wc it industry 04-12-13
TRANSCRIPT
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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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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 367,650.00 312,540.00
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 - -
Cost of Production 267,060.00 219,870.00
Add Opening stock of Finished Goods - -
Less Closing Stock of Finished Goods - -
cost of goods sold 267,060.00 219,870.00
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
Working Capital Cycle 2013 2012
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
RM Purchased (cost of sales) 267,060.00 219,870.00
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
Key Ratios 2013 2012
Total Liabilities 430,280.00 358,150.00
Total Current assets 327,380.00 284,650.00
Total Current Liabilities 67,930.00 60,370.00
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 - -
Current Ratio 4.82 4.72
Quick Ratio 4.82 4.72
Cash Ratio 3.00 3.24
Current Liability to Networth Ratio 0.91 0.96
Total Liability to Networth Ratio 1.19 1.20
Fixed Assets to Networth Ratio 0.15 0.16
Long Term Debt to Equity Ratio 0.00 0.00
Net Working Capital 259,450.00 224,280.00
Bank Borrowings - -
Net Working Capital Position 2013 2012
Total Current Assets (1) 327,380.00 284,650.00
Other Current Liabilities (other than bank borrowings) ( 67,930.00 60,370.00
Working Capital Gap (WCG) (1-2) 259,450.00 224,280.00
Actual / Projected net working capital (5) 259,450.00 224,280.00
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
Min. stipulated net working capital: (25% of total
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
Working Capital Cycle
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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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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)*12
Particulars 2013 2012
CALCULATION OF PATRevenue from Operations 60,019.00 52,430.00
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 - -
Cost of Production 49,702.00 45,019.00
Add Opening stock of Finished Goods - -
Less Closing Stock of Finished Goods - -
cost of goods sold 49,702.00 45,019.00
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
Working Capital Cycle 2013 2012
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
RM Purchased (cost of sales) 49,752.00 45,613.00
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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
Key Ratios 2013 2012
Total Liabilities 30,760.00 29,022.00
Total Current assets 30,912.00 22,042.00
Total Current Liabilities 27,181.00 16,501.00
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
Current Ratio 1.14 1.34
Quick Ratio 1.14 1.34
Cash Ratio 0.10 0.08
Current Liability to Networth Ratio 0.74 0.64
Total Liability to Networth Ratio 0.74 0.84
Fixed Assets to Networth Ratio 0.18 0.24
Long Term Debt to Equity Ratio 0.40 0.46
Net Working Capital 3731 5541Bank Borrowings 8045 5266
Net Working Capital Position 2003 2004
Total Current Assets (1) 30,912.00 22,042.00
Other Current Liabilities (other than bank borrowings) 19,136.00 11,235.00
Working Capital Gap (WCG) (1-2) 11,776.00 10,807.00
Min. stipulated net working capital: (25% of total
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Actual / Projected net working capital (5) 3,731.00 5,541.00
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
Working Capital Cycle
Working Capital Cycle
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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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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 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
Working 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