WC IT Industry 04-12-13

TCS
Cash Conversion Cycle = DSO+DIO-DPO

DPO = (Creditors/RM purchased)*12
DSO = (Debtors/Sales)*12
RM=(Inventory/RM Consumed)*12
WIP=(WIP/Cost of Prodn)*12
FG=(FG/Cost of Sales)*12
Particulars
2013
2012
CALCULATION OF PAT
Revenue from Operations
Less Excise
Net Sales
484,261.40
8.20
484,253.20
381,042.30
2.50
381,039.80
RM Consumed
Stores and Spares Consumed
Employee Benefits Expense
Other Manufacturing Cost
Depreciation & Amortisation
SubTotal
Add Opening Stock of WIP
Less Closing Stock of WIP
Cost of Production
Add Opening stock of Finished Goods
Less Closing Stock of Finished Goods
cost of goods sold
SG&A
MISC Expenses
cost of sales
EBIT
Interest
Profit After Interest
Other Income
Non-Operating Expense
Non operating Income
PBT
Tax
PAT
250.20
0.20
170,817.20
170,381.50
8,028.60
349,477.70
117.80
0.30
135,726.80
131,458.30
6,881.70
274,184.90
349,477.70
8.40
7.10
349,479.00
274,184.90
9.80
8.40
274,186.30
349,479.00
134,774.20
306.20
134,468.00
22,303.90
274,186.30
106,853.50
164.00
106,689.50
26,851.80
22,303.90
156,771.90
29,168.40
127,603.50
26,851.80
133,541.30
23,903.50
109,637.80
Working Capital Cycle

Debtors or Trade Receivables
Sales
DSO
2013
112,023.20
484,253.20
84.44
2012
91,077.20
381,039.80
87.24
Creditors or Trade payables

RM Purchased (cost of sales)
DPO
35,280.40
349,479.00
36.85
28,479.10
274,186.30
37.91
Inventories (RM Components)

RM Consumed
56.30
250.20
33.00
117.80
RM Holding Period
82.13
102.25
WIP
Cost of Prodn
WIP Holding Period
349,477.70
-
2.60
274,184.90
0.00
FG
Cost of Sales
FG Period
7.10
349,479.00
0.01
8.40
274,186.30
0.01
DIO
82.14
102.26
CCC
129.73
151.60
2013
2012
430,121.40
235,086.40
96,769.10
68,681.30
430,121.40
1,719.40
325,622.50
63.40
40,541.60
0.30
0.01
440.15
2.43
2.43
0.42
0.72
1.32
0.21
0.01
138,317.30
0.000269688
342,588.10
165,388.80
88,354.80
54,634.40
342,588.10
1,042.00
248,566.30
41.40
32,800.70
0.36
0.00
651.55
1.87
1.87
0.37
0.67
1.38
0.22
0.00
77,034.00
-
2013
Net Working Capital Position
Total Current Assets (1)
235,086.40
96,769.10
Other Current Liabilities (other than bank borrowings) (2)
138,317.30
Working Capital Gap (WCG) (1-2)
Min. stipulated net working capital: (25% of total
58,771.60
current assets(4)
138,317.30
Actual / Projected net working capital (5)
79,545.70
Item-3 minus Item-4
Item-3 minus Item-5
0
Max. permissible bank finance (item-6 or 7, whichever is lower)
2012
Key Ratios
Total Liabilities
Total Current assets
Total Current Liabilities
Fixed Assets
Total Assets
Total Debt
Equity
Inventories
Cash and Other Marketable Securities
Current liability to Networth Ratio
Debt-Equity Ratio
Interest Coverage Ratio
Current Ratio
Quick Ratio
Cash Ratio
Current Liability to Networth Ratio
Total Liability to Networth Ratio
Fixed Assets to Networth Ratio
Long Term Debt to Equity Ratio
Net Working Capital
Bank Borrowings
165,388.80
88,354.80
77,034.00
41,347.20
77,034.00
35,686.80
0

200.00
180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
201320122011201020092008200720062005
8.92
35.99
TCS
2011
2010
2009
2008
2007
292,754.10
2.70
292,751.40
230,444.50
3.90
230,440.60
224,040.00
20.80
224,019.20
174,465.10
28.30
174,436.80
149,399.70
21.20
149,378.50
177.10
0.40
102,218.50
102,900.30
5,378.20
210,674.50
237.30
0.20
78,824.30
84,903.50
4,693.50
168,658.80
526.70
10.00
73,700.90
90,130.80
4,174.60
168,543.00
451.30
6.80
59,611.70
75,524.40
4,587.80
140,182.00
215.00
5.20
64,463.70
41,926.30
3,434.10
110,044.30
210,674.50
19.70
9.80
210,684.40
168,658.80
32.00
19.70
168,671.10
168,543.00
39.80
32.00
168,550.80
140,182.00
19.60
39.80
140,161.80
110,044.30
41.40
19.60
110,066.10
210,684.40
82,067.00
200.10
81,866.90
4,947.30
168,671.10
61,769.50
95.40
61,674.10
1,776.00
140,161.80
34,275.00
34.20
34,240.80
6,898.20
110,066.10
39,312.40
34.30
39,278.10
2,165.50
4,947.30
86,814.20
11,304.40
75,509.80
1,776.00
63,450.10
7,518.70
55,931.40
168,550.80
55,468.40
74.40
55,394.00
-4,562.40
4,562.40
50,831.60
4,434.80
46,396.80
6,898.20
41,139.00
4,951.00
36,188.00
2,165.50
41,443.60
4,133.90
37,309.70
2011
48,066.70
292,751.40
59.93
2010
33,323.00
230,440.60
52.78
2009
37,327.80
224,019.20
60.82
2008
37,470.10
174,436.80
78.40
2007
27,998.00
149,378.50
68.41
21,533.80
210,684.40
37.31
24,263.20
168,671.10
52.50
14,981.90
168,550.80
32.44
12,393.70
140,161.80
32.27
8,181.30
110,066.10
27.13
43.90
177.10
48.10
237.30
137.50
526.70
123.20
451.30
86.20
215.00
90.48
73.98
95.29
99.64
146.34
8.70
210,674.50
0.02
16.70
168,658.80
0.04
30.50
168,543.00
0.07
13.20
140,182.00
0.03
13.60
110,044.30
0.05
9.80
210,684.40
0.02
19.70
168,671.10
0.04
32.00
168,550.80
0.07
39.80
140,161.80
0.10
19.60
110,066.10
0.06
90.51
74.06
95.42
99.78
146.45
113.13
74.34
123.80
145.91
187.73
2011
2010
2009
2008
2007
260,428.10
105,704.80
61,515.90
44,950.40
260,428.10
411.20
195,794.90
53.70
31,205.20
0.31
0.00
410.13
1.72
1.72
0.51
0.31
1.33
0.23
0.00
44,188.90
-
151,924.60
35,447.00
33,126.40
37,012.40
151,924.60
357.40
151,166.20
67.80
33,961.60
0.22
0.00
647.48
1.07
1.07
1.03
0.23
1.01
0.24
0.00
2,320.60
-
135,903.40
42,964.50
35,138.80
33,542.10
135,903.40
410.40
134,462.50
169.50
16,052.60
0.26
0.00
745.54
1.22
1.22
0.46
0.32
1.01
0.25
0.00
7,825.70
-
111,244.90
37,379.50
24,041.80
28,302.70
111,244.90
182.50
11,004.81
171.90
5,275.20
2.18
0.02
1,002.19
1.55
1.55
0.22
3.40
10.11
2.57
0.00
13,337.70
-
81,703.40
26,622.30
16,395.00
22,184.60
81,703.40
507.40
80,589.90
120.60
5,571.40
0.20
0.01
1,146.13
1.62
1.62
0.34
0.33
1.01
0.28
0.00
10,227.30
-
2011
2010
2009
2008
2007
105,704.80
61,515.90
44,188.90
35,447.00
33,126.40
2,320.60
42,964.50
35,138.80
7,825.70
37,379.50
24,041.80
13,337.70
26,622.30
16,395.00
10,227.30
26,426.20
8,861.75
10,741.13
9,344.88
6,655.58
44,188.90
17,762.70
0
2,320.60
6541.15
TRUE
7,825.70
-2,915.43
TRUE
13,337.70
3,992.83
0
10,227.30
3,571.73
0
orking Capital Cycle
20062005
37.37
43.7
69.33
140.93
267.96
2006
2005
112,305.00
55.10
112,249.90
` in million
80,275.90
80,275.90
338.30
11.70
39,995.70
39,579.70
2,573.80
82,499.20
17,638.30
38,047.10
1,332.20
57,017.60
82,499.20
41.40
82,457.80
57,017.60
57,017.60
82,457.80
29,792.10
44.90
29,747.20
632.60
57,017.60
23,258.30
104.00
23,154.30
952.20
632.60
30,379.80
3,574.80
26,805.00
952.20
24,106.50
2,807.60
21,298.90
2006
23,258.30
112,249.90
75.63
2005
14,680.50
80,275.90
66.75
7,370.90
82,457.80
32.63
4,456.80
57,017.60
28.53
87.90
338.30
94.84
12.70
82,499.20
0.06
41.40
82,457.80
0.18
57,017.60
57,017.60
95.08
138.08
38.22
2006
2005
57,095.20
22,704.10
11,801.40
14,497.80
57,095.20
355.00
56,093.30
229.40
1,711.70
0.21
0.01
663.52
1.92
1.90
0.15
0.40
1.02
0.26
0.00
10,902.70
-
35,061.10
10,732.50
7,142.80
10,284.40
35,061.10
1,207.40
33,210.50
1,207.40
0.22
0.04
223.64
1.50
1.50
0.17
0.32
1.06
0.31
0.03
3,589.70
-
2006
2005
22,704.10
11,801.40
10,902.70
10,732.50
7,142.80
3,589.70
5,676.03
2,683.13
10,902.70
5,226.68
0
3,589.70
906.58
0
282.93
263.72
INFO
Particulars
2013
2012
CALCULATION OF PAT
Less Excise
Net Sales
367,650.00
367,650.00
312,540.00
312,540.00
RM Consumed
Stores and Spares Consumed
SubTotal
Cost of Production
cost of goods sold
SG&A
MISC Expenses
cost of sales
EBIT
Interest
Other Income
PBT
Tax
PAT
199,320.00
58,180.00
9,560.00
267,060.00
267,060.00
267,060.00
267,060.00
100,590.00
154,730.00
57,200.00
7,940.00
219,870.00
219,870.00
219,870.00
219,870.00
92,670.00
100,590.00
22,150.00
92,670.00
18,290.00
22,150.00
122,740.00
32,410.00
90,330.00
18,290.00
110,960.00
32,040.00
78,920.00

Sales
DSO
2013
63,650.00
367,650.00
63.19
2012
54,040.00
312,540.00
63.11

DPO
1,780.00
267,060.00
2.43
680.00
219,870.00
1.13

RM Consumed
RM Holding Period
WIP
Cost of Prodn
WIP Holding Period
267,060.00
-
219,870.00
-
FG
Cost of Sales
FG Period
267,060.00
-
219,870.00
-
DIO
60.76
61.98
2013
2012
430,280.00
327,380.00
67,930.00
55,880.00
430,280.00
360,590.00
204,010.00
0.19
4.82
4.82
3.00
0.91
1.19
0.15
0.00
259,450.00
-
358,150.00
284,650.00
60,370.00
46,400.00
358,150.00
297,570.00
195,570.00
0.20
4.72
4.72
3.24
0.96
1.20
0.16
0.00
224,280.00
-
2013
327,380.00
67,930.00
Other Current Liabilities (other than bank borrowings) (2)
259,450.00
81,845.00
current assets(4)
259,450.00
177,605.00
Item-3 minus Item-4
Item-3 minus Item-5
0
2012
CCC
Key Ratios
Total Liabilities
Fixed Assets
Total Assets
Total Debt
Equity
Inventories
Debt-Equity Ratio
Current Ratio
Quick Ratio
Cash Ratio
Net Working Capital
Bank Borrowings
284,650.00
60,370.00
224,280.00
71,162.50
224,280.00
153,117.50
0

70.00
60.00
50.00
40.00
30.00
20.00
10.00
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
8.92
35.99
INFOSYS
2011
2010
2009
2008
2007
253,850.00
253,850.00
211,400.00
211,400.00
202,640.00
202,640.00
156,480.00
156,480.00
131,490.00
131,490.00
124,480.00
45,230.00
7,400.00
177,110.00
177,110.00
177,110.00
177,110.00
76,740.00
103,400.00
34,310.00
8,070.00
145,780.00
145,780.00
145,780.00
145,780.00
65,620.00
99,600.00
34,000.00
6,940.00
140,540.00
140,540.00
140,540.00
140,540.00
62,100.00
88,760.00
18,090.00
5,460.00
112,310.00
112,310.00
112,310.00
112,310.00
44,170.00
72,780.00
16,460.00
4,690.00
93,930.00
93,930.00
93,930.00
93,930.00
37,560.00
76,740.00
11,470.00
65,620.00
9,100.00
44,170.00
6,830.00
37,560.00
3,770.00
11,470.00
88,210.00
23,780.00
64,430.00
9,100.00
74,720.00
17,170.00
57,550.00
62,100.00
5,040.00
3,340.00
8,380.00
67,140.00
8,950.00
58,190.00
6,830.00
51,000.00
6,300.00
44,700.00
3,770.00
41,330.00
3,520.00
37,810.00
2011
42,120.00
253,850.00
60.56
2010
32,440.00
211,400.00
56.01
2009
33,900.00
202,640.00
61.06
2008
30,930.00
156,480.00
72.15
2007
22,920.00
131,490.00
63.62
13,700.00
177,110.00
28.23
12,520.00
145,780.00
31.35
11,880.00
140,540.00
30.85
10,600.00
112,310.00
34.45
8,610.00
93,930.00
33.46
177,110.00
-
145,780.00
-
140,540.00
-
112,310.00
-
93,930.00
-
177,110.00
-
145,780.00
-
140,540.00
-
112,310.00
-
93,930.00
-
32.33
24.66
30.21
37.70
30.17
2011
2010
2009
2008
2007
245,010.00
229,940.00
18,800.00
43,050.00
245,010.00
245,010.00
136,650.00
0.08
12.23
12.23
7.27
0.08
1.00
0.18
0.00
211,140.00
-
222,680.00
169,390.00
17,630.00
41,880.00
222,680.00
220,360.00
97,970.00
0.08
9.61
9.61
5.56
0.77
1.01
0.19
0.00
151,760.00
-
178,460.00
155,930.00
15,070.00
44,140.00
178,460.00
178,090.00
90,390.00
0.08
10.35
10.35
6.00
0.88
1.00
0.25
0.00
140,860.00
-
134,900.00
122,270.00
13,340.00
39,310.00
134,900.00
134,900.00
64,290.00
0.10
9.17
9.17
4.82
0.91
1.00
0.29
0.00
108,930.00
-
111,620.00
89,610.00
11,620.00
31,070.00
111,620.00
111,620.00
54,700.00
0.10
7.71
7.71
4.71
0.80
1.00
0.28
0.00
77,990.00
-
2011
2010
2009
2008
2007
229,940.00
18,800.00
211,140.00
169,390.00
17,630.00
151,760.00
155,930.00
15,070.00
140,860.00
122,270.00
13,340.00
108,930.00
89,610.00
11,620.00
77,990.00
57,485.00
42,347.50
38,982.50
30,567.50
22,402.50
211,140.00
153,655.00
0
151,760.00
109,412.50
0
140,860.00
101,877.50
0
108,930.00
78,362.50
0
77,990.00
55,587.50
0
37.37
43.7
69.33
140.93
267.96
2006
2005
2004
90,280.00
90,280.00
68,600.00
68,600.00
` in million
47,608.90
47,608.90
48,870.00
11,520.00
4,090.00
64,480.00
64,480.00
64,480.00
64,480.00
25,800.00
36,550.00
8,800.00
2,680.00
48,030.00
48,030.00
48,030.00
48,030.00
20,570.00
24,953.10
6,819.30
2,309.00
34,081.40
34,081.40
34,081.40
34,081.40
13,527.50
25,800.00
1,440.00
20,570.00
1,270.00
13,527.50
1,273.90
1,440.00
27,240.00
3,030.00
24,210.00
1,270.00
21,840.00
3,250.00
18,590.00
1,273.90
14,801.40
2,270.00
12,531.40
2006
15,180.00
90,280.00
61.37
2005
12,530.00
68,600.00
66.67
2004
6,325.10
47,608.90
48.49
6,100.00
64,480.00
34.53
4,640.00
48,030.00
35.26
4,304.10
34,081.40
46.10
64,480.00
-
48,030.00
-
34,081.40
-
64,480.00
-
48,030.00
-
34,081.40
-
26.84
31.41
2.40
2006
2005
2004
68,970.00
60,490.00
8,080.00
21,330.00
68,970.00
68,970.00
32,790.00
0.12
7.49
7.49
4.06
0.88
1.00
0.31
0.00
52,410.00
-
52,420.00
37,300.00
5,790.00
14,950.00
52,420.00
52,420.00
14,810.00
0.11
6.44
6.44
2.56
0.71
1.00
0.29
0.01
31,510.00
-
32,534.30
29,637.40
5,604.40
9,703.00
32,534.30
32,534.30
16,380.10
0.17
5.29
5.29
2.92
0.91
1.00
0.30
0.00
24,033.00
-
2006
2005
2004
60,490.00
8,080.00
52,410.00
37,300.00
5,790.00
31,510.00
29,637.40
5,604.40
24,033.00
15,122.50
9,325.00
7,409.35
52,410.00
37,287.50
0
31,510.00
22,185.00
0
24,033.00
16,623.65
0
282.93
263.72
Tech Mahin
Particulars
2013
2012
CALCULATION OF PAT
Less Excise
Net Sales
60,019.00
60,019.00
52,430.00
52,430.00
Raw Material
Stores and Spares consumed
SubTotal
Cost of Production
cost of goods sold
SG&A
MISC Expenses
cost of sales
EBIT
Interest
Other Income
PBT
Tax
PAT
25,138.00
22,994.00
1,570.00
49,702.00
49,702.00
49,702.00
50.00
53.00
49,752.00
10,267.00
1,090.00
9,177.00
952
8,225.00
1,647.00
6,578.00
22,510.00
21,004.00
1,505.00
45,019.00
45,019.00
45,019.00
47.00
547.00
45,613.00
6,817.00
1,025.00
5,792.00
677
5,790.00
1,184.00
4,606.00

Sales
DSO
2013
13,725.00
60,019.00
83.47
2012
12,431.00
52,430.00
86.54

5,644.00
49,752.00
4,684.00
45,613.00
DPO
RM Consumed
RM Holding Period
41.41
-
37.48
-
WIP
Cost of Prodn
WIP Holding Period
49,702.00
-
45,019.00
-
FG
Cost of Sales
FG Period
49,752.00
-
45,613.00
-
DIO
CCC
42
49
2013
2012
30,760.00
30,912.00
27,181.00
7,485.00
72,585.00
16,689.00
41,825.00
2,711.00
0.65
0.40
9.42
1.14
1.14
0.10
0.74
0.74
0.18
0.40
3731
8045
29,022.00
22,042.00
16,501.00
8,153.00
69,191.00
15,950.00
34,432.00
1,389.00
0.48
0.46
6.65
1.34
1.34
0.08
0.64
0.84
0.24
0.46
5541
5266
2003
30,912.00
Other Current Liabilities (other than bank borrowings) (2) 19,136.00
11,776.00
7,728.00
current assets(4)
2004
22,042.00
11,235.00
10,807.00
Key Ratios
Total Liabilities
Fixed Assets
Total Assets
Total Debt
Equity
Inventories
Debt-Equity Ratio
Current Ratio
Quick Ratio
Cash Ratio
Net Working Capital
Bank Borrowings
5,510.50

7,728.00
current assets(4)
3,731.00
4,048.00
Item-3 minus Item-4
8,045.00
Item-3 minus Item-5
TRUE
5,510.50
5,541.00
5,296.50
5,266.00
5,266.00
120
100
8.92
35.99
Tech Mahindra
2011
2010
2009
2008
2007
2006
49,655.00
49,655.00
44,838.00
44,838.00
43,578.00
43,578.00
36,047.00
36,047.00
27,596.87
27,596.87
12,284.50
12,284.50
19,438.00
20,382.00
1,383.00
41,203.00
41,203.00
41,203.00
49.00
496.00
41,748.00
7,907.00
999.00
6,908.00
1152
8,060.00
1,093.00
6,967.00
15,987.00
17,522.00
1,299.00
34,808.00
34,808.00
34,808.00
13.00
499.00
35,320.00
9,518.00
1,600.00
7,918.00
909
8,742.00
1,314.00
7,428.00
14,197.00
16,539.00
1,074.00
31,810.00
31,810.00
31,810.00
26.00
387.00
32,223.00
11,355.00
25.00
11,330.00
425
10,905.00
1,039.00
9,866.00
12,224.00
15,295.00
736.00
28,255.00
28,255.00
28,255.00
34.00
287.00
28,576.00
7,471.00
100.00
7,371.00
976
8,347.00
689.00
7,658.00
8,404.06
11,791.35
462.84
20,658.25
20,658.25
20,658.25
28.34
323.87
21,010.46
6,586.41
69.19
6,517.22
6,517.22
615.13
5,902.09
4,675.75
4,682.91
373.80
9,732.47
9,732.47
9,732.47
5.07
140.52
9,878.06
2,406.44
2,406.44
2,406.44
205.23
2,201.21
2011
11,720.00
49,655.00
86.15
2010
9,930.00
44,838.00
80.83
2009
8,545.00
43,578.00
71.57
2008
10,574.00
36,047.00
107.07
2007
7,920.19
27,596.87
104.75
2006
4,127.57
12,284.50
122.64
4,617.00
41,748.00
4,533.00
35,320.00
5,011.00
32,223.00
5,091.00
28,576.00
4,987.04
21,010.46
1,957.67
9,878.06
40.37
6.00
-
46.84
-
56.76
13.00
-
65.03
-
86.64
-
72.34
-
41,203.00
-
34,808.00
-
31,810.00
-
28,255.00
-
20,658.25
-
9,732.47
-
41,748.00
-
35,320.00
-
32,223.00
-
28,576.00
-
21,010.46
-
9,878.06
-
46
34
15
42
18
50
2011
2010
2009
2008
2007
2006.00
18,064.00
23,455.00
8,711.00
7,103.00
60,488.00
4,166.00
33,840.00
1,938.00
0.26
0.12
7.91
2.69
2.69
0.22
0.69
0.53
0.21
0.12
14744
0
21,349.00
19,347.00
8,164.00
9,148.00
59,019.00
4,533.00
28,667.00
1,380.00
0.28
0.16
5.95
2.37
2.37
0.17
0.67
0.74
0.32
0.16
11183
0
9,624.00
17,370.00
8,888.00
6,442.00
28,434.00
5,011.00
18,810.00
4,961.00
0.47
0.27
454.20
1.95
1.95
0.56
0.92
0.51
0.34
0.26
8482
0
9,967.00
15,562.00
9,268.00
4,924.00
22,251.00
5,091.00
12,284.00
814.00
0.75
0.41
74.71
1.68
1.68
0.09
1.27
0.81
0.40
0.40
6294
0
6,816.30
9,824.84
6,379.76
3,016.83
13,269.92
4,987.04
9,307.75
289.19
0.69
0.54
95.19
1.54
1.54
0.05
1.06
0.73
0.32
0.51
3445
0
8,256.09
5,578.00
3,938.00
4,186.90
10,092.00
3,357.70
1,835.91
759.69
2.14
1.83
1.42
1.42
0.19
3.04
4.50
2.28
1.67
1640
0
2005
23,455.00
8,711.00
14,744.00
2006
19,347.00
8,164.00
11,183.00
2007
17,370.00
8,888.00
8,482.00
2008
15,562.00
9,268.00
6,294.00
2009
9,824.84
6,379.76
3,445.08
2010
5,578.00
3,938.00
1,640.00
5,863.75
4,836.75
4,342.50
3,890.50
2,456.21
1,394.50
5,863.75
4,836.75
4,342.50
3,890.50
2,456.21
1,394.50
14,744.00
8,880.25
-
11,183.00
6,346.25
-
8,482.00
4,139.50
-
6,294.00
2,403.50
-
3,445.08
988.87
-
1,640.00
245.50
-

120
100
80
60
40
20
0
37.37
43.7
69.33
140.93
267.96
282.93
2005
2004
` in million
9,295.93
7,250.43
9,295.93
7,250.43
3,537.26
3,909.73
315.27
7,762.26
7,762.26
7,762.26
46.34
115.19
7,923.78
1,372.15
1,372.15
1,372.15
142.81
1,229.34
2005
2,174.17
9,295.93
85.37
1,117.68
7,923.78
2,088.85
3,704.57
221.45
6,014.88
6,014.88
6,014.88
26.34
117.72
6,158.94
1,091.48
1,091.48
1,091.48
150.21
941.28
` in million
2004
2,762.12
7,250.43
139.05
670.95
6,158.94
51.48
-
39.76
-
7,762.26
-
6,014.88
-
7,923.78
-
6,158.94
-
34
99
2005
` in million
2004
1,906.00
3,812.00
1,906.00
1,780.69
6,767.00
1,290.22
4,861.43
1,284.96
0.39
0.27
2.00
2.00
0.67
0.78
0.39
0.37
0.21
1906
0
1,091.58
3,307.20
1,378.00
1,530.88
5,445.00
670.95
4,353.42
291.50
0.32
0.15
2.40
2.40
0.21
0.76
0.25
0.35
0.09
1929
0
2011
3,812.00
1,906.00
1,906.00
2012
3,307.20
1,378.00
1,929.20
953.00
826.80
953.00
826.80
1,906.00
953.00
-
1,929.20
1,102.40
-
263.72
264.36
HCL
Particulars
Less Excise
Net Sales
2003
8,717.30
8,717.30
2004
11,279.80
11,279.80
2005
14,470.10
14,470.10
RM Consumed
Stores and Spares Consumed/ software dev
Power and Fuel Expense
SubTotal
Cost of Production
add : purchase of stk in trade
cost of goods sold
SG&A
MISC Expenses
cost of sales
EBIT
Interest
Other Income
PBT
Tax
PAT
1,501.10
2,548.20
384.10
493.10
4,926.50
4,926.50
4,926.50
1,584.90
41.80
6,553.20
2,164.10
10.60
2,153.50
1,077.80
3,231.30
253.10
2,978.20
2,442.40
3,623.90
472.70
568.90
7,107.90
7,107.90
7,107.90
2,144.40
20.00
9,272.30
2,007.50
54.80
1,952.70
1,467.60
3,420.30
138.10
3,282.20
2,984.80
4,910.30
221.10
441.90
675.60
9,233.70
9,233.70
9,233.70
2,587.60
33.50
11,854.80
2,615.30
56.20
2,559.10
830.20
3,389.30
96.60
3,292.70

Sales
DSO
2003
2,289.30
8,717.30
95.85
2004
1,685.90
11,279.80
54.55
2005
3,064.10
14,470.10
77.29

RM Purchased
DPO
1,512.10
-
2,204.70
-
3,399.20
-

RM Consumed
RM Holding Period
WIP
Cost of Prodn
WIP Holding Period
4,926.50
-
7,107.90
-
9,233.70
-
FG
Cost of Sales
FG Period
6,553.20
9,272.30
389.70
11,854.80
12.00
DIO
CCC
Key Ratios
Total Liabilities
Fixed Assets
Total Assets
Total Debt
Equity
Inventories
Debt-Equity Ratio
Current Ratio
Quick Ratio
Cash Ratio
Net Working Capital

Other Current Liabilities (other than bank
borrowings) (2)
95.85
54.55
12.00
89.29
2003
25,632.60
4,556.00
2,415.60
1,891.40
25,632.00
58.30
23,158.70
371.20
0.10
0.00
204.16
1.89
0.18
0.15
0.10
1.11
0.08
2,140.40
2004
29,700.00
3,884.50
5,805.60
3,239.10
29,700.00
982.30
22,912.10
727.80
0.25
0.04
36.63
0.67
0.13
0.13
0.25
1.30
0.14
1921.10
2005
43,248.50
11,442.00
5,111.10
4,317.30
43,248.50
966.90
28,616.20
845.30
0.18
0.03
46.54
2.24
0.26
0.17
0.18
1.51
0.15
6330.90
2003
4556.00
2004
3884.50
2005
11442.00
2415.60
2140.40
5805.60
1921.10
5111.10
6330.90
Min. stipulated net working capital: (25% of

1139
971.125
total current assets(4)
excluding export receivables)
2140.40
1921.10
1001.40
2892.23
Item-3 minus Item-4
0.00
0.00
Item-3 minus Item-5
0
TRUE
2860.5
6330.90
3470.40
0.00
0

160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
-
HCL
2006
30,329.20
30,329.20
2007
37,686.20
37,686.20
2008
46,183.90
46,183.90
2009
46,750.90
46,750.90
2010
50,787.60
50,787.60
2011
67,944.80
67,944.80
4,630.90
11,719.00
527.80
1,169.00
1,388.00
19,434.70
19,434.70
19,434.70
4,833.20
229.00
24,496.90
5,832.30
127.40
5,704.90
833.40
6,538.30
154.50
6,383.80
5,573.30
14,485.30
634.30
1,523.80
1,782.10
23,998.80
23,998.80
23,998.80
5,896.50
278.00
30,173.30
7,512.90
129.70
7,383.20
4,394.20
11,777.40
758.70
11,018.70
7,217.90
17,263.90
834.90
2,397.70
2,178.70
29,893.10
29,893.10
29,893.10
8,624.20
397.40
38,914.70
7,269.20
190.70
7,078.50
1,704.00
8,782.50
946.00
7,836.50
4,620.60
19,302.20
1,002.80
2,431.90
2,518.90
29,876.40
29,876.40
29,876.40
7,076.40
236.10
37,188.90
9,562.00
280.90
9,281.10
2,658.10
11,939.20
1,966.10
9,973.10
21,876.60
869.30
3,321.90
2,740.30
28,808.10
28,808.10
28,808.10
8,885.80
560.20
38,254.10
12,533.50
1,013.60
11,519.90
1,717.70
13,237.60
962.40
12,275.20
32,590.90
1,269.40
4,259.40
2,913.70
41,033.40
41,033.40
41,033.40
10,836.10
519.10
52,388.60
15,556.20
1,013.90
14,542.30
1,662.70
16,205.00
916.00
15,289.00
2006
6,459.80
30,329.20
77.74
2007
7,124.80
37,686.20
69.01
2008
9,800.20
46,183.90
77.45
2009
14,892.60
46,750.90
116.27
2010
20,847.00
50,787.60
149.82
2011
16,572.60
67,944.80
89.03
6,998.90
-
8,585.00
-
10,500.60
-
13,611.60
-
6,456.00
-
3,401.60
-
19,434.70
-
23,998.80
-
29,893.10
-
29,876.40
-
28,808.10
-
41,033.40
-
233.30
24,496.90
3.48
373.10
30,173.30
4.51
706.90
38,914.70
6.63
870.10
37,188.90
8.54
120.40
38,254.10
1.15
1,249.70
52,388.60
8.71
3.48
4.51
6.63
8.54
1.15
8.71
81.22
73.52
84.08
124.81
150.97
97.74
2006
40,964.50
15,736.80
9,350.20
6,893.10
40,964.50
133.80
25,772.00
1,062.20
0.36
0.01
45.78
1.68
0.38
0.11
0.36
1.59
0.27
6386.60
2007
47,843.20
18,826.70
10,030.20
8,829.50
47,843.20
408.90
34,250.20
3,809.40
0.29
0.01
57.93
1.88
0.39
0.38
0.29
1.40
0.26
8796.50
2008
55,021.60
24,199.00
18,288.50
11,443.20
55,021.60
253.30
32,148.30
9,126.50
0.57
0.01
38.12
1.32
0.44
0.50
0.57
1.71
0.36
5910.50
2009
65,959.10
45,326.20
22,159.90
12,745.40
65,959.10
5,137.30
34,882.40
6,868.80
0.64
0.15
34.04
2.05
0.69
0.31
0.64
1.89
0.37
23166.30
2010
84,893.30
47,289.40
21,560.80
14,210.30
84,893.30
13,973.90
49,358.60
8,099.80
0.44
0.28
12.37
2.19
0.56
0.38
0.44
1.72
0.29
25728.60
2011
90,648.00
41,325.70
21,657.70
18,146.20
90,648.00
11,219.20
58,581.50
5,803.30
0.37
0.19
15.34
1.91
0.46
0.27
0.37
1.55
0.31
19668.00
2006
15736.80
2007
18826.70
2008
24199.00
2009
45326.20
2010
47289.40
2011
41325.70
9350.20
6386.60
10030.20
8796.50
18288.50
5910.50
22159.90
23166.30
21560.80
25728.60
21657.70
19668.00
3934.2
4706.675
6049.75
11331.55
11822.35
10331.425
6386.60
2452.40
0.00
0
8796.50
4089.83
0.00
0
5910.50
139.25
0.00
TRUE
23166.30
11834.75
0.00
0
25728.60
13906.25
0.00
0
19668.00
9336.58
0.00
0
` in million
2012
89,072.20
89,072.20
39,230.60
1,542.30
5,630.70
3,530.70
49,934.30
49,934.30
49,934.30
12,211.10
1,228.10
63,373.50
25,698.70
972.70
24,726.00
3,008.60
27,734.60
4,103.20
23,631.40
` in million
2012
19,924.20
89,072.20
81.65
3,803.20
-
49,934.30
-
999.90
63,373.50
5.76
5.76
87.40
2012
108,770.30
46,787.10
32,319.90
21,632.60
108,770.30
13,872.30
60,638.10
4,989.70
0.53
0.23
26.42
1.45
0.43
0.15
0.53
1.79
0.36
14467.20
2012
46787.10
32319.90
14467.20
STL+LTL
11696.775
14467.20
2770.43
0.00
0
STL= Installment of lib due with in one year+ ST borrowing from others (not bank)
LTL= Total Term lib - lib not considered as debt
WC Cycle (days)
TCS
Infosys
HCL
TechMahindra
Industry Average
2013
2012
2011
2010
2009
130
61
42
78
152
62
87
49
88
113
32
98
46
72
74
25
151
34
71
124
30
125
15
73
Revenues
TCS
Infosys
HCL
TechMahindra
2013
2012
2011
2010
2009
484,261
367,650
60,019
381,042
312,540
89,072
52,430
292,754
253,850
67,945
49,655
230,445
211,400
50,788
44,838
224,040
202,640
46,751
43,578
2013
2012
2011
2010
2009
138,317
259,450
77,034
224,280
14,467
5,541
44,189
211,140
19,668
14,744
2,321
151,760
25,729
11,183
7,826
140,860
23,166
8,482
Net Working Capital

TCS
Infosys
HCL
TechMahindra
3,731
200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
WC Cycle
180
160
140
Industry Average
120
TechMahindra
100
HCL
80
TCS
60
Infosys
40
20
50
0
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
600,000
500,000
400,000
300,000
200,000
100,000
-
2013
Current Ratio
2013
2012
2011
2012
2010
2009
2011
2008
2007
2010
2006
2005
2009
TCS
Infosys
HCL
TechMahindra
2.4
4.8
Total Revenue
1.1
1.9
4.7
1.9
1.3
1.7
12.2
2.2
2.7
1.1
9.6
2.0
2.4
1.2
10.3
1.3
2.0
911,930
835,085
664,204
537,470
517,009
2008
2007
2006
2005
2004
146
38
84
42
77
188
30
74
18
77
138
27
81
50
74
38
31
89
34
48
2
55
99
52
2008
2007
2006
2005
2004
174,465
156,480
46,184
36,047
149,400
131,490
37,686
27,597
112,305
90,280
30,329
12,284
80,276
68,600
14,470
9,296
47,609
11,280
7,250
2008
2007
2006
2005
2004
13,338
108,930
5,911
6,294
10,227
77,990
8,797
3,445
10,903
52,410
6,387
1,640
3,590
31,510
6,331
1,906
24,033
1921.10
1,929
Net Working
Capital
TechMahindra
HCL
TCS
Infosys
50
100
150
200
250
Thousands
14.0
Revenue
12.0
TechMahindra
10.0
8.0
HCL
6.0
4.0
TCS
2.0
0.0
Infosys
2005
2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
2004
2008
2007
2006
2005
2004
1.6
9.2
1.9
1.7
1.6
7.7
1.7
1.5
1.9
7.5
2.2
1.4
1.5
6.4
0.7
2.0
413,176
346,173
245,199
172,642
0.0
5.3
1.9
2.4
66,139 CAGR
37.88%
Current
Ratio
TCS
Infosys
HCL
TechMahindra
2004

WC IT Industry 04-12-13

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TCS

Cash Conversion Cycle = DSO+DIO-DPO

Working Capital Cycle

Creditors or Trade payables

Inventories (RM Components)

Working Capital Cycle

orking Capital Cycle

Working Capital Cycle

Working Capital Cycle

Creditors or Trade payables

Inventories (RM Components)

Working Capital Cycle

Working Capital Cycle

Creditors or Trade payables

Min. stipulated net working capital: (25% of total

Working Capital Cycle

Working Capital Cycle

Creditors or Trade payables

Inventories (RM Components)

Net Working Capital Position

Min. stipulated net working capital: (25% of

Working Capital Cycle

Working Capital Cycle

Working Capital Cycle

Net Working Capital

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