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BASIC BENCHMARKTechnology Consulting Services
Report generated on 18-Jul-2016Report generated in USDGBC/RBC selected – Tata Consultancy ServicesUser/Company primary country - India
Property of Televisory Global Pte. Ltd. All Rights Reserved.
1. Benchmark Summary
2. Macro Data Backdrop
3. Quarterly Benchmarking
3.1 Key Operational Benchmarks
3.2 Benchmarking of Operating Costs
3.3 Benchmarking of Sales and Margin
3.4 Financial Benchmarking
3.5 Detailed Financial Ratios – Last 5 Quarters of Company
3.6 Detailed Financial Ratios – QoQ & YoY Comparison with GBC
4. Five-Year Trend Analysis
4.1 Key Operational Benchmarks
4.2 Operating Cost Benchmarks
4.3 Sales and Margin Benchmarks
4.4 Financial Benchmarks
4.5 Detailed Financial Ratios – Last 5 Years of Company
4.6 Detailed Financial Ratios – YoY Comparison with GBC
5. Basic Info
6. Appendix A – Quarterly Data
7. Appendix B – Yearly Data
3
4
5
5
6
7
8
9
15
16
14
13
12
11
10
11
17
18
Abbreviations
CO Company/User
GBC Global Benchmark Company
LTM Last Twelve Months
RBC Regional Benchmark Company
N/A Not Available
Important Disclaimer – This report is prepared by Televisory Global Pte. Ltd. (“Televisory”) based on datasubmitted by you for a distinct industry type selected by you. We have not independently verified theveracity of the data. You have chosen your data to be compared with a specific Global BenchmarkCompany (“GBC”). We have sourced these data from publicly available sources and have notindependently verified its accuracy. Neither the relevant GBC nor Televisory owes any responsibility for theGBC data in this report. Further, this report is for the exclusive internal usage of the User and not for anyother third party and Televisory owes no responsibility to anyone for the contents of this report.
CONTENTS
USD'000 Mar-2015 Mar-2016 BenchmarkedTo
Company 3.42 3.58
GBC 2.16 3.30 Better
Mar-2015 Mar-2016 BenchmarkedTo
Company N/A N/A
GBC N/A 285.1 N/A
Avg. EBITDA per Employee Debt Service Cover Ratio
Company vs. GBC - Current Qtr (per Employee) (USD'000)
1.2 EBITDA BRIDGE COMPARISON
Company YoY Comparison (USD M)
1. BENCHMARK SUMMARY1.1 QUARTERLY COMPARISON
Page | 3
2. MACRO DATA BACKDROP
source : Bloomberg
source : Bloomberg
Page | 4
3. QUARTERLY BENCHMARKING
Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.1 KEY OPERATIONAL BENCHMARKS
Notes:where data are not available, they will not be shown in the charts.
Page | 5
3. QUARTERLY BENCHMARKING
Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.2 BENCHMARKING OF OPERATING COSTS
Notes:where data are not available, they will not be shown in the charts.
Page | 6
3. QUARTERLY BENCHMARKING
Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.3 BENCHMARKING OF SALES AND MARGIN
Notes:where data are not available, they will not be shown in the charts.
Page | 7
3. QUARTERLY BENCHMARKING
Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.4 FINANCIAL BENCHMARKING1
Notes:1. Includes both DIT and non-DIT results.
Page | 8
Financial Ratios Unit
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr
FX 62.07 63.63 65.4 66.03 67.49
Risk Grading Ratios
Net Profit Margin % 22.2% 22.0% 22.3% 21.8% 21.6%
Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A
Leverage = Total Liabilities/TNW x 0.23x 0.27x 0.26x 0.25x 0.32x
Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A
Activity = Sales/Total Assets (Annualized) % 80.8% 85.2% 88.2% 89.3% 88.1%
Activity = Net Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1%
Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x
Size = Tangible Net Worth (TNW) USD Million 8,222 7,744 8,067 8,076 7,895
Growth Ratios
Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1%
Net Income Growth % 0.0% 6.1% 10.4% (0.5)% 3.2%
Total Assets Growth % 0.0% 1.6% 5.2% 0.5% 5.4%
Total Tangible Assets Growth % 0.0% 0.3% 5.6% 0.3% 6.1%
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 18.7% 19.6% 19.4% 19.0%
Return on Equity = Net Profit/TNW (Annualized) % 23.3% 25.6% 26.4% 26.0% 26.8%
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
EBIT/Interest Expenses x N/A N/A N/A N/A N/A
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
EBITDA/Interest Expenses x N/A N/A N/A N/A N/A
CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
CADS/Interest Expenses x N/A N/A N/A N/A N/A
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,234 5,492 5,449 5,122
Quick Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x
Current Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x
Liquid Assets/Total Assets % 45.8% 41.8% 42.2% 41.4% 43.5%
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A
Liquid Assets/Total Current Assets % 64.3% 60.6% 61.0% 60.5% 63.2%
Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.23x 0.27x 0.26x 0.25x 0.32x
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x
Activity Ratios
Trade Receivable Turnover Period (Annualized) days 85.4 82.8 79.8 79.4 77.7
Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00
Trade Payables Turnover Period (Annualized) days 1.58 1.72 1.47 1.13 2.37
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00
Trade Payables Turnover Period over Sales (Annualized) days 85.4 85.8 80.8 79.4 79.2
Trade Receivable/Sales (Annualized) % 23.4% 23.5% 22.1% 21.8% 21.7%
COGS/Sales % 60.1% 62.2% 60.9% 61.3% 60.2%
Cash SG&A/Sales % 13.3% 13.3% 13.3% 13.6% 12.0%
3.5 DETAILED FINANCIAL RATIOS – LAST 5 QUARTERS OF COMPANY
3. QUARTERLY BENCHMARKING
Page | 9
Financial Ratios Unit
My Company
Mar-2016Mar-2015
Qtr Ending Current Qtr
Mar-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr
FX 62.07 67.49 62.07 67.49
Risk Grading Ratios
Net Profit Margin % 22.2% 21.6% 15.5% 22.6%
Leverage = TNW/Debt Servicing Amount x N/A N/A 216.18x 466.33x
Leverage = Total Liabilities/TNW x 0.23x 0.32x 0.44x 0.37x
Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A 285.07x
Activity = Sales/Total Assets (Annualized) % 80.8% 88.1% 131.5% 127.3%
Activity = Net Sales Growth % 0.0% 4.1% 0.0% 4.0%
Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 6.42x 2.06x 0.89x
Size = Tangible Net Worth (TNW) USD Million 8,222 7,895 8,002 9,478
Growth Ratios
Sales Growth % 0.0% 4.1% 0.0% 4.0%
Net Income Growth % 0.0% 3.2% 0.0% 5.2%
Total Assets Growth % 0.0% 5.4% 0.0% 7.5%
Total Tangible Assets Growth % 0.0% 6.1% 0.0% 7.6%
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 19.0% 20.4% 28.7%
Return on Equity = Net Profit/TNW (Annualized) % 23.3% 26.8% 30.2% 40.2%
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A 86.12x 241.97x
EBIT/Interest Expenses x N/A N/A 447.68x 1,371.42x
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A 94.31x 256.76x
EBITDA/Interest Expenses x N/A N/A 490.22x 1,455.25x
CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A 285.07x
CADS/Interest Expenses x N/A N/A N/A 1,615.71x
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,122 4,591 6,089
Quick Ratio x 4.15x 3.01x 2.40x 2.87x
Current Ratio x 4.15x 3.01x 2.40x 2.87x
Liquid Assets/Total Assets % 45.8% 43.5% 25.2% 7.6%
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A 100.00x 60.06x
Liquid Assets/Total Current Assets % 64.3% 63.2% 38.0% 10.8%
Liquid Assets/Adjusted Current Liabilities x 10.27x 6.42x 2.06x 0.89x
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.23x 0.32x 0.44x 0.37x
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.01x 0.00x
Activity Ratios
Trade Receivable Turnover Period (Annualized) days 85.4 77.7 91.4 89.0
Inventory Turnover Period (Annualized) days 0.00 0.00 0.09 0.10
Trade Payables Turnover Period (Annualized) days 1.58 2.37 52.0 41.2
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.06 0.05
Trade Payables Turnover Period over Sales (Annualized) days 85.4 79.2 91.4 90.0
Trade Receivable/Sales (Annualized) % 23.4% 21.7% 25.0% 24.7%
COGS/Sales % 60.1% 60.2% 64.0% 56.5%
Cash SG&A/Sales % 13.3% 12.0% 18.7% 16.0%
3. QUARTERLY BENCHMARKING
3.6 DETAILED FINANCIAL RATIOS – QoQ & YoY COMPARISON WITH GBC
Page | 10
4.1 KEY OPERATIONAL BENCHMARKS Legend: GBC
4. FIVE-YEAR TREND ANALYSIS
CO
Notes:where data are not available, they will not be shown in the charts.
Page | 11
Legend: GBC
4. FIVE-YEAR TREND ANALYSIS4.2 BENCHMARKING OF OPERATING COSTS CO
Notes:where data are not available, they will not be shown in the charts.
Page | 12
Legend: GBC
4. FIVE-YEAR TREND ANALYSIS
4.3 BENCHMARKING OF SALES AND MARGIN CO
Notes:where data are not available, they will not be shown in the charts.
Page | 13
Legend: GBC
4. FIVE-YEAR TREND ANALYSIS4.4 FINANCIAL BENCHMARKING2
Notes:2. Includes both DIT and non-DIT results.
CO
Page | 14
Financial Ratios Unit
My Company
20142013 2015
Previous FinancialYear-3
Mar-20162012
Previous FinancialYear-2
Previous FinancialYear-1
Previous FinancialYear
Trailing 12 Months
FX 48.05 54.46 60.7 61.26 65.64
Risk Grading Ratios
Net Profit Margin % 24.7% 23.4% 21.3% 23.2% 21.9%
Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A
Leverage = Total Liabilities/TNW x 0.23x 0.23x 0.29x 0.33x 0.32x
Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A
Activity = Sales/Total Assets (Annualized) % 88.0% 87.1% 88.0% 80.4% 83.1%
Activity = Net Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6%
Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x
Size = Tangible Net Worth (TNW) USD Million 6,276 6,549 6,953 7,685 8,118
Growth Ratios
Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6%
Net Income Growth % 0.0% 13.2% 13.0% 16.1% 28.4%
Total Assets Growth % 0.0% 20.8% 23.0% 16.4% 31.9%
Total Tangible Assets Growth % 0.0% 18.4% 24.2% 14.6% 29.2%
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 21.7% 20.4% 18.7% 18.7% 18.2%
Return on Equity = Net Profit/TNW (Annualized) % 27.6% 26.4% 25.2% 26.3% 25.7%
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
EBIT/Interest Expenses x N/A N/A N/A N/A N/A
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
EBITDA/Interest Expenses x N/A N/A N/A N/A N/A
CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A
CADS/Interest Expenses x N/A N/A N/A N/A N/A
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 4,862 5,003 5,114 5,181 5,266
Quick Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x
Current Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x
Liquid Assets/Total Assets % 53.7% 47.1% 45.6% 45.8% 43.5%
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A
Liquid Assets/Total Current Assets % 68.0% 61.8% 60.2% 64.3% 63.2%
Liquid Assets/Adjusted Current Liabilities x 19.12x 14.38x 7.93x 7.86x 6.42x
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.23x 0.23x 0.29x 0.33x 0.32x
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x
Activity Ratios
Trade Receivable Turnover Period (Annualized) days 83.9 78.1 75.3 81.2 78.7
Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00
Trade Payables Turnover Period (Annualized) days 0.44 1.57 2.10 1.77 2.52
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00
Trade Payables Turnover Period over Sales (Annualized) days 83.9 86.1 81.3 86.0 83.9
Trade Receivable/Sales (Annualized) % 23.0% 23.6% 22.3% 23.6% 23.0%
COGS/Sales % 56.8% 61.0% 62.8% 60.4% 61.1%
Cash SG&A/Sales % 14.1% 13.0% 12.1% 12.9% 13.0%
4. FIVE-YEAR TREND ANALYSIS
4.5 DETAILED FINANCIAL RATIOS – LAST 5 YEARS OF COMPANY
Page | 15
Financial Ratios Unit
My Company
2015 Mar-2016
Previous FinancialYear
Trailing 12 Months Previous FinancialYear
2015
Tata Consultancy Services
Mar-2016
Trailing 12 Months
FX 61.26 65.64 61.26 65.64
Risk Grading Ratios
Net Profit Margin % 23.2% 21.9% 21.2% 22.4%
Leverage = TNW/Debt Servicing Amount x N/A N/A 142.40x 481.68x
Leverage = Total Liabilities/TNW x 0.33x 0.32x 0.44x 0.37x
Cash Flow = CADS/Debt Servicing Amount x N/A N/A 72.12x 172.99x
Activity = Sales/Total Assets (Annualized) % 80.4% 83.1% 128.5% 121.6%
Activity = Net Sales Growth % 6.4% 24.6% 15.7% 32.8%
Liquidity = Liquid Assets/Adjusted Current Liabilities x 9.51x 6.42x 1.72x 0.89x
Size = Tangible Net Worth (TNW) USD Million 7,685 8,118 8,081 9,745
Growth Ratios
Sales Growth % 6.4% 24.6% 15.7% 32.8%
Net Income Growth % 16.1% 28.4% 3.8% 26.1%
Total Assets Growth % 16.4% 31.9% 9.7% 33.1%
Total Tangible Assets Growth % 14.6% 29.2% 10.5% 35.4%
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 18.7% 18.2% 27.2% 27.3%
Return on Equity = Net Profit/TNW (Annualized) % 26.3% 25.7% 40.5% 38.1%
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A 75.95x 238.69x
EBIT/Interest Expenses x N/A N/A 253.41x 1,598.37x
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A 81.13x 253.36x
EBITDA/Interest Expenses x N/A N/A 270.67x 1,696.60x
CADS/Debt Servicing Amount (Annualized) x N/A N/A 72.12x 172.99x
CADS/Interest Expenses x N/A N/A 240.62x 1,158.41x
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 5,181 5,266 4,652 6,260
Quick Ratio x 3.05x 3.01x 2.40x 2.87x
Current Ratio x 3.05x 3.01x 2.40x 2.87x
Liquid Assets/Total Assets % 45.8% 43.5% 25.2% 7.6%
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A 76.23x 60.06x
Liquid Assets/Total Current Assets % 64.3% 63.2% 38.0% 10.8%
Liquid Assets/Adjusted Current Liabilities x 7.86x 6.42x 1.48x 0.88x
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.33x 0.32x 0.44x 0.37x
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x
Activity Ratios
Trade Receivable Turnover Period (Annualized) days 81.2 78.7 89.7 87.9
Inventory Turnover Period (Annualized) days 0.00 0.00 0.10 0.10
Trade Payables Turnover Period (Annualized) days 1.77 2.52 50.6 51.2
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.06 0.05
Trade Payables Turnover Period over Sales (Annualized) days 86.0 83.9 93.6 94.3
Trade Receivable/Sales (Annualized) % 23.6% 23.0% 25.6% 25.8%
COGS/Sales % 60.4% 61.1% 57.6% 56.0%
Cash SG&A/Sales % 12.9% 13.0% 17.0% 16.0%
4. FIVE-YEAR TREND ANALYSIS
4.6 DETAILED FINANCIAL RATIOS – YOY COMPARISON WITH GBC
Page | 16
5. BASIC INFO
DATES
Data Submission Date: 18-Jul-2016
Report Generation Date: 18-Jul-2016
ABOUT THE USER
India
N/A
N/A
Karnataka
Primary Location-Country
Secondary Location-Country
Primary Location-State
Secondary Location-State
COMPARABLE SELECTION
Tata Consultancy Services
USD
NA
GBC Selected
GBC Reporting Currency
Peer Comparison Criteria By
DISTINCT INDUSTRY TYPE(DIT)
Technology Consulting Services
DIT Code: 21040104
USER ACCOUNT & TELEVISORY REPORT CURRENCY
INR
Million
USD
User Account Currency
Reporting Unit
Televisory Report Currency
ANALYSIS PERIOD
4
Mar
2016
Mar-2016
18-Jul-2016
Reporting Period in a Year
Financial Year Ending
Current Quarter Ending
Current Financial Year
Form Download Request Date
DITMT Version 2
Page | 17
6. APPENDIX – QUARTERLY DATA
Operation Yield Comparison
Operational ComparisonUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49Order Book Analysis
Opening Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts Awarded USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Closing Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Book to Bill Ratio x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Backlog to Sales (Annualised) x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Backlog to Sales (in months) Months N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts Profile
% Banking & Financial Services Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Telecom, Media & Entertainment % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Retail & Consumer Packaged Goods % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Manufacturing % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Other Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Government % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts by Geography
% North America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Europe % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts by Customer Type
% New Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Renewal Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Project Profile
Total no. of Projects Count N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Projects delivered on time % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total Project timeline Years N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Employee Profile
Total Technology Consulting Employees Empl. 176,187 179,523 187,976 193,383 194,044 10.1% 0.3% 319,656 324,935 335,620 344,691 353,843 10.7% 2.7%
Net Change in No. of Empl. Empl. 6,549 3,336 8,453 5,407 661.0 -89.9% -87.8% 1,031 5,279 10,685 9,071 9,152 787.7% 0.9%
Recruitment Rate (annualised) % 33.5% 26.7% 38.3% 29.4% 18.6% N/A N/A 18.0% 25.2% 30.5% 26.0% 25.9% N/A N/A
Attrition Rate (annualised) % 18.3% 19.2% 19.9% 18.1% 17.3% N/A N/A 16.8% 18.6% 17.6% 15.3% 15.4% N/A N/A
Net Recruitment/Attrition Rate % 15.2% 7.5% 18.4% 11.3% 1.4% N/A N/A 1.3% 6.6% 12.9% 10.7% 10.5% N/A N/A
Employee Profile Bifurcation
% North America % 3.5% 3.5% 3.5% 3.5% 4.3% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Property of Televisory Global Pte. Ltd. All Rights Reserved.
Page | 18
6. APPENDIX – QUARTERLY DATA
Operation Yield Comparison
Operational ComparisonUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Europe % 3.0% 3.0% 3.0% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % 93.5% 93.5% 93.5% 93.5% 92.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A
% Onsite % 28.9% 29.2% 29.2% 29.2% 29.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Offsite % 71.1% 70.8% 70.8% 70.8% 70.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Technical/Software Staff % 91.6% 93.4% 90.6% 92.5% 94.8% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Other Support Staff % 8.4% 6.6% 9.4% 7.5% 5.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Employee Efficiency Metrics
No. of man-hrs Billed 000 hours 65,013 68,757 71,713 78,707 77,710 19.5% -1.3% 130,260 134,686 138,108 139,428 143,129 9.9% 2.7%
Avg. No.of man-hrs Billed per Empl. hours 369.0 383.0 381.5 407.0 400.5 8.5% -1.6% 407.5 414.5 411.5 404.5 404.5 -0.7% 0.0%
Manpower Utilization Rate % 73.8% 76.6% 76.3% 81.4% 76.5% N/A N/A 81.5% 82.9% 82.3% 80.9% 80.9% N/A N/A
Avg. Age of Empl. Count 29.0 29.0 29.0 29.0 29.0 0.0% 0.0% 29.5 27.0 27.0 27.0 27.0 -8.5% 0.0%
Avg. Empl. per Project Empl. N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Avg. New Contract Value per Empl. USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Customer Profile
Total No. of Customers Cust. 950.0 987.0 1,011 1,045 1,092 15.0% 4.5% 791.0 804.0 819.0 838.0 829.0 4.8% -1.1%
% of Cust. in < $ 1mm Rev. bucket % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% of Cust. in $ 1mm - < $ 5mm Rev. bucket % 30.0% 29.1% 28.1% 28.1% 26.6% N/A N/A 50.8% 51.4% 50.7% 50.7% 48.2% N/A N/A
% of Cust. in $ 5mm - < $ 10mm Rev. bucket % 9.0% 8.0% 8.8% 8.6% 8.3% N/A N/A 16.2% 15.3% 15.9% 15.8% 15.8% N/A N/A
% of Cust. in $ 10mm - < $ 20mm Rev. bucket % 8.0% 8.7% 8.3% 7.8% 8.2% N/A N/A 12.5% 11.9% 12.6% 12.9% 15.1% N/A N/A
% of Cust. in $ 20mm - < $ 50mm Rev. bucket % 3.8% 3.4% 3.5% 3.6% 3.3% N/A N/A 11.9% 12.8% 12.9% 12.9% 12.1% N/A N/A
% of Cust. in $ 50mm - < $ 100mm Rev. bucket % 3.0% 2.8% 2.9% 3.0% 2.8% N/A N/A 4.9% 4.8% 3.9% 3.7% 4.3% N/A N/A
% of Cust. in > $ 100mm Rev. bucket % 2.0% 2.1% 2.1% 1.9% 1.9% N/A N/A 3.7% 3.7% 4.0% 4.1% 4.5% N/A N/A
Others / Unclassified % 44.3% 45.8% 46.4% 46.9% 48.9% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A
Empl. to Cust. Ratio x 185.46x 181.89x 185.93x 185.06x 177.70x N/A N/A 404.12x 404.15x 409.79x 411.33x 426.83x N/A N/A
Lead Conversion Ratio % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Repeat Customer Ratio % 96.6% 98.4% 97.6% 96.8% 97.1% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Distribution Profile
No. of Business Locations Count 155.0 199.0 199.0 199.0 199.0 28.4% 0.0% N/A N/A N/A N/A N/A N/A N/A
% North America % 20.6% 27.1% 27.1% 27.1% 27.1% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% South America % 3.2% 3.0% 3.0% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Europe % 30.3% 27.6% 27.6% 27.6% 27.6% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % 1.9% 2.0% 2.0% 2.0% 2.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % 43.9% 40.2% 40.2% 40.2% 40.2% N/A N/A N/A N/A N/A N/A N/A N/A N/A
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Page | 19
6. APPENDIX – QUARTERLY DATA
Operation Yield Comparison
Operational ComparisonUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Business Locations by Type
% Delivery Centres % 59.4% 53.3% 53.3% 53.3% 53.3% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Sales Centres % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Research and Development Centres % 5.2% 4.0% 4.0% 4.0% 4.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Others % 35.5% 42.7% 42.7% 42.7% 42.7% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Intellectual Property Profile
No. of Patents filed for the period Count N/A N/A N/A N/A N/A N/A N/A 127.0 141.0 141.0 141.0 142.0 11.8% 0.7%
% of Patents Approved during the period % N/A N/A N/A N/A N/A N/A N/A 18.1% 60.3% 60.3% 60.3% 60.6% N/A N/A
Total Patents held till date Count N/A N/A N/A N/A N/A N/A N/A 206.0 291.0 376.0 461.0 547.0 165.5% 18.7%
Receivables Profile
% Receivables Overdue > 6 months to Tot. Receivables % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 7.8% N/A N/A N/A 7.2% N/A N/A
% Receivables Overdue < 6 months to Tot. Receivables % 24.5% 33.1% 30.4% 27.5% N/A N/A N/A 78.3% N/A N/A N/A 62.4% N/A N/A
% Doubtful Receivables to Tot. Receivables % 3.8% 3.5% 3.6% 3.0% 2.6% N/A N/A 1.8% N/A N/A N/A 1.8% N/A N/A
Total Receivables USD Million 1,565 1,658 1,590 1,644 1,679 7.3% 2.1% 3,909 4,008 4,089 4,150 4,158 6.4% 0.2%
Receivables to Sales (annualised) % 18.1% 18.4% 16.6% 17.1% 17.1% N/A N/A 25.0% 24.8% 24.6% 25.0% 24.7% N/A N/A
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Page | 20
6. APPENDIX – QUARTERLY DATA
Operating Cost Comparison
Operational ComparisonUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49Operating Expenses By Items
% Payroll and Related Benefits % of Cash 76.0% 76.0% 75.9% 76.0% 75.6% N/A N/A 76.0% 73.5% 72.2% 72.9% 72.0% N/A N/A
% Fees Paid for Outsourced Services % of Cash 6.5% 7.1% 7.6% 8.6% 7.7% N/A N/A 7.9% 9.4% 10.4% 10.2% 10.7% N/A N/A
% Other Cash Opex % of Cash 1.6% 0.6% 0.4% 0.5% 1.1% N/A N/A 1.9% 2.2% 2.2% 2.2% 2.2% N/A N/A
% Selling, General & Admin Exp. % of Cash 15.9% 16.3% 16.0% 14.9% 15.5% N/A N/A 14.2% 14.9% 15.2% 14.8% 15.1% N/A N/A
% Depreciation and Amortization % of Opex 2.8% 2.9% 3.1% 3.1% 1.9% N/A N/A 2.3% 2.5% 2.4% 2.4% 2.4% N/A N/A
% Non-Cash Exp. % of Opex 0.4% 0.0% 0.1% 0.3% (0.7)% N/A N/A 0.2% 0.2% 0.2% 0.2% 0.2% N/A N/A
Tot. Opex USD Million 1,605 1,714 1,780 1,809 1,792 11.7% -0.9% 3,288 2,977 3,036 3,049 3,122 -5.1% 2.4%
Avg. Opex per Month USD Million 535.0 571.4 593.4 602.9 597.4 11.7% -0.9% 1,096 992.4 1,012 1,016 1,041 -5.1% 2.4%
Tot. Cash Opex USD Million 1,552 1,665 1,724 1,748 1,771 14.1% 1.3% 3,205 2,898 2,957 2,971 3,041 -5.1% 2.4%
Avg. Cash Opex per Month USD Million 517.4 555.0 574.5 582.7 590.2 14.1% 1.3% 1,068 966.0 985.6 990.2 1,014 -5.1% 2.4%
Empl. Expenses to Rev. % 54.6% 56.1% 54.7% 55.2% 54.6% N/A N/A 62.4% 52.8% 51.4% 52.2% 52.0% N/A N/A
Avg. Empl. Expenses per Empl. USD'000 6.69 7.05 6.96 6.87 6.90 3.1% 0.4% 7.62 6.56 6.37 6.28 6.19 -18.7% -1.4%
Cash to Empl. Expenses (Annualised) x 1.04x 0.87x 0.87x 0.84x 0.90x N/A N/A 0.31x 0.33x 0.31x 0.21x 0.11x N/A N/A
SGA Expense to Rev. % 11.4% 12.0% 11.6% 10.8% 11.2% N/A N/A 11.7% 10.7% 10.8% 10.6% 10.9% N/A N/A
Tot. Opex to Rev. % 74.3% 76.0% 74.5% 75.1% 73.1% N/A N/A 84.3% 73.8% 73.1% 73.6% 74.1% N/A N/A
Operating Cash Expenses By Industry Segment
% Banking & Financial Services Industries % of Cash 29.0% 26.5% 26.4% 27.0% 34.2% N/A N/A 40.6% 40.6% 40.5% 40.6% 40.9% N/A N/A
% Telecom, Media & Entertainment % of Cash 15.6% 17.4% 17.6% 18.0% 22.2% N/A N/A 10.8% 11.0% 10.8% 10.9% 10.8% N/A N/A
% Retail & Consumer Packaged Goods % of Cash 15.6% 16.0% 16.4% 16.2% 18.0% N/A N/A 13.6% 13.8% 13.8% 14.1% 14.4% N/A N/A
% Manufacturing % of Cash 23.6% 24.0% 24.2% 22.6% 25.5% N/A N/A 10.2% 9.9% 9.8% 10.1% 10.4% N/A N/A
% Other Industries % of Cash 16.2% 16.0% 15.3% 16.1% 0.0% N/A N/A 24.8% 24.7% 25.1% 24.2% 23.4% N/A N/A
% Government % of Cash 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Operating Cash Expenses by Service Line
% Application Development, Testing & Maintenance % of Cash N/A N/A N/A N/A N/A N/A N/A 40.1% 40.3% 40.0% 39.7% 39.2% N/A N/A
% Enterprise Solutions & Business Intelligence % of Cash N/A N/A N/A N/A N/A N/A N/A 15.4% 15.1% 17.5% 17.4% 19.8% N/A N/A
% IT Infrastructure Services % of Cash N/A N/A N/A N/A N/A N/A N/A 14.5% 14.7% 14.7% 15.2% 15.4% N/A N/A
% Business Process Outsourcing and Management % of Cash N/A N/A N/A N/A N/A N/A N/A 16.1% 16.0% 15.9% 16.3% 16.2% N/A N/A
% Assurance Services, Products and Others % of Cash N/A N/A N/A N/A N/A N/A N/A 13.9% 13.9% 11.9% 11.4% 9.4% N/A N/A
Avg. Operating Cash Expenses
Avg. Cash Opex per Cust. USD'000 1,634 1,687 1,705 1,673 1,622 -0.8% -3.1% 4,051 3,605 3,610 3,545 3,669 -9.4% 3.5%
Avg. Cash Opex per Empl. USD'000 8.81 9.27 9.17 9.04 9.13 3.6% 1.0% 10.0 8.92 8.81 8.62 8.60 -14.3% -0.3%
Average Operating Expense per Employee
Payroll and Related Benefits USD'000 6.69 7.05 6.96 6.87 6.90 3.1% 0.4% 7.62 6.56 6.37 6.28 6.19 -18.7% -1.4%
Fees Paid for Outsourced Services USD'000 0.58 0.66 0.70 0.78 0.71 22.6% -9.6% 0.79 0.84 0.91 0.88 0.92 16.3% 4.5%
Other Cash Operating Expenses USD'000 0.14 0.05 0.04 0.04 0.10 -26.4% 144.7% 0.19 0.19 0.19 0.18 0.19 -1.4% 1.7%
Property of Televisory Global Pte. Ltd. All Rights Reserved.
Page | 21
6. APPENDIX – QUARTERLY DATA
Operating Cost Comparison
Operational ComparisonUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49Selling, General & Admin Expenses USD'000 1.40 1.51 1.47 1.35 1.42 1.0% 5.3% 1.42 1.33 1.34 1.27 1.29 -9.1% 1.7%
Depreciation & Amortization USD'000 0.26 0.27 0.29 0.29 0.17 -33.3% -40.3% 0.24 0.23 0.22 0.21 0.21 -10.4% -0.3%
Other Non Cash Expense USD'000 0.04 0.00 0.01 0.03 (0.06) -253.7% -346.8% 0.02 0.02 0.02 0.01 0.01 -39.6% 1.7%
Avg. OPEX per Empl. USD'000 9.11 9.55 9.47 9.35 9.24 1.4% -1.2% 10.3 9.16 9.05 8.85 8.82 -14.2% -0.3%
Capex
Tot. Capex USD Million 174.2 105.1 91.6 102.2 64.6 -62.9% -36.8% 121.4 75.0 77.3 77.1 76.6 -36.9% -0.6%
% Capex to Rev. % 8.1% 4.7% 3.8% 4.2% 2.6% N/A N/A 3.1% 1.9% 1.9% 1.9% 1.8% N/A N/A
% R & D Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 0.0% 0.1% 0.1% 0.1% 0.1% N/A N/A
% Other Capex to Tot. Capex % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 100.0% 99.9% 99.9% 99.9% 99.9% N/A N/A
Property of Televisory Global Pte. Ltd. All Rights Reserved.
Page | 22
6. APPENDIX – QUARTERLY DATA
Operational Comparison
Sales & Margins Comparison
Unit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49Revenue by Geography
% North America % of Rev. 62.8% 63.2% 63.3% 62.5% 61.8% N/A N/A 51.9% 53.3% 53.3% 53.3% 53.3% N/A N/A
% South America % of Rev. N/A N/A N/A N/A N/A N/A N/A 2.1% 2.0% 2.0% 2.0% 2.0% N/A N/A
% Europe % of Rev. 23.2% 22.4% 22.9% 23.2% 23.4% N/A N/A 28.2% 26.8% 26.8% 26.8% 26.8% N/A N/A
% Middle East & Africa % of Rev. N/A N/A N/A N/A N/A N/A N/A 2.0% 2.3% 2.3% 2.3% 2.3% N/A N/A
% Asia Pacific % of Rev. N/A N/A N/A N/A N/A N/A N/A 15.8% 15.7% 15.7% 15.7% 15.7% N/A N/A
% Others/Unclassified % of Rev. 14.0% 14.4% 13.8% 14.3% 14.7% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A
Tot. Rev. USD Million 2,161 2,256 2,391 2,408 2,452 13.5% 1.8% 3,902 4,034 4,154 4,144 4,215 8.0% 1.7%
Avg. Rev. per Month USD Million 720.2 751.9 796.9 802.8 817.4 13.5% 1.8% 1,301 1,345 1,385 1,381 1,405 8.0% 1.7%
OOI - Technology Consulting USD Million 0.76 1.30 0.46 1.92 1.02 35.0% -46.8% 0.00 0.00 0.00 0.00 0.00 N/A N/A
Revenue by Industry Segment
% Banking & Financial Services Industries % of Rev. 33.2% 33.1% 32.8% 33.5% 32.7% N/A N/A 40.6% 40.6% 40.5% 40.6% 40.9% N/A N/A
% Telecom, Media & Entertainment % of Rev. 19.8% 18.8% 18.8% 19.4% 20.0% N/A N/A 10.8% 11.0% 10.8% 10.9% 10.8% N/A N/A
% Retail & Consumer Packaged Goods % of Rev. 16.8% 16.5% 16.8% 16.6% 16.8% N/A N/A 13.6% 13.8% 13.8% 14.1% 14.4% N/A N/A
% Manufacturing % of Rev. 23.4% 24.0% 23.8% 22.8% 22.8% N/A N/A 10.2% 9.9% 9.8% 10.1% 10.4% N/A N/A
% Other Industries % of Rev. 6.8% 7.6% 7.8% 7.7% 7.7% N/A N/A 24.8% 24.7% 25.1% 24.2% 23.4% N/A N/A
% Government % of Rev. 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Revenue by Service Line
% Application Development, Testing & Maintenance % of Rev. 42.9% 42.8% 42.6% 42.4% 43.0% N/A N/A 40.1% 40.3% 40.0% 39.7% 39.2% N/A N/A
% Enterprise Solutions & Business Intelligence % of Rev. 36.2% 36.3% 36.1% 37.2% 35.2% N/A N/A 15.4% 15.1% 17.5% 17.4% 19.8% N/A N/A
% IT Infrastructure Services % of Rev. 8.1% 8.3% 8.7% 7.5% 9.4% N/A N/A 14.5% 14.7% 14.7% 15.2% 15.4% N/A N/A
% Business Process Outsourcing and Management % of Rev. 5.3% 5.0% 4.9% 4.9% 4.8% N/A N/A 16.1% 16.0% 15.9% 16.3% 16.2% N/A N/A
% Assurance Services, Products and Others % of Rev. 7.5% 7.6% 7.7% 8.0% 7.5% N/A N/A 13.9% 13.9% 11.9% 11.4% 9.4% N/A N/A
Revenue by Nature of Contract
% Time and Material Basis % of Rev. 54.4% 55.9% 54.5% 55.4% 55.1% N/A N/A 47.4% 48.0% 48.0% 48.0% 48.0% N/A N/A
% Fixed Price Basis % of Rev. 45.6% 44.1% 45.5% 44.6% 44.9% N/A N/A 52.6% 52.0% 52.0% 52.0% 52.0% N/A N/A
Revenue by Location of Service Delivery
% Remote Delivery Centre % of Rev. 45.3% 43.9% 43.9% 43.5% 62.8% N/A N/A 51.5% 51.8% 51.8% 51.8% 51.8% N/A N/A
% Onsite Delivery % of Rev. 54.7% 56.1% 56.1% 56.5% 37.2% N/A N/A 48.5% 48.2% 48.2% 48.2% 48.2% N/A N/A
Avg. Revenue Performance
Avg. Rev. per Cust. USD'000 2,274 2,285 2,365 2,305 2,246 -1.3% -2.6% 4,933 5,017 5,072 4,945 5,085 3.1% 2.8%
Avg. Rev. per Empl. USD'000 12.3 12.6 12.7 12.4 12.6 3.0% 1.5% 12.2 12.4 12.4 12.0 11.9 -2.4% -0.9%
Avg. Bill Rate per Hour USD'000 0.03 0.03 0.03 0.03 0.03 -5.0% 3.1% 0.03 0.03 0.03 0.03 0.03 -1.7% -0.9%
Avg. OOI Technology Consulting per Empl. USD'000 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A
Tot. Productivity Ratio x 1.35x 1.32x 1.34x 1.33x 1.37x N/A N/A 1.19x 1.35x 1.37x 1.36x 1.35x N/A N/A
EBITDA Margin by Industry Segment
Property of Televisory Global Pte. Ltd. All Rights Reserved.
Page | 23
6. APPENDIX – QUARTERLY DATA
Operational Comparison
Sales & Margins Comparison
Unit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49Banking & Financial Services Industries % 37.3% 40.9% 41.9% 41.4% 24.5% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A
Telecom, Media & Entertainment % 43.2% 31.7% 32.7% 32.5% 19.8% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A
Retail & Consumer Packaged Goods % 33.4% 28.4% 29.4% 29.0% 22.6% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A
Manufacturing % 27.6% 26.1% 26.7% 28.2% 19.0% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A
% Other Industries % (71.6)% (55.6)% (41.8)% (52.0)% 100.0% N/A N/A 17.9% 28.2% 28.8% 28.3% 27.8% N/A N/A
EBITDA Comparison
Avg. EBITDA per Cust. USD'000 633.7 600.0 658.5 629.1 636.1 0.4% 1.1% 871.9 1,406 1,455 1,394 1,410 61.7% 1.1%
Avg. EBITDA per Empl. USD'000 3.42 3.30 3.54 3.40 3.58 4.8% 5.3% 2.16 3.48 3.55 3.39 3.30 53.1% -2.6%
Tot. EBITDA USD Million 602.0 592.2 665.7 657.4 694.6 15.4% 5.7% 689.7 1,131 1,191 1,168 1,169 69.5% 0.0%
Tot. EBITDA Margin % of Rev. 27.9% 26.2% 27.8% 27.3% 28.3% N/A N/A 17.7% 28.0% 28.7% 28.2% 27.7% N/A N/A
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Page | 24
6. APPENDIX – QUARTERLY DATA
Financial RatiosUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 65.463.63 66.03 67.49Risk Grading Ratios
Net Profit Margin % 22.2% 22.0% 22.3% 21.8% 21.6% N/A N/A 15.5% 22.4% 22.5% 22.3% 22.6% N/A N/A
Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A 216.18x 492.24x 3,216.09x 797.51x 466.33x N/A N/A
Leverage = Total Liabilities/TNW x 0.23x 0.27x 0.26x 0.25x 0.32x N/A N/A 0.44x 0.35x 0.27x 0.32x 0.37x N/A N/A
Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A N/A 60.29x 446.34x 489.70x 285.07x N/A N/A
Activity = Sales/Total Assets (Annualized) % 80.8% 85.2% 88.2% 89.3% 88.1% N/A N/A 131.5% 136.4% 141.3% 131.6% 127.3% N/A N/A
Activity = Net Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1% N/A N/A 0.0% 6.0% 5.8% 0.7% 4.0% N/A N/A
Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A N/A
Size = Tangible Net Worth (TNW) USD Million 8,222 7,744 8,067 8,076 7,895 -4.0% -2.2% 8,002 8,532 9,009 9,305 9,478 18.4% 1.8%
Growth Ratios
Sales Growth % 0.0% 7.0% 8.9% 1.7% 4.1% N/A N/A 0.0% 6.0% 5.8% 0.7% 4.0% N/A N/A
Net Income Growth % 0.0% 6.1% 10.4% (0.5)% 3.2% N/A N/A 0.0% 52.9% 6.4% (0.1)% 5.2% N/A N/A
Total Assets Growth % 0.0% 1.6% 5.2% 0.5% 5.4% N/A N/A 0.0% 2.2% 2.2% 8.1% 7.5% N/A N/A
Total Tangible Assets Growth % 0.0% 0.3% 5.6% 0.3% 6.1% N/A N/A 0.0% 2.4% 2.4% 8.3% 7.6% N/A N/A
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 17.9% 18.7% 19.6% 19.4% 19.0% N/A N/A 20.4% 30.5% 31.8% 29.4% 28.7% N/A N/A
Return on Equity = Net Profit/TNW (Annualized) % 23.3% 25.6% 26.4% 26.0% 26.8% N/A N/A 30.2% 42.3% 41.5% 39.7% 40.2% N/A N/A
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 86.12x 270.70x 1,748.83x 411.44x 241.97x N/A N/A
EBIT/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 447.68x 1,735.97x 1,812.14x 1,566.07x 1,371.42x N/A N/A
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 94.31x 287.78x 1,854.73x 436.62x 256.76x N/A N/A
EBITDA/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 490.22x 1,845.44x 1,921.87x 1,661.92x 1,455.25x N/A N/A
CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A N/A 60.29x 446.34x 489.70x 285.07x N/A N/A
CADS/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A N/A 386.66x 462.50x 1,863.94x 1,615.71x N/A N/A
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 5,770 5,234 5,492 5,449 5,122 -11.2% -6.0% 4,591 5,307 5,971 6,069 6,089 32.6% 0.3%
Quick Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x N/A N/A 2.40x 2.94x 3.68x 3.19x 2.87x N/A N/A
Current Ratio x 4.15x 3.54x 3.73x 3.82x 3.01x N/A N/A 2.40x 2.94x 3.68x 3.19x 2.87x N/A N/A
Liquid Assets/Total Assets % 45.8% 41.8% 42.2% 41.4% 43.5% N/A N/A 25.2% 23.9% 22.6% 14.6% 7.6% N/A N/A
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A N/A N/A 100.00x 193.18x 27,210.14 213.02x 60.06x N/A N/A
Liquid Assets/Total Current Assets % 64.3% 60.6% 61.0% 60.5% 63.2% N/A N/A 38.0% 35.1% 32.5% 20.7% 10.8% N/A N/A
Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A N/A
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.23x 0.27x 0.26x 0.25x 0.32x N/A N/A 0.44x 0.35x 0.27x 0.32x 0.37x N/A N/A
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x N/A N/A 0.01x 0.00x 0.00x 0.00x 0.00x N/A N/A
Activity Ratios
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Page | 25
6. APPENDIX – QUARTERLY DATA
Financial RatiosUnit
FX
My Company
Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 63.63 65.4 66.03 67.49
Jun-2015Mar-2015 Sep-2015 Dec-2015
Tata Consultancy Services
Mar-2016
Qtr Ending Current Qtr YoY %Change
QoQ %Change
62.07 65.463.63 66.03 67.49Trade Receivable Turnover Period (Annualized) days 85.4 82.8 79.8 79.4 77.7 N/A N/A 91.4 88.5 87.8 90.3 89.0 N/A N/A
Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.09 0.11 0.12 0.11 0.10 N/A N/A
Trade Payables Turnover Period (Annualized) days 1.58 1.72 1.47 1.13 2.37 N/A N/A 52.0 51.9 42.2 40.1 41.2 N/A N/A
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.06 0.06 0.07 0.06 0.05 N/A N/A
Trade Payables Turnover Period over Sales (Annualized) days 85.4 85.8 80.8 79.4 79.2 N/A N/A 91.4 90.7 89.8 91.4 90.0 N/A N/A
Trade Receivable/Sales (Annualized) % 23.4% 23.5% 22.1% 21.8% 21.7% N/A N/A 25.0% 24.8% 24.6% 25.0% 24.7% N/A N/A
COGS/Sales % 60.1% 62.2% 60.9% 61.3% 60.2% N/A N/A 64.0% 56.4% 55.8% 55.6% 56.5% N/A N/A
Cash SG&A/Sales % 13.3% 13.3% 13.3% 13.6% 12.0% N/A N/A 18.7% 15.9% 15.8% 16.4% 16.0% N/A N/A
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Page | 26
7. APPENDIX – YEARLY DATA
Operational Comparison
Operation Yield Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64Order Book Analysis
Opening Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts Awarded USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Closing Contract Value USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Book to Bill Ratio x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Backlog to Sales (Annualised) x N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Backlog to Sales (in months) Months N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts Profile
% Banking & Financial Services Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Telecom, Media & Entertainment % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Retail & Consumer Packaged Goods % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Manufacturing % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Other Industries % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Government % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts by Geography
% North America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Europe % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
New Contracts by Customer Type
% New Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Renewal Business % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Project Profile
Total no. of Projects Count N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Projects delivered on time % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total Project timeline Years N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Employee Profile
Total Technology Consulting Employees Empl. 149,994 156,688 160,405 176,187 194,044 6.6% 238,583 276,196 300,464 319,656 353,843 10.4%
Net Change in No. of Empl. Empl. 19,174 6,694 3,717 15,782 17,857 -1.8% 39,969 37,613 24,268 19,192 34,187 -3.8%
Recruitment Rate (annualised) % 32.5% 24.2% 25.2% 31.7% 28.4% N/A 32.2% 27.1% 21.2% 21.6% 26.8% N/A
Attrition Rate (annualised) % 18.8% 19.8% 22.9% 22.3% 18.7% N/A 13.9% 12.5% 12.8% 15.5% 16.6% N/A
Net Recruitment/Attrition Rate % 13.7% 4.4% 2.3% 9.4% 9.6% N/A 18.3% 14.6% 8.4% 6.2% 10.2% N/A
Employee Profile Bifurcation
% North America % 3.0% 3.8% 3.6% 3.5% 4.3% N/A N/A N/A N/A N/A N/A N/A
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Page | 27
7. APPENDIX – YEARLY DATA
Operational Comparison
Operation Yield Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64% South America % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Europe % 1.9% 2.8% 3.1% 3.0% 3.0% N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % 95.0% 93.4% 93.3% 93.5% 92.8% N/A 92.6% 92.1% N/A N/A N/A N/A
% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 7.4% 7.9% 100.0% 100.0% 100.0% N/A
% Onsite % 30.4% 30.5% 30.6% 28.8% 29.2% N/A N/A N/A N/A N/A N/A N/A
% Offsite % 69.6% 69.5% 69.4% 71.2% 70.8% N/A N/A N/A N/A N/A N/A N/A
% Technical/Software Staff % 95.2% 94.6% 95.1% 95.2% 94.8% N/A N/A N/A N/A N/A N/A N/A
% Other Support Staff % 4.8% 5.4% 4.9% 4.8% 5.2% N/A N/A N/A N/A N/A N/A N/A
Employee Efficiency Metrics
No. of man-hrs Billed 000 hours 206,992 215,916 236,437 266,042 296,887 9.4% 355,369 399,656 455,038 518,962 555,350 11.8%
Avg. No.of man-hrs Billed per Empl. hours 1,380 1,378 1,474 1,510 1,530 2.6% 1,490 1,447 1,514 1,624 1,569 1.3%
Manpower Utilization Rate % 69.0% 68.9% 73.7% 75.5% 77.7% N/A 74.5% 72.4% 75.7% 81.2% 81.8% N/A
Avg. Age of Empl. Count 29.0 29.0 29.0 29.0 29.0 0.0% 28.0 28.5 29.0 29.5 27.0 -0.9%
Avg. Empl. per Project Empl. N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Avg. New Contract Value per Empl. USD Million N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Customer Profile
Total No. of Customers Cust. 694.0 798.0 890.0 950.0 1,092 12.0% 522.0 638.0 714.0 791.0 829.0 12.3%
% of Cust. in < $ 1mm Rev. bucket % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% of Cust. in $ 1mm - < $ 5mm Rev. bucket % 30.1% 29.4% 30.2% 30.0% 26.6% N/A 53.1% 54.6% 50.4% 50.8% 48.2% N/A
% of Cust. in $ 5mm - < $ 10mm Rev. bucket % 8.4% 9.5% 9.4% 9.0% 8.3% N/A 14.4% 12.4% 17.2% 16.2% 15.8% N/A
% of Cust. in $ 10mm - < $ 20mm Rev. bucket % 7.6% 7.1% 6.4% 8.0% 8.2% N/A 13.6% 14.1% 13.3% 12.5% 15.1% N/A
% of Cust. in $ 20mm - < $ 50mm Rev. bucket % 5.6% 5.0% 5.5% 3.8% 3.3% N/A 10.7% 10.8% 11.6% 11.9% 12.1% N/A
% of Cust. in $ 50mm - < $ 100mm Rev. bucket % 3.9% 3.1% 2.8% 3.0% 2.8% N/A 5.6% 5.5% 4.1% 4.9% 4.3% N/A
% of Cust. in > $ 100mm Rev. bucket % 1.9% 1.9% 1.9% 2.0% 1.9% N/A 2.7% 2.7% 3.4% 3.7% 4.5% N/A
Others / Unclassified % 42.5% 43.9% 43.7% 44.3% 48.9% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A
Empl. to Cust. Ratio x 216.13x 196.35x 180.23x 185.46x 177.70x N/A 457.06x 432.91x 420.82x 404.12x 426.83x N/A
Lead Conversion Ratio % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Repeat Customer Ratio % 97.8% 97.8% 97.7% 97.8% 97.5% N/A N/A N/A N/A N/A N/A N/A
Distribution Profile
No. of Business Locations Count 115.0 136.0 152.0 155.0 199.0 14.7% N/A N/A N/A N/A N/A N/A
% North America % 22.6% 24.3% 23.0% 20.6% 27.1% N/A N/A N/A N/A N/A N/A N/A
% South America % 0.9% 1.5% 2.6% 3.2% 3.0% N/A N/A N/A N/A N/A N/A N/A
% Europe % 22.6% 29.4% 29.6% 30.3% 27.6% N/A N/A N/A N/A N/A N/A N/A
% Middle East & Africa % 0.9% 2.2% 2.0% 1.9% 2.0% N/A N/A N/A N/A N/A N/A N/A
% Asia Pacific % 53.0% 42.6% 42.8% 43.9% 40.2% N/A N/A N/A N/A N/A N/A N/A
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Page | 28
7. APPENDIX – YEARLY DATA
Operational Comparison
Operation Yield Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A
Business Locations by Type
% Delivery Centres % 57.4% 58.1% 55.9% 59.4% 53.3% N/A N/A N/A N/A N/A N/A N/A
% Sales Centres % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
% Research and Development Centres % 7.0% 5.9% 5.3% 5.2% 4.0% N/A N/A N/A N/A N/A N/A N/A
% Others % 35.6% 36.0% 38.8% 35.5% 42.7% N/A N/A N/A N/A N/A N/A N/A
Intellectual Property Profile
No. of Patents filed for the period Count N/A N/A N/A N/A N/A N/A 460.0 425.0 443.0 509.0 565.0 5.3%
% of Patents Approved during the period % N/A N/A N/A N/A N/A N/A 2.0% 2.1% 7.4% 18.1% 60.4% N/A
Total Patents held till date Count N/A N/A N/A N/A N/A N/A 72.0 81.0 114.0 206.0 547.0 66.0%
Receivables Profile
% Receivables Overdue > 6 months to Tot. Receivables % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 10.2% 9.9% 7.9% 7.8% 7.2% N/A
% Receivables Overdue < 6 months to Tot. Receivables % 27.5% 26.0% 23.6% 24.5% N/A N/A 56.8% 56.0% 75.4% 78.3% 62.4% N/A
% Doubtful Receivables to Tot. Receivables % 1.4% 1.3% 2.6% 3.8% 2.6% N/A 0.9% 0.8% 1.3% 1.8% 1.8% N/A
Total Receivables USD Million 1,224 1,301 1,376 1,586 1,726 9.0% 2,866 3,165 3,663 3,961 4,275 10.5%
Receivables to Sales (annualised) % 17.4% 17.6% 16.7% 18.2% 18.2% N/A 28.2% 27.4% 27.2% 25.6% 25.8% N/A
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Page | 29
7. APPENDIX – YEARLY DATA
Operational Comparison
Operating Cost Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64Operating Expenses By Items
% Payroll and Related Benefits % of Cash 80.1% 78.6% 78.9% 78.0% 75.9% N/A 73.5% 72.9% 73.4% 74.4% 72.6% N/A
% Fees Paid for Outsourced Services % of Cash 3.4% 5.1% 5.3% 5.7% 7.8% N/A 7.0% 8.4% 8.7% 8.9% 10.2% N/A
% Other Cash Opex % of Cash 0.2% 0.2% 1.4% 0.9% 0.6% N/A 2.0% 2.4% 2.4% 2.0% 2.2% N/A
% Selling, General & Admin Exp. % of Cash 16.2% 16.1% 14.4% 15.4% 15.7% N/A 17.4% 16.3% 15.5% 14.7% 15.0% N/A
% Depreciation and Amortization % of Opex 3.9% 3.7% 3.5% 2.6% 2.7% N/A 2.6% 2.4% 2.3% 2.5% 2.4% N/A
% Non-Cash Exp. % of Opex 0.5% 0.4% 0.5% 0.5% (0.1)% N/A 0.1% 0.1% 0.2% 0.2% 0.2% N/A
Tot. Opex USD Million 4,982 5,494 6,271 6,442 7,098 9.2% 7,359 8,453 9,555 11,748 12,189 13.4%
Avg. Opex per Month USD Million 415.2 457.8 522.6 536.9 591.5 9.2% 613.2 704.4 796.3 979.0 1,016 13.4%
Tot. Cash Opex USD Million 4,764 5,271 6,022 6,241 6,910 9.8% 7,162 8,244 9,318 11,425 11,871 13.5%
Avg. Cash Opex per Month USD Million 397.0 439.2 501.8 520.1 575.9 9.8% 596.9 687.0 776.5 952.1 989.3 13.5%
Empl. Expenses to Rev. % 54.4% 55.9% 57.5% 55.9% 55.1% N/A 51.8% 52.0% 50.7% 55.0% 52.1% N/A
Avg. Empl. Expenses per Empl. USD'000 25.4 26.4 29.6 27.6 27.0 1.5% 22.1 21.8 22.8 26.6 24.4 2.5%
Cash to Empl. Expenses (Annualised) x 1.12x 0.97x 0.90x 1.02x 0.95x N/A 0.23x 0.21x 0.35x 0.36x 0.12x N/A
SGA Expense to Rev. % 11.0% 11.4% 10.5% 11.1% 11.4% N/A 12.3% 11.6% 10.7% 10.9% 10.7% N/A
Tot. Opex to Rev. % 71.0% 74.1% 75.9% 74.0% 74.6% N/A 72.3% 73.1% 70.9% 76.0% 73.6% N/A
Operating Cash Expenses By Industry Segment
% Banking & Financial Services Industries % of Cash 34.7% 33.1% 32.5% 32.6% 28.7% N/A 43.1% 43.1% 42.9% 40.8% 40.6% N/A
% Telecom, Media & Entertainment % of Cash 21.4% 20.4% 18.7% 19.7% 18.9% N/A 12.7% 12.0% 11.8% 11.6% 10.9% N/A
% Retail & Consumer Packaged Goods % of Cash 22.8% 17.6% 17.4% 16.3% 16.7% N/A 12.2% 13.3% 13.8% 13.6% 14.1% N/A
% Manufacturing % of Cash 21.1% 22.9% 24.1% 24.4% 24.1% N/A 7.8% 8.3% 8.5% 9.8% 10.0% N/A
% Other Industries % of Cash 0.0% 6.0% 7.3% 7.0% 11.7% N/A 24.3% 23.3% 23.0% 24.4% 24.3% N/A
% Government % of Cash 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A
Operating Cash Expenses by Service Line
% Application Development, Testing & Maintenance % of Cash N/A N/A N/A N/A N/A N/A 44.7% 42.8% 41.6% 40.2% 39.8% N/A
% Enterprise Solutions & Business Intelligence % of Cash N/A N/A N/A N/A N/A N/A 15.6% 15.2% 15.5% 18.9% 17.5% N/A
% IT Infrastructure Services % of Cash N/A N/A N/A N/A N/A N/A 10.1% 11.5% 11.9% 13.8% 15.0% N/A
% Business Process Outsourcing and Management % of Cash N/A N/A N/A N/A N/A N/A 15.6% 17.1% 16.7% 16.2% 16.1% N/A
% Assurance Services, Products and Others % of Cash N/A N/A N/A N/A N/A N/A 14.0% 13.4% 14.3% 10.9% 11.6% N/A
Avg. Operating Cash Expenses
Avg. Cash Opex per Cust. USD'000 6,864 6,605 6,766 6,570 6,328 -2.0% 13,721 12,922 13,050 14,444 14,320 1.1%
Avg. Cash Opex per Empl. USD'000 31.8 33.6 37.5 35.4 35.6 2.9% 30.0 29.8 31.0 35.7 33.6 2.8%
Average Operating Expense per Employee
Payroll and Related Benefits USD'000 25.4 26.4 29.6 27.6 27.0 1.5% 22.1 21.8 22.8 26.6 24.4 2.5%
Fees Paid for Outsourced Services USD'000 1.08 1.71 2.00 2.01 2.77 26.6% 2.11 2.50 2.71 3.18 3.42 12.9%
Other Cash Operating Expenses USD'000 0.07 0.08 0.53 0.33 0.23 33.2% 0.60 0.71 0.75 0.71 0.73 5.0%
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Page | 30
7. APPENDIX – YEARLY DATA
Operational Comparison
Operating Cost Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64Selling, General & Admin Expenses USD'000 5.16 5.40 5.40 5.47 5.59 2.0% 5.24 4.87 4.80 5.27 5.02 -1.0%
Depreciation & Amortization USD'000 1.29 1.29 1.35 0.94 0.99 -6.3% 0.80 0.72 0.74 0.92 0.84 1.2%
Other Non Cash Expense USD'000 0.17 0.14 0.20 0.20 (0.03) N/A 0.02 0.04 0.05 0.09 0.06 27.9%
Avg. OPEX per Empl. USD'000 33.2 35.1 39.1 36.6 36.6 2.4% 30.8 30.6 31.8 36.8 34.4 2.8%
Capex
Tot. Capex USD Million 269.7 339.2 417.3 436.4 362.4 7.7% 413.8 500.2 586.0 532.3 306.0 -7.3%
% Capex to Rev. % 3.8% 4.6% 5.0% 5.0% 3.8% N/A 4.1% 4.3% 4.4% 3.4% 1.8% N/A
% R & D Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.1% 0.0% 0.0% 0.0% 0.1% N/A
% Other Capex to Tot. Capex % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 99.9% 100.0% 100.0% 100.0% 99.9% N/A
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Page | 31
7. APPENDIX – YEARLY DATA
Operational Comparison
Sales & Margins Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64Revenue by Geography
% North America % of Rev. 63.8% 62.2% 60.7% 61.5% 62.7% N/A 53.3% 53.8% 53.0% 51.9% 53.3% N/A
% South America % of Rev. N/A N/A N/A N/A N/A N/A 3.1% 2.2% 2.3% 2.1% 2.0% N/A
% Europe % of Rev. 21.9% 23.1% 24.4% 24.1% 23.0% N/A 25.3% 26.7% 28.6% 28.2% 26.8% N/A
% Middle East & Africa % of Rev. N/A N/A N/A N/A N/A N/A 2.1% 2.1% 2.1% 2.0% 2.3% N/A
% Asia Pacific % of Rev. N/A N/A N/A N/A N/A N/A 16.2% 15.2% 13.9% 15.8% 15.7% N/A
% Others/Unclassified % of Rev. 14.2% 14.6% 14.9% 14.4% 14.3% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A
Tot. Rev. USD Million 7,021 7,410 8,259 8,704 9,513 7.9% 10,176 11,567 13,477 15,451 16,552 12.9%
Avg. Rev. per Month USD Million 585.1 617.5 688.2 725.3 792.8 7.9% 848.0 963.9 1,123 1,288 1,379 12.9%
OOI - Technology Consulting USD Million 0.00 0.11 0.31 2.58 4.71 N/A 0.00 0.00 0.00 0.00 0.00 N/A
Revenue by Industry Segment
% Banking & Financial Services Industries % of Rev. 35.1% 33.9% 33.5% 33.2% 33.0% N/A 43.1% 43.1% 42.9% 40.8% 40.6% N/A
% Telecom, Media & Entertainment % of Rev. 21.4% 20.2% 19.3% 19.8% 19.3% N/A 12.7% 12.0% 11.8% 11.6% 10.9% N/A
% Retail & Consumer Packaged Goods % of Rev. 22.9% 18.0% 17.5% 16.8% 16.7% N/A 12.2% 13.3% 13.8% 13.6% 14.1% N/A
% Manufacturing % of Rev. 20.6% 22.0% 22.9% 23.4% 23.3% N/A 7.8% 8.3% 8.5% 9.8% 10.0% N/A
% Other Industries % of Rev. 0.0% 5.9% 6.8% 6.8% 7.7% N/A 24.3% 23.3% 23.0% 24.4% 24.3% N/A
% Government % of Rev. 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A N/A N/A N/A N/A N/A
Revenue by Service Line
% Application Development, Testing & Maintenance % of Rev. 46.3% 45.2% 43.8% 43.7% 42.7% N/A 44.7% 42.8% 41.6% 40.2% 39.8% N/A
% Enterprise Solutions & Business Intelligence % of Rev. 34.6% 34.7% 36.5% 35.9% 36.2% N/A 15.6% 15.2% 15.5% 18.9% 17.5% N/A
% IT Infrastructure Services % of Rev. 6.0% 6.9% 7.1% 8.0% 8.5% N/A 10.1% 11.5% 11.9% 13.8% 15.0% N/A
% Business Process Outsourcing and Management % of Rev. 4.6% 5.0% 5.2% 5.3% 4.9% N/A 15.6% 17.1% 16.7% 16.2% 16.1% N/A
% Assurance Services, Products and Others % of Rev. 8.5% 8.2% 7.4% 7.1% 7.7% N/A 14.0% 13.4% 14.3% 10.9% 11.6% N/A
Revenue by Nature of Contract
% Time and Material Basis % of Rev. 59.0% 57.9% 57.3% 56.1% 55.2% N/A 52.6% 52.8% 48.0% 48.0% 48.0% N/A
% Fixed Price Basis % of Rev. 41.0% 42.1% 42.7% 43.9% 44.8% N/A 47.4% 47.2% 52.0% 52.0% 52.0% N/A
Revenue by Location of Service Delivery
% Remote Delivery Centre % of Rev. 49.2% 49.0% 48.0% 48.8% 48.8% N/A 55.0% 54.6% 53.3% 51.8% 51.8% N/A
% Onsite Delivery % of Rev. 50.8% 51.0% 52.0% 51.2% 51.2% N/A 45.0% 45.4% 46.7% 48.2% 48.2% N/A
Avg. Revenue Performance
Avg. Rev. per Cust. USD'000 10,117 9,286 9,279 9,162 8,711 -3.7% 19,495 18,130 18,875 19,533 19,967 0.6%
Avg. Rev. per Empl. USD'000 46.8 47.3 51.5 49.4 49.0 1.2% 42.6 41.9 44.8 48.3 46.8 2.3%
Avg. Bill Rate per Hour USD'000 0.03 0.03 0.03 0.03 0.03 -1.4% 0.03 0.03 0.03 0.03 0.03 1.0%
Avg. OOI Technology Consulting per Empl. USD'000 0.00 0.00 0.00 0.00 0.00 N/A 0.00 0.00 0.00 0.00 0.00 N/A
Tot. Productivity Ratio x 1.41x 1.35x 1.32x 1.35x 1.34x N/A 1.38x 1.37x 1.41x 1.32x 1.36x N/A
EBITDA Margin by Industry Segment
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Page | 32
7. APPENDIX – YEARLY DATA
Operational Comparison
Sales & Margins Comparison
Unit
FX
CAGR %Trailing 12
Months
My Company
20142013 2015
PreviousFinancial
Year-3
Mar-20162012
PreviousFinancial
Year-2
PreviousFinancial
Year-1
PreviousFinancial
Year
48.05 54.46 60.7 61.26 65.64
20132012 2014
PreviousFinancial
Year
PreviousFinancial
Year-3
PreviousFinancial
Year-2
2015
Trailing 12Months
PreviousFinancial
Year-1
Tata Consultancy Services
Mar-2016
CAGR %
48.05 54.46 60.7 61.26 65.64Banking & Financial Services Industries % 32.8% 30.5% 29.2% 29.7% 37.0% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A
Telecom, Media & Entertainment % 32.4% 28.1% 29.4% 28.5% 28.9% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A
Retail & Consumer Packaged Goods % 32.5% 30.6% 27.2% 30.4% 27.3% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A
Manufacturing % 30.3% 26.1% 23.3% 25.2% 24.9% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A
% Other Industries % N/A 27.1% 22.2% 26.2% (10.0)% N/A 29.6% 28.7% 30.9% 26.1% 28.3% N/A
EBITDA Comparison
Avg. EBITDA per Cust. USD'000 3,216 2,654 2,477 2,558 2,393 -7.1% 5,764 5,192 5,803 5,052 5,622 -0.6%
Avg. EBITDA per Empl. USD'000 14.9 13.5 13.7 13.8 13.5 -2.5% 12.6 12.0 13.8 12.5 13.2 1.1%
Tot. EBITDA USD Million 2,232 2,118 2,205 2,430 2,613 4.0% 3,009 3,313 4,144 3,996 4,660 11.6%
Tot. EBITDA Margin % of Rev. 31.8% 28.6% 26.7% 27.9% 27.5% N/A 29.6% 28.6% 30.8% 25.9% 28.2% N/A
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Page | 33
7. APPENDIX – YEARLY DATA
Financial RatiosUnit
FX
My Company
20142013 2015 Mar-20162012
Trailing 12 Months CAGR %
48.05 54.46 60.7 61.26 65.64
PreviousFinancial Year-3
PreviousFinancial Year-2
PreviousFinancial Year-1
PreviousFinancial Year
20132012 2014 2015
Tata Consultancy Services
Mar-2016
Trailing 12 Months CAGR %
48.05 60.754.46 61.26 65.64
PreviousFinancial Year-3
PreviousFinancial Year-2
PreviousFinancial Year-1
PreviousFinancial Year
Risk Grading Ratios
Net Profit Margin % 24.7% 23.4% 21.3% 23.2% 21.9% N/A 21.5% 22.4% 23.6% 21.2% 22.4% N/A
Leverage = TNW/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A 784.10x 236.38x 227.71x 142.40x 481.68x N/A
Leverage = Total Liabilities/TNW x 0.23x 0.23x 0.29x 0.33x 0.32x N/A 0.43x 0.37x 0.36x 0.44x 0.37x N/A
Cash Flow = CADS/Debt Servicing Amount x N/A N/A N/A N/A N/A N/A N/A 61.17x 101.19x 72.12x 172.99x N/A
Activity = Sales/Total Assets (Annualized) % 88.0% 87.1% 88.0% 80.4% 83.1% N/A 118.3% 120.7% 121.8% 128.5% 121.6% N/A
Activity = Net Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6% N/A 0.0% 28.8% 29.9% 15.7% 32.8% N/A
Liquidity = Liquid Assets/Adjusted Current Liabilities x 10.27x 8.38x 9.28x 9.51x 6.42x N/A 2.06x 2.33x 2.72x 1.72x 0.89x N/A
Size = Tangible Net Worth (TNW) USD Million 6,276 6,549 6,953 7,685 8,118 6.6% 5,452 6,502 7,807 8,081 9,745 15.6%
Growth Ratios
Sales Growth % 0.0% 19.6% 24.2% 6.4% 24.6% N/A 0.0% 28.8% 29.9% 15.7% 32.8% N/A
Net Income Growth % 0.0% 13.2% 13.0% 16.1% 28.4% N/A 0.0% 33.8% 37.3% 3.8% 26.1% N/A
Total Assets Growth % 0.0% 20.8% 23.0% 16.4% 31.9% N/A 0.0% 26.2% 28.7% 9.7% 33.1% N/A
Total Tangible Assets Growth % 0.0% 18.4% 24.2% 14.6% 29.2% N/A 0.0% 28.9% 33.7% 10.5% 35.4% N/A
Performance Ratios
Return on Assets = Net Profit/Total Assets (Annualized) % 21.7% 20.4% 18.7% 18.7% 18.2% N/A 25.5% 27.0% 28.8% 27.2% 27.3% N/A
Return on Equity = Net Profit/TNW (Annualized) % 27.6% 26.4% 25.2% 26.3% 25.7% N/A 40.2% 39.8% 40.8% 40.5% 38.1% N/A
Coverage Ratio
EBIT/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A 417.41x 121.10x 122.23x 75.95x 238.69x N/A
EBIT/Interest Expenses x N/A N/A N/A N/A N/A N/A 627.33x 374.06x 660.45x 253.41x 1,598.37x N/A
EBITDA/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A 444.88x 128.31x 128.72x 81.13x 253.36x N/A
EBITDA/Interest Expenses x N/A N/A N/A N/A N/A N/A 668.62x 396.33x 695.47x 270.67x 1,696.60x N/A
CADS/Debt Servicing Amount (Annualized) x N/A N/A N/A N/A N/A N/A N/A 61.17x 101.19x 72.12x 172.99x N/A
CADS/Interest Expenses x N/A N/A N/A N/A N/A N/A N/A 188.95x 546.72x 240.62x 1,158.41x N/A
Liquidity Ratios
Working Capital = Current Assets - Current Liabilities USD Million 4,862 5,003 5,114 5,181 5,266 2.0% 2,638 3,624 4,485 4,652 6,260 24.1%
Quick Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x N/A 2.22x 2.69x 2.74x 2.40x 2.87x N/A
Current Ratio x 4.38x 4.36x 3.58x 3.05x 3.01x N/A 2.22x 2.69x 2.74x 2.40x 2.87x N/A
Liquid Assets/Total Assets % 53.7% 47.1% 45.6% 45.8% 43.5% N/A 14.1% 13.0% 21.5% 25.2% 7.6% N/A
Liquid Assets/(ST Debt + Current Portion of LT Debt) x N/A N/A N/A N/A N/A N/A 519.95x 66.83x 85.15x 76.23x 60.06x N/A
Liquid Assets/Total Current Assets % 68.0% 61.8% 60.2% 64.3% 63.2% N/A 25.2% 21.6% 33.7% 38.0% 10.8% N/A
Liquid Assets/Adjusted Current Liabilities x 19.12x 14.38x 7.93x 7.86x 6.42x N/A 1.38x 1.10x 1.74x 1.48x 0.88x N/A
Leverage Ratios
Total Liabilities/Tangible Net Worth x 0.23x 0.23x 0.29x 0.33x 0.32x N/A 0.43x 0.37x 0.36x 0.44x 0.37x N/A
Total Senior Liabilities/(TNW + Subordinated Debt) x 0.00x 0.00x 0.00x 0.00x 0.00x N/A 0.00x 0.01x 0.00x 0.00x 0.00x N/A
Activity Ratios
Property of Televisory Global Pte. Ltd. All Rights Reserved.
Page | 34
7. APPENDIX – YEARLY DATA
Financial RatiosUnit
FX
My Company
20142013 2015 Mar-20162012
Trailing 12 Months CAGR %
48.05 54.46 60.7 61.26 65.64
PreviousFinancial Year-3
PreviousFinancial Year-2
PreviousFinancial Year-1
PreviousFinancial Year
20132012 2014 2015
Tata Consultancy Services
Mar-2016
Trailing 12 Months CAGR %
48.05 60.754.46 61.26 65.64
PreviousFinancial Year-3
PreviousFinancial Year-2
PreviousFinancial Year-1
PreviousFinancial Year
Trade Receivable Turnover Period (Annualized) days 83.9 78.1 75.3 81.2 78.7 N/A 102.8 89.8 88.1 89.7 87.9 N/A
Inventory Turnover Period (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A 0.25 0.21 0.15 0.10 0.10 N/A
Trade Payables Turnover Period (Annualized) days 0.44 1.57 2.10 1.77 2.52 N/A 44.8 40.5 41.6 50.6 51.2 N/A
Inventory Turnover Period over Sales (Annualized) days 0.00 0.00 0.00 0.00 0.00 N/A 0.13 0.12 0.07 0.06 0.05 N/A
Trade Payables Turnover Period over Sales (Annualized) days 83.9 86.1 81.3 86.0 83.9 N/A 102.8 99.9 99.2 93.6 94.3 N/A
Trade Receivable/Sales (Annualized) % 23.0% 23.6% 22.3% 23.6% 23.0% N/A 28.2% 27.4% 27.2% 25.6% 25.8% N/A
COGS/Sales % 56.8% 61.0% 62.8% 60.4% 61.1% N/A 54.1% 53.9% 52.6% 57.6% 56.0% N/A
Cash SG&A/Sales % 14.1% 13.0% 12.1% 12.9% 13.0% N/A 16.8% 17.5% 16.6% 17.0% 16.0% N/A
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