Ratio analysis
| 2010 | 2009 | 2008 | |
| Ratios – financial performance | |||
| Export revenue / total revenue (%) | 98.73 | 98.72 | 98.60 |
| Domestic revenue / total revenue (%) | 1.27 | 1.28 | 1.40 |
| Software development expenses / total revenue (%) | 54.68 | 55.00 | 56.72 |
| Gross profit / total revenue (%) | 45.32 | 45.00 | 43.28 |
| Selling and marketing expenses / total revenue (%) | 4.61 | 4.60 | 4.67 |
| General and administration expenses / total revenue (%) | 5.90 | 6.32 | 6.90 |
| Selling, General and Administrative (SG&A) expenses / total revenue (%) | 10.51 | 10.92 | 11.57 |
| Aggregate employee costs / total revenue (%) | 48.96 | 49.20 | 49.89 |
| Operating profit (PBIDTA) / total revenue (%) | 34.82 | 34.08 | 31.72 |
| Depreciation and amortization / total revenue (%) | 3.82 | 3.42 | 3.49 |
| Operating profit after depreciation and interest / total revenue (%) | 31.00 | 30.66 | 28.23 |
| Other income / total revenue (%) | 4.30 | 2.48 | 4.36 |
| Provision for investments / total revenue (%) | (0.04) | – | – |
| Profit before tax / total revenue (%) | 35.35 | 33.13 | 32.59 |
| Tax / total revenue (%) | 8.12 | 4.42 | 4.03 |
| Effective tax rate – Tax / PBT (%) | 22.98 | 13.33 | 12.35 |
| Profit after tax(2) / total revenue (%) | 27.22 | 28.72 | 28.57 |
| Ratios – Balance Sheet | |||
| Debt-equity ratio | – | – | – |
| Current ratio | 4.46 | 4.72 | 3.28 |
| Days Sales Outstanding (DSO) | 56 | 61 | 72 |
| Cash and equivalents / total assets (%)(1) | 66.48 | 57.65 | 57.00 |
| Cash and equivalents / total revenue (%)(1) | 70.03 | 50.78 | 49.14 |
| Capital expenditure / total revenue (%) | 2.75 | 5.81 | 8.76 |
| Operating cash flows / total revenue (%) | 27.80 | 25.42 | 24.39 |
| Depreciation / average gross block (%) | 13.17 | 13.23 | 13.00 |
| Technology investment / total revenue (%) | 2.12 | 2.70 | 2.57 |
| Ratios – return | |||
| PAT(2) / average net worth (%) | 28.89 | 37.18 | 36.26 |
| ROCE (PBIT / average capital employed) (%) | 37.51 | 42.90 | 41.38 |
| Return on average invested capital (%)(1) | 68.8 | 78.84 | 71.12 |
| Capital output ratio | 1.05 | 1.29 | 1.27 |
| Invested capital output ratio(1) | 2.81 | 3.03 | 2.76 |
| Value added / total income (%) | 84.45 | 83.68 | 85.97 |
| Enterprise-value / total revenue (x) | 6.40 | 3.23 | 4.76 |
| Dividend / adjusted public offer price(3) (%) | 3,368 | 3,166 | 1,785 |
| Market price / adjusted public offer price (%) | 3,52,465 | 1,78,800 | 1,94,008 |
| Ratios – growth | |||
| Overseas revenue (%) | 4.33 | 29.65 | 19.28 |
| Total revenue (%) | 4.32 | 29.50 | 19.01 |
| Operating profit before depreciation (%) | 6.57 | 39.15 | 17.47 |
| Net profit(2) (%) | (1.10) | 30.18 | 18.35 |
| Net profit after exceptional item(%) | (0.27) | 30.18 | 18.16 |
| Basic EPS(2) (%) | (1.26) | 29.92 | 15.36 |
| Basic EPS after exceptional item (%) | (0.42) | 29.92 | 15.18 |
| Ratios – per share | |||
| Basic EPS(2)(Rs.) | 100.37 | 101.65 | 78.24 |
| Basic EPS after exceptional item (Rs.) | 101.22 | 101.65 | 78.24 |
| Basic cash EPS(2) | 114.46 | 113.77 | 87.80 |
| Basic cash EPS after exceptional item | 115.30 | 113.77 | 87.80 |
| Price / earning, end of year(2) | 26.06 | 13.02 | 18.40 |
| Price / cash earnings, end of year(2) | 22.85 | 11.64 | 16.40 |
| PE / EPS growth(2) | (20.68) | 0.44 | 1.20 |
| Book value (Rs.) | 384.01 | 310.90 | 235.84 |
| Price / book value, end of year | 6.81 | 4.26 | 6.11 |
| Dividend per share (par value of Rs. 5/- each)(3) | 25.00 | 23.50 | 13.25 |
| Dividend(3) (%) | 500 | 470 | 265 |
| Dividend payout(3) (%) | 29.09 | 27.03 | 19.83 |
| Market capitalization / total revenue, end of year (x) | 7.10 | 3.74 | 5.26 |
| Notes: | The ratio calculations are based on standalone Indian GAAP financial statements. (1) Investments in liquid mutual funds and certificate of deposits have been considered as cash and cash equivalents for the purpose of above ratio analysis. (2) Before exceptional item (3) Excludes special dividend for fiscal 2008 |
