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Cash Conversion Cycle = DSO+DIO-DPO

DPO = (Creditors/RM purchased)*12

DSO = (Debtors/Sales)*12

RM=(Inventory/RM Consumed)*12 `

WIP=(WIP/Cost of Prodn)*12

FG=(FG/Cost of Sales)*12Particulars 2013 2012

CALCULATION OF PATRevenue from Operations 484,261.40 381,042.30

Less Excise 8.20 2.50

Net Sales 484,253.20 381,039.80

RM Consumed 250.20 117.80

Stores and Spares Consumed 0.20 0.30

Employee Benefits Expense 170,817.20 135,726.80

Other Manufacturing Cost 170,381.50 131,458.30

Depreciation & Amortisation 8,028.60 6,881.70SubTotal 349,477.70 274,184.90

Add Opening Stock of WIP

Less Closing Stock of WIP

Cost of Production 349,477.70 274,184.90

Add Opening stock of Finished Goods 8.40 9.80

Less Closing Stock of Finished Goods 7.10 8.40

cost of goods sold 349,479.00 274,186.30

SG&A

MISC Expenses

cost of sales 349,479.00 274,186.30

EBIT 134,774.20 106,853.50

Interest 306.20 164.00Profit After Interest 134,468.00 106,689.50

Other Income 22,303.90 26,851.80

Non-Operating Expense

Non operating Income 22,303.90 26,851.80

PBT 156,771.90 133,541.30

Tax 29,168.40 23,903.50

PAT 127,603.50 109,637.80

Working Capital Cycle 2013 2012

Debtors or Trade Receivables 112,023.20 91,077.20

Sales 484,253.20 381,039.80

DSO 84.44 87.24

Creditors or Trade payables 35,280.40 28,479.10

RM Purchased (cost of sales) 349,479.00 274,186.30

DPO 36.85 37.91

Inventories (RM Components) 56.30 33.00

RM Consumed 250.20 117.80

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RM Holding Period 82.13 102.25

WIP - 2.60

Cost of Prodn 349,477.70 274,184.90

WIP Holding Period - 0.00

FG 7.10 8.40

Cost of Sales 349,479.00 274,186.30FG Period 0.01 0.01

DIO 82.14 102.26

CCC 129.73 151.60

Key Ratios 2013 2012

Total Liabilities 430,121.40 342,588.10

Total Current assets 235,086.40 165,388.80

Total Current Liabilities 96,769.10 88,354.80

Fixed Assets 68,681.30 54,634.40Total Assets 430,121.40 342,588.10

Total Debt 1,719.40 1,042.00

Equity 325,622.50 248,566.30

Inventories 63.40 41.40

Cash and Other Marketable Securities 40,541.60 32,800.70

Current liability to Networth Ratio 0.30 0.36

Debt-Equity Ratio 0.01 0.00

Interest Coverage Ratio 440.15 651.55

Current Ratio 2.43 1.87

Quick Ratio 2.43 1.87

Cash Ratio 0.42 0.37

Current Liability to Networth Ratio 0.72 0.67

Total Liability to Networth Ratio 1.32 1.38

Fixed Assets to Networth Ratio 0.21 0.22

Long Term Debt to Equity Ratio 0.01 0.00

Net Working Capital 138,317.30 77,034.00

Bank Borrowings - -

0.000269688

Net Working Capital Position 2013 2012

Total Current Assets (1) 235,086.40 165,388.80

Other Current Liabilities (other than bank borrowings) ( 96,769.10 88,354.80

Working Capital Gap (WCG) (1-2) 138,317.30 77,034.00

Actual / Projected net working capital (5) 138,317.30 77,034.00

Item-3 minus Item-4 79,545.70 35,686.80

Item-3 minus Item-5 - -

Max. permissible bank finance (item-6 or 7, whichever 0 0

Min. stipulated net working capital: (25% of total

current assets(4)58,771.60 41,347.20

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8.92 35.99

-

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00200.00

20132012201120102009200820072006

Working Capit

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2011 2010 2009 2008 2007

292,754.10 230,444.50 224,040.00 174,465.10 149,399.70

2.70 3.90 20.80 28.30 21.20292,751.40 230,440.60 224,019.20 174,436.80 149,378.50

177.10 237.30 526.70 451.30 215.00

0.40 0.20 10.00 6.80 5.20

102,218.50 78,824.30 73,700.90 59,611.70 64,463.70

102,900.30 84,903.50 90,130.80 75,524.40 41,926.30

5,378.20 4,693.50 4,174.60 4,587.80 3,434.10210,674.50 168,658.80 168,543.00 140,182.00 110,044.30

210,674.50 168,658.80 168,543.00 140,182.00 110,044.30

19.70 32.00 39.80 19.60 41.40

9.80 19.70 32.00 39.80 19.60210,684.40 168,671.10 168,550.80 140,161.80 110,066.10

210,684.40 168,671.10 168,550.80 140,161.80 110,066.10

82,067.00 61,769.50 55,468.40 34,275.00 39,312.40

200.10 95.40 74.40 34.20 34.3081,866.90 61,674.10 55,394.00 34,240.80 39,278.10

4,947.30 1,776.00 -4,562.40 6,898.20 2,165.50

4,562.40

4,947.30 1,776.00 - 6,898.20 2,165.5086,814.20 63,450.10 50,831.60 41,139.00 41,443.60

11,304.40 7,518.70 4,434.80 4,951.00 4,133.9075,509.80 55,931.40 46,396.80 36,188.00 37,309.70

2011 2010 2009 2008 2007

48,066.70 33,323.00 37,327.80 37,470.10 27,998.00

292,751.40 230,440.60 224,019.20 174,436.80 149,378.50

59.93 52.78 60.82 78.40 68.41

21,533.80 24,263.20 14,981.90 12,393.70 8,181.30

210,684.40 168,671.10 168,550.80 140,161.80 110,066.10

37.31 52.50 32.44 32.27 27.13

43.90 48.10 137.50 123.20 86.20

177.10 237.30 526.70 451.30 215.00

TCS

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90.48 73.98 95.29 99.64 146.34

8.70 16.70 30.50 13.20 13.60

210,674.50 168,658.80 168,543.00 140,182.00 110,044.30

0.02 0.04 0.07 0.03 0.05

9.80 19.70 32.00 39.80 19.60

210,684.40 168,671.10 168,550.80 140,161.80 110,066.100.02 0.04 0.07 0.10 0.06

90.51 74.06 95.42 99.78 146.45

113.13 74.34 123.80 145.91 187.73

2011 2010 2009 2008 2007

260,428.10 151,924.60 135,903.40 111,244.90 81,703.40

105,704.80 35,447.00 42,964.50 37,379.50 26,622.30

61,515.90 33,126.40 35,138.80 24,041.80 16,395.00

44,950.40 37,012.40 33,542.10 28,302.70 22,184.60260,428.10 151,924.60 135,903.40 111,244.90 81,703.40

411.20 357.40 410.40 182.50 507.40

195,794.90 151,166.20 134,462.50 11,004.81 80,589.90

53.70 67.80 169.50 171.90 120.60

31,205.20 33,961.60 16,052.60 5,275.20 5,571.40

0.31 0.22 0.26 2.18 0.20

0.00 0.00 0.00 0.02 0.01

410.13 647.48 745.54 1,002.19 1,146.13

1.72 1.07 1.22 1.55 1.62

1.72 1.07 1.22 1.55 1.62

0.51 1.03 0.46 0.22 0.34

0.31 0.23 0.32 3.40 0.33

1.33 1.01 1.01 10.11 1.01

0.23 0.24 0.25 2.57 0.28

0.00 0.00 0.00 0.00 0.00

44,188.90 2,320.60 7,825.70 13,337.70 10,227.30

- - - - -

2011 2010 2009 2008 2007

105,704.80 35,447.00 42,964.50 37,379.50 26,622.30

61,515.90 33,126.40 35,138.80 24,041.80 16,395.00

44,188.90 2,320.60 7,825.70 13,337.70 10,227.30

44,188.90 2,320.60 7,825.70 13,337.70 10,227.30

17,762.70 6541.15 -2,915.43 3,992.83 3,571.73

- - - - -

0 TRUE TRUE 0 0

10,741.13 9,344.88 6,655.5826,426.20 8,861.75

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37.37 43.7 69.33 140.93 267.96

2005

l Cycle

Working Capital Cycle

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2006 2005

` in million

112,305.00 80,275.90

55.10 -112,249.90 80,275.90

338.30 -

11.70 -

39,995.70 17,638.30

39,579.70 38,047.10

2,573.80 1,332.2082,499.20 57,017.60

82,499.20 57,017.60

- -

41.40 -82,457.80 57,017.60

82,457.80 57,017.60

29,792.10 23,258.30

44.90 104.0029,747.20 23,154.30

632.60 952.20

632.60 952.2030,379.80 24,106.50

3,574.80 2,807.6026,805.00 21,298.90

2006 2005

23,258.30 14,680.50

112,249.90 80,275.90

75.63 66.75

7,370.90 4,456.80

82,457.80 57,017.60

32.63 28.53

87.90 -

338.30 -

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94.84 -

12.70 -

82,499.20 57,017.60

0.06

41.40

82,457.80 57,017.600.18

95.08

138.08 38.22

2006 2005

57,095.20 35,061.10

22,704.10 10,732.50

11,801.40 7,142.80

14,497.80 10,284.4057,095.20 35,061.10

355.00 1,207.40

56,093.30 33,210.50

229.40 -

1,711.70 1,207.40

0.21 0.22

0.01 0.04

663.52 223.64

1.92 1.50

1.90 1.50

0.15 0.17

0.40 0.32

1.02 1.06

0.26 0.31

0.00 0.03

10,902.70 3,589.70

- -

2006 2005

22,704.10 10,732.50

11,801.40 7,142.80

10,902.70 3,589.70

10,902.70 3,589.70

5,226.68 906.58

- -

0 0

5,676.03 2,683.13

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282.93 263.72

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FG=(FG/Cost of Sales)*12Particulars 2013 2012


Less Excise - -

Net Sales 367,650.00 312,540.00

RM Consumed - -

Stores and Spares Consumed - -

Employee Benefits Expense 199,320.00 154,730.00

Other Manufacturing Cost 58,180.00 57,200.00

Depreciation & Amortisation 9,560.00 7,940.00

SubTotal 267,060.00 219,870.00

Add Opening Stock of WIP - -

Less Closing Stock of WIP - -


Add Opening stock of Finished Goods - -

Less Closing Stock of Finished Goods - -


SG&A - -

MISC Expenses - -

cost of sales 267,060.00 219,870.00

EBIT 100,590.00 92,670.00

Interest

Profit After Interest 100,590.00 92,670.00

Other Income 22,150.00 18,290.00

Non-Operating Expense

Non operating Income 22,150.00 18,290.00

PBT 122,740.00 110,960.00

Tax 32,410.00 32,040.00

PAT 90,330.00 78,920.00


Debtors or Trade Receivables 63,650.00 54,040.00Sales 367,650.00 312,540.00

DSO 63.19 63.11

Creditors or Trade payables 1,780.00 680.00


DPO 2.43 1.13

Inventories (RM Components) - -

RM Consumed - -

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RM Holding Period - -

WIP - -

Cost of Prodn 267,060.00 219,870.00

WIP Holding Period - -

FG - -

Cost of Sales 267,060.00 219,870.00FG Period - -

DIO - -

CCC 60.76 61.98





Fixed Assets 55,880.00 46,400.00Total Assets 430,280.00 358,150.00

Total Debt - -

Equity 360,590.00 297,570.00

Inventories - -

Cash and Other Marketable Securities 204,010.00 195,570.00

Current liability to Networth Ratio 0.19 0.20

Debt-Equity Ratio - -

Interest Coverage Ratio - -








Net Working Capital 259,450.00 224,280.00

Bank Borrowings - -



Other Current Liabilities (other than bank borrowings) ( 67,930.00 60,370.00



Item-3 minus Item-4 177,605.00 153,117.50

Item-3 minus Item-5 - -

Max. permissible bank finance (item-6 or 7, whichever 0 0


current assets(4) 81,845.00 71,162.50

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8.92 35.99

-

10.00

20.00

30.00

40.00

50.00

60.00

70.00

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004


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2011 2010 2009 2008 2007

253,850.00 211,400.00 202,640.00 156,480.00 131,490.00

- - - - -

253,850.00 211,400.00 202,640.00 156,480.00 131,490.00

- - - - -

- - - - -

124,480.00 103,400.00 99,600.00 88,760.00 72,780.00

45,230.00 34,310.00 34,000.00 18,090.00 16,460.00

7,400.00 8,070.00 6,940.00 5,460.00 4,690.00177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

- - - - -

- - - - -177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

- - - - -

- - - - -177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

- - - - -

- - - - -177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

76,740.00 65,620.00 62,100.00 44,170.00 37,560.00

76,740.00 65,620.00 62,100.00 44,170.00 37,560.00

11,470.00 9,100.00 5,040.00 6,830.00 3,770.00

3,340.00

11,470.00 9,100.00 8,380.00 6,830.00 3,770.0088,210.00 74,720.00 67,140.00 51,000.00 41,330.00

23,780.00 17,170.00 8,950.00 6,300.00 3,520.00

64,430.00 57,550.00 58,190.00 44,700.00 37,810.00

2011 2010 2009 2008 2007

42,120.00 32,440.00 33,900.00 30,930.00 22,920.00253,850.00 211,400.00 202,640.00 156,480.00 131,490.00

60.56 56.01 61.06 72.15 63.62

13,700.00 12,520.00 11,880.00 10,600.00 8,610.00

177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

28.23 31.35 30.85 34.45 33.46

- - - - -

- - - - -

INFOSYS

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- - - - -

- - - - -

177,110.00 145,780.00 140,540.00 112,310.00 93,930.00

- - - - -

- - - - -

177,110.00 145,780.00 140,540.00 112,310.00 93,930.00- - - - -

- - - - -

32.33 24.66 30.21 37.70 30.17

2011 2010 2009 2008 2007

245,010.00 222,680.00 178,460.00 134,900.00 111,620.00

229,940.00 169,390.00 155,930.00 122,270.00 89,610.00

18,800.00 17,630.00 15,070.00 13,340.00 11,620.00

43,050.00 41,880.00 44,140.00 39,310.00 31,070.00245,010.00 222,680.00 178,460.00 134,900.00 111,620.00

- - - - -

245,010.00 220,360.00 178,090.00 134,900.00 111,620.00

- - - - -

136,650.00 97,970.00 90,390.00 64,290.00 54,700.00

0.08 0.08 0.08 0.10 0.10

- - - - -

- - - - -

12.23 9.61 10.35 9.17 7.71

12.23 9.61 10.35 9.17 7.71

7.27 5.56 6.00 4.82 4.71

0.08 0.77 0.88 0.91 0.80

1.00 1.01 1.00 1.00 1.00

0.18 0.19 0.25 0.29 0.28

0.00 0.00 0.00 0.00 0.00 211,140.00 151,760.00 140,860.00 108,930.00 77,990.00

- - - - -

2011 2010 2009 2008 2007

229,940.00 169,390.00 155,930.00 122,270.00 89,610.00

18,800.00 17,630.00 15,070.00 13,340.00 11,620.00

211,140.00 151,760.00 140,860.00 108,930.00 77,990.00

211,140.00 151,760.00 140,860.00 108,930.00 77,990.00

153,655.00 109,412.50 101,877.50 78,362.50 55,587.50

- - - - -

0 0 0 0 0

30,567.50 22,402.5057,485.00 42,347.50 38,982.50

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37.37 43.7 69.33 140.93 267.96

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2006 2005 2004

` in million

90,280.00 68,600.00 47,608.90

- - -

90,280.00 68,600.00 47,608.90

- - -

- - -

48,870.00 36,550.00 24,953.10

11,520.00 8,800.00 6,819.30

4,090.00 2,680.00 2,309.0064,480.00 48,030.00 34,081.40

- - -

- - -64,480.00 48,030.00 34,081.40

- - -

- - -64,480.00 48,030.00 34,081.40

- - -

- - -64,480.00 48,030.00 34,081.40

25,800.00 20,570.00 13,527.50

25,800.00 20,570.00 13,527.50

1,440.00 1,270.00 1,273.90

1,440.00 1,270.00 1,273.9027,240.00 21,840.00 14,801.40

3,030.00 3,250.00 2,270.00

24,210.00 18,590.00 12,531.40

2006 2005 2004

15,180.00 12,530.00 6,325.1090,280.00 68,600.00 47,608.90

61.37 66.67 48.49

6,100.00 4,640.00 4,304.10

64,480.00 48,030.00 34,081.40

34.53 35.26 46.10

- - -

- - -

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- - -

- - -

64,480.00 48,030.00 34,081.40

- - -

- - -

64,480.00 48,030.00 34,081.40- - -

- - -

26.84 31.41 2.40

2006 2005 2004

68,970.00 52,420.00 32,534.30

60,490.00 37,300.00 29,637.40

8,080.00 5,790.00 5,604.40

21,330.00 14,950.00 9,703.0068,970.00 52,420.00 32,534.30

- - -

68,970.00 52,420.00 32,534.30

- - -

32,790.00 14,810.00 16,380.10

0.12 0.11 0.17

- - -

- - -

7.49 6.44 5.29

7.49 6.44 5.29

4.06 2.56 2.92

0.88 0.71 0.91

1.00 1.00 1.00

0.31 0.29 0.30

0.00 0.01 0.00 52,410.00 31,510.00 24,033.00

- - -

2006 2005 2004

60,490.00 37,300.00 29,637.40

8,080.00 5,790.00 5,604.40

52,410.00 31,510.00 24,033.00

52,410.00 31,510.00 24,033.00

37,287.50 22,185.00 16,623.65

- - -

0 0 0

15,122.50 9,325.00 7,409.35

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282.93 263.72

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FG=(FG/Cost of Sales)*12

Particulars 2013 2012


Less Excise - -

Net Sales 60,019.00 52,430.00

Raw Material - -

Stores and Spares consumed - -

Employee Benefits Expense 25,138.00 22,510.00Other Manufacturing Cost 22,994.00 21,004.00

Depreciation & Amortisation 1,570.00 1,505.00

SubTotal 49,702.00 45,019.00

Add Opening Stock of WIP - -

Less Closing Stock of WIP - -


Add Opening stock of Finished Goods - -

Less Closing Stock of Finished Goods - -


SG&A 50.00 47.00

MISC Expenses 53.00 547.00cost of sales 49,752.00 45,613.00

EBIT 10,267.00 6,817.00

Interest 1,090.00 1,025.00

Profit After Interest 9,177.00 5,792.00

Other Income 952 677

Non-Operating Expense - -

Non operating Income - -

PBT 8,225.00 5,790.00

Tax 1,647.00 1,184.00

PAT 6,578.00 4,606.00


Debtors or Trade Receivables 13,725.00 12,431.00

Sales 60,019.00 52,430.00

DSO 83.47 86.54

Creditors or Trade payables 5,644.00 4,684.00


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DPO 41.41 37.48

Inventories (RM Components) - -

RM Consumed - -

RM Holding Period - -

WIP - -

Cost of Prodn 49,702.00 45,019.00

WIP Holding Period - -

FG - -

Cost of Sales 49,752.00 45,613.00

FG Period - -

DIO - -

CCC 42 49





Fixed Assets 7,485.00 8,153.00

Total Assets 72,585.00 69,191.00

Total Debt 16,689.00 15,950.00

Equity 41,825.00 34,432.00

Inventories - -

Cash and Other Marketable Securities 2,711.00 1,389.00Current liability to Networth Ratio 0.65 0.48

Debt-Equity Ratio 0.40 0.46

Interest Coverage Ratio 9.42 6.65








Net Working Capital 3731 5541Bank Borrowings 8045 5266



Other Current Liabilities (other than bank borrowings) 19,136.00 11,235.00



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Item-3 minus Item-4 4,048.00 5,296.50

Item-3 minus Item-5 8,045.00 5,266.00

Max. permissible bank finance (item-6 or 7, whichever TRUE 5,266.00

8.92 35.99

current assets(4) , . , .

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2011 2010 2009 2008 2007 2006

49,655.00 44,838.00 43,578.00 36,047.00 27,596.87 12,284.50

- - - - - -49,655.00 44,838.00 43,578.00 36,047.00 27,596.87 12,284.50

- - - - - -

- - - - - -

19,438.00 15,987.00 14,197.00 12,224.00 8,404.06 4,675.7520,382.00 17,522.00 16,539.00 15,295.00 11,791.35 4,682.91

1,383.00 1,299.00 1,074.00 736.00 462.84 373.8041,203.00 34,808.00 31,810.00 28,255.00 20,658.25 9,732.47

- - - - - -

- - - - - -41,203.00 34,808.00 31,810.00 28,255.00 20,658.25 9,732.47

- - - - - -

- - - - - -41,203.00 34,808.00 31,810.00 28,255.00 20,658.25 9,732.47

49.00 13.00 26.00 34.00 28.34 5.07

496.00 499.00 387.00 287.00 323.87 140.5241,748.00 35,320.00 32,223.00 28,576.00 21,010.46 9,878.06

7,907.00 9,518.00 11,355.00 7,471.00 6,586.41 2,406.44

999.00 1,600.00 25.00 100.00 69.19 -6,908.00 7,918.00 11,330.00 7,371.00 6,517.22 2,406.44

1152 909 425 976 - -

- - - - - -

- - - - - -8,060.00 8,742.00 10,905.00 8,347.00 6,517.22 2,406.44

1,093.00 1,314.00 1,039.00 689.00 615.13 205.236,967.00 7,428.00 9,866.00 7,658.00 5,902.09 2,201.21

2011 2010 2009 2008 2007 2006

11,720.00 9,930.00 8,545.00 10,574.00 7,920.19 4,127.57

49,655.00 44,838.00 43,578.00 36,047.00 27,596.87 12,284.50

86.15 80.83 71.57 107.07 104.75 122.64

4,617.00 4,533.00 5,011.00 5,091.00 4,987.04 1,957.67

41,748.00 35,320.00 32,223.00 28,576.00 21,010.46 9,878.06

Tech Mahindra

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40.37 46.84 56.76 65.03 86.64 72.34

- - - - - -

6.00 - 13.00 - - -

- - - - - -

- - - - - -

41,203.00 34,808.00 31,810.00 28,255.00 20,658.25 9,732.47

- - - - - -

- - - - - -

41,748.00 35,320.00 32,223.00 28,576.00 21,010.46 9,878.06

- - - - - -

- - - - - -

46 34 15 42 18 50

2011 2010 2009 2008 2007 2006.00

18,064.00 21,349.00 9,624.00 9,967.00 6,816.30 8,256.09

23,455.00 19,347.00 17,370.00 15,562.00 9,824.84 5,578.00

8,711.00 8,164.00 8,888.00 9,268.00 6,379.76 3,938.00

7,103.00 9,148.00 6,442.00 4,924.00 3,016.83 4,186.90

60,488.00 59,019.00 28,434.00 22,251.00 13,269.92 10,092.00

4,166.00 4,533.00 5,011.00 5,091.00 4,987.04 3,357.70

33,840.00 28,667.00 18,810.00 12,284.00 9,307.75 1,835.91

- - - - - -

1,938.00 1,380.00 4,961.00 814.00 289.19 759.690.26 0.28 0.47 0.75 0.69 2.14

0.12 0.16 0.27 0.41 0.54 1.83

7.91 5.95 454.20 74.71 95.19 -

2.69 2.37 1.95 1.68 1.54 1.42

2.69 2.37 1.95 1.68 1.54 1.42

0.22 0.17 0.56 0.09 0.05 0.19

0.69 0.67 0.92 1.27 1.06 3.04

0.53 0.74 0.51 0.81 0.73 4.50

0.21 0.32 0.34 0.40 0.32 2.28

0.12 0.16 0.26 0.40 0.51 1.67

14744 11183 8482 6294 3445 16400 0 0 0 0 0

2005 2006 2007 2008 2009 2010

23,455.00 19,347.00 17,370.00 15,562.00 9,824.84 5,578.00

8,711.00 8,164.00 8,888.00 9,268.00 6,379.76 3,938.00

14,744.00 11,183.00 8,482.00 6,294.00 3,445.08 1,640.00

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14,744.00 11,183.00 8,482.00 6,294.00 3,445.08 1,640.00

8,880.25 6,346.25 4,139.50 2,403.50 988.87 245.50

- - - - - -

- - - - - -

37.37 43.7 69.33 140.93 267.96 282.93

, . , . , . , . , . , .

0

20

40

60

80

100

120



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2005 2004

` in million

9,295.93 7,250.43

- -9,295.93 7,250.43

- -

- -

3,537.26 2,088.853,909.73 3,704.57

315.27 221.457,762.26 6,014.88

- -

- -7,762.26 6,014.88

- -

- -7,762.26 6,014.88

46.34 26.34

115.19 117.727,923.78 6,158.94

1,372.15 1,091.48

- -1,372.15 1,091.48

- -

- -

- -1,372.15 1,091.48

142.81 150.211,229.34 941.28

` in million

2005 2004

2,174.17 2,762.12

9,295.93 7,250.43

85.37 139.05

1,117.68 670.95

7,923.78 6,158.94

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51.48 39.76

- -

- -

- -

- -

7,762.26 6,014.88

- -

- -

7,923.78 6,158.94

- -

- -

34 99

` in million2005 2004

1,906.00 1,091.58

3,812.00 3,307.20

1,906.00 1,378.00

1,780.69 1,530.88

6,767.00 5,445.00

1,290.22 670.95

4,861.43 4,353.42

- -

1,284.96 291.500.39 0.32

0.27 0.15

- -

2.00 2.40

2.00 2.40

0.67 0.21

0.78 0.76

0.39 0.25

0.37 0.35

0.21 0.09

1906 19290 0

2011 2012

3,812.00 3,307.20

1,906.00 1,378.00

1,906.00 1,929.20

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1,906.00 1,929.20

953.00 1,102.40

- -

- -

263.72 264.36

..

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RM=(Inventory/RM Consumed)*12


FG=(FG/Cost of Sales)*12Particulars 2003 2004 2005

Revenue from Operations 8,717.30 11,279.80 14,470.10

Less Excise - - -

Net Sales 8,717.30 11,279.80 14,470.10

RM Consumed - - -

Stores and Spares Consumed/ software dev 1,501.10 2,442.40 2,984.80

Employee Benefits Expense 2,548.20 3,623.90 4,910.30

Power and Fuel Expense - - 221.10

Other Manufacturing Cost 384.10 472.70 441.90

Depreciation & Amortisation 493.10 568.90 675.60

SubTotal 4,926.50 7,107.90 9,233.70

Add Opening Stock of WIP - - -

Less Closing Stock of WIP - - -

Cost of Production 4,926.50 7,107.90 9,233.70

Add Opening stock of Finished Goods - - -

Less Closing Stock of Finished Goods - - -

add : purchase of stk in trade - - -

cost of goods sold 4,926.50 7,107.90 9,233.70

SG&A 1,584.90 2,144.40 2,587.60

MISC Expenses 41.80 20.00 33.50

cost of sales 6,553.20 9,272.30 11,854.80

EBIT 2,164.10 2,007.50 2,615.30Interest 10.60 54.80 56.20

Profit After Interest 2,153.50 1,952.70 2,559.10

Other Income 1,077.80 1,467.60 830.20

Non-Operating Expense - - -

Non operating Income - - -

PBT 3,231.30 3,420.30 3,389.30

Tax 253.10 138.10 96.60

PAT 2,978.20 3,282.20 3,292.70

Working Capital Cycle 2003 2004 2005

Debtors or Trade Receivables 2,289.30 1,685.90 3,064.10

Sales 8,717.30 11,279.80 14,470.10

DSO 95.85 54.55 77.29

Creditors or Trade payables 1,512.10 2,204.70 3,399.20

RM Purchased - - -

DPO

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Inventories (RM Components) - - -

RM Consumed - - -

RM Holding Period

WIP - - -

Cost of Prodn 4,926.50 7,107.90 9,233.70

WIP Holding Period - - -

FG - - 389.70

Cost of Sales 6,553.20 9,272.30 11,854.80

FG Period 12.00

DIO - - 12.00

CCC 95.85 54.55 89.29

Key Ratios 2003 2004 2005

Total Liabilities 25,632.60 29,700.00 43,248.50

Total Current assets 4,556.00 3,884.50 11,442.00

Total Current Liabilities 2,415.60 5,805.60 5,111.10

Fixed Assets 1,891.40 3,239.10 4,317.30

Total Assets 25,632.00 29,700.00 43,248.50

Total Debt 58.30 982.30 966.90

Equity 23,158.70 22,912.10 28,616.20

Inventories - - -

Cash and Other Marketable Securities 371.20 727.80 845.30

Current liability to Networth Ratio 0.10 0.25 0.18Debt-Equity Ratio 0.00 0.04 0.03

Interest Coverage Ratio 204.16 36.63 46.54

Current Ratio 1.89 0.67 2.24

Quick Ratio 0.18 0.13 0.26

Cash Ratio 0.15 0.13 0.17

Current Liability to Networth Ratio 0.10 0.25 0.18

Total Liability to Networth Ratio 1.11 1.30 1.51

Fixed Assets to Networth Ratio 0.08 0.14 0.15

Long Term Debt to Equity Ratio - - -

Net Working Capital 2,140.40 1921.10 6330.90

Net Working Capital Position 2003 2004 2005

Total Current Assets (1) 4556.00 3884.50 11442.00

Other Current Liabilities (other than bank

borrowings) (2) 2415.60 5805.60 5111.10

Working Capital Gap (WCG) (1-2) 2140.40 1921.10 6330.90

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Min. stipulated net working capital: (25% of

total current assets(4) 1139 971.125 2860.5

excluding export receivables)

Actual / Projected net working capital (5) 2140.40 1921.10 6330.90

Item-3 minus Item-4 1001.40 2892.23 3470.40

Item-3 minus Item-5 0.00 0.00 0.00

Max. permissible bank finance (item-6 or 7, wh 0 TRUE 0

-

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

Work

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2006 2007 2008 2009 2010 2011

30,329.20 37,686.20 46,183.90 46,750.90 50,787.60 67,944.80

- - - - - -

30,329.20 37,686.20 46,183.90 46,750.90 50,787.60 67,944.80

- - - - - -

4,630.90 5,573.30 7,217.90 4,620.60 - -

11,719.00 14,485.30 17,263.90 19,302.20 21,876.60 32,590.90

527.80 634.30 834.90 1,002.80 869.30 1,269.40

1,169.00 1,523.80 2,397.70 2,431.90 3,321.90 4,259.40

1,388.00 1,782.10 2,178.70 2,518.90 2,740.30 2,913.70

19,434.70 23,998.80 29,893.10 29,876.40 28,808.10 41,033.40

- - - - - -

- - - - - -

19,434.70 23,998.80 29,893.10 29,876.40 28,808.10 41,033.40

- - - - - -

- - - - - -

- - - - - -

19,434.70 23,998.80 29,893.10 29,876.40 28,808.10 41,033.40

4,833.20 5,896.50 8,624.20 7,076.40 8,885.80 10,836.10

229.00 278.00 397.40 236.10 560.20 519.10

24,496.90 30,173.30 38,914.70 37,188.90 38,254.10 52,388.60

5,832.30 7,512.90 7,269.20 9,562.00 12,533.50 15,556.20127.40 129.70 190.70 280.90 1,013.60 1,013.90

5,704.90 7,383.20 7,078.50 9,281.10 11,519.90 14,542.30

833.40 4,394.20 1,704.00 2,658.10 1,717.70 1,662.70

- - - - - -

- - - - - -

6,538.30 11,777.40 8,782.50 11,939.20 13,237.60 16,205.00

154.50 758.70 946.00 1,966.10 962.40 916.00

6,383.80 11,018.70 7,836.50 9,973.10 12,275.20 15,289.00

2006 2007 2008 2009 2010 2011

6,459.80 7,124.80 9,800.20 14,892.60 20,847.00 16,572.60

30,329.20 37,686.20 46,183.90 46,750.90 50,787.60 67,944.80

77.74 69.01 77.45 116.27 149.82 89.03

6,998.90 8,585.00 10,500.60 13,611.60 6,456.00 3,401.60

- - - - - -

HCL

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- - - - - -

- - - - - -

- - - - - -

19,434.70 23,998.80 29,893.10 29,876.40 28,808.10 41,033.40

- - - - - -

233.30 373.10 706.90 870.10 120.40 1,249.70

24,496.90 30,173.30 38,914.70 37,188.90 38,254.10 52,388.60

3.48 4.51 6.63 8.54 1.15 8.71

3.48 4.51 6.63 8.54 1.15 8.71

81.22 73.52 84.08 124.81 150.97 97.74

2006 2007 2008 2009 2010 2011

40,964.50 47,843.20 55,021.60 65,959.10 84,893.30 90,648.00

15,736.80 18,826.70 24,199.00 45,326.20 47,289.40 41,325.70

9,350.20 10,030.20 18,288.50 22,159.90 21,560.80 21,657.70

6,893.10 8,829.50 11,443.20 12,745.40 14,210.30 18,146.20

40,964.50 47,843.20 55,021.60 65,959.10 84,893.30 90,648.00

133.80 408.90 253.30 5,137.30 13,973.90 11,219.20

25,772.00 34,250.20 32,148.30 34,882.40 49,358.60 58,581.50

- - - - - -

1,062.20 3,809.40 9,126.50 6,868.80 8,099.80 5,803.30

0.36 0.29 0.57 0.64 0.44 0.370.01 0.01 0.01 0.15 0.28 0.19

45.78 57.93 38.12 34.04 12.37 15.34

1.68 1.88 1.32 2.05 2.19 1.91

0.38 0.39 0.44 0.69 0.56 0.46

0.11 0.38 0.50 0.31 0.38 0.27

0.36 0.29 0.57 0.64 0.44 0.37

1.59 1.40 1.71 1.89 1.72 1.55

0.27 0.26 0.36 0.37 0.29 0.31

- - - - - -

6386.60 8796.50 5910.50 23166.30 25728.60 19668.00

2006 2007 2008 2009 2010 2011

15736.80 18826.70 24199.00 45326.20 47289.40 41325.70

9350.20 10030.20 18288.50 22159.90 21560.80 21657.70

6386.60 8796.50 5910.50 23166.30 25728.60 19668.00

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3934.2 4706.675 6049.75 11331.55 11822.35 10331.425

6386.60 8796.50 5910.50 23166.30 25728.60 19668.00

2452.40 4089.83 139.25 11834.75 13906.25 9336.58

0.00 0.00 0.00 0.00 0.00 0.00

0 0 TRUE 0 0 0

ing Capital Cycle


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` in million2012

89,072.20

-

89,072.20

-

-

39,230.60

1,542.30

5,630.70

3,530.70

49,934.30

-

-

49,934.30

-

-

-

49,934.30

12,211.10

1,228.10

63,373.50

25,698.70972.70

24,726.00

3,008.60

-

-

27,734.60

4,103.20

23,631.40

` in million

2012

19,924.20

89,072.20

81.65

3,803.20

-

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-

-

-

49,934.30

-

999.90

63,373.50

5.76

5.76

87.40

2012

108,770.30

46,787.10

32,319.90

21,632.60

108,770.30

13,872.30 STL+LTL

60,638.10

-

4,989.70

0.530.23

26.42

1.45

0.43

0.15

0.53

1.79

0.36

-

14467.20

2012

46787.10

32319.90

14467.20

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11696.775

14467.20

2770.43

0.00

0

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LTL= Total Term lib - lib not considered as debt

L= Installment of lib due with in one year+ ST borrowing from others (not ban

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WC Cycle (days) 2013 2012 2011 2010 2009

TCS 130 152 113 74 124

Infosys 61 62 32 25 30

HCL 87 98 151 125

TechMahindra 42 49 46 34 15

Industry Average 78 88 72 71 73

Revenues 2013 2012 2011 2010 2009

TCS 484,261 381,042 292,754 230,445 224,040

Infosys 367,650 312,540 253,850 211,400 202,640

HCL 89,072 67,945 50,788 46,751

TechMahindra 60,019 52,430 49,655 44,838 43,578

Net Working Capital 2013 2012 2011 2010 2009

TCS 138,317 77,034 44,189 2,321 7,826

Infosys 259,450 224,280 211,140 151,760 140,860

HCL 14,467 19,668 25,729 23,166

TechMahindra 3,731 5,541 14,744 11,183 8,482

Current Ratio 2013 2012 2011 2010 2009

-

100,000

200,000

300,000

400,000

500,000

600,000

2013 2012 2011 2010 2009 2008 2007 2006

-

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

020

40

60

80

100

120

140

160

180

200

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

Industry Average

TechMahindra

HCL

TCS

Infosys

WC Cycle

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TCS 2.4 1.9 1.7 1.1 1.2

Infosys 4.8 4.7 12.2 9.6 10.3

HCL 1.9 2.2 2.0 1.3

TechMahindra 1.1 1.3 2.7 2.4 2.0

Total Revenue 911,930 835,085 664,204 537,470 517,009

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2008 2007 2006 2005 2004

146 188 138 38

38 30 27 31 2

84 74 81 89 55

42 18 50 34 99

77 77 74 48 52

2008 2007 2006 2005 2004

174,465 149,400 112,305 80,276

156,480 131,490 90,280 68,600 47,609

46,184 37,686 30,329 14,470 11,280

36,047 27,597 12,284 9,296 7,250

2008 2007 2006 2005 2004

13,338 10,227 10,903 3,590

108,930 77,990 52,410 31,510 24,033

5,911 8,797 6,387 6,331 1921.10

6,294 3,445 1,640 1,906 1,929

2008 2007 2006 2005 2004

005 2004

TechMahindra

HCL

TCS

Infosys

Revenue

50 100 150 200 250

Thousands

TechMahindra

HCL

TCS

Infosys

Net WorkingCapital

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

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1.6 1.6 1.9 1.5 0.0

9.2 7.7 7.5 6.4 5.3

1.9 1.7 2.2 0.7 1.9

1.7 1.5 1.4 2.0 2.4

413,176 346,173 245,199 172,642 66,139 CAGR 37.88%

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TCS

Infosys

HCL

TechMahindra

CurrentRatio

WC IT Industry 04-12-13

Documents