Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Sales + 29,141 30,773 34,742 36,868 37,855 44,646

Expenses + 24,956 26,063 28,471 31,365 31,059 36,626
Operating Profit 4,184 4,710 6,271 5,503 6,796 8,020
OPM % 14% 15% 18% 15% 18% 18%
Other Income + 775 1,417 534 1,192 788 1,115
Interest 129 162 133 192 174 163
Depreciation 978 1,085 1,129 1,446 1,458 1,520
Profit before t 3,853 4,879 5,543 5,058 5,953 7,452
Tax % 26% 22% 23% 23% 27% 24%
Net Profit 2,851 3,786 4,289 3,897 4,353 5,630
EPS in Rs 28.88 38.78 43.7 41.76 45.73 57.27
Dividend Payou 28% 33% 29% 32% 89% 71%
32.80% 13.29% -9.14% 11.70% 29.34%
9.44% 6.76% 6.66% 5.23% 6.00% 6.23%

DPS 8.09 12.80 12.67 13.36 40.70 40.66

Retention Raio 72% 67% 71% 68% 11% 29%

ROE 6.58% 8.77% 9.84% 9.58% 10.46% 13.05%
Average Growth Rate
ROE 20.46% 21.21% 20.35% 16.94% 19%
 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Share Capital + 439 442 444 436 437
Reserves 15,998 18,401 19,841 21,377 24,428
Borrowings - 1,366 2,397 1,996 3,670 2,901
Long term Borrowings 385 771 209 179 166
Short term Borrowings 834 955 1,196 2,250 1,496
Lease Liabilities 0 0 0 1,200 1,208
Other Borrowings 147 671 591 42 31
Other Liabilities - 8,254 9,192 11,166 11,834 11,836
Non controlling int 464 509 478 393 380
Trade Payables 1,806 2,037 2,489 3,257 2,785
Advance from Customer 253 334 396 0 0
Other liability items 5,731 6,312 7,803 8,184 8,672
Total Liabilities 26,057 30,431 33,446 37,318 39,602
Fixed Assets + 6,460 7,622 7,061 8,872 9,018
CWIP 373 240 276 50 118
Investments 2,396 4,841 7,342 5,848 10,238
Other Assets - 16,828 17,728 18,766 22,548 20,228
Inventories 61 66 75 36 24
Trade receivables 5,338 6,498 6,959 7,577 9,032
Cash Equivalents 3,219 3,044 2,359 3,148 2,835
Loans n Advances 5,812 5,518 6,192 7,643 4,620
Other asset items 2,399 2,602 3,181 4,143 3,716
Total Assets 26,057 30,431 33,446 37,318 39,602

Working Capital 7,593 6,910 5,813 8,422 6,865

Change In Working Capital -683 -1,097 2,609 -1,557
Working Capital (exclu 4,374 3,866 3,454 5,274 4,030
Change In Working Capital (exclud -508 -412 1,820 -1,244

Capex 4,559 3,105 1,537 6,062

Cost of Debt 6.99% 5.27% 5.13% 4.03% 4.38%

Weightage of Debt 75.68% 84.43% 81.80% 89.38% 86.91%
Weightage of Equity 24.32% 15.57% 18.20% 10.62% 13.09%
Mar 2022
439
26,447
2,618
142
1,348
1,037
92
14,911
495
4,095
0
10,321
44,416
14,784
165
4,884
24,583
40
11,933
3,974
4,890
3,744
44,416

8,232
1,367
4,258
228

1,979

4.73%
85.64%
14.36%
 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Cash from Operating Activit 4,071 3,554 4,432 4,358 8,094
Profit from operations 4,563 5,863 7,151 6,393 7,945
Receivables -40 -1,044 -1,619 -1,434 1,550
Payables 628 261 562 2,267 -620
Other WC items 0 0 0 -1,355 634
Working capital changes 588 -783 -1,057 -522 1,564
Direct taxes -1,080 -1,526 -1,661 -1,513 -1,415
Cash from Investing Activit -2,893 -3,319 -2,104 1,081 -5,433
Fixed assets purchased -768 -1,017 -805 -845 -666
Fixed assets sold 8 226 25 15 94
Investments purchased -15,368 -18,086 -23,427 -33,243 -28,539
Investments sold 14,305 16,295 21,106 35,089 24,523
Interest received 117 124 148 253 221
Invest in subsidiaries -1,218 0 0 0 0
Investment in group cos 0 0 0 0 0
Redemp n Canc of Shares 0 26 0 80 0
Acquisition of companies 0 0 0 0 0
Inter corporate deposits -429 0 0 0 0
Other investing items 460 -888 848 -268 -1,067
Cash from Financing Activi -1,571 -269 -2,251 -4,466 -2,987
Proceeds from shares 34 25 36 47 57
Proceeds from borrowings 7 960 215 1,529 9
Repayment of borrowings -262 -211 -666 -1,335 -804
Interest paid fin -111 -160 -135 -188 -179
Dividends paid -1,239 -944 -1,491 -2,492 -1,759
Financial liabilities 0 0 0 -238 -379
Other financing items 0 61 -211 -1,788 69
Net Cash Flow -392 -35 77 974 -326
Mar 2022
5,285
9,033
-2,895
978
482
-1,434
-2,314
480
-958
123
-21,964
27,740
108
0
0
72
0
0
-4,642
-4,667
87
62
-224
-123
-3,981
-518
31
1,098
 Tech Mahidra Nifty 50
Date Price % Date Price
Mar 26, 2023 1098.75 Mar 26, 2023 17274.75
Mar 19, 2023 1101.95 0.29% Mar 19, 2023 16945.05
Mar 12, 2023 1127.15 2.29% Mar 12, 2023 17100.05
Mar 05, 2023 1061.25 -5.85% Mar 05, 2023 17412.9
Feb 26, 2023 1085.15 2.25% Feb 26, 2023 17594.35
Feb 19, 2023 1119 3.12% Feb 19, 2023 17465.8
Feb 12, 2023 1129.2 0.91% Feb 12, 2023 17944.2
Feb 05, 2023 1017.35 -9.91% Feb 05, 2023 17856.5
Jan 29, 2023 1011.3 -0.59% Jan 29, 2023 17854.05
Jan 22, 2023 1030.1 1.86% Jan 22, 2023 17604.35
Jan 15, 2023 1046.5 1.59% Jan 15, 2023 18027.65
Jan 08, 2023 1003.15 -4.14% Jan 08, 2023 17956.6
Jan 01, 2023 986.15 -1.69% Jan 01, 2023 17859.45
Dec 25, 2022 1016.4 3.07% Dec 25, 2022 18105.3
Dec 18, 2022 995.75 -2.03% Dec 18, 2022 17806.8
Dec 11, 2022 1020.8 2.52% Dec 11, 2022 18269
Dec 04, 2022 1035.3 1.42% Dec 04, 2022 18496.6
Nov 27, 2022 1114.75 7.67% Nov 27, 2022 18696.1
Nov 20, 2022 1080.15 -3.10% Nov 20, 2022 18512.75
Nov 13, 2022 1060.85 -1.79% Nov 13, 2022 18307.65
Nov 06, 2022 1058.7 -0.20% Nov 06, 2022 18349.7
Oct 30, 2022 1035.65 -2.18% Oct 30, 2022 18117.15
Oct 23, 2022 1031.03 -0.45% Oct 23, 2022 17786.8
Oct 16, 2022 1023.36 -0.74% Oct 16, 2022 17576.3
Oct 09, 2022 1002.42 -2.05% Oct 09, 2022 17185.7
Oct 02, 2022 1006.36 0.39% Oct 02, 2022 17314.65
Sep 25, 2022 991.37 -1.49% Sep 25, 2022 17094.35
Sep 18, 2022 1017.41 2.63% Sep 18, 2022 17327.35
Sep 11, 2022 1015.55 -0.18% Sep 11, 2022 17530.85
Sep 04, 2022 1107.4 9.04% Sep 04, 2022 17833.35
Aug 28, 2022 1038.35 -6.24% Aug 28, 2022 17539.45
Aug 21, 2022 1067 2.76% Aug 21, 2022 17558.9
Aug 14, 2022 1085.28 1.71% Aug 14, 2022 17758.45
Aug 07, 2022 1047.69 -3.46% Aug 07, 2022 17698.15
Jul 31, 2022 1040.12 -0.72% Jul 31, 2022 17397.5
Jul 24, 2022 1030.73 -0.90% Jul 24, 2022 17158.25
Jul 17, 2022 1011.12 -1.90% Jul 17, 2022 16719.45
Jul 10, 2022 943.44 -6.69% Jul 10, 2022 16049.2
Jul 03, 2022 994.5 5.41% Jul 03, 2022 16220.6
Jun 26, 2022 979.19 -1.54% Jun 26, 2022 15752.05
Jun 19, 2022 950.61 -2.92% Jun 19, 2022 15699.25
Jun 12, 2022 934.96 -1.65% Jun 12, 2022 15293.5
Jun 05, 2022 1075.25 15.00% Jun 05, 2022 16201.8
May 29, 2022 1112.11 3.43% May 29, 2022 16584.3
May 22, 2022 1088.23 -2.15% May 22, 2022 16352.45
May 15, 2022 1095.64 0.68% May 15, 2022 16266.15
May 08, 2022 1165.35 6.36% May 08, 2022 15782.15
May 01, 2022 1250.51 7.31% May 01, 2022 16411.25
Apr 24, 2022 1219.75 -2.46% Apr 24, 2022 17102.55
Apr 17, 2022 1265.77 3.77% Apr 17, 2022 17171.95
Apr 10, 2022 1366.48 7.96% Apr 10, 2022 17475.65
Apr 03, 2022 1403.58 2.72% Apr 03, 2022 17784.35
Nifty 50
% Beta calculation
Particulars Beta RP 3.79%
-1.91% Tech Mahidra 1.2075 RF 7.19%
0.91%
1.83% Particulars Cost Weightage
1.04% Equity 11.76% 14.36%
-0.73% Debt 4.73% 85.64%
2.74% Cost of Capital (K0)
-0.49%
-0.01%
-1.40%
2.40%
-0.39%
-0.54%
1.38%
-1.65%
2.60%
1.25%
1.08%
-0.98%
-1.11%
0.23%
-1.27%
-1.82%
-1.18%
-2.22%
0.75%
-1.27%
1.36%
1.17%
1.73%
-1.65%
0.11%
1.14%
-0.34%
-1.70%
-1.38%
-2.56%
-4.01%
1.07%
-2.89%
-0.34%
-2.58%
5.94%
2.36%
-1.40%
-0.53%
-2.98%
3.99%
4.21%
0.41%
1.77%
1.77%
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
http://www.worldgovernmentbonds.com/bond-historical-data/india/10-years/#:~:text=The%20India%2010%20Yea

%
2%
4%
6%
he%20India%2010%20Years%20Government,4.1%20bp%20during%20last%20year.
Particulars Mar 2018 Mar 2019 Mar 2020
Net Income 3,786 4,289 3,897
Add: Depreciation 1,085 1,129 1,446
Add: Interest (1-t) 126.36 102.41 147.84
Less: Capex 4,559 3,105 1,537
Add/Less: (Increase)/ Decrease in net working -508 -412 1,820
FCFF 946 2,827 2,134
198.77% -24.53%

Value of the firm 40535.04

Mar 2021 Mar 2022 https://valueinvesting.io/TECHM.NS/valuat
4,353 5,630 Range
1,458 1,520 Cost of equity 14.80%
127.02 123.88 Tax rate 23.15%
6,062 1,979 Cost of debt 7.10%
-1,244 228 WACC 14.50%
1,120 5,067
-47.51% 352.39%
sting.io/TECHM.NS/valuation/wacc
Particulars (in Cr)
Total Assets 44,416
Total External Liabilit 17,529
Net Assets Value 26,887

Issued Share 97.1833479 10000000

Authorized Capital 166.73 10000000
Outstanding Share 69.5466521

NAV Per Share 386.6038003

 Tech Mahindra Infosys TCS
EPS 57.27 EPS 58.08 EPS
Share Price 998.3 Share Price 1389.2 Share Price
PE Ratio 17.4315 PE Ratio 23.9187 PE Ratio
Enterprise Valu 144,395.17 Enterprise Valu 585675.96 Enterprise Valu
EV/EBITDA 20.6 EV/EBITDA 20.6 EV/EBITDA
Sales 44,646 Sales 190354 Sales
EV/Sales 3.2342 EV/Sales 3.0768 EV/Sales
TCS
106.87
3189.85
29.8479
1168779.8
20.6
146767
7.9635
KEY FINANCIAL RATIOS OF TECH MAHINDRA (in Mar 18 Mar 19 Mar 20 Mar 21
PER SHARE RATIOS
Basic EPS (Rs.) 40.84 44.58 46.89 43.76
Diluted EPS (Rs.) 40.53 43.93 46.56 43.41
Cash EPS (Rs.) 47.53 51.24 53.86 50.62
Book Value [ExclRevalReserve]/Share (Rs.) 199.5 209.94 230.61 258.32
Book Value [InclRevalReserve]/Share (Rs.) 199.5 209.94 230.61 258.32
Dividend / Share(Rs.) 14 14 15 45
Revenue from Operations/Share (Rs.) 241.59 276.79 302.6 306.14
PBDIT/Share (Rs.) 57.52 62.33 62.81 64.57
PBIT/Share (Rs.) 50.82 55.63 55.9 57.73
PBT/Share (Rs.) 50.1 55.19 55.21 57.08
Net Profit/Share (Rs.) 40.83 44.54 46.95 43.78
PROFITABILITY RATIOS
PBDIT Margin (%) 23.8 22.51 20.75 21.09
PBIT Margin (%) 21.03 20.09 18.47 18.85
PBT Margin (%) 20.73 19.93 18.24 18.64
Net Profit Margin (%) 16.9 16.09 15.51 14.3
Return on Networth / Equity (%) 20.46 21.21 20.35 16.94
Return on Capital Employed (%) 22.85 24.31 21.93 20.39
Return on Assets (%) 14.92 14.43 14.95 12.7
Total Debt/Equity (X) 0.01 0 0 0
Asset Turnover Ratio (%) 88.29 89.71 96.38 0.93
LIQUIDITY RATIOS
Current Ratio (X) 2.85 2.28 3.16 3.36
Quick Ratio (X) 2.85 2.28 3.16 3.36
Inventory Turnover Ratio (X) 0 0 0 0
Dividend Payout Ratio (NP) (%) 25.9 31.42 60.69 45.61
Dividend Payout Ratio (CP) (%) 22.25 27.32 52.9 39.44
Earnings Retention Ratio (%) 74.1 68.58 39.31 54.39
Cash Earnings Retention Ratio (%) 77.75 72.68 47.1 60.56
VALUATION RATIOS
Enterprise Value (Cr.) 60,730.80 75,127.31 52,704.87 94,922.73
EV/Net Operating Revenue (X) 2.57 2.76 1.8 3.2
EV/EBITDA (X) 10.78 12.26 8.69 15.18
MarketCap/Net Operating Revenue (X) 2.64 2.8 1.87 3.24
Retention Ratios (%) 74.09 68.57 39.3 54.38
Price/BV (X) 3.2 3.7 2.45 3.84
Price/Net Operating Revenue 2.64 2.8 1.87 3.24
Earnings Yield 0.06 0.06 0.08 0.04
 Mar 22

50.48
50.11
57.35
265.96
265.96
45
357.34
72.11
65.32
64.67
50.56

20.18
18.28
18.09
14.14
19
22.37
14.03
0
1.02

2.56
2.56
0
88.79
78.27
11.21
21.73

144,395.17
4.16
20.6
4.2
11.2
5.64
4.2
0.03