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Reference Model

Prepared by : Ankush Maheshwari, Indore

http://finoptions.in/default.php
Indore
Finoptions Management Solutions Pvt. Ltd.
3 rd floor D M Tower
Above STANDARD CHARTERD BANK
Janjeer wala Square
INDORE (M.P)
Tel. No. 0731 -4020988, 9826026300

Directions

Infosys has successfully evolved into a major integrated sofware company with presence across the IT industry and with globa
A financial model of such a company is in great demand in the investment market. This gave us the opportunity to guide ou
come out with a financial model on the company. These exercises help the student at Finoption management solutions t
financial modeling skills.

This model is being developed by a financial modeling student With the directions of Mr.Gaurav somani (CFA) a
management solutions Indore.This is provided as reference model and is for information purpose only. Keeping in view the
the reference model, the formulas and linkages of the model are kept intact.

Finoptions management solutions provides certificate programs in Financial Modeling. The program grooms the candidates fo
jobs in the finance sector which require financial analysis and modeling skills. The program aims to impart the necessary skill
perform the role of a Financial Research Analyst. The program equips students with the practical skill sets required to perfo
analysis, modeling and valuation through Excel.
For more details, please contact the address furnished below. You can also email us at the below mentioned email-id.

Finoption management solution Pvt Ltd,


3rd floor D.M tower
Above Standard charted Bank
Janjeerwala squre, INDORE (M.P.)
Tel. No. : 0731-4020988
9826026300

gosomani@gmail.com
www.finoption.in

oss the IT industry and with global footprints.


ave us the opportunity to guide our student to
noption management solutions to have their

f Mr.Gaurav somani (CFA) at Finoption


purpose only. Keeping in view the objective of

program grooms the candidates for entry level


aims to impart the necessary skills required to
actical skill sets required to perform financial

low mentioned email-id.

Finoption management solution Pvt Ltd,


3rd floor D.M tower
Above Standard charted Bank
Janjeerwala squre, INDORE (M.P.)
Tel. No. : 0731-4020988

gosomani@gmail.com
www.finoption.in

Infosys
Company Overview
Fig in Rs CRORE
Company Inforamtion
Industry
Sector
Country
Current Market Price
Ticker
Market Capitalization ($B)
Relative Index (S&P 500)
Year end
Reporting currency

IT Consulting & Software


Information Technology
Indian
2324
BSE/NSE
28.0
(S&P 500)
31-Mar
INDIAN (Rs.)

Per Share Data & Key Ratios


(in Rs.crores)

RATIOS
EPS BASIC
PBDIT/sales (%)
Net income/sales (%)
Interest Cover
EV/Sales
EV/EBITDA
P/E
P/Sales

31MAR '08 31MAR '09 31MAR '10 31MAR '11 31MAR '12
81.45
104.53
109.20
119.05
145.10
35.60%
35.35%
38.92%
37.01%
37.43%
27.9%
27.6%
27.6%
24.9%
24.7%
7.88
21.05

Company Description
Infosys is a USD 7.45 Billion global IT services company, Infosys is a leading provider of business transformatio
and custom applications, infrastructure management business process outsourcing and engineering services.Infosys b
engineering services expertise under one roof to solve complex business problems for its clients. Leveraging Infos
global off shore infrastructure and network of offices in 29 countries, it provides Business services, Technology S
Outsourcing services delivery across industries like financial services, manufacturing, consumer services ,public
healthcare
Services
Business Services,Technology Services and Out sourcing Services

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

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%

ider of business transformation, enterprise


engineering services.Infosys brings IT and
or its clients. Leveraging Infosys extensive
usiness services, Technology Services and
g, consumer services ,public services and

TCS CONSOLIDATED
KEY FINANCIAL AND OPERATING MATRICS
CONTENT
Historical and Forecasted Income Statement
Historical and Forecasted Balance Sheet
Historical and Forecasted Cash Flow Statement
Ratio Analysis
Beta Calculation
Weighted Average Cost Of Capital(WACC)
Top to Bottom Approach for forcated future sales
Bottom to Top Approach for forcasted future sales
Predicted Sales growth rate
Capital Expenditure (Capex)
Free Cash Flow Firm (Valuation)

Click on Sheet No.


1
2
3
4
5
6
7
8
9
10
11

Income Statement Value in Crore R


Particular
Mar '08
Mar '09 Mar '10 Mar '11
Sales 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
0.0
Employee 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
Interest
1.0
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
4,659.0 5,988.0 6,266.0 6,835.0
Net P/L After Minority Interest & Share Of Associates
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)

Shares in issue (lakhs)


Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Retained Earning
Source-:Dion Global Solutions Ltd

Dividend Tax
Avreage
Dividend

5,720.0
81.5
0.0
241.2
2,434.00

5,728.3 5,738.3
5,741.5
104.5
109.2
119.0
0.0
0.0
0.0
318.7
401.7
452.4
4,415.00 4,592.00 2,822.00

0.14516854 0.144946 0.143369


14.30%
85.70%

0.14154

BACK

t Value in Crore Rs'


Mar '12 Mar '13 E Mar '14 E Mar '15 E Mar '16 E Mar '17 E Mar '18 E
33,734.0
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
0.0
18,348.0
1,472.0
2,858.0
301.0
0.0
23,007.0
10,727.0
12,631.0
4.0
12,627.0
928.0
0.0
11,699.0
0.0
11,699.0
3,367.0
8,332.0
0.0
0.0
8,332.0
22,979.0
0.0
2,688.0
438.0

42.6
0.0
21,957.3
1,734.3
3,383.8
507.4
0.0
27,625.4
13,429.8
15,138.0
0.0
15,138.0
1,369.6
0.0
13,768.4
0.0
13,768.4
3,962.6
9,805.8
0.0
0.0
9,805.8
28,117.9
0.0
3,310.4
552.5

50.8
0.0
26,209.3
2,070.2
4,039.1
605.7
0.0
32,975.1
16,030.5
18,069.5
0.0
18,069.5
1,634.8
0.0
16,434.7
0.0
16,434.7
4,729.9
11,704.7
0.0
0.0
11,704.7
33,562.9
0.0
3,951.5
659.5

60.6
0.0
31,284.7
2,471.1
4,821.2
723.0
0.0
39,360.7
19,134.8
21,568.6
0.0
21,568.6
1,951.4
0.0
19,617.2
0.0
19,617.2
5,645.9
13,971.3
0.0
0.0
13,971.3
40,062.3
0.0
4,716.7
787.2

72.4
0.0
37,342.9
2,949.6
5,754.9
863.0
0.0
46,982.8
22,840.3
25,745.3
0.0
25,745.3
2,329.3
0.0
23,416.1
0.0
23,416.1
6,739.2
16,676.9
0.0
0.0
16,676.9
47,820.4
0.0
5,630.1
939.7

86.4
0.0
44,574.4
3,520.8
6,869.3
1,030.1
0.0
56,081.0
27,263.3
30,730.9
0.0
30,730.9
2,780.3
0.0
27,950.6
0.0
27,950.6
8,044.2
19,906.4
0.0
0.0
19,906.4
57,080.7
0.0
6,720.4
1,121.6

103.1
0.0
53,206.2
4,202.6
8,199.5
1,229.6
0.0
66,941.1
32,542.8
36,681.9
0.0
36,681.9
3,318.7
0.0
33,363.2
0.0
33,363.2
9,602.0
23,761.2
0.0
0.0
23,761.2
68,134.4
0.0
8,021.8
1,338.8

5,742.3
145.1
0.0
545.6
5,206.00
0.140115

5,742.3
170.8
0.0

5,742.3
203.8
0.0

5,742.3
243.3
0.0

5,742.3
290.4
0.0

5,742.3
346.7
0.0

5,742.3
413.8
0.0

5,942.88

7,093.71

8,467.41

10,107.11

12,064.35

14,400.60

BACK
Common Size Statement
Mar '08 Mar '09 Mar '10 Mar '11 Mar '12 Average
100%
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%

34%
0%
0%
1%

26%
0%
0%
1%

25%
0%
0%
2%

21%
0%
0%
2%

17%
0%
0%
2%

25%
0%
0%
2%

Balance Sheet
Mar '08

Mar '09

Mar '10

Mar '11

Mar '12

Total Share Capital

286

286

286

286

286

Equity Share Capital

286

286

286

286

286

Share Application Money


Preference Share Capital
Init. Contribution Settler

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Preference Share Application Money

0
13,509.00
0
13,795.00
0

0
17,968.00
0
18,254.00
0

0
22,763.00
0
23,049.00
0

0
25,690.00
0
25,976.00
0

0
31,046.00
0
31,332.00
0

Unsecured Loans

Total Debt

Minority Interest
Policy Holders Funds
Group Share in Joint Venture
Total Liabilities

0
0
0
13,795.00

0
0
0
18,254.00

0
0
0
23,049.00

0
0
0
25,976.00

0
0
0
31,332.00

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions

5,439.00
1,986.00
3,453.00
1,324.00
72
0
3,297.00
884
4,181.00
2,890.00
6,066.00
13,137.00
0
1,912.00
2,279.00
4,191.00

7,093.00
2,416.00
4,677.00
677
0
0
3,672.00
912
4,584.00
3,442.00
8,783.00
16,809.00
0
2,041.00
1,868.00
3,909.00

7,839.00
2,893.00
4,946.00
409
3,712.00
0
3,494.00
1,128.00
4,622.00
4,619.00
9,428.00
18,669.00
0
2,575.00
2,112.00
4,687.00

8,501.00
3,266.00
5,235.00
525
144
0
4,653.00
777
5,430.00
5,817.00
14,318.00
25,565.00
0
2,853.00
2,640.00
5,493.00

9,194.00
3,639.00
5,555.00
1,034.00
372
0
5,882.00
20,591.00
26,473.00
5,193.00
0
31,666.00
0
3,475.00
3,820.00
7,295.00

Year

Crore (Rs).

Sources Of Funds

Employee Stock Opiton


Reserves
Revaluation Reserves
Networth
Secured Loans

Net Current Assets


Minority Interest
Group Share in Joint Venture
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

8,946.00
0
0
0
13,795.00
667
241.17

12,900.00
0
0
0
18,254.00
376
318.66

13,982.00
0
0
0
23,049.00
329
401.67

20,072.00
0
0
0
25,976.00
1,085.00
452.42

24,371.00
0
0
0
31,332.00
1,116.00
545.64

Source-:Dion Global Solutions Ltd

Year
Change In sales
Year

Capital Work in Progress


Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions

2009
5,001.00

2010
1,049.00

2011
4,759.00

2012
6,233.00

2009

2010

2011

2012

-647.00
-72.00
0.00
375.00

-268.00
3,712.00
0.00
-178.00

116.00
-3,568.00
0.00
1,159.00

509.00
228.00
0.00
1,229.00

552.00
2,717.00

1,177.00
645.00

1,198.00
4,890.00

-624.00
-14,318.00

0.00
129.00
-411.00

0.00
534.00
244.00

0.00
278.00
528.00

0.00
622.00
1,180.00

Common Size S

eet
Mar '13 e

Mar '14 E

Mar '15 E

Mar '16 E

Mar '17 E

Mar '18 E

Mar '08

Mar '09

Crore (Rs).

Crore (Rs).
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%
80.9%
0.0%
82.6%
0.0%
0.0%

0.0%
107.6%
0.0%
109.4%
0.0%
0.0%

0.0%

0.0%

0
0
0
62,943.12

0
0
0
75,007.47

0
0
0
89,408.07

13,710.32
10,923.99
2,786.32
2947.39
1692.12
0.00
13834.50
47969.80
61804.29
7928.94
0.00
69733.23
0.00
6329.77
7886.17
14215.94

15,402.41
13,704.30
1,698.10
3664.26
2186.72
0.00
16813.99
58499.36
75313.35
8953.98
0.00
84267.34
0.00
7399.35
9409.61
16808.95

17,422.17
17,023.02
399.15
4519.96
2777.10
0.00
20370.46
71067.97
91438.43
10177.53
0.00
101615.97
0.00
8676.04
11228.06
19904.10

0.0%
0.0%
0.0%
82.6%
0.0%
32.6%
11.9%
20.7%
7.9%
0.4%
0.0%
19.8%
5.3%
25.0%
17.3%
36.3%
78.7%
0.0%
11.5%
13.7%
25.1%

0.0%
0.0%
0.0%
109.4%
0.0%
42.5%
14.5%
28.0%
4.1%
0.0%
0.0%
22.0%
5.5%
27.5%
20.6%
52.6%
100.7%
0.0%
12.2%
11.2%
23.4%

286

286

286

286

286

286

286

286

286

286

286

286

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
36,988.88
0
37,274.88
0

0
44,082.59
0
44,368.59
0

0
52,550.00
0
52,836.00
0

0
62,657.12
0
62,943.12
0

0
74,721.47
0
75,007.47
0

0
89,122.07
0
89,408.07
0

0
0
0
37,274.88

0
0
0
44,368.59

0
0
0
52,836.00

10,110.21
5,008.58
5,101.63
1422.16
639.81
0.00
7495.29
25566.98
33062.28
5748.03
0.00
38810.30
0.00
4054.14
4644.89
8699.02

11,105.14
6,643.37
4,461.77
1843.68
930.63
0.00
9247.20
31758.26
41005.46
6350.75
0.00
47356.21
0.00
4683.04
5540.65
10223.69

12,292.74
8,594.74
3,698.00
2346.82
1277.76
0.00
11338.37
39148.47
50486.85
7070.18
0.00
57557.03
0.00
5433.72
6609.88
12043.60

30111.28
0
0
0
37,274.88

37132.52
0
0
0
44,368.59

0.00

45513.42
0
0
0
52,836.00

0.00

55517.28
0
0
0
62,943.12

0.00

67458.38
0
0
0
75,007.47

0.00

0.00

2013
7,321.25

2014
7,950.32

2015
9,489.89

2016
11,327.61

2017
13,521.19

2009

2010

2011

2012

Average

-12.94%
-1.44%
0.00%
7.50%

-25.55%
353.86%
0.00%
-16.97%

2.44%
-74.97%
0.00%
24.35%

8.17%
3.66%
0.00%
19.72%

5.30%
3.66%
0.00%
22.04%

11.04%
54.33%

112.20%
61.49%

25.17%
102.75%

-10.01%
-229.71%

7.58%
0.00%

0.00%
2.58%
-8.22%

0.00%
50.91%
23.26%

0.00%
5.84%
11.09%

0.00%
9.98%
18.93%

0.00%
7.91%
11.27%

81711.87
0
0
0
89,408.07

0.00

2018
16,139.56

53.6%
0.0%
0.0%
0.0%
82.6%
4.0%
1.4%

77.3%
0.0%
0.0%
0.0%
109.4%
2.3%
1.9%

BACK

ommon Size Statement


Mar '10

Mar '11

Mar '12

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%
136.4%
0.0%
138.1%
0.0%
0.0%

0.0%
153.9%
0.0%
155.6%
0.0%
0.0%

0.0%
186.0%
0.0%
187.7%
0.0%
0.0%

0.0%
146.0%
0.0%
147.7%
0.0%

0.0%

0.0%

0.0%

0.0%

0.0%
0.0%
0.0%
138.1%
0.0%
47.0%
17.3%
29.6%
2.5%
22.2%
0.0%
20.9%
6.8%
27.7%
27.7%
56.5%
111.8%
0.0%
15.4%
12.7%
28.1%

0.0%
0.0%
0.0%
155.6%
0.0%
50.9%
19.6%
31.4%
3.1%
0.9%
0.0%
27.9%
4.7%
32.5%
34.8%
85.8%
153.2%
0.0%
17.1%
15.8%
32.9%

0.0%
0.0%
0.0%
187.7%
0.0%
55.1%
21.8%
33.3%
6.2%
2.2%
0.0%
35.2%
123.4%
158.6%
31.1%
0.0%
189.7%
0.0%
20.8%
22.9%
43.7%

0.0%

Crore (Rs).

Average
1.7%

0.0%

0.0%

0.0%
0.0%
147.7%
0.0%
48.9%
18.3%
30.6%
4.0%
6.3%
0.0%
26.5%
35.1%
61.6%
28.6%
48.7%
138.9%
0.0%
16.4%
15.6%
32.0%

83.8%
0.0%
0.0%
0.0%
138.1%
2.0%
2.4%

120.2%
0.0%
0.0%
0.0%
155.6%
6.5%
2.7%

146.0%
0.0%
0.0%
0.0%
187.7%
6.7%
3.3%

106.8%
0.0%
0.0%
0.0%
147.7%
4.4%
2.6%

430.00
4,459.00
44.00

477.00
4,795.00
203.00

373.00
2,927.00
105.00

373.00
5,356.00
150.00

Consolidated Cash Flow st


Particulars

Crore (Rs).
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 provisions
Cash 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

onsolidated Cash Flow statement


2009

2010

2011

2012 2013 E 2014 E

2015 E

2016 E

2017 E

Crore (Rs).
6,907

7,947

9,325

11,699

13,768.4

16,434.7

19,617.2

23,416.1

27,950.6

761
-473

905
-991

854
-1211

928
-1904

1369.6
-1708

1634.8
-2039

1951.4
-2434

2329.3
-2905

2780.3
-3468

-375
-552
-282

178
-1177
778

-1159
-1198
806

-1229
624
1802

-1613
-555
1404

-1752
-603
1525

-2091
-719
1820

-2496
-859
2172

-2979
-1025
2593

5,986

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
647.00
72.00
473.00
-2,717.00
-3,510.00

-1,174.00
268.00
-3,712.00
991.00
-645.00
-4,272.00

-916.21
-388.16
-267.81
1,708.16
0.00
135.99

-994.93
-421.51
-290.82
2,038.95
0.00
331.68

-1,187.60
-503.14
-347.14
2,433.79
0.00
395.91

-1,417.58
-600.57
-414.36
2,905.09
0.00
472.58

-1,692.09
-716.87
-494.60
3,467.66
0.00
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

-438
150.00
-2,976
19814
777
20591

-553

-660

-787

-940

-1,122

-3,863
4976
20591
25567

-4,611
6191

-5,504
7390

-6,570
8821

-7,842
10530

25567

31758

39148

47970

31758

39148

47970

58499

-228
44.00
-1,529
28
884
912

-240
203.00
-1,471
216
912
1128

-1,143.00 -1,248.00
-116.00
-509.00
3,568.00
-228.00
1,211.00 1,904.00
-4,890.00 14,318.00
-1,370.00 14,237.00

-568
105.00
-3,908
-351
1128
777

BACK

2018 E

33,363.2
3318.7
-4139
-3556
-1224
3095
30,858

-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
Particular
Curret Ratio
Quick Ratio
Cash Ratio
Net working capital to sales Ratio
Payout Ratio
Dividend pay out ratio
Retaintion Ratio
retun on Equity
Profitability Ratio
Gross Profit Ratio
Net Profit Ratio
Operating Profit Ratio
Tax Burden
Activity Ratio
Inventory Turnover Ratio
Account Recievable Turnover
Total asset turnover Ratio
Fixed Asset Turnover Ratio
Working Capital turover Ratio
Financial Leverage Ratio
Debt to Asset Ratio
Debt to Equity Ratio
Return on Asset

2008 2009
Liquidity Ratio
2.187

2010

2011

2012 2013 E

2.246 1.795 1.9033 7.6181

8.155

2.19
4.30 3.98
4.65
4.34
0.462 0.4468 0.438 0.2723 5.9255
0.421 0.5006 0.502 0.6261 0.6194

4.461
6.306
0.635

0.478 0.2627 0.267 0.5871 0.3752 0.393945


0.522 0.7373 0.733 0.4129 0.6248 0.606055
0.338 0.328 0.272 0.2631 0.2659
0.263
1.042 1.0218 1.044 1.044 1.0564
0.279 0.276 0.276 0.2485 0.247
0.314 0.3318 0.346 0.3262 0.318
0.128 0.1331 0.212 0.267 0.2878

1.042
0.239
0.327
0.288

0
5.063
3.069
4.834
2.373

0
0
0
6.509 5.9104 5.7351
2.901 3.235 3.6691
4.598 5.2533 6.0727
1.994 1.5971 1.6144

0.000
5.477
4.061
8.047
1.576

0
0
0
0
0
0
0
0
0.328 0.272 0.2631 0.2659

0.000
0.000
0.263

0
0
0.338

0
5.9077
3.0584
4.6382
1.9977

BACK

0.394
0.606

Date
12/3/2012
11/1/2012
10/1/2012
9/3/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/2/2012
12/1/2011
11/1/2011
10/3/2011
9/2/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/2/2010
2/1/2010
1/1/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009

Infosys Nifty
Infosys Ret Nifty Ret
2278.8
5929.6
-6.5%
0.8%
2436.85 5879.85
3.1%
4.6%
2363
5619.7
-6.2%
-1.5%
2518.91
5703.3
7.3%
8.5%
2346.7
5258.5
6.0%
0.6%
2212.86
5229
-11.2%
-0.9%
2493.32
5278.9
3.3%
7.2%
2413.98 4924.25
-0.4%
-6.2%
2423.6 5248.15
-14.1%
-0.9%
2821.48 5295.55
-0.6%
-1.7%
2838.36
5385.2
5.0%
3.6%
2703.06 5199.25
-0.8%
12.4%
2724.37
4624.3
6.2%
-4.3%
2566.08 4832.05
-9.4%
-9.3%
2832.55
5326.6
14.2%
7.8%
2479.73 4943.25
8.1%
-1.2%
2293.63
5001
-15.6%
-8.8%
2717.46
5482
-4.6%
-2.9%
2849.18
5647.4
4.5%
1.6%
2727.01 5560.15
-3.5%
-3.3%
2824.66
5749.5
-10.3%
-1.4%
3150.31 5833.75
8.1%
9.4%
2912.96 5333.25
-3.9%
-3.1%
3030.18
5505.9
-9.4%
-10.2%
3346.1
6134.5
12.8%
4.6%
2965.35
5862.7
2.7%
-2.6%
2888.28
6017.7
-2.3%
-0.2%
2955.04 6029.95
12.4%
11.6%
2628.93
5402.4
-2.7%
0.6%
2701.15
5367.6
-0.1%
1.0%
2703.66
5312.5
5.0%
4.4%
2574.83
5086.3
-2.3%
-3.6%
2636.76
5278
4.7%
0.6%
2519.09
5249.1
0.5%
6.6%
2505.61
4922.3
4.1%
0.8%
2407.43 4882.05
-4.0%
-6.1%
2508.25 5201.05
9.2%
3.3%
2295.97
5032.7
7.7%
6.8%
2132.69
4711.7
-3.4%
-7.3%
2208.77 5083.95
8.2%
9.0%
2042.06
4662.1
3.3%
0.6%
1976.43 4636.45
16.0%
8.0%
1704.25
4291.1
12.0%
-3.5%

Variance
Std
Covar
Beta

0.0205
14%
0.0031709
0.5249

5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/1/2009
12/1/2008
11/3/2008
10/1/2008
9/1/2008
8/1/2008
7/1/2008
6/2/2008
5/2/2008
4/1/2008
3/3/2008
2/1/2008
1/1/2008
12/3/2007
11/1/2007
10/1/2007
9/3/2007
8/1/2007
7/2/2007
6/4/2007
5/3/2007
4/2/2007
3/1/2007
2/1/2007
1/2/2007
12/1/2006
11/1/2006
10/3/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/2/2006
4/3/2006
3/1/2006
2/1/2006
1/2/2006
12/1/2005
11/2/2005
10/3/2005

1521.62
1419.91
1261.09
1166.93
1242.45
1061.46
1184.05
1317.44
1325.38
1652
1491.52
1629.34
1864.4
1632.12
1333.89
1423.55
1414.38
1642.36
1493.47
1712.15
1750.34
1720.56
1832.61
1789.25
1778.13
1895.86
1866.09
1920.54
2077.46
2072.38
2014.97
1937.13
1705.74
1665.86
1526.74
709.85
697.76
702.8
668.86
634.66
646.18
672.33
602.24
565.78

4448.95
3473.95
3020.95
2763.65
2874.8
2959.15
2755.1
2885.6
3921.2
4360
4332.95
4040.55
4870.1
5165.9
4734.5
5223.5
5137.45
6138.6
5762.75
5900.65
5021.35
4464
4528.85
4318.3
4295.8
4087.9
3821.55
3745.3
4082.7
3966.4
3954.5
3744.1
3588.4
3413.9
3143.2
3128.2
3071.05
3508.35
3402.55
3074.7
3001.1
2836.55
2652.25
2370.95

7.2%
12.6%
8.1%
-6.1%
17.1%
-10.4%
-10.1%
-0.6%
-19.8%
10.8%
-8.5%
-12.6%
14.2%
22.4%
-6.3%
0.6%
-13.9%
10.0%
-12.8%
-2.2%
1.7%
-6.1%
2.4%
0.6%
-6.2%
1.6%
-2.8%
-7.6%
0.2%
2.8%
4.0%
13.6%
2.4%
9.1%
115.1%
1.7%
-0.7%
5.1%
5.4%
-1.8%
-3.9%
11.6%
6.4%
0.8%

28.1%
15.0%
9.3%
-3.9%
-2.9%
7.4%
-4.5%
-26.4%
-10.1%
0.6%
7.2%
-17.0%
-5.7%
9.1%
-9.4%
1.7%
-16.3%
6.5%
-2.3%
17.5%
12.5%
-1.4%
4.9%
0.5%
5.1%
7.0%
2.0%
-8.3%
2.9%
0.3%
5.6%
4.3%
5.1%
8.6%
0.5%
1.9%
-12.5%
3.1%
10.7%
2.5%
5.8%
6.9%
11.9%
-8.9%

9/1/2005
8/1/2005
7/4/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004

561.47
530.4
506.37
526.41
499.45
418.74
500.95
497.15
459.1
464.22

2601.4
2384.65
2312.3
2220.6
2087.55
1902.5
2035.65
2103.25
2057.6
2080.5

5.9%
4.7%
-3.8%
5.4%
19.3%
-16.4%
0.8%
8.3%
-1.1%

9.1%
3.1%
4.1%
6.4%
9.7%
-6.5%
-3.2%
2.2%
-1.1%

0.0060
8%
0.0031709

BACK

2324
-4.63%
-7.74%
-6.8%

5855.75
-0.41%
2.67%
10.93%

RETURN ON NIFTY
1 Apr, 2005
3 Apr, 2006
2 Apr, 2007
1 Apr, 2008
1 Apr, 2009
1 Apr, 2010
1 Apr, 2011
2 Apr, 2012

1,902.50
3,508.10
4,087.90
5,165.90
3,473.95
5,278.00
5,749.50
5,248.15

84.39%
16.53%
26.37%
-32.75%
51.93%
8.93%
-8.72%

Product
GM
CAGR

184.39%
116.53%
126.37%
67.25%
151.93%
108.93%
91.28%

275.86%
115.60%
15.60%

WORKING ON WACC
Year
Weight of equity
Weight of Debt
Tax rate
Kd
Ke
WACC

Mar'08 Mar'09

1.000
0.000
12.8%
0.000
12.0%
0.120

1.000
0.000
13.3%
0.000
12.0%
0.120

NG ON WACC
Mar'10 Mar'11

1.000
0.000
21.2%
0.000
12.0%
0.120

1.000
0.000
26.7%
0.000
12.0%
0.120

Mar'12

1.000
0.000
28.8%
0.000
12.0%
0.120

BACK

CAPM MODEL
Risk Free Rate
8.00%
Beta
52%
Market Rate
15.60%
Ke
11.99%

Year
2008
2009
2010
2011
2012
2013
CAGR
2014
2015
2016
2017
CAGR

Growt
Industry Infosys
h rate
Growth Growth
of
rate
rate
India
6.70%
28.75%
20.1%
8.40%
14.97%
30.0%
8.50%
6.80%
4.8%
6.50%
19.22%
20.9%
5.30%
15%
22.7%
5.70%
11.0%
21.7%
6.7%
14.5%
17.6%
6.25%
13.44%
16.3%
7.50%
16.1%
19.6%
9.50%
20.4%
24.8%
10.19%
21.9%
26.6%
7.5%
15.8%
21.5%

Year
Q4
Q3
Q2
Q1

2008

10546.9
10258.2
9045.3
9116.0
Total

19.4%

Sources:-Planning Commission Department

Year
Q4
Q3
Q2
Q1

2009

3.5%
5.8%
8.5%
9.8%

BACK
Year
Q4
Q3
Q2
Q1

2009

0.262
0.261
0.236
0.241

Average
Q4
Q3
Q2
Q1

26.8%
25.9%
23.6%
23.7%

Q2
Q1

#DIV/0!
#DIV/0!

India Gross Domestic Product in Crore (Rs.)


2009

10911.4
10849.9
9816.0
10009.5
41586.8

2010

12132.1
11664.8
10703.1
10576.4
45076.4

2011

13244.8
12623.4
11517.3
11474.1
48859.6

2012

13950.7
13397.2
12289.8
12387.4
52025.2

2013

2014

14598.0
14182.5
12939.2
13062.8
54782.5

15500.5
14990.9
13686.3
13727.3
57905.1

2015

16469.3
15927.9
14541.7
14585.3
61524.2

2016

17704.5
17122.5
15632.3
15679.2
66138.5

Source-:RBI Data Warehouse

India Gross Domestic Product in Percentage


2010

2011

2012 CAGR

11.2%
7.5%
9.0%
5.7%

9.2%
8.2%
7.6%
8.5%

5.3%
6.1%
6.7%
8.0%

6.59%
6.84%
7.92%
7.83%

2013

2014

2015

2016

4.64%
5.9%
5.3%
5.5%

6.2%
5.7%
5.8%
5.1%

6.3%
6.3%
6.3%
6.2%

7.5%
7.5%
7.5%
7.5%

Weighted Average
2010

2011

0.269
0.259
0.237
0.235

2012

0.271
0.258
0.236
0.235

2013

0.268
0.258
0.236
0.238

2014

0.266
0.259
0.236
0.238

2015

0.2677
0.2589
0.2364
0.2371

2016

0.268
0.259
0.236
0.237

2017

0.2677
0.2589
0.2364
0.2371

0.2677
0.2589
0.2364
0.2371

2017

19386.4
18749.1
17117.4
17168.7
72421.6

2017

9.5%
9.5%
9.5%
9.5%

2018

0.2677
0.2589
0.2364
0.2371

2018

21361.9
20659.6
18861.6
18918.2
79801.4

2018 CAGR

10.2%
10.2%
10.2%
10.2%

7.8%
7.6%
7.6%
7.5%

BOTTOM TO TOP GROWTH RATE


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%

BACK

Year
Q4
Q3
Q2
Q1
Total

Year
Q4
Q3
Q2
Q1

Quarterly Sales of Infosys (Crore Rs)


2008
2009
2010
2011
2012

Predicte
2013

2014

4,542.00

5,635.00

5,944.00

7,250.00

8,852.00 10832.5666

12,930.29

4,271.00

5,786.00

5,741.00

7,106.00

9,298.00

10748.68

12,830.16

3,773.00

5,418.00

5,585.00

6,947.00

8,099.00

9,858.00

11,899.22

4,106.00

4,854.00

5,472.00

6,198.00

7,485.00

9,616.00

11345.903

16,692

21,693

22,742

27,501

33,734

41,055

49,006

2009

Growth Rate(%)
2010
2011

Predicted
2012

2013

2014

CAGR

1.24

1.05

1.22

1.22

1.22

19.0%

0.194

1.35

0.99

1.24

1.31

1.16

20.3%

0.194

1.44

1.03

1.24

1.17

1.22

21.2%

0.207

1.18

1.13

1.13

1.21

1.28

18.6%

0.180

2010

2011

2012

2013

2014

Average of Sales Turnover of Infosys


Year
2008
2009
0.2721
0.2598
Q4
0.2559
0.2667
Q3
0.2260
0.2498
Q2
0.2460
0.2238
Q1
Average Weighted
26.4%
Q4
26.2%
Q3
24.3%
Q2
23.2%
Q1

0.2614

0.2636

0.2624

0.2639

0.2639

0.2524

0.2584

0.2756

0.2618

0.2618

0.2456

0.2526

0.2401

0.2401

0.2428

0.2406

0.2254

0.2219

0.2342

0.2315

BACK
Predicted Sales Turnover
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

83,344

99,484

Predicted Growth Rate (%)


2015
2016
2017

2018

58,495

69,823

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

CAPEX
Sales
Change in sales
Gross Block
Change in Gross Block
%Change in Sales

Average

HISTORICAL DATA
Mar '08
Mar '09
Mar '10
Mar '11
16,692.00
21,693.00
22,742.00
27,501.00
5,001.00
1,049.00
4,759.00
5,439.00
7,093.00
7,839.00
8,501.00
1,654.00
746.00
662.00
0.33
0.71
0.14

Mar '12
33,734.00
6,233.00
9,194.00
693.00
0.11

0.13

Depriciation
%Change in Sales

598.00
0.04

Average

0.03

Working Capital
Change in working Capital
%Change in Sales
Average

8,062.00

-0.06

761.00
0.04

905.00
0.04

854.00
0.03

928.00
0.03

11,988.00
3,926.00
0.18

12,854.00
866.00
0.04

19,295.00
6,441.00
0.23

3,780.00
-15,515.00
-0.46

BACK
PRIDCATED DATA
Mar'13
Mar'14
Mar'15
Mar'16
41,055.25 49,005.57 58,495.47 69,823.07
7,321.25
7,950.32
9,489.89 11,327.61
10,110.21 11,105.14 12,292.74 13,710.32
916.21
994.93
1,187.60
1,417.58

Mar'17
83,344.26
13,521.19
15,402.41
1,692.09

Mar'18
99,483.82
16,139.56
17,422.17
2,019.76

1,369.58

1,634.79

1,951.37

2,329.25

2,780.31

3,318.72

4,544.30
764.30

5,374.26
829.97

6,364.95
990.69

7,547.49
1,182.54

8,959.02
1,411.53

10,643.90
1,684.88

EQUITY VALUATION OF INFO


Growth Assumption
LONG TERM GROWTH
SHORT TERM GROWTH RATE

4%
19.4%

CAPM
Ke
Risk Free Rate
Beta
Market Premium

12%
8.00%
0.52
15.60%

Free Cash Flow To Equity


Calculation of FCFE
EBDIT
Less : Depriciation
EBIT
Less: Tax
PAT
Add: Depriciation
Less: change in W.C
CFO
Less: Change In Gross Block
Less: Minority Interest
Less: Other investment
FCFE

Historical Data
Mar '08

5,943.00
598.00
5,345.00
685.00
4,660.00
598.00

Mar '09

7,671.00
761.00
6,910.00
919.00
5,991.00
761.00
-3,926.00
2,826.00
-1,654.00
0.00
719.00
1,891.0

5,258.00
0.00
0.00
5,258.0

Mar '10

8,854.00
905.00
7,949.00
1,681.00
6,268.00
905.00
-866.00
6,307.00
-746.00
0.00
-3,444.00
2,117.0

Mar '11

10,181.00
854.00
9,327.00
2,490.00
6,837.00
854.00
-6,441.00
1,250.00
-662.00
0.00
3,452.00
4,040.0

MNA
EV
No Of Share
Intrisic Value

Calculation of Sensitivity Analysis by EBDIT


Cost Of Equity

PV of FCF
10.00%
11%
11.99%
13.00%
14%

Y/Y Growth Analysis


Revenues
EBITDA

PV of Terminal Values
3.50%
4.0%
509752.19 548576.67
441785.23 470208.57
390326.68 412011.41
348777.81 365717.78
315560.88 329146.00

58204.49
56566.65
55015.07
53494.28
52052.66

Mar '09
0.300
0.2908

Mar '10
0.048
0.1542

Mar '11
0.209
0.1499

Mar '12
0.227
0.2406

EBIT
Depreciation & Amortisation

Margin Analysis (As % of Revenues)


EBITA Margin
EBIT Margin
Depreciation & Amortisation
Capex
Tax rate

0.29
0.2726

0.15
0.1892

0.17
-0.0564

0.25
0.0867

Mar '08
0.356
0.356
0.356
0.000
0.128

Mar '09
0.354
0.319
0.035
0.076
0.133

Mar '10
0.389
0.350
0.040
0.033
0.211

Mar '11
0.370
0.339
0.031
0.024
0.267

Calculation of Share Price by Market Capitalization


Value in Crore Rs
Year
Cash
EBDIT
Market Price
Market Capitalization
Enterprise Value
Ratio (EV/EBDIT)

2008
884
5,943
1753.75
100314
99430
16.73

2009
912
7,671
1507.3
86343
85431
11.14

2010
1128
8,854
2736.15
157007
155879
17.61

2011
777
10,181
2905.95
166846
166069
16.31

PRICE TO EARNING APROAC


Year

Price
Earning
P/E Ratio
Average
Expected price with average multiple

Mar '08
1632.12

Mar '09
1419.91

Mar '10
2636.76

Mar '11
2824.66

81.45

104.53

109.20

119.05

20.04

13.58

24.15

23.73

16.70

UATION OF INFOSYS

BACK
Projected Data
Mar '12

12,631.00
928.00
11,703.00
3,367.00
8,336.00
928.00
15,515.00
24,779.00
-693.00
0.00
-737.00
23,349.0

Mar'13
15,138.00
1369.6
13768.4
3962.6
9,805.84
1369.58
-764.3
10,411.12
-916.21
0
-655.97
8,838.9

Mar'14
18,069.46
1634.8
16434.7
4729.9
11,704.7
1634.79
-830.0
12,509.56
-994.93
0
-712.33
10,802.3

Mar'15
21,568.60
1951.4
19617.2
5645.9
13,971.3
1951.37
-990.7
14,932.03
-1,187.60
0
-850.28
12,894.1

Mar'16
25,745.34
2329.3
23416.1
6739.2
16,676.9
2329.25
-1,182.5
17,823.60
-1,417.58
0
-1,014.93
15,391.1

Mar'17
30,730.91
2780.3
27950.6
8044.2
19,906.4
2780.31
-1,411.5
21,275.13
-1,692.09
0
-1,211.47
18,371.6

Mar'12
Mar'13
265881.78 288918.76
5742.30
5742.30

H MODEL

5031.41

ysis by EBDIT

erminal Values
4.5%
594460.15
503004.74
436591.78
384650.68
344161.14

Mar'13
0.217
0.1985

Mar'14
0.194
0.1936

Mar'18
36,681.93
3318.7
33363.2
9602.0
23,761.20
3318.72
-1,684.9
25,395.04
-2,019.76
0
-1,446.07
21,929.2

Intrisic Value
3.50%
4.0%
6,525.6
6,945.4
5,550.8
5,844.6
4,817.0
5,031.4
4,228.2
4,388.3
3,760.6
3,883.5

4.5%
7,441.6
6,183.5
5,274.4
4,567.3
4,019.3

Mar'15
0.194
0.1936

Mar'17
0.194
0.1936

Mar'16
0.194
0.1936

Mar'18
0.194
0.1936

0.18
0.4758

0.19
0.1936

0.19
0.1936

0.19
0.1936

0.19
0.1936

0.19
0.1936

Mar '12
0.374
0.347
0.028
0.021
0.288

Mar'13
0.369
0.335
0.033
0.022
0.288

Mar'14
0.369
0.335
0.033
0.020
0.288

Mar'15
0.369
0.335
0.033
0.020
0.288

Mar'16
0.369
0.335
0.033
0.020
0.288

Mar'17
0.369
0.335
0.033
0.020
0.288

Mar'18
0.369
0.335
0.033
0.020
0.288

Mar'14 E
3404.66

Mar'15 E
4063.96

Mar'16 E
4850.95

Mar'17 E
5790.33

Mar'18 E
6911.62

203.83

243.31

290.42

346.66

413.79

on
2012
2013
20591
25567.0
12,631
15138.0
2864.95
3449.1
164514
198055.8
143923
172488.8
11.39
11.39

ARNING APROACH
Mar '12 Mar'13 E
2423.6 2852.31
145.10

170.76

16.70

Predicted Share Price Of infosys will be Rs. 2852 (By PEA) on 31st March 2013

412011.4

on 31st March 2013

Paricular
Sales Turnover
Other Income

Total Income
Total Expenses
Operating Profit
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
Interest
PBDT
Depreciation
Depreciation On Revaluation Of
Assets
PBT
Tax
Prior Years Income/Expenses

Net Profit
Minority Interest
Share Of P/L Of Associates
Net P/L After Minority Interest &
Share Of Associates
Depreciation for Previous Years
Written Back/ Provided
Dividend
Dividend Tax

Dividend (%)
Earnings Per Share
Book Value
Equity
Reserves
Face Value

Jun '07

Sep '07

Dec '07

Mar '08

Total

Jun '08

3,773.0
253.0
4,026.0
2,689.0
1,084.0
---

4,106.0
154.0
4,260.0
2,822.0
1,284.0
---

4,271.0
158.0
4,429.0
2,879.0
1,392.0
---

4,542.0
139.0
4,681.0
3,064.0
1,478.0
---

16,692.0
704.0
17,396.0
11,454.0
5,238.0
0.0
0.0

4,854.0
117.0
4,971.0
3,375.0
1,479.0
---

--

--

--

--

0.0

--

--

--

--

--

0.0

--

--

--

--

--

0.0

--

--

--

--

--

0.0

--

--

--

--

--

0.0

--

--

--

--

--

0.0

--

1,337.0
-1,337.0
144.0

1,438.0
-1,438.0
144.0

1,550.0
-1,550.0
153.0

1,617.0
-1,617.0
157.0

5,942.0
0.0
5,942.0
598.0

1,596.0
-1,596.0
169.0

--

--

--

--

0.0

--

1,193.0
114.0
-1,079.0
---

1,294.0
194.0
-1,100.0
---

1,397.0
166.0
-1,231.0
---

1,460.0
211.0
-1,249.0
---

5,344.0
685.0
0.0
4,659.0
0.0
0.0

1,427.0
125.0
-1,302.0
---

1,079.0

1,100.0

1,231.0

1,249.0

4,659.0

1,302.0

--

--

--

--

0.0

--

---18.9
-286.0
12,053.0
5.0

---19.2
-286.0
12,759.0
5.0

---21.5
-286.0
14,018.0
5.0

---21.8
-286.0
13,509.0
5.0

0.0
0.0
0.0
81.5
0.0
1,144.0
52,339.0
20.0

---22.8
-286.0
14,863.0
5.0

Quaterly Profit &Loss In Crore (Rs)


Sep '08

Dec '08

Mar '09

Total

Jun '09

Sep '09

Dec '09

Mar '10

Total

5,418.0
66.0
5,484.0
3,624.0
1,794.0
---

5,786.0
40.0
5,826.0
3,757.0
2,029.0
---

5,635.0
252.0
5,887.0
3,744.0
1,891.0
---

21,693.0
475.0
22,168.0
14,500.0
7,193.0
0.0
0.0

5,472.0
269.0
5,741.0
3,604.0
1,868.0
---

5,585.0
239.0
5,824.0
3,892.0
1,693.0
---

5,741.0
231.0
5,972.0
3,704.0
2,037.0
---

5,944.0
198.0
6,142.0
3,922.0
2,022.0
---

22,742.0
937.0
23,679.0
15,122.0
7,620.0
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
-1,860.0
177.0

2,069.0
-2,069.0
187.0

2,143.0
-2,143.0
228.0

7,668.0
0.0
7,668.0
761.0

2,137.0
-2,137.0
222.0

1,932.0
-1,932.0
--

2,268.0
-2,268.0
231.0

2,220.0
-2,278.0
220.0

8,557.0
0.0
8,615.0
673.0

--

--

--

0.0

--

--

--

--

0.0

1,683.0
251.0
-1,432.0
---

1,882.0
241.0
-1,641.0
---

1,915.0
302.0
-1,613.0
---

6,907.0
919.0
0.0
5,988.0
0.0
0.0

1,915.0
388.0
-1,527.0
---

1,932.0
397.0
-1,535.0
---

2,037.0
455.0
-1,582.0
---

2,058.0
441.0
-1,617.0
---

7,942.0
1,681.0
0.0
6,261.0
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

---25.0
-286.0
15,631.0
5.0

---28.7
-286.0
17,230.0
5.0

---28.2
-286.0
17,968.0
5.0

0.0
0.0
0.0
104.7
0.0
1,144.0
65,692.0
20.0

---26.6
-287.0
19,550.0
5.0

---26.8
-286.0
21,227.0
5.0

---27.7
-286.0
22,122.0
5.0

---28.3
-286.0
22,763.0
5.0

0.0
0.0
0.0
109.4
0.0
1,145.0
85,662.0
20.0

ore (Rs)
Jun '10

Sep '10

Dec '10

Mar '11

Total

Jun '11

Sep '11

Dec '11

Mar '12

6,198.0
239.0
6,437.0
4,443.0
1,755.0
---

6,947.0
267.0
7,214.0
4,849.0
2,098.0
---

7,106.0
290.0
7,396.0
4,959.0
2,147.0
---

7,250.0
415.0
7,665.0
5,148.0
2,102.0
---

27,501.0
1,211.0
28,712.0
19,399.0
8,102.0
0.0
0.0

7,485.0
443.0
7,928.0
5,533.0
1,952.0
---

8,099.0
387.0
8,486.0
5,818.0
2,281.0
---

9,298.0
422.0
9,720.0
6,399.0
2,899.0
---

8,852.0
652.0
9,504.0
6,205.0
2,647.0
---

--

--

--

--

0.0

--

--

--

--

--

--

--

--

0.0

--

--

--

--

--

--

--

--

0.0

--

--

--

--

--

--

--

--

0.0

--

--

--

--

--

--

--

--

0.0

--

--

--

--

--

--

--

--

0.0

--

--

--

--

1,994.0
-1,994.0
--

2,365.0
-2,365.0
--

2,437.0
-2,437.0
--

2,517.0
-2,517.0
--

9,313.0
0.0
9,313.0
0.0

2,395.0
-2,395.0
--

2,668.0
-2,668.0
--

3,321.0
-3,321.0
--

3,299.0
-3,299.0
--

--

--

--

--

0.0

--

--

--

--

1,994.0
506.0
-1,488.0
---

2,365.0
628.0
-1,737.0
---

2,437.0
657.0
-1,780.0
---

2,517.0
699.0
-1,818.0
---

9,313.0
2,490.0
0.0
6,823.0
0.0
0.0

2,395.0
673.0
-1,722.0
---

2,668.0
762.0
-1,906.0
---

3,321.0
949.0
-2,372.0
---

3,299.0
983.0
-2,316.0
---

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

--

--

--

--

---26.0
-286.0
24,256.0
5.0

---30.4
-286.0
26,039.0
5.0

---31.1
-286.0
25,178.0
5.0

---31.8
-286.0
23,787.0
5.0

0.0
0.0
0.0
119.3
0.0
1,144.0
99,260.0
20.0

---30.1
-286.0
27,466.0
5.0

---33.3
-286.0
29,382.0
5.0

---41.5
-286.0
27,017.0
5.0

---40.5
-286.0
27,017.0
5.0

Total

Jun '12

Sep '12

33,734.0
1,904.0
35,638.0
23,955.0
9,779.0
0.0
0.0

9,616.0
476.0
10,092.0
6,923.0
2,693.0
---

9,858.0
706.0
10,564.0
7,261.0
2,597.0
---

0.0

--

--

0.0

--

--

0.0

--

--

0.0

--

--

0.0

--

--

0.0

--

--

11,683.0
0.0
11,683.0
0.0

3,169.0
-3,169.0
--

3,303.0
-3,303.0
--

0.0

--

--

11,683.0
3,367.0
0.0
8,316.0
0.0
0.0

3,169.0
880.0
-2,289.0
---

3,303.0
934.0
-2,369.0
---

8,316.0

2,289.0

2,369.0

0.0

--

--

0.0
0.0
0.0
145.4
0.0
1,144.0
110,882.0
20.0

---40.0
-286.0
33,175.0
5.0

---41.4
-286.0
33,175.0
5.0

Dec'12
10,424.00
503
10,927.00
7,747.00
2,677.00

Mar'13

Jun '07
1.0
0.1
1.1
0.7
0.3

Sep '07
1.0
0.0
1.0
0.7
0.3

Dec '07
1.0
0.0
1.0
0.7
0.3

Mar '08
1.0
0.0
1.0
0.7
0.3

--------3,180.00

0.4

0.4

0.4

0.4

0.4
0.0

0.4
0.0

0.4
0.0

0.4
0.0

0.3
0.0

0.3
0.0

0.3
0.0

0.3
0.0

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.0

0.0

0.0

0.0

0.1
3.2
0.0

0.1
3.1
0.0

0.1
3.3
0.0

0.1
3.0
0.0

-3,180.00
--3,180.00
811
-2,369.00
--2,369.00
----41.42
-286
33,175.00
5

Common Size
Total
1.0
0.0
1.0
0.7
0.3

Jun '08
1.0
0.0
1.0
0.7
0.3

Sep '08
1.0
0.0
1.0
0.7
0.3

Dec '08
1.0
0.0
1.0
0.6
0.4

Mar '09
1.0
0.0
1.0
0.7
0.3

Total
1.0
0.0
1.0
0.7
0.3

Jun '09
1.0
0.0
1.0
0.7
0.3

Sep '09
1.0
0.0
1.0
0.7
0.3

Dec '09
1.0
0.0
1.0
0.6
0.4

0.4

0.3

0.3

0.4

0.4

0.4

0.4

0.3

0.4

0.4
0.0

0.3
0.0

0.3
0.0

0.4
0.0

0.4
0.0

0.4
0.0

0.4
0.0

0.3
#VALUE!

0.4
0.0

0.3
0.0

0.3
0.0

0.3
0.0

0.3
0.0

0.3
0.1

0.3
0.0

0.3
0.1

0.3
0.1

0.4
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
3.1
0.0

0.1
3.1
0.0

0.1
2.9
0.0

0.0
3.0
0.0

0.1
3.2
0.0

0.1
3.0
0.0

0.1
3.6
0.0

0.1
3.8
0.0

0.0
3.9
0.0

Common Size Statement


Mar '10
1.0
0.0
1.0
0.7
0.3

Total
1.0
0.0
1.0
0.7
0.3

Jun '10
1.0
0.0
1.0
0.7
0.3

0.3

Sep '10
1.0
0.0
1.0
0.7
0.3

0.3

Dec '10
1.0
0.0
1.0
0.7
0.3

0.3

Mar '11
1.0
0.1
1.1
0.7
0.3

0.3

Total
1.0
0.0
1.0
0.7
0.3

Sep '11
1.0
0.0
1.0
0.7
0.3

0.3

0.3

0.4

0.4

0.4
0.0

0.4
0.0

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
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
3.8
0.0

0.1
3.8
0.0

0.0
3.9
0.0

0.0
3.7
0.0

0.0
3.5
0.0

0.0
3.3
0.0

0.0
3.6
0.0

0.0
3.7
0.0

0.0
3.6
0.0

0.3
0.3
0.3
0.3
#VALUE! #VALUE! #VALUE! #VALUE!

0.3

Jun '11
1.0
0.1
1.1
0.7
0.3

0.3
0.0

0.3
0.3
#VALUE! #VALUE!

Average
Dec '11
1.0
0.0
1.0
0.7
0.3

0.4

Mar '12
1.0
0.1
1.1
0.7
0.3

0.4

0.4
0.4
#VALUE! #VALUE!

Total
1.0
0.1
1.1
0.7
0.3

0.3
0.3
0.0

Jun '12
1.0
0.0
1.0
0.7
0.3

0.3

Sep '12
1.0
0.1
1.1
0.7
0.3

0.3

0.3
0.3
#VALUE! #VALUE!

Dec'12

Mar'13 AverageQ1 AverageQ2


1.0
1.0
0.0
0.0
1.0
1.0
0.7
0.7
0.3
0.3

0.3

0.3

0.3
#VALUE!

0.3
#VALUE!

0.4
0.1

0.4
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
0.1

0.3
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
2.9
0.0

0.0
3.1
0.0

0.0
3.3
0.0

0.0
3.4
0.0

0.0
3.4
0.0

0.1
3.5
0.0

0.1
3.4
0.0

Average
AverageQ3 AverageQ4

1.0
0.0
1.0
0.7
0.3

1.0
0.0
1.0
0.7
0.3

0.4

0.4

0.4
#VALUE!

0.4
#VALUE!

0.3
0.1

0.3
0.1

0.3

0.3

0.3

0.3

0.0

0.0

0.0
3.3
0.0

0.0
3.3
0.0

BACK

Year
North America
Europe
India
ROW
Total

2008
9873
4207
219
1349

2009
13123
5060
260
1821
15648

Year
Growth (%) America
Growth (%) Europe
Growth (%) India
Growth (%) Rest Of world
Total

20264

2008
18%
24%
2%
18%
19%

2010
14170
4633
269
2068
21140

2009
33%
20%
19%
35%
29%

2011
16815
5252
594
2724
25385

2010
8%
-8%
3%
14%
4%

2012
20346
6614
740
3554
31254

2011
18.7%
13%
121%
32%
20%

2012
21%
26%
25%
30%
23%

BACK

2007
8395
3393
214
1147
13149

10,424.00

9,858.00

9,616.00

8,852.00

9,298.00

Other Income

503

706

476

652

422

Total Income

Sales Turnover

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

--

--

--

--

--

--

--

--

--

--

3,180.00

3,303.00

3,169.00

3,299.00

3,321.00

--

--

--

--

--

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

Net Extra Ordinary Income/Expenses


Gross Profit
Interest
PBDT

Prior Years Income/Expenses


Net Profit
Minority Interest

--

--

--

--

--

2,369.00

2,369.00

2,289.00

2,316.00

2,372.00

--

--

--

--

--

--

--

--

--

--

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 (%)

--

--

--

--

--

41.42

41.42

40.02

40.49

41.47

--

--

--

--

--

Share Of P/L Of Associates


Net P/L After Minority Interest & Share Of Associates

Earnings Per Share


Book Value
Equity
Reserves
Face Value

286

286

286

286

286

33,175.00

33,175.00

33,175.00

27,017.00

27,017.00

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