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Growth Profitability and Financial Ratios for Infosys LtdFinancials

2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Revenue U 1,592 2,152 3,090 4,176 4,663 4,804 6,041 6,994Gross Mar 43.2 42.2 42.5 41.3 42.1 42.8 42.1 41.1Operating I 456 599 852 1,151 1,374 1,460 1,779 2,013

Operating 28.6 27.8 27.6 27.6 29.5 30.4 29.4 28.8Net Incom 419 555 850 1,155 1,281 1,313 1,499 1,716Earnings P 0.76 1 1.5 2.02 2.25 2.3 2.62 3Dividends 0.1 0.15 0.53 0.31 0.85 0.5 0.55 0.75Payout Rati 12.6 14.7 35.1 15.6 37.7 21.7 20.9 25Shares Mil 547 558 566 570 571 571 571 571Book Value 101.11 148.53 205.49 273.43 334.78 422.54 476.01 588.18Operating 344 599 862 1,149 1,409 1,457 1,298 1,681Cap Spendi -186 -246 -339 -374 -285 -143 -285 -320Free Cash F 158 353 523 775 1,124 1,314 1,013 1,361Free Cash F 12.61 28.19 39.91 54.35 99.83 103.54 79.15 122.34Working C 885 1,300 1,743 2,558 2,583 3,951 4,496 5,008

Key Ratios -> ProfitabilityMargins % 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Revenue 100 100 100 100 100 100 100 100COGS 56.78 57.81 57.51 58.74 57.88 57.22 57.89 58.88Gross Mar 43.22 42.19 42.49 41.26 42.12 42.78 42.11 41.12SG&A 14.45 14.36 14.82 13.51 12.65 12.39 12.66 12.34R&DOther 0.13 0.1 0.19

Operating 28.64 27.83 27.57 27.56 29.47 30.39 29.45 28.78Net Int Inc 2.2 1.44 2.72 4.19 2.17 4.35 4.42 5.68EBT Margi 30.84 29.28 30.29 31.75 31.63 34.74 33.87 34.46

Profitabilit 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Tax Rate % 14.66 11.11 8.97 12.9 13.15 21.33 26.74 28.8Net Margin 26.32 25.79 27.51 27.66 27.47 27.33 24.81 24.54Asset Turn 1.23 1.22 1.2 1.1 1.05 0.91 0.92 0.96Return on 32.4 31.53 33.08 30.54 28.89 24.95 22.78 23.59Financial L 1.16 1.12 1.13 1.15 1.16 1.15 1.15 1.15Return on 37.98 35.92 37.33 34.86 33.3 28.72 26.11 27.03

Return on I 37.98 35.92 37.33 34.86 33.3 28.72 26.11 27.03Interest Coverage

Key Ratios -> Growth2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03

Revenue %Year over Y 49.82 35.18 43.59 35.15 11.66 3.02 25.75 15.783-Year Ave 42.94 41.86 42.74 37.91 29.4 15.85 13.1 14.475-Year Ave 50.9 39.06 41.48 40.83 34.42 24.72 22.93 17.75

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10-Year Average 44.07 37.19 30.75 29.07Operating Income %Year over Y 55.57 31.36 42.24 35.09 19.37 6.26 21.85 13.153-Year Ave 36.69 39.93 42.71 36.16 31.88 19.67 15.62 13.585-Year Ave 49.78 34.22 36.69 39.4 36.2 26.21 24.32 18.7610-Year Average 50.6 37.49 29.18 27.41

Net Income %Year over Y 55.02 32.46 53.15 35.88 10.91 2.5 14.17 14.483-Year Ave 36.58 41.75 46.51 40.21 32.16 15.6 9.08 10.245-Year Ave 46.85 33.28 38.89 42.75 36.5 25.66 21.98 15.0910-Year Average 53.71 35.85 27.51 26.43EPS %Year over Y -24.94 30.92 50.75 34.67 11.39 2.22 13.91 14.53-Year Ave 6.88 10.75 14 38.52 31.26 15.31 9.06 10.065-Year Ave 26.73 14.99 19.23 22.49 17.32 24.79 21.37 14.8710-Year Average 50.6 25.76 18.13 17.03

Key Ratios -> Cash FlowCash Flow 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Operating -7.89 74.13 43.91 33.29 22.63 3.41 -10.91 29.51Free Cash F -43.62 123.42 48.16 48.18 45.03 16.9 -22.91 34.35Cap Ex as a 11.68 11.43 10.97 8.96 6.11 2.98 4.72 4.58Free Cash F 9.92 16.4 16.93 18.56 24.1 27.35 16.77 19.46Free Cash F 0.38 0.64 0.62 0.67 0.88 1 0.68 0.79

Key Ratios -> Financial HealthBalance Sh 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03

Cash & Sho 47.32 51.26 45.85 46.22 49.52 57.79 53.98 54.6Accounts R 23.04 19.8 20.79 21.02 19.93 15.7 18.86 20.22InventoryOther Curr 2.54 1.98 1.63 2.43 1.85 2.33 2.94 4.06Total Curre 72.9 73.04 68.27 69.66 71.3 75.81 75.78 78.88Net PP&E 24.21 23.77 24.02 22.75 21.02 16.09 15.49 14.1Intangibles 0.55 0.39 4.82 3.9 3.24 3.17 2.8 3.04Other Lon 2.34 2.81 2.9 3.7 4.43 4.93 5.93 3.98Total Asset 100 100 100 100 100 100 100 100Accounts P 0.07 0.15 0.2 0.27 0.11 0.03 0.14 0.07Short-Term Debt

Taxes Payable 2.63 2.62 2.61 4.07Accrued Li 8.53 7.74 8.92 3.81 0.47 0.44 5.81Other Shor 3.44 2.23 2.44 8.64 9.53 8.43 8.45 2.48Total Curre 12.04 10.12 11.55 12.71 12.27 11.55 11.64 12.43Long-Term DebtOther Lon 1.79 0.97 0.03 0.24 1.26 1.25 1.03 0.32Total Liabili 13.82 11.08 11.58 12.96 13.53 12.8 12.67 12.75Total Stock 86.18 88.92 88.42 87.04 86.47 87.2 87.33 87.25Total Liabili 100 100 100 100 100 100 100 100

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Liquidity/Fi 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Current Ra 6.06 7.22 5.91 5.48 5.81 6.56 6.51 6.34Quick Ratio 5.85 7.02 5.77 5.29 5.66 6.36 6.26 6.02Financial L 1.16 1.12 1.13 1.15 1.16 1.15 1.15 1.15Debt/Equity

Key Ratios -> Efficiency RatiosEfficiency 2005-03 2006-03 2007-03 2008-03 2009-03 2010-03 2011-03 2012-03Days Sales 51.94 56.31 54.69 65.95 71.07 62.68 55.01 57.38Days InventoryPayables P 0.39 0.59 0.92 1.34 1.15 0.46 0.63 0.66Cash Conversion CycleReceivable 7.03 6.48 6.67 5.53 5.14 5.82 6.63 6.36Inventory TurnoverFixed Asset 5.49 5.11 5.03 4.75 4.8 5.03 5.82 6.51Asset Turn 1.23 1.22 1.2 1.1 1.05 0.91 0.92 0.96

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2013-03 2014-03 TTM7,398 8,249 8,391

37.3 35.8 36.41,909 1,979 2,047

25.8 24 24.41,725 1,751 1,8153.02 3.06 3.180.67 0.8 1.0622.2 26.3 33.2571 571 571

698.03 826.74 840.981,738 2,003 2,050

-3841,354

128.925,347 5,656

2013-03 2014-03 TTM100 100 100

62.68 64.15 63.6437.32 35.85 36.3611.52 11.86 11.97

25.8 23.99 24.45.85 5.33 5.6731.66 29.32 30.07

2013-03 2014-03 TTM26.35 27.61 28.0623.32 21.23 21.63

0.92 0.91 0.9521.46 19.39 20.44

1.16 1.2 1.2224.81 22.94 24.64

24.81 22.94 24.64

2013-03 2014-03 Latest Qtr

5.78 11.5 7.1315.48 10.9412.12 12.08

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25.66 22.75

-5.17 3.67 14.539.35 3.62

10.65 7.5724.2 21.04

0.52 1.519.52 5.328.35 6.45

24.37 20.54

0.67 1.32 15.079.5 5.31

8.38 6.3415.22 11.69

2013-03 2014-03 TTM3.39 15.25

-0.515.1918.30.78

2013-03 2014-03 Latest Qtr

50.84 52.59 49.1215.28 21.81 20.96

10.06 1 5.1876.18 75.4 75.2613.95 13.82 14.07

5.06 4.38 4.294.81 6.4 6.38100 100 100

0.41 0.3 0.18

4.38 3.83 6.525.64 1.67 7.483.13 10.2 3.02

13.56 16.01 17.21

0.59 0.68 0.7214.15 16.69 17.9285.85 83.31 82.08

100 100 100

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2013-03 2014-03 Latest Qtr5.62 4.71 4.374.88 4.65 4.071.16 1.2 1.22

2013-03 2014-03 TTM60.71 59.71 63.05

1.57 2.21 0.99

6.01 6.11 5.79

6.56 6.58 6.770.92 0.91 0.95