Tech Mahindra Ltd

Author Nimitha Sara Eapen

Date Wednesday, August 17, 2022
Purpose To consolidate financial statements
Tech Mahindra Ltd
Valuation

Financial Year Ended 3/31/2022 3/31/2023 3/31/2024

Equity Valuation
Abnormal Earnings 613,833.81 858,818.54
Abnormal ROE 215.40% 257.28%
Free Cash Flow to Equity 618556.30 793406.02

Asset Valuation
Abnormal NOPAT 24498.50 73472.33
Abnormal Operating ROA 10.95% 18.78%
Free cash flow to capital 40802.8787526698 -238323.0225

Discounting Factor 1 2
Equity 113% 128%
Assets 85% 72%

Valuation Equity based

Present value of abnormal earnings 0.912543588514356

Growth of abnormal earnings 43.32%
Terminal value of abnormal earnings
(need to have r>g) -22,502,343.74
Beginning Book Value 301094.53 366507.06
Total Value -22,201,248.29
Value per share -25,297.75

Present value of free cash flows 9,009,933.94

Growth of free cash flows 33%
Terminal value of abnormal earnings
(need to have r>g) -5,705,397.70
Total Value 3,304,536.24
Value per share 3,765.43
 3/31/2025 3/31/2026 3/31/2027

1,453,418.80 1,854,722.61 2,590,017.73

209.52% 160.26% 160.02%
799066.95 1581860.47 1940354.25

85227.90 100568.93 119677.02

12.74% 11.45% 9.73%
-159110.13432 -73531.043158 -409770.683937

3 4 5
144% 163% 184%
61% 52% 44%

-12,229,849.68
1020858.91 1293721.04 1943384.52

-12,838,093.60
Tech Mahindra Ltd
Cost of capital

Beta 0.963
Risk Free Rate 6.38%
Market Risk Premium 6.85%

Cost of Equity 12.97%

After tax Cost of Debt 20%
Weight of Debt 0.66
Weight of Equity 0.34
WACC 17.61%
Tech Mahindra Ltd
Forecasting Financial Statements

Financial Year Ended 3/31/2022 3/31/2023 3/31/2024 3/31/2025

Beginning Balance Sheet
Beginning Net Working Capital 54176 68847.8353122005 273512.72831 395681.74696
Beginning Net Long Term Assets 157968 166382.268671151 273512.72831 395681.74696
Net Operating Assets 212144 235230.103983352 547025.45663 791363.49392
Net Debt -56713 -65864.4291153385 180518.40069 -229495.41324
Preferred Stock 0 0 0 0
Shareholders Equity 268857 301094.53309869 366507.05594 1020858.9072
Net Capital 212144 235230.103983352 547025.45663 791363.49392

Income Statement
Sales 446460 573731.960935004 911709.09438 1276392.7321
NOPAT 56042.967312 63888.9827360215 73472.330146 85227.90297
-Net Interest Expenses after Tax -381.9673123 13172.8858230677 -126362.88048 91798.165295
Net Income 55661 650793.829494093 858818.54404 1453418.8004

Cash Flow Data

Net Income
Change in Working Capital
Change in Long Term Assets
Change in Debt ('22-'21)
Free cash flow to equity
55661 650793.829494093 858818.54404 1453418.8004
-9238 -14671.8353122005 -204664.893 -122169.01865
-49407 -8414.26867115113 -107130.45964 -122169.01865
38438 -9151.42911533846 246382.8298 -410013.81392
35454 618556.296395403 793406.0212 799066.94918

Net Operating Profit After Tax 56042.967312 63888.9827360215 73472.330146 85227.90297

Change in Working Capital -49407 -14671.8353122005 -204664.893 -122169.01865
Change in Long Term Assets -49407 -8414.26867115113 -107130.45964 -122169.01865
Free cash flow to capital -42771.032688 40802.8787526698 -238323.0225 -159110.13432

Operating return on assets 28.56% 18.78% 12.74%

Return on Equity 228.37% 257.28% 209.52%
Book value of assets growth 10.88% 132.55% 44.67%
Book value of equity growth 11.99% 21.72% 178.54%
Net operating assets turnover 2.56x 2.33x 1.91x
 3/31/2026 3/31/2027

482731.73129 747455.58394
482731.73129 747455.58394
965463.46258 1494911.1679
-328257.57728 -448473.35036
0 0
1293721.0399 1943384.5182
965463.46258 1494911.1679

1557199.1332 2335798.6998
100568.9255 119677.02135
196954.54637 134542.00511
1854722.6051 2590017.7263

1854722.6051 2590017.7263
-87049.984331 -264723.85264
-87049.984331 -264723.85264
-98762.164041 -120215.77308
1581860.4724 1940354.2479

100568.9255 119677.02135
-87049.984331 -264723.85264
-87049.984331 -264723.85264
-73531.043158 -409770.68394

11.45% 9.73%
160.26% 160.02%
22.00% 54.84%
26.73% 50.22%
1.77x 1.90x
Tech Mahindra Ltd
Forecasting Assumptions

Or by CAGR:
Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022
Sales Growth 13% 6% 3% 18%
NOPAT Margin -1% -9% 1% 12%
After tax interest rate 24% -13% 53% -128%
Beginning net working capital to sales 0.18 0.14 0.14 0.14 0.11
Beginning net long term assets to sales 0.27 0.27 0.27 0.28 0.30
Beginning net debt to capital -0.13 -0.31 -0.30 -0.35 -0.33
 10%
3/31/2023 3/31/2024 3/31/2025 3/31/2026 3/31/2027
29% 59% 40% 22% 50%
14% 15% 16% 18% 19%
20% 70% 40% 60% 30%
0.12 0.30 0.31 0.31 0.32
0.29 0.30 0.31 0.31 0.32
-0.28 0.33 -0.29 -0.34 -0.30
Tech Mahindra Ltd
Liquidity Management Ratios

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022

Current Ratio 2.55 2.29 2.09 2.12 2.46 1.96

Quick Ratio 2.33 2.16 2.00 2.01 2.30 1.78
Cash Ratio 0.82 0.81 0.86 0.80 1.21 0.66
Tech Mahindra Ltd
Asset Management Ratios 365

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022

Operating Working Capital/Sales 18% 14% 14% 14% 11%

Net Long Term Assets/Sales 36% 35% 35% 38% 39%
PP&E/Sales 11% 9% 9% 10% 8%

Operating Working Capital Turnover 5.58x 7.31x 7.14x 7.08x 9.01x

5.58x 7.31x 7.14x 7.08x 9.01x
Accounts Receivable Turnover 3.03x 3.09x 2.94x 3.10x 3.54x
Inventory Turnover 64.29x 64.48x 101.73x 170.49x 219.38x
Accounts Payable Turnover 1.64x 1.59x 1.60x 1.31x 1.60x
Net Long Term Assets Turnover 2.79x 2.87x 2.83x 2.65x 2.56x
PP&E Turnover 9.23x 11.35x 10.87x 10.13x 12.11x

Days' Accounts Receivable 120.47 118.18 123.99 117.92 103.03

Days' Inventory 5.68 5.66 3.59 2.14 1.66
Days' Accounts Payable 221.98 229.93 227.98 278.21 228.03
Tech Mahindra Ltd
Alternate Profitability Analysis

(Note: The numbers are in millions)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020
NOPAT Margin
(NOPAT/Sales) 12.27% 12.16% 11.12%
xNet Operating Asset Turnover
(Sales/Average Net Assets) 2.25 2.47 2.44
=Operating Return on Assets (%)
(NOPAT Margin*Net Operating Asset Turnover) 27.62% 29.97% 27.16%
or (NOPAT/Average Net Assets) 27.62% 29.97% 27.16%
Spread
(Operating ROA-After Tax Interest Cost) 26.53% 28.61% 25.99%
x Net Financial leverage
(Net Debt/Equity) -0.23 -0.28 -0.28
=Financial Leverage Gain -5.97% -8.00% -7.35%

ROE=Operating ROA+Financial Leverage Gain 21.65% 21.97% 19.81%

or (Net income to common/shareholders' equity) 21.65% 21.97% 19.81%

3 35.00%

30.00%
2.5
25.00%

2 20.00%
(Sales/Average Net Assets)
(Net Debt/Equity)
15.00%
1.5 (NOPAT/Sales)
10.00% or (NOPAT/Average Net Assets)
(Operating ROA-After Tax Interest Cost)
1 =Financial Leverage Gain
5.00%
or (Net income to common/shareholders'
equity)
0.5 0.00%

-5.00%
0
1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 -10.00%

-0.5 -15.00%
 3/31/2021 3/31/2022

11.23% 12.55%

2.36 2.44

26.46% 30.65%
26.46% 30.65%

24.65% 31.16%

-0.31 -0.29
-7.67% -9.14%

18.78% 21.51%
18.78% 21.51%

les/Average Net Assets)

et Debt/Equity)
OPAT/Sales)
NOPAT/Average Net Assets)
perating ROA-After Tax Interest Cost)
nancial Leverage Gain
Net income to common/shareholders'
uity)
Tech Mahindra Ltd
Condensed Income Statement
Income Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 20:40:23 3/31/2018 3/31/2019 3/31/2020
Sales 307,729 347,421 368,677
Net Operating Profit After Tax (NOPAT)
Net Income 38,194 42,976 41,704
+Net Interest Expense After Tax -435 -743 -702
=Net Operating Profit After Tax 37,759 42,233 41,002

Net Interest Expense After Tax

Interest Expense 896 1,117 1,537
-Interest Income -1,455 -2,077 -2,434
=Net Interest Expense (Income) -559 -960 -897
x(1-Tax Expense/Pre tax income) 1 1 1
=Net Interest Expense After Tax -435 -743 -702

Net Income 38,194 42,976 41,704

-Preferred Stock Dividend - - -
Net income to common 38,194 42,976 41,704

After tax interest cost 0.01 0.01 0.01

(Net interest expense after atx/average net debt)
3/31/2021 3/31/2022
378,551 446,460

43,834 55,661
-1,310 382
42,524 56,043

1,466 1,411
-3,254 -904
-1,788 507
1 1
-1,310 382

43,834 55,661
- -
43,834 55,661

0.02 -0.01
Tech Mahindra Ltd
Condensed Balance Sheet

(Note: The numbers are in millions)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019

Net Working Capital

Accounts Receivable ₹ 96,167 ₹ 106,961 ₹ 118,013
+Inventory 611 659 752
+Other Current Assets 13,864 9,020 8,008
-Accounts Payable -23,160 -26,498 -30,812
-Other Current Liabilities -30,960 -36,414 -54,631
=Beginning Net Working Capital 56,522 53,728 41,330

+Beginning net long term assets

Long term tangible assets 34,446 32,209 28,992
+Long term intangible assets 32,873 44,508 42,675
+Other long term assets 27,407 40,819 41,053
-Minority interest -4,641 -5,091 -4,777
-Deferred taxes 2,579 5,708 6,080
-Other long term liabilities -23,775 -23,917 -21,439
=Beginning net long term assets 68,889 94,236 92,584
Total Assets ₹ 125,411 ₹ 147,964 ₹ 133,914

Beginning Net Debt

Short Term Debt 9,809 16,255 17,869
+Long term debt 3,853 7,711 2,086
-Cash -52,623 -64,430 -88,885
Beginning Net Debt -38,961 -40,464 -68,930
+Beginning Preferred Stock 0 0 0
+Beginning Share Holders Equity 164372 188428 202844
Total Net Capital ₹ 125,411 ₹ 147,964 ₹ 133,914

Control Line - - -
 3/31/2020 3/31/2021 3/31/2022

₹ 132,459 ₹ 112,128 ₹ 139,911

358 242 405
12,044 16,070 21,344
-39,720 -38,251 -50,424
-43,158 -45,251 -57,060
61,983 44,938 54,176

38,840 35,887 37,846

48,937 54,590 110,844
45,592 44,571 47,269
-3,933 -3,795 -4,954
8,087 8,372 3,639
-31,532 -31,064 -36,676
105,991 108,561 157,968
₹ 167,974 ₹ 153,499 ₹ 212,144

26,379 19,273 17,564

10,326 9,735 8,620
-86,862 -124,159 -82,897
-50,157 -95,151 -56,713
0 0 0
218131 248650 268857
₹ 167,974 ₹ 153,499 ₹ 212,144

- - -
Tech Mahindra Ltd
Traditional Profitability Analysis

(Note: The numbers are in millions)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019 3/31/2020

Net Profit Margin (%) 12.41% 12.37% 11.31%

Asset Turnover (times) 1.09 1.09 1.04

Return on Assets (%) (Product of

net profit margin and asset
turnover) 13.52% 13.45% 11.78%
Return on Assets (%) 13.52% 13.45% 11.78%
Financial Leverage (times) 1.60 1.63 1.68
Return on Equity (%) (Product of
ROA and Financial Leverage) 21.65% 21.97% 19.81%
Return on Equity (%) 21.65% 21.97% 19.81%

Comments: Net profit margin is average.

Tech Mahindra is able to generate income with the investment in assets.
Return on Assets (%) indicates a company's profitability in relation to its total assets.

1.8 0.25
1.6
1.4 0.2

1.2
0.15
1
0.8
0.1
0.6
0.4 0.05
0.2
0 0
1 2 3 4 5 6

Asset Turnover (times) Financial Leverage (times) Net Profit Margin (%)
Return on Assets (%) Return on Equity (%)
3/31/2021 3/31/2022

11.58% 12.47% =$'Standard IS'.B24/$'Standard IS'.B6

0.98 1.06 =$'Standard IS'.B6/AVERAGE($'Standard BS'.B23:C23)

11.38% 13.17% =C7*C8

11.38% 13.17% =$'Standard IS'.B24/AVERAGE($'Standard BS'.B23:C23)
1.65 1.63 =AVERAGE($'Standard BS'.B23:C23)/AVERAGE($'Standard BS'.B44:C44)

18.78% 21.51% =C10*C11

18.78% 21.51% =$'Standard IS'.B24/AVERAGE($'Standard BS'.B44:C44)
Tech Mahindra Ltd
Balance Sheet - Common Size

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019

Assets
Cash and Marketable Securities 20% 21% 27%
Accounts Receivable 37% 35% 35%
Inventory 0% 0% 0%
Deffered Taxes - Current Assets 0% 0% 0%
Other Current Assets 5% 3% 2%
Total Current Assets 63% 59% 64%

Long Term Tangible Assets 13% 11% 9%

Long Term Intangible Assets 13% 15% 13%
Deffered Taxes - LT Assets 1% 2% 2%
Other Long Term Assets 11% 13% 12%
Total Long Term Assets 37% 41% 36%

Total Assets 100% 100% 100%

Liabilities
Short Term Debt 4% 5% 5%
Accounts Payable 9% 9% 9%
Other Current Liabilities 12% 12% 16%
Defferred Taxes - Current Liabilities 0% 0% 0%
Total Current Liabilities 25% 26% 31%

Long Term Debt 1% 3% 1%

Defferred Taxes - Long Term Liabilities 0% 0% 0%
Other Long Term Liabilities (non-interest bearing) 9% 8% 6%
Total Long Term Liabilities 11% 10% 7%

Total Liabilities 35% 36% 38%

Minority Interest 2% 2% 1%

Shareholders Equity
Preferred Stock 0% 0% 0%
Common Stockholders' Equity 63% 62% 61%
Total Shareholders' Equity 63% 62% 61%
 Total Liabilities and Shareholders' Equity 100% 100% 100%

Comments:
3/31/2020 3/31/2021 3/31/2022

23% 31% 18%

35% 28% 31%
0% 0% 0%
0% 0% 0%
3% 4% 5%
62% 64% 55%

10% 9% 8%
13% 14% 25%
2% 2% 2%
12% 11% 11%
38% 36% 45%

100% 100% 100%

7% 5% 4%
11% 10% 11%
12% 11% 13%
0% 0% 0%
29% 26% 28%

3% 2% 2%
0% 0% 1%
8% 8% 8%
11% 10% 11%

41% 36% 39%

1% 1% 1%

0% 0% 0%
58% 63% 60%
58% 63% 60%
100% 100% 100%
Tech Mahindra Ltd
Income Statement - Common Size

Updated at 20:40:23 3/31/2018 3/31/2019 3/31/2020

Revenue
Sales 100% 100% 100%
Cost of Sales 13% 13% 15%
Change in Stock 0% 0% 0%
Gross Profit 87% 87% 85%
SG&A 71% 68% 69%
Other Operating Expenses 4% 4% 4%
Operating Income 12% 15% 12%
Investment Income 3% 1% 1%
Other income net of other expenses 1% 0% 1%
Other Income 1% 0% 0%
Other Expenses 0% 0% 0%
Net Interest Expense 0% 0% 0%
Interest Income 0% 1% 1%
Interest Expense 0% 0% 0%
Minority Interest 0% 0% 0%
Pre-Tax Income 16% 16% 14%
Tax Expenses 4% 4% 3%
Unusual Items (After Tax) 0% 0% 0%
Net Income 12% 12% 11%

Key Profitability Ratios

Gross Profit Margin
(Sales-Cost of Sales)/Sales 87% 87% 85%
NOPAT Margin
(NOPAT/Sales) 12% 12% 11%
EBITDA Margin
(EBITDA/Sales) 20% 19% 19%

Comments:
3/31/2021 3/31/2022

100% 100%
14% 16%
0% 0%
86% 84%
68% 66%
5% 4%
14% 15%
1% 2%
0% 0%
0% 0%
0% 0%
0% 0%
1% 0%
0% 0%
0% 0%
16% 17%
4% 4%
0% 0%
12% 12%

86% 84%

11% 13%

20% 20%
Tech Mahindra Ltd
Balance Sheet - Standardized (Currency - INR Millions)

(Note: The numbers are in millions)

Financial Year Ended 3/31/2017 3/31/2018 3/31/2019

Assets
Cash and Marketable Securities ₹ 52,623 ₹ 64,430 ₹ 88,885
Accounts Receivable 96,167 106,961 118,013
Inventory 611 659 752
Deffered Taxes - Current Assets - - -
Other Current Assets 13,864 9,020 8,008
Total Current Assets ₹ 163,265 ₹ 181,070 ₹ 215,658

Long Term Tangible Assets ₹ 34,446 ₹ 32,209 ₹ 28,992

Long Term Intangible Assets 32,873 44,508 42,675
Deffered Taxes - LT Assets 2,674 5,766 6,091
Other Long Term Assets 27,407 40,819 41,053
Total Long Term Assets ₹ 97,400 ₹ 123,302 ₹ 118,811

Total Assets ₹ 260,665 ₹ 304,372 ₹ 334,469

Liabilities
Short Term Debt ₹ 9,809 ₹ 16,255 ₹ 17,869
Accounts Payable 23,160 26,498 30,812
Other Current Liabilities 30,960 36,414 54,631
Defferred Taxes - Current Liabilities - - -
Total Current Liabilities ₹ 63,929 ₹ 79,167 ₹ 103,312

Long Term Debt ₹ 3,853 ₹ 7,711 ₹ 2,086

Defferred Taxes - Long Term Liabilities 95 58 11
Other Long Term Liabilities (non-interest bearing) 23,775 23,917 21,439
Total Long Term Liabilities ₹ 27,723 ₹ 31,686 ₹ 23,536

Total Liabilities ₹ 91,652 ₹ 110,853 ₹ 126,848

Minority Interest ₹ 4,641 ₹ 5,091 ₹ 4,777

Shareholders Equity
Preferred Stock ₹ - ₹ - ₹ -
Common Stockholders' Equity 164,372 188,428 202,844
Total Shareholders' Equity ₹ 164,372 ₹ 188,428 ₹ 202,844
Total Liabilities and Shareholders' Equity ₹ 260,665 ₹ 304,372 ₹ 334,469
 3/31/2020 3/31/2021 3/31/2022

₹ 86,862 ₹ 124,159 ₹ 82,897

132,459 112,128 139,911
358 242 405
- - -
12,044 16,070 21,344
₹ 231,723 ₹ 252,599 ₹ 244,557

₹ 38,840 ₹ 35,887 ₹ 37,846

48,937 54,590 110,844
8,443 9,133 8,191
45,592 44,571 47,269
₹ 141,812 ₹ 144,181 ₹ 204,150

₹ 373,535 ₹ 396,780 ₹ 448,707

₹ 26,379 ₹ 19,273 ₹ 17,564

39,720 38,251 50,424
43,158 45,251 57,060
- - -
₹ 109,257 ₹ 102,775 ₹ 125,048

₹ 10,326 ₹ 9,735 ₹ 8,620

356 761 4,552
31,532 31,064 36,676
₹ 42,214 ₹ 41,560 ₹ 49,848

₹ 151,471 ₹ 144,335 ₹ 174,896

₹ 3,933 ₹ 3,795 ₹ 4,954

₹ - ₹ - ₹ -
218,131 248,650 268,857
₹ 218,131 ₹ 248,650 ₹ 268,857
₹ 373,535 ₹ 396,780 ₹ 448,707
Tech Mahindra Ltd
Income Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 20:40:23 3/31/2018 3/31/2019 3/31/2020
Revenue
Sales 307,729 347,421 368,677
Cost of Sales 40,827 45,489 56,461
Change in Stock - - -
Gross Profit 266,902 301,932 312,216
SG&A 218,763 237,352 253,484
Other Operating Expenses 11,439 12,211 15,537
Operating Income 36,700 52,369 43,195
Investment Income 9,627 2,070 5,371
Other income net of other expenses 2,098 33 2,489
Other Income 2,000 33 1,802
Other Expenses 98 - 687
Net Interest Expense 559 960 897
Interest Income 1,455 2,077 2,434
Interest Expense -896 -1,117 -1,537
Minority Interest 136 88 1,356
Pre-Tax Income 49,120 55,520 53,308
Tax Expenses 10,926 12,544 11,604
Unusual Items (After Tax) - - -
Net Income ₹ 38,194 ₹ 42,976 ₹ 41,704

Earnings Before Interest Tax Depreciation and Amortization (EBITDA)

Pre-Tax Income 49,120 55,520 53,308
Depreciation, Operating 7278 6860 10035
Amortization of Intangibles, Operating 3361 4237 4233
Net Interest Expense 559 960 897
EBITDA ₹ 60,318 ₹ 67,577 ₹ 68,473
 3/31/2021 3/31/2022

378,551 446,460 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A6,$IS.C$5:C$96)

51,147 70,970 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A7,$IS.C$5:C$96)
- - =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A8,$IS.C$5:C$96)
327,404 375,490 =B6-B7-B8
255,773 293,601 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A10,$IS.C$5:C$96)
17,331 16,478 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A11,$IS.C$5:C$96)
54,300 65,411 =B9-B10-B11
2,582 8,335 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A13,$IS.C$5:C$96)
413 1,282 =B15+B16
636 1,282 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A15,$IS.C$5:C$96)
-223 - =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A16,$IS.C$5:C$96)
1,788 -507 =B18+B19
3,254 904 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A18,$IS.C$5:C$96)
-1,466 -1,411 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A19,$IS.C$5:C$96)
750 -640 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A20,$IS.C$5:C$96)
59,833 73,881 =SUM(B12:B14)+B17+B20
15,999 18,220 =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A22,$IS.C$5:C$96)
- - =SUMIF($IS.$A$5:$A$96,$'Standard IS'.$A23,$IS.C$5:C$96)
₹ 43,834 ₹ 55,661 =B21-B22-B23

59,833 73,881
9739 8959
4705 6151
1,788 -507
₹ 76,065 ₹ 88,484
Tech Mahindra Ltd
Cash Flow Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 09:41:33 3/31/2018 3/31/2019

Net Income ₹ 48,788 ₹ 55,432

Non-operating Gains (Losses) -603 4,904
Long Term Operating Accruals 10,850 11,292
Operating Cashflow before investment in working capital changes 59,035 71,628
Net (Investements in) or Liquidation of Operating Working Capital -23,096 -27,186
Operating Cashflow before investment in Long-Term Assets 35,939 44,442
Net (Investements in) or Liquidation of Operating Long Term Assets -33,597 -21,164
Free cashflow available to debt and equity 2,342 23,278
Net Debt (Repayment) or Issuance 6,493 -5,858
Free cashflow available to equity 8,835 17,420
Dividend (Payments) -9,438 -14,907
Net Stock (Repurchase) or Issuance 251 -1,747
Net increase (decrease) in cash balance -352 766

Net Change in Cash, Cumulative -352 766

 3/31/2020 3/31/2021 3/31/2022

₹ 50,578 ₹ 59,529 ₹ 74,521

-578 5,512 591
14,458 14,577 15,204
64,458 79,618 90,316
-20,349 1,489 -37,480
44,109 81,107 52,836
10,286 -54,501 4,815
54,395 26,606 57,651
-2,327 -12,844 -7,721
52,068 13,762 49,930
-24,917 -17,594 -39,813
-17,411 569 868
9,740 -3,263 10,985

9740 -3263 10985

 Tech Mahindra Ltd
Balance Sheet - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 20:41:08 3/31/2017
Cash 13,767
Cash and Equivalents
Short Term Investments 38,856
Cash and Marketable Securities Cash and Short Term Investments 52,623
Accounts Receivable - Trade, Gross 57,995
Provision for Doubtful Accounts -4,618
Accounts Receivable - Trade, Net 74,460
Notes Receivable - Short Term 21,518
Receivables - Other 189
Accounts Receivable Total Receivables, Net 96,167
Inventories - Finished Goods
Inventories - Work In Progress
Inventories - Raw Materials
Inventories - Other 611
LIFO Reserve
Inventory Total Inventory 611
Other Current Assets Prepaid Expenses 4,890
Other Current Assets Restricted Cash - Current 1,210
Deffered Taxes - Current Assets Deferred Income Tax - Current Asset
Other Current Assets Discontinued Operations - Current Asset 265
Other Current Assets Other Current Assets 7,499
Other Current Assets, Total 8,974
Total Current Assets 163,265
Building - Gross 25,956
Land/Improvements - Gross 1,004
Machinery/Equipment - Gross 42,131
Construction in Progress - Gross 3,729
Leases - Gross
Natural Resources - Gross
Other Property/Plant/Equipment - Gross 14,259
Property, Plant And Equipment, Total - Gross 87,079
Accumulated Depreciation, Total -52,633
Long Term Tangible Assets Property/Plant/Equipment, Total - Net 34,446
Goodwill - Gross 0
Accumulated Goodwill Amortization 0
Long Term Intangible Assets Goodwill, Net 26,279
Intangibles, Gross 14,641
Accumulated Intangible Amortization -8,047
Long Term Intangible Assets Intangibles, Net 6,594
LT Investment - Affiliate Companies 243
LT Investments - Other 3,076
Other Long Term Assets Long Term Investments 3,319
Other Long Term Assets Note Receivable - Long Term 17,124
Other Long Term Assets Deferred Charges 4,544
Other Long Term Assets Pension Benefits - Overfunded
Deffered Taxes - LT Assets Deferred Income Tax - LT Asset 2,674
Other Long Term Assets Discontinued Operations - LT Asset
Other Long Term Assets Restricted Cash - Long Term 96
Other Long Term Assets Other Long Term Assets 2,324
Other Long Term Assets, Total 9,638
Other Assets, Total
Total Assets, Reported 260,665

Accounts Payable Accounts Payable 18,059

Accounts Payable Payable / Accrued
Accounts Payable Accrued Expenses 5,101
Short Term Debt Notes Payable/Short Term Debt 8,342
Short Term Debt Current Port. of LT Debt/Capital Leases 1,467
Other Current Liabilities Dividends Payable 70
Other Current Liabilities Customer Advances 5,367
Other Current Liabilities Security Deposits 4,428
Other Current Liabilities Income Taxes Payable 8,246
Other Current Liabilities Other Payables 1,138
Defferred Taxes - Current Liabilities Deferred Income Tax - Current Liability
Other Current Liabilities Discontinued Operations - Curr Liability
Other Current Liabilities Other Current Liabilities 11,711
Other Current liabilities, Total 30,960
Total Current Liabilities 63,929
Long Term Debt 1,889
Capital Lease Obligations 1,964
Long Term Debt Total Long Term Debt 3,853
Total Debt 13,662
Deferred Income Tax - LT Liability 95
Defferred Taxes - Long Term Liabilities Deferred Income Tax - LT Liability 95
Minority Interest Minority Interest 4,641
Reserves 2,848
Pension Benefits - Underfunded 3,353
Other Long Term Liabilities 17,574
Discontinued Operations - Liabilities
Other Liabilities
Other Long Term Liabilities (non-intere Other Liabilities, Total 23,775
Total Liabilities 96,293

Redeemable Preferred Stock


Preferred Stock
Preferred Stock
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Common Stockholders' Equity
Total Equity
Total Liabilities And Shareholders' Equity
Redeemable Convertible Preferred Stock
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable
Convertible Preferred Stock - Non Rdmbl
Treasury Stock - Preferred
General Partner
Preferred Stock - Non Redeemable, Net
Common Stock 4,870
Limited Partner
Common Stock, Total 4,870
Additional Paid-In Capital 21,411
Retained Earnings (Accumulated Deficit) 134,487
Treasury Stock - Common -482
ESOP Debt Guarantee
Unrealized Gain (Loss)
Translation Adjustment -811
Other Equity
Minimum Pension Liability Adjustment
Other Comprehensive Income 4,897
Other Equity, Total 4,086
164,372
260,665
Total Common Shares Outstanding 878
Total Preferred Shares Outstanding
3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022
16,991 10,848 14,786 16,770 23,785
2,106 0
47,439 75,931 72,076 107,389 59,112
64,430 88,885 86,862 124,159 82,897
70,115 76,503 83,036 71,645 81,402
-5,136 -6,917 -7,264 -6,917 -6,726
89,701 100,502 115,673 97,684 130,866
16,944 17,013 15,936 12,379 7,766
316 498 850 2,065 1,279
106,961 118,013 132,459 112,128 139,911

659 752 358

659 752 358 242 405

4,208 4,049 5,306 7,808 11,754
462 601 744 812 1,207

0
4,350 3,358 5,994 7,450 8,383
4,812 3,959 6,738 8,262 9,590
181,070 215,658 231,723 252,599 244,557
27,048 26,950 30,153 30,181 30,199
1,088 1,072 1,083 1,100 1,090
45,617 47,084 49,782 53,016 59,357
2,399 2,763 501 1,183 1,651

15,654 12,229 28,191 28,010 29,853

91,806 90,098 109,710 113,490 122,150
-59,597 -61,106 -70,870 -77,603 -84,304
32,209 28,992 38,840 35,887 37,846

27,727 28,163 33,877 40,082 74,258

28,382 30,006 35,418 35,085 63,015
-11,601 -15,494 -20,358 -20,577 -26,429
16,781 14,512 15,060 14,508 36,586
1,010 361 197 279 1,969
13,354 8,867 3,607 6,369 3,307
 14,364 9,228 3,804 6,648 5,276
21,921 25,019 28,090 25,788 30,296
4,073 3,681 11,507 10,436 9,441

5,766 6,091 8,443 9,133 8,191

115 526 442 239 351

346 2,599 1,749 1,460 1,905
10,300 12,897 22,141 21,268 19,888

304,372 334,469 373,535 396,780 448,707

24,893 32,566 27,850 40,947

20,368
6,130 5,919 7,154 10,401 9,477
9,549 11,961 22,495 14,960 13,481
6,706 5,908 3,884 4,313 4,083
100 178 221 307 364
5,755 6,130 6,279 6,736 10,680
4,139 4,396 4,894 5,431 7,313
9,379 10,175 10,205 11,143 10,441
3,068 3,145 2,014 635 905

13,973 30,607 19,545 20,999 27,357

36,414 54,631 43,158 45,251 57,060
79,167 103,312 109,257 102,775 125,048
6,004 1,844 1,787 1,658 1,420
1,707 242 8,539 8,077 7,200
7,711 2,086 10,326 9,735 8,620
23,966 19,955 36,705 29,008 26,184
58 11 356 761 4,552
58 11 356 761 4,552
5,091 4,777 3,933 3,795 4,954
2,979 2,459 2,663 3,474 3,388
2,572 3,342 4,028 4,336 5,423
18,366 15,638 24,841 23,254 27,865

23,917 21,439 31,532 31,064 36,676

115,944 131,625 155,404 148,130 179,850
 4,899 4,437 4,359 4,370 4,388

4,899 4,437 4,359 4,370 4,388

23,812 7,631 9,215 10,622 12,851
158,684 186,824 201,473 226,452 241,864
-482

958 1,764 4,384 4,467 4,987

557 2,188 -1,300 2,739 4,767

1,515 3,952 3,084 7,206 9,754
188,428 202,844 218,131 248,650 268,857
304,372 334,469 373,535 396,780 448,707
883 887 872 874 878
 Tech Mahindra Ltd
Income Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 20:40:23 3/31/2018
Net Sales 307,729
Gross Revenue
Sales Returns and Allowances
Excise Taxes Payments (Revenues)
Revenue 307,729
Other Revenue, Total
Sales Total Revenue 307,729
Cost of Revenue 40,827
Excise Taxes Payments
Cost of Sales Cost of Revenue, Total 40,827
Gross Profit 266,902
Selling/General/Administrative Expense 51,037
Labor And Related Expense 166,240
Advertising Expense 1,486
SG&A Selling/General/Administrative Expense, Total 218,763
Other Operating Expenses Research And Development
Depreciation, Operating 7,278
Amortization of Intangibles, Operating 3,361
Amortization of Acquisition Costs, Operating
Other Operating Expenses Depreciation And Amortization 10,639
Interest Expense - Operating
Interest Capitalized - Operating
Interest Expense, Net - Operating
Interest Income - Operating
Investment Income - Operating 211
Interest/Investment Income - Operating 211
Interest Expense (Income) - Net Operating
Other Operating Expenses Interest Expense (Income), Net-Operating, Ttl 211
Purchased R&D Written-Off
Restructuring Charge
Litigation
Loss (Gain) on Sale of Assets - Operating
Impairment - Assets Held for Use 185
Impairment - Assets Held for Sale
Other Unusual Expense (Income) -87
Other Expenses Unusual Expense (Income) 98
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability Adjustment
Other Operating Expense 858
Other, Net - Operating -269
Other Operating Expenses Other Operating Expenses, Total 589
Total Operating Expense 271,127
Operating Income 36,602
Interest Expense - Non-Operating -896
Interest Capitalized - Non-Operating
Interest Expense Interest Expense, Net Non-Operating -896
Interest Income Interest Income - Non-Operating 1,455
Investment Income Investment Income - Non-Operating 9,627
Interest/Invest Income - Non-Operating 11,082
Interest Income (Exp), Net Non-Operating
Interest Income (Expense), Net-Non-Operating, Total 10,186
Other Income Gain (Loss) on Sale of Assets 1,564
Foreign Currency Adjustment
Unrealized Gains (Losses)
Minimum Pension Liability Adjustment
Other Non-Operating Income (Expense) 436
Other Income Other, Net - Non-Operating 436
Net Income Before Taxes 48,788
Tax Expenses Provision for Income Taxes 10,926
Net Income After Taxes 37,862
Minority Interest Minority Interest 136
Minority Interest Equity In Affiliates
Minority Interest U.S. GAAP Adjustment
Net Income Before Extraordinary Items 37,998
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Unusual Items (After Tax) Total Extraordinary Items
Net Income Incl Extra Before Distributions 37,998
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income

Income Avail to Cmn Shareholders Excl Extra 37,998

Income Avail to Cmn Shareholders Incl Extra 37,998

Basic Weighted Average Shares 883

Basic EPS Excluding Extraordinary Items 43.02
Basic EPS Including Extraordinary Items 43.02

Dilution Adjustment
 Diluted Net Income 37,998
Diluted Weighted Average Shares 891
Diluted EPS Excluding Extraordinary Items 42.66
Diluted EPS Including Extraordinary Items 42.66

DPS - Common Stock Primary Issue 14.00

3/31/2019 3/31/2020 3/31/2021 3/31/2022
347,421 368,677 378,551 446,460

347,421 368,677 378,551 446,460

347,421 368,677 378,551 446,460

45,489 56,461 51,147 70,970

45,489 56,461 51,147 70,970

301,932 312,216 327,404 375,490
60,683 62,996 61,813 68,773
175,079 188,100 192,973 222,859
1,590 2,388 987 1,969
237,352 253,484 255,773 293,601

6,860 10,035 9,739 8,959

4,237 4,233 4,705 6,151

11,097 14,268 14,444 15,110

195 190 133 94

195 190 133 94

195 190 133 94

2,175 507 0
0
0 -1,488 -730 0
0 687 -223 0

1,211 1,471 3,161 1,689

-292 -392 -407 -415
 919 1,079 2,754 1,274
295,052 326,169 324,028 381,049
52,369 42,508 54,523 65,411
-1,117 -1,537 -1,466 -1,411

-1,117 -1,537 -1,466 -1,411

2,077 2,434 3,254 904
2,070 5,371 2,582 8,335
4,147 7,805 5,836 9,239

3,030 6,268 4,370 7,828

154 80 14 63

-121 1,722 622 1,219

-121 1,722 622 1,219
55,432 50,578 59,529 74,521
12,544 11,604 15,999 18,220
42,888 38,974 43,530 56,301
88 1,356 750 -640

42,976 40,330 44,280 55,661

42,976 40,330 44,280 55,661

42,976 40,330 44,280 55,661

42,976 40,330 44,280 55,661

887 873 874 879

48.47 46.21 50.64 63.32
48.47 46.21 50.64 63.32
42,976 40,330 44,280 55,661
901 880 882 886
47.72 45.85 50.19 62.81
47.72 45.85 50.19 62.81

14.00 15.00 15.00 15.00

Net Income

Long Term Operating Accruals

Long Term Operating Accruals

Non-operating Gains (Losses)

Non-operating Gains (Losses)

Net (Investements in) or Liquidation of Operating Working Capital

Net (Investements in) or Liquidation of Operating Long Term Assets

Net (Investements in) or Liquidation of Operating Long Term Assets

Net Debt (Repayment) or Issuance

Dividend (Payments)

Net Stock (Repurchase) or Issuance

Net Debt (Repayment) or Issuance

Non-operating Gains (Losses)

Tech Mahindra Ltd
Cash Flow Statement - Standardized (Currency: INR)
(Note: The numbers are in millions)
Updated at 09:41:33 3/31/2018 3/31/2019 3/31/2020
Net Income/Starting Line, Cumulative 48,788 55,432 50,578
Depreciation (CF), Cumulative 10,850 11,292 14,458
Depreciation / Depletion, Cumulative 10,850 11,292 14,458
Amortization of Intangibles (CF)
Amortization of Acquisition Costs (CF)
Amortization, Cumulative
Deferred Taxes (CF)
Accounting Changes (CF)
Discontinued Operations (CF)
Extraordinary Item (CF)
Unusual Items (CF) -2,709 -2,515 -1,456
Purchased R&D (CF)
Equity in Net Earnings (Loss) (CF) -1 655 55
Other Non-Cash Items 1,703 6,642 295
Non-Cash Items -1,007 4,782 -1,106
Accounts Receivable (CF) -10,442 -16,190 -23,349
Inventories (CF)
Prepaid Expenses (CF)
Other Assets (CF)
Accounts Payable (CF) 2,610 5,616 18,131
Accrued Expenses (CF)
Payable / Accrued (CF)
Taxes Payable (CF)
Other Liabilities (CF)
Other Assets & Liabilities, Net (CF)
Other Operating Cash Flow -15,264 -16,612 -15,131
Changes in Working Capital, Cumulative -23,096 -27,186 -20,349
Cash from Operating Activities, Cumulative 35,535 44,320 43,581

Purchase of Fixed Assets, Cumulative -10,166 -8,046 -8,446

Purchase/Acquisition of Intangibles
Software Development Costs
Capital Expenditures, Cumulative -10,166 -8,046 -8,446
Acquisition of Business -1,350 -5,480
Sale of Business 258 0 802
Sale of Fixed Assets 2,264 253 153
Sale/Maturity of Investment 162,948 211,056 350,891
Investment, Net (CF)
Purchase of Investments -189,884 -234,272 -332,427
Sale of Intangible Assets
Intangible, Net (CF)
 Other Investing Cash Flow 983 11,195 4,793
Other Investing Cash Flow Items, Total, Cumulative -23,431 -13,118 18,732
Cash from Investing Activities, Cumulative -33,597 -21,164 10,286

Other Financing Cash Flow -993 -1,354 -1,883

Financing Cash Flow Items -993 -1,354 -1,883
Cash Dividends Paid - Common -9,438 -14,907 -24,917
Cash Dividends Paid - Preferred
Total Cash Dividends Paid, Cumulative -9,438 -14,907 -24,917
Sale/Issuance of Common
Repurchase/Retirement of Common -2,106 -17,879
Common Stock Issued (Retired), Net -2,106 -17,879
Sale/Issuance of Preferred
Repurchase/Retirement of Preferred
Preferred Stock Issued (Retired), Net
Sale/Issuance of Common/Preferred
Repurchases/Retirement of Common/Preferred
Options Exercised 251 359 468
Warrants Converted
Treasury Stock (CF)
Issuance (Retirement) of Stock, Net, Cumulative 251 -1,747 -17,411
Short Term Debt Issued
Short Term Debt Reduction
Short Term Debt Issued (Reduced), Net 53 1,972 11,494
Long Term Debt Issued
Long Term Debt Reduction -2,112 -6,656 -15,732
Long Term Debt Issued (Reduced), Net 7,433 -6,476 -11,938
Total Debt Issued
Total Debt Reduction
Issuance (Retirement) of Debt, Net, Cumulative 7,486 -4,504 -444
Cash from Financing Activities, Cumulative -2,694 -22,512 -44,655

Foreign Exchange Effects, Cumulative 404 122 528

Net Change in Cash, Cumulative -352 766 9,740

Net Cash - Beginning Balance 20,013 19,661 20,427
Net Cash - Ending Balance 19,661 20,427 30,167

Cash Interest Paid, Supplemental, Cumulative 1,599 1,354 1,883

Cash Taxes Paid 15,264 16,612 15,131
3/31/2021 3/31/2022
59,529 74,521
14,577 15,204
14,577 15,204

-1,830 -2,646

-12 -28
7,185 3,282
5,343 608
8,523 -28,951

9,199 -895
-6,195 9,785

4,108 5,718

-14,146 -23,137
1,489 -37,480
80,938 52,853

-6,660 -9,584

-6,660 -9,584
-11,340 -46,613
0 725
935 1,231
245,234 277,403

-285,388 -219,638
 2,718 1,291
-47,841 14,399
-54,501 4,815

-1,101 -924
-1,101 -924
-17,594 -39,813

-17,594 -39,813

0
0

569 868

569 868

-7,665 -2,030

-4,170 -5,388
-4,078 -4,767

-11,743 -6,797
-29,869 -46,666

169 -17

-3,263 10,985
30,167 26,904
26,904 37,889

1,789 1,231
14,146 23,137
Standard Heads for Recasting Financial Statements

Income Statement Balance Sheet Assets

Sales Cash and Marketable Securities
Cost of Sales Accounts Receivable
Change in Stock Inventory

SG&A Deffered Taxes - Current Assets

Other Operating Expenses Other Current Assets

Net interest Expense Long Term Tangible Assets

Interest Income Long Term Intangible Assets

Interest Expense Deffered Taxes - LT Assets
Investment Income Other Long Term Assets
Other Income
Other Expenses
Minority Interest
Tax Expenses
Unusual Items (After Tax)
Balance Sheet Liabilities Cash Flow Statement
Short Term Debt Net Income
Accounts Payable Non-operating Gains (Losses)
Other Current Liabilities Long Term Operating Accruals
Net (Investements in) or Liquidation of Operating
Defferred Taxes - Current Liabilities Working Capital
Net (Investements in) or Liquidation of Operating
Long Term Debt Long Term Assets
Defferred Taxes - Long Term Liabilities Net Debt (Repayment) or Issuance

Other Long Term Liabilities (non-interest bearing) Dividend (Payments)

Minority Interest Net Stock (Repurchase) or Issuance
Preferred Stock
Common Stockholders' Equity
Tech Mahindra Ltd
Alpha 0.001 =INTERCEPT(D8:D42,E8:E42)
Beta (using slope function) 0.963 =SLOPE(D8:D42,E8:E42)
Beta (using variance,covariance) 0.963 =COVARIANCE.P(D8:D42,E8:E42)/VAR.P(E8:E42)

Return -
Tech
Mahindra Return -
Date Closing Price NIFTY 50 Ltd NIFTY 50
Jul-22 1048.65 17158.25 6.19% 8.37%
Jun-22 985.66 15780.25 -16.57% -4.97%
May-22 1163.33 16584.55 -6.46% -3.08%
Apr-22 1240.95 17102.55 -17.48% -2.10%
Mar-22 1477.95 17464.75 6.15% 3.92%
Feb-22 1389.79 16793.9 -4.78% -3.20%
Jan-22 1457.80 17339.85 -19.12% -0.08%
Dec-21 1764.88 17354.05 14.98% 2.16%
Nov-21 1519.35 16983.2 5.20% -3.97%
Oct-21 1442.31 17671.65 6.81% 0.30%
Sep-21 1347.40 17618.15 -4.74% 2.80%
Aug-21 1412.84 17132.2 17.97% 8.33%
Jul-21 1180.46 15763.05 11.22% 0.26%
Jun-21 1055.14 15721.5 6.97% 0.89%
May-21 984.06 15582.8 6.18% 6.30%
Apr-21 925.06 14631.1 -3.18% -0.41%
Mar-21 954.97 14690.7 7.60% 1.11%
Feb-21 885.04 14529.15 -4.53% 6.35%
Jan-21 926.03 13634.6 -1.22% -2.51%
Dec-20 937.39 13981.75 10.43% 7.52%
Nov-20 844.59 12968.95 7.52% 10.79%
Oct-20 783.38 11642.4 4.57% 3.45%
Sep-20 748.40 11247.55 6.62% -1.24%
Aug-20 700.42 11387.5 8.35% 2.80%
Jul-20 644.32 11073.45 22.67% 7.22%
Jun-20 513.64 10302.1 2.41% 7.26%
May-20 501.40 9580.3 -2.94% -2.88%
Apr-20 516.34 9859.9 -3.46% 13.70%
Mar-20 534.53 8597.75 -27.49% -26.46%
Feb-20 703.64 11201.75 -6.78% -6.57%
Jan-20 752.98 11962.1 4.40% -1.71%
Dec-19 720.56 12168.45 0.11% 0.93%
Nov-19 719.75 12056.05 2.99% 1.49%
Oct-19 698.53 11877.45 3.37% 3.45%
Sep-19 675.38 11474.45 2.96% 4.01%
 Aug-19 655.67 11023.25

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.623907514483909
R Square 0.389260586629489
Adjusted R Square 0.370753331678868
Standard Error 0.0822925064993929
Observations 35

ANOVA
df SS MS F Significance F
Regression 1 0.14243575 0.142436 21.03286 6.2108378E-05
Residual 33 0.22347787 0.006772
Total 34 0.36591362

Standard
Coefficients Error t Stat P-value Lower 95%
Intercept 0.00124670239801914 0.01416085 0.088039 0.930378 -0.0275637724
X Variable 1 0.962705306094123 0.20991533 4.58616 6.211E-05 0.53562935906
 Tech Mahindra Ltd Vs NIFTY 50
Aug 2019 - July 2022
30.00%

20.00%

f(x) = 0.962705306094123 x + 0.00124670239801914

10.00%
R² = 0.389260586629489

0.00%
-30.00% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00%

-10.00%

-20.00%

-30.00%
 Upper Lower Upper
95% 95.0% 95.0%
0.030057 -0.027564 0.030057
1.389781 0.535629 1.389781
Ten year
growth -12%

Cost of equity
(using Gordon) -10%

Total Cash
Dividends Paid,
Discrete
Outstanding (INR)
Date Closing Price Shares In the last 11 FY Dividends per share
### 1764.880675 970530621 39813000000 41.0218896122805
### 937.39239 967357158 17594000000 18.1876981572922
### 720.558374 965240899 24917000000 25.8142812077423
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