IT Industry Group Project

INFORMATION
TECHNOLOGY
INDUSTRY
Submitted By: Group Number 1
Praveena V 16035
Tanvi 16054
Jyothsna 16077
Nishanth Adyanthaya 16090
Venkat Vasist Reddy 16117
Vanyalakshmi 16176
TION
OGY
RY
A brief Introduction
1) It companies in general are equity financed and has zero debt. Thus the debt - equity ratio is almost zero and Curr
that industry current ratio is around 3.
2) Since in Indian scenario, most of the IT comanies are into service category inventory for them would be only office
companies are projecting human resources who are in bench i,e fulltime employed but not billed for any project are
3) Interest coverage ratio is very high unlike manufcatruing companies
4) Indian companies in IT indystry are sitting on huge cash pile and looks like do not know how to leverage the same
technology, muted global growth etc.
5) There is no capex forecasting for IT companies unlike manufacturing companies, rather they opt for inorganic acq
Intelligence trechnology.
6) For the purpose of the project, we will be considering 5 companies, namely
a) Infosys
b) Wipro
c) Tech Mahindra
d) HCL
e) TCS
Industry Ratios
Year 2013 2014 2015 2016 2017 Latest
No.Of Companies 14 14 13 13 8 18
Key Ratios
Debt-Equity Ratio 0.1 0.07 0.07 0.06 0.05 0.09

Long Term Debt-Equity
0.1 0.07 0.07 0.06 0.05 0.09
Ratio
Current Ratio 3.02 3.14 3.17 3.13 3.46 3.05
Turnover Ratios
Fixed Assets 4.19 4.64 4.22 4.2 3.6 4.5
Inventory 222.65 455.12 427.92 338.22 338.12 371.13
Debtors 4.57 4.82 4.3 4.28 4.14 4.97
Interest Cover Ratio 81.45 122.03 131.45 107.5 141.5 108.26
Profit before interest,
depriciation and tax 28.77 31.55 31.73 32.32 32.24 30.12
margin(%)
Profit before interest and
26.25 29.22 29.48 30 30.16 27.69
tax margin (%)
Profit before depriciation

28.45 31.31 31.5 32.04 32.03 29.86
and tax margin (%)
Cash Profit Margin (%) 22.97 24.77 24.76 25.48 25.22 23.83
After Tax Profit Margin (%) 20.45 22.44 22.52 23.16 23.14 21.41
Return on capital employed

34.89 40.71 37.23 37.15 28.24 38.73
(%)
Return on net worth (%) 29.78 33.58 30.29 30.44 22.83 32.48
t - equity ratio is almost zero and Current ratio of most of the companies are high. We can see
nventory for them would be only office equipments and other non-core items. But offlate few
oyed but not billed for any project are considered to be inventory.
o not know how to leverage the same. Few reasons cited by the firms are change in
nies, rather they opt for inorganic acquisition. Especialy companies investing on Artificail
YoY 2013-2014 YoY 2014-2015 YoY 2015-2016 YoY 2016-2017 YoY 2017-Now CAGR
0 -0.0714285714 0 -0.3846153846 1.25 -13.06%
-0.3 0 -0.1428571429 -0.1666666667 0.8 -15.91%

-0.3 0 -0.1428571429 -0.1666666667 0.8 -15.91%
0.0397350993 0.0095541401 -0.0126182965 0.1054313099 -0.1184971098 3.46%
0.107398568 -0.0905172414 -0.0047393365 -0.1428571429 0.25 -3.72%

1.0441050977 -0.0597644577 -0.2096186203 -0.0002956655 0.097628061 11.01%
0.0547045952 -0.1078838174 -0.0046511628 -0.0327102804 0.2004830918 -2.44%
0.4982197667 0.0771941326 -0.1821985546 0.3162790698 -0.2349116608 14.81%
0.0966284324 0.0057052298 0.0185943902 -0.0024752475 -0.0657568238 2.89%
0.1131428571 0.0088980151 0.0176390773 0.0053333333 -0.0818965517 3.53%
0.1005272408 0.0060683488 0.0171428571 -0.0003121099 -0.0677489853 3.01%

0.0783630823 -0.0004037142 0.0290791599 -0.0102040816 -0.0551149881 2.36%
0.0973105134 0.0035650624 0.0284191829 -0.0008635579 -0.0747623163 3.14%
0.1668099742 -0.0854826824 -0.0021488047 -0.2398384926 0.3714589235 -5.15%

0.1276024177 -0.0979749851 0.0049521294 -0.25 0.4226894437 -6.43%
TECH MAHINDR
NDRA
Balance Sheet
Year Mar 13 Mar 14 Mar 15 Mar 16 Mar 17
SOURCES OF FUNDS :
Share Capital + 128.1 233.5 480.4 483.5 486.8
Reserves Total + 4,054.40 8,355.10 10,775.40 14,505.20 16,401.50
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0.3 1.5 0.3 1.4 1.9
Total Shareholders Funds 4,182.80 8,590.10 11,256.10 14,990.10 16,890.20
Secured Loans + 654.4 309.2 5.2 228.5 262.5
Unsecured Loans + 750.1 0 0 0 0
Total Debt 1,404.50 309.2 5.2 228.5 262.5
Other Liabilities+ 396.2 1,924.80 1,559.70 1,705.10 1,973.50
Total Liabilities 5,983.50 10,824.10 12,821.00 16,923.70 19,126.20
APPLICATION OF FUNDS :
Gross Block + 1,579.90 4,246.30 4,852.80 5,458.40 6,300.90
Less:Accumulated Depreciation + 859.8 2,412.70 2,871.80 3,335.90 3,848.20
Less:Impairment of Assets 0 0 0 0 0
Net Block + 720.1 1,833.60 1,981.00 2,122.50 2,452.70
Lease Adjustment 0 0 0 0 0
Capital Work in Progress+ 28.4 264 551.1 627.5 361.8
Investments + 3,807.50 2,294.00 4,087.70 4,976.10 7,761.90
Current Assets, Loans & Advances
Inventories + 0.0 0.0 0.0 0.0 0.0
Sundry Debtors + 1,372.50 3,927.80 4,240.80 5,154.40 4,571.70
Cash and Bank+ 271.1 2,826.30 1,819.50 3,284.90 2,083.90
Loans and Advances + 514.9 2,326.30 2,971.80 2,865.70 4,504.50
Total Current Assets 2,158.50 9,080.40 9,032.10 11,305.00 11,160.10
Less : Current Liabilities and Provisions
Current Liabilities + 1,058.30 2,825.70 2,718.20 3,185.70 3,743.60
Provisions + 216.7 1,089.40 1,477.30 784.9 863
Total Current Liabilities 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60
Net Current Assets 883.5 5,165.30 4,836.60 7,334.40 6,553.50
Miscellaneous Expenses not written off + 0 0 0 0 0
Deferred Tax Assets 94.4 310.9 288 380.6 320.4
Deferred Tax Liabilities 0 0 0 -4.9 295.5
Net Deferred Tax 94.4 310.9 288 385.5 24.9
Other Assets+ 449.6 956.3 1,076.60 1,477.70 1,971.40
Total Assets 5,983.50 10,824.10 12,821.00 16,923.70 19,126.20
Contingent Liabilities+ 874.9 1,505.60 7,420.20 7,264.40 8,561.00
Detailed Balance Sheet

Year Mar 13 Mar 14 Mar 15
SOURCES OF FUNDS :
Share Capital 128.1 233.5 480.4
Equity Authorised 175 619.1 634.1
Preference Capital Authorised 0 0 0
Unclassified Authorised 0 0 0
Equity Issued 128.12 233.47 480.4

Equity Subscribed 128.12 233.47 480.4
Equity Called Up 128.12 233.47 480.4
Less : Equity Calls in Arrears 0 0 0
Equity Forfeited 0 0 0
Equity Paid Up 128.1 233.5 480.4
Adjustments to equity 0 0 0
Preference Capital Paid Up 0 0 0

Convertible Preference Share Paid Up 0 0 0
Non-convertible Preference Share Paid Up 0 0 0
Unclassified Shares Paid Up 0 0 0
Reserves Total 4,054.40 8,355.10 10,775.40
TOTAL RESERVES EXCLUDING REVALUATION RES 4,054.40 8,355.10 10,775.40
Capital Reserves 0 0 6
General Reserves 645.1 1,235.30 1,014.20
Share Premium 282.8 2,776.90 2,915.60
Investment Allowance Reserve 0 0 0
Debenture Redemption Reserve 533.8 297.2 0
Capital Redemption Reserve 0 0 0
Debt Redemption Reserve 0 0 0
Amalgamation Reserve 0 0 0
Taxation Reserve 0 0 0
Exchange Fluctuation Reserve 0 0 0
Foreign Exchange Earnings Reserve 0 0 0
Exchange Profit / Allowance Reserve 0 0 0
Deferred Credit Reserve 0 0 0
Development Rebate Reserve 0 0 0
Special Reserve 0 0 0
Special Appropriation to Projects 0 0 0
Sinking Fund Reserves 0 0 0
Statutory Reserves 0 0 0
Profit & Loss Account Balance 2,749.50 4,385.50 6,355.90
Other Reserves -156.8 -339.8 483.7
TOTAL REVALUATION RESERVE 0 0 0
Fixed Asset Revaluation Reserve 0 0 0
Investment Revaluation Reserve 0 0 0
Other Revaluation Reserve 0 0 0
Equity Share Warrants 0 0 0
Equity Application Money 0.3 1.5 0.3
Total Shareholders Funds 4,182.80 8,590.10 11,256.10
Secured Loans 654.4 309.2 5.2
Convertible Debentures 0 0 0
Non Convertible Debentures 300 0 0
Partly Convertible Debentures 0 0 0
Less : Debentures Calls in arrears 0 0 0
Term Loans Institutions 0 0 0
Term Loans Banks 0 0 0
Term Loans Others 0 0 0
Borrowings from Government of India 0 0 0
Deferred Credit / Hire Purchase 0 5 0
Bridge Loans 0 0 0
Cash Credit /Packing Credit / Bills Discounted 0 0 0
Working Capital Advances 0 0 0
Interest Accured & Due 0 0 0
Debenture/Bonds-Application Money 0 0 0
Secured Loans Others 0 0 0
Short Term Borrowings-Secured 54.4 0 0
Current Maturites of long term Borrowings-Sec 300 304.2 5.2
Unsecured Loans 750.1 0 0
Debentures / Bonds 0 0 0
Accrued Interest 0 0 0
Loans from Group Cos 0 0 0
Loans from Banks 0 0 0
Loans from Institutions 0 0 0
Advances 0 0 0
Loans from GOI / PSUs 0 0 0
Deferred Liabilities 0 0 0
Deferred Tax Loan 0 0 0
Commercial Paper 0 0 0
Unsecured Loans Others 0 0 0
TOTAL DEPOSITS 0 0 0
Fixed Deposits 0 0 0
Intercorporate Deposits 0 0 0
Security Deposits 0 0 0
Directors Deposits 0 0 0
Share Deposits 0 0 0
Other Deposits 0 0 0
Current Maturites of long term Borrowings-Sec 0 0 0
Total Debt 1,404.50 309.2 5.2
Other Liabilities 396.2 1,924.80 1,559.70
Other Long Term Liabilities 227 374.1 0
Liability for Capital Goods 0 8.2 0
Long Term Provisions 169.2 320.3 329.3
Others 0 1,230.40 1,230.40
Total Liabilities 5,983.50 10,824.10 12,821.00
Gross Block 1,579.90 4,246.30 4,852.80
Goodwill 0 0 0
Patent 7.6 7.6 15.2
Technical Know-how 0 0 0
Leasehold Land 67.8 115.2 183.3
Freehold Land 17.5 78.7 73.8
Railway Sidings 0 0 0
Buildings 611.6 1,454.20 1,531.50
Plant and Machinery 307.4 1,035.50 1,108.90
Electrical Installations / Fittings 0 0 0
Factory Equipments 0 0 0
Furniture and Fixtures 204.8 464.4 490.3
Office Equipments 55.2 97.6 118
Computers 283.3 793.6 1,019.30
Computer Software 19.9 162.4 273.1
Lab / R&D Equipment 0 0 0
Vehicles 4.8 37.1 39.4
Aircraft and Helicopters 0 0 0
Estates and Development 0 0 0
Other Fixed Assets 0 0 0
Less:Accumulated Depreciation 859.8 2,412.70 2,871.80
Goodwill 0 0 0
PATENT 7.6 7.6 15.2
Freehold Land 0 0 0
Buildings 207.2 412.8 473.2
Plant and Machinery 201.7 776.2 876.8
Office Equipments 39.8 74.2 86.1
Computers 236.7 620.9 729.7
Computer Software 13.1 122.7 241
Vehicles 3.9 27.7 31.6
Less:Impairment of Assets 0 0 0
Net Block 720.1 1,833.60 1,981.00
Goodwill 0 0 0
Patent 0 0 0
Buildings 404.4 1,041.40 1,058.30
Computers 46.6 172.7 289.6
Vehicles 0.9 9.4 7.8
Lease Adjustment 0 0 0
Capital Work in Progress 28.4 264 551.1
Capital Advances 0 0 0
Pre-operative Expenditure 0 0 0
Development Expenses 0 0 0
Assets in Transit 0 0 0
Other Capital Work in Progress 28.4 264 551.1
Investments 3,807.50 2,294.00 4,087.70
Quoted Government Securities 0 0 0
Unquoted Government Securities 0 0 0
Quoted Equity 0 35 35
Unquoted Equity 3,842.10 1,761.50 2,981.80
Quoted Debentures/Bonds 0 0 0
Unquoted Debentures/Bonds 0 1.5 1.5
Quoted Units 0 0 0
Unquoted Units 0 0 456.8
Preference Shares 8.4 8.4 8.4
Joint Venture / Partnerships 0 0 0
Application Money 0 0 0
Other Investments 0.9 1,207.10 1,262.70
Less : Prov.for dimunition in value of investment 43.9 719.5 658.5
Inventories 0 0 0
Raw Materials 0 0 0
Work-in Progress 0 0 0
Finished Goods 0 0 0
Stores and Spares 0 0 0
Investment as Stock_in_Trade 0 0 0
Stock on hire 0 0 0
Packing Materials 0 0 0
Goods-in transit 0 0 0
Other Inventory 0 0 0
Sundry Debtors 1,372.50 3,927.80 4,240.80
Debtors more than Six months 139.7 488.5 629.9
Debtors Others 1,288.90 3,740.90 3,927.90
Provisions for Doubtful Debts 56.1 301.6 317
Cash and Bank 271.1 2,826.30 1,819.50
Balance with Bank 269.3 1,085.10 516.9
Term Deposit with Banks 1.8 1,741.20 1,273.20
Cash in hand / others 0 0 29.4
Loans and Advances 514.9 2,326.30 2,971.80
Bills Receivable 0 0 0
Loans to Subsidiary 0 0 0
Loans to Group / Associate Companies 0 0 0
Loans to Others 59.7 135.6 168.6
Deposits with Government 196.9 545.4 819
Deposits Others 0 16.9 0
Advance Tax 0 0 0
Pre-paid expenses 69.9 165.3 176.5
Advances to suppliers 0 0 0
Advances for capital goods 0 0 0
Advances recoverable in cash or kind 0 0 0
Less : Provision for doubtful advances 9.6 26.8 27.5
Interest Accrued on Investments 0 58.5 8.6
Application Money pending allotment 0 0 0
Other Current Assets 198 1,431.40 1,826.60
Total Current Assets 2,158.50 9,080.40 9,032.10
Current Liabilities 1,058.30 2,825.70 2,718.20
Sundry Creditors 651.7 1,505.50 1,904.00
Creditors for Goods 638.6 1,431.90 1,833.10
Creditors for Capital Goods 13.1 73.6 70.9
Creditors for Finance 0 0 0
Creditors for Others 0 0 0
Acceptances 0 0 0
Warrants Application Money 0 0 0
Bank Overdraft / Short term credit 0 0 0
Advances from Customers / Credit balances 16.4 83.7 38.1
Due to Subsidiary / Group Companies 0 0 0
Trade and Other deposits 0.5 0 0
Unclaimed Dividend 0.6 3.7 3.8
Interest Accrued But Not Due 58.9 29.3 0
Other Liabilities 330.2 1,203.50 772.3
Current portion of Other Long Term Liabilities 0 0 0
Liability for Capital Goods 13.1 73.6 70.9
Provisions 216.7 1,089.40 1,477.30
Provision for Tax 63.7 319.2 560.2
Provision for Fringe Benefit Tax 0 0 0
Provision for Corporate Dividend Tax 10.9 79.4 117.3
Provision for Gratuity 16.3 33.8 36.6
Provision for Dividend 64.1 466.9 576.5
Proposed Equity Dividend 64.1 466.9 576.5
Provision for Contingencies 0 71.1 71.1
Other Provisions 61.7 119 115.6
Total Current Liabilities 1,275.00 3,915.10 4,195.50
Net Current Assets 883.5 5,165.30 4,836.60
Miscellaneous Expenses not written off 0 0 0
Discount on issue of shares 0 0 0
Discount on issue of Debentures 0 0 0
Preliminary Expenses 0 0 0
Deferred revenue expenses 0 0 0
Pre-operative/Trial run Expenses 0 0 0
Promoter's Expenses 0 0 0
Debenture/Share Issue expenses 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0
Financial charges / Expenses not written off 0 0 0
Other Miscellaneous expenditure not written of 0 0 0
Less : Miscellaneous Expenditure written off 0 0 0
Deferred Tax Assets 94.4 310.9 288
Deferred Tax Liabilities 0 0 0
Net Deferred Tax 94.4 310.9 288
Other Assets 449.6 956.3 1,076.60
Long-Term Loans and Advances 449.6 940.6 1,076.50
Capital Advances 11.6 126.6 80.6
Other Non-Current Assets 0 15.7 0.1
Others 0 0 0
Total Assets 5,983.50 10,824.10 12,821.00
Contingent Liabilities 874.9 1,505.60 7,420.20
Claims not acknowledged as debt 0 0 0
Guarantees undertaken 106.3 976.1 959.2
Letter of Credit 0 0 0
Bills Discounted 0 0 269.6
Disputed Sales Tax 0 0.5 293.8
Disputed Income Tax 767 440.7 2,664.20
Disputed Excise Duty 0 0 0
Other Disputed Claims 1.6 88.3 3,233.40
Uncalled Liability on Shares 0 0 0
Others 0 0 0
Estimated Capital Contracts Remaining 36.9 944.1 582.1

Profit & Loss
Mar 13 Mar 14 Mar 15 Mar 16 Mar 17
Year (12) (12) (12) (12) (12)
INCOME :
Operating Income + 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
Excise Duty 0 0 0 0 0
Net Operating Income 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
Other Income + -95.2 190.3 185.8 1,083.40 892.9
Stock Adjustments + 0 0 0 0 0
Total Income 5,906.70 16,485.40 19,348.50 22,053.20 24,058.30
EXPENDITURE :
Cost of Traded Software Packages 0 0 0 0 0
Operating Expenses + 1,671.20 4,010.40 7,049.60 8,532.50 9,978.90
Employee Cost + 2,513.80 6,971.50 7,201.20 7,429.00 7,744.40
Power/Electricity Charges + 60 120.4 119.2 129.3 136.7
Selling and Administration Exp. + 535.9 1,430.50 1,432.70 1,335.50 1,499.40
Miscellaneous Expenses + 42.6 201 94.1 155.6 134.2
Less : Pre-operative Expenses Capitalised + 0 0 0 0 0
Total Expenditure 4,823.50 12,733.80 15,896.80 17,581.90 19,493.60
Operating Profit 1,083.20 3,751.60 3,451.70 4,471.30 4,564.70
Interest + 109 86.8 47.9 53.3 63.8
Gross Profit 974.2 3,664.80 3,403.80 4,418.00 4,500.90
Depreciation+ 157 427 473.3 541.7 622.2
Profit Before Tax 817.2 3,237.80 2,930.50 3,876.30 3,878.70
Tax+ 177.1 616.7 648.7 794.1 723
Fringe Benefit tax+ 0 0 0 0 0
Deferred Tax+ -12.4 -64.4 25.6 -90.6 108.4
Reported Net Profit 652.5 2,685.50 2,256.20 3,172.80 3,047.30
Extraordinary Items + 1.64 96.44 45.42 9.22 15.95
Adjusted Net Profit 650.86 2,589.06 2,210.78 3,163.58 3,031.35
Adjustment below Net Profit + 0 -239.8 114 9.8 -204.3
P & L Balance brought forward 2,406.80 2,749.50 4,385.60 7,236.70 10,611.80
Appropriations + 309.8 809.7 399.9 -192.5 1,375.90
P & L Balance carried down 2,749.50 4,385.50 6,355.90 10,611.80 12,078.90
Dividend 64.1 466.9 576.5 580.7 1,378.70
Preference Dividend 0 0 0 0 0
Equity Dividend % 50 200 120 240 180
Dividend Per Share(Rs) 5 20 6 12 9
Earnings Per Share-Unit Curr 50.09 111.61 22.23 32.81 31.3
Earnings Per Share(Adj)-Unit Curr 12.52 27.9 22.23 32.81 31.3
Book Value-Unit Curr 326.5 367.82 117.15 155 173.46
Book Value(Adj)-Unit Curr 81.63 91.96 117.15 155 173.46
ce Sheet
Mar 16 Mar 17
483.5 486.8
793.1 793.1
0 0
0 0
483.5 486.8
483.5 486.8
483.5 486.8
0 0
0 0
483.5 486.8
0 0
0 0
0 0
0 0
0 0
14,505.20 16,401.50
14,505.20 16,401.50
6 6
0 0
3,132.60 3,299.00
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
10,611.80 12,078.90
754.8 1,017.60
0 0
0 0
0 0
0 0
0 0
1.4 1.9
14,990.10 16,890.20
228.5 262.5
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
170.9 174.2
0 0
0 0
0 0
0 0
0 0
0 0
0 0
57.6 88.3
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
0 0
0 0
0 0
0 0
0 0
0 0
228.5 262.5
1,705.10 1,973.50
128.1 359.1
0 0
346.6 384
1,230.40 1,230.40
16,923.70 19,126.20
5,458.40 6,300.90
0 0
0 0
0 0
0 0
69 47.3
0 0
1,707.40 2,005.40
1,310.10 1,427.90
0 0
0 0
565.3 638.3
129.4 142.9
1,289.70 1,570.90
358.7 446.2
0 0
28.8 22
0 0
0 0
0 0
3,335.90 3,848.20
0 0
0 0
0 0
0 0
0 0
0 0
535.3 578.9
1,008.30 1,108.40
0 0
0 0
441 479.5
94.4 105.1
897 1,138.10
335.9 421.1
0 0
24 17.1
0 0
0 0
0 0
0 0
2,122.50 2,452.70
0 0
0 0
0 0
0 0
69 47.3
0 0
1,172.10 1,426.50
301.8 319.5
0 0
0 0
124.3 158.8
35 37.8
392.7 432.8
22.8 25.1
0 0
4.8 4.9
0 0
0 0
0 0
0 0
627.5 361.8
0 0
0 0
0 0
0 0
627.5 361.8
4,976.10 7,761.90
0 0
0 0
39.2 33
2,908.60 4,421.30
0 151
1,208.50 1,209.50
0 0
1,052.20 1,971.30
10 10
0 0
0 0
54.6 45.5
297 79.7
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
5,154.40 4,571.70
707.6 675.1
4,868.00 4,267.40
421.2 370.8
3,284.90 2,083.90
759.1 488.9
2,376.50 1,430.00
149.3 165
2,865.70 4,504.50
0 0
0 0
0 0
327 198.7
335.7 788.1
0 428.6
0 0
0 0
227.9 342.8
0 0
0 0
0 0
31.9 30.9
8.8 12.6
0 0
1,998.20 2,764.60
11,305.00 11,160.10
3,185.70 3,743.60
2,238.60 2,574.70
2,184.70 2,470.60
53.9 104.1
0 0
0 0
0 0
0 0
0 0
0 0
54.3 154.3
0 0
0 0
4.3 7
3.2 2.8
885.3 1,004.80
0 0
53.9 104.1
784.9 863
540.3 627.2
0 0
0 0
37 25.3
0 0
0 0
39.2 37.2
168.4 173.3
3,970.60 4,606.60
7,334.40 6,553.50
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
380.6 320.4
-4.9 295.5
385.5 24.9
1,477.70 1,971.40
1,045.80 1,323.30
48.9 22.4
431.9 648.1
0 0
16,923.70 19,126.20
7,264.40 8,561.00
0 0
1,831.40 2,738.70
318.7 483.1
130.1 517.7
241.3 44.4
2,715.90 2,656.20
0 0
1,760.30 1,798.90
266.7 322
0 0
273.5 97.4
Cash Flow Statement
Cash Flow Summary

Cash and Cash Equivalents at Beginning of the year 134.7 270.3
Net Cash from Operating Activities 642.1 1,294.20
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary Items 817.2 3,117.80 2,869.20
Adjustment For
Depreciation -49.5 256.2 473.3
Interest (Net) 107.2 -107.7 -103.4
Dividend Received -1 -5.9 -32.1
P/L on Sales of Assets -2.1 -10.4 2.3
P/L on Sales of Invest 0 0 0
Prov. & W/O (Net) 17.3 142.6 66.7
P/L in Forex 34.4 87.1 -54.4
Fin. Lease & Rental Chrgs 0 0 0
Others 50.1 141.4 238.6
Total Adjustments (PBT & Extraordinary Items) 156.4 503.3 591
Op. Profit before Working Capital Changes 973.6 3,621.10 3,460.20
Adjustment For
Trade & 0th receivables -230.1 -1,869.10 -887
Inventories 0 0 0
Trade Payables 0 0 211.3
Loans & Advances 0 0 0
Investments 0 0 0
Net Stock on Hire 0 0 0
Leased Assets Net of Sale 0 0 0
Trade Bill(s) Purchased 0 0 0
Change in Borrowing 0 0 0
Change in Deposits 0 0 0
Others 135.6 418.3 0
Total (OP before Working Capital Changes) -94.5 -1,450.80 -675.7
Cash Generated from/(used in) Operations 879.1 2,170.30 2,784.50
Interest Paid(Net) 0 0 0
Direct Taxes Paid -237 -876.1 -676.7
Advance Tax Paid 0 0 0
Others 0 0 0
Total-others -237 -876.1 -676.7
Cash Flow before Extraordinary Items 642.1 1,294.20 2,107.80
Extraordinary Items
Excess Depreciation W/b 0 0 0
Premium on Lease of land 0 0 0
Payment Towards VRS 0 0 0
Prior Year 's Taxation 0 0 0
Gain on Forex Exch. Tran 0 0 0
Others 0 0 0
Net Cash Used in Investing Activities -595.4 352.5
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -109.2 -797.6 -903.3
Sale of Fixed Assets 3.9 30 3.1
capital WIP 0 0 0
Capital Subsidy Recd 0 0 0
Financial/Capital Investment :
Purchase of Investments -815.8 -3,332.70 -6,066.90
Sale of Investments 936.4 3,338.00 5,664.10
Investment Income 0 0 0
Interest Received 1.7 238.3 205.6
Dividend Received 0 0 15.3
Invest.In Subsidiaires -0.2 -130 -1,135.80
Loans to Subsidiaires 0 0 0
Investment in Group Cos 0 0 -152.8
Issue of Sh. on Acqu. of Cos 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0
Acquisition of Companies -612.2 21.7 0
Inter Corporate Deposits 0 0 0
Others 0 984.8 733.9
Net Cash Used in Financing Activities 88.9 -917.4
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share premium) 7.1 49.7 58.2
Proceed from Issue of Debentures 0 0 0
Proceed from 0ther Long Term Borrowings 0 0 0
Proceed from Bank Borrowings 0 0 0
Proceed from Short Tem Borrowings 3,238.50 978.6 161.5
Proceed from Deposits 0 0 0
Share Application Money 0 0 0
Cash/Capital Investment Subsidy 0 0 0
Loans from a Corporate Body 0 0 0
Payments:
Share Application Money Refund 0 0 0
On Redemption of Debenture 0 0 0
Of the Long Tem Borrowings 0 -304.9 -304
Of the short term Borrowings -2,984.40 -1,505.50 -161.5
Of financial Liabilities 0 0 0
Dividend Paid -59.3 -135.9 -549.6
Shelter Assistance Reserve 0 0 0
Interest Paid -107.6 -101.3 -76.9
Others -5.4 101.9 102
Net Cash Used in Financing Activities 88.9 -917.4 -770.3
Net Inc/(Dec) in Cash and Cash Equivalent 135.6 729.3
Cash and Cash Equivalents at End of the year 270.3 999.6
Mar 15 Mar 16 Mar 17
999.6 705.8 1,707.90

2,107.80 2,876.30 3,332.20
3,876.30 3,878.70
541.7 622.2
-7.3 -37.1
-632.9 -175.2
-10.1 -3.4
-1.5 -16.9
19.6 74
-38.7 -349.2
0 0
218.4 151.6
89.2 266
3,965.50 4,144.70
-573 -481
0 0
463.3 238.1
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
-109.7 -242.9
3,855.80 3,901.80
0 0
-979.5 -569.6
0 0
0 0
-979.5 -569.6
2,876.30 3,332.20
0 0
0 0
0 0
0 0
0 0
0 0
-1,636.80 -1,081.70 -2,615.30
-688.1 -508.9
40.1 4.9
0 0
0 0
-9,442.10 ###
8,918.40 13,592.50
0 0
56.3 89
558.7 120.2
-69.3 -20
0 0
-12.5 -1,350.00
0 0
0 0
0 0
0 -428.6
-443.2 464.2
-770.3 -792.5 -1,449.90
36.2 34.5
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
-12.4 -70.4
0 0
0 0
-580.8 -1,378.70
0 0
-50 -60
-185.5 24.7
-792.5 -1,449.90
-299.3 1,002.10 -733
700.3 1,707.90 974.9
Detailed Cash Flow Statements
SOURCES OF FUNDS :
Share Capital 128.1 233.5
Equity Authorised 175 619.1 634.1
Preference Capital Authorised 0 0 0
Unclassified Authorised 0 0 0
Equity Issued 128.12 233.47 480.4

Equity Subscribed 128.12 233.47 480.4
Equity Called Up 128.12 233.47 480.4
Less : Equity Calls in Arrears 0 0 0
Equity Forfeited 0 0 0
Equity Paid Up 128.1 233.5 480.4
Adjustments to equity 0 0 0
Preference Capital Paid Up 0 0 0

Convertible Preference Share Paid Up 0 0 0
Non-convertible Preference Share Paid Up 0 0 0
Unclassified Shares Paid Up 0 0 0
Reserves Total 4,054.40 8,355.10
TOTAL RESERVES EXCLUDING REVALUATION RESERVE 4,054.40 8,355.10 10,775.40
Capital Reserves 0 0 6
General Reserves 645.1 1,235.30 1,014.20
Share Premium 282.8 2,776.90 2,915.60
Investment Allowance Reserve 0 0 0
Debenture Redemption Reserve 533.8 297.2 0
Capital Redemption Reserve 0 0 0
Debt Redemption Reserve 0 0 0
Amalgamation Reserve 0 0 0
Taxation Reserve 0 0 0
Exchange Fluctuation Reserve 0 0 0
Foreign Exchange Earnings Reserve 0 0 0
Exchange Profit / Allowance Reserve 0 0 0
Deferred Credit Reserve 0 0 0
Development Rebate Reserve 0 0 0
Special Reserve 0 0 0
Special Appropriation to Projects 0 0 0
Sinking Fund Reserves 0 0 0
Statutory Reserves 0 0 0
Profit & Loss Account Balance 2,749.50 4,385.50 6,355.90
Other Reserves -156.8 -339.8 483.7
TOTAL REVALUATION RESERVE 0 0 0
Fixed Asset Revaluation Reserve 0 0 0
Investment Revaluation Reserve 0 0 0
Other Revaluation Reserve 0 0 0
Equity Share Warrants 0 0
Equity Application Money 0.3 1.5
Total Shareholders Funds 4,182.80 8,590.10
Secured Loans 654.4 309.2
Convertible Debentures 0 0 0
Non Convertible Debentures 300 0 0
Partly Convertible Debentures 0 0 0
Less : Debentures Calls in arrears 0 0 0
Term Loans Institutions 0 0 0
Term Loans Banks 0 0 0
Term Loans Others 0 0 0
Borrowings from Government of India 0 0 0
Deferred Credit / Hire Purchase 0 5 0
Bridge Loans 0 0 0
Cash Credit /Packing Credit / Bills Discounted 0 0 0
Working Capital Advances 0 0 0
Interest Accured & Due 0 0 0
Secured Loans Others 0 0 0
Current Maturites of long term Borrowings-Secured 300 304.2 5.2
Unsecured Loans 750.1 0
Debentures / Bonds 0 0 0
Accrued Interest 0 0 0
Loans from Group Cos 0 0 0
Loans from Banks 0 0 0
Loans from Institutions 0 0 0
Advances 0 0 0
Loans from GOI / PSUs 0 0 0
Deferred Liabilities 0 0 0
Deferred Tax Loan 0 0 0
Commercial Paper 0 0 0
Unsecured Loans Others 0 0 0
TOTAL DEPOSITS 0 0 0
Fixed Deposits 0 0 0
Security Deposits 0 0 0
Directors Deposits 0 0 0
Share Deposits 0 0 0
Other Deposits 0 0 0
Current Maturites of long term Borrowings-Secured 0 0 0
Total Debt 1,404.50 309.2
Other Liabilities 396.2 1,924.80
Other Long Term Liabilities 227 374.1 0
Liability for Capital Goods 0 8.2 0
Long Term Provisions 169.2 320.3 329.3
Others 0 1,230.40 1,230.40
Total Liabilities 5,983.50 10,824.10
Gross Block 1,579.90 4,246.30
Goodwill 0 0 0
Patent 7.6 7.6 15.2
Buildings 611.6 1,454.20 1,531.50
Plant and Machinery 307.4 1,035.50 1,108.90
Office Equipments 55.2 97.6 118
Computers 283.3 793.6 1,019.30
Vehicles 4.8 37.1 39.4
Less:Accumulated Depreciation 859.8 2,412.70
Goodwill 0 0 0
PATENT 7.6 7.6 15.2
Freehold Land 0 0 0
Buildings 207.2 412.8 473.2
Computers 236.7 620.9 729.7
Computer Software 13.1 122.7 241
Vehicles 3.9 27.7 31.6
Less:Impairment of Assets 0 0
Net Block 720.1 1,833.60
Goodwill 0 0 0
Patent 0 0 0
Buildings 404.4 1,041.40 1,058.30
Computers 46.6 172.7 289.6
Vehicles 0.9 9.4 7.8
Lease Adjustment 0 0
Capital Work in Progress 28.4 264
Capital Advances 0 0 0
Pre-operative Expenditure 0 0 0
Development Expenses 0 0 0
Assets in Transit 0 0 0
Other Capital Work in Progress 28.4 264 551.1
Investments 3,807.50 2,294.00
Quoted Government Securities 0 0 0
Unquoted Government Securities 0 0 0
Quoted Equity 0 35 35
Unquoted Equity 3,842.10 1,761.50 2,981.80
Quoted Debentures/Bonds 0 0 0
Unquoted Debentures/Bonds 0 1.5 1.5
Quoted Units 0 0 0
Unquoted Units 0 0 456.8
Preference Shares 8.4 8.4 8.4
Joint Venture / Partnerships 0 0 0
Other Investments 0.9 1,207.10 1,262.70
Less : Prov.for dimunition in value of investment 43.9 719.5 658.5
Inventories 0 0
Raw Materials 0 0 0
Work-in Progress 0 0 0
Finished Goods 0 0 0
Stores and Spares 0 0 0
Investment as Stock_in_Trade 0 0 0
Stock on hire 0 0 0
Packing Materials 0 0 0
Goods-in transit 0 0 0
Other Inventory 0 0 0
Sundry Debtors 1,372.50 3,927.80
Debtors more than Six months 139.7 488.5 629.9
Debtors Others 1,288.90 3,740.90 3,927.90
Provisions for Doubtful Debts 56.1 301.6 317
Cash and Bank 271.1 2,826.30
Balance with Bank 269.3 1,085.10 516.9
Term Deposit with Banks 1.8 1,741.20 1,273.20
Cash in hand / others 0 0 29.4
Loans and Advances 514.9 2,326.30
Bills Receivable 0 0 0
Loans to Subsidiary 0 0 0
Loans to Group / Associate Companies 0 0 0
Loans to Others 59.7 135.6 168.6
Deposits with Government 196.9 545.4 819
Deposits Others 0 16.9 0
Advance Tax 0 0 0
Pre-paid expenses 69.9 165.3 176.5
Advances to suppliers 0 0 0
Advances for capital goods 0 0 0
Advances recoverable in cash or kind 0 0 0
Less : Provision for doubtful advances 9.6 26.8 27.5
Interest Accrued on Investments 0 58.5 8.6
Application Money pending allotment 0 0 0
Other Current Assets 198 1,431.40 1,826.60
Total Current Assets 2,158.50 9,080.40
Current Liabilities 1,058.30 2,825.70
Sundry Creditors 651.7 1,505.50 1,904.00
Creditors for Goods 638.6 1,431.90 1,833.10
Creditors for Capital Goods 13.1 73.6 70.9
Creditors for Finance 0 0 0
Creditors for Others 0 0 0
Acceptances 0 0 0
Warrants Application Money 0 0 0
Bank Overdraft / Short term credit 0 0 0
Advances from Customers / Credit balances 16.4 83.7 38.1
Due to Subsidiary / Group Companies 0 0 0
Trade and Other deposits 0.5 0 0
Unclaimed Dividend 0.6 3.7 3.8
Interest Accrued But Not Due 58.9 29.3 0
Other Liabilities 330.2 1,203.50 772.3
Current portion of Other Long Term Liabilities 0 0 0
Liability for Capital Goods 13.1 73.6 70.9
Provisions 216.7 1,089.40
Provision for Tax 63.7 319.2 560.2
Provision for Fringe Benefit Tax 0 0 0
Provision for Corporate Dividend Tax 10.9 79.4 117.3
Provision for Gratuity 16.3 33.8 36.6
Provision for Dividend 64.1 466.9 576.5
Proposed Equity Dividend 64.1 466.9 576.5
Provision for Contingencies 0 71.1 71.1
Other Provisions 61.7 119 115.6
Total Current Liabilities 1,275.00 3,915.10
Net Current Assets 883.5 5,165.30
Miscellaneous Expenses not written off 0 0
Discount on issue of shares 0 0 0
Discount on issue of Debentures 0 0 0
Preliminary Expenses 0 0 0
Deferred revenue expenses 0 0 0
Pre-operative/Trial run Expenses 0 0 0
Promoter's Expenses 0 0 0
Debenture/Share Issue expenses 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0
Financial charges / Expenses not written off 0 0 0
Other Miscellaneous expenditure not written off 0 0 0
Less : Miscellaneous Expenditure written off 0 0 0
Deferred Tax Assets 94.4 310.9
Deferred Tax Liabilities 0 0
Net Deferred Tax 94.4 310.9
Other Assets 449.6 956.3
Long-Term Loans and Advances 449.6 940.6 1,076.50
Capital Advances 11.6 126.6 80.6
Other Non-Current Assets 0 15.7 0.1
Others 0 0 0
Total Assets 5,983.50 10,824.10
Contingent Liabilities 874.9 1,505.60
Claims not acknowledged as debt 0 0 0
Guarantees undertaken 106.3 976.1 959.2
Letter of Credit 0 0 0
Bills Discounted 0 0 269.6
Disputed Sales Tax 0 0.5 293.8
Disputed Income Tax 767 440.7 2,664.20
Disputed Excise Duty 0 0 0
Other Disputed Claims 1.6 88.3 3,233.40
Uncalled Liability on Shares 0 0 0
Others 0 0 0
Estimated Capital Contracts Remaining 36.9 944.1 582.1

Mar 15 Mar 16 Mar 17
480.4 483.5 486.8

793.1 793.1
0 0
0 0
483.5 486.8
483.5 486.8
483.5 486.8
0 0
0 0
483.5 486.8
0 0
0 0
0 0
0 0
0 0
10,775.40 14,505.20 16,401.50
14,505.20 16,401.50
6 6
0 0
3,132.60 3,299.00
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
10,611.80 12,078.90
754.8 1,017.60
0 0
0 0
0 0
0 0
0 0 0
0.3 1.4 1.9
11,256.10 14,990.10 16,890.20
5.2 228.5 262.5
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
170.9 174.2
0 0
0 0
0 0
0 0
0 0
0 0
0 0
57.6 88.3
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 0
0 0
0 0
0 0
0 0
0 0
0 0
5.2 228.5 262.5
1,559.70 1,705.10 1,973.50
128.1 359.1
0 0
346.6 384
1,230.40 1,230.40
12,821.00 16,923.70 19,126.20
4,852.80 5,458.40 6,300.90

0 0
0 0
0 0
0 0
69 47.3
0 0
1,707.40 2,005.40
1,310.10 1,427.90
0 0
0 0
565.3 638.3
129.4 142.9
1,289.70 1,570.90
358.7 446.2
0 0
28.8 22
0 0
0 0
0 0
2,871.80 3,335.90 3,848.20
0 0
0 0
0 0
0 0
0 0
0 0
535.3 578.9
1,008.30 1,108.40
0 0
0 0
441 479.5
94.4 105.1
897 1,138.10
335.9 421.1
0 0
24 17.1
0 0
0 0
0 0
0 0 0
1,981.00 2,122.50 2,452.70
0 0
0 0
0 0
0 0
69 47.3
0 0
1,172.10 1,426.50
301.8 319.5
0 0
0 0
124.3 158.8
35 37.8
392.7 432.8
22.8 25.1
0 0
4.8 4.9
0 0
0 0
0 0
0 0 0
551.1 627.5 361.8
0 0
0 0
0 0
0 0
627.5 361.8
4,087.70 4,976.10 7,761.90
0 0
0 0
39.2 33
2,908.60 4,421.30
0 151
1,208.50 1,209.50
0 0
1,052.20 1,971.30
10 10
0 0
0 0
54.6 45.5
297 79.7
0 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
4,240.80 5,154.40 4,571.70
707.6 675.1
4,868.00 4,267.40
421.2 370.8
1,819.50 3,284.90 2,083.90
759.1 488.9
2,376.50 1,430.00
149.3 165
2,971.80 2,865.70 4,504.50
0 0
0 0
0 0
327 198.7
335.7 788.1
0 428.6
0 0
0 0
227.9 342.8
0 0
0 0
0 0
31.9 30.9
8.8 12.6
0 0
1,998.20 2,764.60
9,032.10 11,305.00 11,160.10
2,718.20 3,185.70 3,743.60

2,238.60 2,574.70
2,184.70 2,470.60
53.9 104.1
0 0
0 0
0 0
0 0
0 0
0 0
54.3 154.3
0 0
0 0
4.3 7
3.2 2.8
885.3 1,004.80
0 0
53.9 104.1
1,477.30 784.9 863
540.3 627.2
0 0
0 0
37 25.3
0 0
0 0
39.2 37.2
168.4 173.3
4,195.50 3,970.60 4,606.60
4,836.60 7,334.40 6,553.50
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
288 380.6 320.4
0 -4.9 295.5
288 385.5 24.9
1,076.60 1,477.70 1,971.40
1,045.80 1,323.30
48.9 22.4
431.9 648.1
0 0
12,821.00 16,923.70 19,126.20
7,420.20 7,264.40 8,561.00
0 0
1,831.40 2,738.70
318.7 483.1
130.1 517.7
241.3 44.4
2,715.90 2,656.20
0 0
1,760.30 1,798.90
266.7 322
0 0
273.5 97.4
Numerator
Short-term Activity Ratios
Inventory Turnover Ratio COGS
Days Inventory Outstanding 365
Receivables Turnover Ratio Sales
Days Receivables(Sales) Outstanding 365
Paybles Turnover Ratio Purchases
Days Payables Outstanding 365
Working Capital Turnover Ratio Sales
Long-term Activity Ratios
Fixed Assets Turnover Ratio Sales
Total Assets Turnover Ratio Sales
Length of Operating Cycle Days Inventory Held + Days Sales Outstanding
Length of Cash Cycle Days Inventory Held + Days Sales Outstanding - Days Payables Outst
Short-term Solvency or Working Capital Ratios

Current Ratio Current Assets
Quick Ratio Current Assets - Inventory
Cash Ratio Cash & Cash Equivalents
Cash flow from Operations Ratio Cash flow from Operations
Defensive Interval Cash & Cash Equivalents + Rceivables
Operating Leverage Ratio Sales - Variable Cost (Contribution)
Financial Leverage Ratio EBIT
Combined Leverage Ratio Sales - Variable Cost (Contribution)
Long-term Slvency Ratios
Debt to Total Capital Ratio Total Debt

Debt to Equity Ratio (BV basis) Total Debt
DER (MV basis) Total debt at Book Value
Times Interest Earned EBIT
Times Interest Earned (cash basis) Adjusted Cash from operations
Fixed Charge Coverage Ratio EBIT
Fixed Charge Coverage Ratio (cash basis) Adjusted Cash from operations
Capital Expenditure Ratio Cash from operations
Cash from operation to Debt Ratio Cash from operations
Profitability Analysis
Sales Basis
Gross Profit Margin Gross Profit
OperatingProfit Margin Operating Profit
EBIT Margin EBIT
Pre-tax Profit Margin PBT
Net Profit Margin Net Profit
Contribution Margin Contribution
Investment Basis
Return on Assets (Pre-tax basis) EBIT
Return on Assets (Post-tax basis) Net Income + After tax interest cost (NOPAT)
Return On Total Capital (Pre-tax basis) EBIT
Return On Total Capital (Post-tax basis) Net Income + After tax interest cost (NOPAT)
Return On Equity (Pre-tax basis) EBT
Retunr On Equity (Post-tax basis) Net Income
Return on Common Equity Net Income - Pref. Dividends
Basic EPS (common Equity) Net Income
Diluted EPS (Common Equity) Adjusted Net Income
Cash Flows Per Share Cash From Operations
EBIDTA Per Share EBDITA
Book Value Per Share Shareholders Networth
13 14 15 16
Denominator Numerator Numerator Numerator Numerator
Avg. Inventory 4,823.50 12,733.80 15,896.80 17,581.90

Inventory Turnover Ratio 365 365 365 365
Avg. Receivables 6,001.90 16,295.10 19,162.70 20,969.80
Receivables Turnover Ratio 365 365 365 365
Avg. Payables 109.2 797.6 903.3 688.1
Paybles Turnover Ratio 365 365 365 365
Avg. Working Capital 6,001.90 16,295.10 19,162.70 20,969.80
Avg. Fixed Assets 6,001.90 16,295.10 19,162.70 20,969.80

Avg. Total Assets 6,001.90 16,295.10 19,162.70 20,969.80
d + Days Sales Outstanding
Outstanding - Days Payables Outstanding
Current Liabilities 2,158.50 9,080.40 9,032.10 11,305.00

Current Liabilities 2,158.50 9,080.40 9,032.10 11,305.00
Current Liabilities 271.1 2,826.30 1,819.50 3,284.90
Current Liabilities 642.1 1,294.20 2,107.80 2,876.30
Projected Expenditures
EBIT
EBT 1,083.20 3,751.60 3,451.70 4,471.30
EBT
Total Capital 1,404.50 309.20 5.20 228.50

Total Capital 1,404.50 309.20 5.20 228.50
Equity at Market Value
Interest Expense 1,083.20 3,751.60 3,451.70 4,471.30
Interest Expense
Fixed Charges 1,083.20 3,751.60 3,451.70 4,471.30
Fixed Charges
Capital Expenditure 642.1 1294.2 2107.8 2876.3
Total Debt 642.1 1294.2 2107.8 2876.3
Sales 974.2 3664.8 3403.8 4418

Sales 1,083.20 3,751.60 3,451.70 4,471.30
Sales 1,083.20 3,751.60 3,451.70 4,471.30
Sales 817.2 3237.8 2930.5 3876.3
Sales 652.5 2685.5 2256.2 3172.8
Sales
Avg. Total Assets 1,083.20 3,751.60 3,451.70 4,471.30

Avg. Total Assets
Avg. Total Capital 1,083.20 3,751.60 3,451.70 4,471.30
Avg. Total Capital
Avg. Total Equity 817.2 3237.8 2930.5 3876.3
Avg. Total Equity 652.5 2685.5 2256.2 3172.8
Avg. Common Equity
Number of Shares Outstanding 652.5 2685.5 2256.2 3172.8
Number of Shares Outstanding
17 13 14 15 16 17
Numerator Denominator Denominator Denominator Denominator Denominator
19,493.60 0 0 0 0 0
365 - - - - -
23,165.40 230.1 1,869.10 887 573 481
365 26.083876575 8.7181531218 21.603945885 36.596509599 48.160914761
508.9 0 0 105.65 337.3 350.7
365 0 0 8.5499290109 2.0400237178 1.4510978044
23,165.40 0.00 0 0 0 0
23,165.40 720.10 1276.85 1907.3 2051.75 2287.6

23,165.40 5,983.50 8403.8 11822.55 14872.35 18024.95
11,160.10 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60

11,160.10 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60
2,083.90 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60
3,332.20 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60
4,564.70 817.20 3,237.80 2,930.50 3,876.30 3,878.70
262.50 5,587.30 8,899.30 11,261.30 15,218.60 17,152.70

262.50 5,587.30 8,899.30 11,261.30 15,218.60 17,152.70
4,564.70 109 86.8 47.9 53.3 63.8
4,564.70
3332.2 105.3 767.6 900.2 648 504

3332.2 1,404.50 309.20 5.20 228.50 262.50
4500.9 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40

4,564.70 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
4,564.70 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
3878.7 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
3047.3 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40
4,564.70 5,983.50 8403.8 11822.55 14872.35 18024.95
5,983.50 8,403.80 11,822.55 14,872.35 18,024.95
4,564.70 5,587.30 7243.3 10080.3 13239.95 16185.65
3878.7 4,182.80 8,590.10 11,256.10 14,990.10 16,890.20

3047.3 4,182.80 8,590.10 11,256.10 14,990.10 16,890.20
3047.3
13 14 15 16 17
Ratios Ratios Ratios Ratios Ratios
- - - - -
- - - - -
26.08388 8.718153 21.60395 36.59651 48.16091
13.99332 41.86667 16.89506 9.973629 7.57876
0 0 8.549929 2.040024 1.451098
0 0 42.69041 178.9195 251.5337
- - - - -
8.334815 12.76195 10.04703 10.22045 10.12651

1.003075 1.939016 1.62086 1.409986 1.285185
13.99332 41.86667 16.89506 9.973629 7.57876
13.99332 41.86667 -25.7954 -168.946 -243.955 DSO-DPO
1.692941 2.319328 2.152807 2.847177 2.422633

1.692941 2.319328 2.152807 2.847177 2.422633
0.212627 0.721897 0.433679 0.827306 0.452373
0.503608 0.330566 0.502395 0.724399 0.723353
1.325502 1.158688 1.177854 1.153497 1.176863
0.251374 0.034744 0.000462 0.015015 0.015304

0.251374 0.034744 0.000462 0.015015 0.015304
9.937615 43.2212 72.06054 83.88931 71.54702
6.097816 1.686034 2.34148 4.438735 6.611508

0.457173 4.18564 405.3462 12.58775 12.6941
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0.162315 0.224902 0.177626 0.210684 0.194294
0.180476 0.230229 0.180126 0.213226 0.197048
0.180476 0.230229 0.180126 0.213226 0.197048
0.136157 0.198698 0.152927 0.184852 0.167435
0.108716 0.164804 0.117739 0.151303 0.131545
0.181031 0.446417 0.291959 0.300645 0.253243
0 0 0 0 0
0.193868 0.517941 0.34242 0.337713 0.282021
0.195372 0.376922 0.260348 0.258591 0.229642
0.155996 0.312627 0.200442 0.21166 0.180418
T
Formula
2013
Short term solvency ratios
Current ratio Current assets/Current liabilities 1.692941176
Quick ratio Current assets-Inventory/Current liabilities 1.69
Cash ratio Cash and cash equivalents/Current Liabilties 0.212627451
Cash from operations ratio CFO/current liabilities 0.503607843
Long term solvency ratios

Debt equity ratio Debt/Total Capital 0.251373651
Times interest earned EBIT/Interest expense 9.937614679
Profitability analysis
Gross profit ratio Gross profit/Sales 0.162315267
EBIT margin EBIT/Sales 0.180476183
Net profit ratio PAT/Sales 0.108715573
Pre tax profit margin PBT/Sales 0.136156884
Investment basis
Return on assets (Pre tax basis) EBIT/Avg total assets 0.181031169
Return on total capital (Pre tax basis) EBIT/Avg total capital 0.193868237
Return on equity (Pre tax basis) EBT/Avg total equity 0.195371521
Activity ratios
Short term activity ratios
Inventory turnover ratio COGS/Avg inventory -
DSO 365/Inventory turnover ratio -
Receivables turnover ratio Sales/Avg receivables 26.08387658
Days receivables Outstanding 365/Receivables turnover ratio 13.99331878
Long term activity ratio

Fixed assets turnover ratio Sales/Avg fixed assets 8.334814609
Total assets turnover ratio Sales/Avg total assets 1.003075123
Tech Mahindra
2014 2015 2016 2017 2013 to 2014 2014 to 2015 Y 2015 to 2016 Y
2.319327731 2.152806578 2.847176749 2.422632744 0.369999007 -0.0717971636 0.3225418287

2.32 2.15 2.85 2.42 0.369999007 -0.0717971636 0.3225418287
0.72189727 0.433678942 0.827305697 0.452372683 2.395127328 -0.3992511677 0.9076455352
0.330566269 0.502395424 0.724399335 0.723353449 -0.343603811 0.5198024441 0.4418907916
0.034744306 0.000461758 0.015014522 0.015303713 -0.861782229 -0.9867098104 31.515967935

43.22119816 72.0605428 83.88930582 71.54702194 3.349252769 0.667250004 0.1641503458
0.224901964 0.177626326 0.210683936 0.194294077 0.385587251 -0.2102055372 0.1861076031

0.230228719 0.180125974 0.213225686 0.197048184 0.275673697 -0.2176216128 0.1837586876
0.164804144 0.117739149 0.151303303 0.131545322 0.51592029 -0.2855813759 0.2850721574
0.198697768 0.152927301 0.184851548 0.167435054 0.459329582 -0.2303521928 0.2087543992
0.446417097 0.291959011 0.300645157 0.253243421 1.46596815 -0.3459950067 0.0297512531

0.517940718 0.342420364 0.337712756 0.28202142 1.671612049 -0.3388811638 -0.0137480397
0.376922271 0.260347723 0.25859067 0.229642041 0.929259025 -0.3092800755 -0.0067488692
- - - - - - -
- - - - - - -
8.718153122 21.60394589 36.5965096 48.16091476 -0.665764669 1.4780415741 0.693973397
41.86666544 16.89506176 9.973628742 7.578759702 1.991903929 -0.5964555194 -0.4096719572
12.76195324 10.04702983 10.22044596 10.12650813 0.531162221 -0.2127357278 0.0172604373

1.939015683 1.620860136 1.409985645 1.285185257 0.933071251 -0.1640809562 -0.1301003626
2016 to 2017 Y CAGR growth over the years
-0.1491105197 9.37%
-0.1491105197 9.37%
-0.45319767 20.77%
-0.0014437972 9.47%
0.019260781 -50.33%
-0.1471258315 63.81%
-0.0777935886 4.60%
-0.0758703269 2.22%
-0.1305852587 4.88%
-0.0942188181 5.31%
-0.1576667208 8.75%
-0.1649074089 9.82%
-0.1119476929 4.12%
- -
- -
0.3159974896 16.57%
-0.240120131 -14.21%
-0.0091911674 4.99%
-0.0885118142 6.39%
Comments
This is a good sign as it shows a good increase in the evel of current assets as against current liabilities. This means that the fir
The inventory here is negligible, as mentioned in the balance sheet. This means that the company is well off as far as liquidity is
The most liquid of these ratios, this says that the company can pay off 45% of it's liabilities using cash readily available. The ove
Ability of the cash flows from operations to pay off the current liabilities. The company's position has improved In this regard, giv
The debt component has reduced significantly over the last five years by 50% of the total capital to only 1.53% from 25%. This
The earnings generated before provision for Interest and Taxes can pay off the interest 70 times as on 2017. The compay has i
The gross profit margin has grown at a CAGR of 4.60%. However, the YoY growth has been on the decline in 2017 as is volatile
Here too, the profits are declining. Could mean that the operations are slowly losing efficiency
There is an increase in PAT, however, the growth rate is not constant over the last five years.
The PBT has grown at 5.31% too, but there is a decline in growth rate in 2017
In 2017, every 1 rupee worth asset generated 25% of profit. However, this is lower than that of previous year. The assets has b
Major cause of concern with declining rate. The capital is not being properly deployed.
The best performance in this are was in 2014. However, there is a major decline in the same and this will be a major concern to
This ratio has been on the up since 2013. This could mean that the company 's collection is efficient and improving and their cu
This is again a good sign, corresponding to the previous ratio and says that the number of days taken to receive the receivable
The assets are being utilized efficiently by the company and is maintaining the same. The CAGR shows 4.99% increase, howev
The total assets utilisation has been on the decline since 2014. This should send alarm bells to the management as to if there h
HCL
Company : HCL Technologies Ltd
Industry : Computers - Software - Large
Company >> Finance >> Balance Sheet (Rs in Crs.)
Year Jun 13 Jun 14 Jun 15 Mar 16 Mar 17
SOURCES OF FUNDS :
Share Capital + 139.37 140 281.2 282.08 285.36
Reserves Total + 10,093.36 15,605.61 19,124.53 21,214.44 25,687.90
Equity Application Money 5.01 7.65 0.02 0.05 0.03
Secured Loans + 544.1 539.34 40.63 41.63 44.87
Unsecured Loans + 82.48 29.25 0 0.03 0
Total Debt 626.58 568.59 40.63 41.66 44.87
Other Liabilities+ 602.9 690.71 481.71 550.32 452.8
Gross Block + 4,145.88 4,921.06 5,686.72 5,585.40 11,282.66
Less:Accumulated Depreciation + 2,191.70 2,472.49 2,622.49 2,769.16 3,292.85
Net Block + 1,954.18 2,448.57 3,064.23 2,816.24 7,989.81
Capital Work in Progress+ 488.19 518.5 543.95 582.12 410.53
Investments + 4,055.70 4,116.01 4,124.96 3,974.30 4,724.24
Inventories + 81.84 15.54 83.65 128.56 89.93
Sundry Debtors + 2,709.21 3,224.19 3,578.28 4,084.53 4,418.39
Cash and Bank+ 2,808.83 7,911.08 8,829.41 8,662.96 7,962.35
Loans and Advances + 2,587.90 2,299.42 3,058.21 4,292.41 4,732.08
Provisions + 1,191.81 915.2 888.13 772.17 540.88
Net Current Assets 3,695.67 8,648.29 10,562.58 12,668.97 11,301.80
Deferred Tax Assets 377.24 312.78 229.98 1,189.75 1,368.57
Deferred Tax Liabilities 0.55 0.99 12.1 10.03 157.5
Net Deferred Tax 376.69 311.79 217.88 1,179.72 1,211.07
Other Assets+ 896.79 969.4 1,414.49 867.2 833.51
Total Assets 11,467.22 17,012.56 19,928.09 22,088.55 26,470.96
Contingent Liabilities+ 2,333.77 1,781.81 730.95 0.63 0.63
http://www.capitaline.com
Company : HCL Technologies Ltd
Company >> Finance >> Profit & Loss (Rs in Crs.)
Jun 13 Jun 14 Jun 15 Mar 16 Mar 17
Year (12) (12) (12) (9) (12)
INCOME :
Other Income + 472.38 659.12 1,199.50 968.42 955.33
Stock Adjustments + -7.83 -64.75 66.23 46.79 -38.63
Total Income 12,982.37 17,091.74 18,419.17 14,449.85 20,235.01
EXPENDITURE :
Cost of Traded Software Packages 251.66 345.37 363.76 162.66 123.31
Employee Cost + 4,628.61 5,123.95 5,924.62 4,866.92 6,843.38
Power/Electricity Charges + 201.3 205.15 218.96 167.23 233.54
Selling and Administration Exp. + 1,123.65 1,263.27 1,314.18 974.15 1,312.03
Miscellaneous Expenses + 318.06 120.26 83.4 108.14 125.05
Interest + 76.46 81.65 60.64 45.82 56.03
Gross Profit 4,986.65 7,888.36 7,998.46 6,058.44 8,754.96
Depreciation+ 441.91 490.7 299.92 276.89 478.89
Profit Before Tax 4,544.74 7,397.66 7,698.54 5,781.55 8,276.07
Tax+ 910.12 1,439.83 1,300.02 1,269.60 1,537.33
Deferred Tax+ -70.1 -26.79 52.57 -207.13 -133.95
Reported Net Profit 3,704.72 5,984.62 6,345.95 4,719.08 6,872.69
Adjusted Net Profit 3,646.89 5,906.92 6,243.39 4,609.46 6,871.32
Adjustment below Net Profit + 831.81 0 0 8.97 -5.44
Appropriations + 1,125.18 1,513.66 2,974.86 2,697.59 4,068.73
Dividend 835.36 699.1 2,385.59 2,251.74 3,386.11
Equity Dividend % 600 500 1,500.00 800 1,200.00
Book Value-Unit Curr 146.84 224.94 138.02 152.41 182.04
Book Value(Adj)-Unit Curr 73.42 112.47 138.02 152.41 182.04
HCL Technologies Ltd
Break up of Operating Income
Jun 13 Jun 14 Jun 15 Mar 16 Mar 17
Year (12) (12) (12) (9) (12)
Sales turnover / Operating Income 12,517.82 16,497.37 17,153.44 13,434.64 19,318.31
Job Work & Service Income 0 0 0 0 0
Other Operating Divisions / Income 0 0 0 0 0
HCL Technologies Ltd
Year Jun 13 Jun 14 Jun 15 Mar 16 Mar 17
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the year 134.69 155.81 240.73 432.73 125.17
Net Cash from Operating Activities 4,170.15 6,147.22 5,335.67 3,154.30 6,995.10
Net Cash Used in Investing Activities -2,973.66 -4,664.63 -1,783.46 -762.88 -2,656.10
Net Cash Used in Financing Activities -1,175.37 -1,397.67 -3,360.21 -2,698.98 -4,112.17
Net Inc/(Dec) in Cash and Cash Equivalent 21.12 84.92 192 -307.56 226.83
Cash and Cash Equivalents at End of the year 155.81 240.73 432.73 125.17 352
Formula
2013 2014
Current ratio Current assets/Current liabilities 1.822702 2.800999
Quick ratio Current assets-Inventory/Current liabilities 1.804484 2.797763

Cash ratio Cash and cash equivalents/Current Liabilties 0.625281 1.647476
Cash from operations ratio CFO/current liabilities 0.928328 1.280153

Debt equity ratio Debt/Equity 0.061203 0.036093
Times interest earned EBIT/Interest expense 66.21907 97.61188
Gross profit ratio Gross profit/Sales 0.398364 0.478159
EBIT margin EBIT/Sales 0.404472 0.483108
Net profit ratio PAT/Sales 0.295956 0.362762
Pre tax profit margin PBT/Sales 0.363062 0.448415
Investment basis
Return on assets (Pre tax basis) EBIT/Avg total assets 0.515948 0.559696
Return on total capital (Pre tax basis) EBIT/Avg total capital 36.42132 57.05702
Return on equity (Pre tax basis) EBIT/Avg total equity 0.601165 0.61329
Activity ratios
137.69 338.82
Inventory turnover ratio COGS/Avg inventory
DSO 365/Inventory turnover ratio 2.650882 1.077268
Receivables turnover ratio Sales/Avg receivables 5.324885 5.560849
Days receivables Outstanding 365/Receivables turnover ratio 68.54608 65.63746

Fixed assets turnover ratio Sales/Avg fixed assets 7.016932 7.494121
Total assets turnover ratio Sales/Avg total assets 1.275608 1.158532
HCL Technologies Ltd.
2015 2016 2017 2013 to 2014YoY Growth 2014 to 2015 YoY Growth
3.118036 3.815646 2.915251 0.5367286889 0.1131869026
3.101262 3.787074 2.900011 0.5504505454 0.1084791322

1.770496 1.92532 1.349334 1.6347776723 0.0746718705
1.069922 0.701035 1.185419 0.3789887799 -0.1642234551
0.002094 0.001938 0.001728 -0.4102657596 -0.9419920372

132.9007 133.2226 157.2549 0.4740750928 0.3615220363
0.466289 0.450957 0.453195 0.2003055729 -0.0248236908

0.469824 0.454367 0.456095 0.194415666 -0.0274965171
0.369952 0.351262 0.35576 0.2257310205 0.0198200671
0.448804 0.430346 0.428405 0.235092009 0.000869582
0.436327 0.290564 0.362895 0.0847912736 -0.2204216393

38.26733 21.67398 31.05523 0.5665829492 -0.3293142428
0.458437 0.29848 0.371225 0.0201687066 -0.2524951242
345.87 168.82 176.83

1.4607451522 0.0208075084
1.05531 2.162066 2.064129 -0.5936190308 -0.020383381
5.043298 3.506453 4.543924 0.0443133601 -0.093070549
72.37328 104.0938 80.32705 -0.0424330108 0.1026215974
6.223132 4.56924 3.575462 0.0680053865 -0.1695981619

0.928703 0.639491 0.795655 -0.0917807724 -0.1983798779
2015 to 2016 YoY Growth 2016 to 2017 YoY Growth CAGR growth over the years
0.2237338702 -0.2359744307 12.46%
0.221139582 -0.2342343228 12.59%

0.0874469756 -0.2991641473 21.20%
-0.3447794663 0.6909559243 6.30%
-0.0743779193 -0.1085869071 -59.01%

0.0024219929 0.1803917009 24.14%
-0.0328816396 0.0049634281 3.28%

-0.0328993548 0.003803227 3.05%
-0.0505198534 0.0128061219 4.71%
-0.0411269565 -0.0045102975 4.22%
-0.3340682953 0.2489317576 -8.42%

-0.4336166083 0.4328346303 -3.91%
-0.3489187714 0.2437173025 -11.35%
-0.5118975338 0.047446985 6.45%

1.0487501481 -0.0452977436 -6.06%
-0.3047301715 0.2958748516 -3.89%
0.4382905153 -0.2283205444 4.04%
-0.2657651337 -0.2174931221 -15.51%

-0.3114142691 0.2441997834 -11.13%
Comments
Current ratio over the years has increased and indicates good financial health in terms of liquidity to pay off current liabiltiies. Th
Quick ratio too over the years has increased and indicates good financial health in terms of liquidity to pay off its short term obli
The amount of cash and cash equivalents of the company as a portion of current liabiltiies has been increasing over the years w
The amount of cash generated from core operating activitiies of the business has remained constant over the years and is a go
Debt over the years has increased over the years. Though it is a bad sign as the company may not potentially make use of fina
The company is certainly in a good position to pay off its financial obligations and gives a green flag to lenders
Gross profit has seen a rise and plummet over the years. This is the profit arising from sale of goods and services out of core o
EBIT or the operating profit has increased initially and is remaining constant over the years and this may be due to less amount
Net profit has observed a significant increase over the years and again can be attributed to decreasing expenses right from CO
Pre tax ratios have increased in 2014 but have dropped over the years owing to increasing expenses.However not a signifcant
This ratio has increased initially but then decreased and may be attributed to the slow demand in IT industry or due to changes
It is natrural for this ratio to go up when inventory level in the firm has come down
The number of days outstanding to collect all the book debts has certainly come down as compared to last year and is a good s
Over the years the ratios have dropped. The trend line over past years show that there has been a signifciant decline in the sam
This ratio too has dropped and shows that the company has not been utilising its asset base well enough
e business is signifcantly strong
WIPRO
O
Company : Wipro Ltd
Year Mar 13 (12) Mar 14 (12) Mar 15 (12) Mar 16 (12) Mar 17 (12)
INCOME :
Excise Duty 3.1 7.9 0.2 0 0
Other Income + 1,325.30 1,611.20 2,499.00 2,710.60 2,570.00
Stock Adjustments + 18.2 -0.9 254.3 53.1 -164
Total Income 34,570.00 40,367.50 43,963.10 47,444.50 48,453.80
EXPENDITURE :
Cost of Traded Software Packages 2,701.40 2,491.10 2,799.80 2,656.20 2,186.90
Operating Expenses + 484.1 4,983.10 5,352.20 0 0
Employee Cost + 15,904.20 18,337.50 19,726.30 21,267.10 21,854.40
Power/Electricity Charges + 230.4 246.8 242.6 0 0
Selling and Administration Exp. + 5,983.20 2,731.40 3,229.90 9,609.80 10,311.60
Miscellaneous Expenses + 1,007.90 858 914 1,891.90 1,974.00
Interest + 352.4 374.7 362.9 549.9 392.1
Gross Profit 7,906.40 10,344.90 11,335.40 11,469.60 11,734.80
Depreciation+ 701.3 736.7 778.4 875.4 1,047.70
Tax+ 1,544.90 2,168.40 2,376.60 2,452.30 2,430.40
Deferred Tax+ 10 52.4 -12.7 -58.6 95
Adjustment below Net Profit + -402.6 0 0 5.9 -1,034.90
Appropriations + 2,578.90 3,047.60 4,375.30 3,567.20 877.6
Dividend 1,724.70 1,973.60 2,963.60 3,567.20 877.6
Equity Dividend % 350 400 600 300 100
e
Company : Wipro Ltd
SOURCES OF FUNDS :
Share Capital +492.6 493.2 493.7 494.1 486.1
Reserves Total
23,736.90
+ 28,862.70 34,127.90 40,731.60 46,219.50
Equity Share Warrants0 0 0 0 0
Equity Application0Money 0 0 0 0
Total Shareholders
24,229.50 Funds
29,355.90 34,621.60 41,225.70 46,705.60
Secured Loans +50.4 4,565.80 172.9 203.7 226.9
Unsecured Loans
6,044.60+ 17.2 5,929.70 6,609.20 6,083.00
Total Debt6,095.00 4,583.00 6,102.60 6,812.90 6,309.90
Other Liabilities+
240.7 351.8 301.7 1,268.60 1,326.00
Total Liabilities
30,565.20 34,290.70 41,025.90 49,307.20 54,341.50
Gross Block8,318.80
+ 9,043.40 9,453.80 10,176.00 11,050.90
Less:Accumulated
4,409.40 Depreciation
5,068.40 +5,415.40 6,108.50 6,688.70
Less:Impairment of 0 Assets 0 0 0 0
Net Block +3,909.40 3,975.00 4,038.40 4,067.50 4,362.20
Lease Adjustment0 0 0 0 0
Capital Work in378.9
Progress+275.1 361.2 325.1 694.1
Investments10,904.30
+ 11,036.00 10,768.50 26,200.60 35,146.10
Inventories + 320.5 228.3 479.4 526.2 355.9
Sundry Debtors
8,499.40
+ 8,550.90 8,144.20 8,398.00 8,129.90
Cash and Bank+
7,800.40 10,554.90 15,667.50 8,408.80 3,516.60
Loans and Advances
5,715.00 +7,430.90 10,375.60 7,507.80 7,578.00
Total Current
22,335.30
Assets26,765.00 34,666.70 24,840.80 19,580.40
Current Liabilities
6,679.20+ 7,688.70 8,210.90 8,266.60 7,370.20
Provisions +3,409.40 3,619.60 4,115.00 1,278.90 1,306.10
Total Current
10,088.60
Liabilities
11,308.30 12,325.90 9,545.50 8,676.30
Net Current
12,246.70
Assets 15,456.70 22,340.80 15,295.30 10,904.10
Miscellaneous Expenses0 not written
0 off +0 0 0
Deferred Tax Assets
115.1 148.7 623.5 752.1 726.9
Deferred Tax Liabilities
52.8 137.9 514.3 398.9 630.8
Net Deferred Tax 62.3 10.8 109.2 353.2 96.1
Other Assets+
3,063.60 3,537.10 3,407.80 3,065.50 3,138.90
Total Assets
30,565.20 34,290.70 41,025.90 49,307.20 54,341.50
Contingent 6,484.40
Liabilities+7,020.30 7,587.40 8,132.50 7,378.00
Wipro Ltd
Break up of Operating Income
Year Mar 13 (12) Mar 14 (12) Mar 15 (12) Mar 16 (12) Mar 17 (12)
Sales turnover / Operating Income 33,229.60 38,765.10 41,210.00 44,680.80 45,639.60
Job Work & Service Income 0 0 0 0 0
Other Operating Divisions / Income 0 0 0 0 408.2
rge
Wipro Ltd
Year Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13
Cash Flow Summary
Cash and Cash Equivalents at Beginning of th 1,849.20 3,732.10 4,409.20 5,664.30 5,203.30 6,232.80
Net Cash from Operating Activities 715.9 4,410.50 4,477.40 3,711.20 2,997.90 6,119.20
Net Cash Used in Investing Activities -1,123.90 -3,662.70 -3,126.10 -1,438.90 -244.6 -3,546.00
Net Cash Used in Financing Activities 2,290.90 -70.7 -96.2 -2,733.30 -1,723.80 -1,005.60
Net Inc/(Dec) in Cash and Cash Equivalent 1,882.90 677.1 1,255.10 -461 1,029.50 1,567.60
Cash and Cash Equivalents at End of the year 3,732.10 4,409.20 5,664.30 5,203.30 6,232.80 7,800.40
Mar 14 Mar 15 Mar 16 Mar 17
7,800.40 10,554.90 14,919.80 8,343.10

6,588.60 7,703.60 6,686.70 7,370.70
254.5 -1,479.90 -9,773.70 -7,984.00
-4,088.60 -1,836.10 -3,489.70 -4,367.60
2,754.50 4,387.60 -6,576.70 -4,980.90
10,554.90 14,942.50 8,343.10 3,362.20
2013 2014 2015
Current ratio Current assets/Current liabilities 2.2139147 2.36684559 2.812509
Current assets-Inventory/Current
Quick ratio liabilities 2.1821462 2.34665688 2.773615
Cash and cash
Cash ratio equivalents/Current Liabilties 0.7731895 0.93337637 1.271104
Cash flow from operations ratio CFO/Current liabilities 0.606546 0.58263399 0.624993

Debt equity ratio Debt/Equity 0.2515529 0.15611853 0.176266
Times interest earned EBIT/Interest expense 23.435868 28.6084868 32.2356
Gross profit ratio Gross profit/Sales 0.2379324 0.26686117 0.275064
EBIT margin EBIT/Sales 0.2485374 0.27652708 0.28387
Net profit ratio PAT/Sales 0.1700351 0.19056832 0.198813
Pre tax profit margin PBT/Sales 0.2168278 0.24785696 0.256176
Investment basis
Return on assets (Pre tax basis) EBIT/Avg total assets 0.3915645 0.21930889 0.237335
Return on total capital (Pre tax basiEBIT/Avg total capital 16.781063 16.7555285 21.72378
Return on equity (Pre tax basis) EBIT/Avg total equity 1.0831666 0.30824814 0.335105
Activity ratios
Inventory turnover ratio COGS/Avg inventory 60.11 141.27 116.46
DSO 365/Inventory turnover ratio 6.072201 2.58370496 3.134123
Receivables turnover ratio Sales/Avg receivables 4.04 4.55 4.94
Days receivables Outstanding 365/Receivables turnover ratio 90.346535 80.2197802 73.88664

Fixed assets turnover ratio Sales/Avg fixed assets 7.7646509 8.42920197 9.675069
Total assets turnover ratio Sales/Avg total assets 2.0650021 1.35353959 1.262055
2016 2017 2013 to 2014YoY Growth 2014 to 2015 YoY Growth 2015 to 2016 YoY Growth
2.602357 2.256768 0.0690771305 0.1882940866 -0.0747203002
2.547232 2.215749 0.0753894018 0.1819431003 -0.0816202811
0.880918 0.405311 0.207176663 0.3618342794 -0.3069664209

0.700508 0.849521 -0.0394232388 0.072702429 0.1208256791
0.165259 0.135099 -0.3793808105 0.1290503575 -0.0624461845

21.85761 30.92808 0.2207137532 0.1267845913 -0.3219419197
0.256701 0.257119 0.1215837783 0.0307393287 -0.0667605344

0.269008 0.26571 0.11261737 0.0265555814 -0.0523557729
0.183535 0.178829 0.1207583912 0.0432657134 -0.0768468597
0.237109 0.234163 0.1431052692 0.0335625889 -0.0744298928
0.22573 0.442369 -0.4399163 0.0821947509 -0.0488977053

23.68556 24.52459 -0.0015216068 0.2965142539 0.090305748
0.30847 0.273384 -0.7154194555 0.0871284026 -0.0794840574
88.86 104.4 1.3501913159 -0.175621151 -0.2369912416

4.107585 3.496169 -0.5745027253 0.2130345183 0.3106009453
5.4 5.57 0.1262376238 0.0857142857 0.0931174089
67.59259 65.52962 -0.1120879121 -0.0789473684 -0.0851851852
10.1679 10.6008 0.0855867282 0.1478037061 0.0509384605

1.385035 2.011688 -0.3445335365 -0.06758896 0.0974444192
2016 to 2017 YoY Growth CAGR growth over the years Comments
-0.1327983347 98.5724192878 Current ratio from 2013 to 2015 has increased which indicate
-0.1301346218 98.8604336276 Quick ratio too has increased from 2013 to 2015 and indicate
-0.539899113 162.3204242658 The amount of cash and cash equivalents of the company as
0.2127213346 77.6724809812 The amount of cash generated from core operating activitiies
-0.1824966422 159.3976090181 Debt over the years has dropped down which is a good sign.
0.414979904 81.2168369381 The company is certainly in a good position to pay off its finan
0.0016281716 94.3495546636 Gross profit has seen a rise over the years. This is the profit
-0.0122603093 95.1125666739 EBIT or the operating profit has increased and then dropped
-0.0256400928 96.2886132559 Net profit is not changed much over the 5 years.
-0.0124233416 94.3947067719 Similar to net profit margin, pre tax ratios too have not change
0.9597283914 91.2565186767
0.0354233889 75.2338557879
-0.1137417749 280.8288805214
0.1748818366 66.0974449759 This ratio has decreased and then increased again which sho
-0.1488505747 151.2917784289 It is natrural for this ratio to go down when inventory level in th
0.0314814815 78.5949473676 This ratio has increased which shows that the company is abl
-0.0305206463 127.2346421104 The number of days outstanding to collect all the book debts
0.0425753405 79.1748662103 Over the years the ratios have increased which shows that th
0.4524451635 101.9811437051 This ratio too dropped and increased in 2017 shows that the
5 has increased which indicates good financial health in terms of liquidity to pay off current liabiltiies. but it has dropped in 2016 and 2017.
rom 2013 to 2015 and indicates good financial health in terms of liquidity to pay off its short term obligations since inventory too is excluded
equivalents of the company as a portion of current liabiltiies has been dropping ove the years. However the other current assets will cover u
from core operating activitiies of the business has significantly increased over the years and is a good sign. Cash from the core operations
ped down which is a good sign.

good position to pay off its financial obligations and gives a green flag to lenders
ver the years. This is the profit arising from sale of goods and services out of core operations of the buisness and over the last 5 years has c
s increased and then dropped over the years and this may be due to significant amount going towards COGS and other expenses was mo
over the 5 years.
tax ratios too have not changed much which is good for the company as ot shows that the company is functioning effectively.
hen increased again which shows that the company is able to sell its inventory better in 2017 as compared to 2014, 2015 and 2016.
down when inventory level in the firm has come up.
shows that the company is able to take the debts on time
ng to collect all the book debts has certainly come down and is a good sign for the company and which in turn increases cash flows
increased which shows that the company is able to generate revenue from its fixed assets.
eased in 2017 shows that the company has not been utilising its asset base well enough from 2014 to 2016 but has utilised better in 2017.
has dropped in 2016 and 2017.
s since inventory too is excluded.but it has dropped down in 2016 and 2017.
other current assets will cover up for its shortcomings

n. Cash from the core operations of the business is signifcantly strong
s and over the last 5 years has certainly increased

GS and other expenses was more in 2014 and 2015.
ctioning effectively.
to 2014, 2015 and 2016.
rn increases cash flows
6 but has utilised better in 2017.

Company : Tata Consultancy Services Ltd
SOURCES OF FUNDS :
Share Capital + 295.72 195.87 195.87 197 197
Reserves Total + 32,266.53 43,856.01 45,220.57 64,816.00 77,825.00
Equity Application Money 0 0 0 0 0
Secured Loans + 161.6 88.64 86.24 177 50
Unsecured Loans + 10.34 26.84 186.61 1 200
Total Debt 171.94 115.48 272.85 178 250
Other Liabilities+ 521.39 970.05 849.06 679 677
Gross Block + 9,183.36 11,315.73 14,205.25 17,251.00 18,749.00
Net Block + 5,104.28 5,929.19 7,996.29 9,080.00 9,231.00
Capital Work in Progress+ 1,763.85 3,047.53 2,706.94 1,640.00 1,477.00
Investments + 6,324.38 5,832.42 3,398.70 24,159.00 42,930.00
Inventories + 6.34 8.57 12.34 9 21
Sundry Debtors + 11,202.32 14,471.89 17,036.76 19,058.00 16,649.00
Cash and Bank+ 4,054.16 12,566.26 16,502.50 4,806.00 1,316.00
Provisions + 3,896.14 5,827.83 7,019.35 1,815.00 2,488.00
Deferred Tax Assets 148.23 273.58 303.47 2,566.00 2,800.00
Deferred Tax Liabilities 168.49 226.87 271.46 402 667
Net Deferred Tax -20.26 46.71 32.01 2,164.00 2,133.00
Other Assets+ 6,511.41 8,420.53 8,977.23 8,561.00 5,783.00
Total Assets 33,255.58 45,137.41 46,538.35 65,870.00 78,949.00
Contingent Liabilities+ 7,303.41 8,066.00 7,314.50 18,246.80 8,730.00
Company : Tata Consultancy Services Ltd
Year (12) (12) (12) (12) (12)
INCOME :
Excise Duty 0.82 3.15 4.09 0 0
Other Income + 2,230.39 3,114.71 4,995.11 3,757.00 4,568.00
Stock Adjustments + 0 0.07 -0.15 0 0
Total Income 50,656.53 67,787.71 78,573.02 89,621.00 97,261.00
EXPENDITURE :
Cost of Traded Software Packages 25.02 39.77 64.62 0 0
Employee Cost + 17,081.72 21,466.56 27,368.32 42,420.00 48,116.00
Power/Electricity Charges + 375.61 463.25 493.36 0 0
Miscellaneous Expenses + 718.81 904.44 1,091.88 3,419.00 3,484.00
Interest + 30.62 23.41 79.57 13 16
Gross Profit 16,506.04 24,625.02 25,943.74 30,798.00 31,641.00
Depreciation+ 802.86 1,080.55 1,393.77 1,459.00 1,575.00
Tax+ 2,872.82 5,091.73 5,278.31 6,376.00 6,643.00
Deferred Tax+ 44.02 -22.18 14.7 -112 -230
Adjustment below Net Profit + -103 2,375.22 92.75 -102 59
Appropriations + 6,315.69 9,032.54 19,991.10 11,767.00 11,323.00
Dividend 4,305.88 6,267.33 15,473.87 7,993.00 9,162.00
Preference Dividend 19 28.76 0 0 0
Equity Dividend % 2,200.00 3,200.00 7,900.00 4,350.00 4,650.00
Dividend Per Share(Rs) 22 32 79 43.5 46.5
TCS Ltd.
Formula
2013 2014 2015 2016 2017 2013 to 2 2014 to 2 2015 to 2
Current
assets/C
urrent
Current raliabilities 2.442292 2.786045 2.441186 2.815222 2.657456 14.08% -12.38% 15.32%
Current
assets-
Inventory
/Current
Quick rati liabilities 2.441618 2.785345 2.440427 2.811734 2.655455 14.08% -12.38% 15.21%
Cash ratioCash and c0.033897 0.026459 0.026968 0.041231 0.417627 -21.94% 1.92% 52.89%
CFO/curr
ent
Cash fromliabilities 0.973111 1.057355 1.003962 1.608622 2.204097 8.66% -5.05% 60.23%

Debt/Equ
Debt equitity 0.581428 0.589575 1.393016 0.903553 1.269036 1.40% 136.27% -35.14%
EBIT/Inte
rest
Times inteexpense 540.0607 1052.902 327.0493 2370.077 1978.563 94.96% -68.94% 624.68%
Gross
profit/Sal
Gross profes 0.340844 0.381106 0.352582 0.358683 0.341353 11.81% -7.48% 1.73%
EBIT/Sal
EBIT marges 0.341476 0.381106 0.353663 0.358835 0.341525 11.61% -7.20% 1.46%
PAT/Sale
Net profit s 0.263691 0.28361 0.25363 0.268739 0.250116 7.55% -10.57% 5.96%
PBT/Sale
Pre tax pr s 0.324265 0.364037 0.33364 0.341692 0.324361 12.27% -8.35% 2.41%
Investment basis
EBIT/Avg
total
Return onassets 0.49726 0.546075 0.55918 0.467755 0.40098 9.82% 2.40% -16.35%
EBIT/Avg
total
Return oncapital 1.218447 1.127486 1.110817 1.52033 1.819891 -7.47% -1.48% 36.87%
EBIT/Avg
total
Return onequity 1.157035 1.077006 1.047927 1.447696 1.728428 -6.92% -2.70% 38.15%
Activity
ratios
Short
term
activity
ratios
Inventory COGS/Av 6495.903 6184.068 6896.172 5724.267 8426.636

turnover g
ratio inventory -4.80% 11.52% -16.99%
365/Inve
ntory
turnover
DSO ratio 0.056189 0.059023 0.052928 0.063764 0.043315 5.04% -10.33% 20.47%
Receivab Sales/Av
les g
turnover receivabl
ratio es 4.32294 4.469083 4.319023 4.505405 5.567482 3.38% -3.36% 4.32%
Days
receivabl 365/Rece
es ivables
Outstand turnover
ing ratio 84.43327 81.67223 84.50986 81.01381 65.55927 -3.27% 3.47% -4.14%
Long
term
activity
ratio
Fixed
assets Sales/Av
turnover g fixed
ratio assets 9.48752 10.90808 9.202036 9.456388 10.04149 14.97% -15.64% 2.76%
Total
assets Sales/Av
turnover g total
ratio assets 1.456206 1.432871 1.581108 1.303537 1.174087 -1.60% 10.35% -17.56%
2016 to 2 CAGR grow
-5.60% 1.70%
-5.56% 1.69%
912.91% 65.24%
37.02% 17.76%
40.45% 16.89%
-16.52% 29.65%
-4.83% 0.03%
-4.82% 0.00%
-6.93% -1.05%
-5.07% 0.01%
-14.28% -4.21%
19.70% 8.35%
19.39% 0.08358
47.21% 5.34%
-32.07% -5.07%
23.57% 5.19%
-19.08% -4.93%
6.19% 1.14%
-9.93% -4.22%
Comments
Current Ratio is not consistent and this means that the financial health is not good in terms of paying off the current liabilities.
Quick ratio is also not consistent and it has shown negative year on tear growth rate. So the firm is not good at paying off its sh
The cash and cash equivalents of the company as compared to its current liabilities have seen considerable growth over the pe
The cash generated from the core oprations of the business has been increasing. Though the year on year growth is fluctiuating
The debt has considerably increased over the years and this might be a bad sign and risky for the firm.
The company is not doing good in paying off its financial obligations as it has shown a negative YOY growth rate on the times in
The gross profit margin for the company has been consistent however the Year on year rise has not been witnessed.
The operating margin has also not shown rise in the year on year basis.
The net profit margin has not seen considerable growth, this may be because the net profit has not increased over the years wi
Initially the ratio was negative and over the years it has stabilized but the growth is not considerable.
This ratio too has dropped and shows that the company has not been utilising its asset base well enough
Infosys Ltd.
Balance sheet
SOURCES OF FUNDS :
Share Capital + 287 286 574 1,148.00 1,148.00
Reserves Total + 35,772.00 41,806.00 47,494.00 59,934.00 66,869.00
Equity Application Money 0 0 0 0 0
Secured Loans + 0 0 0 0 0
Unsecured Loans + 0 0 0 0 0
Total Debt 0 0 0 0 0
Other Liabilities+ 120 364 30 62 82
Gross Block + 8,060.00 10,420.00 12,869.00 14,709.00 16,210.00
Net Block + 4,453.00 5,732.00 7,347.00 8,248.00 8,605.00
Capital Work in Progress+ 1,135.00 954 769 934 1,247.00
Investments + 4,344.00 6,717.00 6,857.00 11,078.00 24,977.00
Inventories + 0 0 0 0 0
Sundry Debtors + 6,365.00 7,336.00 8,627.00 9,798.00 10,960.00
Cash and Bank+ 20,401.00 24,100.00 27,722.00 29,176.00 19,153.00
Provisions + 3,788.00 6,117.00 8,045.00 3,740.00 4,112.00
Deferred Tax Assets 640 845 749 777 766
Deferred Tax Liabilities 318 303 316 372 420
Net Deferred Tax 322 542 433 405 346
Other Assets+ 1,560.00 2,279.00 4,404.00 5,972.00 6,671.00
Total Assets 36,179.00 42,456.00 48,098.00 61,144.00 68,099.00
Contingent Liabilities+ 6,170.00 193 189 188 1,902.00
Infosys Ltd
P&L Account
Year
(12) (12) (12) (12) (12)
INCOME :
Other Income + 2,298.00 2,576.00 3,749.00 3,006.00 3,062.00
Stock Adjustments + 0 0 0 0 0
Total Income 39,063.00 46,917.00 51,049.00 56,989.00 62,351.00
EXPENDITURE :
Cost of Traded Software Packages 0 0 0 0 0
Employee Cost + 19,932.00 24,350.00 25,115.00 28,207.00 30,944.00
Power/Electricity Charges + 180 181 185 179 180
Miscellaneous Expenses + 203 778 917 229 313
Interest + 3 6 8 0 0
Gross Profit 13,313.00 15,103.00 17,711.00 18,715.00 20,269.00
Depreciation+ 956 1,101.00 913 1,115.00 1,331.00
Tax+ 3,361.00 4,063.00 4,537.00 4,898.00 5,068.00
Deferred Tax+ -120 -255 97 9 52
Extraordinary Items + 60.42 0 305.58 0 81
Adjustment below Net Profit + 0 69 -42 0 0
Appropriations + 3,726.00 5,254.00 7,362.00 8,060.00 8,559.00
Dividend 2,412.00 3,618.00 5,111.00 5,570.00 5,915.00
Equity Dividend % 840 1,260.00 1,190.00 485 515
Dividend Per Share(Rs) 42 63 59.5 24.25 25.75
Key Ratios
Debt-Equity Ratio 0 0 0 0 0
Long Term Debt-Equity Ratio 0 0 0 0 0
Current Ratio 4.5 3.91 3.26 3.45 3.55
Turnover Ratios
Fixed Assets Turnover ratio 4.83 4.8 4.06 3.91 3.84
Inventory Turnover Ratio 0 0 0 0 0
Debtors Turnover Ratio 6.25 6.47 5.93 5.86 5.71
Interest Cover Ratio 4,438.67 2,334.67 2,100.75 0 0
Profit before interest, depriciati 36.22 34.07 37.46 34.67 34.19
Profit before interest and tax mar 33.62 31.59 35.53 32.6 31.94
Profit before depriciation and tax 36.21 34.06 37.44 34.67 34.19
Cash Prfot Margin (%) 27.4 25.47 27.65 25.58 25.55
After Tax Profit Mergin (%) 24.8 22.99 25.72 23.51 23.31
Return on capital employed (%) 37.48 35.63 37.12 32.22 29.31
Return on net worth (%) 27.7 26.09 26.98 23.26 21.41
Comments
1. Infosys being a debt free company shows a debt equity ratio of 0 consistently over past five years.
2. A sharp decline in current ratio. Matter of concern for the company. Total current assets have shown a CAGR of a
43% in current liabilities. Company is inefficient in generating current assets in proportion to its current liabilities
3. Debtors Turnover has shown a sharpe decline. This is good sign for the company as the collection policy has i
debtors are inceasing less than proportionately.
4. Since it is a debt free company interest cost is very low and is on short term loan (if any) therefore has a very
5. EBITDA Margin has shown a slight decline of around 2%. This may be due to very high sales growth and thus incu
6. ROCE has shown a steep decline of about eight percent. May be a matter of concern for investors as they are getti
into the business. If decline continous it might be a red signal for investors and they might search other
7. EBIT PBT and PAT may beanayzed further using DUPONT Analysis
Dupot Analysis

NP / PBT (X) 0.74 0.73 0.72 0.72 0.73
PBT / EBIT (X) 1 1 1 1 1
EBIT / Sales (X) 0.34 0.32 0.36 0.33 0.32
Sales / Assets (X) 1.11 1.13 1.04 0.99 0.92
Assets / Equity (X) 1 1.01 1 1 1
ROE (X) 0.28 0.26 0.27 0.23 0.21
Comments
1. Company is good in managing its capital raised from equity. It has used whole of it
capital for purchasing assets.
2. Earlier company made sales more than its assets. But the ratio is falling which
means the company is not able to maintain the same level of sales out of its assets.
3. Good EBIT level has been mantained consistently.
4. Since there is no debt, interest cost is nill which means PBT and PBIT are same. This
is a good sign as the company has no interest burden.
5. Company is good at tax management and has paid tax conistently over the period.
6. ROE has ben coming down the main reason seems to be companies inability to
generate same level of sales from the assets it owns. But mya not be a matter of
concern as the sales have increase consistently at a CAGR of 40% slight reduction may
be justified in increasing sales to such an extent.
ast five years.
ssets have shown a CAGR of around 30% as compared to a CAGR of

ortion to its current liabilities. This may be to increase the sales.
as the collection policy has improved and with increaasing sales

oportionately.
(if any) therefore has a very high ICR. Not a matter of concern.
h sales growth and thus incurring a higher per unit cost of sales.
n for investors as they are getting a lower return on ruppee invested

and they might search other investment opportunities.

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INFORMATION

Debt-Equity Ratio 0.1 0.07 0.07 0.06 0.05 0.09

Profit before depriciation

Return on capital employed

-0.3 0 -0.1428571429 -0.1666666667 0.8 -15.91%

0.107398568 -0.0905172414 -0.0047393365 -0.1428571429 0.25 -3.72%

0.0966284324 0.0057052298 0.0185943902 -0.0024752475 -0.0657568238 2.89%

0.1131428571 0.0088980151 0.0176390773 0.0053333333 -0.0818965517 3.53%

0.1005272408 0.0060683488 0.0171428571 -0.0003121099 -0.0677489853 3.01%

0.0973105134 0.0035650624 0.0284191829 -0.0008635579 -0.0747623163 3.14%

0.1668099742 -0.0854826824 -0.0021488047 -0.2398384926 0.3714589235 -5.15%

Detailed Balance Sheet

Equity Issued 128.12 233.47 480.4

Preference Capital Paid Up 0 0 0

Estimated Capital Contracts Remaining 36.9 944.1 582.1

Cash Flow Summary

999.6 705.8 1,707.90

Equity Issued 128.12 233.47 480.4

Preference Capital Paid Up 0 0 0

Estimated Capital Contracts Remaining 36.9 944.1 582.1

480.4 483.5 486.8

4,852.80 5,458.40 6,300.90

2,718.20 3,185.70 3,743.60

Short-term Solvency or Working Capital Ratios

Long-term Slvency Ratios

Debt to Total Capital Ratio Total Debt

Avg. Inventory 4,823.50 12,733.80 15,896.80 17,581.90

Avg. Fixed Assets 6,001.90 16,295.10 19,162.70 20,969.80

Current Liabilities 2,158.50 9,080.40 9,032.10 11,305.00

Total Capital 1,404.50 309.20 5.20 228.50

Sales 974.2 3664.8 3403.8 4418

Avg. Total Assets 1,083.20 3,751.60 3,451.70 4,471.30

23,165.40 720.10 1276.85 1907.3 2051.75 2287.6

11,160.10 1,275.00 3,915.10 4,195.50 3,970.60 4,606.60

4,564.70 817.20 3,237.80 2,930.50 3,876.30 3,878.70

262.50 5,587.30 8,899.30 11,261.30 15,218.60 17,152.70

4,564.70 109 86.8 47.9 53.3 63.8

3332.2 105.3 767.6 900.2 648 504

4500.9 6,001.90 16,295.10 19,162.70 20,969.80 23,165.40

3878.7 4,182.80 8,590.10 11,256.10 14,990.10 16,890.20

8.334815 12.76195 10.04703 10.22045 10.12651

1.692941 2.319328 2.152807 2.847177 2.422633

1.325502 1.158688 1.177854 1.153497 1.176863

0.251374 0.034744 0.000462 0.015015 0.015304

9.937615 43.2212 72.06054 83.88931 71.54702

6.097816 1.686034 2.34148 4.438735 6.611508

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Long term solvency ratios

Long term activity ratio

2.319327731 2.152806578 2.847176749 2.422632744 0.369999007 -0.0717971636 0.3225418287

0.034744306 0.000461758 0.015014522 0.015303713 -0.861782229 -0.9867098104 31.515967935

0.224901964 0.177626326 0.210683936 0.194294077 0.385587251 -0.2102055372 0.1861076031

0.446417097 0.291959011 0.300645157 0.253243421 1.46596815 -0.3459950067 0.0297512531

12.76195324 10.04702983 10.22044596 10.12650813 0.531162221 -0.2127357278 0.0172604373

Quick ratio Current assets-Inventory/Current liabilities 1.804484 2.797763

Long term solvency ratios

Long term activity ratio

3.118036 3.815646 2.915251 0.5367286889 0.1131869026

3.101262 3.787074 2.900011 0.5504505454 0.1084791322

0.002094 0.001938 0.001728 -0.4102657596 -0.9419920372

0.466289 0.450957 0.453195 0.2003055729 -0.0248236908

0.436327 0.290564 0.362895 0.0847912736 -0.2204216393

345.87 168.82 176.83