HCL Technologies Ltd (HCLT IN) - Adjusted

In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013

12 Months Ending 06/30/2010 06/30/2011 06/30/2012 06/30/2013
Revenue 121,362.9 157,304.3 208,305.5 255,810.6
Sales & Services Revenue 121,362.9 157,304.3 208,305.5 255,810.6
Cost of Revenue — — — —
Cost of Goods & Services — — — —
Gross Profit — — — —
Other Operating Income 0.0 0.0 0.0 0.0
Operating Expenses 106,131.0 137,230.6 176,499.9 205,373.8
Selling & Marketing — — — —
Research & Development 550.1 1,105.8 1,678.1 1,579.2
Depreciation & Amortization 4,181.1 4,596.9 5,492.4 6,367.6
Prov For Doubtful Accts — — — —
Other Operating Expense 101,399.8 131,527.9 169,329.4 197,427.0
Operating Income (Loss) 15,231.9 20,073.7 31,805.6 50,436.8
Non-Operating (Income) Loss 579.9 -1,211.1 -275.2 -2,021.7
Interest Expense, Net 629.7 53.2 -218.7 -1,325.5
Interest Expense 1,617.7 1,412.2 1,165.9 807.7
Interest Income 988.0 1,359.0 1,384.6 2,133.2
Other Investment (Inc) Loss -276.5 -258.2 -346.5 -239.5
Foreign Exch (Gain) Loss -41.7 115.4 396.7 -445.0
(Income) Loss from Affiliates — — — —
Other Non-Op (Income) Loss 268.4 -1,121.5 -106.7 -11.7
Pretax Income (Loss), Adjusted 14,652.0 21,284.8 32,080.8 52,458.5
Abnormal Losses (Gains) -72.3 -66.3 -17.2 -240.4
Disposal of Assets -23.8 -27.4 -17.2 -0.7
Gain/Loss on Sale/Acquisition of Busines — — — 131.9
Sale of Investments -55.8 -38.9 — -371.6
Unrealized Investments 7.3 — — —
Pretax Income (Loss), GAAP 14,724.3 21,351.1 32,098.0 52,698.9
Income Tax Expense (Benefit) 2,134.3 4,884.8 7,827.2 12,253.1
Current Income Tax 2,702.2 4,925.2 9,344.2 12,444.6
Deferred Income Tax -530.2 -40.4 -1,517.0 -191.5
Tax Allowance/Credit -37.7 — — —
(Income) Loss from Affiliates — 0.0 43.1 2.1
Income (Loss) from Cont Ops 12,590.0 16,466.3 24,227.7 40,443.7
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 12,590.0 16,466.3 24,227.7 40,443.7
Minority Interest -1.9 1.2 0.7 42.8
Net Income, GAAP 12,591.9 16,465.1 24,227.0 40,400.9
 Preferred Dividends 0.0 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 12,591.9 16,465.1 24,227.0 40,400.9

Net Income Avail to Common, Adj 12,544.2 16,420.3 24,215.4 40,242.2

Net Abnormal Losses (Gains) -47.7 -44.8 -11.6 -158.7
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 1,347.5 1,367.0 1,382.0 1,389.6

Basic EPS, GAAP 9.35 12.05 17.53 29.08
Basic EPS from Cont Ops 9.35 12.05 17.53 29.08
Basic EPS from Cont Ops, Adjusted 9.31 12.01 17.52 28.96

Diluted Weighted Avg Shares 1,378.2 1,394.6 1,407.2 1,412.6

Diluted EPS, GAAP 9.14 11.81 17.22 28.60
Diluted EPS from Cont Ops 9.14 11.81 17.22 28.60
Diluted EPS from Cont Ops, Adjusted 9.10 11.77 17.21 28.49

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 19,413.0 24,670.6 37,298.0 56,804.4
EBITDA Margin (T12M) 16.00 15.68 17.91 22.21
EBITA 16,173.4 21,108.4 32,849.2 51,405.7
EBIT 15,231.9 20,073.7 31,805.6 50,436.8
Gross Margin — — — —
Operating Margin 12.55 12.76 15.27 19.72
Profit Margin 10.34 10.44 11.62 15.73
Sales per Employee 1,879,934.01 2,041,693.27 2,470,445.57 2,991,761.89
Dividends per Share 2.00 3.75 6.00 6.00
Total Cash Common Dividends 2,704.9 5,144.9 8,305.8 8,353.6
Capitalized Interest Expense — 0.0 — —
Personnel Expenses 62,537.0 85,896.0 111,045.5 125,741.7
Export Sales — — — —
Depreciation Expense 3,239.6 3,562.2 4,448.8 5,398.7
Rental Expense 2,497.0 2,389.7 3,120.2 3,280.0
Source: Bloomberg
 FY 2014 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
06/30/2014 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
329,211.7 408,081.9 475,675.3 505,690.0 603,731.3 682,987.4
329,211.7 408,081.9 475,675.3 505,690.0
202,171.8 268,472.5 — —
202,171.8 268,472.5 — —
127,039.9 139,609.4 — — 210,400.4 219,676.1
0.0 0.0 0.0 0.0
47,694.5 57,736.4 380,111.1 407,060.0
— — 668.5 —
— — 1,246.5 1,410.0
7,333.8 5,674.2 8,281.3 13,830.0
— — 280.4 800.0
40,360.7 52,062.3 369,634.4 391,020.0
79,345.4 81,872.9 95,564.2 98,630.0 119,278.5 133,027.2
168.9 -10,072.1 -9,436.2 -10,000.0
— — -7,278.1 -4,110.0
— — 718.4 530.0
— — 7,996.5 4,640.0
— — -63.8 -20.0
5,890.4 -739.5 -1,953.3 -5,810.0
— — -21.0 -130.0
-5,721.5 -9,332.6 -120.0 70.0
79,176.5 91,945.1 105,000.4 108,630.0 127,504.1 141,295.4
0.0 0.0 -427.1 -1,610.0
— — 57.9 -10.0
— — — —
— — — —
— — -485.0 -1,600.0
79,176.5 91,945.1 105,427.5 110,240.0 127,504.1 141,295.4
15,484.6 18,756.8 19,362.8 23,020.0
— — 18,853.8 23,860.0
— — 509.0 -840.0
— — — —
— — — —
63,691.9 73,188.2 86,064.7 87,220.0 101,382.7 110,388.4
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
63,691.9 73,188.2 86,064.7 87,220.0
3.1 0.0 1.4 10.0
63,688.9 73,188.2 86,063.3 87,210.0 101,382.7 110,388.4
 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
63,688.9 73,188.2 86,063.3 87,210.0 101,382.7 110,388.4

63,688.9 73,188.2 85,764.3 86,083.0 101,320.4 110,245.7

0.0 0.0 -299.0 -1,127.0
0.0 0.0 0.0 0.0

1,397.2 1,407.3 1,426.5 1,401.3

45.45 52.00 60.33 62.23 73.86 80.63
45.45 52.00 60.33 62.23 73.86 80.63
45.45 52.00 60.12 61.43 73.83 80.68

1,413.6 1,410.4 1,428.0 1,402.3

45.15 51.89 60.27 62.19 73.86 80.63
45.15 51.89 60.27 62.19 73.86 80.63
45.15 51.89 60.06 61.39 73.83 80.68

US GAAP US GAAP IN GAAP IN GAAP

86,673.1 87,547.1 103,844.2 112,460.0 140,589.4 159,910.6
26.33 21.45 21.83 22.24 23.29 23.41
79,910.5 82,494.7 97,607.2 104,940.0
79,345.4 81,872.9 95,564.2 98,630.0 119,278.5 133,027.2
38.59 34.21 — — 34.85 32.16
24.10 20.06 20.09 19.50 19.76 19.48
19.35 17.93 18.03 17.02 16.78 16.14
3,590,447.56 3,890,347.19 4,101,603.82 4,211,240.75
5.00 22.00 24.00 12.00 14.20 27.97
6,999.7 31,028.6 34,242.8 16,707.0
— — — —
— — 228,661.8 247,290.0
— — — —
6,762.6 5,052.4 6,237.0 7,520.0
— — 5,101.1 5,660.0