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Strengths Cash reserve,Good leadership Team,Governance,Availability,of inexpensive skilled labour,Global Delivery capability,Early launch of Finnacle,Maintain Margin,early entrant into

business,Geographical placement [12hrs diffrnce],Lack of client concenteration,High credibility

Weaknesses

Revenue concenteration by geography and sector(not in India China reach[largest sector]),Lack of product changes in managemnt,Too many changes in managemnt

Rupee depreciate s - Billing rates reduce

Consulting,Straegic Alliances in certain areas,Aquistions

Paid restrisictions,Currecny Volatility,Other emerging countries with similar dynamics(China,Eastern Europe)

Opportunities

Threats

Projectio ns employee s,billing rate, utilization, avg salary,cap ex per employee, exchange

FinShiksha Infosys Valuation

Contents of the Model S.No. Worksheet 1 Balance Sheet 2 Profit & Loss 3 Cash Flow

2009 Sources of Funds Share Capital Reserves & Surplus Minority Interest Loans Deferred Tax Liabilities Total 286 17968

2010

2011

2012

2013

2014

2015

286 22763

286 25690

286 31046

37 18291

0 232 23281

93 0 26069

123 270 31725

Application Of Funds Fixed Assets Gross Block Accumulated Depreciation NetBlock Capital Work in Progress Intangible Assets Investments Deferred Tax Assets (Net) Current Assets Inventories Receivables Cash & Bank Balances Loans & Advances Other Current Assets Current Liabilities Current Liabilities & provisions Total 7093 2416 4677 677 7839 2893 4946 409 8501 3266 5235 264 9194 3639 5555 590

0 163 16646 3672 9695 3279

3702 432 18247 3494 10556 4197

144 321 25329 4653 16666 4010

372 535 31575 5882 20591 5087 15

3872 18291

4455 23281

5224 26069

6902 31725

Check

Working Capital Projections Working Capital Change in NWC Sales per Day Days Sales Outstanding Receivables Loans and Advances Current Liabilities & Provisions WC Cycle

2200 262.23776 1937.7622 170 11.398601

2016

2017

2009 Revenue Total Revenue Cost of Revenue Gross Profit Other Income Costs Salaries Technical Sub-Contractors Travel Expenses Software Packages & Others Communication Expenses Professional Charges Other Expenses Total Costs Operating Profits Operating Profit Margin Depreciation & Amortization Interest PBT Taxes Minority Interest PAT EPS 5988 21693 11765 9928 473

2010

2011

2012

2013

2014

22742

27501

33734

22742 943

27501 1211

33734 1904

1104 1629 2733 7195

12,085 372 692 353 225 278 876 14881 7861

14,856 603 954 489 237 344 1,050 18533 8968

18,340 777 1,122 654 274 483 1,361 23011 10723

33.2%
761

34.6%
905

32.6%
854

31.8%
928

6907 919

7899 1681

9325 2490

11699 3367

6218

6835

8332

2015

2016

2017

10/24/2012 31-Mar-12 2012 Net Profits Add Depreciation Less Capex Less Change in Net Working Capital Add Loans Raised Less Loans Repaid Add Equity Raised Less Dividends Paid Cash Flow Opening Cash Balance Closing Cash Balance Present Value of Explicit CFs Number of days left Year Left 0 20591 0 20591 20591 0 20591 20591 0 20591 20591 0 20591 20591 0 20591 20591 31-Mar-13 2013 31-Mar-14 2014 31-Mar-15 2015 31-Mar-16 2016 31-Mar-17 2017

Terminal Growth Rate Terminal Year Cash Flow Terminal Year Value PV of Explicit CFs PV of Termical Value Total Equity Value Number of shares Per Share Value