FinShiksha

INR Crore 2012 2013 2014 2015 2016 2017 2018

Sources of Funds

Shareholder Funds
Share Capital 286 286 286 572 1,144
Reserves & Surplus 31,046 37,708 44,244 50,164 56,682

Long Term Liabilities

Loans 123 182 405 50 126
Deferred Tax Liabilities 270 56 -

Current Liabilities
Current Liabilities & provisio 6,902 8,099 12,031 15,503 17,189

Total 38,627 46,331 56,966 66,289 75,141 - -

Application Of Funds

Fixed Assets
Tangible Assets 4,375 4,807 6,056 7,685 8,637
Intangible Assets 1,180 2,332 2,322 3,661 4,543
Capital Work in Progress 590 1,140 961 776 960

Non-Current Investments 377 1,307 1,398 1,817

Deferred Tax Assets (Net) 535 469 629 536 533
Long Term Loans and Advances 1,863 2,613 4,991 6,898

Current Assets 31,947 35,343 43,078 47,242 51,753 - -

Current Investments 372 1,739 3,024 872 75
Inventories
Receivables 5,882 7,083 8,351 9,713 11,330
Cash & Bank Balances 20,591 21,832 25,950 30,367 32,697
Loans & Advances 5,087 4,689 5,753 6,290 7,651
Other Current Assets 15

Total 38,627 46,331 56,966 66,289 75,141 - -

Check - - - - - - -
2019 2020

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- -

- -

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FinShiksha
Infosys Valuation
 FinShiksha
INR Crore 2012 2013 2014 2015 2016 2017 2018

Revenue

Revenue from operations 33,734 40,352 50,133 53,319 62,441

Other Income 1,904 2,365 2,664 3,430 3,128

Total Revenue 35,638 42,717 52,797 56,749 65,569 - -

Costs
Salaries 18,340 22,565 28,831 29,802 34,418
Technical Sub-Contractors 777 1,459 1,951 2,171 3,531
Travel Expenses 1,122 1,509 1,697 1,818 2,263
Software Packages & Others 654 777 982 1,044 1,274
Communication Expenses 274 361 440 495 449
Professional Charges 483 506 504 421 779
Other Expenses 1,361 1,642 2,347 2,697 2,607

Total Costs 23,011 28,819 36,752 38,448 45,321 - -

Operating Profits 10,723 11,533 13,381 14,871 17,120

Operating Profit Margin 31.8% 28.6% 26.7% 27.9% 27.4%

Depreciation & Amortization 928 1,099 1,317 1,017 1,266

Interest

PBT 11,699 12,799 14,728 17,284 18,982

Taxes 3,367 3,370 4,072 4,911 5,301

Minority Interest

PAT 8,332 9,429 10,656 12,373 13,681 - -

EPS

ROE 26.6% 24.8% 23.9% 24.4% 23.7%

2019 2020

employees 100

people
utilization getting
rate 80% built
employees
built 80
hours 2000
- - billing rate 3000 per hour

revenue 480000000

- -

- -
 FinShiksha
2012 2013

Employee Metrics

Year End Number of Employees 149,994 156,688

Gross Addition 45,605 37,036
Net Addition 19,174 6,694
Attrition 26,431 30,342

sales and suport employees 7134 8388

Billing Metrics

Average Number of Employees 149,994 153,341

avrage no of sales and support employees 7,134 7,761
sales and support as %of total employees

utilization reported 66.90% 67%

Average Number of Employees Billed 97,539

no.of hours billed 2000 2000

revenue drivers
revenue inr cr 33,734 40,352

billing rate per hour inr 2069

billing rate per hour usd 37.9

average inr usd rate 54.5

growth in billing rates

average no.of employees billed*no.of hours

billed*billing rater per hour=revenue

cost drivers
Salaries inr crrore 18,340 22,565
Technical Sub-Contractors 777 1,459
Travel Expenses 1,122 1,509
Software Packages & Others 654 777
Communication Expenses 274 361
Professional Charges 483 506
Other Expenses 1,361 1,642

average salary cost per employee 1,222,716 1,471,557

change inn average salary 20%

Technical Sub-Contractors as a % of revenue 2.3% 3.6%

Travel Expenses as a % of revenue 3.3% 3.7%
Software Packages & Others as a % of revenue 1.9% 1.9%
Communication Expenses as a % of revenue 0.8% 0.9%
Professional Charges as a % of revenue 1.4% 1.3%
Other Expenses as a % of revenue 4.0% 4.1%

effective tax rate tax/pbt 28.8% 26.3%

Working capital drivers

current assets
recievables inr cr 5,882 7,083
loand and advances inr cr 5,087 4,689

current liabilities and provisions inr cr 6,902 8,099

as % of sales
current assets
recievables as % of sales 17.4% 17.6%
loand and advances as % of sales 15.1% 11.6%

current liabilities and provisions as % of sales 20.5% 20.1%

In terms of days sales outstandng

current assets
recievables days sales outstanding 64 64
loand and advances 55 42
365/ recievable turnover
ratio
rtr=sales/recievables
current liabilities and provisions 75 73
2014 2015 2016 2017 2018 2019

160,405 176,187 194044

39,985 53,386 52455
3,717 15,782 17,857
36,268 37,604 34688

7904 8422 9811

158,547 168,296 185,116

8,146 8,163 9,117
5.1% 4.9% 4.9%

72.30% 74.60% 75%

108,740 119,459 131,999

2000 2000 2000

50,133 53,319 62,441

2305 2232 2365

the inr rate is increasing and the usd

rate is decresing so inr is increasing
37.9 36.5 36.0 because of the increasing billing rates
60.8 61.2 65.7

0.0% -3.9% -1.3%

28,831 29,802 34,418

1,951 2,171 3,531
1,697 1,818 2,263
982 1,044 1,274
440 495 449
504 421 779
2,347 2,697 2,607

1,818,457 1,770,809 1,859,272

24% -3% 5% why? iNcreasing then decreasing

3.9% 4.1% 5.7% why? It is growing

3.4% 3.4% 3.6% stable
 2.0% 2.0% 2.0% stable
0.9% 0.9% 0.7% stable
1.0% 0.8% 1.2% stable
4.7% 5.1% 4.2% stable

27.6% 28.4% 27.9%

8,351 9,713 11,330

5,753 6,290 7,651

12,031 15,503 17,189

16.7% 18.2% 18.1%

11.5% 11.8% 12.3%

24.0% 29.1% 27.5%

61 66 66
42 43 45

88 106 100
 FinShiksha
INR Crore 2012 2013 2014 2015 2016 2017

gross long term assets

tangible 9017 11580 14108 16090
intangible 2364 2370 3708 4580
total 11381 13950 17816 20670

accumulated dep/amo 4242 5572 6470 7490

net fixed assets 7139 8378 11346 13180

gross lt assets per employee 726,348 869,674 1,011,198 1,065,222

no of employees year end 156,688 160,405 176,187 194044

capital expenditure
on account of new employees inr cr
on account of maintanance
2018 2019 2020
FinShiksha
INR Crore 2016 2017 2018 2019 2020