Tech Mahindra Ltd

Tech Mahindra is a leading provider of consulting-led integrated portfolio services to customers which are Telecom Equipment Manufacturers, Telecom Service Providers and IT Infrastructure Service Providers, Business Process Outsourcing Service Providers as well as Enterprise Solutions Services (BFSI, Retail & Logistics, Manufacturing, E&U, and Healthcare, Life Sciences, etc.) of Information Technology (IT) and IT-enabled services delivered through a network of multiple locations around the globe.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 29.85%
Cons:

Peer Comparison Sector: IT - Software // Industry: Computers - Software - Large

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
7,167 7,558 7,495 7,336 7,606 7,776 8,054 8,276 8,630 8,944 8,892 8,653
6,097 6,371 6,596 6,401 6,501 6,511 6,643 6,931 7,024 7,234 7,281 7,347
Operating Profit 1,070 1,186 899 935 1,106 1,265 1,412 1,345 1,605 1,709 1,612 1,306
OPM % 15% 16% 12% 13% 15% 16% 18% 16% 19% 19% 18% 15%
Other Income 139 155 238 411 322 225 451 111 175 81 167 341
Interest 35 35 32 37 39 34 53 30 39 36 28 45
Depreciation 245 248 283 247 265 274 299 281 294 284 270 321
Profit before tax 929 1,059 821 1,062 1,124 1,181 1,512 1,145 1,447 1,471 1,480 1,281
Tax % 31% 20% 28% 25% 25% 22% 19% 21% 27% 18% 24% 26%
Net Profit 643 856 588 799 836 943 1,231 898 1,056 1,207 1,132 959
EPS in Rs 7.38 9.79 6.72 9.10 9.52 10.73 13.84 10.12 11.99 13.55 12.77 10.98
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
3,766 4,465 4,625 5,140 5,490 6,873 18,802 22,621 26,494 29,141 30,773 34,742 35,119
2,944 3,246 3,495 3,721 4,572 5,451 14,619 18,428 22,224 24,956 26,063 28,471 28,886
Operating Profit 822 1,218 1,131 1,419 918 1,422 4,184 4,193 4,271 4,184 4,710 6,271 6,233
OPM % 22% 27% 24% 28% 17% 21% 22% 19% 16% 14% 15% 18% 18%
Other Income -332 26 69 -298 30 -141 233 106 442 775 1,417 534 764
Interest 6 2 218 100 103 103 80 69 97 129 162 133 148
Depreciation 80 110 134 144 161 200 522 611 759 978 1,085 1,129 1,170
Profit before tax 404 1,132 847 877 685 978 3,815 3,618 3,857 3,853 4,879 5,543 5,679
Tax % 19% 10% 17% 15% 21% 24% 20% 27% 22% 26% 22% 23%
Net Profit 330 1,014 700 644 1,096 1,288 3,029 2,628 2,993 2,813 3,800 4,298 4,355
EPS in Rs 6.56 20.67 14.17 12.62 21.32 24.92 31.58 26.09 34.36 32.05 43.01 48.43 49.29
Dividend Payout % 20% 5% 6% 8% 5% 5% 15% 22% 35% 28% 33% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:22.77%
5 Years:13.07%
3 Years:9.45%
TTM:10.74%
Compounded Profit Growth
10 Years:15.25%
5 Years:7.55%
3 Years:12.26%
TTM:11.43%
Return on Equity
10 Years:23.83%
5 Years:21.18%
3 Years:20.23%
Last Year:21.58%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
121 122 122 126 128 128 234 480 436 439 442 444
Reserves 1,136 1,821 2,764 3,225 3,923 5,297 8,947 11,768 14,154 15,996 18,399 19,839
Borrowings 30 0 2,135 1,806 1,127 1,380 363 700 1,091 1,366 2,397 1,996
938 900 881 887 1,758 2,179 6,396 6,899 6,867 8,265 9,237 11,280
Total Liabilities 2,225 2,843 5,902 6,045 6,935 8,984 15,940 19,848 22,548 26,066 30,474 33,558
436 498 604 617 682 1,245 2,594 4,033 4,309 6,460 7,622 7,061
CWIP 164 154 119 110 167 34 266 568 629 373 240 276
Investments 63 435 3,014 2,908 3,588 4,099 1,472 2,103 1,297 2,396 4,841 7,342
1,562 1,757 2,164 2,409 2,498 3,607 11,607 13,145 16,312 16,838 17,771 18,878
Total Assets 2,225 2,843 5,902 6,045 6,935 8,984 15,940 19,848 22,548 26,066 30,474 33,558

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
195 1,222 1,450 464 712 855 1,596 2,448 3,137 4,071 3,554 4,432
-180 -614 -2,986 -133 -420 -622 291 -1,865 -1,453 -2,893 -3,319 -2,104
10 -164 1,222 -287 -317 65 -972 -829 -496 -1,571 -269 -2,251
Net Cash Flow 25 444 -314 44 -26 298 915 -246 1,188 -392 -35 77

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 76% 71% 31% 27% 17% 19% 46% 33% 28% 24% 25% 26%
Debtor Days 106 74 82 89 88 90 84 84 80 67 77 73
Inventory Turnover 2,690.07 2,976.47 3,426.22 5,140.20 18,299.00 1,249.65 1,807.92 1,319.03 817.72 574.77 484.61 492.45