A PROJECT REPORT on

Tech Mahindra Company

(Submitted to gitam scho0l of business ,
bengaluru for the partial fulfilment for the
degree of b. com )
Submitted
by
kushal j.a
Registration no: 321913801002
Under the guidance of name and
designation of the guide : Mrs .
Bhuvaneshwari

Month &year of guide:

JULY 2021
 T
his is to certify that Mr. Kushal J.A. a student of GITAM
School of business , Bengaluru of B.Com , under GITAM
(deemed to be University ) has worked under my
supervision guidance for his project work and prepared
a project report with the title Tech Mahindra Company,
which he is submitting, his genuine and original work
to the best of my knowledge.

SIGNATURE

Mrs: BHUVANCESHWARI

DESIGNATIONS

Date: 30/07/2021

PLACE: BENGALURU
 Declaration by the student
I here by declare that the project work with the title
TECH MAHINDRA LIMITED Submitted by me for
the partial fulfilment of the degree of B.Com GITAM
School under GITAM (deemed to be university) is my
original work and been not submitted earlier to any other
University /Institution for the fulfilment of the
requirements for any course of study
I also declare that this manuscript in whole or in part has
been incorporated in this report form any earlier work
done by me.

Name : KUSHAL J.A

Date :30/07/2021 Registration no:321913801002
 ACKNOWLEDEMENT
We had been able to complete our project successfully. However, it
would have not been possible without the kind support and help of
individuals. We would like to extend our sincere thanks to all of them.

We are highly indebted to GITAM (Deemed to be University),

Bengaluru for their guidance and constant supervision as well as for
providing necessary information regarding the project and also for their
support in completing the project.

We would like to express our gratitude towards Mrs. BHUVANESWRI.K

and to all the other supporting faculty and staff for their cooperation
and encouragement which helped us in the completion of this project.

KUSHAL J.A.

321913801002
 TABLE OF CONTENT

NO PARTICULARS

1 INTRODUCTION

2 CORPORATE GOVERNANCE FAME

3 DATE ANALYSIS

4 RATIO

5 BALANCE SHEET
 LIST OF FIGURES
SL.
PARTICULARS PAGE NO.
NO.
1 INTRODUCTION 1-11
2 BASIC DETALIS 11-12
3 BOARD OF DIRECTORS -
Income Statement of Tech
4
Mahindra limited
The Industry Analysis using
5
porter five force model
6 SOPHISTICATED LOGISTICS
OPPORTUNITIES
7 PRICE CHART
8 CONCERNS & REASONING
9 INDUSTRY DYNAMIES & SBU
SNAPSHOT
10 EARNINGS PROJECTION
11 INDIA LOGISTICS INDUSTRY
12 AGGRESSIVE CAPEX
13 COMPARATIVE STATEMENT
 AND 2021-2020
14 Common size statements
2021-2020
15 TREND PERCENTAGE
16 FINANCIAL RATIO
17 IMPORTANCE OF
FINANCIAL RATIO ANALYSIS
18 LIMITATION OF RATIO
/RATIO ANALYSIS
19 BASIC RATIO
20 LIQUIDITY RATIO
21 SOLVENCY RATIO
22 TURNOVER RATIO
23 PROFITABILITY RATIO
24 BALANCE SHEET
25 Cash flow statement
26 INCOME STATEMENT
27 Conclusions
28 THANK YOU
 CHAPTER -1 INTRODUCTION
1.1
Tech Mahindra incorporated in 1986 offers
Information Technology (IT) services and
solution to telecommunications sector across
the world.
Tech Mahindra is part of the $12.5 billion
Mahindra Group, in partnership with British
Telecommunications plc (BT), one of the
world’s leading communications service
providers. Focused primarily on the
telecommunications industry, Tech Mahindra is
a leading global systems integrator and
business transformation consulting
organization. Tech Mahindra has recently
expanded its IT portfolio by acquiring the
leading global business and information
technology services company, Mahindra
Satyam (earlier known as Satyam Computer
Services).
Tech Mahindra’s capabilities spread across a
broad spectrum, including Business Tech
Mahindra has successfully implemented more
than 16 Greenfield Operations globally and has
over 128 active customer engagements mostly
in the Telecom sector. The company has been
involved in about 8 transformation programs of
incumbent telecom operators.
Its client list includes big companies like British
Telecom (BT), AT&T, Motorola and Alcatel–
Lucent are among others. BT is largest client
that contributes 60% to its revenues.
The company has received various certifications
such as ISO 9001:2000, ISO/IEC 20000–1:2005,
ISO/IEC 27001:2005, SEI–CMMI Level 5 P–CMM
Level 5 and SSE–CMM Level 3.
Services:
IT Services– It offers various services such as
solution integration, application development
and management, consulting, application
management, infrastructure management, and
revenue management services.
Research and Development services– It
provides technological solutions such as
software development, testing, hardware
development, network offering etc to leading
telecom equipment manufacturers across the
globe.
BPO– It also provides outsourcing services in
the areas finance and accounting, HR
Outsourcing, order management, contract
management, inventory management, are
among others.
Awards:
It was Asia’s Best Performing Companies 2008
at Business Week award.
Tech Mahindra received Growth Excellence
Award 2008 by Frost & Sullivan.
It was recognized as winner of the 'IT People
Employer of the Year Award' at IT People
Awards.
It was acknowledged as 6th largest Software
Services Company in country–region by
NASSCOM in 2008.
The company is recognized as winner of the
2011 Microsoft Communications Sector Partner
of the Year Award.
The company is declared as winner of 2010 and
2011 AT&T Supplier Award for outstanding
performance & service to AT&T and its
affiliates.

BASIC DETALIS
Mahindra & Mahindra started joint
venture with British Telecom in 1986 as a
technology outsourcing firm. British
Telecom initially had around 30 percent stake
in the Tech Mahindra company. In December
2010, British Telecom sold 5.5 per cent of its
stake in Tech Mahindra to Mahindra &
Mahindra for Rs. 451 crore. In August 2012,
British Telecom sold 14.1 per cent of its stake to
institutional investors for about Rs 1,395 crore.
In December 2012, British Telecom sold its
remaining 9.1 per cent (11.6 million shares)
shareholding to institutional investors for a
total gross cash proceeds of Rs 1,011.4 crores.
This sale marked the exit of British Telecom
from Tech Mahindra.
Acquisition of Satyam Computer Services Ltd.
After the Satyam scandal of 2008-09 Tech
Mahindra bid for Satyam Computer Services,
and emerged as a top bidder with an offer of Rs
58.90 a share for a 31 percent stake in the
company, beating a strong rival Larsen &
Toubro.After evaluating the bids, the
government-appointed board of Satyam
Computer announced on 13 April 2009: "its
Board of Directors has selected Venturbay
Consultants Private Limited, a subsidiary
controlled by Tech Mahindra Limited as the
highest bidder to acquire a controlling stake in
the Company, subject to the approval of the
Hon'ble Company Law Board.
Merger with Mahindra Satyam
Mahindra Group V-C Anand Mahindra
Tech Mahindra announced
its merger with Mahindra Satyam on March 21,
2012, after the boards of the two companies
gave their approval, to create a 2.5 billion $ IT
Company The two firms had received the go-
ahead for the merger from the Bombay Stock
Exchange and the National Stock Exchange. On
June 11, 2013, Andhra Pradesh High Court gave
its approval for the merger of Mahindra Satyam
with Tech Mahindra, after the Bombay high
court had already given its approval. Vineet
Nayyar said that technical approvals from the
Registrar of Companies in Andhra
Pradesh and Maharashtra are required which
will be done in two to four weeks, and within
eight weeks, the new merged entity would be
in place. The new organisation would be led
by Anand Mahindra as Chairman, Vineet
Nayyar as Vice Chairman and C. P. Gurnani as
the CEO and Managing Director. On June 25,
2013, Tech Mahindra announced the
completion of its merger with Mahindra Satyam
to create the nation's fifth largest software
services company with a turnover of US$2.7
billion. Tech Mahindra got the approval from
the registrar of companies for the merger at
11:45 pm on June 24, 2013. July 5, 2013 has
been determined as record date on which the
Satyam Computer Services ('Mahindra Satyam')
shares will be swapped for Tech Mahindra
shares under the approved scheme. Mahindra
Satyam (Satyam Computer Services), was
suspended from trading with effect from July 4,
2013, following the merger.Tech Mahindra
completed share swap and allocated its shares
to the shareholders of Satyam Computer
Services on July 12, 2013. The stock exchanges
have accorded their approval for trading the
new shares effective July 12, 2013. Tech
Mahindra posted net profit of Rs 686 crore for
the first quarter ended June 30, 2013, up 27%
compared to the corresponding quarter last
year.
Later years:
In 2014, Tech Mahindra acquired Lightbridge
Communications Corporation (LCC), the largest
independent telecom services company in the
world with local presence in over 50 countries.
In 2015, Tech Mahindra acquired SOFGEN
Holdings, a 450-employee Swiss IT firm serving
the financial services industry Tech Mahindra
purchased a controlling stake
in Pininfarina S.p.A., an Italian brand in
automotive and industrial design Tech
Mahindra announced the launch of its
Automation Framework AQT (Automation,
Quality, Time) By March 2016, Tech Mahindra's
post-tax earnings had surged past that of
M&M. Tech Mahindra said it would buy
financial technology firm Target Group to boost
its platform business process-as-a-service
offering in the banking sector. In 2017, Tech
Mahindra and Midad Holdings, a part of
diversified business conglomerate Al Fozan
Group today announced the launch of a joint
venture, Tech Mahindra Arabia Ltd. On the
basis of a global partnership agreement signed,
Tech Mahindra will market Huawei's enterprise
products and services across 44 countries
including India. Tech Mahindra announced that
it has signed a definitive agreement to acquire
CJS Solutions Group LLC, a US-based healthcare
Information Technology consulting company
which does business as (DBA) “The HCI
Group. In 2019, Tech Mahindra acquired
DynaCommerce BV. Tech Mahindra, during
September 2019, has acquired BORN Group,
a New York City based digital content and
production agency, for $95 million in an all-cash
deal.
In March 2021, Tech Mahindra partnered with
US-based business intelligence analytics
company ThoughtSpot. In April 2021, Tech
Mahindra acquired US-based DigitalOnUs, a
hybrid cloud and DevOps services provider for
$120 million.
 CHAPTER 2
BOARD OF DIRECTORS

The desirable corporate governance (1998)the

first time introduced the concept of
Independent directors for companies the
Kumar Mangalam Birla committee a company
with an chairman of the board director and
independent director one third .the
elaborated the combination of execution and
non execution director , with non executive
director the independent director are also
required to adhere to a code of conduct and
affirm compliance to the same annually
Name

Chairman & Non-

Anand G Mahindra Exe.Director

Co. Secretary & Compl.

Anil Khatri Officer

Anish Shah Non Executive Director

Managing Director &

C P Gurnani CEO

Haigreve Khaitan Independent Director

M Damodaran Independent Director

M Rajyalakshmi Rao Independent Director

Manoj Bhat Chief Financial Officer

Mukti Khaire Independent Director

Shikha Sharma Independent Director

 T N Manoharan Independent Director

V S Parthasarathy Non Executive Director

Income Statement of tech Mahindra limited

2.2
  

Chapter 1 Income Statement of tech Mahindra limited.

2021 2021 2020 2020

Period Ending:
30/06 31/03 31/12 30/09
Total Revenue 101976 97299 96471 93718
Revenue 101976 97299 96471 93718
Other Revenue,
- - - -
Total
Cost of Revenue, 15092 12367 11997 12218
Total
Gross Profit 86884 84932 84474 81500
Total Operating
86523 81770 81100 80405
Expenses
Selling/General/A
dmin. Expenses, 51616 46955 49688 48279
Total
Research &
- - - -
Development
Depreciation /
3311 3444 3584 3717
Amortization
Interest Expense
(Income) - Net - - - -
Operating
Unusual Expense
- 507 - -
(Income)
 Other Operating
16504 18497 15831 16191
Expenses, Total
Operating Income 15453 15529 15371 13313
Interest Income
(Expense), Net -383 -415 -416 -395
Non-Operating
Gain (Loss) on Sale
- - - -
of Assets
Other, Net 2873 326 2209 1175
Net Income Before
17943 15440 17164 14093
Taxes
Provision for
4286 4998 4263 3462
Income Taxes
Net Income After
13657 10442 12901 10631
Taxes
Minority Interest -125 371 197 15
Equity In Affiliates - - - -
U.S GAAP
- - - -
Adjustment
Net Income Before
Extraordinary 13532 10813 13098 10646
Items
Total Extraordinary
- - - -
Items
Net Income 13532 10813 13098 10646
Total Adjustments
- - - -
to Net Income
Income Available
to Common
Excluding 13532 10813 13098 10646
Extraordinary
Items
Dilution
- - - -
Adjustment
Diluted Net
13532 10813 13098 10646
Income
Diluted Weighted
883.29 885.95 880.83 879.11
Average Shares
Diluted EPS
Excluding
15.32 12.21 14.87 12.11
Extraordinary
Items
DPS - Common
- 15 - -
Stock Primary Issue
Diluted Normalized
15.32 12.59 14.87 12.11
EPS
2.3 The Industry Analysis using porter five force
model
 2.4 SOPHISTICATED LOGISTICS OPPORTUNITIES

India at present provides basic Logistics and going forward

there will be huge requirements for higher – valve added.

As the economy basic trucking solutions will get enhanced to

more sophisticated cold storage custom warehousing,
inventory management, order processing, air cargo etc.

These sub sectors of logistics require a highly professional

setup, financial backing, focus and Large Scale of operations to
be successful. Hence these Entry barriers will make the
Industry highly concentrated with better margins as
compared to fragmented trucking business with low margins

2.5 PRICE CHART

CHART

SHERE Mar 2012 Dec2011 Sep2011 Jane2011

HOLDING
Promoters 69.06 69.06 69.02 68.92
Full 6.56 6.56 6.59 6.58
The stock has been under consolidation mode since last six
months after showing a straight fall.
Stock’s Historical median P/E is around 14 and by buying
at this price , We are definitely buying cheap

Chart indicates that stock Which was under consolidation con

be bought once if shows a upside breakout at 62 to 65 level

2.7 EARNINGS PROJECTION

CHAPTER-3
 DATA ANALYSIS AND
INTERETATION

1.COMPARATIVE STATEMENT
2.COMMON SIZE STATEMENT
3.TREND PERCENTAGE

3.0 COMPARATIVE STATEMENT AND 2021_2020

 COMPARATIVE STATEMENT 2021- Note
2021 2020
2020 No

Revenue from operation _ 16,00,000 20,00,000

Employee benefit expenses _ 8,00,000 10,00, 000

Tax rate 40% _ 2,00,000 1,00,000

SOLUTION :

COMPERTAIVE statements and 2021-2020

Particular 2021 2020 Absolute Percentage%
 Revenue 16,00,000 20,00,000 4,00,000 25%
from
operations

Less _ _ _ -
:Expenses
Employee 8,00,000 10,00,000 2,00,000 25%
benefit
expenses

Other 2,00,000 1,00,000 (1,00,00 (50)%

expenses 0)
Profit 6,00,000 9,00,00 3,00,000 50%
before tax
Less tax 2,40,000 3,60,000 1,20,000 50%
@40%
3,60,000 5,40,000 1,80,000 50%
Profit after
tax

3.1 Common size statements 2021_2020

common size statement

PARTICULARES Note march 31, 2021 march 31 2020
 no

Equity share liabilities

1.shareholders fund
a) share capital 15,00,000 12,00,000
b)reserve and SURPLUES 5,00,00 5,00,000
2. Non - current liabilities
long term liabilities 6,00,000 5,00,000
3.current liabilities
TRAND payables 15,50,000 10,50,000
TOTAL 41,50,000 32,50,000

ASSETS
1.Non – Current ASSTES
a)fixed asset
TANGIBAL ASSTES
plant & machinery 14,00,000 8,00,000
intangible ASSTES
good will 16,00,000 12,00,000
Non - current investment 10,00,000 10,00,000
2.CURRENT ASSTES
inventories 15,00,000 2,50,000
TOTAL 41,50,000 32,50,000

SOLUTION;
PARTICULARES ABSOLUTE AMOUNT PECRCENTAGE %
2021 Rs 2021% 2020 Rs
Equity share liabilities
1.shareholders fund
a) share capital 15,00,000 12,00,000 36.14 36.93
b)reserve and
SURPLUES 5,00,00 5,00,000 12.05 15.38
2. Non - current
liabilities
long term
liabilities 6,00,000 5,00,000 14.46 15.38
3.current liabilities
TRAND payables 15,50,000 10,50,000 37.35 32.31
TOTAL 41,50,000 32,50,000 100 100

ASSETS
1.Non - current ASSTES
a)fixed assets
TANGIBAL ASSTES
plant & machinery 14,00,000 8,00,000 34 25
INTANGIBLE ASSTES
GOOD WILL 16,00,000 12,00,000 38.55 36.92
Non - current
investment 10,00,000 10,00,000 24.1 30.77
2.CURRENT ASSTES
inventories 15,00,000 2,50,000 3.62 7.69
TOTAL 41,50,000 32,50,000 100 100

3.2 TREND PERCENTAGE

PARTICULARS 2021_20 2020-2019 2019_2018 2017_2016

CASH 100 120 80 140

DEBTORS 200 250 325 400

STOCK 300 400 350 500

 OTHERS CURRENT ASSTES 50 75 125 150

LAND 400 500 500 500

BUILDINGS 800 1000 1200 1500

PLANT 1000 1000 1200 1500

3.3 TREND PERCENTAGE

CASH 100 100 120 120 80 80 140 140

DEBTORS 200 100 250 125 325 162.5 400 200

STOCK 300 100 400 133.33 350 116.67 500 166.67

OTHERS CURRENT
50 100 75 150 125 250 150 300
ASSTES

650 100 845 130 135.38 135.38 1900 183.08

Non current Assets

LAND 400 100 500 125 500 125 500 125

BUILDINGS 800 100 1000 125 1200 150 1500 187.5

PLANT 100 100 1000 100 1200 120 1500 150

2200 100 2500 113.64 2900 132.63 3500 159

 TOTAL ASSTES 2850 100 3345 117.36 3780 132.62 4690 164.56

Chapter-4
RATIOS
A Rationis an number Expressed calculated as a
reference to relationship of two or more
number and can be expressed as a fraction
proportion percentage and number of time
When the number is calculated by referring to
two accounting numbers derived from the
financial statement, it is termed as accounting
ratio
THE ARE 4 RATIO :
1. Liquidity Ratio
2. Solvency Ratio
3. Turnover Ratio
4. Profitability ratio
4.1 LIQUIDITY RATIO

1. Liquidity Ratio: To meet its

commitments business need liquid fund.
The ability of the business to pay the
amount due to stakeholders as ratio
calculated to measure it are known as
‘Liquidity Ratio‘. These are essentially
short – term in nature.

KEY FINANCIAL RATIOS OF TECH MAHINDRA (in Rs. MAR MAR MAR MAR MAR
Cr.) 21 20 19 18 17

LIQUIDITY RATIOS  

Current Ratio (X) 3.36 3.16 2.28 2.85 2.80  

Quick Ratio (X) 3.36 3.16 2.28 2.85 2.80  

 Inventory Turnover Ratio (X) 0.00 0.00 0.00 0.00 0.00  

Dividend Payout Ratio (NP) (%) 45.61 60.69 31.4 25.90 45.24  
2

Dividend Payout Ratio (CP) (%) 39.44 52.90 27.3 22.25 37.57  
2

Earnings Retention Ratio (%) 54.39 39.31 68.5 74.10 54.76  

8

Cash Earnings Retention Ratio (%) 60.56 47.10 72.6 77.75 62.43
8

2. SOLVENCY RATIO:
Solvency Ratio: Solvency of business is
determined by ability to meet its
contractual obligation toward stakeholders,
and the ratio calculated to measure
solvency position are known as “solvency
Ratio“ these are essentially long – term
nature.
Solvency Ratio:
SOLVENCY RATIOS  

Enterprise Value (Cr.) 94,922.7 52,704.8 75,127.3 60,730.8 42,836.9  

3 7 1 0 6

EV/Net Operating Revenue (X) 3.20 1.80 2.76 2.57 1.85  

EV/EBITDA (X) 15.18 8.69 12.26 10.78 9.38  

MarketCap/Net Operating 3.24 1.87 2.80 2.64 1.93  

Revenue (X)

Retention Ratios (%) 54.38 39.30 68.57 74.09 54.75  

Price/BV (X) 3.84 2.45 3.70 3.20 2.65  

Price/Net Operating Revenue 3.24 1.87 2.80 2.64 1.93  

Earnings Yield 0.04 0.08 0.06 0.06 0.07

3. TURNOVER RATIO
Turnover Ratio ( activity ratio): This refers to the ratio that are
calculated for measuring the efficiency of operations of
business based on effective utilization of resource hence , these
are also known as ‘efficiency Ratio’.
PARICLURAL Mar-21 Mar-20 Mar-19 Mar-18 Mar-17
BASIC EPS 17.52 16.46 16.65 13.55 9.18
DILUTED EPS 17.52 16.46 16.65 13.55 9.18
CASH EPS 28.91 26.56 26.46 22.34 16.72
BOOK VALUE[EX] 140.13 123.65 109.18 88.4 75.86
BOOK VALUE [IN] 140.13 123.65 109.18 88.4 75.86
DIVIDEND / SHARE 2.5 2 1.08 1.6 1.1
REVENUE FROM
OPERATION 318.03 327.15 333.71 284.3 235.61
P PBIT /SHARE 36.71 34.07 35.36 30.52 22.88
PBIT SHARE 25.28 23.96 25.55 21.73 11.59
PBT SHARE 20.26 18.47 20.91 17.18 11.59
NET PROFIT /
SHARE 17.48 16.45 16.65 13.55 9.18

4. PROFITABILITY RATIO
4.PROFITABILITY RATIO:
It refers to the analysis of profit in relation to revenue
from operations or funds (or assets) employed in the
business and the ratio calculated to meet this objective
are known as “profitability ratio”.

PROFITABILITY RATIOS  

PBDIT Margin (%) 21.09 20.7 22.51 23.80 19.7  

5 0

PBIT Margin (%) 18.85 18.4 20.09 21.03 17.0  

7 1

PBT Margin (%) 18.64 18.2 19.93 20.73 16.7  

 4 4

Net Profit Margin (%) 14.30 15.5 16.09 16.90 13.1  

1 5

Return on Networth / Equity (%) 16.94 20.3 21.21 20.46 18.0  

5 4

Return on Capital Employed (%) 20.39 21.9 24.31 22.85 20.7  

3 0

Return on Assets (%) 12.70 14.9 14.43 14.92 12.8  

5 4

Total Debt/Equity (X) 0.00 0.00 0.00 0.01 0.01  

Asset Turnover Ratio (%) 88.81 96.3 89.71 88.29 97.6

8 0

Chapter -5
Balance sheet in transport Corporation of
Indian limited

5.1

BALANCE SHEET
Balance Sheet - Tech Mahindra Ltd.
Rs (in Crores)

Particulars Mar'21 Mar'20 Mar'19 Mar'18 Mar'17

12 12 12 12 12
Liabilities Months Months Months Months Months

Share Capital 2171.90 2126.20 1724.10 1722.40 1719.10

Reserves &
Surplus 24074.30 21377.60 20153.70 19049.10 16401.50

Net Worth 26246.20 23503.80 21877.80 20771.50 18120.60

Secured Loan .00 .00 4.30 145.00 174.20

Unsecured Loan .00 .00 .00 .00 .00

TOTAL
LIABILITIES 26246.20 23503.80 21882.10 20916.50 18294.80

Assets

Gross Block 7862.60 7717.70 6709.90 7073.90 5925.30

(-) Acc.
Depreciation 4814.90 4382.00 3924.40 3843.50 3427.10

Net Block 3047.70 3335.70 2785.50 3230.40 2498.20

Capital Work in
Progress 111.40 35.20 271.30 235.40 361.80

Investments 16552.40 10648.60 12960.70 10108.10 7716.40

Inventories .00 .00 .00 .00 .00

Sundry Debtors 5152.60 6212.00 5963.30 5070.00 4571.70

Cash and Bank 1050.10 1858.00 1208.50 1929.30 2083.90

Loans and
Advances 7460.50 8232.50 7150.30 6225.60 6500.80
Total Current
Assets 13663.20 16302.50 14322.10 13224.90 13156.40

Current Liabilities 6425.70 6172.90 7847.80 5248.70 4818.20

Provisions 702.80 645.30 609.70 633.60 619.80

Total Current
Liabilities 7128.50 6818.20 8457.50 5882.30 5438.00

NET CURRENT
ASSETS 6534.70 9484.30 5864.60 7342.60 7718.40

Misc. Expenses .00 .00 .00 .00 .00

TOTAL ASSETS 26246.20 23503.80 21882.10 20916.50 18294.80

5.2
Cash flow statement
Cash flow

Breakdown
TTM
30/3/2021
30/3/2020
30/3/2019
30/3/2018
Cash flows from operating activities
-
8,09,38,000
4,35,81,000
4,43,20,000
3,55,35,000
Cash flows from investing activities 
Investments in property, plant and equipment
-
-66,60,000
 -84,46,000
-80,46,000
-1,01,66,000
Acquisitions, net
-
-1,13,40,000
-54,80,000
-13,50,000
-1,13,21,000
Purchases of investments
-
-30,20,27,000
-33,36,62,000
-31,04,38,000
-26,16,62,000
Sales/maturities of investments
-
26,20,30,000
35,40,82,000
29,66,20,000
24,51,47,000
Other investing activities
-
3,48,000
3,11,000
3,15,000
6,38,000
Net cash used for investing activities
-
-5,45,01,000
1,02,86,000
-2,11,64,000
-3,35,97,000
Net change in cash
-
-34,32,000
92,12,000
6,44,000
-7,56,000
Cash at beginning of period
-
3,01,67,000
2,04,27,000
1,96,61,000
2,00,13,000
Cash at end of period
-
2,69,04,000
3,01,67,000
2,04,27,000
1,96,61,000
Free cash flow
Operating cash flow
-
8,09,38,000
4,35,81,000
 4,43,20,000
3,55,35,000
Capital expenditure
-
-66,60,000
-84,46,000
-80,46,000
-1,01,66,000
Free cash flow
-
7,42,78,000
3,51,35,000
3,62,74,000
2,53,69,000

5.3
INCOME STATEMENT
Fiscal year is April-March.
All values INR Millions. 2021 2020 2019 2018 2017 5-year trend

378,55
Sales/Revenue 368,677 347,421 307,729 291,408
1

Sales Growth 2.68% 6.12% 12.90% 5.60% -

Cost of Goods Sold 292,10

285,998 254,200 236,082 224,186
(COGS) incl. D&A 4

277,66
COGS excluding D&A 271,730 243,103 225,443 214,518
0

Depreciation &
14,444 14,268 11,097 10,639 9,668
Amortization Expense
Fiscal year is April-March.
All values INR Millions. 2021 2020 2019 2018 2017 5-year trend

Depreciation 9,739 10,036 6,859 7,278 7,347

Amortization of
4,705 4,232 4,238 3,361 2,321
Intangibles

COGS Growth 2.13% 12.51% 7.67% 5.31% -

Gross Income 86,447 82,679 93,221 71,647 67,222

Gross Income Growth 4.56% -11.31% 30.11% 6.58% -

Gross Profit Margin 22.84% - - - -

SG&A Expense 29,825 37,006 39,130 33,409 32,969

Research &
101 221 311 440 -
Development

Other SG&A 29,724 36,785 38,819 32,969 32,969

-
SGA Growth -5.43% 17.12% 1.33% -
19.40%

Other Operating Expense 90 1,310 889 813 1,197

EBIT 56,532 44,363 53,202 37,425 -

Unusual Expense 507 2,175 (1,490) 185 99

Non Operating
3,347 7,930 650 11,716 5,634
Income/Expense

Non-Operating Interest
1,885 2,434 2,077 1,455 1,248
Income

Equity in Affiliates (Pretax) - - (655) 1 (23)

Interest Expense 1,740 1,919 1,332 1,624 1,286

Interest Expense Growth -9.33% 44.07% -17.98% 26.28% -

Fiscal year is April-March.
All values INR Millions. 2021 2020 2019 2018 2017 5-year trend

Gross Interest Expense 1,740 1,919 1,332 1,624 1,286

Pretax Income 59,517 50,633 55,432 48,788 38,530

Pretax Income Growth 17.55% -8.66% 13.62% 26.62% -

Pretax Margin 15.72% - - - -

Income Tax 15,999 11,604 12,544 10,926 10,021

Income Tax - Current

18,115 12,378 13,786 11,768 9,698
Domestic

Income Tax - Deferred

(2,116) (774) (1,242) (842) 323
Domestic

Equity in Affiliates 12 (55) - - -

Consolidated Net Income 43,530 38,974 42,888 37,862 28,509

Minority Interest Expense (750) (1,356) (88) (136) 380

Net Income 44,280 40,330 42,976 37,998 28,129

Net Income Growth 9.79% -6.16% 13.10% 35.08% -

Net Margin 11.70% - - - -

Net Income After

44,280 40,330 42,976 37,998 28,129
Extraordinaries

Net Income Available to

44,280 40,330 42,976 37,998 28,129
Common

EPS (Basic) 50.64 46.21 48.47 43.02 32.14

EPS (Basic) Growth 9.59% -4.67% 12.68% 33.85% -

Basic Shares Outstanding 874 873 887 883 875

EPS (Diluted) 50.19 45.85 47.72 42.66 31.65

Fiscal year is April-March.
All values INR Millions. 2021 2020 2019 2018 2017 5-year trend

EPS (Diluted) Growth 9.47% -3.91% 11.85% 34.82% -

Diluted Shares Outstanding 882 880 901 891 889

EBITDA 70,976 58,631 64,299 48,064 42,724

EBITDA Growth 21.06% -8.82% 33.78% 12.50% -

EBITDA Margin 18.75% - - - -

EBIT 56,532 44,363 53,202 37,425 -

Conclusions
 The Tech Mahindra solvency ratio
Turnover Ratio position.
 The year 2017,2018 and 2019 shows the
higher loss for the company.
 The company gross profit is increasing
during period of 2019-2020and
decreased during the period 2018-
2019 which indicates the efficiency of
the company.
 The net profit are decreased during
the period of 2018-2017.
 The balance sheet current assets in
the decreased in the company.