40 3,751.60 1,083.20 832.00 1,055.60

Interest 8.60 86.80 109.00 102.50 111.30

PBDT 3,403.80 3,664.80 974.20 729.50 944.30

Depreciation 473.30 427.00 157.00 150.50 138.30


Profit Before Tax 2,930.50 3,237.80 817.20 579.00 806.00


PBT (Post Extra-ord Items) 2,930.50 3,464.40 817.20 579.00 806.00

Tax 674.30 778.90 164.70 118.40 109.30

Reported Net Profit 2,256.20 2,685.50 652.50 460.60 696.70



34

Equity Dividend 579.30 467.00 64.10 51.40 51.00

Corporate Dividend Tax 117.80 79.40 10.90 8.30 8.30

Per share data (annualised)Shares in issue (lakhs) 9,607.89 2,334.73 1,281.19 1,274.87 1,259.55

Earning Per Share (Rs) 23.48 115.02 50.93 36.13 55.31Equity Dividend (%) 120.00 200.00 50.00 40.00 40.00

Book Value (Rs) 117.15 367.86 326.45 270.08 268.67

Trend Analysis (Tech Mahindra)

Balance Sheet

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 381.2698413 185.3174603 101.6666667 101.1904762 100Equity Share Capital 381.2698413 185.3174603 101.6666667 101.1904762 100Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 330.7366483 256.4487416 124.4444444 101.7710252 100Revaluation Reserves 0 0 0 0 0Networth 368.9864066 290.2039007 123.6052009 101.749409 100Secured Loans 0 0 0 101.7666667 100Unsecured Loans 0 0 128.7283336 88.55328643 100Total Debt 0 0.422761478 93.38801048 95.25661622 100Total Liabilities 273.4250115 215.1553638 115.7794469 100.0678827 100

Application Of Funds Gross Block 369.5232736 330.8947665 125.3476968 111.0861002 100Less: Accum. Depreciation 406.1966144 354.464979 130.3152663 113.2473987 100Net Block 330.1666667 305.6 120.0166667 108.7666667 100Capital Work in Progress 906.4144737 434.2105263 46.71052632 267.5986842 100Investments 131.2305371 73.64602395 122.2350637 104.4463707 100Inventories 0 0 0 33.33333333 100Sundry Debtors 439.7801514 407.321373 142.3312247 128.9121643 100Cash and Bank Balance 938.8544892 1458.359133 139.8864809 71.67182663 100Total Current Assets 523.0258048 582.9032536 141.8486235 119.2888582 100Loans and Advances 378.3944154 313.5689354 92.39965096 78.05410122 100Fixed Deposits 0 0 0 0 0Total CA, Loans & Advances 451.1086042 448.978175 117.260381 98.78509134 100Deferred Credit 0 0 0 0 0Current Liabilities 221.6128245 285.1330458 129.8722435 119.309952 100Provisions 634.3398876 494.9789326 131.741573 108.6376404 100

35

Total CL & Provisions 299.2666975 324.6151813 130.2239545 117.3019753 100Net Current Assets 741.6814159 686.965866 92.45259166 63.35018963 100Miscellaneous Expenses 0 0 0 0 0Total Assets 273.4250115 215.1553638 115.7794469 100.0678827 100

Contingent Liabilities1804.744422 673.566789 157.8367693 75.06354137 100

Book Value (Rs) 43.60367737 136.9188968 121.5059367 100.5248074 100


Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 385.916826

1328.1663478

120.8720169 105.5885611 100

Excise Duty 0 0 0 0 0Net Sales 385.916826

1328.1663478

120.8720169 105.5885611 100

Other Income 146.7614534

150.3159558

-75.19747235 -0.157977883 100

Stock Adjustments 0 0 0 0 0Total Income 379.970935

4323.744624 115.9973292 102.9594863 100

Expenditure Raw Materials 0 0 0 0 0Power & Fuel Cost 0 0 0 0 0Employee Cost 370.470213 358.653153

6129.3240045 115.8040951 100


499.4484483

241.2707751

118.7159876 100 100

Selling and Admin Expenses 0 0 0 0 0Miscellaneous Expenses 267.988835 346.863522

893.34508594 109.4461584 100


0 0 0 0 100

Total Expenses 394.7999505

315.4663694

119.4970891 109.2728849 100

Operating Profit 347.319698

6383.3476857

126.846071 89.58019376 100

PBDIT 323.2663888

355.3997726

102.6146268 78.81773399 100

Interest 7.726864331

77.98742138

97.93351303 92.09344115 100

PBDT 360.4574817

388.0970031

103.1663666 77.25299163 100

Depreciation 342.227042 308.749096 113.5213304 108.8214027 100

36

7 2Other Written Off 0 0 0 0 100Profit Before Tax 363.585607

9401.7121588

101.3895782 71.83622829 100

Extra-ordinary items 0 0 0 0 0PBT (Post Extra-ord Items) 363.585607

9429.8263027

101.3895782 71.83622829 100

Tax 616.925892 712.6258005

150.6861848 108.3257091 100

Reported Net Profit 323.8409645

385.4600258

93.65580594 66.1116693 100

Total Value Addition 394.7999505

315.4663694

119.4970891 109.2728849 100

Preference Dividend 0 0 0 0 0Equity Dividend 1135.88235

3915.6862745

125.6862745 100.7843137 100

Corporate Dividend Tax 1419.277108

956.626506 131.3253012 100 100

Per share data (annual) Shares in issue (lakhs) Earning Per Share (Rs) 42.4516362

3207.9551618

92.08099801 65.32272645 100

Equity Dividend (%) 300 500 125 100 100Book Value (Rs) 43.6036773

7136.9188968

121.5059367 100.5248074 100

Horizontal Analysis (Tech Mahindra)

Balance Sheet


Abs.Change

% Change

Abs.Change

% Change

Abs.Change

% Change Abs.Change

% Change Abs.Change

% Change

Sources Of Funds


105.40 82.27946916

0.60 0.470588235

1.50 1.19047619 - -

Equity Share Capital 246.90 105.738758

105.40 82.27946916

0.60 0.470588235

1.50 1.19047619 - -

Share Application Money 1.20 0 1,231.60 0 0.30 0 0.00 0 - -


Reserves 2,420.30

28.96793575

4,300.70 106.0748816

738.70 22.27885514

57.70 1.771025169

- -


Networth 2,666.00

27.14729393

5,637.70 134.7829205

739.60 21.48001859

59.20 1.749408983

- -

Secured Loans 5.00 100 349.40 98.58916479

256.20 100 10.60 1.766666667

- -

Unsecured Loans 0.00 0 750.10 100 234.10 45.36821705

66.70 11.44671357

- -

Total Debt 5.00 100 1,099.50 99.54730647

22.10 1.961654536

56.10 4.743383783

- -

37

Total Liabilities 2,661.00

27.08259122

4,538.20 85.83208821

717.50 15.70090595

3.10 0.067882716

- -


Gross Block 480.50 2,556.80

177.40 137.90 1,243.90 369.52 38.63 205.55 14.26 11.09


1,443.30 172.0057204

109.90 15.07131103

85.30 13.24739866

- -

Net Block 147.40 8.038830716

1,113.50 154.6313012

67.50 10.34324241

52.60 8.766666667

- -

Capital Work in Progress 287.10 108.75 235.60 829.5774648

134.30 82.54456054

101.90 167.5986842

- -

Investments 1,793.70

78.19093287

1,513.50 39.75049245

554.10 17.03141329

138.50 4.44637067 - -

Inventories 0.00 #DIV/0! 0.00 #DIV/0! 0.20 100 0.40 66.66666667

- -

Sundry Debtors 313.00 7.968837517

2,555.30 186.1785064

129.40 10.40946022

278.80 28.91216426

- -

Cash and Bank Balance 1,006.80

35.62254538

2,555.20 942.5304316

132.20 95.17638589

54.90 28.32817337

- -

Total Current Assets 693.80 10.27227906

5,110.50 310.9333171

261.40 18.91187961

223.50 19.2888582 - -

Loans and Advances 742.90 20.67343815

2,534.60 239.3616017

164.40 18.37898267

251.50 21.94589878

- -

Fixed Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total CA, Loans & Advances 49.10 0.474506166

7,645.10 282.8899167

425.80 18.70250802

28.00 1.214908665

- -

Deferred Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Current Liabilities 780.60 22.27739726

1,908.00 119.5488722

129.80 8.852816805

237.30 19.30995199

- -

Provisions 396.90 28.15492658

1,034.50 275.7196162

65.80 21.26696833

24.60 8.637640449

- -

Total CL & Provisions 383.70 7.808779535

2,942.50 149.2745536

195.60 11.01599459

261.90 17.30197529

- -

Net Current Assets 432.80 7.964813486

4,702.60 643.0466293

230.20 45.93893434

289.90 36.64981037

- -


Total Assets 2,661.00

27.08259122

4,538.20 85.83208821

717.50 15.70090595

3.10 0.067882716

Contingent Liabilities 4,005.50

167.9384512

1,826.20 326.7489712

293.10 110.2708804

88.30 24.93645863

- -

Book Value (Rs)

250.71 68.15364541

41.41 12.6849441

56.37 20.8715936 1.41 0.524807385

- -


Abs.Change

% Change Abs.Change

% Change

Abs.Change

5 Change Abs.Change

% Change Abs.Change

% Change

Sales Turnover 2,867.60

17.59792821

10,293.20 171.4990253

758.90 14.47453748

277.5 5.588561071

- -

Excise Duty 0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Net Sales 2,867.60

17.59792821

10,293.20 171.4990253

758.90 14.47453748

277.5 5.588561071

- -

Other Income 4.50 2.364687336

285.50 -299.894958

95.00 -47500 126.8 100.1579779

- -

Stock Adjustments 0.00 0 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

Total Income 2,863.1 17.3674888 10,578.70 179.096 663.90 12.663080 150.7 2.9594862 - -

38

0 1 6191 8 63Expenditure - -

Raw Materials 0.00 #DIV/0! 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

Power & Fuel Cost 1.20 0.996677741

60.40 100.6666667

5.00 9.090909091

2.8 5.363984674

- -

Employee Cost 229.70 3.294843291

4,457.70 177.3291431

262.80 11.6748112

307.2 15.80409507

- -


3,510.70

0 1,666.50 0 254.50 0 0 0 - -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -


536.90 22.73940113

1,725.70 271.5926975

109.60 14.7114094

64.3 9.446158366

- -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Total Expenses 3,202.30

25.14803122

7,910.30 163.9950244

412.70 9.356579305

374.3 9.272884925

- -

- -

- -


2,382.90 202.2148676

346.20 41.60057678

96.8 10.41980624

- -

PBDIT 339.20 9.041475637

2,668.40 246.3441654

251.20 30.19230769

223.6 21.18226601

- -

Interest 78.20 90.0921659 22.20 20.36697248

6.50 6.341463415

8.8 7.90655885

- -

PBDT 261.00 7.121807466

2,690.60 276.1855882

244.70 33.54352296

214.8 22.74700837

- -

Depreciation 46.30 10.84309133

270.00 171.9745223

6.50 4.318936877

12.2 8.821402748

- -


Profit Before Tax 307.30 9.491012416

2,420.60 296.206559

238.20 41.13989637

227 28.16377171

- -

Extra-ordinary items 226.60 226.60 0.00 0.00 0.00 0.00 0.00 0.00 - -


533.90 15.41103799

2,647.20 323.9353891

238.20 41.13989637

227 28.16377171

- -

Tax 104.60 13.42919502

614.20 372.9204614

46.30 39.10472973

9.1 8.325709058

- -


2,033.00 311.5708812

191.90 41.6630482

236.1 33.8883307

- -

Total Value Addition 3,202.30

25.14803122

7,910.30 163.9950244

412.70 9.356579305

374.3 9.272884925

- -

Preference Dividend 0.00 #DIV/0! 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

Equity Dividend 112.30 24.04710921

402.90 628.549142

12.70 24.70817121

0.4 0.784313725

- -


38.40 48.3627204 68.50 628.440367

2.60 31.3253012

0 0 - -




91.54 79.58615893

64.09 125.8393874

14.80 40.96318849

19.18 34.67727355

- -

Equity Dividend (%) 80.00 40 150.00 300 10.00 25 0 0 - -

Book Value (Rs) 250.71 68.15364541

41.41 12.6849441

56.37 20.8715936

1.41 0.524807385

- -

39

Vertical Analysis (Tech Mahindra)

Balance Sheet

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Sources Of Funds Total Share Capital 3.847355144 2.37647 2.42279 2.790056458 2.759103948Equity Share Capital 3.847355144 2.37647 2.42279 2.790056458 2.759103948Share Application Money 9.856244744 12.53778 0.00567 0 0Preference Share Capital 0 0.00000 0.00000 0 0Reserves 86.29640011 85.03486 76.68186 72.55678585 71.34254494Revaluation Reserves 0 0.00000 0.00000 0 0Networth 100 99.94911 79.11032 75.34684231 74.10164889Secured Loans 0 0.05089 6.70285 13.36163508 13.13859023Unsecured Loans 0 0.00000 14.18683 11.2915226 12.75976088Total Debt 0 0.05089 20.88968 24.65315769 25.89835111Total Liabilities 100 100.00000 100.00000 100 100

Application Of Funds Gross Block 480.50 2,076.30 2,379.40 39.50 1,106.00

40

Less: Accum. Depreciation 20.94662235 23.22935 15.87010 15.95693466 14.09989708Net Block 15.86513435 18.66165 13.61943 14.2807125 13.13859023Capital Work in Progress 4.413566652 2.68689 0.53714 3.560330868 1.331377143Investments 32.73695591 23.34741 72.01218 71.19348768 68.20899118Inventories 0 0.00000 0.00000 0.004376559 0.01313859Sundry Debtors 33.96308013 39.97557 25.95843 27.20250339 21.11590426Cash and Bank Balance 14.57173748 28.76495 5.12738 3.039520329 4.243764644Total Current Assets 48.5348176 68.74052 31.08581 30.24640028 25.3728075Loans and Advances 34.728707 36.57320 20.02724 19.57416079 25.09470734Fixed Deposits 0 0.00000 0.00000 0 0Total CA, Loans & Advances 83.26352461 105.31372 51.11304 49.82056107 50.46751484Deferred Credit 0 0.00000 0.00000 0 0Current Liabilities 21.81075562 35.66231 30.18554 32.08455512 26.91002255Provisions 14.4684259 14.34736 7.09625 6.770537004 6.236450829Total CL & Provisions 36.27918152 50.00967 37.28179 38.85509213 33.14647338Net Current Assets 46.98434309 55.30406 13.83126 10.96546895 17.32104145Miscellaneous Expenses 0 0.00000 0.00000 0 0Total Assets 100 100.00000 100.00000 100 100Contingent Liabilities 51.18007448 24.27459 10.57061 5.816447109 7.753958

Book Value (Rs) 0.93821327 3.74393 6.17423 5.910105475 5.883241728

Profit and loss

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 100 100.00000 100.00000 100 100Excise Duty 0 0.00000 0.00000 0 0Net Sales 100 100.00000 100.00000 100 100Other Income 0.969591968 1.16784 -1.58616 -0.00381461 2.549592186Stock Adjustments 0 0.00000 0.00000 0 0Total Income 100.969592 101.16784 98.41384 99.99618539 102.5495922Expenditure 0 0.00000 0.00000 0 0Raw Materials 0 0.00000 0.00000 0 0Power & Fuel Cost 0.622041779 0.73887 0.99968 1.049017738 1.05125365Employee Cost 37.57925553 42.78280 41.88340 42.93343506 39.14610815Other Manufacturing Expenses

35.44124784 20.13366 26.89648 25.93553309 27.3849562


0 0.00000 0.00000 0 0

Miscellaneous Expenses 9.519535347 14.48963 10.58665 14.20942209 13.70858927Preoperative Exp Capitalised

0 0.00000 0.00000 0 0

Total Expenses 83.1620805 78.14496 80.36622 84.12740797 81.29090726

41

Operating Profit 16.8379195 21.85504 19.63378 15.87259203 18.70909274PBDIT 17.80751147 23.02287 18.04762 15.86877742 21.25868493Interest 0.044878853 0.53268 1.81609 1.954987603 2.241466116PBDT 17.76263261 22.49020 16.23153 13.91378981 19.01721881Depreciation 2.469902467 2.62042 2.61584 2.870493992 2.785218004Other Written Off 0 0.00000 0.00000 0 0Profit Before Tax 15.29273015 19.86978 13.61569 11.04329582 16.23200081Extra-ordinary items 0 1.39060 0.00000 0 0PBT (Post Extra-ord Items)

15.29273015 21.26038 13.61569 11.04329582 16.23200081

Tax 3.518815198 4.77996 2.74413 2.258249094 2.201188199Reported Net Profit 11.77391495 16.48041 10.87156 8.785046729 14.03081261Total Value Addition 83.1620805 78.14496 80.36622 84.12740797 81.29090726Preference Dividend 0 0.00000 0.00000 0 0Equity Dividend 3.023060425 2.86589 1.06800 0.980354759 1.0270869Corporate Dividend Tax 0.614735919 0.48726 0.18161 0.158306313 0.167153358Per share data (annualised)

Shares in issue (lakhs) 50.13849823 14.32780 21.34641 24.31565897 25.36602558Earning Per Share (Rs) 0.122529706 0.70586 0.84856 0.689109289 1.113885812Equity Dividend (%) 0.626216556 1.22736 0.83307 0.762921991 0.805558353Book Value (Rs) 0.611343913 2.25749 5.43911 5.151249285 5.410734065

42

Financial Ratios (Tech Mahindra)







Free Reserves Per Share (Rs) -- -- -- 225.01 233.90



Operating Profit Margin(%) 16.83 21.85 19.63 16.52 19.14Profit Before Interest And Tax Margin(%) 14.27 19.15 17.29 13.60 16.27





43




Adjusted Return on Net Worth(%) 19.50 27.23 15.60 14.62 17.96Return on Assets Excluding Revaluations

117.15 367.86 326.45 270.08 268.67

Return on Assets Including Revaluations

117.15 367.86 326.45 270.08 268.67



Current Ratio 2.30 2.11 0.95 0.98 1.58

Quick Ratio 2.23 2.04 1.32 1.23 2.49

Debt Equity Ratio -- -- 0.26 0.33 0.53

Long Term Debt Equity Ratio -- -- 0.07 0.17 0.37


Interest Cover 334.63 36.92 8.50 9.46 8.41

Total Debt to Owners Fund -- 0.00 0.26 0.33 0.53

Financial Charges Coverage Ratio 389.66 41.84 9.94 7.91 7.97

Financial Charges Coverage Ratio Post Tax

318.38 36.86 8.43 6.47 7.81


Inventory Turnover Ratio -- -- -- 26,215.00 8,275.83


Investments Turnover Ratio -- -- -- 26,215.00 8,275.83

Fixed Assets Turnover Ratio -- -- -- 3.81 4.00

Total Assets Turnover Ratio -- -- -- 1.15 0.96


Average Raw Material Holding -- -- -- 144.00 --




Material Cost Composition -- -- -- -- --Imported Composition of Raw Materials Consumed -- -- -- -- --

Selling Distribution Cost Composition -- -- -- 0.08 0.09Expenses as Composition of Total Sales 95.94 95.46 92.48 89.78 84.75






AdjustedCash Flow Times -- 0.00 1.36 1.72 2.42

Mar Mar '14 Mar '13 Mar '12 Mar '11

44

'15


Book Value 117.15 367.86 326.45 270.08 268.67

Financial Analysis of Infosys

Balance Sheet

Standalone Balance Sheet ------------------- in Rs. Cr. -------------------






Reserves 47,494.00 41,806.00 35,772.00 29,470.00 24,214.00

Networth 48,068.00 42,092.00 36,059.00 29,757.00 24,501.00

Secured Loans 0.00 0.00 0.00 0.00 0.00

Unsecured Loans 0.00 0.00 0.00 0.00 0.00

Total Debt 0.00 0.00 0.00 0.00 0.00


45



Gross Block 12,827.00 10,374.00 8,029.00 4,061.00 4,056.00


Less: Accum. Depreciation 5,480.00 4,642.00 3,576.00 0.00 0.00

Net Block 7,347.00 5,732.00 4,453.00 4,061.00 4,056.00Capital Work in Progress 769.00 954.00 1,135.00 588.00 249.00


Sundry Debtors 8,627.00 7,336.00 6,365.00 5,404.00 4,212.00




Fixed Deposits 0.00 0.00 0.00 0.00 0.00


Deferred Credit 0.00 0.00 0.00 0.00 0.00


Provisions 8,045.00 6,117.00 3,788.00 3,604.00 2,473.00


Net Current Assets 33,095.00 28,689.00 26,127.00 23,699.00 18,871.00

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 48,068.00 42,092.00 36,059.00 29,757.00 24,501.00

Contingent Liabilities 1,461.00 1,020.00 1,693.00 1,024.00 1,016.00

Book Value (Rs) 418.54 736.64 627.95 518.21 426.73

Profit and LossStandalone Profit & Loss account ------------------- in Rs. Cr. -------------------



Income

Sales Turnover 47,300.00 44,341.00 36,765.00 31,254.00 25,385.00

Excise Duty 0.00 0.00 0.00 0.00 0.00

Net Sales 47,300.00 44,341.00 36,765.00 31,254.00 25,385.00

Other Income 3,749.00 2,576.00 2,298.00 2,313.00 1,147.00

46

Stock Adjustments 0.00 0.00 0.00 0.00 0.00

Total Income 51,049.00 46,917.00 39,063.00 33,567.00 26,532.00

Expenditure

Raw Materials 39.00 21.00 22.00 0.00 0.00

Power & Fuel Cost 185.00 181.00 180.00 0.00 0.00

Employee Cost 25,115.00 24,350.00 19,932.00 15,481.00 12,464.00





Total Expenses 33,338.00 31,814.00 25,750.00 21,193.00 16,971.00




PBDIT 17,711.00 15,103.00 13,313.00 12,374.00 9,561.00

Interest 0.00 0.00 0.00 0.00 0.00

PBDT 17,711.00 15,103.00 13,313.00 12,374.00 9,561.00

Depreciation 913.00 1,101.00 956.00 794.00 740.00





Tax 4,634.00 3,808.00 3,241.00 3,110.00 2,378.00




Equity Dividend 5,111.00 3,618.00 2,412.00 2,699.00 3,445.00

Corporate Dividend Tax 1,034.00 615.00 403.00 438.00 568.00



Earning Per Share (Rs) 105.91 178.40 158.75 147.50 112.22

Equity Dividend (%) 1,190.00 1,260.00 840.00 940.00 1,200.00

Book Value (Rs) 418.54 736.64 627.95 518.21 426.73

47

Trend Analysis (Infosys)

Balance Sheet Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 200 99.65156794 100 100 100Equity Share Capital 200 99.65156794 100 100 100Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 196.1427273 172.6521847 147.732716 121.706450 100Revaluation Reserves 0 0 0 0 0Networth 196.1879107 171.7970695 147.173584 121.452185 100Secured Loans 0 0 0 0 0Unsecured Loans 0 0 0 0 0Total Debt 0 0 0 0 0Total Liabilities 196.1879107 171.7970695 147.173584 121.452185 100


Gross Block 316.2475345 255.7692308 197.953648 100.123274 100Less: Accum. Depreciation 118.0525636 129.8098434 100 0 0Net Block 181.1390533 141.321499 109.787968 100.123274 100Capital Work in Progress 308.8353414 383.1325301 455.823293 236.144578 100Investments 517.509434 506.9433962 327.849056 106.339622 100Inventories 0 0 0 0 0Sundry Debtors 204.8195632 174.1690408 151.115859 128.300095 100Cash and Bank Balance 202.8686425 176.3629711 149.293816 132.405049 100Total Current Assets 203.3282989 175.8460592 149.723107 131.235665 100Loans and Advances 196.2034786 147.2414438 118.384140 117.748270 100Fixed Deposits 0 0 0 0 0Total CA, Loans & Advances 0 0 0 0 0Deferred Credit 0 0 0 0 0Current Liabilities 303.1914894 239.5212766 169.202127 130.531914 100Provisions 325.3133846 247.3513951 153.174282 145.733926 100Total CL & Provisions 315.7592465 243.9696761 160.096485 139.168389 100Net Current Assets 0 0 0 0 0Miscellaneous Expenses 0 0 0 0 0Total Assets ontingent Liabilities 143.7992126 100.3937008 166.633858 100.787401 100

Book Value (Rs)98.08075364 172.6243761 147.153938 121.437442 100

48


Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 186.3305101 174.674020 144.8296238 123.1199527 100Excise Duty 0 0 0 0 0Net Sales 186.3305101 174.674020 144.8296238 123.1199527 100Other Income 326.8526591 224.585876 200.3487358 201.6564952 100Stock Adjustments 0 0 0 0 0Total Income 192.4053973 176.831750 147.2297603 126.5151515 100Expenditure Raw Materials 0 0 0 0 0Power & Fuel Cost 0 0 0 0 0Employee Cost 201.5003209 195.362644 159.9165597 124.2057125 100Other Manu. Expenses 134.0425532 124.843554 92.89737171 123.4981227 100Selling&Admin Expenses 0 0 0 0 0Miscellaneous Expenses 283.3714722 249.580472 201.9069413 134.6300534 100Preoperative Exp Capitalised 0 0 0 0 100Total Expenses 196.4409876 187.460962 151.7294208 124.8777326 100 Operating Profit 165.9377228 148.882814 130.9127644 119.5745187 100PBDIT 185.2421295 157.964648 139.242757 129.4216086 100Interest 0 0 0 0 0PBDT 0 0 0 0 100Depreciation 123.3783784 148.783783 129.1891892 107.2972973 100Other Written Off 0 0 0 0 100Profit Before Tax 190.4319238 158.734837

3140.086158 131.2776329 100

Extra-ordinary items 0 0 0 0 100PBT (Post Extra-ord Items) 190.4319238 158.734837 140.086158 131.2776329 100Tax 194.8696384 160.134566 136.2910008 130.7821699 100Reported Net Profit 0 0 0 0 100Total Value Addition 196.2111838 187.337222 151.5997879 124.8777326 100Preference Dividend 0 0 0 0 100Equity Dividend 0 0 0 0 100Corporate Dividend Tax 182.0422535 108.274647 70.95070423 77.11267606 100Per share data (annualised) 100Shares in issue (lakhs) Earning Per Share (Rs) 94.37711638 158.973445 141.4631973 131.4382463 100Equity Dividend (%) 99.16666667 105 70 78.33333333 100Book Value (Rs) 98.08075364 172.624376 147.1539381 121.4374429 100

49

Horizontal Analysis (Infosys)

Balance Sheet Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

Abs.Change

% Change

Abs.Change

% Change

Abs.Change

Abs.Change

% Change

Abs.Change

% Change

Sources Of Funds


1.00 0.348432056

0.00 0 0.00 0 - -

Equity Share Capital 288.00 100.6993007

1.00 0.348432056

0.00 0 0.00 0 - -



Reserves 5,688.00 13.60570253

6,034.00 16.86794141

6,302.00 21.38445877

5,256.00 21.70645081

- -


Networth 5,976.00 14.1974722

6,033.00 16.73091323

6,302.00 21.17821017

5,256.00 21.45218563

- -

Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total Debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total Liabilities 5,976.00 14.1974722

6,033.00 16.73091323

6,302.00 21.17821017

5,256.00 21.45218563

- -


- -

Gross Block 2,453.00 23.64565259

2,345.00 29.20662598

3,968.00 97.70992366

5.00 0.123274162

- -


1,066.00 29.8098434

3,576.00 #DIV/0!

0.00 #DIV/0! - -

Net Block 1,615.00 28.17515701

1,279.00 28.72220975

392.00 9.652794878

5.00 0.123274162

- -


181.00 15.94713656

547.00 93.02721088

339.00 136.1445783

- -

Investments 140.00 2.084263808

2,373.00 54.62707182

2,935.00 208.3037615

84.00 6.339622642

- -

Inventories 0.00 #DIV/0!

0.00 #DIV/0!

0.00 #DIV/0!

0.00 #DIV/0! - -

Sundry Debtors 1,291.00 17.59814613

971.00 15.25530244

961.00 17.78312361

1,192.00 28.30009497

- -

Cash and Bank Balance 3,622.00 15.02904564

3,699.00 18.13146414

2,344.00 12.98111536

4,392.00 32.14050494

- -

Total Current Assets 4,913.00 15.6285787

4,670.00 17.44750803

3,305.00 14.08720856

5,584.00 31.23566594

- -

Loans and Advances 2,618.00 0 1,543.00 0 34.00 0 949.00 17.74827006

- -

50

Fixed Deposits 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00 - -

Total CA, Loans & Advances 7,531.00 0 6,213.00 0 3,339.00 0 6,533.00 0 - -

Deferred Credit 0.00 0 0.00 0 0.00 0 0.00 0 - -

Current Liabilities 1,197.00 26.58227848

1,322.00 41.55925809

727.00 29.62510187

574.00 30.53191489

- -

Provisions 1,928.00 31.51871833

2,329.00 61.48363252

184.00 5.105438402

1,131.00 45.73392641

- -

Total CL & Provisions 3,125.00 29.42561205

3,651.00 52.38915196

911.00 15.03796633

1,705.00 39.16838962

- -

Net Current Assets 4,406.00 0 2,562.00 0 2,428.00 0 4,828.00 0 - -

Miscellaneous Expenses 0.00 0 0.00 0 0.00 0 0.00 0 - -

Total Assets

ontingent Liabilities 441.00 43.23529412

673.00 39.75191967

669.00 65.33203125

8.00 0.787401575

- -

Book Value (Rs)

318.10 43.18255864

108.69 17.30870292

109.74 21.17674302

91.48 21.43744288

- -


Abs.Change

% Change Abs.Change

% Change Abs.Change

5 Change Abs.Change

% Change

Abs.Change

% Change

Income

Sales Turnover 2,959.00

6.673282064

7,576.00

20.60655515

5,511.00

17.63294298

5869 23.11995273

- -

Excise Duty 0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Net Sales 2,959.00

6.673282064

7,576.00

20.60655515

5,511.00

17.63294298

5869 23.11995273

- -

Other Income 1,173.00

45.53571429

278.00 12.09747607

15.00 0.648508431

1166 101.6564952

- -

Stock Adjustments 0.00 0 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

Total Income 4,132.00

8.807042224

7,854.00

20.10598264

5,496.00

16.3732237 7035 26.51515152

- -

Expenditure - -

Raw Materials 18.00 85.71428571

1.00 4.545454545

22.00 #DIV/0! 0 #DIV/0! - -

Power & Fuel Cost 4.00 2.209944751

1.00 0.555555556

180.00 #DIV/0! 0 #DIV/0! - -

Employee Cost 765.00 3.141683778

4,418.00

22.16536223

4,451.00

28.75137265

3017 24.20571245

- -


294.00 0 1,021.00

0 978.00 0 751 23.49812265

- -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -


443.00 13.5391198 625.00 23.61163581

882.00 49.97167139

454 34.63005339

- -


0.00 0 0.00 0 0.00 0 0 #DIV/0! - -

Total Expenses 1,524.00

4.790343874

6,064.00

23.54951456

4,557.00

21.50238286

4222 24.8777326

- -

- -

- -

Operating Profit 1,435.0 11.4552566 1,512.0 13.7267362 954.00 9.48215883 1647 19.5745 - -

51

0 5 0 7 1 1866PBDIT 2,608.0

017.26809243

1,790.00

13.44550439

939.00 7.588491999

2813 29.42160862

- -

Interest 0.00 #DIV/0! 0.00 #DIV/0! 0.00 #DIV/0! 0 #DIV/0! - -

PBDT 2,608.00

0 1,790.00

0 939.00 0 2813 0 - -

Depreciation 188.00 17.07538601

145.00 15.16736402

162.00 20.40302267

54 7.297297297

- -

Other Written Off 0.00 0 0.00 0 0.00 0 0 0 - -

Profit Before Tax 2,796.00

19.96857592

1,645.00

13.31229263

777.00 6.70984456 2759 31.27763292

- -

Extra-ordinary items 0.00 0 0.00 0 0.00 0 0 #DIV/0! - -


2,796.00

19.96857592

1,645.00

13.31229263

777.00 6.70984456 2759 31.27763292

- -

Tax 826.00 21.69117647

567.00 17.49460043

131.00 4.21221865 732 30.78216989

- -

Reported Net Profit 1,970.00

0 1,078.00

0 646.00 0 2027 0 - -

Total Value Addition 1,506.00

4.736891769

6,065.00

23.57353856

4,535.00

21.398575 4222 24.8777326

- -

Preference Dividend 0.00 0 0.00 0 0.00 0 0 0 - -

Equity Dividend 1,493.00

0 1,206.00

0 287.00 0 746 0 - -


419.00 68.1300813 212.00 52.60545906

35.00 7.99086758 130 22.88732394

- -


0.00 0 0.00 0 0.00 0 0 0 - -



72.49 40.63340807

19.65 12.37795276

11.25 7.627118644

35.28 31.4382463

- -

Equity Dividend (%) 70.00 5.555555556

420.00 50 100.00 10.63829787

260 21.66666667

- -

Book Value (Rs) 318.10 43.18255864

108.69 17.30870292

109.74 21.17674302

91.48 21.43744288

- -

Vertical analysis (Infosys)

52

Balance sheet

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11 Sources Of Funds Total Share Capital 1.194141633 0.67946 0.79592 0.964478946 1.17138076Equity Share Capital 1.194141633 0.67946 0.79592 0.964478946 1.17138076Share Application Money 0 0.00000 0.00000 0 0Preference Share Capital 0 0.00000 0.00000 0 0Reserves 98.80585837 99.32054 99.20408 99.03552105 98.82861924Revaluation Reserves 0 0.00000 0.00000 0 0Networth 100 100.00000 100.00000 100 100Secured Loans 0 0.00000 0.00000 0 0Unsecured Loans 0 0.00000 0.00000 0 0Total Debt 0 0.00000 0.00000 0 0Total Liabilities 100 100.00000 100.00000 100 100


Gross Block 26.68511276 24.64601 22.26629 13.64720906 16.55442635Less: Accum. Depreciation 11.40051594 11.02822 9.91708 0 0Net Block 15.28459682 13.61779 12.34921 13.64720906 16.55442635Capital Work in Progress 1.599816926 2.26646 3.14762 1.976005646 1.01628505Investments 14.26520762 15.95790 12.04692 4.735020331 5.407942533Inventories 0 0.00000 0.00000 0 0Sundry Debtors 17.94749105 17.42849 17.65163 18.16043284 17.19113506Cash and Bank Balance 57.67246401 57.25554 56.57672 60.68152031 55.77323375Total Current Assets 75.61995506 74.68403 74.22835 78.84195315 72.9643688Loans and Advances 21.82533078 18.70427 17.55456 21.15804685 21.82359904Fixed Deposits 0 0.00000 0.00000 0 0Total CA, Loans & Advances 97.44528585 93.38829 91.78291 100 94.78796784Deferred Credit 0 0.00000 0.00000 0 0Current Liabilities 11.85820088 10.69799 8.82165 8.246799072 7.673156198Provisions 16.73670633 14.53245 10.50501 12.11143596 10.09346557Total CL & Provisions 28.59490721 25.23045 19.32666 20.35823504 17.76662177Net Current Assets 68.85037863 68.15784 72.45625 79.64176496 77.02134607Miscellaneous Expenses 0 0.00000 0.00000 0 0Total Assets 100 100.00000 100.00000 100 100ontingent Liabilities 3.039444121 2.42326 4.69508 3.441207111 4.14676952

Book Value (Rs)0.870724807 1.75007 1.74145 1.741472595 1.741684013

53


Mar '15 Mar '14 Mar '13 Mar '12 Mar '11Income Sales Turnover 100 100.00000 100.00000 100 100Excise Duty 0 0.00000 0.00000 0 0Net Sales 100 100.00000 100.00000 100 100Other Income 7.926004228 5.80952 6.25051 7.400652716 4.518416388Stock Adjustments 0 0.00000 0.00000 0 0Total Income 107.9260042 105.80952 106.25051 107.4006527 104.5184164Expenditure 0 0.00000 0.00000 0 0Raw Materials 0.082452431 0.04736 0.05984 0 0Power & Fuel Cost 0.391120507 0.40820 0.48960 0 0Employee Cost 53.09725159 54.91532 54.21461 49.53285979 49.09986212Other Manufacturing Expenses

9.057082452 8.99844 8.07562 12.62878352 12.59011227

Selling and Admin Expenses 0 0.00000 0.00000 0 0Miscellaneous Expenses 7.854122622 7.37918 7.19978 5.647277149 5.164467205Preoperative Exp Capitalised

0 0.00000 0.00000 0 0

Total Expenses 70.4820296 71.74849 70.03944 67.80892046 66.8544416 Operating Profit 29.5179704 28.25151 29.96056 32.19107954 33.1455584PBDIT 37.44397463 34.06103 36.21107 39.59173226 37.66397479Interest 0 0.00000 0.00000 0 0PBDT 37.44397463 34.06103 36.21107 39.59173226 37.66397479Depreciation 1.930232558 2.48303 2.60030 2.540474819 2.915107347Other Written Off 0 0.00000 0.00000 0 0Profit Before Tax 35.51374207 31.57800 33.61077 37.05125744 34.74886744Extra-ordinary items 0 0.00000 0.00000 0 0PBT (Post Extra-ord Items) 35.51374207 31.57800 33.61077 37.05125744 34.74886744Tax 9.797040169 8.58799 8.81545 9.950726307 9.367736852Reported Net Profit 25.7167019 22.99001 24.79532 27.10053113 25.38113059Total Value Addition 70.39957717 71.70113 69.97960 67.80892046 66.8544416Preference Dividend 0 0.00000 0.00000 0 0Equity Dividend 10.80549683 8.15949 6.56059 8.635694631 13.5710065Corporate Dividend Tax 2.186046512 1.38698 1.09615 1.401420618 2.237541855Per share data (annualised) 0 0.00000 0.00000 0 0Shares in issue (lakhs) 24.28059197 12.88656 15.61909 18.37300825 22.6177664Earning Per Share (Rs) 0.223911205 0.40234 0.43180 0.471939592 0.44207209Equity Dividend (%) 2.515856237 2.84161 2.28478 3.007615025 4.727201103

54

Book Value (Rs) 0.884862579 1.66131 1.70801 1.658059768 1.681032106

Financial Ratios (Infosys)

55









Profitability RatiosOperating Profit Margin(%) -- -- -- -- --

Profit Before Interest And Tax Margin(%) -- -- -- -- --

Gross Profit Margin(%) -- -- -- -- --

Cash Profit Margin(%) -- -- -- -- --



Adjusted Net Profit Margin(%) -- -- -- -- --

Return On Capital Employed(%) -- -- -- -- --

Return On Net Worth(%) -- -- -- -- --

Adjusted Return on Net Worth(%) 24.44 24.21 25.05 26.83 26.29

Return on Assets Excluding Revaluations 418.54 736.64 627.95 518.21 426.73



Liquidity And Solvency RatiosCurrent Ratio 3.41 3.70 4.75 4.91 5.34

Quick Ratio 3.38 3.65 4.69 4.88 5.28

Debt Equity Ratio -- -- -- -- --

Long Term Debt Equity Ratio -- -- -- -- --

Debt Coverage RatiosInterest Cover -- -- -- -- --

Total Debt to Owners Fund -- -- -- -- --

Financial Charges Coverage Ratio -- -- -- -- --Financial Charges Coverage Ratio Post Tax -- -- -- -- --

Management Efficiency RatiosInventory Turnover Ratio -- -- -- -- --


Investments Turnover Ratio -- -- -- -- --

Fixed Assets Turnover Ratio -- -- -- -- --

Total Assets Turnover Ratio -- -- -- -- --

56





Profit & Loss Account RatiosMaterial Cost Composition 0.08 0.04 0.05 -- --Imported Composition of Raw Materials Consumed -- -- -- -- --



Cash Flow Indicator RatiosDividend Payout Ratio Net Profit 42.01 35.49 26.45 31.86 53.46




AdjustedCash Flow Times -- -- -- -- --



Book Value 418.54 736.64 627.95 518.21 426.73

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Documents

Accounts Final