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Unformatted text preview: 699 616,699 0.0% 719,353 719,353 0.0% Blended 873,444 873,444 0.0% 1,018,834 224,377 354.1% Volume (manmonths) Realisation (manmonth rate in USD) Onsite 12301 12,301 0.0% 12301 12,301 0.0% Offshore 4464 4,464 0.0% 4464 4,464 0.0% Blended 6767 6,767 0.0% 6767 6,767 0.0% HCL Tech Revenue USD mn 6,010 6,092 -1.3% 6,889 6,979 -1.3% INR mn 359,208 364,073 -1.3% 404,031 409,320 -1.3% EBITDA 80,663 81,388 -0.9% 86,845 87,490 -0.7% EBIT 71,356 71,969 -0.9% 76,366 76,890 -0.7% Net Income 58,372 58,854 -0.8% 62,449 62,861 -0.7% EPS 81.8 82.5 -0.8% 87.3 87.9 -0.7% INR/USD 59.77 59.77 0% 58.65 58.65 0% Onsite 145,558 149,315 -2.5% 161,248 165,410 -2.5% Offshore 428,505 439,436 -2.5% 474,695 486,803 -2.5% Blended 574,063 588,751 -2.5% 635,943 652,214 -2.5% Volume (manmonths) Realisation (manmonths in USD) Onsite 13,565 13,497 0.5% 13,565 13,497 0.5% Offshore 3,711 3,711 0.0% 3,711 3,711 0.0% Blended 6,209 6,193 0.3% 6,209 6,193 0.3% Tech Mahindra Revenue USD mn 3,592 3,579 0.4% 4,287 4,272 0.3% INR mn 216,049 215,286 0.4% 252,645 251,804 0.3% EBITDA 43,185 43,131 0.1% 49,026 48,979 0.1% EBIT 37,907 37,853 0.1% 43,416 43,368 0.1% Net Income 32,977 32,926 0.2% 38,567 38,521 0.1% EPS 154.3 154.1 0.2% 180.5 180.3 0.1% INR/USD 60.16 60.16 0% 58.94 58.94 0% Source: Deutsche Bank Deutsche Bank AG/Hong Kong Page 19 7 January 2014 Software & Services Indian IT Services Rating Company Price at 6 Jan 2014 (INR) 2,239.60 Buy Tata Consultancy Price target - 12mth (INR) 2,900.00 52-week range (INR) 2,239.60 - 1,258.55 BSE 30 Asia India 20,851 Aniruddha Bhosale Technology Reuters Bloomberg Software & Services TCS.BO TCS IN Research Analyst (+91) 22 7180 4037 aniruddha.bhosale@db.com Price/price relative Strategic vendor status key advantage; top pick Continues to be our top pick and core holding in the sector Despite TCS outperforming Sensex by 63% in CY13, we believe it will still be the biggest beneficiary of the overall improvement in IT services spending in CY14E. In particular, advant...
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This document was uploaded on 02/06/2014.

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