o

r
e
a
d
y

St
o

r
e

t
a

e
n
t

1 T

2 I

3 I

4 T

2
I

n
U
S

I
T

2
0

1 T
2 W

F
F
T
I

Hardware

9 T
10

M
O
B

M
A

M
O

76

59

41

47

50

22

22

24

29

32

32

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013E

Domestic

Source: Nasscom, Aranca

Research
N
o

69

Export

Company name

Market share

TCS

10.7 per cent

Wipro

7.2 per cent

Cognizant

6.8 per cent

Infosys

6.3 per cent

HCL Tech

4.2 per cent

Tech Mahindra

1.1 per cent

Total exports from the IT-BPM sector (excluding hardware) are estimated at USD76 billion during FY13; the industry rose at
a CAGR of 13.1 per cent during FY08-13E despite weak global economic growth scenario
Export of IT services has been the major contributor, accounting for 57.9 per cent of total IT exports (excluding hardware)
BPM accounted for 23.5 per cent of total IT exports during
FY13

Growth in export revenue (USD billion)

CAGR: 13.1%

13.0

11.4
10

10.4

11.7

12.4

22.2

25.8

27.3

FY2008

FY2009

FY2010

8.8
9.9

IT services

14.1

15.9

14.1

Sector-wise breakup of
export revenue FY13E

18.6%

Source: Nasscom, Aranca

Research
Note: E
stands for
Estimate

IT services

17.8

BPM
43.9

BPM

33.5

FY2011

39.9

FY2012

23.5%

FY2013E

Software products and engg. services

57.9%

Softwar
e
product
s and
engg.
Service
s

BFSI is a key business vertical for the IT-BPM industry. It generated export revenue of around USD31 billion during FY13,
accounting for 41.0 per cent of total IT-BPM exports from India
Approximately 85 per cent of total IT-BPM exports from India is across four sectors: BFSI, telecom, manufacturing and
retail. The hitherto smaller sectors are expected to grow

Export revenue growth across verticals (USD billion)

31

3%
5%

14

12
11

BFSI

41%

FY12

Healthcare

16%

Retail

Manufacturing

T&M

BFSI

7 8

FY13

C&U
C&U

13

3%

10%

T&T

28

Distribution of export revenue across verticals (FY13)

18%

Source: Nasscom, Aranca Research Notes: C&U Construction & Utilities, T&T - Travel and Tourism, T&

M - Telecom &
Media, BFSI Banking,

Financial
Services and
Insurance The

figures mentioned are for IT and BPM only and

do not include engineering services and
hardware exports

US has traditionally been the biggest importer of Indian IT exports; over 60 per cent of Indian IT-BPM exports were
absorbed by the US during FY13
Non US-UK countries accounted for just 21.0 per cent of total Indian IT-BPM exports during FY12
Europe, one of the fast growing IT markets in 2012, is expected to emerge as a potential market as higher inclination
towards offshoring firms would increase demand for IT services

Geographic breakup of export revenue (USD billion)

Distribution of export
revenue across
geographies (FY13)

47
2
%

42

11%
12

13
8

Continental Europe

62%
5

APAC

2
U
S

Contine
ntal

UK

APA
C

RO
W

Europe
FY12

FY13

17%
ROW

S ource:

N
a

Category

Number of
players

% of total export
revenue

% of total
employees

Work focus

Large sized

Mid sized

Emerging

Small

11

85-100

450-600

>4,000

Source: Nasscom, Aranca Research

47-50%

32-35%

9-10%

9-10%

~35-38%

~28-30%

~15-20%

~15-18%

Fully integrated players offering full range of

services
Large scale operations and infrastructure

Presence in over 60 countries

Mid tier Indian and MNC firms offering services

in multiple verticals

Dedicated captive centers

Near shore and offshore presence in >30-35
countries

Players offering niche IT-BPM services

Dedicated captives offering niche services

Expanding focus towards sub Fortune 500/

1000 firms

Small players focussing on specific niches in

either services or verticals

Includes Indian providers and small niche

captives

1 The number of global delivery centres of IT firms in India reached 580, spreading out across
Global delivery
model

75 countries, as of 2012
2 As of 2009, over 150 centres were set up by various Indian IT firms in North America

3 India continues to maintain a leading position in the global sourcing market. Its market share
Global sourcing hub

increased to 52.0 per cent in 2012 from 50.0 per cent in 2011

4 India is the most preferred location for engineering offshoring, according to a customer poll
Engineering offshoring

Patent filing

conducted by Booz and Co

5 Companies are now offshoring complete product responsibility

6 Increased focus on R&D by IT firms in India resulted in rising number of patents filed by them
7 The number of patents filed by the top three IT companies increased to 858 in 2012 from 150
in 2009

1 Indias IT market is experiencing a significant shift from a few large-size deals to multiple smallChanging business
dynamics

size ones
2 Delivery models are being altered, as the business is moving to capital expenditure (capex)
based models from operational expenditure (opex), from a vendors frame of reference

3 Large players with a wide range of capabilities are gaining ground as they move from being
Large players gaining
advantage

simple maintenance providers to full service players, offering infrastructure, system integration
and consulting services

4 Disruptive technologies, such as cloud computing, social media and data analytics, are offering
new avenues of growth across verticals for IT companies

New technologies

5 Indias IT sector is gradually moving from linear models (rising headcount to increase revenue)
to non-linear ones

Growth in non-linear
models

6 In line with this, IT companies in India are focusing on new models such as platform-based
BPM services and creation of intellectual property

1 Global outsourcing is being used to drive fundamental re-engineering of end-to-end

processes

Consumerisation of IT

2 Increased emphasis on beyond cost benefits

3 IT firms in the current phase have moved up the value chain, providing innovation-led growth
to clients from SLA satisfaction and RoI calculations

4 Tier II and III cities are increasingly gaining traction among IT companies, aiming to establish
business in India

Emergence of Tier II
cities

SMAC technologies, an
inflection point for
Indian IT

Note: SLA - Service

Level Agreement; RoI
- Return on
Invesmtnet

5 Cheap labour, affordable real estate, favourable government regulations, tax breaks and
SEZ schemes facilitating their emergence as a new IT destination
6 Giving rise to the domestic hub and spoke model, with Tier I cities acting as hubs and Tier II,
III and IV as network of spokes

7 Social, Mobility, Analytics and Cloud (SMAC), a paradigm shift in IT-BPM approaches
experienced until now, is leading to digitisation of the entire business model
8 IT vendors in India to generate USD225 billion from SMAC-related revenue by 2020

1 4.7 million graduates are estimated to have been

added to Indias talent pool in FY13

2 Strong mix of young and experienced professionals

Global IT offshore
spending is expected to

1 Computer
Talent Pool

penetration
expected to increase

rise at
a
CAGR
of 8.0
per
cent
during
FY11
13

Global
BPM
spending
is
estimat
ed to
expand
at a
CAGR
of
around
7.0 per
cent
during
FY11
13

Tax

holidays for STPI and

SEZs
Procedural
ease and single
window clearance
for setting
up facilities

a major contributor to domestic

demand by 201314
Global
demand

Domestic
growth
Growth
drivers

Robust IT infrastructure across

Policy
support

various cities in India such as

Infrastructure

Bengaluru
Delivery centres spread across

various countries

Note:
STPI
stands
for
Softwar
e
Technol
ogy
Park of
India,
SEZ
stands
for
Special
Econom
ic Zone

Domestic revenue from IT and BPM (USD billion)

Introduction of large eGovernance projects to provide better
services through IT and focus on the formation of the cyber
policy led to higher demand for IT and hardware from the
government
The Central Government and State/UT Government
allocated 0.91.2 per cent and 2.83 per cent,
th
respectively, of total budget on IT spend under the 12
Five Year Plan

~90-100

~22-23
15.5

Strong consumer demand for IT service and products:

Advent of smartphones, tablets, iPads,
Rising computer literate population
Enhanced Internet and mobile penetration

FY13

FY15F

FY20F

Source: Nasscom, Aranca Research

Note: UT - Union Territory

Growing disposable income

strengthening consumer purchasing

power

Export revenue from IT and BPM (USD billion)

~106-111

Global IT-BPM spending to grow 56 per cent to nearly USD2

trillion by 2013
48

Global sourcing to rise at a faster pace of 911 per cent to

USD124130 billion in 2013
Emergence of SMAC would provide USD1 trillion market by
2020

FY11

Core and non core segments growth prospects

17%

IT spend in emerging economies to grow 3-4 times

faster than advanced economies
35

Core segments

10%

Emerging segments

20%

21%

19%
1.2 2

7.6

FY13E

FY16F

13

3.2
Knowledgeservices

15

IS sourcing

11

IT consulting

CADM

22

ER&D

The BRIC IT market is estimated at USD380420

billion by 2020

20%
5.5 3.1 5.5
Softwaretesting

Emerging economies are likely to be a major contributor to IT

spend growth

Emerging segments are expected to drive growth of Indian ITBPM exports

FY14F

Source: Nasscom, Aranca Research

Note: Ovals indicate CAGR

Graduates addition to talent pool in India

(in millions)

Availability of skilled English speaking workforce has been a

major reason behind Indias emergence as a global
outsourcing hub
India added around 4.7 million graduates to the talent pool
during FY13

4.7
4.4

3.2

3.7

4.0

3.5

Growing talent pool of India has the ability to drive the R&D
and innovation business in the IT-BPM space

FY2008 FY2009 FY2010. FY2011 FY2012 FY2013E

Source: Nasscom, Aranca Research

Note: Graduates includes both graduates and post graduates

About 2 per cent of the industry revenue is spent on training

employees in the IT-BPM sector

Training expenditure by Indian IT-BPO sector

40 per cent of total spend on training is spent on training

new employees
A number of firms have forged alliances with leading
education institutions to train employees

Salaries for inhouse

training staff

11%
24%

External training (new

recruits)

19%

External training (existing

employees)
6%

Recruitment cost
Employee welfare

Source: Nasscom, Aranca Research

Short term

Objectives
Medium term

Initiatives

1 Industry to enhance investment in training

1 Enhance over all yield of employees

2 Use NAC and NAC Tech to assess

2 Improve employability

employability of talent pool

3 Expand to tier 2 cities

3 Identified new tier 2 locations

4 Lower skill dependence

4 Launched

the
National
Development Programme to
suitability of Faculty

Long term
5 Bring down investment on training
6 Develop specialist and project management
expertise

Faculty
increase

5 Aiding

industry access to specialist

programmes offered by independent
agencies

6 Expansion

of
higher
education
infrastructure; 20 new IIITs to be set up by
the government

7 Expand education capacity

8 Promote reforms in education

7 Programme to increase PhDs in technology

ource: Nasscom, Aranca

Research Note: NAC - Nasscom Assessment of Competence, IIIT Indian Institutes of Information Technology

Characteristics of STPI and SEZ in India

As of FY2011, 6,554 STPI units were operational, while
5,564 units have exported IT services and products. During
FY11, STPI units accounted for approximately 76.0 per
cent of total IT exports
IT-SEZs have been initiated with an aim to create zones
that lead to infrastructural development, exports and
employment

Parameters

STPI

SEZ

Term

10 years
100 per cent tax

15 years
100 per cent tax

holiday on export
profits
Fiscal benefits

Exemption from

holiday on exports
for first five years
Exemption from

excise duties and

customs

excise duties and

customs

No location

constraints
Location and
size restrictions

Restricted to

23 per cent STPI

units in tier II and

III cities

prescribed zones
with a minimum
area of 25 acres
Source: Nasscom, Aranca
Research, STPI

1 43 new tier II/III cities are emerging as IT delivery

location; this could reduce pressure on leading locations

2 Cost in newer cities is expected to be 28 per cent lower

than leading cities

3 Lower cost and attrition, affordable real estate and

Trends in tier II and III cities

support from local government, such as tax breaks, STPI

and SEZ schemes, are facilitating this shift of focus

4 Over 50 cities already have basic infrastructure and

human resource to support the global sourcing and

business services industry

5 Some cities are expected to emerge as regional hubs

supporting domestic companies

IT sector employment distribution in Tier I and

Tier II/III cities

3,230
175
1,821

1,615

2008

2018E

Tier I locations

Tier II/III locations

Source: Nasscom, E&Y, Aranca Research

Key highlights
1 Global In-House Centers (GIC), also known as
captive centers, are one of the major growth drivers
of the IT-BPM sector in India

2 As of FY2012, the captive segment accounted for 1618 per cent of the IT-BPM industry revenue

3 The impact of the segment goes beyond revenue and

employment, as it helped in developing India as a R&D

hub and create an innovation ecosystem in the country

Number of GICs in India

4 Within the captive landscape, ER&D/SPD (Engineering

Research & Development /Software
Development) is the largest sub-segment

Product
700+

750+

5 Companies from North America and Europe are major

investors in the captive segment in India, accounting

for over 90 per cent of captives in the country

450+

~180

2000

2005

2010

2012

Source: Zinnov, Nasscom, Aranca Research

The IT & BPM sector continued to attract PE and VC investments in 2012, accounting for a significant proportion in terms of
volume (around 37 per cent) and value (approximately 40 per cent)
Value increased at an impressive 68.4 per cent over 2011
eCommerce accounted for 31 VC deals in 2012
About 64 per cent of VC deals in India were in the software, internet and mobile industry
Two of the largest PE deals in the sector during 2012 were:
JP Morgans buyout of M*Modal (USD1,100 million)
Bain Capital, GIC investment in Genpact (USD1,000 million)
In 1Q13, the industry attracted 26 deals at a value of USD105 million

PE-VC investments in IT & BPM (USD billion)

Share of IT-BPM in PE-VC investments

3.2

484

393

379
1.9
184

0.8

58

2009
2008

2011

25

32

40

2010

2011

2012

2012
Number of deals

Share of IT-BPM

Source: Venture Intelligence, Nasscom, Aranca Research

1 BRIC nations, continental Europe, Canada and Japan

have IT spending of approximately USD380420 billion

2 Adoption of technology and outsourcing is expected to

make Asia the second largest IT market
New geographies

3 Government, healthcare, media and utilities have IT

spend of approximately USD190 billion, but account just
8 per cent of Indias IT revenue

New
customer New verticals segments

4 A number of sectors are expected to depend on

technology and service providers to reduce the cost to
serve

1 SMBs have IT spend of approximately USD230 250

billion, but contribute just 25 per cent to Indias IT
revenue

2 The emergence of new service offerings and business

models would aid in tapping market profitably and
efficiently

Source: All the figures are taken from

International Data Corporation (IDC) and

Nasscom and are FY10 estimates Notes: SMB Small and Medium Businesses

Traditional verticals i.e. BFSI, telecom and manufcaturing, continue to remain the largest in terms of IT adoption, and are
expected to grow at an average of 15 per cent
Implementation of cloud environment and mobility way forward for traditional verticals
Emphasis on other emerging verticals (such as education, healthcare and retail) to aid growth in IT firms in India
Shift from IT adoption infrastructure, automation and digitisation to smart IT marks future trend of services in
emerging verticals

Growth trend of traditional verticals

Growth trend of emerging verticals

39.5

595
34.5

506
339
243

17.2

195

17.5
11.6

193

128

BFSI

24.8

8.7 9.7

80 126

Telecom Manufacturing
FY10

FY13E

4.4
Education
Healthcare
Retail

FY15F

FY10
FY13E

FY15F

Source: Nasscom,

As IT is increasingly gaining traction in SMBs business

activities, the sector offers impressive growth opportunities
and is estimated at approximately USD230250 billion by
2020

Aranca Research

Market size of other progressing verticals by 2020

(USD billion)

telemedici n systems, would continue

ne,
to boost demand for IT
mHealth, service across the globe
remote
monitoring
solutions IT sophistication in the
utilities segment and the
and
need for standardisation of
clinical
the process are expected to
informatio drive

In a bid to reduce cost,

governments across the
world are exploring
outsourcing and global
sourcing options
Technologies, such as
demand
Digitisatio
n of
content

a eased
n connectivity is
d leading to a rise
in in IT adoption
c by media
r

Emerging technologies present an entire new gamut of

opportunities for IT firms in India
SMAC provide USD1 trillion opportunity
Cloud represents the largest opportunity under SMAC,
increasing at a CAGR of approximately 30 per cent to
around USD650700 billion by 2020
Social media is the second most lucrative segment for IT
firms, offering a USD250 billion market opportunity by
2020

S
M
B
G
o
v

er ealthcare
n
Utilities
m
Media
e
nt
H

250

90
58

25

17
Source: Nasscom,
Aranca Research
Note:
SMB Small and
Medium
Business

CAGR till

Cloud
30%
Enterprise
mobility

20%

Growing technologies future growth

10%
0

60%

2020

50%
40%

Big
data/analytics*
Social Media

200

400
Market size USD billion

600

800

Source: Nasscom, Aranca Research Note: Size of

bubble indicates market size, *CAGR and market size
for Big data/analytics is till 2015

Emerging geographies to drive the next growth phase for IT firms in India
BRIC provides USD380420 billion opportunity by 2020
Focus on building local credible presence, high degree of domain expertise at competitive costs and attaining operational
excellence hold key to success in new geographies
Countries offering growth potential to IT firms
Country

IT spend

Indias penetration

Key segments

Canada

USD63 billion

~1.5 per cent

Enterprise applications, cyber security, healthcare IT

Europe

USD230 billion

<1.5 per cent

IT sourcing, BPM, IS outsourcing, CAD

Japan

USD235 billion

<1 per cent

CRM, ERP, Salesforce automation, SI

Spain

USD26 billion

<1.5 per cent

IT sourcing, SI

Mexico

USD29 billion

~4 per cent

IT sourcing, BPM

Brazil

USD47 billion

~2 per cent

Low level application management, artificial intelligence, R&D

China

USD105 billion

<1 per cent

Software outsourcing, R&D

Australia

USD48 billion

~4 per cent

Procurement outsourcing, infrastructure software & CAD

Source: Nasscom, Aranca
Research

Segment-wise revenue breakdown (FY13)

Tata Consultancy Services

IT solutions and
services

13%

Established in 1968, Tata Consultancy Services (TCS) is an

Information Technology (IT) services, consulting and
business solution company. It provides end-to-end
technology and technology-related services to global
enterprises. The companys business is spread across the
Americas, Europe, Asia Pacific, and Middle East and Africa
(MEA).
Achievements:

3%
3%

Engineering and
industrial services
Infrastructure
services

12%

Global consulting
5%

66%

Asset leverage
solutions
Business process
outsourcing

1 2013: Won Best Performing Consultancy Brand award in

Europe

2 2013: Received Red Hat North America Awards for

System Integrator Partner of the Year

3 2012: TCS China ranked amongst the top 10 global

services providers in China

4 2012: TCS BaNCS won Xcelent Customer Base Awards

2012

Source: TCS website and Annual Report, Aranca Research

Number of customers
Financial performance (USD billion)
556
522

11.6

458

10.2
8.2

6.0

245

6.3
2.8
1.4

1.7

3.1

214

208

170
143

76

2.3

277
196

42

115
81 99
25

27 43 48
5

FY09

FY10
Revenue

FY11

FY12

Operating profit

FY13

USD1
million+

USD5
million+

USD10
million+
FY5

FY11

USD20
million+
FY12

USD50
million+

14 16
8

USD100
million+

FY13

Source: TCS website and Annual Report, Aranca Research

Acquisition of IT
service firm Alti in
France in 2013
BFSI
Expansion of
geographic
presence

Retail and consumer

packaged goods

Issue of an IPO in
the market in India
and raised USD1.2
billion in 2004

Media &
Entertainment

Manufacturing

Life Sciences &

Healthcare

Consolidation of
market position
through CMC
acquisition

1968
Indias first
software service
company

FY03
Became the first
software company
in India to cross
USD1 billion
revenue

FY13
USD11.6
billion revenue

With a brand value of over

USD1 billion, TCS
consolidates position as
one of the largest IT
players

FY13 Active
client base:
1,156 New
clients: 153

resour
ces &

Energy

Sour

Utilities
ce: TCS

196
8
website and An

2001

2003

2005

2007

2009

2011

2013

nual Report, Aranca Research

Segment-wise revenue breakdown (FY13)

HCL Technologies
Established in 1991, HCL Technologies Ltd is an IT services
company providing enterprise and custom application,
business
transformation,
infrastructure
management,
business process outsourcing and engineering services. The
companys network of 26 offices is spread across the US,
Europe and Asia Pacific.

Custom application
services

5%
19%

32%

Infrastructure services
Enterprise application
services
Engineering & R&D
services

20%

Achievements:
24%

Business services

1 2013: Won IT Europa, European IT Excellence Awards

and Asia Pacific Enterprise Leadership Award 2013

2 2012: Received Market Facing Innovation award at the
NASSCOM Innovation Awards, 2011
3 2011: Received Operational Excellence & Quality award at
BPO Excellence Awards 201011

Source: HCL Technologies website and Annual Report,

Aranca Research

Number of customers
Financial performance (USD billion)
4,345
3,452

386

422

3,459

2,560
2,228

187

1,879

152

92 98

682
250
FY08

317
FY09

321
FY10
Revenue

656

438
FY11

FY12

Operating profit

44

9MFY13

USD1
million+

USD5
million+

USD10
million+

51

USD20
million+

25

29

USD30
million+

14 15

10 10

USD40
million+

USD50
million+

31-Mar-12

31-Mar-13

Source: HCL Technologies website and Annual Report,

Aranca Research

Acquisition of
Capitalstream and
AXON Group

Financial Services

Diversification of
business and
geography mix

Manufacturing

Adoption of nonlinear strategy;

formation of JVs and
alliances

Telecom

Retail & Consumer

Packaged Goods

Media

Life Sciences &

Organic growth
through prudent
strategies

1997
Established with
spun-off HCLs
R&D business

FY09
Launch of
IPO

FY12
Revenue
crossed USD4
billion

FY06
Signed the
largest ever
software service
deal with DSG
Healthc
are

USD100 million+
clients reached 5
1997 1998 1999
2002 2004
Source: HCL Technologies

2000
2006

008

2010

2011

2012

2
ebsite and Annual Report, Aranca Research

Segment-wise revenue breakdown (FY13)

Infosys Limited

2013

E
st
a
bli
sh
e
d
in
1
9
8
1,
In
fo
sy
s
Li
mi
te
d
is
e
n
g
a
g
e
d
in
co
ns
ult
in
g,
e

ngineering,
technology
and
outsourcing
24%
services.
The
companys end-toend
services
include

34%

c
A

1 2

20%

2 2
3 2
Sciences

Source:
website and
Annual Report,

Aranca
Resea
rch

Number of customers
Financial performance (USD billion)
399

7.4

7.0

448

6.0

5.0

4.8

190

233 231

213
132 137

97
1.7

1.6

2.0

1.8

16
USD1
million+

FY09

FY10
Revenue

FY11

FY12

84

1.9

FY13

USD5
million+

USD10
million+

USD20
million+

USD50
million+

15

USD100
million+

2012 2013

Operating profit
Source: Infosys website and Annual Report,
Aranca Research

Acquisition of
Aerospace, Defense
&
Airlines

Lodestone Holding
AG

L
a
r
g
e
cl
ie
n
t
a
c
q
ui
si
ti
o
n
s

A
u

F
i
H
e
P
h
B
i

1999 Reached
USD100 million and
listed
on NASDAQ

FY1
3
USD
7.4
billio
n
turn
over

I
S
t
r
o

L
D
web

site and

An nual Report, Aranca Research

ng
div
ers
ifie
d
cli
ent
ba
se
of
79
8
cli
ent
s

National Association of Software and Services Companies

(NASSCOM)
Address: International Youth Centre Teen Murti Marg, Chanakyapuri,
New Delhi 110 021
Phone: 91 11 2301 0199
Fax: 91 11 2301 5452 Email: info@nasscom.in

APAC: Asia Pacific

BFSI: Banking, Financial Services and Insurance
BPM: Business Process Outsourcing
CAGR: Compounded Annual Growth Rate
C&U: Construction & Utilities
FDI: Foreign Direct Investment
GOI: Government of India
INR: Indian Rupee
IT&ITeS: Information Technology-Information Technology Enabled Services
NAC: Nasscom Assessment of Competence
RoI: Return on Investment
ROW: Rest Of the World

SEZ: Special Economic Zone

SLA: Service Level Agreement
SMB: Small and Medium Businesses
STPI: Software Technology Parks of India
T&M: Telecom & Media
T&T: Travel and Transport
USD: US Dollar
USP: Unique Selling Proposition
UT: Union Territory
Wherever applicable, numbers have been rounded off to the nearest whole number

Exchange rates
(Fiscal year)
Year

Exchange rates
INR equivalent of one USD(Calendar year)

2004-05

44.95

2005-06

44.28

2006-07

45.28

2007-08

40.24

2008-09

45.91

2009-10

47.41

2010-11

45.57

2011-12

47.94

2012-13

54.31

Year

INR equivalent of one USD

2005

45.55

2006

44.34

2007

39.45

2008

49.21

2009

46.76

2010

45.32

2011

45.64

2012

54.69

2013

54.45
Average for
the year

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