Consensus Preview 3QFY15 V4 Infy Day

$ QoQ Revenue Growth
TCS
HCL Tech
Infosys
Wipro
TechM
Consensus
0.5
1.2
1.1
1.1
2.5
House
0.6
1.2
0.8
0.9
2.4
Take Away
1. INR depreciated by 2.2%
2. Cross Currency impact -ve 175 to 220 bps
3. 3Q seasonally weak growth quarter
4. wage hike at HCLT
5. Tech M- Inorganic growth adding 1% in growth
EBIT Margin Change

TCS
HCL Tech
Infosys
Wipro
TechM
Consensus
0.4
-0.9
0.2
0.9
0.3
House
0.6
-0.7 wage hike
0.1
0.9
0.5
JFM2011
Q4FY11
USD Revenues ( $ Mn)
INR rate
AMJ2011
Q1FY12
JAS2011
Q2FY12
OND2011
Q3FY12
2,244
45.3
2,412
44.8
2,525
46.1
2,586
51.1
3.4
4.7
-1.26
6.2
7.5
-1.29
5.2
4.7
0.52
4.5
2.4
2.08
33.1
34.4
26.0
20.6
101,575
31.3
107,970
31.4
116,335
25.3
132,040
37
28,456
33.7
28.0
28,261
25.2
26.2
31,543
20.8
27.1
38,618
41.4
29.2
2,259
2,887
997
PBT
30,715
31,148
32,540
37,698
Tax
% tax rate
(6,772)
22.0
(7,063)
22.7
(7,913)
24.3
(8,538)
22.6
PAT
YoY % change
23,943
22.0
24,085
27.3
24,627
14.2
29,160
23.3
CC Organic
CC Revenue growth
USD revenue growth
(YoY %)
CC Revenue growth
USD revenue growth
INR revenues (Rs Mn)
YoY growth
EBIT
YoY grth
% margin
Other income
Minority interest
Net profit
YoY Growth
EPS
No of Shares
(415)
23,528
12.0
1957.2
(281)
23,804
12.2
1957
(237)
24,390
12.5
1957
(920)
(294)
28,866
24.0
14.7
JFM2012
Q4FY12
AMJ2013
Q1FY13
JAS2012
2QFY13
OND2012
3QFY13
JFM2013
4QFY13
AMJ2013
1QFY14
2,648
50.1
2,728
54.5
2,853
54.8
2,948
54.5
3,040
54.0
3,165
56.8
2.3
2.4
-0.10
4.0
3.0
0.98
4.8
4.6
0.22
2.5
3.3
-0.83
4.0
3.1
0.88
4.8
4.1
0.69
18.0
13.1
13.0
14.0
14.8
16.0
132,593
31
148,687
38
156,208
34
160,700
22
164,301
24
179,900
21
36,719
29
27.7
40,897
45
27.5
41,788
32
26.8
43,810
13
27.3
43,584
19
26.5
48,627
19
27.0
1,077
1,754
3,103
2,133
4,185
2,517
37,796
42,651
44,891
45,943
47,769
51,144
(8,174)
21.6
(9,457)
22.2
(9,443)
21.0
(10,025)
21.8
(11,419)
23.9
(12,312)
24.1
29,622
24
33,194
38
35,448
44
35,918
23
36,350
23
38,832
31
(298)
(388)
(326)
(399)
(381)
29,324
22
32,806
38
35,122
44
35,519
23
35,969
23
15.0
16.8
17.9
18.2
18.4
(870)
37,962
16
19.4
1957
43.40
47.60
JAS2013
2QFY14
3,337
62.9
OND2013
3QFY14
3,438
61.9
JFM2014
4QFY14
AMJ2013
1QFY15
JAS2014
2QFY15
OND2013
3QFY15
3,503
61.5
3,694
59.9
3,929
60.6
3,931
62.3
4.3
7.4
6.4
1.05
2.5
0.1
2.45
6.0
5.4
0.57
2.2
3.0
-0.83
2.0
1.9
0.11
5.0
5.0
5.5
-0.46
17.0
16.6
15.2
16.7
17.7
14.3
209,772
34
212,950
33
215,511
31
221,110
23
238,165
14
245,011
15
63,295
51
30.2
63,357
45
29.8
62,810
44
29.1
58,149
20
26.3
63,942
1
26.8
65,862
4
26.9
6,729
6,990
8,151
5,659
6,259
62,868
70,086
69,800
66,300
69,601
72,120
(15,563)
24.8
(16,524)
23.6
(16,313)
23.4
(15,312)
23.1
(16,045)
23.1
(17,453)
24.2
47,305
43
53,562
51
53,487
49
50,988
40
53,556
38
54,667
16
(427)
(287)
47,018
34
24.0
1959
(412)
53,150
50
27.1
1959
(520)
52,967
47
27.0
1959
(410)
50,578
33
25.8
1959
(673)
52,883
12
27.0
1959
(226)
54,441
2
27.8
1959
age
men
t
Gui
dan
ce
OND2013
3QFY15
3,953
62.0
-1%
Consensus
3,948
61.9
Vs Consesnsus
-0.4%
2.6
0.6
2.5
0.5
15.0
14.8
244,897
17
244,572
14.8
0%
66,564
5.1
27.2
1%
67,104
6
27.4
-2%
6,752
6,100
73,856
72,664
(16,897)
22.9
(17,864)
24.6
56,959
57
55,473
3.6
(290)
56,669
7
28.8
1970
16%
24%
2%
-8%
(673)
-4%
54,800
3.1
27.8
1970
-1%
3%
OND2013
3QFY14
USD Revenues ( $ Mn
INR rate
JFM2014
4QFY14
2,100
62.0
AMJ2013
1QFY15
2,092
61.5
JAS2014
2QFY15
2,133
59.9
2,201
60.6
(0.4)
(0.4)
1.5
2.0
3.9
3.2
( QoQ %)
CC Revenue growth
USD revenue growth
1.2
1.6
(YoY %)
CC Revenue growth
USD revenue growth
11.0
9.9
7.9
7.1
6.5
130,260
24.8
128,750
23.2
127,700
13.3
133,420
2.9
32,591
21.3
25.0
32,810
33.5
25.5
32,110
20.5
25.1
34,830
14.0
26.1
7,310
8,510
8,290
7,593
39,901
41,320
40,400
42,423
(11,150)
27.9
(11,400)
27.6
(11,540)
28.6
(11,553)
27.2
28,751
20.8
29,920
25.2
28,860
21.6
30,870
17.6

YoY growth
EBIT
YoY grth
% margin
Other income
PBT
Tax
% tax rate
PAT
YoY % change
Extraordinary
Reported PAT
YoY % change
EPS
28,751
20.8
29,920
25.2
28,860
21.6
30,870
28.3
25.2
1,143
26.2
1,143
25.2
1,143
27.0
1,143
3.7%
10.40%
14.1%
9.40%
23.5%
76.50%
77.70
218.40
296.10
197.40
493.50
1,606.50
2,100.00
-3.6%
-4.8%
-4.5%
0.6%
-2.5%
3.0%
1.6%
-3.6%
-4.5%
-2.5%
d
a
nc
e,
if
a
n
y
OND2014
3QFY15e
2,218
2,218
62.0
2.6
0.8
2.5
0.8
137,960
5.9
3.4%
36,890
26.7
vs Consensus
2,225
61.8
0%
2.4 street building lower CC hit

1.1
5.6
7.7
137,485
5.5
137,483
5.5
0%
36,057
10.6
26.2
36,177
11.0
26.3
0%
7,010
7,673
43,067
43,892
(12,059)
28.0
(12,290)
28.0
31,008
7.9
31,603
9.9
0
32,500
Consensus
31,008
7.9
27.1
1,143
-2%
-2%
0
31,603
31.3
-2%
27.6
1,143
-2%
Actual vs consensus
0%
ng lower CC hit
0%
2%
2.8%
OND2013
3QFY14
USD Revenues ( $ Mn) - I
INR rate
JFM2014
4QFY14
AMJ2013
1QFY15
JAS2014
2QFY15
OND2013
3QFY15
OND2013
3QFY15
1,720
61.7
1,740
59.8
1,772
61.7
1,795
63.2
( QoQ %)
CC Revenue growth
USD revenue growth
2.3
2.9
2.3
2.5
0.3
1.2
3.0
1.8
3.7
1.3
(YoY %)
CC Revenue growth
USD revenue growth
8.3
6.4
8.5
9.6
9.6
8.3
8.6
9.7
7.0
6.5
112,713
17
116,535
21
111,358
14
116,838
8
119,900
6
118,867
5
1%
22,814
26
20.2
25,300
48
21.7
23,771
35
21.3
21,739
7
18.6
23,141
1
19.3
23,169
2
19.5
0%
3,518
3,627
3,351
5,443
5,118
3,221
3,960
PBT
26,332
28,927
27,122
27,182
28,259
26,390
27,607
Tax
% tax rate
(6,060)
23.0
(6,536)
22.6
(5,942)
21.9
(6,199)
22.8
(6,228)
22.0
(5,938)
22.5
(6,254)
22.7
Net profit
YoY Growth
20,147
20
22,265
41
21,032
30
20,848
8
21,928
9
20,317
1
EBIT
YoY grth
% margin
Other Income
EPS
8.2
2,460
9.1
2,460
8.6
2,460
8.5
2,467
8.9
2,467
0.8%
3.0%
1,787
61.7
Consensus
1,678
61.5

YoY growth
1,810
1,850
OND2013
3QFY16e
0.5%
3.1
0.9
8.2
2,467
1,790
62.0
vs Consesnsus
0%
3.3
1.1
6.7
8%
120,923
7.3
23,646
3.6
19.6
21,221
5.3
8.6
2467
-2%
-2%
2%
3%
-4%
JFM2011
Q3FY11
INR rate
( QoQ %)
CC Revenue growth
USD revenue growth
(YoY %)
-0.2
CC Revenue growth
USD revenue growth
YoY growth
EBIT
YoY grth
% margin
Other income
PBT
Tax
% tax rate
PAT
YoY % change
EPS
AMJ2011
Q4FY11
JAS2011
Q1FY12
1,002
46.4
4%
OND2011
Q2FY12
914
44.6
963
44.7
4.8
5.8
-1.0
-1.3
0.2
3.9
5.3
-1.4
-1.3
-0.1
30.9
33.5
24.7
30.5
21.9
24.7
18.7
18.3
40,775
32.6
43,035
25.6
46,513
28.8
52,452
35.8
5,645
19.2
13.8
6,467
29.2
15.0
6,470
46.3
13.9
8,105
68.2
15.5
13
156
60
5,659
6,624
6,530
7,432
(1,280)
22.6
(1,707)
25.8
(1,731)
26.5
(1,909)
25.7
4,379
36.8
4,916
54.8
4,799
60.8
5,523
48.7
6.3
7.1
5.1
4.1
1.0
0.5
0.5
6.9
695
1,022
51.3
11%
(1.4)
3.7
2.0
1.7
2.1
-0.3
(672)
8.0
JFM2012
Q3FY12
1,048
49.8
-3%
1.9
2.5
-0.6
-0.1
-0.5
AMJ2012
Q4FY12
1,080
54.8
10%
4.6
3.1
1.5
1.0
0.6
JAS2012
Q1FY13
1,114
54.7
OND2012
Q2FY13
1,154
54.4
2.9
3.1
-0.2
0.2
-0.5
(0.5)
2.4
3.6
-1.2
-0.8
-0.4
JFM2013
Q3FY13
1,191
53.9
3.8
3.2
0.6
0.9
-0.3
AMJ2013
Q4FY13
1,228
56.6
3.9
3.1
0.8
0.7
0.1
15.4
14.6
16.4
12.2
13.8
11.2
13.0
12.9
15.2
13.7
13.7
52,156
27.9
59,191
38
60,910
31
62,738
20
64,250
23
69,442
17
7,950
40.8
15.2
11,258
74
19.0
11,818
83
19.4
12,444
54
19.8
12,758
60
19.9
14,611
30
21.0
154
888
782
(136)
(423)
(253)
7,814
10,835
11,565
12,598
13,646
15,393
(1,996)
25.5
(2,426)
22
(2,718)
24
(2,951)
23
(3,248)
24
(3,299)
21
5,818
32.9
8,409
71
8,847
84
9,647
75
10,398
79
12,094
44
8.4
12.1
12.8
13.9
14.7
707
17.1
707
JAS2013
1QFY14
1,270
62.7
OND2013
2QFY14
1,321
62.0
JFM2014
3QFY14
1,361
61.3
AMJ2013
4QFY14
1,407
59.9
JAS2014
1QFY15
1,434
60.9
OND2014
2QFY15e
1,451
62.0
(0.6)
3.0
4.0
-1.0
-0.8
-0.2
2.9
3.0
-0.1
0.1
-0.2
2.8
3.4
-0.6
-0.5
-0.1
15.0
14.0
15.1
14.5
14.7
14.3
13.1
14.6
12.3
12.9
9.8
79,610
31
81,840
30
83,490
30
84,240
21
87,350
10
89,913
10
18,950
60
23.8
19,400
56
23.7
20,600
61
24.7
20,390
40
24.2
20,880
10
23.9
20,852
7
23.2
1,580
1,489
2,034
3.6
3.5
0.1
0.6
-0.4
(1,200)
(470)
(70)
3.2
1.9
1.3
1.0
0.3
0.1
3.3
1.2
2.1
2.4
17,750
18,930
20,530
21,970
22,369
22,886
(3,590)
20
(3,980)
21
(4,290)
21
(3,620)
16
(5,190)
23
(4,920)
21
14,160
60
14,950
55
16,240
56
18,350
52
17,179
21
17,966
20
20.0
707
21.1
707
23.0
707
25.9
707
24.3
707
25.4
707
Managemen
t Guidance,
if any
Consensus
Vs Consensus
1,450
61.9
0%
3.2
1.2
9.8
89,811
9.7
0%
20,674
6.6
23.0
1%
1,966
22,640
1%
(4,761)
21.0
17,879
19.6
25.3
707
0%
0%
TechM

INR rate
OND2013
3QFY14
791
61.9
JFM2014
4QFY14
825
61.3
AMJ2013
1QFY15
855
59.9
( QoQ %)
CC Revenue growth
USD revenue growth
3.0
4.4
4.3
2.9
3.7
(YoY %)
CC Revenue growth
USD revenue growth
17.2
18.2
18.1
48,985
34
50,581
34
51,215
25
9,967
40.6
20.3
9,289
42.8
18.4
7,792
4.3
15.2
(569)
3,342
12,740
(964)
8,325
8,644
2,530
19.9
2,092
25.1
2,308
26.7
10,099
214.1
6,142
-3.7
6,307
-8.1
47.2
214
28.7
-4
29.5
-9
214
214
214

YoY growth
EBIT
YoY grth
% margin
Net Other income
Exceptional Item
PBT
Tax
% tax rate
Net Income
YoY % change
Reported EPS ex Tresury
YoY % change
No of diluted shares
852
JAS2014
2QFY15
900
61.0
6.2
5.2
OND2013
Management Guidance,Consensus
if any
3QFY15
922
62.0
4.4 3.4 organic

2.4
922
62.0
0%
4.5
2.5
18.7
16.6
16.6
54,879
15
57,140
17
57,195
20
0%
9,548
-3.4
17.4
10,217
2.5
17.9
10,143
2
17.7
1%
535
1,048
10,083
11,265
710
10,853
2,807
27.8
2,929
26.0
2,930
27.0
7,196
0.2
8,286
-18.0
7,896
(22)
5%
32.6
-3
37.5
-21
35.7
-24
5%
221
221
221
4%
Infotech
ASO2013
4QFY13
NDJ2014
1QFY14
FM2014
2 months

INR rate
260
61.3
256
61.1
169
60.9
( QoQ %)
CC Revenue growth
USD revenue growth
(1.9)
(1.5)
(1.0)
(YoY %)
CC Revenue growth
USD revenue growth
4.8
8.0

YoY growth
EBIT
YoY grth
% margin
Other income
Exceptional Item
PBT
Tax
% tax rate
PAT
YoY % change
EPS
15,940
22
15,640
24
2,437
6
15.3
2,342
20
15.0
156
2,593
211
-64
2,489
10,299
1,551
-25
15.1
178
1,729
(691)
26.6
(683)
27.4
(508)
29.4
1,902
-9
1,806
-2
1,221
-31
9.1
210
8.6
210
5.8
210
AMJ2013
1QFY15
JAS2014
2QFY15
Management
OND2013
Guidance,
Consensus
if any
3QFY15
249
59.8
238
61.6
236
62.0
(1.8)
(4.4)
(0.8)
14,649
-8
1,899
-22
13.0
14,900
2,210
-9
14.8
239
61.8
-1%
14,629
-6
14,775
-1%
1,945
-17
13.3
1,974
-1%
13.4
280
348
279
299
2,490
2,247
2,275
2,274
(750)
30.1
1,740
8.3
210
vs Consensus
0%
(645)
28.7
(742)
32.6
6
0.3
1,602
-16
1,638
-9
1,647
-1%
7.8
210
-1%
7.6
210
7.8
210
OND2013
3QFY14
INR rate
110
61.8
( QoQ %)
CC Revenue growth
USD revenue growth
(2.3)
(YoY %)
CC Revenue growth
USD revenue growth
YoY growth
EBIT
YoY grth
% margin
JFM2014
4QFY14
AMJ2013
1QFY15
114
61.6
115
59.9
3.6
1.3
6,779
20
7,001
23
6,897
12
908
3
13.4
995
12
14.2
665
(22)
9.6
66
Other income
(62)
(253)
PBT
846
742
730
Tax
% tax rate
(238)
28.1
(235)
31.7
(222)
30.4
Net Income
YoY grth
610
21
507
(1)
508
(16)
EPS - diluted
No of shares
3.1
199
2.6
199
2.6
199
JAS2014
2QFY15
OND2013
3QFY15
125
60.6
OND2013
Management Guidance,
Consensus
if any
3QFY15
125
62.0
125
62
8.6
(0.4)
10.1
11
13
11
7,716
14
7,754
10
7,574
8
766
(18)
10.1
2
7,798
15
860
(5)
11.0
913
1
11.8
869
(7)
11.2
(19)
43
42
768
841
956
912
(63)
8.1
(188)
22.3
(277)
29.0
(264)
(29)
706
6
653
7
679
11
3.6
199
3.3
199
3.4
199
3.6
3.6
13.2
-4%
vs Consensus
0%
0%
5%
5%
647
(3)
5%
3.3
199
5%
Infotech
OND2013
3QFY14
INR rate
JFM2014
4QFY14
AMJ2013
1QFY15
93
62.0
96
61.7
104
59.8
( QoQ %)
CC Revenue growth
USD revenue growth
6.5
3.4
7.9
(YoY %)
CC Revenue growth
USD revenue growth
6.5
12.1
20.9
5,783
22
5,948
28
6,217
28
953
32
16.5
901
51
15.1
704
13
11.3
Other income
(64)
(28)
120
PBT
889
873
824
(241)
27.1
(214)
24.5
(186)
22.6
695
12
699
29
686
26

YoY growth
EBIT
YoY grth
% margin
Tax
% tax rate
Net Income
YoY growth
EPS
6.2
111
6.3
111
6.2
111
JAS2014
2QFY15
105.50
111
60.7
OND2013
3QFY15
105.70
115
62.1
6.5
3.5
26.5
6,724
22
900
-1
13.4
7,118
982
3
13.8
OND2013
Management Guidance, Consensus
if any
3QFY15
112
62.0
111
62.0
1.0
0.5
114.8
19.9
7118
6,939
20
19
6,905
19
823
-14
11.9
825
(13)
12.0
328
219
317
1,228
1,042
1,136
(364)
29.6
901
24
8.1
111
(250)
24.0
1008
829
19
7.5
111
(329)
(29.0)
835
20
7.5
111
vs Consensus
3%
3%
19%
-8%
22%
-1%
AMJ2013
1QFY14
INR rate
JAS2013
2QFY14
OND2013
3QFY14
63
56.7
69
63.1
70
61.9
( QoQ %)
CC Revenue growth
USD revenue growth
1.5
8.7
2.1
(YoY %)
CC Revenue growth
USD revenue growth
15
14
15
3,572
19
4,324
32
4,327
30
859
23
19.9
935
49
21.6

YoY growth
EBIT
YoY grth
% margin
539
(13)
15.1
Other income
263
PBT
PBT Margin
Tax
% tax rate
802
22.5
PAT
YoY % change
EPS
YoY grth
(24)
(70)
835
19.3
(227)
27
865
20.0
(223)
26
570
37
608
36
642
30
14.2
40
15.2
40
16.1
40
(232)
29
JFM2014
4QFY14
AMJ2013
1QFY15
JAS2014
2QFY15
OND2013
3QFY15
OND2013
Management Guidance, if any
3QFy15e
73
61.5
73
59.7
76
60.8
79.5
80
62.0
3.9
0.1
5.0
4.2
5.3
17
15
11
14
15
4,467
34
4,343
22
4,641
7
4,946
4,982
15
-0.7%
942
52
21.1
721
34
16.6
720
(16)
15.5
749
(20)
15.1
951
2
19.1
-21%
233
116
245
923
20.7
(251)
27
954
22.0
(266)
28
835
18.0
(248)
30
994
20.1
(249)
25
672
29
688
21
587
(3)
745
16
760
18
16.8
40
17.2
40
18.6
40
19.0
40
(19)
14.7
40
-1.0%
90
1,041
20.9
(281)
27
-5%
-2%
Consensus
80
61.9
vs Consensus
-1%
10.3
17.0
4,962
14.8
0%
882
2.7
17.8
-15%
250
1,103
-10%
(304)
28
799
31.4
20.0
40
-7%
-5%
OND2013
3QFY14
INR rate
JFM2014
4QFY14
AMJ2013
1QFY15
127
62.2
133
62.0
141
59.7
( QoQ %)
CC Revenue growth
USD revenue growth
2.5
4.5
6.5
(YoY %)
CC Revenue growth
USD revenue growth
15.7
17.5
20.1

YoY growth
7,906
34.0
8,237
34.5
8,435
30.2
EBIT
YoY grth
% margin
1,333
26.6
16.9
1,549
53.7
18.8
1,457
44.3
17.3
Other income
PBT
Tax
% tax rate
PAT
YoY % change
EPS
YoY grth
(190)
1,143
(298)
1,251
210
1,667
(258)
23
(267)
21
(373)
22
885
(10)
984
25
1,294
(4)
11.7
84
15.4
84
10.5
84
JAS2014
2QFY15
OND2013
3QFY15
OND2013
Management Guidance, if
Consensus
any
3QFY15
147
60.4
148
61.7
149
61.7
4.0
0.5
1.2
0.8
18.5
16.2
17.1
16.6
8,886
15.5
9,117
15.3
9,182
16.1
9166.9
15.9
1,520
8.5
17.1
1,606
20.5
17.6
1,609
20.7
17.5
1,595
19.6
17.4
241
209
245
1,761
1,815
1,854
(387)
22
(407)
22
(417)
22
148
61.9
191
1786.1
(402)
23
1,374
7
1,408
1,437
62
1384
56
16.4
84
16.8
84
17.1
84
16.5
83.7
vs Consensus
0%
0%
1%
4%
4%
4%
INR
USD Revenue
TCS
Infosys
HCL tech
Wipro
Total
Q4FY11
45.3
2,244
1,602
914
1,400
6,161
QoQ Growth
TCS
Infosys
HCL tech
Wipro
Total
Q1FY12
44.8
2,412
1,672
963
1,408
6,454
7.5%
4.3%
5.3%
0.5%
4.8%
Q2FY12
46.4
2,525
1,746
1,002
1,473
6,746
4.7%
4.5%
4.1%
4.6%
4.5%
Q3FY12
51.5
2,586
1,806
1,022
1,506
6,919
2.4%
3.4%
2.0%
2.2%
2.6%
Q4FY12
50.0
Q1FY13
54.9
2,648
1,771
1,048
1,536
7,003
2,728
1,752
1,080
1,515
7,075
2.4%
-1.9%
2.5%
2.0%
1.2%
3.0%
-1.1%
3.1%
-1.3%
1.0%
QoQ GrowtQ4FY12
Q1FY13
TCS
18.0%
13.1%
Infosys
10.5%
4.8%
HCL tech
14.6%
12.2%
Wipro
9.7%
7.6%
Total
13.7%
9.6%
Sales
TCS
Infosys
HCL tech
Wipro
Total
101,575
72,500
40,775
71,996
286,845
107,970
74,850
43,035
74,104
299,959
116,335
80,990
46,513
78,302
322,140
132,040
92,980
52,452
85,076
362,548
132,593
88,520
52,156
84,547
357,816
148,687
96,160
59,191
92,676
396,714
EBIT
TCS
Infosys
HCL tech
Wipro
Total
28,456
21,020
5,645
18,713
73,834
28,261
19,510
6,467
18,581
72,819
31,543
22,810
6,470
18,113
78,935
38,618
28,990
8,105
21,309
97,022
36,719
26,470
7,950
15,306
86,445
40,897
26,930
11,258
17,654
96,739
EBIT Margin
TCS
Infosys
HCL tech
Wipro
Total
Q4FY11
28%
29%
14%
20%
26%
Q1FY12
26%
26%
15%
20%
24%
Q2FY12
27%
28%
14%
18%
25%
Q3FY12
29%
31%
15%
19%
27%
Q4FY12
28%
30%
15%
18%
24%
Q1FY13
28%
28%
19%
19%
24%
INR
45.3
44.8
46.4
51.5
50.0
54.9
change
TCS
Infosys
HCL tech
Wipro
Total
YoY margin change

TCS
Infosys
HCL tech
Wipro
Total
-1.0%
-1.8%
-2.9%
1.2%
-0.2%
-1.5%
3.6%
0.9%
2.1%
-1.1%
-1.6%
0.2%
11.0%
2.1%
3.0%
1.5%
1.2%
2.3%
-2.9%
-1.6%
-1.3%
-0.2%
-1.1%
-2.6%
9.8%
-0.2%
-1.9%
3.8%
0.9%
0.2%
0%
1%
1%
-2%
-2%
1%
2%
4%
-1%
0%
2QFY13
54.9
2,853
1,797
1,114
1,541
7,305
4.6%
2.6%
3.1%
1.7%
3.3%
3QFY13
54.6
2,948
1,911
1,154
1,577
7,590
3.3%
6.3%
3.6%
2.3%
3.9%
4QFY13
53.9
3,040
1,938
1,191
1,585
7,754
3.1%
1.4%
3.2%
0.5%
2.2%
1QFY14
56.6
3,165
1,991
1,228
1,588
7,972
4.1%
2.7%
3.1%
0.2%
2.8%
2QFY14
62.8
3,337
2,066
1,270
1,631
8,304
5.4%
3.8%
3.5%
2.7%
4.2%
3QFY14
62.0
3,438
2,100
1,321
1,678
8,537
3.0%
1.6%
4.0%
2.9%
2.8%
4QFY14
61.5
3,503
2,092
1,361
1,720
8,676
1.9%
-0.4%
3.0%
2.5%
1.6%
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
13.0%
14.0%
14.8%
16.0%
17.0%
16.6%
15.2%
2.9%
5.8%
9.4%
13.6%
15.0%
9.9%
7.9%
11.2%
12.9%
13.7%
13.7%
14.0%
14.5%
14.3%
4.7%
4.7%
3.2%
4.8%
5.8%
6.4%
8.5%
8.3%
9.7%
10.7%
12.7%
13.7%
12.5%
11.9%
156,208
98,580
60,910
92,722
408,420
160,700
104,341
62,738
95,987
423,766
164,301
104,500
64,250
96,078
429,129
179,900
112,670
69,442
97,300
459,312
209,772
129,650
79,610
107,727
526,759
212,950
130,260
81,840
112,713
537,763
215,511
128,750
83,490
116,535
544,286
41,788
25,970
11,818
17,577
97,153
43,810
26,871
12,444
18,156
101,281
43,584
24,580
12,758
17,067
97,989
48,627
26,640
14,611
17,650
107,528
63,295
30,560
18,950
20,229
133,034
63,357
32,591
19,400
22,814
138,162
62,810
32,810
20,600
25,300
141,520
2QFY13
27%
26%
19%
19%
24%
54.9
3QFY13
27%
26%
20%
19%
24%
54.6
4QFY13
27%
24%
20%
18%
23%
53.9
1QFY14
27%
24%
21%
18%
23%
56.6
2QFY14
30%
24%
24%
19%
25%
62.8
3QFY14
30%
25%
24%
20%
26%
62.0
4QFY14
29%
25%
25%
22%
26%
61.5
0.0%
-0.8%
-1.7%
0.4%
-0.1%
-0.6%
-0.5%
0.5%
-0.6%
0.4%
0.0%
0.1%
-1.3%
-0.7%
-2.2%
0.0%
-1.2%
-1.1%
5.0%
0.5%
0.1%
1.2%
0.4%
0.6%
10.9%
3.1%
-0.1%
2.8%
0.6%
1.8%
-1.2%
-0.4%
1.4%
-0.1%
1.5%
0.4%
-0.8%
-0.6%
0.5%
1.0%
1.5%
0.3%
0%
-2%
5%
1%
-1%
-2%
-5%
4%
0%
-3%
-1%
-6%
5%
0%
-1%
0%
-4%
2%
-1%
-1%
3%
-3%
4%
0%
1%
2%
-1%
4%
1%
2%
3%
2%
5%
4%
3%
1QFY15
59.9
3,694
2,133
1,407
1,740
8,975
2QFY15
60.6
3,929
2,201
1,434
1,772
9,335
3QFY15
62.0
3,953
2,218
1,451
1,787
9,409
20.0%
18.0%
16.0%
14.0%
5.5%
2.0%
3.4%
1.2%
3.4%
6.4%
3.2%
1.9%
1.8%
4.0%
12.0%
0.6%
0.8%
1.2%
0.9%
0.8%
10.0%
8.0%
6.0%
4.0%
2.0%
1QFY15
2QFY15
3QFY15
16.7%
17.7%
15.0%
7.1%
6.5%
5.6%
14.6%
12.9%
9.8%
9.6%
8.6%
6.5%
12.6%
12.4%
10.2%
221,110
127,700
84,240
111,358
544,408
238,165
133,420
87,350
116,838
575,773
244,897
137,485
89,913
118,867
591,162
0.0%
Q4FY12
Q1FY13
2QFY13
3QFY13
TCS
In
Q1FY13
2Q
35%
30%
25%
20%
58,149
32,110
20,390
23,771
134,420
1QFY15
26%
25%
24%
21%
25%
59.9
63,942
34,830
20,880
21,739
141,391
2QFY15
27%
26%
24%
19%
25%
60.6
67,104
36,057
20,852
23,169
147,182
3QFY15
27%
26%
23%
19%
25%
62.0
15%
10%
5%
0%
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
TCS
Infosys
-2.7%
-2.8%
-0.3%
-0.5%
-0.4%
-1.3%
1.3%
0.5%
1.0%
-0.3%
-2.7%
-0.1%
2.3%
0.6%
0.1%
-0.7%
0.9%
0.3%
-1%
2%
3%
3%
1%
-3%
3%
0%
0%
-1%
-2%
1%
-1%
-1%
-1%
Q3FY12
2QFY13
3QFY13
TCS
4QFY13
Infosys
1QFY14
HCL tech
2QFY14
Wipro
3QFY14
Total
4QFY14
1QFY15
2QFY15
3Q
Chart Title
Q4FY12
TCS
Q1FY13
2QFY13
Infosys
3QFY13
HCL tech
4QFY13
Wipro
1QFY14
Total
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
1QFY15
4QFY14
2QFY15
1QFY15
2QFY15
3QFY15
3QFY15
Assumption
USD Revenue Growth
FY13
FY14
Infosys
6
11
TCS
14
16
HCL Tech
13
14
Wipro
5
6
INR
54
61
12%
FY15
11
16
13
10
62
2%
CMP
Infosys
TCS
HCL Tech
Wipro
14%
8%
12%
14%
3034
2075
1112
482
3450
2250
1250
550
Infosys
TCS
HCL Tech
Wipro
EBIT Margin
FY13
FY14
25.8
24.0
27.0
28.8
19.8
20.4
18.0
19.1
IT Margin
FY15
24.0
27.5
18.2
19.1
Infosys
TCS
HCL Tech
Wipro
EPS
FY13
165
71
57
26
FY14
181
92
77
30
FY15
207
107
81
34
16.8
22.6
14.5
16.1
14.7
19.4
13.8
14.0
CAGR
(FY13-FY15)
12
23
19
15
PE Ratio
Infosys
TCS
HCL Tech
Wipro
neutral
LU
neutral
neutral

Consensus Preview 3QFY15 V4 Infy Day

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Consensus Preview 3QFY15 V4 Infy Day

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$ QoQ Revenue Growth

EBIT Margin Change

INR revenues (Rs Mn)

2.4 street building lower CC hit

INR revenues (Rs Mn)

USD Revenues ( $ Mn)

INR revenues (Rs Mn)

4.4 3.4 organic

USD Revenues ( $ Mn)

INR revenues (Rs Mn)

INR revenues (Rs Mn)

INR revenues (Rs Mn)

INR revenues (Rs Mn)

YoY margin change

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