 Software Industry  All the four companies in this sector have

relatively high EBITDA-to-sales ratio. We see HCL has been on a

declining trend of 43.1%, 41.9%, 38.8% in 2018, 2019 & 2020
respectively. Similarly, Infosys has also been on a declining trend
of 33.2%, 29.4%, 27.5% in 2018, 2019 & 2020 respectively. In
TCS we see it has an EBITDA-to-sales ratio of 32%, 32.9%, 32.7%
in 2018, 2019 & 2020 respectively. In Wipro we see an EBITDA-
to-sales of 22.7%, 22.6%, 23.2% in 2018, 2019 & 2020
respectively. So, we infer HCL has highest in this industry which
may indicate a solid business with stable earnings.