Tech Mahindra Ltd

BSE: 532755 | NSE: TECHM | ISIN: INE669C01028 
Market Cap: [Rs.Cr.] 8,839 | Face Value: [Rs.] 10
Industry: Computers - Software – Large

Profit & Loss

(Rs. in Crores)

Standalone
STANDALONE

Particulars Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

INCOME :            
Sales Turnover 4,483.80 4,357.80 3,604.70 2,757.70 1,197.14 922.34
Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00
Net Sales 4,483.80 4,357.80 3,604.70 2,757.70 1,197.14 922.34
Other Income 90.90 30.60 97.60 16.40 31.31 7.26
Stock Adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Total Income 4,574.70 4,388.40 3,702.30 2,774.10 1,228.45 929.60

EXPENDITURE :            
Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00
Power & Fuel Cost 45.20 36.70 27.80 14.80 6.78 4.70
Employee Cost 1,593.10 1,419.70 1,218.30 841.10 463.59 351.71
Other Manufacturing Expenses 1,233.00 1,066.50 797.00 681.20 231.76 128.94
Selling and Administration Expenses 468.80 533.30 700.90 480.80 217.06 261.06
Miscellaneous Expenses 70.50 131.80 480.10 576.30 31.24 66.29
Less: Pre-operative Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure 3,410.60 3,188.00 3,224.10 2,594.20 950.43 812.70
Operating Profit 1,164.10 1,200.40 478.20 179.90 278.02 116.90
Interest 160.00 2.50 10.00 6.90 0.00 0.00
Gross Profit 1,004.10 1,197.90 468.20 173.00 278.02 116.90
Depreciation 129.90 107.40 73.60 46.30 37.38 31.53
Profit Before Tax 874.20 1,090.50 394.60 126.70 240.64 85.37
Tax 138.20 108.60 62.00 57.30 17.51 14.22
Fringe Benefit tax 0.00 8.00 6.90 5.10 3.30 NA
Deferred Tax -6.80 -12.70 0.00 -0.90 -0.29 0.06
Reported Net Profit 742.80 986.60 325.70 65.20 220.12 71.09
Extraordinary Items 0.00 -6.38 -376.30 -466.50 0.66 -43.43
Adjusted Net Profit 742.80 992.98 702.00 531.70 219.46 114.52
Adjst. below Net Profit 0.00 0.00 16.50 33.93 0.00 0.00
P & L Balance brought forward 1,349.70 520.20 426.10 453.97 375.36 338.27
Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00
Appropriations 318.60 157.10 248.10 127.00 141.51 34.00
P & L Balance carried down 1,773.90 1,349.70 520.20 426.10 453.97 375.36
Dividend 42.80 48.80 66.80 26.60 103.93 22.32
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Equity Dividend % 35.00 40.00 55.00 23.00 500.00 110.00
Earnings Per Share-Unit Curr 60.14 80.39 25.90 5.07 19.76 6.70
Earnings Per Share(Adj)-Unit Curr 60.14 80.39 25.90 5.07 NA NA
Book Value-Unit Curr 234.38 154.55 101.19 72.44 57.49 47.45

CONSOLIDATED
Particulars Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05
INCOME :            
Sales Turnover 4,625.40 4,464.70 3,766.10 2,929.00 1,242.67 945.64
Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00
Net Sales 4,625.40 4,464.70 3,766.10 2,929.00 1,242.67 945.64
Other Income 75.40 34.10 104.40 17.40 34.01 8.55
Stock Adjustments 0.00 0.00 0.00 0.00 0.00 0.00
Total Income 4,700.80 4,498.80 3,870.50 2,946.40 1,276.68 954.19

EXPENDITURE :            
Raw Materials 0.00 0.00 0.00 0.00 0.00 0.00
Power & Fuel Cost 45.30 36.90 33.00 20.80 8.19 4.70
Employee Cost 2,059.10 1,855.60 1,559.90 1,113.40 562.37 397.61
Other Manufacturing Expenses 753.80 649.60 565.10 492.90 108.24 117.21
Selling and Administration Expenses 568.70 576.40 733.10 519.40 262.59 272.83
Miscellaneous Expenses 66.75 135.60 489.40 580.60 33.43 18.27
Less: Pre-operative Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure 3,493.65 3,254.10 3,380.50 2,727.10 974.82 810.62
Operating Profit 1,207.15 1,244.70 490.00 219.30 301.86 143.57
Interest 218.40 2.50 6.20 6.10 0.00 0.00
Gross Profit 988.75 1,242.20 483.80 213.20 301.86 143.57
Depreciation 133.90 109.70 79.60 51.50 39.75 32.11
Profit Before Tax 854.85 1,132.50 404.20 161.70 262.11 111.46
Tax 152.50 122.50 68.90 64.80 24.29 14.22
Fringe Benefit Tax 0.00 8.10 7.40 5.60 NA NA
Deferred Tax -0.85 -12.70 -1.50 3.60 2.45 -5.15
Net Profit before Minority Interest 703.20 1,014.60 329.40 87.70 235.37 102.39
Minority Interest 2.70 0.10 -0.50 0.10 0.00 0.00
Net Profit after Minority Interest 700.50 1,014.50 329.90 87.60 235.37 102.39
Extraordinary Items 1.64 -6.59 -367.30 -455.40 0.93 -0.30
Adjusted Net Profit 698.86 1,021.09 697.20 543.00 234.44 102.69
Adjst. below Net Profit 0.00 -2.20 0.00 33.89 0.00 0.00
P & L Balance brought forward 1,401.40 546.20 464.40 469.91 376.05 307.66
Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00
Appropriations 318.90 157.10 248.10 127.00 141.51 34.00
P & L Balance carried down 1,783.00 1,401.40 546.20 464.40 469.91 376.05
Dividend 42.80 48.80 66.80 26.60 103.93 22.31
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Equity Dividend (%) 35.00 40.00 55.00 23.00 500.00 110.00
EPS before Minority Interest (Unit Curr.) 56.90 82.69 26.20 6.93 21.23 9.78
EPS after Minority Interest (Unit Curr.) 56.68 82.68 26.24 6.92 21.23 9.78
Book Value (Unit Curr.) 236.00 159.66 103.56 75.78 59.18 47.78
Balance Sheet
(Rs. in Crores)

Standalone
STANDALONE

Particulars Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

SOURCES OF FUNDS :            
Share Capital 122.30 121.70 121.40 121.20 20.80 20.35
Reserves Total 2,744.20 1,759.20 1,107.00 756.80 577.06 462.48
Total Shareholders Funds 2,866.50 1,880.90 1,228.40 878.00 597.86 482.83
Secured Loans 750.00 0.00 0.00 10.00 0.00 0.00
Unsecured Loans 1,384.90 0.00 95.00 39.00 0.00 0.00
Total Debt 2,134.90 0.00 95.00 49.00 0.00 0.00
Total Liabilities 5,001.40 1,880.90 1,323.40 927.00 597.86 482.83
APPLICATION OF FUNDS :            
Gross Block 1,112.80 896.20 550.50 442.80 306.96 284.12
Less : Accumulated Depreciation 518.80 406.10 259.60 195.70 150.16 114.07
Less:Impairment of Assets 0.00 0.00 0.00 0.00 0.00 NA
Net Block 594.00 490.10 290.90 247.10 156.80 NA
Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00
Capital Work in Progress 320.80 154.10 138.50 54.60 19.33 7.05
Investments 3,113.90 453.50 298.60 283.20 294.75 114.94
Current Assets, Loans & Advances            
Inventories 1.40 1.30 0.00 0.00 0.00 0.00
Sundry Debtors 993.00 854.50 1,057.40 792.00 412.76 217.42
Cash and Bank 138.00 496.10 81.40 25.20 51.58 122.17
Loans and Advances 653.10 286.70 347.70 159.60 69.94 23.40
Total Current Assets 1,785.50 1,638.60 1,486.50 976.80 534.28 362.99
Less : Current Liabilities and Provisions            
Current Liabilities 574.40 671.80 634.10 496.80 195.77 111.77
Provisions 260.50 199.00 258.40 139.30 212.02 60.63
Total Current Liabilities 834.90 870.80 892.50 636.10 407.79 172.40
Net Current Assets 950.60 767.80 594.00 340.70 126.49 190.59
Miscellaneous Expenses not written off 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax Assets 22.30 15.50 1.50 1.50 0.63 0.32
Deferred Tax Liability 0.00 0.00 0.10 0.10 0.14 0.12
Net Deferred Tax 22.30 15.50 1.40 1.40 0.49 0.20
Total Assets 5,001.60 1,881.00 1,323.40 927.00 597.86 482.83
Contingent Liabilities 125.50 137.20 32.70 32.40 13.34 13.49

CONSOLIDATE

Particulars Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05

SOURCES OF FUNDS :            
Share Capital 122.30 121.70 121.40 121.20 20.80 20.35
Reserves Total 2,764.00 1,821.40 1,135.80 797.20 594.63 465.80
Total Shareholders Funds 2,886.30 1,943.10 1,257.20 918.40 615.43 486.15
Minority Interest 13.90 11.20 11.10 11.60 0.04 0.00
Secured Loans 750.00 0.00 0.00 10.00 0.00 0.00
Unsecured Loans 1,384.90 0.00 30.00 3.30 0.00 0.00
Total Debt 2,134.90 0.00 30.00 13.30 0.00 0.00
Total Liabilities 5,035.10 1,954.30 1,298.30 943.30 615.47 486.15
APPLICATION OF FUNDS :            
Gross Block 1,131.20 907.90 745.70 624.50 457.97 286.67
Less: Accumulated Depreciation 526.90 410.00 310.10 240.30 187.98 115.65
Less: Impairment of Assets 0.00 0.00 0.00 0.00 NA NA
 Net Block 604.30 497.90 435.60 384.20 NA NA
Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00
Capital Work in Progress 320.80 154.10 164.00 57.90 19.83 7.05
Investments 3,014.50 434.60 63.30 97.90 150.48 111.28
Current Assets, Loans & Advances            
Inventories 1.40 1.30 1.70 1.10 0.00 0.00
Sundry Debtors 1,042.00 902.20 1,096.50 821.60 437.73 221.17
Cash and Bank 218.70 538.20 97.60 63.10 75.97 128.50
Loans and Advances 672.50 295.30 360.40 153.70 53.94 24.33
Total Current Assets 1,934.60 1,737.00 1,556.20 1,039.50 567.64 374.00
Less : Current Liabilities and Provisions            
Current Liabilities 589.50 673.80 650.50 490.00 183.59 129.02
Provisions 277.00 215.00 276.30 153.60 220.05 61.55
Total Current Liabilities 866.50 888.80 926.80 643.60 403.64 190.57
Net Current Assets 1,068.10 848.20 629.40 395.90 164.00 183.43
Miscellaneous Expenses not written off 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax Assets 27.60 19.60 6.20 7.50 11.31 13.49
Deferred Tax Liability 0.00 0.00 0.20 0.10 0.14 0.12
Net Deferred Tax 27.60 19.60 6.00 7.40 11.17 13.37
Total Assets 5,035.30 1,954.40 1,298.30 943.30 615.47 486.15
Contingent Liabilities 126.40 137.90 35.30 34.70 15.93 14.10

Cash Flow
(Rs. in Crores)
Particulars Mar-10 Mar-09 Mar-08
Cash and Cash Equivalents at Begining of the year 494.30 78.90 29.50
Net Cash from Operating Activities 1,412.50 1,200.30 209.70
Net Cash Used In Investing Activities -2,571.00 -620.40 -198.30
Net Cash Used In Financing Activities 803.80 -164.50 35.60
Net Inc/(Dec) In Cash And Cash -354.70 415.40 47.00
Cash And Cash Equivalents At End Of The Year 139.60 494.30 76.50

Peer Comparison
P/BV
Market Cap P/E (TTM) EV/EBIDTA ROE ROCE D/E
Company (TTM)
(Rs. in Cr.) (x) (x) (%) (%) (x)
(x)
TCS 169,708.81 28.77 11.30 21.82 39.5 44.6 0.00
Infosys Tech. 158,924.39 27.78 7.21 16.84 29.1 37.8 0.00
Wipro 100,885.12 20.97 5.70 17.14 32.4 28.5 0.35
HCL Technologies 27,698.46 26.22 5.61 7.88 29.8 33.7 0.08
Oracle Fin.Serv. 17,441.17 25.55 4.18 24.58 17.2 19.4 0.00
MphasiS 12,467.01 13.07 6.16 14.03 52.4 52.6 0.04
Satyam Computer 9,910.75 4.76 1.33 10.55 26.1 29.6 0.00
Tech Mahindra 8,839.47 12.00 3.08 10.80 31.3 30.1 0.45
Patni Computer 6,937.17 11.15 2.17 9.20 19.0 20.6 0.00
Polaris Soft. 1,708.79 11.46 2.19 9.25 17.7 20.4 0.00
Hewlett-Packard 0.11 0.00 0.00 0.00 24.9 26.7 0.00
Key Ratios
Years Mar-10 Mar-09 Mar-08 Mar-07 Mar-06
Debt-Equity Ratio 0.5 0.0 0.1 0.0 0.0
Long Term Debt-Equity Ratio 0.4 0.0 0.0 0.0 0.0
Current Ratio 1.8 1.7 1.5 1.4 1.6
Fixed Assets 4.5 6.0 7.3 7.4 4.1
Inventory 3,321.3 6,704.3 0.0 0.0 0.0
Debtors 4.9 4.6 3.9 4.6 3.8
Interest Cover Ratio 6.5 437.2 84.3 95.3 0.0
PBIDTM (%) 26.0 27.6 25.4 25.5 23.2
PBITM (%) 23.1 25.1 23.4 23.8 20.1
PBDTM (%) 22.4 27.5 25.2 25.3 23.2
CPM (%) 19.5 25.1 21.5 21.0 21.5
APATM (%) 16.6 22.6 19.5 19.3 18.4
ROCE (%) 30.1 68.2 74.9 86.2 44.5
RONW (%) 31.3 63.5 66.7 72.1 40.7

PE 14.2 3.3 27.3 281.6 0.0

EBIDTA 1,164.1 1,200.4 478.2 179.9 278.0
DivYield 0.4 1.5 0.8 0.2 0.0
PBV 3.6 1.7 7.0 19.7 0.0