Infosys Estimate Financial Statement 2

7/28/2019 Infosys Estimate Financial Statement 2

1/80

3 rd floor D M Tower

Tel. No. 0731 -4020988, 9826026300

Prepared by : Ankush Maheshwari, Indore

http://finoptions.in/default.php

Reference Model

Indore

Finoptions Management Solutions Pvt. Ltd.

Above STANDARD CHARTERD BANKJanjeer wala Square

INDORE (M.P)
http://g/final%20report.docx


2/80


3/80

Finoption ma

3rd floor D.M

Above Standa

Janjeerwala s

Tel. No. :073

9826026300

gosomani

www.finop

Directions

Infosys has successfully evolved into a major integrated sofware company with presence across the IT i

A financial model of such a company is in great demand in the investment market. This gave us the o

come out with a financial model on the company. These exercises help the student at Finoption ma

financial modeling skills.

This model is being developed by a financial modeling student With the directions of Mr.Gaur

management solutions Indore.This is provided as reference model and is for information purpose only

the reference model, the formulas and linkages of the model are kept intact.

Finoptions management solutions provides certificate programs in Financial Modeling. The program gr

jobs in the finance sector which require financial analysis and modeling skills. The program aims to imp

perform the role of a Financial Research Analyst. The program equips students with the practical skill

analysis, modeling and valuation through Excel.
mailto:[email protected]://www.finoption.in/http://www.finoptions.in/http://www.finoption.in/mailto:[email protected]


4/80

agement solution Pvt Ltd,

tower

rd charted Bank

ure, INDORE (M.P.)

1-4020988

gmail.com

tion.in

dustry and with global footprints.

pportunity to guide our student to

agement solutions to have their

av somani (CFA) at Finoption

. Keeping in view the objective of

oms the candidates for entry level

art the necessary skills required to

sets required to perform financial

-


5/80

Company Inforamtion

Industry

Sector

Country

Current Market Price

Ticker

Market Capitalization ($B)

Relative Index (S&P 500)

Year end

Reporting currency

(in Rs.crores)

31MAR '08 31MAR '09 31MAR '10 31MAR '11 31MAR '12

EPS BASIC 81.45 104.53 109.20 119.05 145.10

PBDIT/sales (%) 35.60% 35.35% 38.92% 37.01% 37.43%

Net income/sales (%) 27.9% 27.6% 27.6% 24.9% 24.7%Interest Cover - - - - -

EV/Sales 7.88

EV/EBITDA 21.05

P/E

P/Sales

RATIOS

INDIAN (Rs.)

Per Share Data & Key Ratios

Indian

2324

BSE/NSE

28.0

(S&P 500)

31-Mar

Company Overview

Fig in Rs CRORE

Infosys

IT Consulting & Software

Information Technology


6/80

31MAR '13 31MAR '14

170.76 203.83

36.87% 36.87%

23.9% 23.9%- -

6.48 5.43

17.56 14.71

16.70 11.40

5.66% 4.74%

Company Description

Infosys is a USD 7.45 Billion global IT services company, Infosys is a leading provider of bus

and custom applications, infrastructure management business process outsourcing and engineerin

engineering services expertise under one roof to solve complex business problems for its client

global off shore infrastructure and network of offices in 29 countries, it provides Business ser

Outsourcing services delivery across industries like financial services, manufacturing, consum

healthcare

Services

Business Services,Technology Services and Out sourcing Services

Predicted Share Price Of infosys will be 2852 Rs on 31st March 2013


7/80

iness transformation, enterprise

g services.Infosys brings IT and

s. Leveraging Infosys extensive

ices, Technology Services and

r services ,public services and


8/80

CONTENT Click on Sheet No.

Historical and Forecasted Income Statement 1

Historical and Forecasted Balance Sheet 2

Historical and Forecasted Cash Flow Statement 3Ratio Analysis 4

Beta Calculation 5

Weighted Average Cost Of Capital(WACC) 6

Top to Bottom Approach for forcated future sales 7

Bottom to Top Approach for forcasted future sales 8

Predicted Sales growth rate 9

Capital Expenditure (Capex) 10

Free Cash Flow Firm (Valuation) 11

TCS CONSOLIDATEDKEY FINANCIAL AND OPERATING MATRICS


9/80

Particular Mar '08 Mar '09 Mar '10 Mar '11Sales Turnover 16,692.0 21,693.0 22,742.0 27,501.0

Excise Duty 0.0 0.0 0.0 0.0

Net Sales 16,692.0 21,693.0 22,742.0 27,501.0

Other Income 704.0 473.0 991.0 1,211.0

Stock Adjustments 0.0 0.0 0.0 0.0

Total Income 17,396.0 22,166.0 23,733.0 28,712.0

Expenditure :

Raw Materials 21.0 22.0 25.0 27.0

Power & Fuel Cost 0.0 0.0 0.0 0.0Employee Cost 8,882.0 11,411.0 12,091.0 14,862.0

Other Manufacturing Expenses 750.0 976.0 797.0 1,172.0

Selling and Admin Expenses 1,514.0 1,703.0 1,792.0 2,183.0

Miscellaneous Expenses 286.0 383.0 174.0 287.0

Preoperative Exp Capitalised 0.0 0.0 0.0 0.0

Total Expenses 11,453.0 14,495.0 14,879.0 18,531.0

Operating Profit 5,239.0 7,198.0 7,863.0 8,970.0

PBDIT 5,943.0 7,671.0 8,854.0 10,181.0

Interest1.0 3.0 2.0 2.0

PBDT 5,942.0 7,668.0 8,852.0 10,179.0

Depreciation 598.0 761.0 905.0 854.0

Other Written Off 0.0 0.0 0.0 0.0

Profit Before Tax 5,344.0 6,907.0 7,947.0 9,325.0

Extra-ordinary items 0.0 0.0 0.0 0.0

PBT (Post Extra-ord Items) 5,344.0 6,907.0 7,947.0 9,325.0

Tax 685.0 919.0 1,681.0 2,490.0

Reported Net Profit 4,659.0 5,988.0 6,266.0 6,835.0

Minority Interest 0.0 0.0 0.0 0.0

Share Of P/L Of Associates 0.0 0.0 0.0 0.0

Net P/L After Minority Interest & Share Of Associat 4,659.0 5,988.0 6,266.0 6,835.0

Total Value Addition 11,432.0 14,473.0 14,854.0 18,504.0

Preference Dividend 0.0 0.0 0.0 0.0

Equity Dividend 1,902.0 1,345.0 1,434.0 3,445.0

Corporate Dividend Tax 323.0 228.0 240.0 568.0

Per share data (annualised)

Income Statement Value


10/80

Shares in issue (lakhs) 5,720.0 5,728.3 5,738.3 5,741.5

Earning Per Share (Rs) 81.5 104.5 109.2 119.0

Equity Dividend (%) 0.0 0.0 0.0 0.0

Book Value (Rs) 241.2 318.7 401.7 452.4

Retained Earning 2,434.00 4,415.00 4,592.00 2,822.00

Source-:Dion Global Solutions Ltd

Dividend Tax 0.14516854 0.144946 0.143369 0.14154

Avreage 14.30%

Dividend 85.70%


11/80

Mar '12 Mar '13 E Mar '14 E Mar '15 E Mar '16 E Mar '17 E Mar '18 E33,734.0 41,055.3 49,005.6 58,495.5 69,823.1 83,344.3 99,483.8

0.0 0.0 0.0 0.0 0.0 0.0 0.0

33,734.0 41,055.3 49,005.6 58,495.5 69,823.1 83,344.3 99,483.8

1,904.0 1,708.2 2,038.9 2,433.8 2,905.1 3,467.7 4,139.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0

35,638.0 42,763.4 51,044.5 60,929.3 72,728.2 86,811.9 103,623.0

28.0 42.6 50.8 60.6 72.4 86.4 103.1

0.0 0.0 0.0 0.0 0.0 0.0 0.018,348.0 21,957.3 26,209.3 31,284.7 37,342.9 44,574.4 53,206.2

1,472.0 1,734.3 2,070.2 2,471.1 2,949.6 3,520.8 4,202.6

2,858.0 3,383.8 4,039.1 4,821.2 5,754.9 6,869.3 8,199.5

301.0 507.4 605.7 723.0 863.0 1,030.1 1,229.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0

23,007.0 27,625.4 32,975.1 39,360.7 46,982.8 56,081.0 66,941.1

10,727.0 13,429.8 16,030.5 19,134.8 22,840.3 27,263.3 32,542.8

12,631.0 15,138.0 18,069.5 21,568.6 25,745.3 30,730.9 36,681.9

4.0 0.0 0.0 0.0 0.0 0.0 0.012,627.0 15,138.0 18,069.5 21,568.6 25,745.3 30,730.9 36,681.9

928.0 1,369.6 1,634.8 1,951.4 2,329.3 2,780.3 3,318.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0

11,699.0 13,768.4 16,434.7 19,617.2 23,416.1 27,950.6 33,363.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0

11,699.0 13,768.4 16,434.7 19,617.2 23,416.1 27,950.6 33,363.2

3,367.0 3,962.6 4,729.9 5,645.9 6,739.2 8,044.2 9,602.0

8,332.0 9,805.8 11,704.7 13,971.3 16,676.9 19,906.4 23,761.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

8,332.0 9,805.8 11,704.7 13,971.3 16,676.9 19,906.4 23,761.2

22,979.0 28,117.9 33,562.9 40,062.3 47,820.4 57,080.7 68,134.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0

2,688.0 3,310.4 3,951.5 4,716.7 5,630.1 6,720.4 8,021.8

438.0 552.5 659.5 787.2 939.7 1,121.6 1,338.8

in Crore Rs'

BA


12/80

5,742.3 5,742.3 5,742.3 5,742.3 5,742.3 5,742.3 5,742.3

145.1 170.8 203.8 243.3 290.4 346.7 413.8

0.0 0.0 0.0 0.0 0.0 0.0 0.0

545.6

5,206.00 5,942.88 7,093.71 8,467.41 10,107.11 12,064.35 14,400.60

0.140115


13/80

Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Average100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0%

100% 100% 100% 100% 100% 100%

4% 2% 4% 4% 6% 4%

0% 0% 0% 0% 0% 0%

104% 102% 104% 104% 106% 104%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%53% 53% 53% 54% 54% 53%

4% 4% 4% 4% 4% 4%

9% 8% 8% 8% 8% 8%

2% 2% 1% 1% 1% 1%

0% 0% 0% 0% 0% 0%

69% 67% 65% 67% 68% 67%

31% 33% 35% 33% 32% 33%

36% 35% 39% 37% 37% 37%

0% 0% 0% 0% 0% 0%36% 35% 39% 37% 37% 37%

4% 4% 4% 3% 3% 3%

0% 0% 0% 0% 0% 0%

32% 32% 35% 34% 35% 33%

0% 0% 0% 0% 0% 0%

32% 32% 35% 34% 35% 33%

4% 4% 7% 9% 10% 7%

28% 28% 28% 25% 25% 27%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%

28% 28% 28% 25% 25% 27%

68% 67% 65% 67% 68% 67%

0% 0% 0% 0% 0% 0%

11% 6% 6% 13% 8% 9%

2% 1% 1% 2% 1% 1%

0% 0% 0% 0% 0% 0%

Common Size Statement

K


14/80

34% 26% 25% 21% 17% 25%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%

1% 1% 2% 2% 2% 2%


15/80

Year Mar '08 Mar '09 Mar '10 Mar '11 Mar '12

Sources Of Funds

Total Share Capital 286 286 286 286 286

Equity Share Capital 286 286 286 286 286

Share Application Money 0 0 0 0 0

Preference Share Capital 0 0 0 0 0

Init. Contribution Settler 0 0 0 0 0

Preference Share Application Money 0 0 0 0 0

Employee Stock Opiton 0 0 0 0 0

Reserves 13,509.00 17,968.00 22,763.00 25,690.00 31,046.00Revaluation Reserves 0 0 0 0 0

Networth 13,795.00 18,254.00 23,049.00 25,976.00 31,332.00

Secured Loans 0 0 0 0 0

Unsecured Loans 0 0 0 0 0

Total Debt 0 0 0 0 0

Minority Interest 0 0 0 0 0

Policy Holders Funds 0 0 0 0 0

Group Share in Joint Venture 0 0 0 0 0

Total Liabilities 13,795.00 18,254.00 23,049.00 25,976.00 31,332.00Application Of Funds

Gross Block 5,439.00 7,093.00 7,839.00 8,501.00 9,194.00

Less: Accum. Depreciation 1,986.00 2,416.00 2,893.00 3,266.00 3,639.00

Net Block 3,453.00 4,677.00 4,946.00 5,235.00 5,555.00Capital Work in Progress 1,324.00 677 409 525 1,034.00

Investments 72 0 3,712.00 144 372

Inventories 0 0 0 0 0

Sundry Debtors 3,297.00 3,672.00 3,494.00 4,653.00 5,882.00

Cash and Bank Balance 884 912 1,128.00 777 20,591.00

Total Current Assets 4,181.00 4,584.00 4,622.00 5,430.00 26,473.00Loans and Advances 2,890.00 3,442.00 4,619.00 5,817.00 5,193.00

Fixed Deposits 6,066.00 8,783.00 9,428.00 14,318.00 0

Total CA, Loans & Advances 13,137.00 16,809.00 18,669.00 25,565.00 31,666.00

Deffered Credit 0 0 0 0 0

Current Liabilities 1,912.00 2,041.00 2,575.00 2,853.00 3,475.00

Provisions 2,279.00 1,868.00 2,112.00 2,640.00 3,820.00

Total CL & Provisions 4,191.00 3,909.00 4,687.00 5,493.00 7,295.00

Balance Sheet

Cror


16/80

Net Current Assets 8,946.00 12,900.00 13,982.00 20,072.00 24,371.00

Minority Interest 0 0 0 0 0

Group Share in Joint Venture 0 0 0 0 0

Miscellaneous Expenses 0 0 0 0 0

Total Assets 13,795.00 18,254.00 23,049.00 25,976.00 31,332.00

Contingent Liabilities 667 376 329 1,085.00 1,116.00

Book Value (Rs) 241.17 318.66 401.67 452.42 545.64Source-:Dion Global Solutions Ltd

Year 2009 2010 2011 2012

Change In sales 5,001.00 1,049.00 4,759.00 6,233.00

Year 2009 2010 2011 2012

Capital Work in Progress -647.00 -268.00 116.00 509.00

Investments -72.00 3,712.00 -3,568.00 228.00

Inventories 0.00 0.00 0.00 0.00

Sundry Debtors 375.00 -178.00 1,159.00 1,229.00

Cash and Bank BalanceTotal Current Assets

Loans and Advances 552.00 1,177.00 1,198.00 -624.00

Fixed Deposits 2,717.00 645.00 4,890.00 -14,318.00

Total CA, Loans & Advances

Deffered Credit 0.00 0.00 0.00 0.00

Current Liabilities 129.00 534.00 278.00 622.00

Provisions -411.00 244.00 528.00 1,180.00

Total CL & Provisions


17/80

Mar '13 e Mar '14 E Mar '15 E Mar '16 E Mar '17 E Mar '18 E Mar '08 Mar '09

286 286 286 286 286 286 1.7% 1.7%

286 286 286 286 286 286 1.7% 1.7%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

36,988.88 44,082.59 52,550.00 62,657.12 74,721.47 89,122.07 80.9% 107.6%0 0 0 0 0 0 0.0% 0.0%

37,274.88 44,368.59 52,836.00 62,943.12 75,007.47 89,408.07 82.6% 109.4%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

37,274.88 44,368.59 52,836.00 62,943.12 75,007.47 89,408.07 82.6% 109.4%0.0% 0.0%

10,110.21 11,105.14 12,292.74 13,710.32 15,402.41 17,422.17 32.6% 42.5%

5,008.58 6,643.37 8,594.74 10,923.99 13,704.30 17,023.02 11.9% 14.5%

5,101.63 4,461.77 3,698.00 2,786.32 1,698.10 399.15 20.7% 28.0%

1422.16 1843.68 2346.82 2947.39 3664.26 4519.96 7.9% 4.1%

639.81 930.63 1277.76 1692.12 2186.72 2777.10 0.4% 0.0%

0.00 0.00 0.00 0.00 0.00 0.00 0.0% 0.0%

7495.29 9247.20 11338.37 13834.50 16813.99 20370.46 19.8% 22.0%

25566.98 31758.26 39148.47 47969.80 58499.36 71067.97 5.3% 5.5%

33062.28 41005.46 50486.85 61804.29 75313.35 91438.43 25.0% 27.5%5748.03 6350.75 7070.18 7928.94 8953.98 10177.53 17.3% 20.6%

0.00 0.00 0.00 0.00 0.00 0.00 36.3% 52.6%

38810.30 47356.21 57557.03 69733.23 84267.34 101615.97 78.7% 100.7%

0.00 0.00 0.00 0.00 0.00 0.00 0.0% 0.0%

4054.14 4683.04 5433.72 6329.77 7399.35 8676.04 11.5% 12.2%

4644.89 5540.65 6609.88 7886.17 9409.61 11228.06 13.7% 11.2%

8699.02 10223.69 12043.60 14215.94 16808.95 19904.10 25.1% 23.4%

e (Rs). C

Comm


18/80

30111.28 37132.52 45513.42 55517.28 67458.38 81711.87 53.6% 77.3%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

0 0 0 0 0 0 0.0% 0.0%

37,274.88 44,368.59 52,836.00 62,943.12 75,007.47 89,408.07 82.6% 109.4%

4.0% 2.3%

1.4% 1.9%0.00 0.00 0.00 0.00 0.00 0.00

2013 2014 2015 2016 2017 2018

7,321.25 7,950.32 9,489.89 11,327.61 13,521.19 16,139.56

2009 2010 2011 2012 Average

-12.94% -25.55% 2.44% 8.17% 5.30%

-1.44% 353.86% -74.97% 3.66% 3.66%

0.00% 0.00% 0.00% 0.00% 0.00%

7.50% -16.97% 24.35% 19.72% 22.04%

11.04% 112.20% 25.17% -10.01% 7.58%

54.33% 61.49% 102.75% -229.71% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00%

2.58% 50.91% 5.84% 9.98% 7.91%

-8.22% 23.26% 11.09% 18.93% 11.27%


19/80

Mar '10 Mar '11 Mar '12

Average1.7% 1.7% 1.7% 1.7%

1.7% 1.7% 1.7% 1.7%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

136.4% 153.9% 186.0% 146.0%0.0% 0.0% 0.0% 0.0%

138.1% 155.6% 187.7% 147.7%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

138.1% 155.6% 187.7% 147.7%0.0% 0.0% 0.0% 0.0%

47.0% 50.9% 55.1% 48.9%

17.3% 19.6% 21.8% 18.3%

29.6% 31.4% 33.3% 30.6%

2.5% 3.1% 6.2% 4.0%

22.2% 0.9% 2.2% 6.3%

0.0% 0.0% 0.0% 0.0%

20.9% 27.9% 35.2% 26.5%

6.8% 4.7% 123.4% 35.1%

27.7% 32.5% 158.6% 61.6%27.7% 34.8% 31.1% 28.6%

56.5% 85.8% 0.0% 48.7%

111.8% 153.2% 189.7% 138.9%

0.0% 0.0% 0.0% 0.0%

15.4% 17.1% 20.8% 16.4%

12.7% 15.8% 22.9% 15.6%

28.1% 32.9% 43.7% 32.0%

BACK

ore (Rs).

n Size Statement


20/80

83.8% 120.2% 146.0% 106.8%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

138.1% 155.6% 187.7% 147.7%

2.0% 6.5% 6.7% 4.4%

2.4% 2.7% 3.3% 2.6%

430.00 477.00 373.00 373.00

4,459.00 4,795.00 2,927.00 5,356.00

44.00 203.00 105.00 150.00


21/80

Particulars

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax

Adjustments to reconcile profit before tax to cash provided by operating activities:

Depreciation and amortization expenses

Other Income

Changes in Current assets and liabilities :

Trade receivables

Loans and advances and other assets

Liabilities and provisionsCash Flows Before Income Tax

Income taxes paid

NET CASH GENERATED BY OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Gross Block

Capital Work in Progress

Investment

Other income

Fixed Deposite

NET CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of dividened

Corporate Dividened Tax

Surplus Recepits

NET CASH USED IN FINANCING ACTIVITIES

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

Consolida


22/80


23/80

2009 2010 2011 2012 2013 E 2014 E 2015 E 2016 E 2017 E

6,907 7,947 9,325 11,699 13,768.4 16,434.7 19,617.2 23,416.1 27,950.6

761 905 854 928 1369.6 1634.8 1951.4 2329.3 2780.3

-473 -991 -1211 -1904 -1708 -2039 -2434 -2905 -3468

-375 178 -1159 -1229 -1613 -1752 -2091 -2496 -2979

-552 -1177 -1198 624 -555 -603 -719 -859 -1025

-282 778 806 1802 1404 1525 1820 2172 25935,986 7,640 7,417 11,920 12,666 15,201 18,144 21,658 25,852

-919 -1681 -2490 -3367 -3963 -4730 -5646 -6739 -8044

5,067 5,959 4,927 8,553 8,703 10,471 12,498 14,919 17,807

-1,985.00 -1,174.00 -1,143.00 -1,248.00 -916.21 -994.93 -1,187.60 -1,417.58 -1,692.09

647.00 268.00 -116.00 -509.00 -388.16 -421.51 -503.14 -600.57 -716.87

72.00 -3,712.00 3,568.00 -228.00 -267.81 -290.82 -347.14 -414.36 -494.60

473.00 991.00 1,211.00 1,904.00 1,708.16 2,038.95 2,433.79 2,905.09 3,467.66

-2,717.00 -645.00 -4,890.00 14,318.00 0.00 0.00 0.00 0.00 0.00

-3,510.00 -4,272.00 -1,370.00 14,237.00 135.99 331.68 395.91 472.58 564.10

-1,345.00 -1,434.00 -3,445.00 -2,688.00 -3,310.45 -3,951.51 -4,716.72 -5,630.11 -6,720.38

-228 -240 -568 -438 -553 -660 -787 -940 -1,122

44.00 203.00 105.00 150.00

-1,529 -1,471 -3,908 -2,976 -3,863 -4,611 -5,504 -6,570 -7,842

28 216 -351 19814 4976 6191 7390 8821 10530

884 912 1128 777 20591 25567 31758 39148 47970

912 1128 777 20591 25567 31758 39148 47970 58499

ed Cash Flow statement

Crore (Rs).


24/80


25/80

2018 E

33,363.2

3318.7

-4139

-3556

-1224

309530,858

-9602

21,256

-2,019.76

-855.70

-590.38

4,139.17

0.00

673.33

-8,021.77

-1,339

-9,361

12569

58499

71068

BACK


26/80


27/80

Particular 2008 2009 2010 2011 2012 2013 E

Curret Ratio 2.187 2.246 1.795 1.9033 7.6181 8.155Quick Ratio 2.19 4.30 3.98 4.65 4.34 4.461

Cash Ratio 0.462 0.4468 0.438 0.2723 5.9255 6.306

Net working capital to sales Ratio 0.421 0.5006 0.502 0.6261 0.6194 0.635

Payout Ratio

Dividend pay out ratio 0.478 0.2627 0.267 0.5871 0.3752 0.393945

Retaintion Ratio 0.522 0.7373 0.733 0.4129 0.6248 0.606055

retun on Equity 0.338 0.328 0.272 0.2631 0.2659 0.263

Profitability Ratio

Gross Profit Ratio 1.042 1.0218 1.044 1.044 1.0564 1.042

Net Profit Ratio 0.279 0.276 0.276 0.2485 0.247 0.239Operating Profit Ratio 0.314 0.3318 0.346 0.3262 0.318 0.327

Tax Burden 0.128 0.1331 0.212 0.267 0.2878 0.288

Activity Ratio

Inventory Turnover Ratio 0 0 0 0 0 0.000

Account Recievable Turnover 5.063 5.9077 6.509 5.9104 5.7351 5.477

Total asset turnover Ratio 3.069 3.0584 2.901 3.235 3.6691 4.061

Fixed Asset Turnover Ratio 4.834 4.6382 4.598 5.2533 6.0727 8.047

Working Capital turover Ratio 2.373 1.9977 1.994 1.5971 1.6144 1.576

Financial Leverage Ratio

Debt to Asset Ratio 0 0 0 0 0 0.000Debt to Equity Ratio 0 0 0 0 0 0.000

Return on Asset 0.338 0.328 0.272 0.2631 0.2659 0.263

Liquidity Ratio

BA


28/80


29/80

0.3940.606

CK


30/80

Date Infosys Nifty Infosys Ret Nifty Ret

12/3/2012 2278.8 5929.6 -6.5% 0.8%

11/1/2012 2436.85 5879.85 3.1% 4.6%

10/1/2012 2363 5619.7 -6.2% -1.5% Variance 0.0205

9/3/2012 2518.91 5703.3 7.3% 8.5% Std 14%

8/1/2012 2346.7 5258.5 6.0% 0.6% Covar

7/2/2012 2212.86 5229 -11.2% -0.9% Beta 0.52496/1/2012 2493.32 5278.9 3.3% 7.2%

5/1/2012 2413.98 4924.25 -0.4% -6.2%

4/2/2012 2423.6 5248.15 -14.1% -0.9%

3/1/2012 2821.48 5295.55 -0.6% -1.7%

2/1/2012 2838.36 5385.2 5.0% 3.6%

1/2/2012 2703.06 5199.25 -0.8% 12.4%

12/1/2011 2724.37 4624.3 6.2% -4.3%

11/1/2011 2566.08 4832.05 -9.4% -9.3%

10/3/2011 2832.55 5326.6 14.2% 7.8%

9/2/2011 2479.73 4943.25 8.1% -1.2%8/1/2011 2293.63 5001 -15.6% -8.8%

7/1/2011 2717.46 5482 -4.6% -2.9%

6/1/2011 2849.18 5647.4 4.5% 1.6%

5/2/2011 2727.01 5560.15 -3.5% -3.3%

4/1/2011 2824.66 5749.5 -10.3% -1.4%

3/1/2011 3150.31 5833.75 8.1% 9.4%

2/1/2011 2912.96 5333.25 -3.9% -3.1%

1/3/2011 3030.18 5505.9 -9.4% -10.2%

12/1/2010 3346.1 6134.5 12.8% 4.6%

11/1/2010 2965.35 5862.7 2.7% -2.6%10/1/2010 2888.28 6017.7 -2.3% -0.2%

9/1/2010 2955.04 6029.95 12.4% 11.6%

8/2/2010 2628.93 5402.4 -2.7% 0.6%

7/1/2010 2701.15 5367.6 -0.1% 1.0%

6/1/2010 2703.66 5312.5 5.0% 4.4%

5/3/2010 2574.83 5086.3 -2.3% -3.6%

4/1/2010 2636.76 5278 4.7% 0.6%

3/2/2010 2519.09 5249.1 0.5% 6.6%

2/1/2010 2505.61 4922.3 4.1% 0.8%

1/1/2010 2407.43 4882.05 -4.0% -6.1%12/1/2009 2508.25 5201.05 9.2% 3.3%

11/2/2009 2295.97 5032.7 7.7% 6.8%

10/1/2009 2132.69 4711.7 -3.4% -7.3%

9/1/2009 2208.77 5083.95 8.2% 9.0%

8/3/2009 2042.06 4662.1 3.3% 0.6%

7/1/2009 1976.43 4636.45 16.0% 8.0%

6/1/2009 1704.25 4291.1 12.0% -3.5%

0.003


31/80

5/1/2009 1521.62 4448.95 7.2% 28.1%

4/1/2009 1419.91 3473.95 12.6% 15.0%

3/2/2009 1261.09 3020.95 8.1% 9.3%

2/2/2009 1166.93 2763.65 -6.1% -3.9%

1/1/2009 1242.45 2874.8 17.1% -2.9%

12/1/2008 1061.46 2959.15 -10.4% 7.4%

11/3/2008 1184.05 2755.1 -10.1% -4.5%10/1/2008 1317.44 2885.6 -0.6% -26.4%

9/1/2008 1325.38 3921.2 -19.8% -10.1%

8/1/2008 1652 4360 10.8% 0.6%

7/1/2008 1491.52 4332.95 -8.5% 7.2%

6/2/2008 1629.34 4040.55 -12.6% -17.0%

5/2/2008 1864.4 4870.1 14.2% -5.7%

4/1/2008 1632.12 5165.9 22.4% 9.1%

3/3/2008 1333.89 4734.5 -6.3% -9.4%

2/1/2008 1423.55 5223.5 0.6% 1.7%

1/1/2008 1414.38 5137.45 -13.9% -16.3%12/3/2007 1642.36 6138.6 10.0% 6.5%

11/1/2007 1493.47 5762.75 -12.8% -2.3%

10/1/2007 1712.15 5900.65 -2.2% 17.5%

9/3/2007 1750.34 5021.35 1.7% 12.5%

8/1/2007 1720.56 4464 -6.1% -1.4%

7/2/2007 1832.61 4528.85 2.4% 4.9%

6/4/2007 1789.25 4318.3 0.6% 0.5%

5/3/2007 1778.13 4295.8 -6.2% 5.1%

4/2/2007 1895.86 4087.9 1.6% 7.0%

3/1/2007 1866.09 3821.55 -2.8% 2.0%2/1/2007 1920.54 3745.3 -7.6% -8.3%

1/2/2007 2077.46 4082.7 0.2% 2.9%

12/1/2006 2072.38 3966.4 2.8% 0.3%

11/1/2006 2014.97 3954.5 4.0% 5.6%

10/3/2006 1937.13 3744.1 13.6% 4.3%

9/1/2006 1705.74 3588.4 2.4% 5.1%

8/1/2006 1665.86 3413.9 9.1% 8.6%

7/3/2006 1526.74 3143.2 115.1% 0.5%

6/1/2006 709.85 3128.2 1.7% 1.9%

5/2/2006 697.76 3071.05 -0.7% -12.5%4/3/2006 702.8 3508.35 5.1% 3.1%

3/1/2006 668.86 3402.55 5.4% 10.7%

2/1/2006 634.66 3074.7 -1.8% 2.5%

1/2/2006 646.18 3001.1 -3.9% 5.8%

12/1/2005 672.33 2836.55 11.6% 6.9%

11/2/2005 602.24 2652.25 6.4% 11.9%

10/3/2005 565.78 2370.95 0.8% -8.9%


32/80

9/1/2005 561.47 2601.4 5.9% 9.1%

8/1/2005 530.4 2384.65 4.7% 3.1%

7/4/2005 506.37 2312.3 -3.8% 4.1%

6/1/2005 526.41 2220.6 5.4% 6.4%

5/2/2005 499.45 2087.55 19.3% 9.7%

4/1/2005 418.74 1902.5 -16.4% -6.5%

3/1/2005 500.95 2035.65 0.8% -3.2%2/1/2005 497.15 2103.25 8.3% 2.2%

1/3/2005 459.1 2057.6 -1.1% -1.1%

12/1/2004 464.22 2080.5


33/80


34/80


35/80


36/80

2324 5855.75

-4.63% -0.41%

-7.74% 2.67%

-6.8% 10.93%


37/80


38/80


39/80

1 Apr, 2005 1,902.50 84.39% 184.39% Mar'08 Mar'09

3 Apr, 2006 3,508.10 16.53% 116.53% 1.000 1.000

2 Apr, 2007 4,087.90 26.37% 126.37% 0.000 0.000

1 Apr, 2008 5,165.90 -32.75% 67.25% 12.8% 13.3%

1 Apr, 2009 3,473.95 51.93% 151.93% 0.000 0.000

1 Apr, 2010 5,278.00 8.93% 108.93% 12.0% 12.0%1 Apr, 2011 5,749.50 -8.72% 91.28% 0.120 0.120

2 Apr, 2012 5,248.15

Product 275.86%

GM 115.60%

CAGR 15.60%

WORKING ON

Ke

RETURN ON NIFTY

WACC

Year

Weight of equity

Weight of Debt

Tax rate

Kd


40/80

Mar'10 Mar'11 Mar'12

1.000 1.000 1.000

0.000 0.000 0.000

21.2% 26.7% 28.8%

0.000 0.000 0.000

12.0% 12.0% 12.0%

0.120 0.120 0.120

Risk Free Rate 8.00%

Beta 52%

Market Rate 15.60%

Ke 11.99%

CAPM MODEL

ACC

BACK


41/80

Year

row

h rate

of

Industry

Growth

rate

Infosys

Growth

rate

2008 6.70% 28.75% 20.1%

2009 8.40% 14.97% 30.0% Year 2008

2010 8.50% 6.80% 4.8% Q4 10546.9

2011 6.50% 19.22% 20.9% Q3 10258.2

2012 5.30% 15% 22.7% Q2 9045.3

2013 5.70% 11.0% 21.7% Q1 9116.0

CAGR 6.7% 14.5% 17.6%

2014 6.25% 13.44% 16.3%

2015 7.50% 16.1% 19.6%

2016 9.50% 20.4% 24.8%

2017 10.19% 21.9% 26.6% Year 2009

CAGR 7.5% 15.8% 21.5% 19.4% Q4 3.5%

Q3 5.8%Q2 8.5%

Q1 9.8%

Year 2009

Q4 0.262

Q3 0.261

Q2 0.236Q1 0.241

Q4 26.8%

Q3 25.9%

Q2 23.6%

Q1 23.7%

Sources:-Planning Commission Department

Total

Average

BACK


42/80

Q2 #DIV/0!

Q1 #DIV/0!


43/80

2009 2010 2011 2012 2013 2014 2015 2016

10911.4 12132.1 13244.8 13950.7 14598.0 15500.5 16469.3 17704.5

10849.9 11664.8 12623.4 13397.2 14182.5 14990.9 15927.9 17122.5

9816.0 10703.1 11517.3 12289.8 12939.2 13686.3 14541.7 15632.3

10009.5 10576.4 11474.1 12387.4 13062.8 13727.3 14585.3 15679.2

41586.8 45076.4 48859.6 52025.2 54782.5 57905.1 61524.2 66138.5

2010 2011 2012 CAGR 2013 2014 2015 2016

11.2% 9.2% 5.3% 6.59% 4.64% 6.2% 6.3% 7.5%

7.5% 8.2% 6.1% 6.84% 5.9% 5.7% 6.3% 7.5%9.0% 7.6% 6.7% 7.92% 5.3% 5.8% 6.3% 7.5%

5.7% 8.5% 8.0% 7.83% 5.5% 5.1% 6.2% 7.5%

2010 2011 2012 2013 2014 2015 2016 2017

0.269 0.271 0.268 0.266 0.2677 0.268 0.2677 0.2677

0.259 0.258 0.258 0.259 0.2589 0.259 0.2589 0.2589

0.237 0.236 0.236 0.236 0.2364 0.236 0.2364 0.23640.235 0.235 0.238 0.238 0.2371 0.237 0.2371 0.2371

India Gross Domestic Product in Crore (Rs.)

Source-:RBI Data Warehouse

India Gross Domestic Product in Percentage

Weighted Average


44/80


45/80

2017 2018

19386.4 21361.9

18749.1 20659.6

17117.4 18861.6

17168.7 18918.2

72421.6 79801.4

2017 2018 CAGR

9.5% 10.2% 7.8%

9.5% 10.2% 7.6%9.5% 10.2% 7.6%

9.5% 10.2% 7.5%

2018

0.2677

0.2589

0.23640.2371


46/80


47/80


48/80


49/80

Year Mar'08 Mar'09 Mar'10 Mar'11 Mar'12

Return on Equity 33.8% 32.8% 27.2% 26.3% 26.6%

Retention Ratio 52.2% 73.7% 73.3% 41.3% 62.5%

Growth Rate 17.6% 24.2% 19.9% 10.9% 16.6%

CAGR 17.3%

BOTTOM TO TOP GROWTH RATE BACK


50/80

Year 2008 2009 2010 2011 2012 2013 2014

Q4 4,542.00 5,635.00 5,944.00 7,250.00 8,852.00 10832.5666 12,930.29

Q3 4,271.00 5,786.00 5,741.00 7,106.00 9,298.00 10748.68 12,830.16

Q2 3,773.00 5,418.00 5,585.00 6,947.00 8,099.00 9,858.00 11,899.22

Q1 4,106.00 4,854.00 5,472.00 6,198.00 7,485.00 9,616.00 11345.903

Total 16,692 21,693 22,742 27,501 33,734 41,055 49,006

Year 2009 2010 2011 2012 2013 CAGR 2014

Q4 1.24 1.05 1.22 1.22 1.22 19.0% 0.194Q3 1.35 0.99 1.24 1.31 1.16 20.3% 0.194

Q2 1.44 1.03 1.24 1.17 1.22 21.2% 0.207

Q1 1.18 1.13 1.13 1.21 1.28 18.6% 0.180

f Sales Turnover of Infosys

Year 2008 2009 2010 2011 2012 2013 2014

Q4 0.2721 0.2598 0.2614 0.2636 0.2624 0.2639 0.2639

Q3 0.2559 0.2667 0.2524 0.2584 0.2756 0.2618 0.2618

Q2 0.2260 0.2498 0.2456 0.2526 0.2401 0.2401 0.2428

Q1 0.2460 0.2238 0.2406 0.2254 0.2219 0.2342 0.2315

age Weighted

Q4 26.4%

Q3 26.2%

Q2 24.3%

Q1 23.2%

Quarterly Sales of Infosys (Crore Rs)

Growth Rate(%)


51/80

2015 2016 2017 2018

15,434.23 18,423.05 21,990.7 26,249.1

15,314.71 18,280.39 21,820.4 26,045.9

14,203.50 16,954.00 20,237.1 24,156.0

13543.0292 16165.6273 19,296.1 23,032.8

58,495 69,823 83,344 99,484

2015 2016 2017 2018

0.194 0.194 0.194 0.194

0.194 0.194 0.194 0.194

0.194 0.194 0.194 0.194

0.194 0.194 0.194 0.194

2015 2016 2017 2018

0.2639 0.2639 0.2639 0.2639

0.2618 0.2618 0.2618 0.2618

0.2428 0.2428 0.2428 0.2428

0.2315 0.2315 0.2315 0.2315

BACK

Predicted Sales Turnover

Predicted Growth Rate (%)


52/80


53/80

CAPEX Mar '08 Mar '09 Mar '10 Mar '11 Mar '12

Sales 16,692.00 21,693.00 22,742.00 27,501.00 33,734.00Change in sales 5,001.00 1,049.00 4,759.00 6,233.00

Gross Block 5,439.00 7,093.00 7,839.00 8,501.00 9,194.00

Change in Gross Block 1,654.00 746.00 662.00 693.00

%Change in Sales 0.33 0.71 0.14 0.11

Average 0.13

Depriciation 598.00 761.00 905.00 854.00 928.00

%Change in Sales 0.04 0.04 0.04 0.03 0.03

Average 0.03

Working Capital 8,062.00 11,988.00 12,854.00 19,295.00 3,780.00

Change in working Capital 3,926.00 866.00 6,441.00 -15,515.00

%Change in Sales 0.18 0.04 0.23 -0.46

Average -0.06

HISTORICAL DATA


54/80

Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18

41,055.25 49,005.57 58,495.47 69,823.07 83,344.26 99,483.827,321.25 7,950.32 9,489.89 11,327.61 13,521.19 16,139.56

10,110.21 11,105.14 12,292.74 13,710.32 15,402.41 17,422.17

916.21 994.93 1,187.60 1,417.58 1,692.09 2,019.76

1,369.58 1,634.79 1,951.37 2,329.25 2,780.31 3,318.72

4,544.30 5,374.26 6,364.95 7,547.49 8,959.02 10,643.90

764.30 829.97 990.69 1,182.54 1,411.53 1,684.88

PRIDCATED DATA

BACK


55/80

LONG TERM GROWTH 4%

SHORT TERM GROWTH RATE 19.4%

Ke 12%

Risk Free Rate 8.00%

Beta 0.52

Market Premium 15.60%

Free Cash Flow To Equity

Calculation of FCFE Mar '08 Mar '09 Mar '10 Mar '11

EBDIT 5,943.00 7,671.00 8,854.00 10,181.00

Less : Depriciation 598.00 761.00 905.00 854.00

EBIT 5,345.00 6,910.00 7,949.00 9,327.00Less: Tax 685.00 919.00 1,681.00 2,490.00

PAT 4,660.00 5,991.00 6,268.00 6,837.00

Add: Depriciation 598.00 761.00 905.00 854.00

Less: change in W.C -3,926.00 -866.00 -6,441.00

CFO 5,258.00 2,826.00 6,307.00 1,250.00

Less: Change In Gross Block 0.00 -1,654.00 -746.00 -662.00

Less: Minority Interest 0.00 0.00 0.00 0.00

Less: Other investment 719.00 -3,444.00 3,452.00

FCFE 5,258.0 1,891.0 2,117.0 4,040.0

MNAEV

No Of Share

Intrisic Value

Cost Of Equity PV of FCF

3.50% 4.0%

10.00% 58204.49 509752.19 548576.67

11% 56566.65 441785.23 470208.57

11.99% 55015.07 390326.68 412011.41

13.00% 53494.28 348777.81 365717.78

14% 52052.66 315560.88 329146.00

Y/Y Growth Analysis Mar '09 Mar '10 Mar '11 Mar '12

Revenues 0.300 0.048 0.209 0.227

EBITDA 0.2908 0.1542 0.1499 0.2406

EQUITY VALUATION

Growth Assumption

CAPM

Historical Data

PV of Terminal Va

Calculation of Sensitivity Analysis by EB


56/80

EBIT 0.29 0.15 0.17 0.25

Depreciation & Amortisation 0.2726 0.1892 -0.0564 0.0867

Margin Analysis (As % of Revenues) Mar '08 Mar '09 Mar '10 Mar '11

EBITA Margin 0.356 0.354 0.389 0.370

EBIT Margin 0.356 0.319 0.350 0.339

Depreciation & Amortisation 0.356 0.035 0.040 0.031Capex 0.000 0.076 0.033 0.024

Tax rate 0.128 0.133 0.211 0.267

Year 2008 2009 2010 2011

Cash 884 912 1128 777

EBDIT 5,943 7,671 8,854 10,181

Market Price 1753.75 1507.3 2736.15 2905.95

Market Capitalization 100314 86343 157007 166846

Enterprise Value 99430 85431 155879 166069

Ratio (EV/EBDIT) 16.73 11.14 17.61 16.31

Year Mar '08 Mar '09 Mar '10 Mar '11

Price 1632.12 1419.91 2636.76 2824.66

Earning 81.45 104.53 109.20 119.05

P/E Ratio 20.04 13.58 24.15 23.73Average 16.70

Expected price with average multiple

Value in Crore Rs

Calculation of Share Price by Market Capitalization

PRICE TO EARNING


57/80

Mar '12 Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18

12,631.00 15,138.00 18,069.46 21,568.60 25,745.34 30,730.91 36,681.93

928.00 1369.6 1634.8 1951.4 2329.3 2780.3 3318.7

11,703.00 13768.4 16434.7 19617.2 23416.1 27950.6 33363.23,367.00 3962.6 4729.9 5645.9 6739.2 8044.2 9602.0

8,336.00 9,805.84 11,704.7 13,971.3 16,676.9 19,906.4 23,761.20

928.00 1369.58 1634.79 1951.37 2329.25 2780.31 3318.72

15,515.00 -764.3 -830.0 -990.7 -1,182.5 -1,411.5 -1,684.9

24,779.00 10,411.12 12,509.56 14,932.03 17,823.60 21,275.13 25,395.04

-693.00 -916.21 -994.93 -1,187.60 -1,417.58 -1,692.09 -2,019.76

0.00 0 0 0 0 0 0

-737.00 -655.97 -712.33 -850.28 -1,014.93 -1,211.47 -1,446.07

23,349.0 8,838.9 10,802.3 12,894.1 15,391.1 18,371.6 21,929.2

Mar'12 Mar'13 H MODEL

265881.78 288918.76

5742.30 5742.30

5031.41

4.5% 3.50% 4.0% 4.5%

594460.15 6,525.6 6,945.4 7,441.6

503004.74 5,550.8 5,844.6 6,183.5

436591.78 4,817.0 5,031.4 5,274.4

384650.68 4,228.2 4,388.3 4,567.3

344161.14 3,760.6 3,883.5 4,019.3

Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18

0.217 0.194 0.194 0.194 0.194 0.194

0.1985 0.1936 0.1936 0.1936 0.1936 0.1936

OF INFOSYS

Projected Data

lues Intrisic Value

IT

BACK


58/80

0.18 0.19 0.19 0.19 0.19 0.19

0.4758 0.1936 0.1936 0.1936 0.1936 0.1936

Mar '12 Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18

0.374 0.369 0.369 0.369 0.369 0.369 0.369

0.347 0.335 0.335 0.335 0.335 0.335 0.335

0.028 0.033 0.033 0.033 0.033 0.033 0.0330.021 0.022 0.020 0.020 0.020 0.020 0.020

0.288 0.288 0.288 0.288 0.288 0.288 0.288

2012 2013

20591 25567.0

12,631 15138.0

2864.95 3449.1164514 198055.8

143923 172488.8

11.39 11.39

Mar '12 Mar'13 E Mar'14 E Mar'15 E Mar'16 E Mar'17 E Mar'18 E

2423.6 2852.31 3404.66 4063.96 4850.95 5790.33 6911.62

145.10 170.76 203.83 243.31 290.42 346.66 413.79

16.70

Predicted Share Price Of infosys will be Rs. 2852 (By PEA) on 31st

APROACH


59/80

412011.4


60/80

arch 2013


61/80

Paricular Jun '07 Sep '07 Dec '07 Mar '08 Total Jun '08Sales Turnover 3,773.0 4,106.0 4,271.0 4,542.0 16,692.0 4,854.0

Other Income 253.0 154.0 158.0 139.0 704.0 117.0

Total Income 4,026.0 4,260.0 4,429.0 4,681.0 17,396.0 4,971.0

Total Expenses 2,689.0 2,822.0 2,879.0 3,064.0 11,454.0 3,375.0Operating Profit 1,084.0 1,284.0 1,392.0 1,478.0 5,238.0 1,479.0

Profit On Sale Of Assets -- -- -- -- 0.0 --

Profit On Sale Of Investments -- -- -- -- 0.0 --

Gain/Loss On Foreign Exchange-- -- -- -- 0.0 --

VRS Adjustment -- -- -- -- 0.0 --

Other ExtraordinaryIncome/Expenses

-- -- -- -- 0.0 --

Total Extraordinary

Income/Expenses -- -- -- -- 0.0 --Tax On Extraordinary Items -- -- -- -- 0.0 --

Net Extra OrdinaryIncome/Expenses

-- -- -- -- 0.0 --

Gross Profit 1,337.0 1,438.0 1,550.0 1,617.0 5,942.0 1,596.0

Interest -- -- -- -- 0.0 --

PBDT 1,337.0 1,438.0 1,550.0 1,617.0 5,942.0 1,596.0

Depreciation 144.0 144.0 153.0 157.0 598.0 169.0

Depreciation On Revaluation Of

Assets-- -- -- -- 0.0 --

PBT 1,193.0 1,294.0 1,397.0 1,460.0 5,344.0 1,427.0Tax 114.0 194.0 166.0 211.0 685.0 125.0

Prior Years Income/Expenses -- -- -- -- 0.0 --

Net Profit 1,079.0 1,100.0 1,231.0 1,249.0 4,659.0 1,302.0

Minority Interest -- -- -- -- 0.0 --

Share Of P/L Of Associates -- -- -- -- 0.0 --

Net P/L After Minority Interest &Share Of Associates

1,079.0 1,100.0 1,231.0 1,249.0 4,659.0 1,302.0

Depreciation for Previous Years

Written Back/ Provided-- -- -- -- 0.0 --

Dividend -- -- -- -- 0.0 --Dividend Tax -- -- -- -- 0.0 --

Dividend (%) -- -- -- -- 0.0 --

Earnings Per Share 18.9 19.2 21.5 21.8 81.5 22.8

Book Value -- -- -- -- 0.0 --

Equity 286.0 286.0 286.0 286.0 1,144.0 286.0

Reserves 12,053.0 12,759.0 14,018.0 13,509.0 52,339.0 14,863.0

Face Value 5.0 5.0 5.0 5.0 20.0 5.0


62/80


63/80

Sep '08 Dec '08 Mar '09 Total Jun '09 Sep '09 Dec '09 Mar '10 Total5,418.0 5,786.0 5,635.0 21,693.0 5,472.0 5,585.0 5,741.0 5,944.0 22,742.0

66.0 40.0 252.0 475.0 269.0 239.0 231.0 198.0 937.0

5,484.0 5,826.0 5,887.0 22,168.0 5,741.0 5,824.0 5,972.0 6,142.0 23,679.0

3,624.0 3,757.0 3,744.0 14,500.0 3,604.0 3,892.0 3,704.0 3,922.0 15,122.01,794.0 2,029.0 1,891.0 7,193.0 1,868.0 1,693.0 2,037.0 2,022.0 7,620.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- 58.0 58.0-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

1,860.0 2,069.0 2,143.0 7,668.0 2,137.0 1,932.0 2,268.0 2,220.0 8,557.0

-- -- -- 0.0 -- -- -- -- 0.0

1,860.0 2,069.0 2,143.0 7,668.0 2,137.0 1,932.0 2,268.0 2,278.0 8,615.0

177.0 187.0 228.0 761.0 222.0 -- 231.0 220.0 673.0

-- -- -- 0.0 -- -- -- -- 0.0

1,683.0 1,882.0 1,915.0 6,907.0 1,915.0 1,932.0 2,037.0 2,058.0 7,942.0251.0 241.0 302.0 919.0 388.0 397.0 455.0 441.0 1,681.0

-- -- -- 0.0 -- -- -- -- 0.0

1,432.0 1,641.0 1,613.0 5,988.0 1,527.0 1,535.0 1,582.0 1,617.0 6,261.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

1,432.0 1,641.0 1,613.0 5,988.0 1,527.0 1,535.0 1,582.0 1,617.0 6,261.0

-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0-- -- -- 0.0 -- -- -- -- 0.0

-- -- -- 0.0 -- -- -- -- 0.0

25.0 28.7 28.2 104.7 26.6 26.8 27.7 28.3 109.4

-- -- -- 0.0 -- -- -- -- 0.0

286.0 286.0 286.0 1,144.0 287.0 286.0 286.0 286.0 1,145.0

15,631.0 17,230.0 17,968.0 65,692.0 19,550.0 21,227.0 22,122.0 22,763.0 85,662.0

5.0 5.0 5.0 20.0 5.0 5.0 5.0 5.0 20.0

Quaterly Profit &Loss In Crore (R


64/80


65/80

Jun '10 Sep '10 Dec '10 Mar '11 Total Jun '11 Sep '11 Dec '11 Mar '126,198.0 6,947.0 7,106.0 7,250.0 27,501.0 7,485.0 8,099.0 9,298.0 8,852.0

239.0 267.0 290.0 415.0 1,211.0 443.0 387.0 422.0 652.0

6,437.0 7,214.0 7,396.0 7,665.0 28,712.0 7,928.0 8,486.0 9,720.0 9,504.0

4,443.0 4,849.0 4,959.0 5,148.0 19,399.0 5,533.0 5,818.0 6,399.0 6,205.01,755.0 2,098.0 2,147.0 2,102.0 8,102.0 1,952.0 2,281.0 2,899.0 2,647.0

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- ---- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

1,994.0 2,365.0 2,437.0 2,517.0 9,313.0 2,395.0 2,668.0 3,321.0 3,299.0

-- -- -- -- 0.0 -- -- -- --

1,994.0 2,365.0 2,437.0 2,517.0 9,313.0 2,395.0 2,668.0 3,321.0 3,299.0

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

1,994.0 2,365.0 2,437.0 2,517.0 9,313.0 2,395.0 2,668.0 3,321.0 3,299.0506.0 628.0 657.0 699.0 2,490.0 673.0 762.0 949.0 983.0

-- -- -- -- 0.0 -- -- -- --

1,488.0 1,737.0 1,780.0 1,818.0 6,823.0 1,722.0 1,906.0 2,372.0 2,316.0

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

1,488.0 1,737.0 1,780.0 1,818.0 6,823.0 1,722.0 1,906.0 2,372.0 2,316.0

-- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- ---- -- -- -- 0.0 -- -- -- --

-- -- -- -- 0.0 -- -- -- --

26.0 30.4 31.1 31.8 119.3 30.1 33.3 41.5 40.5

-- -- -- -- 0.0 -- -- -- --

286.0 286.0 286.0 286.0 1,144.0 286.0 286.0 286.0 286.0

24,256.0 26,039.0 25,178.0 23,787.0 99,260.0 27,466.0 29,382.0 27,017.0 27,017.0

5.0 5.0 5.0 5.0 20.0 5.0 5.0 5.0 5.0

s)


66/80


67/80

Total Jun '12 Sep '12 Dec'12 Mar'13 Jun '07 Sep '07 Dec '07 Mar '0833,734.0 9,616.0 9,858.0 10,424.00 1.0 1.0 1.0 1.0

1,904.0 476.0 706.0 503 0.1 0.0 0.0 0.0

35,638.0 10,092.0 10,564.0 10,927.00 1.1 1.0 1.0 1.0

23,955.0 6,923.0 7,261.0 7,747.00 0.7 0.7 0.7 0.79,779.0 2,693.0 2,597.0 2,677.00 0.3 0.3 0.3 0.3

0.0 -- -- --

0.0 -- -- --

0.0 -- ----

0.0 -- -- --

0.0 -- ----

0.0 -- -- --0.0 -- -- --

0.0 -- ----

11,683.0 3,169.0 3,303.0 3,180.00 0.4 0.4 0.4 0.4

0.0 -- -- --

11,683.0 3,169.0 3,303.0 3,180.00 0.4 0.4 0.4 0.4

0.0 -- -- -- 0.0 0.0 0.0 0.0

0.0 -- ----

11,683.0 3,169.0 3,303.0 3,180.00 0.3 0.3 0.3 0.33,367.0 880.0 934.0 811 0.0 0.0 0.0 0.0

0.0 -- -- --

8,316.0 2,289.0 2,369.0 2,369.00 0.3 0.3 0.3 0.3

0.0 -- -- --

0.0 -- -- --

8,316.0 2,289.0 2,369.02,369.00

0.3 0.3 0.3 0.3

0.0 -- ----

0.0 -- ----

0.0 -- -- --

0.0 -- -- --

145.4 40.0 41.4 41.42 0.0 0.0 0.0 0.0

0.0 -- -- --

1,144.0 286.0 286.0 286 0.1 0.1 0.1 0.1

110,882.0 33,175.0 33,175.0 33,175.00 3.2 3.1 3.3 3.0

20.0 5.0 5.0 5 0.0 0.0 0.0 0.0


68/80


69/80

Total Jun '08 Sep '08 Dec '08 Mar '09 Total Jun '09 Sep '09 Dec '09

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.60.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.4

0.4 0.3 0.3 0.4 0.4 0.4 0.4 0.3 0.4

0.4 0.3 0.3 0.4 0.4 0.4 0.4 0.3 0.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0 #VALUE! 0.0

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.40.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.0

3.1 3.1 2.9 3.0 3.2 3.0 3.6 3.8 3.9

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Com


70/80


71/80

Mar '10 Total Jun '10 Sep '10 Dec '10 Mar '11 Total Jun '11 Sep '11

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0

1.0 1.0 1.0 1.0 1.0 1.1 1.0 1.1 1.0

0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.70.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3

0.0 0.0 #VALUE! #VALUE! #VALUE! #VALUE! 0.0 #VALUE! #VALUE!

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.30.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

0.3 0.3 0.2 0.3 0.3 0.3 0.2 0.2 0.2

0.3 0.3 0.2 0.3 0.3 0.3 0.2 0.2 0.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0

3.8 3.8 3.9 3.7 3.5 3.3 3.6 3.7 3.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

mon Size Statement


72/80


73/80

Dec '11 Mar '12 Total Jun '12 Sep '12 Dec'12 Mar'13 AverageQ1 AverageQ2

1.0 1.0 1.0 1.0 1.0 1.0 1.0

0.0 0.1 0.1 0.0 0.1 0.0 0.0

1.0 1.1 1.1 1.0 1.1 1.0 1.0

0.7 0.7 0.7 0.7 0.7 0.7 0.70.3 0.3 0.3 0.3 0.3 0.3 0.3

0.4 0.4 0.3 0.3 0.3 0.3 0.3

0.4 0.4 0.3 0.3 0.3 0.3 0.3

#VALUE! #VALUE! 0.0 #VALUE! #VALUE! #VALUE! #VALUE!

0.4 0.4 0.3 0.3 0.3 0.3 0.30.1 0.1 0.1 0.1 0.1 0.1 0.1

0.3 0.3 0.2 0.2 0.2 0.3 0.3

0.3 0.3 0.2 0.2 0.2 0.3 0.3

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.1 0.1

2.9 3.1 3.3 3.4 3.4 3.5 3.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ave


74/80


75/80

AverageQ3 AverageQ4

1.0 1.0

0.0 0.0

1.0 1.0

0.7 0.70.3 0.3

0.4 0.4

0.4 0.4

#VALUE! #VALUE!

0.3 0.30.1 0.1

0.3 0.3

0.3 0.3

0.0 0.0

0.0 0.0

3.3 3.3

0.0 0.0

age

BACK


76/80


77/80

Year 2008 2009 2010 2011 2012

North America 9873 13123 14170 16815 20346Europe 4207 5060 4633 5252 6614

India 219 260 269 594 740

ROW 1349 1821 2068 2724 3554

Total 15648 20264 21140 25385 31254

2008 2009 2010 2011 2012

18% 33% 8% 18.7% 21%

24% 20% -8% 13% 26%

2% 19% 3% 121% 25%

18% 35% 14% 32% 30%19% 29% 4% 20% 23%

Growth (%) Rest Of worldTotal

Year

Growth (%) America

Growth (%) Europe

Growth (%) India


78/80

BACK


79/80

2007

8395

3393

214

1147

13149


80/80

Sales Turnover 10,424.00 9,858.00 9,616.00 8,852.00 9,298.00

Other Income 503 706 476 652 422

Total Income 10,927.00 10,564.00 10,092.00 9,504.00 9,720.00

Total Expenses 7,747.00 7,261.00 6,923.00 6,205.00 6,399.00

Operating Profit 2,677.00 2,597.00 2,693.00 2,647.00 2,899.00

Profit On Sale Of Assets -- -- -- -- --Profit On Sale Of Investments -- -- -- -- --

Gain/Loss On Foreign Exchange -- -- -- -- --

VRS Adjustment -- -- -- -- --

Other Extraordinary Income/Expenses -- -- -- -- --

Total Extraordinary Income/Expenses -- -- -- -- --

Tax On Extraordinary Items -- -- -- -- --

Net Extra Ordinary Income/Expenses -- -- -- -- --

Gross Profit 3,180.00 3,303.00 3,169.00 3,299.00 3,321.00

Interest -- -- -- -- --

PBDT 3,180.00 3,303.00 3,169.00 3,299.00 3,321.00

Depreciation -- -- -- -- --

Depreciation On Revaluation Of Assets -- -- -- -- --

PBT 3,180.00 3,303.00 3,169.00 3,299.00 3,321.00

Tax 811 934 880 983 949

Prior Years Income/Expenses -- -- -- -- --

Net Profit 2,369.00 2,369.00 2,289.00 2,316.00 2,372.00

Minority Interest -- -- -- -- --

Share Of P/L Of Associates -- -- -- -- --

Net P/L After Minority Interest & Share Of Associates 2,369.00 2,369.00 2,289.00 2,316.00 2,372.00

Depreciation for Previous Years Written Back/ Provided -- -- -- -- --

Dividend-- -- -- -- --

Dividend Tax -- -- -- -- --

Dividend (%) -- -- -- -- --

Earnings Per Share 41.42 41.42 40.02 40.49 41.47

Book Value -- -- -- -- --

Equity 286 286 286 286 286

Reserves 33,175.00 33,175.00 33,175.00 27,017.00 27,017.00

Face Value 5

Infosys Estimate Financial Statement 2

Documents