PROJECT REPORT ON

FINANCIAL ANALYSIS OF IT
SERVICES SECTOR

(SONATA vs INFOSYS)

Under the Guidance of:

Dr. Sandeep Goel

13/09/2010

Group-9, PGPM-2010 Sec-A

Nipun Goel(10P035)
Atul Bucha(10P013)
Manu Kulkarni(10P028)
Vaibhav Goyal(10P058)
Harsh Maru(10P018)
Dheeraj Nagpal(10P015)
ACKNOWLEDGEMENT

We wish to express our sincere gratitude to Dr.Sandeep Goel for providing us an opportunity to do our
project work on “FINANCIAL ANALYSIS OF IT SERVICES SECTOR (INFOSYS vs SONATA)” .This project bears
on imprint of many people. We sincerely thank to him as our project guide for guidance and
encouragement in carrying out this project work.

We wish to avail ourselves of this opportunity, express a sense of gratitude and love to our friends,
project mates and our beloved parents for their manual support, strength, and help and for everything

Place: Gurgaon
Date: 02/13/2010
Table of Contents
THE INDIAN IT SECTOR .................................................................................................................................. 4

INFOSYS ......................................................................................................................................................... 5

Global Delivery Model (GDM) ....................................................................................................................... 7

Enterprise Risk Management (ERM) ............................................................................................................. 7

SONATA ......................................................................................................................................................... 8

Opportunities and threats: ........................................................................................................................... 8

Financial highlights:..................................................................................................................................... 10

PERFORMANCE SUMMARY ......................................................................................................................... 12

Infosys Technologies (Analysis of Balance sheet) ....................................................................................... 13

Sources of funds.......................................................................................................................................... 14

Applications of funds .................................................................................................................................. 14

Analysis of Income Statement .................................................................................................................... 16

Earnings before interest and tax (EBIT) ...................................................................................................... 17

Sonata Software (Analysis of Balance sheet) .............................................................................................. 19

Sources of funds.......................................................................................................................................... 20

Applications of funds .................................................................................................................................. 20

Analysis of Income Statement .................................................................................................................... 22

Sales ............................................................................................................................................................ 23

EBIT ............................................................................................................................................................. 23

Net Profit..................................................................................................................................................... 24

Share Price Performance ............................................................................................................................ 25

RAG STATUS: ............................................................................................................................................... 25

INDIVIDUAL RATIOs:.................................................................................................................................... 27

Solvency Ratio ................................................................................................ Error! Bookmark not defined.

RECEIVABLE TURNOVER .............................................................................................................................. 28

DAYS OF SALES OUTSTANDING ................................................................................................................... 28

FIXED ASSET TURNOVER ............................................................................................................................. 29

TOTAL ASSET TURNOVER ............................................................................................................................ 29

CURRENT RATIO .......................................................................................................................................... 30

QUICK RATIO ............................................................................................................................................... 31

CASH RATIO ................................................................................................................................................. 31

DEFENSIVE INTERVAL RATIO ....................................................................................................................... 32

Financial Leverage Ratio: ............................................................................................................................ 33

Profitability Ratio: ....................................................................................................................................... 34

Gross Profit Margin ..................................................................................................................................... 34

Operating Profit Margin .............................................................................................................................. 34

Calculation Templates................................................................................................................................. 39

REFERENCES ................................................................................................................................................ 39

THE INDIAN IT SECTOR

The Indian software industry, from its very humble beginnings, has grown tremendously over
the past few years and is now the undisputed leader in the outsourcing of software services
now. While the rest of the financial world was bogged down by the recent economic recession,
most Indian IT companies faced the crisis head on and actually managed to cash in upon it as
an opportunity. The uniqueness of the Indian IT industry, and possibly one of the main reasons
for its recent upsurge is the fact that it is service oriented and export driven. Apart from these,
other factors that have led to this increase in demand for Indian software services include cost
efficiency, abundance in qualified software engineers and the fact that it is managed by
professional and entrepreneurial managements. IT industry has played a major role in
strengthening the economic and technical foundations of India. Indian professionals are
setting up examples of their proficiency in IT, in India as well as abroad.

India is widely recognized as the premier destination for offshore technology services.
According to the NASSCOM Strategic Review 2010, IT services exports (excluding
exports relating to business process outsourcing (BPO), hardware, engineering design
and product development) from India are estimated to grow by 5.8% in fiscal 2010, to
record revenues of US $27.3 billion. This review also estimates BPO exports from India
to have grown by 6% in fiscal 2010 to record revenues of US $12.4 billion. There are
several key factors contributing to the growth of IT and IT-enabled services (ITES) in
India and by Indian companies. Some of these factors are high-quality delivery,
significant cost benefits and abundant skilled resources.

INFOSYS
Infosys Technologies (Infosys) is a leader in providing IT consulting and software
services which include a complete range of services such as business-technology
consulting, Internet and e-business consulting, system integration, custom application
development, re-engineering and sustenance.

The company provides end-to-end business solutions that leverage technology for their
clients, including technical consulting, design, development, product engineering,
maintenance, systems integration, package-enabled consulting, and implementation
and infrastructure management services. Infosys was the pioneer of the Global Delivery
Model and has over 114000 employees in over 60 offices and development centres
worldwide and 590 clients across geographies and industry verticals. Going forward the
Company has identified seven key areas that it believes would see increased influence
and present great scope. Also, the Company targets US and Europe to contribute 40%
each of the revenues of the Company.

The company’s solutions include building next generation communication, networking,

and e-infrastructure products for clients. Its global delivery model leverages cost-
competitive development centres in different parts of the world to provide high quality,
rapid time-to-market solutions on time and within budget.

The business model of Infosys focuses on having long-term strategic relationships with clients
and a significant portion of its revenue comes from repeat business. The company has 293
active clients spread across a well diversified industry class including insurance (contributing
16% of its revenues during the past twelve months), banking and financial services (20.3%),
manufacturing (17.5%), telecom (16.9%), retail (10.7%) besides utilities, transportation and
logistics and others (together 18.6%). Like other Indian software services companies, Infosys
continues to depend on North America with 72.1% of its revenues for the last twelve months
from this region.

The aim of Infosys is to become a leading global technology services company by successfully
differentiating its service offerings and increasing the scale of their operations. Keeping that
objective in mind, Infosys has recently made some key acquisitions – in December 2009. It
acquired US-based business process solutions provider McCamish Systems LLC through Infosys
BPO at Rs.218 cr. The past performance of Infosys has been impressive, considering its
revenues grew from $4,176 million in fiscal 2008 to $4,804 million in fiscal 2010, representing
an annualized growth of 7.3%. Infosys has been recognized with various awards by different
corporate bodies and magazines. Its net income observed growth of annualized growth of 6.3%
from $1,163 million to $1,313 million. It has been rated as the best employer in India by the
Business Today. Hewitt associates also rated Infosys as the best employer to work for from the
year 2000 to 2002.
The following feature of Infosys act as its USP and differentiates it from other players in
the IT industry:

Global Delivery Model (GDM)

Infosys’s GDM allows it to execute services where it is most cost effective and sell
services where it is most profitable. The GDM enables it to derive maximum benefit
from its large pool of highly skilled technology professionals; 24-hour execution
capabilities across multiple time zones; the ability to accelerate delivery times of large
projects by simultaneously processing project components; cost competitiveness across
geographic regions; built-in redundancy to ensure uninterrupted services; and a
knowledge management system that enables us to re-use solutions where appropriate.
Further its GDM mitigates risks associated with providing offshore technology services
to its clients. Speedy and effective communication being the key, they use multiple
service providers and a mix of terrestrial and optical fibre links with alternate routing. In
India, Infosys rely on two telecommunication carriers to provide high-speed links
interconnecting its global development centres. They rely on multiple links on submarine
cable paths provided by several service providers to interconnect its development
centres with network hubs in other parts of the world.

Enterprise Risk Management (ERM)

The Enterprise Risk Management (ERM) at Infosys encompasses practices relating

to identification, assessment, monitoring and mitigation of various risks to our
business. ERM at Infosys seeks to minimize adverse impact on our business objectives
and enhance stakeholder value. Further, our risk management practices seek to
sustain and enhance long-term competitive advantage of the Company. Risk
management is integral to our business model, described as Predictable, Sustainable,
Profitable and De-risked' (PSPD) model.
 SONATA
Sonata Software Limited, headquartered in Bangalore, India, is a leading IT consulting
and services company. Sonata's customers are located across the US, Europe, Middle
East and the Asia-Pacific region. Its portfolio of services includes IT Consulting, Product
Engineering Services, Travel Solutions, Application Development, Application
Management, Managed Testing, Business Intelligence, Infrastructure Management and
Packaged Applications. As per the industry rankings released by NASSCOM for 2009-
10, Sonata Software figured among the Top 20 IT Software Services Exporters in India
for the third consecutive year. Sonata Software has also been ranked Global #2 in the
2008 Top Ten ESO: Outsourced Software Development in The Black Book of
Outsourcing.

Its subsidiaries include:

 Sonata Software Limited

 TUI InfoTech GmbH
 Sonata Software FZ - LLC
 Sonata Information Technology Limited (SITL)
 Sonata Software North America Inc.
 Sonata Software GmbH
 Sonata Europe Limited

Sonata's shares are publicly traded in Indian Stock Exchanges. As per the industry
rankings released by NASSCOM for 2008-09, Sonata Software figured among the Top
20 IT Software Services Exporters in India for the second consecutive year. Sonata
Software has also been ranked Global #2 in the 2008 Top Ten ESO: Outsourced
Software Development in The Black Book of Outsourcing. Sonata has alliances with
Microsoft, IBM, SAP and Oracle. Sonata’s total income FY 2009–2010 was Rs 291.97
million

Opportunities and threats:

In every challenge lies an opportunity. Today's enterprises are looking for solutions that
can help them reduce their operational cost and derive maximum value from their IT
spend. According to industry analysts like
Forrester, enterprises are looking for help making the move from a Time &
Material model of engagement to a managed services model which not only help in
driving down costs but also ensures that the projects are more outcome oriented. The
Industry has been talking about this changed business, engagement and pricing models
for some time now. However, they are fast becoming a reality. Further, enterprises are
prioritizing at projects that involve application consolidation / rationalization and those
which are collaborative and high impact solutions that enhance productivity.

In the customer segment of Software Product companies who outsource their product
development to offshore outsourcing companies, there has been a growing preference
for engagement models that align their costs with activity levels (output). We have seen
an increased level of activity among product companies that are relatively new to off
shoring - driven by the need to compete in a challenging economy.

With Sonata's proven track record in delivering solutions to product companies, we

are well poised to capitalize on the above trends in the enterprise and product
development markets..

The financial upheaval that hit the developed markets last year threw up a risk which
the Industry was not really exposed to earlier i.e. 'Customer Sustainability'. Constantly
changing business priorities, mergers, acquisitions and consolidations of companies
require IT service providers to be quick and deliver according changing situations.

Companies which are slow to react will get negatively impacted by risks on account of
failed projects, unhappy customers and in extreme cases customer delinquencies. .
Further, with costs of delivery from near shore locations closing up with that offshore,
emergence of these centres coupled with protectionist steps taken by developed
economies faced with the recession could threaten the growth prospects of this sector.
Financial highlights:

1. Revenues:

Revenue from US was 46.21% and Europe was 48.21% for the year ended 31st March
2010 as compared to 38.81% from US and 60.19% from Europe for the same period
last year. Your Company's strategy of building strong delivery capability with its multi-
pronged emphasis on technology, people & processes has resulted not only in
increased business from existing customers but also in new customer acquisition.

2. Operating Expenses:

The ratio of operating expenditure to total income has decreased by 1.95% over the
same period last year.

3. EBIDT:

The EBIDT was at 28.79% for the year ended 31st March 2010 as compared to 26.59%
for the same period last year.

4. Profit after Tax:

Profit after Tax was at 24.94% for the year ended 31st March 2010 as compared to
21.81% for the same period last year.

5. Interest and Borrowings:

The Company was debt free as on 31st March 2010 and had a Net Cash balance of
Rs.338.21 million (includes investment in Mutual Funds). During the year the Company
has not incurred any interest cost.
6. Capital Employed:

The Return on Average Capital Employed (ROCE) for the year ended 31st March
2010 was 22.90% as compared to 25.41% for the same period last year.

7. Net Worth:

The Return on Average Net worth (RONW) for the year ended 31st March 2010 was
22.90% as compared to 25.23% for the same period last year.

8. Fixed Assets:

The Company added fixed assets to the extent of Rs.151.60 millions.

Additions were mainly incurred for new facilities at Bangalore (SEZ Unit at Global
Village).

9. Receivables:

Debtors as number of days' sales stood at 87 days for the year ended 31st March 2010
as compared to 64 days for the same period last year.

10. Cash Generation:

Cash generated from operations was Rs.428.15 million for the year ended
31st March 2010.

11. Manpower:

The total employee strength as on 31st March 2010 was 2124 as against 2034
as on 31st March 2009.
PERFORMANCE SUMMARY

1. Revenue:

Revenue decreased by 3.07% at Rs. 2360.94 million for the Year ended 31st March
2010 as compared to Rs.2435.77 million for the same period last year.

2. EBIDT:

EBIDT was Rs.694.80 million for the year ended 31st March 2010 as compared
to Rs.650.55 for the same period last year.

3. Profit After Tax (PAT):

PAT stood at Rs.602.03 million for the year ended 31st March 2010 as compared to
Rs.533.59 million for the same period last year.
Infosys Technologies (Analysis of Balance sheet)
Sources of funds

As aptly visible from the graph above, the reserves and surpluses form the dominant part of the
sources of funds accounting to about 98% of the total funds. This shows that the company has
no debt and is not dependent on the shareholders’ capital. In fact, the shareholders’ capital has
remained constant at Rs. 286 crores over the past four years.

Applications of funds

The company’s growth has been financed largely by its own cash balances. As of March 31 st,
2010, the company had approximately Rs. 10,500 crores in cash and bank balances which forms
roughly 38% of the asset base. The company’s cash and cash equivalents comprise of cash and
bank deposits with corporations which can be withdrawn without prior notice. The company
feels it has sufficient current working capital to finance its operations for next 12 months. The
company’s primary source of liquidity is the cash flow generated from operations. A significant
portion (13%) of the company’s asset base has been allocated in investments in available-for-
sale financial assets and certificate of deposits. Moreover, even the receivables account for
around 13% in the company’s asset base. This is because the company has a longer sales cycle.

All in all, the balance sheet of the company looks very strong and favorable and shows the
company in a healthy state of affairs.
Analysis of Income Statement
Sales

The company’s revenues are principally generated from technology services provided on time
and materials for a fixed price contract. The increase in revenue was attributable to addition of
new clients from the telecommunications sector. Revenues from services accounted for over
95.8% of the total revenues for FY 2010 while remaining 4.2% was represented by sale of
software products. The company provides its services in various locations including North
America and Europe both accounting for over 69% of the company’s total revenue. The sales
have grown at a compounded annual growth rate of 9.7% from FYs 2006 to 2010.

Earnings before interest and tax (EBIT)

The increase in EBIT and EBIT as a percentage of revenue was attributable to an increase in
gross profit and decline in the administrative expenses. The EBIT have grown at a compunded
annual growth rate of 7.5% from FYs 2006 to 2010.

Net Income

The increase in net income was attributable to an increase in the operating profit and also in
the other income. This increase was partially offset by an increase in the income tax expense
for the same period. The net income has grown at a compounded annual growth rate of 6.9%
from FYs 2006 to 2010.
Sonata Software

Analysis of Balance sheet

Sources of funds

It is clearly visible from the graph above, the reserves and surpluses form the dominant part of
the sources of funds accounting to about 96% of the total funds. The company just like Infosys
is a zero debt company and the share capital has remained constant to Rs. 10.5 Crores.

Applications of funds
The major contributors to the assets are “Investments”, “Loans and Advances” and “Sundry
Debtors”. Loans and advances have increased from Rs. 31.05 Crores in 2009 to 2010. This is a
jump of almost 270% on year on year basis. Investments form a major part of the applied funds
but they have seen a decline of 6% as compared to the previous year. The cash in hand and in
bank has increased by almost 100% and is almost Rs. 24 Crores as of 2010.

The number of days required to realize the payment has increased from 60 to 74 days. This is
not a healthy sign as the company depends a lot on the loans and advances for its daily
operational needs.
Analysis of Income Statement
Sales

Sales
300

250

200

In Rs Crores 150

100

50

0
2006 2007 2008 2009 2010
Sales

The company provided IT services including consulting, design, infrastructure and outsourcing
services of which IT service segment accounts for majority of the revenues. The revenue from
the core IT consulting has decreased by 3.1%, however there is a marginal increase in the
revenue from other activities.

EBIT
EBIT
70
60
50
In Rs Crores 40
30
20
10
0
2006 2007 2008 2009 2010

EBIT
Since the company is debt free i.e. it has not taken any long term loans, there is no liability for
the company to pay any income tax. Hence the EBIT is same as EBT. The increase in the EBIT
from previous years despite the reduction in sales is attributed to the decrease in the expenses
for the same period. There is a 9% increase in EBIT even after a 3.1% decrease in the net sales
revenue.

Net Profit

Net Income
70
60
50
40
In Rs Crores
30
20
10
0
2006 2007 2008 2009 2010

Net Income

The increase in the net income is attributable to the decrease in the net expenditure. The net
income has grown at a compounded annual growth rate of 20.1% from FYs 2006 to 2010.

All in all, we can see that the sales, EBIT and net income have grown at a very healthy rate and
showcase the company in a very good light. However, the area of concerns for the firm is the
reduction in top line, the increase in the number of days of outstanding receivables and the
huge increase in the amount of loans and advances outstanding.
Share Price Performance

All in all, we can see that the sales, EBIT and net income have grown at a very healthy rate and
show cases the company in a very good light. This growth can be attributed to an increase in
the size and number of projects as well as expansion in the solutions provided.

RAG STATUS:
Before we analyse the ratio of the two companies in detail, let us see the snapshot of the performance
of the two companies by comparing financial year 2009 and 2010. Below is the snapshot or the rag
status of the performance. It tells us if the performance of the company has improved or reduced
depending on the significance of increase or decrease in the value of the ratio.

Note:
Red Arrow – Not good for the company

Green Arrow – Good for the company

Downwards – Decreases

Upward – Increases
Liquidity Ratios Infosys Sonata

Current ratio

Quick ratio

Cash Ratio

Defensive Interval Ratio

Activity Ratios Infosys Sonata

Receivable Turnovers

Days of Sales
outsanding

Fised Asset Turnover

Total Asset Turnover

Profitability Ratios Infosys Sonata

Growth Profit Margin

Net Profit Margin

Return on Assets

Return on Equity

Solvency & Valuation

Infosys Sonata
Ratios

Financial Leverage Ratio

Dividend per Share

Cash Flow per Share

INDIVIDUAL RATIOs:

Activity Ratio
RECEIVABLE TURNOVER
Formula: Revenue/Average Receivables

Receivable turnover for Sonata is observed to have decreased from 6.0 to 4.9 y-o-y, while that
for Infosys has not changed. This shows that sonata is providing services at credit basis more in
2009 as compared to 2008, possibly due to lenient credit policies to bring in more business for
the growing company.

DAYS OF SALES OUTSTANDING

Formula: Number of days in period/Receivable turnover
This value has been found to be increasing for Sonata while for Infosys it has been constant, the
main reason could be that Sonata being a new business and a small firm, is providing more days
of credit to its clients as compared to a well established firm like Infosys whose DOS is relatively
constant.

FIXED ASSET TURNOVER

Formula: Revenue/Average Net Fixed Assets

We can observe that Sonata has higher Fixed Asset Ratio than Infosys and it is also fluctuating.
The reason for the same, is that Sonata being a new company has lesser fixed assets and is able
to realize more revenue relative to its fixed assets. However, being a new establishment, its
revenue generation is fluctuating. Therefore, the fixed asset ratio is fluctuating for Sonata.

For Infosys, a well established company, these ratios are only slightly increasing since their
revenue and fixed asset value are stabilized.

TOTAL ASSET TURNOVER

Formula: Revenue/Average Total Assets
In this case, total assets of Infosys have been increasing on account of increasing cash/bank
balances, and loans and advances, while revenue is not increasing at the same rate. Hence, the
total asset turnover for Infosys being higher than Sonata at 2008 is decreasing on y-o-y basis.
On the other hand, Sonata’s current assets are increasing at a lower rate, while the revenue is
fluctuating. Hence, the ratios are obtained as above.

CURRENT RATIO

Formula: Current Assets/Current Liabilities

In this case, Infosys has had both current assets and current liabilities increasing at the same
rate and therefore, current ratio has been relatively same, while for Sonata, current assets are
increasing at a higher rate than its current liabilities. Therefore, Sonata’s ratio decreased slightly
in 2009 but increased highly in 2010.

QUICK RATIO
Formula: Cash+Short-term marketable investments+Receivables/Current Liabilities

For quick ratio also, due to increase in cash and receivables at a higher rate than current
liabilities for 09-10, an increase is observed for quick ratio. On the other hand, for Infosys, the
ratio is relatively constant, since cash and liabilities have grown at a similar rate. only slightly
increasing, in 2009 due to increase in higher rate of increase in cash and receivables.

CASH RATIO
Formula: cash+marketable securities/current liabilities
For Sonata, this ratio first decreased between 2009-09 because of decrease in current liabilities
and slight increase in cash and bank balances. From 2009-2010, the cash & bank balances have
increased considerably owing to better business, and current liabilities have also increased,
hence the ratio increased.

For Infosys, the cash ratio first increased due to high increase in cash and bank balances and
relative lesser increase in current liabilities, on the other hand, from 2009-2010, the cash ratio
has decreased owing to higher increase in current liabilities.

DEFENSIVE INTERVAL RATIO

Formula: (Cash + Marketable Securities + Receivables)/average daily expenditures
For Infosys, as is evident from the graph, the defensive interval ratio is high, since it is an
established company with rich cash reserves, while for a company like Sonata which is still in its
early stages, this ratio is less, since it has small cash reserves and also high relative daily
expenditure.

Solvency Ratio:
Since the two companies are zero debt companies, we do not have any other ratio for the
solvency of the companies.

Financial Leverage Ratio:

Sonata financial leverage ratio is more near to 1 when compared to that of Infosys. This shows
that Sonata has better utilization of equity when compared to Infosys. But when we see Infosys
individually, the financial leverage ratio is also almost equal to 1 because of zero long term
debts. Thus both the companies are financially sound in the long term.
Profitability Ratio:
Gross Profit Margin

The ratio is high for Infosys. It signifies that there is high profit made by the Infosys per revenue
generated when compared to Sonata. This is very good for the share holders of Infosys.

Operating Profit Margin

Operating Profit Margin

50
40
30 Sonata
20 Infosys
10
0
2008 2009 2010
Again here Infosys has a high value when compared to Sonata. This ratio shows that the
operating profit of Infosys is very high. This means that the company is generating huge profits
on core competencies. Since Sonata is a newer company when compared to Infosys, its ratio is
less. The company can capitalize more on their core competencies in the long run.

Net Profit Margin

Even the net profit margin of Infosys is higher than that of Sonata. This means that even after
providing for interest and taxes, Infosys has a higher net profit margin when compared to
Sonata which is good. Individually Sonata also has a good net profit margin.

Operating ROA:
Infosys has a higher operating return on assets when compared to Sonata. Though the ratio for
both of them is <1. Also we can see that the Operating ROA decreases from financial year 2009
to financial year 2010, this is attributed to the impact of recession on the IT industry.

Return on Assets:
Similar to Operating RoA, even the RoA for Infosys is higher than that of Sonata and also the
value decreases from financial year 2009 to year 2010 owing to recession. Thus post the
deduction of tax and interest, Infosys has a high return of assets when compared to Sonata.

Return on Equity:

Return on Equity signifies share holder’s wealth maximization. The more this ratio, the better it
is for the real owners of the company ie the shareholders. This ratio is normally < 1. This ratio is
higher for Infosys when compared to Sonata. This implies that the shareholders will benefit
more by investing in Infosys than in Sonata.

Valuation Ratio’s:

Dividend per share:

There is a huge difference in the DPS ratio for Infosys and Sonata. Though the issued share
capital has increased roughly from 10.5  57 Cr for Infosys, there is a huge increase in the
amount of dividends paid by Infosys. An increase from 5.2  1902 Cr for Infosys when
compared to Sonata. Thus an equity share holder would receive more dividends by investing in
Infosys rather than Sonata.

Cash Flow per Share:

Infosys has very high cash flow per share when compared to Sonata. This is attributed to the
fact that the cash flow from operations for Infosys is very high when compared to that of
Sonata, an increase from 42  6173 Cr. Thus much of the cash is due to operations which is
very good for the company.

Calculation Templates

Attached below are the templates used to find the ratios for Sonata and Infosys respectively.

Sonata Infosys
Calculations.xlsx Calculations.xlsx

REFERENCES
1. www.capitaline.com

2. www.wikipedia.org

3. www.sec.gov

4. www.sonatasoftware.in

5. www.investopedia.com

6. www.infosys.com