2 ebit 133334 152512 134 280185 325111 161 109935

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Unformatted text preview: 7 140,403 19.8% 80,650 86,830 5.2% EBIT 133,334 152,512 13.4% 280,185 325,111 16.1% 109,935 127,445 20.8% 71,343 76,351 4.4% Net Income 118,599 138,737 15.8% 229,884 271,204 19.9% 90,641 104,398 17.7% 58,362 62,438 6.1% 207.6 242.8 15.8% 117.45 138.57 19.9% 37.1 42.7 17.7% 81.24 86.15 Revenue (US$ mn) INR mn EPS Margins bps yoy bps yoy bps yoy 5.2% bps yoy Gross Margin 36.5% 35.7% -79 48.1% 47.9% -23 35.6% 35.6% 0 35.2% 34.1% -110 EBITDA Margin 25.6% 25.7% 11 30.2% 29.4% -77 23.7% 23.7% 0 22.5% 21.5% -96 EBIT Margin 23.0% 23.1% 11 28.4% 27.7% -74 21.4% 21.5% 11 19.9% 18.9% -96 Net Income Margin 20.5% 21.0% 56 23.3% 23.1% -23 17.6% 17.6% -3 16.2% 15.5% -79 60.2 58.9 -1.4% 60.15 58.94 -1.5% 60.15 58.95 -1.1% 59.77 58.65 -2.5% Onsite 12,413 12,730 1.4% 8043 8174 1.3% 10,546 12,301 0.0% 13,565 13,565 0.0% Offshore 3,866 3,965 1.5% 2976 3024 1.3% 4,464 4,464 0.0% 3,711 3,711 0.0% Onsite 8,839 9,016 2.4% 4311 4397 3.0% 5,764 6,858 2.0% 7,451 7,600 2.4% Offshore 1,154 1,272 12.4% 1224 1399 12.4% 674 756 11.2% 1,365 1,503 10.8% Net employees added 35,869 48,425 16.3% 61105 21963 -29.0% 17,875 19,674 7.9% 10,600 16,241 9.7% Revenue/employee (US$) 51,805 54,548 4.4% 41530 47855 8.5% 57,773 61,566 6.4% 50,063 50,310 1.8% Cost per employee (US$) 30,478 32,325 6.3% 21460 25848 13.0% 22,658 24,757 8.3% 30,681 32,268 6.8% Assumptions Re/US$ Billing rates/ manmonth (US$) Manpower cost/manmonth (US$) Source: Deutsche Bank estimates Figure 2: Deutsche Bank estimates versus consensus -------------------Deutsche Bank Estimates-------------------------Sales--------- --------------var vs. consensus - high/(low)---------------- -------EBITDA------ ------Net Income---- -----INR EPS----- ------Sales----- -------EBITDA---- ---Net Income-- ----INR EPS---- INR mn FY15E FY16E Infosys 579,231 659,513 148,252 169,550 118,600 138,738 FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E FY15E FY16E 207.6 242.8 1% 2% -5% -4% -4% 1% -3% 1% TCS 985,818 1,175,016 297,609 345,590 229,884 271,204 117.5 138.6 2% 6% 2% 3% 4% 8% 5% 8% Wipro 514,606 593,586 121,727 140,403 90,641 104,398 37.1...
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This document was uploaded on 02/06/2014.

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