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Unformatted text preview: 3,849 Company Profile EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) Income Statement (INRm) HCL Technologies Limited provides software development and related engineering services. The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA. Price Performance 1400 1200 1000 800 600 400 200 Jan 12Apr 12Jul 12Oct 12Jan 13Apr 13Jul 13Oct 13 HCL Tech Sales revenue Gross profit EBITDA Depreciation Amortisation EBIT Net interest income(expense) Associates/affiliates Exceptionals/extraordinaries Other pre-tax income/(expense) Profit before tax Income tax expense Minorities Other post-tax income/(expense) Net profit DB adjustments (including dilution) DB Net profit Cash Flow (INRm) Cash flow from operations Net Capex Free cash flow Equity raised/(bought back) Dividends paid Net inc/(dec) in borrowings Other investing/financing cash flows Net cash flow Change in working capital BSE 30 (Rebased) Margin Trends 28 24 20 16 Balance Sheet (INRm) 12 Cash and other liquid assets Tangible fixed assets Goodwill/intangible assets Associates/investments Other assets Total assets Interest bearing debt Other liabilities Total liabilities Shareholders' equity Minorities Total shareholders' equity Net debt 11 12 13 14E EBITDA Margin 15E 16E EBIT Margin Growth & Profitability 35 30 25 20 15 10 5 0 35 30 25 20 15 10 5 0 11 12 13 14E 15E Sales growth (LHS) 16E Key Company Metrics ROE (RHS) Solvency 0 -20 -40 -60 -80 - 100 11 12 13 Net debt/equity (LHS) 14E 15E 16E Sales growth (%) DB EPS growth (%) EBITDA Margin (%) EBIT Margin (%) Payout ratio (%) ROE (%) Capex/sales (%) Capex/depreciation (x) Net debt/equity (%) Net interest cover (x) Source: Company data, Deutsche Bank estimates Net interest cover (RHS) Aniruddha Bhosale +91 22 7180 4037 Page 34 aniruddha.bhosale@db.com Deutsche Bank AG/Hong Kong 7 January 2014 Softwa...
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This document was uploaded on 02/06/2014.

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