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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.
gosomani@gmail.com
www.finoption.in
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
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
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)
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
0.14154
BACK
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
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
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
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
Year
Change In sales
Year
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
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
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
2010
2011
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
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
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%
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!
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
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%
17.3%
BACK
Year
Q4
Q3
Q2
Q1
Total
Year
Q4
Q3
Q2
Q1
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
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
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
4%
19.4%
CAPM
Ke
Risk Free Rate
Beta
Market Premium
12%
8.00%
0.52
15.60%
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
PV of FCF
10.00%
11%
11.99%
13.00%
14%
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
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
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
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
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
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
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
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
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
VRS Adjustment
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
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
--
--
--
--
--
--
--
--
--
--
PBT
3,180.00
3,303.00
3,169.00
3,299.00
3,321.00
Tax
811
934
880
983
949
--
--
--
--
--
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
--
--
--
--
--
Dividend
--
--
--
--
--
Dividend Tax
--
--
--
--
--
Dividend (%)
--
--
--
--
--
41.42
41.42
40.02
40.49
41.47
--
--
--
--
--
286
286
286
286
286
33,175.00
33,175.00
33,175.00
27,017.00
27,017.00