Growth Profitability and Financial Ratios for Infosys Ltd

Financials
2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Revenue USD Mil1,592
2,152
3,090
4,176
4,663
4,804
6,041
6,994
Gross Margin % 43.2
42.2
42.5
41.3
42.1
42.8
42.1
41.1
Operating Income 456
USD Mil 599
852
1,151
1,374
1,460
1,779
2,013
Operating Margin28.6
%
27.8
27.6
27.6
29.5
30.4
29.4
28.8
Net Income USD Mil
419
555
850
1,155
1,281
1,313
1,499
1,716
Earnings Per Share0.76
USD
1
1.5
2.02
2.25
2.3
2.62
3
Dividends USD
0.1
0.15
0.53
0.31
0.85
0.5
0.55
0.75
Payout Ratio % 12.6
14.7
35.1
15.6
37.7
21.7
20.9
25
Shares Mil
547
558
566
570
571
571
571
571
Book Value Per101.11
Share INR 148.53
205.49
273.43
334.78
422.54
476.01
588.18
Operating Cash Flow
344USD Mil 599
862
1,149
1,409
1,457
1,298
1,681
Cap Spending USD-186
Mil
-246
-339
-374
-285
-143
-285
-320
Free Cash Flow USD
158
Mil
353
523
775
1,124
1,314
1,013
1,361
Free Cash Flow Per
12.61
Share INR
28.19
39.91
54.35
99.83
103.54
79.15
122.34
Working Capital USD
885Mil 1,300
1,743
2,558
2,583
3,951
4,496
5,008
Key Ratios -> Profitability
Margins % of
2005-03
Sales
2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Revenue
100
100
100
100
100
100
100
100
COGS
56.78
57.81
57.51
58.74
57.88
57.22
57.89
58.88
Gross Margin 43.22
42.19
42.49
41.26
42.12
42.78
42.11
41.12
SG&A
14.45
14.36
14.82
13.51
12.65
12.39
12.66
12.34
R&D
Other
0.13
0.1
0.19
Operating Margin28.64
27.83
27.57
27.56
29.47
30.39
29.45
28.78
Net Int Inc & Other2.2
1.44
2.72
4.19
2.17
4.35
4.42
5.68
EBT Margin
30.84
29.28
30.29
31.75
31.63
34.74
33.87
34.46
Profitability2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Tax Rate %
14.66
11.11
8.97
12.9
13.15
21.33
26.74
28.8
Net Margin % 26.32
25.79
27.51
27.66
27.47
27.33
24.81
24.54
Asset Turnover (Average)
1.23
1.22
1.2
1.1
1.05
0.91
0.92
0.96
Return on Assets %
32.4
31.53
33.08
30.54
28.89
24.95
22.78
23.59
Financial Leverage1.16
(Average) 1.12
1.13
1.15
1.16
1.15
1.15
1.15
Return on Equity37.98
%
35.92
37.33
34.86
33.3
28.72
26.11
27.03
Return on Invested
37.98
Capital %35.92
37.33
34.86
33.3
28.72
26.11
27.03
Interest Coverage
Key Ratios -> Growth
2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Revenue %
Year over Year 49.82
35.18
43.59
35.15
11.66
3.02
25.75
15.78
3-Year Average 42.94
41.86
42.74
37.91
29.4
15.85
13.1
14.47
5-Year Average 50.9
39.06
41.48
40.83
34.42
24.72
22.93
17.75

10-Year Average
Operating Income %
Year over Year 55.57
3-Year Average 36.69
5-Year Average 49.78
10-Year Average
Net Income %
Year over Year 55.02
3-Year Average 36.58
5-Year Average 46.85
10-Year Average
EPS %
Year over Year -24.94
3-Year Average 6.88
5-Year Average 26.73
10-Year Average

44.07

37.19

30.75

29.07

31.36
39.93
34.22

42.24
42.71
36.69

35.09
36.16
39.4

19.37
31.88
36.2
50.6

6.26
19.67
26.21
37.49

21.85
15.62
24.32
29.18

13.15
13.58
18.76
27.41

32.46
41.75
33.28

53.15
46.51
38.89

35.88
40.21
42.75

10.91
32.16
36.5
53.71

2.5
15.6
25.66
35.85

14.17
9.08
21.98
27.51

14.48
10.24
15.09
26.43

30.92
10.75
14.99

50.75
14
19.23

34.67
38.52
22.49

11.39
31.26
17.32
50.6

2.22
15.31
24.79
25.76

13.91
9.06
21.37
18.13

14.5
10.06
14.87
17.03

Key Ratios -> Cash Flow

Cash Flow Ratios
2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Operating Cash Flow
-7.89Growth74.13
% YOY
43.91
33.29
22.63
3.41
-10.91
29.51
Free Cash Flow Growth
-43.62 % YOY
123.42
48.16
48.18
45.03
16.9
-22.91
34.35
Cap Ex as a % of 11.68
Sales
11.43
10.97
8.96
6.11
2.98
4.72
4.58
Free Cash Flow/Sales
9.92%
16.4
16.93
18.56
24.1
27.35
16.77
19.46
Free Cash Flow/Net
0.38
Income 0.64
0.62
0.67
0.88
1
0.68
0.79
Key Ratios -> Financial Health
Balance Sheet
2005-03
Items (in2006-03
%)
2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Cash & Short-Term
47.32
Investments
51.26
45.85
46.22
49.52
57.79
53.98
54.6
Accounts Receivable
23.04
19.8
20.79
21.02
19.93
15.7
18.86
20.22
Inventory
Other Current Assets
2.54
1.98
1.63
2.43
1.85
2.33
2.94
4.06
Total Current Assets
72.9
73.04
68.27
69.66
71.3
75.81
75.78
78.88
Net PP&E
24.21
23.77
24.02
22.75
21.02
16.09
15.49
14.1
Intangibles
0.55
0.39
4.82
3.9
3.24
3.17
2.8
3.04
Other Long-Term Assets
2.34
2.81
2.9
3.7
4.43
4.93
5.93
3.98
Total Assets
100
100
100
100
100
100
100
100
Accounts Payable0.07
0.15
0.2
0.27
0.11
0.03
0.14
0.07
Short-Term Debt
Taxes Payable
2.63
2.62
2.61
4.07
Accrued Liabilities8.53
7.74
8.92
3.81
0.47
0.44
5.81
Other Short-Term3.44
Liabilities 2.23
2.44
8.64
9.53
8.43
8.45
2.48
Total Current Liabilities
12.04
10.12
11.55
12.71
12.27
11.55
11.64
12.43
Long-Term Debt
Other Long-Term Liabilities
1.79
0.97
0.03
0.24
1.26
1.25
1.03
0.32
Total Liabilities 13.82
11.08
11.58
12.96
13.53
12.8
12.67
12.75
Total Stockholders'
86.18
Equity 88.92
88.42
87.04
86.47
87.2
87.33
87.25
Total Liabilities & Equity
100
100
100
100
100
100
100
100

Liquidity/Financial
2005-03Health
2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Current Ratio
6.06
7.22
5.91
5.48
5.81
6.56
6.51
6.34
Quick Ratio
5.85
7.02
5.77
5.29
5.66
6.36
6.26
6.02
Financial Leverage1.16
1.12
1.13
1.15
1.16
1.15
1.15
1.15
Debt/Equity
Key Ratios -> Efficiency Ratios
Efficiency 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03
Days Sales Outstanding
51.94
56.31
54.69
65.95
71.07
62.68
55.01
57.38
Days Inventory
Payables Period 0.39
0.59
0.92
1.34
1.15
0.46
0.63
0.66
Cash Conversion Cycle
Receivables Turnover
7.03
6.48
6.67
5.53
5.14
5.82
6.63
6.36
Inventory Turnover
Fixed Assets Turnover
5.49
5.11
5.03
4.75
4.8
5.03
5.82
6.51
Asset Turnover 1.23
1.22
1.2
1.1
1.05
0.91
0.92
0.96

2013-03 2014-03 TTM

7,398
8,249
8,391
37.3
35.8
36.4
1,909
1,979
2,047
25.8
24
24.4
1,725
1,751
1,815
3.02
3.06
3.18
0.67
0.8
1.06
22.2
26.3
33.2
571
571
571
698.03
826.74
840.98
1,738
2,003
2,050
-384
1,354
128.92
5,347
5,656

2013-03 2014-03 TTM

100
100
100
62.68
64.15
63.64
37.32
35.85
36.36
11.52
11.86
11.97

25.8
5.85
31.66

23.99
5.33
29.32

24.4
5.67
30.07

2013-03 2014-03 TTM

26.35
27.61
28.06
23.32
21.23
21.63
0.92
0.91
0.95
21.46
19.39
20.44
1.16
1.2
1.22
24.81
22.94
24.64
24.81
22.94
24.64

2013-03
5.78
15.48
12.12

2014-03
11.5
10.94
12.08

Latest Qtr
7.13

25.66

22.75

-5.17
9.35
10.65
24.2

3.67
3.62
7.57
21.04

0.52
9.52
8.35
24.37

1.51
5.32
6.45
20.54

0.67
9.5
8.38
15.22

1.32
5.31
6.34
11.69

14.53

15.07

2013-03 2014-03 TTM

3.39
15.25
-0.51
5.19
18.3
0.78

2013-03 2014-03 Latest Qtr

50.84
52.59
49.12
15.28
21.81
20.96
10.06
76.18
13.95
5.06
4.81
100
0.41

1
75.4
13.82
4.38
6.4
100
0.3

5.18
75.26
14.07
4.29
6.38
100
0.18

4.38
5.64
3.13
13.56

3.83
1.67
10.2
16.01

6.52
7.48
3.02
17.21

0.59
14.15
85.85
100

0.68
16.69
83.31
100

0.72
17.92
82.08
100

2013-03 2014-03 Latest Qtr

5.62
4.71
4.37
4.88
4.65
4.07
1.16
1.2
1.22

2013-03 2014-03 TTM

60.71
59.71
63.05
1.57

2.21

0.99

6.01

6.11

5.79

6.56
0.92

6.58
0.91

6.77
0.95