FINANCIAL STATEMENT ANALYSIS

Undertaken at

HCL TECHNOLOGIES LTD

Submitted in partial fulfillment of the requirements

For the award of the degree of

Post Graduate Diploma in Financial Management

At
(NMIMS GLOBAL ACCESS SCHOOL FOR CONTINUING
EDUCATION)
Year-2021

Under the Guidance of Submitted by

Ms. Purva Shah Mayank Ahuja
SAP Id- 77119114353

Session 2019-2021
1
 Declaration
I Mayank Ahuja declare that this Project report entitled ”Financial Statement Analysis at HCL

Technologies” an authentic work done by me.

I had undergone the research project for the partial fulfillment for the awarded Post Graduate Diploma in

Finance Management from NMIMS Global Access School for Continuing Education.

All the facts and findings in this report are genuine-authentic & purely academic interest only.

The finding of this report is based on the information provided by responder.

Place-
Delhi

Mayank Ahuja
 ACKNOWLEDGEMENT

“It is not possible to prepare a project report without the assistance & encouragement of other people.

This one is certainly no exception”

On the very outset of this report, I would like to extend my sincere & heartfelt Obligation towards all the

personage who have helped me in this project. Without their active guidance, help, cooperation &

encouragement, I would not have made headway in the project.

I gratefully acknowledge Ms. Purva Shah, Professor, who guided me to complete the project with utmost

attention and care. He has provided me with valuable insights during the entire project work and his co-

operation at every step. Moreover, he has taken enough pain to go through the project and make necessary

correction as and when required.

I also express my deep gratitude to all who have contributed for the successful completion of this project.
 Table of Content
S.NO PARTICULAR PAGE SIGNATURE

NO

1. Certificates

2. Acknowledgement

3. Chapter 1:Introduction 05-19

 Introduction to the topic 6-7

 Problem of the study 8
 Objective of the Study 9
 Company Profile
10-19

4. Chapter 2:Literature Review 20-23

5. CHAPTER 3:Research Methodology 24-25

6. CHAPTER4:Data Reduction, 26-49

Presentation, Analysis And Interpretation
7. CHAPTER 6:Summary and Conclusion 50-52

8. Reference/Bibliography 53

9. Annexure 54-61
Chapter 1

Introduction
Introduction

Finance is the blood of the business. Without it we can't survive in the turbulent environment and without

finance make the situation graver. For proper analysing the financial requirement and business requirement

we use financial statement for the business. Different people have different meaning for the financial

statement . Some says that trading A/c and profit and loss and Balance sheet of the company other says

that trading profit and balance sheet has prepared for 1 year interval. Rather than profit and loss we take

quarterly result because it give early view of the performance the business. Some use trend analysis and

technical and fundamental analysis because it shows true picture of the business. We use Financial analysis

of HCL Technologies’ .In COVID 19 situation IT is more impressive sector in the world . We are wholly

dependent on the IT. Even then today IT impart education effectively and efficiently even then competitive

exam has been conducted online. There are major competitor of IT is Tata Consultancy Service, Infosys,

Wipro and HCL etc. If we analysis that TCS, Infosys and Wipro are in maturity stage because it economic

growth is retarded Quarterly basis even the corona virus pandemic and lock down period it show minor

decline in revenue and only HCL recorded 32.2% growth in year on year basis. In today era there would

be up coming future of IOT and Artificial Intelligence we cannot ignore the IT. BY the financial statement

analysis we know about the company performance, financial stability and profit growth and future

prospects and regarding about bonus shares, dividend. For analysing the market trend and discounted value

of the company we use trend analysis, Bollinger bands and Moving Averages, Exponential Moving

Averages. Other factor such as govt attitude towards the business, Recently Modi govt announced

Aatmnirbhar program for promoting the vocal for local program it will boost the economic activity of the

economy specially in IT Sector. Digital India, Skill India and cashless payment is also promoting IT

sector.
From the financial analysis we can compare the performance of one company with the other and choose
most valuable firm in the market .As a result it is most for doing financial analysis of the company before

investment.

The financial statement analysis generally involves comparative analysis , ratio analysis (liquidit y,

turnover, profitability, etc.), trend analysis and industry comparative analysis. This permits the valuation

of the concerned company to other businesses houses. By comparing a company’s financial statements in

different time periods, the valuation analyst can view bullish or decline in revenues or expenses, changes

in capital structure, or other financial trends. How the concerned company evaluate with the industries will

help with the risk level and help calculatetherates and the selection of ideal market multiples. The term

financial analysisrefers to the process of determining financial strengths and weaknesses of the firm by

establishing strategic relationships between the items of the Balance Sheet, Profit and Loss account and

other operative data.

Statement of the Problem

The present study aims to know that the HCL Technologies is the right option to invest as compared to

other IT stock and analyze the financial position of the Company.

Objective of the Study

1. To analyse the HCL for investment motive.

2. To analyse the short term and long profitability of the HCL.

3. To know the financial strength and weakness of the HCL.

4. To analyse the financial position of the HCL.

Company Profile
HCL Technologies Ltd is a leading global IT services company that helps global enterprises re-imagine

and transform their businesses through Digital technology transformation. The company is primarily

engaged in providing a range of software services business process outsourcing and infrastructure services.

The company leverages an extensive offshore infrastructure and its global network of offices in various

countries and professionals to deliver solutions across select verticals including Financial Services

Manufacturing Telecommunications Media Publishing Entertainment Retail & CPG Life Sciences &

Healthcare Oil & Gas Energy & Utilities Travel Transportation & Logistics and Government. HCL

Technologies Ltd was incorporated in the year 1991 as HCL Overseas Ltd. The company received the

certificate of commencement of business on February 10 1992. In July 14 1994 the name of the company

was changed to HCL Consulting Ltd. In the year 1996 the company formed a 50:50 joint venture namely

HCL Perot Systems NV with Perot Systems Corporation to provide access to high value client base of

Perot Systems. HCL Technologies focuses on Transformational Outsourcing working with clients in areas

that impact and re-define the core of their business after their IPO in 1999 with aim of foray into the global

IT landscape and in the same year the company changed its name to HCL Technologies Ltd. The company

started to create wholly owned subsidiaries to cater specific geographic regions from the year 1999. They

had the widest service portfolio among Indian IT service providers with each of its services having attained

critical mass. In the year of 2000 the company set up a dedicated offshore development centre in Chennai

for KLA-Tencor Corporation a supplier of process control and yield management solutions for the

semiconductor and related microelectronics industry. HCL Comet the wholly owned subsidiary company

in association with its new partner Globe set Inc introduced net security management solutions. The

company launched the Nokia professional centre in New Delhi second among the chain of Centre’s across

the country. In the year 2001 the company entered into a strategic alliance with Nasdaq-listed Vitesse

Semiconductor to develop software solutions for global networking markets. They also entered into a

strategic alliance with Toshiba Information Systems (Japan) Corporation to set up a dedicated offshore

software development centre for developing embedded software for the Japanese company. HCL Comnet

Systems & Services Ltd a fully owned subsidiary company was gone into the business of Web-enabling
applications through the launch of demand-chain management solutions. In the year 2002 the company

acquired Gulf Computers Inc USA and formed a JV with Answer think Inc. a leading US based provider

of technology enabled business transformation solutions to Global 2000 firms. A strategic technology joint

venture was made with Jones Apparel Group Inc. Jones Apparel Group Inc. a Fortune 500 Company in the

same year and also entered into a joint venture with M.A. Partners a management consulting firm to address

software services opportunities in Global Finance Markets especially in the areas of Investment Banking

Asset Management and Private Banking. M.A. Partners brings a wealth of domain expertise and clients

including many of the top Global Investment Banking firms to the JV. In the year 2003 BT Group UK's

telecom service provider gave a contract worth of $160 million for BPO service operations. The company

set up an exclusive centre in Noida for executing the orders given by BT Group. The software business of

HCL Info systems Ltd was transferred to the company. The company set up Insurance Solutions Center in

Chennai. In the year 2004 the company entered into a strategic tie-up with IBM Rational Software a

division of IBM to strengthen its software development capabilities. The company was conferred the

prestigious Excellence in Education Award for 2004 by the Life Office Management Association (LOMA).

In August 2004 BPO delivery centre in Chennai got BS7799 certification by the British Standards Institute

(BSI). They introduced Cross View; a framework based Computer Systems Validation (CSV) methodology

for the development of robust software applications in the Life Sciences arena.In the year 2005 SEBI made

a tie up with the company for market surveillance and the company formed joint venture with NEC Japan.

The company amalgamated their six wholly owned subsidiaries namely DSL Software Ltd Shipara

Technologies Ltd HCL Technologies BPO Services Ltd HCL Technologies (Mumbai) Ltd Aquila

Technologies Ltd and HCL Enterprise Solutions (India) Ltd with the company. In February 2005 the

company acquired an Irish Call centre and this acquisition establishes the company's position as the single

largest BPO Centre operation on the Island of Ireland. In the year 2006 the company launched RoHS

Compliance Management System for Medical Device Users and entered $70 million outsourcing deal with

Teradyne of US. HCL developed Trusted ICT Infrastructure Platforms for BPO-ITE'S Segment and has

linked pact with Canada based electronics manufacturing services company Celestica Inc to jointly design
and manufacture electronic products for global original equipment manufacturers (OEMs). The company

forayed into an alliance with $200 million Saudi Arabian company namely Advanced Electronics Company

(AEC) to implement IT projects in West Asia in the year 2007 and formed a strategic alliance with Eckler

to strengthen Insurance Domain expertise. The company made USD 15 million contract with Aleni

Aeronautica to provide engineering services that will support the improvement of the C-27J Spartan

production line. In the year 2007 HCL Venture Capital Ltd a company incorporated in Bermuda and

downstream subsidiary of the company was merged with HCL Bermuda Ltd. Also HCL Technologies

(Mass) Inc. a company incorporated in United States of America and a down stream subsidiary of the

company was merged with HCL America Inc. During the year 2007-08 the company incorporated their

wholly owned subsidiary viz. HCL Technologies (Shanghai) Limited. Through this entity the company

established its first sales and delivery center in Shanghai with an initial investment of Rs. 2.77 crore. In

order to consolidate its position in Enterprise Application Integration (EAI) space the company acquired

the balance 49% stake in its Joint Venture Company viz. HCL EAI Services Inc. a California corporation

for a consideration of Rs.13.32 crore through their downstream subsidiary HCL America Inc. a company

incorporated in USA. With this acquisition HCL EAI Services Inc. became 100% subsidiary of the

company. Further HCL EAI Services Inc. was amalgamated with HCL America Inc. with effect from July

1 2008. During the year the company set up four branches at Dublin in Ireland Zurich in Switzerland Tel-

Aviv in Israel and Prague in Czech Republic. In December 2007 the company and Jones had entered into

an agreement (Termination Agreement) to terminate the Joint Venture agreement entered in June 2002. As

a part of the termination agreement a subsidiary of the Company has obtained binding commitments for

the provision of IT services to Jones with an aggregate contract value of Rs. 96.8 crores (USD 22.5 million)

upto 2012. Further pursuant to this termination the Joint Venture Company in Bermuda viz. HCL Jones

Technologies (Bermuda) Limited will be wound up. During the year 2008-09 the company acquired all the

capital stock of Axon Group Ltd (formerly known as Axon Group Plc) a leading UK based SAP consulting

company for a cash consideration of Rs. 3302.39 crores by way of a cash offer made by the company to

the shareholders of Axon Group Ltd. The company acquired all the capital stock of HCL Insurance BPO
Services Ltd (formerly known as Liberata Financial Services Ltd) (IBS) incorporated in UK. Also the

company acquired all the capital stock of HCL Expense Management Services Inc. (formerly known as

Control Point Solutions Inc) (CPS) for a cash consideration of Rs. 107.65 crores. During the year the

company set up six subsidiaries to carry out the activities in Special Economic Zone in different locations

in India to get various tax benefits. They also set up their branches in different locations to expand its

operations in new geographies. The company set up their branches in Dubai UAE Helsinki Portugal Finland

and Macau during the year ended June 30 2009 while the branch in Russia was set subsequent to June 30

2009. In September 2008 HCL BPO expanded their global presence to the USA with the acquisition of

Control Point Solutions (CPS). This acquisition makes HCL BPO the first Indian BPO to enter the

Telecommunications Expense Management (TEM) market. CPS has been rebranded to HCL Expense

Management Services (HCL EMS).During the year 2009-10 the company set up their step down

subsidiaries in Denmark viz. HCL Technologies Denmark ApS and in Norway viz. HCL Technologies

Norway AS. Also they set up their branch office in USA. During the year 2010-11 as per the scheme of

amalgamation HCL Technoparks Ltd a wholly owned subsidiary of the Company was amalgamated with

the company with effect from August 27 2010. They incorporated HCL Technologies France PT HCL

Technologies Indonesia HCL Technologies Philippines Inc HCL Arabia LLC Anzospan Investments Pty.

Limited HCL Technologies South Africa (Proprietary) Ltd and Filial Espanola De HCL Technoloiges S.L.

as step down subsidiaries of the company. Also they closed down their two steps down subsidiaries viz.

Aspire Solutions Sdn. Bhd. a company incorporated in Malaysia and Axon EBT Trustees Limited a

company incorporated in United Kingdom. In January 2011 it acquired certain software assets of Citi

Securities and Fund Services.In July 2011 the company was selected to provide application management

services to IKEA. In September 2011 the company signed a strategic five year Application Support

Transformation deal with Deutsche Bank's Capital Markets arm. The service factory delivery model

implemented by HCL is expected to enhance productivity driven by transparent Service Level Agreements

(SLAs) and performance metrics and comes as Deutsche Bank endeavors to move away from a traditional

applications support model to a set of process driven services governed by global standards like Information
Technology Infrastructure Library (ITIL) and LEAN. In October 2011 Cast SA signed a strategic

partnership agreement with the company to strengthen the ASSESS-SMART services of HCL

Technologies. In February 2012 the company signed an agreement with State Street Bank and Trust

Company (State Street) to provide business process outsourcing services in support of a variety of State

Street's investment services businesses. Also they entered into a strategic relationship with Great American

Insurance Group (GAIG) a company in specialty property and casualty insurance to provide Integrated IT

services Business Process Outsourcing (BPO) and Infrastructure Management Services to GAIG and its

affiliates. In 2012 HCL Technologies entered into strategic relationship with State Street to provide BPO

services'. HCL Tech bags outsourcing deal from State Street. - HCL Technologies enters into strategic

relationship with Great American Insurance Group. HCL wins ICD 10 transformation deal with Blue Shield

of California. HCL partners with Cisco to open South Africa Centre of Excellence (GCoE) in

Johannesburg

.In 2013 HCL Technologies signed a long-term IT services agreement with Nokia. The company also

signed a Multi-Year Multi-Million Dollar Partnership with Cobham Plc. The company gets into the process

to provide Strategic Business Transformation Services to Husqvarna Group. The company receives Pega

systems Healthcare Partner Excellence Award. The company Opens Michigan Technology Development

Center. The company Wins ITSMA's Diamond and Gold Awards for Marketing Excellence. The company

receives PHD Chamber Good Corporate Citizen Award 2013.In 2014 HCL Technologies receives Best

Governed Company Award by Asian Centre for Corporate Governance & Sustainability. The company

also wins CNBC-TV18's India Business Leader Award for Outstanding Company of the Year. The

company wins The HR Excellence Award 2014.In 2015 the company opens new Global Delivery Centre

in Oslo. The company Expands U.S. Footprint with New Global Delivery Center in Frisco. The company

is Certified as Top Employer in the UK for the Ninth Consecutive Year. Tele2 and HCL Technologies

form Strategic Alliance. HCL Technologies and Aegon launch cXstudio for customer-centric digital

channel innovation. HCL Technologies wins five-year IT Managed Services Contract with SAI Global.

HCL announces a United experience Lab Offering for institutionalizing Digital Co-Innovation with
customers. The company acquires US based Power objects. On 17 November 2015 HCL Technologies
announced that it had won an Application Development and Maintenance contract from Deutsche Bank.

Under the terms of agreement HCL will provide digital solutions systems integration product

implementation and design build and test new applications in addition to the ongoing application

maintenance and support services. On 25 January 2016 HCL Technologies announced that it had won an

IT infrastructure services contract from Alstom a world leader in the supply of the most complete range of

systems equipment and services in the railway sector. On the same day HCL Technologies announced the

acquisition of Point to Point Limited and Point to Point Products Limited (jointly referred as Point to Point

or P2P) UK's leading end-user cloud solutions design implementation and delivery specialists. On 8

February 2016 HCL Technologies announced the launch of an Internet of Things (IoT) Incubation Center

in Redmond Washington USA designed to leverage Microsoft Azure IoT Suite to accelerate enterprise IoT

adoption. On 16 February 2016 HCL Technologies announced that it had won a significant IT outsourcing

contract from the Volvo Group one of the world's leading manufacturers of commercial vehicles.

Simultaneously HCL Tech announced the acquisition of Volvo's external IT business adding 40 new

customers from the Nordics and France to its portfolio further enhancing its market leading position in

these regions. On 22 February 2016 HCL Technologies and Symantec Corporation the global leader in

cyber security announced their plan to expand their existing partnership to help enterprises in areas of

Cloud Security Cyber Threats and Forensic Solutions. On 2 March 2016 HCL Technologies announced

that it had won a five year Next-Generation Information Technology Outsourcing contract from Husqvarna

AB a leading manufacturer of outdoor power products including robotic mowers garden tractors chainsaws

and trimmers. On 1 April 2016 HCL Technologies announced an agreement to acquire (through demerger)

all of the business of Geometric Limited except for the 58% stake that Geometric owns in the joint venture

3 DPLM Software Solutions Ltd. with Dassault Systemes. The swap ratio for the merger was fixed at 10

equity shares of Rs. 2 each of HCL Tech for every 43 equity shares of Geometric of Rs 2. each as on the

record date. Geometric is one of India's leading PLM consulting mechanical engineering and

manufacturing engineering services providers. On 8 June 2016 HCL Technologies announced that it has

signed partnerships with two leading automotive solution providers Movimento and Right ware to expand
its offerings for the fast-growing smart vehicle ecosystem. On 17 June 2016 HCL Technologies announced

that it had signed a strategic IT partnership contract with Lease Plan a global fleet management and driver

Mobility Company of Dutch origin. Under the terms of agreement HCL will create Group Competency in

collaboration with Lease Plan Information Services to provide IT solutions in various domains such as core

leasing platforms business intelligence and data warehousing solutions enterprise IT solutions and

application development & maintenance services. On 1 September 2016 HCL Technologies announced

that it has entered into a partnership agreement with Mesosphere a datacenter infrastructure and container

Orchestration Company. The partnership combines Mesosphere's Datacenter Operating System (DC/OS)

with HCL's unique Next-Gen IT & Operations capabilities to deliver a unified operational experience and

achieve efficient resource utilization for clients. On 14 September 2016 HCL Technologies announced that

it has won a contract to provide application management services to Western Australia's leading energy

provider Synergy. On 21 October 2016 HCL Technologies announced that it had entered into an agreement

to acquire Butler America Aerospace LLC (Butler Aerospace) a provider of engineering design services

and aftermarket engineering services to US Aerospace and Defense customers. On 24 January 2017 HCL

Technologies announced that Swiss financial services company UBS AG has renewed its finance

operations services contract with the company for three and half years. On 20 March 2017 HCL

Technologies announced that it has been chosen as the strategic IT services provider to the Volvo Ocean

Race the world's longest professional sporting event. On 17 April 2017 HCL Technologies announced that

Singapore Exchange has renewed its IT services contract with the company for five years. Expanding the

scope from the earlier year 2010 engagement covering IT infrastructure data center services and IT

management the new contract includes transformational IT services in a managed services construct -

spanning IT infrastructure end-user computing data center cloud services workplace transformation

managed networks enterprise security and GRC. On 24 April 2017 HCL Technologies announced an

agreement to acquire US based Urban Fulfillment Services LLC a provider of mortgage business process

& fulfilment services. On 18 May 2017 HCL Technologies announced that it has joined the Duck Creek

Global Alliance Program. As a Delivery Partner of Duck Creek Technologies' Global Alliance Program
HCL will provide customers with industry-leading application maintenance and technical support solutions

to reduce time risk and costs during implementation and throughout the lifecycle of the deployed software.

On 20 June 2017 HCL Technologies announced the launch of its Next Generation Research Platform

(NGRP) a pre-competitive drug-discovery ecosystem built with open standards. This Platform will provide

research scientists with a collaborative ecosystem greater computational resources and the ability to mine

research data to make more informed scientific decisions while improving productivity by automating and

eliminating manual administrative tasks. On 29 August 2017 HCL Technologies announced the opening

its new delivery centre in Gothenburg Sweden. The new centre will be a key hub in HCL's global delivery

network providing cutting-edge transformational IT services as part of the global shared services model.

In addition the Gothenburg office will also become HCL's global headquarters for its mainframe services

and automotive centre of excellence. On 5 September 2017 HCL Technologies agreed to acquire ETL

Factory Limited doing business as Data wave a UK-based company that has created an innovative data

automation platform which enables enterprise customers execute large scale complex data-migration and

data-integration projects in a leaner faster and smarter way. The flagship product Data wave won the

Informatica Innovation Award and is also extendable to other platforms including big data. On 6 September

2017 HCL Technologies (HCL) announced a new strategic partnership with Alpha Insight an intelligent

products and solutions company headquartered in London UK with industry leading expertise in Business

Flow Monitoring and Operational Intelligence. The transaction which includes purchase of select assets

bolsters HCL's DRYiCE Platform and its positioning as an Enterprise A.I Foundation. On 30 October 2017

HCL Technologies (HCL) announced collaboration with Red Hat the world's leading provider of open

source solutions to offer HCL Application Platform-as-a-Service (PaaS) services to enterprise customers

globally. On 14 November 2017 HCL Technologies (HCL) announced that it had won a five-year IT

infrastructure services contract from Jardine Lloyd Thompson Group (JLT) one of the world's leading

providers of insurance reinsurance and employee benefits related advice brokerage and associated services.

On 5 December 2017 HCL Technologies (HCL) announced that it has entered into a strategic partnership

with Siemens on Industry 4.0 solutions with a strategic collaboration on the Siemens Industry Software
Suite. The global partnership with Siemens on Mind sphere a cloud-based open Internet of Things (IoT)

operating system comprises technology application development connectivity solutions system integration

and go-to-market. DRYiCE Platform and its positioning as an Enterprise A.I Foundation. On 30 October

2017 HCL Technologies (HCL) announced collaboration with Red Hat the world's leading provider of

open source solutions to offer HCL Application Platform-as-a-Service (PaaS) services to enterprise

customers globally. On 14 November 2017 HCL Technologies (HCL) announced that it had won a five -

year IT infrastructure services contract from Jardine Lloyd Thompson Group (JLT) one of the world' s

leading providers of insurance reinsurance and employee benefits related advice brokerage and associated

services. On 5 December 2017 HCL Technologies (HCL) announced that it has entered into a strategic

partnership with Siemens on Industry 4.0 solutions with a strategic collaboration on the Siemens Industry

Software Suite. The global partnership with Siemens on Mind sphere a cloud-based open Internet of Things

(IoT) operating system comprises technology application development connectivity solutions system

integration and go-to-market strategy.

Chapter-2 Literature Review
Literature Review

 Dr.P.Ganapathi1, M.Kulandaivelu2, P.Keerthana3 “ A STUDY ON FINANCIAL STATEMENT

ANALYSIS OF TAMILNADU NEWSPRINT AND PAPER LIMITED (TNPL) KARUR

DISTRICT”(2008). Ratio analysis is a commonly used analytical tool for verifying the performance

of a firm. While ratios are easy to compute, which in part explains their wide appeal, their interpretation

is problematic when two or more ratios provide conflicting signals.

 Dr.Ashok Kumar Rath “A Study on Financial Statement Analysis of Tata Steel Odisha Project, Kalinga
Nagar”(2009) Management of Import of Equipment involves Chain of Integratedtask . And for smooth

Process flow documentation of Import of Equipment is required, so that the agencies involved has

clarity of responsibility. Internal control helps in better & timely Statutory meet & document sanctity.

My study on the activities involved in the Import of Equipments, establishing link among the agency

to minimize the lead time involved in the process. Working on the Process flow was a great exposure

about the departments involved, activities taking place, the difficulties the company face & how well

the experts handle them and hopefully this work of mine under the assistance of corporate guide will

add value in the process flow and lower the problems & speed the establishment of World class Kalinga

nagar Plant in Duburi.

 R.Idhayajothi, 2.Dr.O.T.V.Latasri, 3. N. Manjula, 4. A.Meharaj Banu, 5.R. Malini “A Study on

Financial Performance of Ashok Leyland Limited at Chennai”(2010) The study reveals that the

financial performance is fair. It has been maintaining good financial performance and further it can

improve if the company concentrates on its operating, Administrative and selling expenses and by

reducing expenses. The company should increase sales volume as well as gross profit. Despite price

drops in various products, the company has been able to maintain and grow its market share to make

strong margins in market, contributing to the strong financial position of the company. The company

was able to meet its entire requirements for capital expenditures and higher level of working capital

commitment with higher volume of operations and from its operating cash flows.
 Florenz C. Tugas, CISA, CPA “A Comparative Analysis of the Financial Ratios of Listed Firms
Belonging to the Education Subsector in the Philippines for the Years 2009-2011” According the Study

he found that the companies which under the education sector are financially viable and they are

managing the assets effectively and efficiently.

 J.Pavithra1 , Dilip Gurukrishnan2 “A STUDY ON FINANCIAL ANALYSIS OF BSNL”(2014) From

1986 of its establishment to 2010, in these 24 years the company has shown many faces, throughout its

journey. At one time BSNL had a monopoly in the market. But now the company is facing a very tough

competition from the giants like Bharti-Airtel, Reliance Idea, Vodafone, Tata etc.

 Srinivas K T Z “An Analysis of Financial Statements of Karnataka Power Corporation Limited,

Bangalore”(2012) From the study it is concluded that though the company earning was increasing every

year the company’s funds are not properly utilized. Therefore KPCL should try to improve its financial

performance in the coming years to maximize the shareholders wealth by increasing its operating

efficiency.

 Dr. Roopa T N*, Prof. Chaya Devi H B “A Study on Financial Performance of Select IT and ITeS
Companies listed in NSE, India”(2012) Majority of the IT companies are not using debt. Debt equity

ratio is much lesser than industry standard. Activity ratio is fine in debtors and fixed asset, but its low

in capital turnover. Big companies have high activity ratios. The major component of cost in IT sector

is employee cost the reason is, this is the sector mainly driven by human

 “A Simple and Effective Way to Detect Financial Statements Fraud”(2015) The paper looked at the

theories and techniques employed in financial statements analysis and highlighted areas of strengths

and weaknesses for each. An attempt to use a new method called relational trend analysis to improve

the deficiencies of forerunners shows promising results as the computed trends highlighted problem

spots with the required precision.

 SHENBAGAM KANNAPPAN Research Scholar, Department of Commerce, Research and

Development Centre, Bharathiar University, Coimbatore. India “A Study on Financial Position and
Performance Analysis With Special Reference to Tata Consultancy Services”(2015).In this competitive
 environment, survival of every company is a great challenge. The growth of a company can be

measured in terms of its client base. However, the financial performance of a company could be

assessed by examining its liquidity profitability and growth Liquidity is the ability of the firm to meet

its liabilities. The study concludes that “TATA CONSULTANCY SERVICES” liquidity and solvency

position are considered satisfactory.

 Ms. Dhanalakshmi Dr. Mohamed Siddik “A Study on Performance Analysis of Nestle India Limited
with Specific Reference to Profitability, Efficiency and Risk Using DuPont Analysis” (2016) The cash

flow analysis will show the investment and financing operating activities of the company and also the

cash increase in decrease in the cash. The cash payment for the sales of goods and service received

from the debtor's payment purchased from the purchase of inventories and cash payment for the

creditors. Long term assets non-operating current assets and investments. The net effects of inflow and

outflow of cash relating to these financing activities is determined in the cash flow statements..

 Vishal Saxena “Emerging importance of financial statement analysis” (2016), Ratio Analysis is the
most important technique for analyzing the financial position of the company.

 Ms. B. Kishori (2018), This paper analysis the performance of growth-oriented IT Companies. The ratio
analysis tools are used to analyze the financial position of the company.

 Dr. R. Perumal (2018), Investment decision making towards IT Firms by using Statistical
tools and ratio analysis.
 Chapter 3

Research

And

Methodology
RESEARCH METHODOLOGY

Research Methodology is considered as the nerve of the project. It refers to search for knowledge. Research

comprises defining and redefining problem, formulating hypothesis or suggested solutions, collecting,

organizing and evaluating data making conclusions and formulating hypothesis. Research is thus an

original contribution to the existing stock of knowledge making for its advertisement. In short the search

for knowledge through objective and systematic method of finding solution to problem is research.

Research Design

 Descriptive Research Design

Sample Size

 Balance sheet of 5 years.

Data Type

 Secondary Data

Analytical

Tools

 Trend Analysis

 Ratio Analysis

Hypothesis

 H0: The financial performance of the HCL technologies is viable

 H1: The financial performance of the HCL technologies is not viable.

 Chapter 4 :

Data Reduction

And

Data Interpretation
Quarterly Result of HCL Technologies
Analysis of Quarterly Result of HCL

 The company is increasing on Q-O-Q basis by from Rs16427 to Rs17527.

 The expenditure of the Company is also increasing from (crores) Rs22101 to

Rs24228.

 The profit of the company has increased from (crores) Rs8969 to Rs 8743.

 The company has declared interim dividend Rs 6 per Share.

 The Earning Per Share is Rs 49.09 (approx..)

Arguments regarding the Quarterly Result Basis

ORGANIZATION AND NATURE OF OPERATIONS

HCL Technologies Limited (hereinafter referred to as “the Company”) is primarily

engaged in providing a range of software development services, business process

outsourcing services and IT infrastructure services. The Company was incorporated

under the provisions of the Companies Act applicable in India in November 1991,

having its registered office at 806, Siddharth, 96, Nehru Place, New Delhi- 110019. The

Company leverages its extensive infrastructure and professionals to deliver solutions

across select verticals including financial services, manufacturing (automotive,

aerospace, Hi-tech, semi-conductors), life sciences & healthcare, public services (oil and

gas, energy and utility, travel, transport and logistics), retail and consumer products,

telecom, media, publishing and entertainment. The financial statements for the year

ended 31 March 2019 were approved and authorized for issue by the Board of Directors

on 9 May 2019.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements of the Company have been prepared in accordance with Indian

Accounting Standards (India AS) notified under the Companies (Indian Accounting

Standards) Rules, 2015 (as amended from time to time.) and presentation requirements

of Schedule III (Division II) to the Companies Act, 2013, as applicable to the financial
statements. These financial statements have been prepared under the historical cost
convention on an accrual and going concern basis except for the following assets and

liabilities which have been measured at fair value:

 Derivative financial instruments,

 Certain financial assets and liabilities (refer accounting policy regarding financial

instruments),

The accounting policies adopted in the preparation of these financial statements are

consistent with those of the previous year except where a newly issued accounting

standard is initially adopted or a revision to an existing accounting standard requires a

change in the accounting policy.

The Company uses the Indian rupee (‘`’) as its reporting currency.

(b) Use of estimates

The preparation of financial statements in conformity with India AS requires the

management to make estimates and Assumptions that affect the reported amounts of

assets, liabilities, revenue, expenses and other comprehensive income (OCI) that are

reported and disclosed in the financial statements and accompanying notes. These

estimates are based on the management’s best knowledge of current events, historical

experience, actions that the Company may undertake in the future and on various other

assumptions that are believed to be reasonable under the circumstances. Significant

estimates and assumptions are used for, but not limited to, accounting for costs expected

to be incurred to complete performance under fixed price projects, allowance for

uncollectible accounts receivables, accrual of

warranty costs, income taxes, valuation of share-based compensation, and future

obligations under employee benefit plans, the useful lives of property, plant and

equipment, intangible assets, impairment of goodwill, and other contingencies and

commitments. Changes in estimates are reflected in the financial statements in the year

in which the changes are made. Actual results could differ from those estimates.

(c) Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an

acquisition is the aggregate of the consideration transferred measured at fair value at the

acquisition date. Acquisition related costs are expensed as incurred.

Any contingent consideration to be transferred by the acquirer is recognized at fair value

at the acquisition date.

Contingent consideration classified as financial liability is measured at fair value with

changes in fair value recognized in the statement of profit and loss.

Goodwill is initially measured at cost, being the excess of the aggregate of the

consideration transferred over the net identifiable assets acquired and liabilities assumed.

If the fair value of the net assets acquired is in excess of the aggregate consideration

transferred, the excess is recognized as capital reserve after reassessing the fair values of

the net assets.

(d) Foreign currency and translation

The financial statements are presented in Indian Rupee (`) which is also the Company’s

functional currency. For each foreign operation, the Company determines the functional

currency which is its respective local currency.

Transactions in foreign currencies are initially recorded by the Company at their

respective functional currency spot rates at the date of the transaction. Foreign-currency

denominated monetary assets and liabilities are translated to the relevant functional

currency at exchange rates in effect at the balance sheet date. Exchange differences

arising on settlement or translation of monetary items are recognized in the statement of

profit and loss. Non- monetary assets and non-monetary liabilities denominated in a

foreign currency and measured at historical cost are translated at the exchange rate

prevalent at the date of initial transaction. Non-monetary assets and non-monetary

liabilities denominated in a foreign currency and measured at fair value are translated at

the exchange rate prevalent at the date when the fair value was determined.

Transaction gains or losses realized upon settlement of foreign currency transactions are

included in determining net profit for the year. Revenue, expenses and cash-fl ow items

denominated in foreign currencies are translated into the relevant functional currencies

using the exchange rate in effect on the date of the transaction.

The translation of foreign operations from respective functional currency into INR (the

reporting currency) for assets and liabilities is performed using the exchange rates in

effect at the balance sheet date, and for revenue, expenses and cash flows is performed
using an
appropriate daily weighted average exchange rate for the respective years. The exchange

differences arising on translation are reported as a component of ‘other comprehensive

income (loss)’. On disposal of a foreign operation, the component of OCI relating to that

particular foreign operation is recognized in the statement of profit and loss.

(e) Fair value measurement

The Company records certain financial assets and liabilities at fair value on a recurring

basis. The Company determines fair values based on the price it would receive to sell an

asset or pay to transfer a liability in an orderly transaction between market participants at

the measurement date in the principal or most advantageous market for that asset or

liability.

The Company holds certain fixed income securities, equity securities and derivatives,

which must be measured using the guidance for fair value hierarchy and related valuation

methodologies. The guidance specifies a hierarchy of valuation techniques based on

whether the inputs to each measurement are observable or unobservable. Observable

inputs reflect market data obtained from independent sources, while unobservable inputs

reflect the Company’s assumptions about current market conditions. The fair value

hierarchy also requires an entity to maximize the use of observable inputs and minimize

the use of unobservable inputs when measuring fair value. The prescribed fair value

hierarchy and related valuation methodologies are as follows:

Level 1 - Quoted inputs that reflect quoted prices (unadjusted) for identical assets or

liabilities in active markets.

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for

identical or similar instruments in markets that are not active and model-derived

valuations, in which all significant inputs are directly or indirectly observable in active

markets.

Level 3 - Valuations derived from valuation techniques, in which one or more significant

inputs are unobservable inputs which are supported by little or no market activity.

In accordance with India AS 113, assets and liabilities are to be measured based on the

following valuation techniques:

 Market approach – Prices and other relevant information generated by market

transactions involving identical or comparable assets or liabilities.

 Income approach – Converting the future amounts based on market expectations

to its present value using the discounting method.

 Cost approach – Replacement cost method.

Certain assets are measured at fair value on a non-recurring basis. These assets consist

primarily of non-financial assets such as goodwill and intangible assets. Goodwill and

intangible assets recognized in business combinations are measured at fair value initially

and subsequently when there is an indicator of impairment, the impairment is

recognized.

A fair value measurement of a non-financial asset takes into account a market

participant’s ability to generate economic benefits by using the asset in its highest and

best use or by selling it to another market participant who would use the asset in its
highest and best use.
(f) Revenue recognition

Adoption of new accounting principles

Effective 1 April 2018, the Company has adopted India AS 115 using the cumulative

effect method. The standard is applied retrospectively only to contracts that are not

completed as at the date of initial application and the comparative information is not

restated in the financial statement. The adoption of the standard did not have any

material impact to the financial statements of the Company.

Contracts involving provision of services and material

Revenue is recognized when, or as, control of a promised service or good transfers to a

customer, in an amount that reflects the consideration to which the Company expects to

be entitled in exchange for transferring those products or services. To recognize

revenues, the following five step approach is applied:

(1) Identify the contract with a customer,

(2) identify the performance obligations in the contract,

(3) Determine the transaction price,

(4) Allocate the transaction price to the performance obligations in the contract, and

(5) Recognize revenues when a performance obligation is satisfied.

Contract is accounted when it is legally enforceable through executory contracts,

approval and commitment from all parties, the rights of the parties are identified,
payment terms are
defined, the contract has commercial substance and collectability of consideration is

probable.

Time-and-material / Volume based / Transaction based

contracts

Revenue with respect to time-and-material, volume based and transaction based

contracts is recognized as the related services are performed through efforts expended,

volume serviced transactions are processed etc. that correspond with value transferred

to customer till date which is related to our right to invoice for services performed.

Fixed Price contracts

Revenue related to fixed price contracts where performance obligations and control are

satisfied over a period of time like technology integration, complex network building

contracts, ERP implementations and Application development are recognized based on

progress towards completion of the performance obligation using a cost-to-cost measure

of progress (i.e., percentage-of-completion (POC) method of accounting)

Balance Sheet of HCL Technologies
Income pie chart

income

17% 23%

18%

22%

20%

20212020201920182017

Borrowings chart

Borrowings
2500

2000

1500

1000

500

0
2016.520172017.520182018.520192019.520202020.520212021.5
Current Asset Bar graph

current asset
30000

25000

20000

15000

10000

5000

2021 2020 2019 2018 2017

current asset

Cash Line chart

cash
9000

8000

7000

6000

5000

4000

3000

2000
2021 2020 2019 2018 2017
1000
cash
0
Analysis of Balance Sheet

 The Reserve has been increased From Rs36753cr to Rs43010cr.

 The long term borrowing has been increased from 160cr to 207Cr.

 The current Liabilities has been increased From Rs13941 to Rs10019cr.

 The Cash and Cash Equivalent has been decreased from Rs1291 to Rs 5056 cr.

 The Company has been given Bonus share many times. It is good for the long

term investor.

Argument regarding the Balance sheet of HCL

1. The balance sheet of the HCL is very strong in term pledge promoter shareholding,

current asset, Debt and inventory turnover as compare to the other competitor such

as Wipro, Infosys and TCS.

2. The company give bonus shares to their shareholders as compared to their

competitors.

3. The debt on the company is zero .

4. The company has enough cash for doing their working capital requirement

effectively and efficiently.

5. The trade receivable are 30% of the current asset which is effectively and efficiently

manageable
Trend Analysis

Analysis of Trend of HCL Technologies

 The long term trend of HCL is upward rising. That means it is the right option for

the investor for investing.

 If we see the 5-year chart there is high volatility in the share.

 Due to Corona Virus it is right time to invest in IT Stock.

Argument regarding the trend Analysis of HCL

According to the analysis the HCL is in bullish trend and the investor can invest their fund

on tranche rather than lump sum.

Technical Analysis of the HCL Technologies
Analysis of Technical of HCL Technologies

1. The technical analysis show that it appears a marubozu candle on the chart. It is the

signal that there is exit from the stock.

2. The candles of the HCL respect their Bollinger band and there moving Averages.
Argument Regarding the Technical Analysis of HCL

1. The Technical provide the best price where we invest their money and also provide

early warning the company stock

2. The basically we use moving average, exponential moving average, RSI, Bollinger

band and MACD to define whether the company share is traded on below the

intrinsic value or not.

3. Whenever the moving average cut the exponential moving average it is buy signal .

4. When the exponential moving Average cut the moving average it is sell signal.
Ratio Analysis of HCL Technologies

Current Ratio =1.62

DEBT-Equity Ratio = 0.10

Return-On-Equity =29%

Dividend Payout Ratio =15.12time

Asset turnover Ratio = 69.44%

Analysis of Ratio of HCL Technologies

 The current ratio is 1.62 times it is high as compared to the ideal ratio=1.50.

 The Return on equity is 29% which is more attractive as compared to other I.T Firms.

 The Asset Turnover ratio is very high it is not good for the company as well as its

performance.

 The company has zero Debt .it means that the company is working on the money of

the shareholders.
Chapter-5-

Summary

and

Conclusion
Conclusion

HCL Technologies is an IT company which provides the IT and Out sourcing services to

their client at low cost as compared to the others competitor. The Financial performance

of the company is very strong. The profit is enhancing 27% on Quarter-On-Quarter

Basis and on the other hand the 35% on year-on-year basis.it give bonus share rather

than dividend. Because it works on long term investing rather than short-term or

intraday trading.

We analyzed the five years’ balance sheet the profit of the company is increasing but at

the same time the total Expenditure is increasing also. The other income is also

decreasing on quarterly basis.

According to my view the company should also add the less amount of debt because it

increases the earning per share and Return on equity.

Findings

 The Financial Statement of HCL Technologies are much efficient as compared the

other competitors

 The company gives bonus share to their shareholder at regular Interval which is

good for the firm.

 The Return on Equity is 26.8% which is higher than other IT Firms.

 The Debt of the company is Zero.

 There is the growth in the profit of the Company (Quarterly basis as well as

Yearly basis).

 The revenue of the company has been increased Two fold.

 The Capital expenditure of the company has also increased on quarterly basis

which is not good for the company.

 The share trade on the support level and it is right time to buy.

 The HCL share is good for the long term.

BIBLIOGRAPHY

Journals

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India 9th Indian Institute of Capital MarketConference.
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 Journal of Finance , 389-416.

 S.P.Kothari & Jerold , B.Warner. (2001). Evaluating mutual fund performance. Journal of
Finance.
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 Soumya Guha Deb “performance of Indian equity Mutual funds Vis-a-Vis their style benchmarks”
Icfai University Press 2008 Vol.14No.8
 Treynor, J. (2014). How to Rate Management of Investment Funds? Harvard Business Review
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Books

 Agarwal N.P. Mishra B. K. Sonia Agarwal,(2007) “Issues in Financial Management”,

RBSA Publishers, 1stedition.

 Donald E. Fischer, Ronald J. Jordon “Security Analysis and

Portfolio Management”, 6th edition,PHI.

 Gangadhar V. and Ramesh Babu G., “Investment Management”, Anmol Publications Pvt.

Limited.

 Balla, V. K. (2001), “Financial Management : A way ”, S. Chand,Delhi.

 Pandey I M. “Financial management”, (Jan.2005), Vikas Pulishing House Pvt. Ltd., 9th

edition.

 Prasanna Chandra “Investment Analysis and Portfolio Management”, CFM-TMH

Professional Series in Finance, 2ndedition.

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54
Bibliography
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2.http://www.amfiindia.com

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4. http://www.bseindia.com

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6.http://www.valueresearchonline.com

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10.http://www.rbi.org.in

11.http://www.indiainfoline.com
ANNEXURE
 ANNEXURE-1: SCHEME DETAILS

LARGE CAP NAV 1 yr Return AUM (Rs.

(Rs./Unit) (%) cr.)

IDFC Focused Equity - Direct (G) 42.06 21.4 181.23

IDFC Focused Equity - Regular (G) 39.31 19.1 1,102.02

Invesco India Dynamic Equity - DP 31.29 15.1 30.07

(G)

Kotak Select Focus Fund - Direct 34.72 9.8 4,429.48

(G)

Kotak Select Focus Fund - Regular 32.95 8.5 13,158.76

(G)

Reliance Large Cap Fund - Direct 33.95 13.3 948.49

(G)

Reliance Large Cap Fund - RP (G) 32.39 12.1 6,975.55

Reliance Vision Fund - RP (G) 540.56 6.4 3,291.29

SMALL & MID CAP

L&T Emerging Businesses Fund- 28.92 21.8 888.03

DP (G)

L&T Emerging Businesses Fund- 28.09 20.8 3,257.18

RP (G)

Reliance Small Cap Fund (G) 45.44 20.2 5,565.14

Reliance Small Cap - Direct (G) 47.79 21.7 1,001.82

DIVERSIFIED EQUITY

HDFC Small Cap Fund (G) 46.83 27.3 2,018.21

HDFC Small Cap Fund - Direct (G) 49.45 28.9 558.49

Invesco India Contra - Dir (G) 51.43 23.2 98.72

Principal Emerging Bluechip(G) 109.23 13.9 1,409.23

Principal Emer-Bluechip -Direct (G) 114.55 15.2 248.27

Principal Growth Fund (G) 146.32 14.9 589.07

Principal Growth Fund -Direct (G) 151.72 15.8 25.43

Sundaram Rural India Fund (G) 43.06 8.7 2,166.27

Sundaram Rural India -Direct (G) 44.44 9.6 161.46

Tata Equity P/E Fund (G) 141.84 12.7 2,490.70

THEMATIC – INFRASTRUCTURE

DSP BR Natural Resources - Regular 34.31 13.2 305.26

(G)

IDFC Infrastructure - Direct (G) 19.33 15.0 198.96

L&T Infrastructure (G) 17.60 14.9 1,534.34

L&T Infrastructure -Direct (G) 18.32 15.9 311.77

ELSS

IDFC Tax Adv. (ELSS) -Direct (G) 62.71 21.8 111.08

IDFC Tax Advantage (ELSS)-RP (G) 59.31 20.4 943.06

Principal Tax Savings 215.42 14.8 372.89

Principal Tax Savings - Direct 220.95 15.3 13.37

INDEX

Kotak Nifty ETF 108.77 15.3 537.13

DEBT LONG TERM

ICICI Pru Dynamic Bond-Direct (G) 20.43 5.3 419.91

ICICI Pru Long Term - Direct (G) 22.19 6.6 1,290.64

ICICI Pru Long Term Plan-RP (G) 41.16 6.0 7.93

DEBT SHORT TERM

ABSL Treasury Optimizer-Reg (G) 221.18 5.8 1,715.26

HDFC Short Term Opportunities (G) 19.21 6.1 3,365.14

HDFC Short Term Opp.- Direct (G) 19.37 6.3 6,290.24

Kotak Corporate Bond - Direct (G) 2,340.54 6.9 741.91

Kotak Corporate Bond - Standard (G) 2,293.99 6.6 504.08

Kotak Flexi Debt - Plan A - Direct 22.93 5.6 311.78

(G)

Kotak Flexi Debt - Plan A - Regular 22.20 5.0 695.93

(G)

L&T Short Term Income -Direct (G) 19.03 7.2 372.94

L&T Short Term Opport. -Direct (G) 17.00 6.0 2,297.10

UTI Banking & PSU Debt-Reg (G) 14.24 6.0 172.07

CREDIT OPPORTUNITIES FUNDS

Franklin (I) Low Duration (G) 20.07 7.7 3,505.47

Franklin (I) Low Dura. -Direct (G) 20.40 8.1 1,193.33

ULTRA SHORT TERM DEBT

ABSL FRF - LTP -Direct (G) 216.13 6.9 5,427.63

ABSL FRF - LTP - RP (G) 308.79 6.7 40.94

DSP BR Money Manager Fund - DP 2,403.56 6.9 1,355.83

(G)

Indiabulls Ultra Short Term-DP (G) 1,740.02 7.2 1,207.70

L&T Ultra Short Term Fund (Bonus) 15.55 6.6 142.28

L&T Ultra Short Term Fund (G) 28.51 6.6 1,085.40

L&T Ultra Short Term -Direct (G) 28.98 7.0 791.92

SBI Ultra Short Term Debt - RP (G) 2,252.63 6.5 2,487.47

UTI Treasury Advtg -Inst (G) 2,406.01 6.6 3,662.53

GILT LONG TERM

ABSL Gilt Plus - PF -Direct (G) 49.07 3.4 87.64

Reliance Gilt Sec. - Direct (G) 24.01 4.7 659.33

Reliance Gilt Sec. - RP (G) 22.69 3.5 580.92

SBI Magnum Gilt - LTP (G) 37.95 2.6 1,313.39

BALANCED

HDFC Balanced Fund (G) 149.24 10.2 16,886.60

Reliance Equity Hybrid - Direct (G) 58.55 14.1 517.69

MIP AGGRESSIVE

ABSL MIP II-Wealth 25 (G) 38.39 4.6 2,455.21

LIQUID

DSP BR Liquidity Fund - Direct (G) 2,503.96 6.9 13,363.93

DSP BR Liquidity Fund - Regular (G) 2,492.27 6.8 4,067.65

Indiabulls Liquid Fund (G) 1,702.34 6.8 498.33

Indiabulls Liquid Fund -Direct (G) 1,711.19 6.9 6,673.33

Reliance Liquidity Fund (G) 2,624.63 6.7 1,130.38

Reliance Liquidity - Direct (G) 2,637.23 6.8 3,851.49