Tech Mahindra Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 19.80 5.60 9.99 17.10
Op profit growth 17 12.60 (2) 2.83
EBIT growth 4.25 26.50 0.83 8.31
Net profit growth 6.14 35.10 (6) 13.90
Profitability ratios (%)        
OPM 14.90 15.30 14.40 16.10
EBIT margin 14.30 16.40 13.70 14.90
Net profit margin 10.90 12.30 9.65 11.30
RoCE 22.40 25.20 23.30 27.20
RoNW 4.96 5.39 4.53 5.58
RoA 4.30 4.74 4.12 5.16
Per share ratios ()        
EPS 44.70 42.90 32.50 34.80
Dividend per share 15 14 9 12
Cash EPS 29.70 30.70 20.90 23.10
Book value per share 250 213 187 151
Valuation ratios        
P/E 12.60 14.90 14.10 13.70
P/CEPS 19 20.80 22 20.60
P/B 2.26 2.99 2.45 3.15
EV/EBIDTA 8.09 10.10 8.65 9.15
Payout (%)        
Dividend payout -- 32.50 28.10 38.80
Tax payout (23) (22) (26) (22)
Liquidity ratios        
Debtor days 69.70 70.20 69.60 75.60
Inventory days 0.50 0.75 0.64 0.45
Creditor days (34) (30) (31) (37)
Leverage ratios        
Interest coverage (27) (31) (31) (41)
Net debt / equity -- -- (0.10) (0.20)
Net debt / op. profit (0.10) (0.10) (0.40) (0.70)
Cost breakup ()        
Material costs -- -- -- --
Employee costs (51) (54) (53) (53)
Other costs (34) (31) (33) (31)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 36,868 30,773 29,141 26,494
yoy growth (%) 19.80 5.60 9.99 17.10
Raw materials -- -- -- --
As % of sales -- -- -- --
Employee costs (18,810) (16,624) (15,454) (13,948)
As % of sales 51 54 53 52.60
Other costs (12,549) (9,439) (9,503) (8,276)
As % of sales 34 30.70 32.60 31.20
Operating profit 5,509 4,710 4,184 4,271
OPM 14.90 15.30 14.40 16.10
Depreciation (1,446) (1,085) (978) (759)
Interest expense (192) (162) (129) (97)
Other income 1,192 1,417 778 439
Profit before tax 5,063 4,879 3,855 3,854
Taxes (1,160) (1,093) (1,002) (830)
Tax rate (23) (22) (26) (22)
Minorities and other 136 13.60 (38) (34)
Adj. profit 4,039 3,800 2,815 2,990
Exceptional items -- -- -- --
Net profit 4,033 3,800 2,813 2,993
yoy growth (%) 6.14 35.10 (6) 13.90
NPM 10.90 12.30 9.65 11.30
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 5,063 4,879 3,855 3,854
Depreciation (1,446) (1,085) (978) (759)
Tax paid (1,160) (1,093) (1,002) (830)
Working capital 7,798 7,301 7,471 3,061
Other operating items -- -- -- --
Operating cashflow 10,255 10,002 9,346 5,326
Capital expenditure 16,898 13,453 10,290 3,069
Free cash flow 27,153 23,455 19,636 8,396
Equity raised 20,880 20,076 19,583 21,474
Investments 2,940 1,253 (1,703) (175)
Debt financing/disposal 3,423 2,302 1,416 836
Dividends paid -- 1,237 790 1,161
Other items -- -- -- --
Net in cash 54,396 48,322 39,722 31,692
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 437 446 444 441
Preference capital -- -- -- --
Reserves 21,377 19,839 18,399 15,997
Net worth 21,813 20,284 18,843 16,437
Minority interest
Debt 2,817 1,996 2,397 1,366
Deferred tax liabilities (net) 35.60 1.10 43 9.50
Total liabilities 25,059 22,759 21,792 18,277
Fixed assets 8,922 7,338 7,862 6,833
Intangible assets
Investments 5,848 7,342 4,841 2,396
Deferred tax asset (net) 844 609 614 267
Net working capital 6,296 5,112 5,430 5,563
Inventories 35.80 75.20 65.90 61.10
Inventory Days 0.35 -- 0.78 0.77
Sundry debtors 7,577 6,959 6,498 5,338
Debtor days 75 -- 77.10 66.90
Other current assets 10,978 8,766 7,550 7,953
Sundry creditors (3,458) (2,804) (2,344) (1,920)
Creditor days 34.20 -- 27.80 24
Other current liabilities (8,837) (7,884) (6,339) (5,870)
Cash 3,148 2,359 3,044 3,219
Total assets 25,059 22,759 21,792 18,277
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Particulars ( Rupees In Crores.) Jun-2020 Mar-2020 Dec-2019 Sep-2019 Jun-2019
Gross Sales 9,106 9,490 9,655 9,070 8,653
Excise Duty -- -- -- -- --
Net Sales 9,106 9,490 9,655 9,070 8,653
Other Operating Income -- -- -- -- --
Other Income 416 287 350 217 341
Total Income 9,523 9,777 10,005 9,287 8,994
Total Expenditure ** 7,806 8,360 8,091 7,569 7,347
PBIDT 1,717 1,417 1,913 1,718 1,648
Interest 50.30 53.20 55 38.30 45.40
PBDT 1,666 1,364 1,858 1,679 1,602
Depreciation 383 398 385 342 321
Minority Interest Before NP -- -- -- -- --
Tax 410 294 374 206 363
Deferred Tax (83) (55) (11) 20.10 (32)
Reported Profit After Tax 956 726 1,111 1,111 949
Minority Interest After NP (17) (78) (35) (13) (10)
Net Profit after Minority Interest 972 804 1,146 1,124 959
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 972 804 1,146 1,124 959
EPS (Unit Curr.) 11.10 9.21 13.10 12.90 11
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 200 -- -- --
Equity 436 436 436 435 435
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 18.90 14.90 19.80 18.90 19
PBDTM(%) 18.30 14.40 19.20 18.50 18.50
PATM(%) 10.50 7.65 11.50 12.30 11