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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

Working Capital Cycle


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

Working 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
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

367,650.00
367,650.00

312,540.00
312,540.00

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

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

Working Capital Cycle


Debtors or Trade Receivables
Sales
DSO

2013
63,650.00
367,650.00
63.19

2012
54,040.00
312,540.00
63.11

Creditors or Trade payables


RM Purchased (cost of sales)
DPO

1,780.00
267,060.00
2.43

680.00
219,870.00
1.13

Inventories (RM Components)


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
Net Working Capital Position
Total Current Assets (1)
327,380.00
67,930.00
Other Current Liabilities (other than bank borrowings) (2)
259,450.00
Working Capital Gap (WCG) (1-2)
Min. stipulated net working capital: (25% of total
81,845.00
current assets(4)
259,450.00
Actual / Projected net working capital (5)
177,605.00
Item-3 minus Item-4
Item-3 minus Item-5
0
Max. permissible bank finance (item-6 or 7, whichever is lower)

2012

CCC

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

284,650.00
60,370.00
224,280.00
71,162.50
224,280.00
153,117.50
0

Working Capital Cycle


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
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

60,019.00
60,019.00

52,430.00
52,430.00

Raw Material
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

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

Working Capital Cycle


Debtors or Trade Receivables
Sales
DSO

2013
13,725.00
60,019.00
83.47

2012
12,431.00
52,430.00
86.54

Creditors or Trade payables


RM Purchased (cost of sales)

5,644.00
49,752.00

4,684.00
45,613.00

DPO
Inventories (RM Components)
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
Net Working Capital Position
30,912.00
Total Current Assets (1)
Other Current Liabilities (other than bank borrowings) (2) 19,136.00
11,776.00
Working Capital Gap (WCG) (1-2)
Min. stipulated net working capital: (25% of total
7,728.00
current assets(4)

2004
22,042.00
11,235.00
10,807.00

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

5,510.50

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


7,728.00
current assets(4)
3,731.00
Actual / Projected net working capital (5)
4,048.00
Item-3 minus Item-4
8,045.00
Item-3 minus Item-5
TRUE
Max. permissible bank finance (item-6 or 7, whichever is lower)

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
-

Working Capital Cycle


120
100
80
60
Working Capital Cycle

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
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
Revenue from Operations
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
Employee Benefits Expense
Power and Fuel 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
add : purchase of stk in trade
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

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

Working Capital Cycle


Debtors or Trade Receivables
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

Creditors or Trade payables


RM Purchased
DPO

1,512.10
-

2,204.70
-

3,399.20
-

Inventories (RM Components)


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
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

Net Working Capital Position


Total Current Assets (1)
Other Current Liabilities (other than bank
borrowings) (2)
Working Capital Gap (WCG) (1-2)

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
Actual / Projected net working capital (5)
1001.40
2892.23
Item-3 minus Item-4
0.00
0.00
Item-3 minus Item-5
0
TRUE
Max. permissible bank finance (item-6 or 7, whichever is lower)

2860.5
6330.90
3470.40
0.00
0

Working Capital Cycle


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

Working Capital Cycle

Working Capital Cycle

` 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