Infosys Ltd.

Financial

	Infosys	HCL Tech.	Wipro
Operational Metrics
IT
Constant Currency Growth - YoY	3.8 %	3.7 %	-2.3 %
Constant Currency Growth - BFSI	5.6 %	n/a	-3.5 %
Constant Currency Growth - Healthcare	-7.9 %	n/a	3.5 %
Constant Currency Growth - Consumer Business	0.4 %	n/a	-5.7 %
Constant Currency Growth - Energy	6.4 %	n/a	-2.4 %
Constant Currency Growth - Technology	1.7 %	n/a	-0.3 %
Constant Currency Growth - Manufacturing	12.2 %	n/a	-2.4 %
Constant Currency Growth - Communications	4.0 %	n/a	-0.3 %
Constant Currency Growth - YoY - Others	-15.3 %	n/a	n/a
Net Sales by Employee Cost	1.85 .	1.72 .	1.65 .
Unclassified
R&D as a % of Total Sales	0.62 %	1.5 %	0.48 %
Financials
5 yr Average ROE	28.86 %	22.22 %	16.75 %
5yr average Equity Multiplier	1.54	1.44	1.55
5yr Average Asset Turnover Ratio	1.08	1.04	0.75
5yr Avg Net Profit Margin	17.46 %	14.87 %	14.49 %
Price to Book	6.4	5.52	3.08
P/E	22.48	22.65	18.85
5yr Avg Cash Conversion Cycle	68.69 Days	-1006.33 Days	-6665.61 Days
Inventory Days	0.0	0.58 Days	0.54 Days
Days Receivable	68.69 Days	80.08 Days	47.78 Days
Days Payable	0.0	792.38 Days	4265.49 Days
5yr Average Interest Coverage Ratio	115.28	43.68	19.8
5yr Avg ROCE	36.24 %	27.37 %	19.83 %
5yr Avg Operating Profit Margin	24.88 %	23.32 %	20.28 %
5 yr average Debt to Equity	0.0	0.04	0.19
5yr CAGR Net Profit	6.66 %	9.31 %	4.0 %
5yr Average Return on Assets	18.7 %	15.42 %	10.82 %
Shareholdings
Promoter Holding	14.61 %	60.81 %	72.66 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	1.5 %	0.09 %	-0.34 %
Change in Mutual Fund Holding (3 Yrs)	5.88 %	-1.8 %	0.99 %

Business

	Infosys	HCL Tech.	Wipro
Product Wise Break-Up	Product Wise Break-Up Software Services 95.39 Software Services 4.61 Business Process Outsourcing Services 0 Infrastructure Services 0 Software Services 0 Industrial & Engineering Services 0 Modern Application Services 0 Data, Analytics and AI 0 Cloud and Infrastructure Services 0 Digital Operations & Platforms 0 Business Process Services 0	Product Wise Break-Up Digital Operations & Platforms 0 Software Services 72.0 Cloud and Infrastructure Services 0 Data, Analytics and AI 0 Business Processing Outsourcing (BPO) 11.0 Business Process Services 0 Modern Application Services 0 Infrastructure 17.0 Industrial & Engineering Services 0	Product Wise Break-Up Digital Operations & Platforms 15.0 Software Services 0 Cloud Computing 26.0 Data, Analytics and AI 7.0 Business Process Outsourcing Services 0 Business Process Services 0 Modern Application Services 45.0 Infrastructure Services 0 Industrial & Commercial 8.0
Location Wise Break-Up	Location Wise Break-Up North America 56.45 Europe 31.55 Rest of the World 9.12 India 2.88 USA 0 APMEA 0	Location Wise Break-Up Europe 28.3 North America 0 Rest of the World 11.9 APMEA 0 USA 56.5 India 0 Others 3.3	Location Wise Break-Up Europe 25.73 North America 0 Rest of the World 0 Asia Pacific/Middle East/Africa 10.78 USA 63.48 India 0 Others 0.01
Operating Profit Break-Up	Operating Profit Break-Up Financial Services 29.9 Retail 17.01 Energy 14.45 Manufacturing 14.24 Communications 8.85 Hi-Tech 7.72 Healthcare 5.57 HCL software 0 Engineering & R&D Services 0 IT & Business Services 0 Others 2.26	Operating Profit Break-Up Energy 0 Communications 0 Financial Services 0 Hi-Tech 0 Retail 0 Engineering & Capital Goods 18.54 Healthcare 0 Manufacturing 0 IT Services 68.66 HCL software 12.81	-
Verticals	Verticals Financial Services 27.9 Manufacturing 16.09 Energy 13.58 Retail 13.37 Communications 12.06 Hi-Tech 7.8 Healthcare 6.49 0 Public Services 0 Technology & Services 0 Retail & CPG 0 Lifesciences & Healthcare 0 Technology 0 Health Business Unit 0 Energy, Natural Resources and Utilities 0 Communications 0 Consumer Business Unit 0 0 Others 2.71	Verticals Technology 0 0 Energy 0 Consumer Business Unit 0 Communications 0 Telecommunication 13.1 Energy, Natural Resources and Utilities 0 Financial Services 21.6 Hi-Tech 0 Retail 0 Retail 9.7 Healthcare 14.5 Health Business Unit 0 Healthcare 0 Manufacturing 18.6 Software Services 14.0 Public Sector 8.5	Verticals Software Services 15.5 Banking & Insurance 33.6 Energy 0 Consumer Business 18.61 Communications 0 0 Energy 17.68 Financial Services 0 Hi-Tech 0 Retail 0 Retail & CPG 0 Lifesciences & Healthcare 0 Health and Fitness Services 14.61 Healthcare 0 Manufacturing 0 Technology & Services 0 Public Services 0
Onsite vs Offsite	Onsite vs Offsite Onsite 52.1 Offshore 47.9 Offshore Revenue 0 Onsite Revenue 0	-	Onsite vs Offsite Offshore 59.8 Offshore 0 Onsite 0 Onsite Revenue 40.2
Digital vs Core	Digital vs Core Digital services 62.19 Core revenue 37.81	-	-
Client Break-Up	Client Break-Up $1+ Mn 69.53 $10+ Mn 21.8 $50+ Mn 5.85 $100+ Mn 2.82 $20+ MN 0 $5+ Mn 0 Greater Than $1MN 0 Greater Than $3MN 0 Greater Than $5MN 0 Greater Than $10MN 0 Greater Than $20MN 0 Greater Than $50MN 0 Greater Than $75MN 0 Greater Than $100MN 0	Client Break-Up Greater Than $5MN 0 Greater Than $100MN 0 >1M 52.15 Greater Than $3MN 0 Greater Than $20MN 0 >50M 2.95 >10M 13.91 Greater Than $75MN 0 >5M 21.93 Greater Than $50MN 0 >100M 1.2 >20M 7.86 Greater Than $1MN 0 Greater Than $10MN 0	Client Break-Up >5M 15.77 >100M 0.9 $1+ Mn 0 >3M 22.28 >20M 6.12 $50+ Mn 0 $10+ Mn 0 >75M 1.52 $5+ Mn 0 >50M 2.64 $100+ Mn 0 $20+ MN 0 >1M 40.68 >10M 10.1
Contract Type	Contract Type Fixed Price Contracts 52.53 Time & Material 47.47 Time & Material 0 Managed Services & Fixed Price Projects 0 Products 0 Time and materials Products 0 Fixed price and volume based 0	Contract Type Management & Maintenance services 65.0 Fixed price and volume based 0 Fixed Price Contracts 0 Time & Material 35.0 Products 0 Time and materials Products 0	Contract Type Managed Services & Fixed Price Projects 0 Fixed Price Contracts 51.97 Fixed Price Contracts 0 Time & Material 0 Product Revenue 0.33 Time & Material 47.7

Infosys Ltd.

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