Ratio analysis
2011 |
2010 |
2009 |
|
Ratios – financial performance |
|||
Export revenue / total revenue (%) |
97.66 |
98.73 |
98.72 |
Domestic revenue / total revenue (%) |
2.34 |
1.27 |
1.28 |
Software development expenses / total revenue (%) |
56.20 |
54.68 |
55.00 |
Gross profit / total revenue (%) |
43.80 |
45.32 |
45.00 |
Selling and marketing expenses / total revenue (%) |
4.80 |
4.61 |
4.60 |
General and administration expenses / total revenue (%) |
5.85 |
5.90 |
6.32 |
Selling, General and Administrative (SG&A) expenses / total revenue (%) |
10.65 |
10.51 |
10.92 |
Aggregate employee costs / total revenue (%) |
49.08 |
48.96 |
49.20 |
Operating profit (PBIDTA) / total revenue (%) |
33.15 |
34.82 |
34.08 |
Depreciation and amortization / total revenue (%) |
2.92 |
3.82 |
3.42 |
Operating profit after depreciation and interest / total revenue (%) |
30.23 |
31.00 |
30.66 |
Other income / total revenue (%) |
4.52 |
4.30 |
2.48 |
Provision for investments / total revenue (%) |
– |
(0.04) |
– |
Profit before tax / total revenue (%) |
34.75 |
35.35 |
33.13 |
Tax / total revenue (%) |
9.37 |
8.12 |
4.42 |
Effective tax rate – Tax / PBT (%) |
26.96 |
22.98 |
13.33 |
Profit after tax (2) / total revenue (%) |
25.38 |
27.22 |
28.72 |
Ratios – Balance Sheet |
|||
Debt-equity ratio |
– |
– |
– |
Current ratio |
5.22 |
4.46 |
4.72 |
Days Sales Outstanding (DSO) |
61 |
56 |
61 |
Cash and equivalents / total assets (%) (1) |
61.94 |
66.48 |
57.65 |
Cash and equivalents / total revenue (%) (1) |
60.21 |
70.03 |
50.78 |
Capital expenditure / total revenue (%) |
4.54 |
2.75 |
5.81 |
Operating cash flows / total revenue (%) |
16.82 |
27.80 |
25.42 |
Depreciation / average gross block (%) |
11.90 |
13.17 |
13.23 |
Technology investment / total revenue (%) |
2.25 |
2.12 |
2.70 |
Ratios – returns |
|||
PAT (2) / average net worth (%) |
27.69 |
28.89 |
37.18 |
ROCE (PBIT / average capital employed) (%) |
37.58 |
37.25 |
42.85 |
Return on average invested capital (%) (1) |
67.73 |
68.75 |
78.84 |
Capital output ratio |
1.08 |
1.05 |
1.29 |
Invested capital output ratio (1) |
3.01 |
2.81 |
3.03 |
Value added / total income (%) |
82.99 |
84.45 |
83.68 |
Enterprise-value / total revenue (x) |
6.73 |
6.40 |
3.23 |
Dividend / adjusted public offer price (3) (%) |
4,042 |
3,368 |
3,166 |
Market price / adjusted public offer price (%) |
436,723 |
3,52,465 |
1,78,800 |
Ratios – growth |
|||
Overseas revenue (%) |
18.78 |
4.33 |
29.65 |
Total revenue (%) |
20.08 |
4.32 |
29.50 |
Operating profit before depreciation (%) |
14.32 |
6.57 |
39.15 |
Net profit (2) (%) |
11.95 |
(1.10) |
30.18 |
Net profit after exceptional item (%) |
11.03 |
(0.27) |
30.18 |
Basic EPS (2) (%) |
11.85 |
(1.26) |
29.92 |
Basic EPS after exceptional item (%) |
10.91 |
(0.42) |
29.92 |
Ratios – per share |
|||
Basic EPS (2) ( |
112.26 |
100.37 |
101.65 |
Basic EPS after exceptional item ( |
112.26 |
101.22 |
101.65 |
Basic cash EPS (2) ( |
125.14 |
114.46 |
113.77 |
Basic cash EPS after exceptional item ( |
125.14 |
115.30 |
113.77 |
Price / earnings, end of year (2) |
28.87 |
26.06 |
13.02 |
Price / cash earnings, end of year (2) |
25.90 |
22.85 |
11.64 |
PE / EPS growth (2) |
2.44 |
(20.68) |
0.44 |
Book value ( |
426.73 |
384.01 |
310.90 |
Price / book value, end of year |
7.60 |
6.81 |
4.26 |
Dividend per share (par value of |
30.00 |
25.00 |
23.50 |
Dividend (3) (%) |
600 |
500 |
470 |
Dividend payout (%) (3)(4) |
29.34 |
26.93 |
26.26 |
Market capitalization / total revenue, end of year (x) |
7.33 |
7.10 |
3.74 |
) | Notes : | The ratio calculations are based on standalone Indian GAAP financial statements. | |
| (1) | Investments in liquid mutual funds and certificates of deposit have been considered as cash and cash equivalents for the purpose of the above ratio analysis. | |
| (2) | Before exceptional item | |
| (3) | Excludes special dividend for fiscal 2011 | |
| (4) | Calculated as a % of the consolidated profits of the Infosys group | |