Historical & Forecasted Financial Statement - Genpact Limited

Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# Income Statement
Sales / Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7 $ 6,070.1 $ 6,589.3
Sales Growth - 8.43% 8.68% 8.55% 8.55% 8.55% 8.55% 8.55%

COGS ($ 2,418.1) ($ 2,590.3) ($ 2,834.8) ($ 3,075.5) ($ 3,338.6) ($ 3,624.2) ($ 3,934.2) ($ 4,270.8)

COGS % Sales -65.19% -64.40% -64.85% -64.81% -64.81% -64.81% -64.81% -64.81%

Gross Profit $ 1,291.2 $ 1,432.0 $ 1,536.4 $ 1,669.6 $ 1,812.5 $ 1,967.5 $ 2,135.8 $ 2,318.6
Gross Margin 34.81% 35.60% 35.15% 35.19% 35.19% 35.19% 35.19% 35.19%

Selling & General Expenses ($ 789.8) ($ 865.7) ($ 938.4) ($ 1,016.8) ($ 1,103.8) ($ 1,198.2) ($ 1,300.7) ($ 1,412.0)
S&G % Sales -21.29% -21.52% -21.47% -21.43% -21.43% -21.43% -21.43% -21.43%

Amortization of acquired intangible assets ($ 43.3) ($ 58.4) ($ 42.7) ($ 56.9) ($ 61.8) ($ 67.1) ($ 72.8) ($ 79.0)
% sales -1.17% -1.45% -0.98% -1.20% -1.20% -1.20% -1.20% -1.20%

Other operating (income) expense, net ($ 19.3) $ 1.2 ($ 53.2) ($ 27.0) ($ 29.3) ($ 31.8) ($ 34.6) ($ 37.5)
% Sales -0.52% 0.03% -1.22% -0.57% -0.57% -0.57% -0.57% -0.57%

Total Operating Exp ($ 852.5) ($ 923.0) ($ 1,034.2) ($ 1,100.7) ($ 1,194.9) ($ 1,297.1) ($ 1,408.1) ($ 1,528.5)
T&O % of Sales -22.98% -22.95% -23.66% -23.20% -23.20% -23.20% -23.20% -23.20%

EBITDA $ 555.2 $ 618.1 $ 589.0 $ 714.0 $ 737.7 $ 775.7 $ 819.1 $ 883.9

EBITDA % Sales 14.97% 15.37% 13.47% 15.05% 14.32% 13.87% 13.49% 13.41%
D&A $ 116.5 $ 109.1 $ 86.8 $ 145.1 $ 120.1 $ 105.3 $ 91.3 $ 93.8

Op Income (EBIT) $ 438.7 $ 509.0 $ 502.2 $ 568.9 $ 617.6 $ 670.4 $ 727.8 $ 790.1
EBIT % Sales 11.83% 12.65% 11.49% 11.99% 11.99% 11.99% 11.99% 11.99%
Interest Income / (Expense) ($ 38.2) ($ 25.9) ($ 36.9) ($ 83.6) ($ 75.2) ($ 67.6) ($ 59.9) ($ 51.8)

Profit Before Tax (PBT) $ 400.5 $ 483.1 $ 465.2 $ 485.4 $ 542.5 $ 602.8 $ 667.9 $ 738.2
PBT % Sales 10.80% 12.01% 10.64% 10.23% 10.53% 10.78% 11.00% 11.20%

Taxes ($ 92.2) ($ 113.7) ($ 111.8) ($ 72.8) ($ 81.4) ($ 90.4) ($ 100.2) ($ 110.7)

Net Income/ Profit $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4 $ 567.7 $ 627.5
Net Margins 8.31% 9.19% 8.08% 8.69% 8.95% 9.16% 9.35% 9.52%

No of Equity Shares 190.0 188.0 184.0 184.0 184.0 184.0 184.0 184.0

Earnings per Share $1.62 $1.97 $1.92 $2.24 $2.51 $2.78 $3.09 $3.41
EPS Growth % - 21.12% -2.25% 16.74% 11.76% 11.13% 10.80% 10.53%
# Balance Sheet
Current Assets
Current Assets
Cash and cash equivalents $ 680.4 $ 899.5 $ 646.8 $ 983.0 $ 1,283.8 $ 1,594.1 $ 1,916.5 $ 2,269.5
Account Receivable $ 881.0 $ 887.7 $ 994.8 $ 1,032.5 $ 1,120.9 $ 1,216.8 $ 1,320.9 $ 1,433.9
Prepaid Exp $ 187.4 $ 134.4 $ 138.0 $ 138.0 $ 138.0 $ 138.0 $ 138.0 $ 138.0
Total Current Assets $ 1,748.9 $ 1,921.6 $ 1,779.5 $ 2,153.5 $ 2,542.7 $ 2,948.9 $ 3,375.4 $ 3,841.3

Non-Current Assets
Property Plant and Equipment $ 231.1 $ 215.1 $ 180.8 $ 144.5 $ 127.0 $ 120.6 $ 120.9 $ 125.5
Operating lease right-of-use assets $ 304.7 $ 270.6 $ 198.4 $ 198.4 $ 198.4 $ 198.4 $ 198.4 $ 198.4
Deferred tax assets $ 106.7 $ 106.3 $ 135.5 $ 135.5 $ 135.5 $ 135.5 $ 135.5 $ 135.5
Intangible assets, net $ 236.7 $ 169.6 $ 89.7 $ 50.1 $ 22.6 $ 5.3 $ 2.3 $ 0.0
Goodwill $ 1,695.7 $ 1,731.0 $ 1,684.2 $ 1,684.2 $ 1,684.2 $ 1,684.2 $ 1,684.2 $ 1,684.2
Contract cost assets $ 225.9 $ 238.8 $ 216.7 $ 216.7 $ 216.7 $ 216.7 $ 216.7 $ 216.7
Other assets, net $ 323.8 $ 322.2 $ 304.1 $ 304.1 $ 304.1 $ 304.1 $ 304.1 $ 304.1
Total Non-Current Assets $ 3,124.6 $ 3,053.6 $ 2,809.3 $ 2,733.4 $ 2,688.5 $ 2,664.8 $ 2,662.0 $ 2,664.4

Total Assets $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7 $ 6,037.4 $ 6,505.7

Current Liabilities
Short-term borrowings $ 250.0 - $ 151.0 $ 151.0 $ 151.0 $ 151.0 $ 151.0 $ 151.0
Current portion of long-term debt $ 33.5 $ 383.4 $ 26.1 $ 26.1 $ 26.1 $ 26.1 $ 26.1 $ 26.1
Accounts payable $ 13.9 $ 25.0 $ 35.8 $ 28.0 $ 30.4 $ 33.0 $ 35.9 $ 38.9
Income taxes payable $ 41.9 $ 47.4 $ 45.3 $ 45.3 $ 45.3 $ 45.3 $ 45.3 $ 45.3
Accrued expenses and other current liabilities $ 806.8 $ 791.4 $ 791.0 $ 791.0 $ 791.0 $ 791.0 $ 791.0 $ 791.0
Operating leases liability $ 56.5 $ 61.6 $ 54.1 $ 54.1 $ 54.1 $ 54.1 $ 54.1 $ 54.1
Total Current Liabilities $ 1,202.6 $ 1,308.8 $ 1,103.3 $ 1,095.5 $ 1,097.9 $ 1,100.5 $ 1,103.4 $ 1,106.4

Non-Current Liabilities
Long term Debt $ 1,307.4 $ 1,272.5 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2
Operating lease liabilities, non-current $ 289.4 $ 247.7 $ 190.4 $ 190.4 $ 190.4 $ 190.4 $ 190.4 $ 190.4
Deferred tax liabilities $ 1.5 $ 3.9 $ 4.2 $ 4.2 $ 4.2 $ 4.2 $ 4.2 $ 4.2
Other liabilities $ 238.4 $ 245.2 $ 215.6 $ 215.6 $ 215.6 $ 215.6 $ 215.6 $ 215.6
Total Non-Current Liabilities $ 1,836.6 $ 1,769.3 $ 1,659.3 $ 1,659.3 $ 1,659.3 $ 1,659.3 $ 1,659.3 $ 1,659.3

Total Liabilities $ 3,039.3 $ 3,078.1 $ 2,762.7 $ 2,754.9 $ 2,757.3 $ 2,759.9 $ 2,762.7 $ 2,765.8

Equity
Equity Capital
Common Stock $ 1.9 $ 1.8 $ 1.8
Additional paid-in capital $ 1,636.0 $ 1,717.2 $ 1,777.5
Accumulated other comprehensive income (loss) ($ 545.3) ($ 554.4) ($ 733.1)
Total Equity Capital $ 1,092.6 $ 1,164.7 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2
Retained Earnings $ 741.7 $ 732.5 $ 780.0 $ 1,085.9 $ 1,427.7 $ 1,807.6 $ 2,228.5 $ 2,693.8
Total Equity $ 1,834.2 $ 1,897.133 $ 1,826.2 $ 2,132.0 $ 2,473.9 $ 2,853.8 $ 3,274.7 $ 3,739.9

Total liabilities and Equity $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7 $ 6,037.4 $ 6,505.7

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement
Net Income $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4 $ 567.7 $ 627.5
Depreciation & Amortization $ 116.5 $ 109.1 $ 86.8 $ 145.1 $ 120.1 $ 105.3 $ 91.3 $ 93.8
Changes in Working Capital - $ 4.4 ($ 96.2) ($ 45.6) ($ 85.9) ($ 93.3) ($ 101.3) ($ 109.9)
Changes in Account Receivable - - - - - - - -
Changes in Inventory - - - - - - - -
Changes in Other Assets - - - - - - - -
Changes in Account Payable - - - - - - - -
Changes in Other Liabilities - - - - - - - -
Other Operating Cash Flows - - - - - - - -
Cash Flow from Operations (CFO) $ 424.8 $ 482.9 $ 344.1 $ 512.1 $ 495.2 $ 524.4 $ 557.7 $ 611.4

Capital Expenditure ($ 70.2) ($ 53.3) ($ 50.6) ($ 69.2) ($ 75.1) ($ 81.6) ($ 88.5) ($ 96.1)
Cash Flow from Investing (CFI) ($ 70.2) ($ 53.3) ($ 50.6) ($ 69.2) ($ 75.1) ($ 81.6) ($ 88.5) ($ 96.1)

Equity Issuance / Equity Raise - - - - -

Equity Repurchase - - - - -
Dividend Paid ($ 106.7) ($ 119.2) ($ 132.5) ($ 146.8) ($ 162.3)
LT Debt Issuance - - - - -
LT Debt Repayment - - - - -
Current Debt Issue / Repay - - - - -
Others - - - - -
Cash Flow from Financing (CFF) - - - ($ 106.7) ($ 119.2) ($ 132.5) ($ 146.8) ($ 162.3)

Changes in Cash anc Cash Equivalents $ 354.6 $ 429.6 $ 293.5 $ 336.2 $ 300.9 $ 310.3 $ 322.4 $ 353.0

Opening Cash Balance $ 646.8 $ 983.0 $ 1,283.8 $ 1,594.1 $ 1,916.5

Changes in Cash anc Cash Equivalents $ 336.2 $ 300.9 $ 310.3 $ 322.4 $ 353.0
Ending Cash Balance $ 680.4 $ 899.5 $ 646.8 $ 983.0 $ 1,283.8 $ 1,594.1 $ 1,916.5 $ 2,269.5
Genpact Limited
( G | Nasdaq)
USD $ 37.55
( 52 Week High 48.85 $, Low 35.75 $)
About The Company
Genpact was founded in 1997 as a unit of General Electric.The company was founded as GE Capital International Services
(GECIS) in New Delhi. Starting with 20 employees under the leadership of CEO Pramod Bhasin, its charter was to provide
business process outsourcing solutions to GE's businesses.
the beginning, GECIS created processes for outsourcing back-office activities for GE Capital such as processing car loans and
credit card transactions. It was an experimental concept at the time and the beginning of the Business-Process-Outsourcing
(BPO) industry.
Financial Summery

Net Income Revenue Total Assets

$ 4,745.1
$ 4,371.2
$ 412.6 $ 4,975.3
$ 4,022.2
$ 369.4 $ 3,709.4 $ 4,886.9
$ 353.4 $ 4,873.5
$ 308.3

$ 4,588.8

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

ROE ROA Financial Levrage

1.8x
12.98% 8.44% 1.7x
12.90% 12.90%
7.43% 7.70%
1.7x
6.33%

11.20% 1.5x

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023

Recent Update :
 Total revenue was $4.37 billion, up 9% year-over-year (11% on a constant currency basis)
 Revenue from Data-Tech-AI services was $1.96 billion, up 16% year-over-year (18% on a constant currency basis),
representing 45% of total revenue.
 Revenue from Digital Operations services was $2.41 billion, up 3% year-over-year (6% on a constant currency
basis), representing 55% of total revenue.
 Net income was $353 million, down 4% year-over-year, with a corresponding margin of 8%.
 Genpact repurchased approximately 4.8 million of its common shares during the year for total consideration of
approximately $214 million at an average price per share of $44.79
 DuPont Analysis - Return on equity & Return on Assets
FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E
Net income $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4
Average Share Holder Equity $ 2,751.3 $ 2,845.7 $ 2,739.2 $ 3,198.1 $ 3,710.8 $ 4,280.7
Return on Equity (ROE) 11.20% 12.98% 12.90% 12.90% 12.43% 11.97%

Return on Equity (ROE) - DuPont Equation

FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E
Net income $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4
Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7
Net Profit Margin (A) 8.31% 9.19% 8.08% 8.69% 8.95% 9.16%

Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7

Avrage Total Assets $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7
Assets Turn Over Ratio (B) 0.8x 0.8x 1.0x 1.0x 1.0x 1.0x

Avrage Total Assets $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7

Average Share Holder Equity $ 2,751.3 $ 2,845.7 $ 2,739.2 $ 3,198.1 $ 3,710.8 $ 4,280.7
Equity Multiplier (C) 1.8x 1.7x 1.7x 1.5x 1.4x 1.3x

Return on Equity (A*B*C) 11.20% 12.98% 12.90% 12.90% 12.43% 11.97%

Return on Assets (ROA)

FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E
Net income $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4
Avrage Total Assets $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7
Return on Assets (ROA) 6.33% 7.43% 7.70% 8.44% 8.81% 9.13%

Return on Assets (ROA) - DuPont Equation

FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E
Net income $ 308.3 $ 369.4 $ 353.4 $ 412.6 $ 461.1 $ 512.4
Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7
Net Profit margin (A) 8.311% 9.185% 8.085% 8.695% 8.951% 9.163%

Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7

Avrage Total Assets $ 4,873.5 $ 4,975.3 $ 4,588.8 $ 4,886.9 $ 5,231.2 $ 5,613.7
Assets Turnover Ratio (B) 0.8x 0.8x 1.0x 1.0x 1.0x 1.0x

Return on Assets (A*B) 6.33% 7.43% 7.70% 8.44% 8.81% 9.13%

DuPont Summery :
 Return on Equity of Genpact Limited has been contant between 11.2 % to 12.9 %, It id good for the Genpact limited
 Return on Assets of Genpact Limited has been incresed from 6.33 % to 8.44% from 2020 to 2023, Also it is good for
Genpact Limited
 Financial Levarge of Genpact Limited has been decresed from 1.8x to 1.5x from 2020 to 2023

Disclamer : This report is made as part of education assignment and is meant for education purpose only. The auther of the report is not liable for any losses due to action taken basis this report
please consuren your finacial adviser for the future investment
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# DCF Valuation # WACC

+ EBIT*(1-T) $ 606.9 $ 627.0 $ 659.4 $ 696.2 $ 751.3 Debt $ 1,275.3
+ Depreciation and Amortization $ 145.1 $ 120.1 $ 105.3 $ 91.3 $ 93.8 Market cap $ 6,908.6
- Capex ($ 69.2) ($ 75.1) ($ 81.6) ($ 88.5) ($ 96.1)
- Changes in working capital ($ 45.6) ($ 85.9) ($ 93.3) ($ 101.3) ($ 109.9) Cost of Debt 8%
Free cash Flow $ 637.2 $ 586.0 $ 589.8 $ 597.7 $ 639.0 Weight of Debt 16%
Growth -8% 1% 1% 7%
Cost of Equity 10.34%
# PGM Model EMM Model Weight of equity 84%
Present value of future cash flows $ 2,531.3 $ 2,531.3
Present value of Terminal value - PGM $ 10,602.1 Tax Rate 15%
EMM Multiple CAPM
Present value of Terminal value - EMM $ 3,555.8 Risk Free Rate 3.50%
Enterprise Value $ 13,133.4 $ 6,087.1 Beta of Genpact Limited 1.2x
- Debt $ 1,275.3 $ 1,275.3 Market risk premium 5.70%
- Minority 0 0
- Preferred 0 0 WACC 9.76%
+ Cash $ 646.8 $ 646.8
Market Capital $ 12,504.9 $ 5,458.6
Share ourstanding 183.98 183.98
Share Price $ 68.0 $ 29.7
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# Assumption Statement
Sales Growth 8.55% 8.55% 8.55% 8.55% 8.55%

Tax rate 15% 15% 15% 15% 15%

Equity Issuances 0.0 0.0 0.0 0.0 0.0

Equity Repurchase 0.0 0.0 0.0 0.0 0.0

Dividend Payout ratio 26% 26% 26% 26% 26%

Addition in Intangibal Assets 0.0 0.0 0.0 0.0 0.0

Debt Issue 0.0 0.0 0.0 0.0 0.0

Debt Repayment 0.0 0.0 0.0 0.0 0.0

Interest Income
Interest 3%
Interest Expense
Interest 8%
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# Equity Statement
Opening Equity $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2
+ Equity Issuances - - - - -
- Equity Repurchase - - - - -
Closing Equity $ 1,092.6 $ 1,164.7 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2 $ 1,046.2

Opening Retained Earnings $ 780.0 $ 1,085.9 $ 1,427.7 $ 1,807.6 $ 2,228.5

+ Net Income $ 412.6 $ 461.1 $ 512.4 $ 567.7 $ 627.5
- Dividend Paid ($ 106.7) ($ 119.2) ($ 132.5) ($ 146.8) ($ 162.3)
Closing Retained Earnings $ 741.7 $ 732.5 $ 780.0 $ 1,085.9 $ 1,427.7 $ 1,807.6 $ 2,228.5 $ 2,693.8
Dividend Payout ratio 25.86% 25.86% 25.86% 25.86% 25.86%
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# D&A Statement
Revenue $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7 $ 6,070.1 $ 6,589.3
Capex ($ 70.2) ($ 53.3) ($ 50.6) ($ 69.2) ($ 75.1) ($ 81.6) ($ 88.5) ($ 96.1)
% of Sales 2% 1% 1% 1% 1% 1% 1% 1%

Opening PPE $ 180.8 $ 144.5 $ 127.0 $ 120.6 $ 120.9

+ Capex $ 69.2 $ 75.1 $ 81.6 $ 88.5 $ 96.1
- Depreciation ($ 105.4) ($ 92.7) ($ 88.0) ($ 88.2) ($ 91.5)
Closing PPE $ 231.1 $ 215.1 $ 180.8 $ 144.5 $ 127.0 $ 120.6 $ 120.9 $ 125.5

Depreciation and Amortization $ 116.5 $ 109.1 $ 86.8 $ 145.1 $ 120.1 $ 105.3 $ 91.3 $ 93.8
Depreciation $ 102.4 $ 108.2 $ 57.7 $ 105.4 $ 92.7 $ 88.0 $ 88.2 $ 91.5
% of PPE 44% 50% 32% 42% 42% 42% 42% 42%

Amortization $ 14.1 $ 0.9 $ 29.2 $ 39.7 $ 27.4 $ 17.3 $ 3.1 $ 2.3

Opening Intangible $ 89.7 $ 50.1 $ 22.6 $ 5.3 $ 2.3

+ Addition - - - - -
- Amortization ($ 39.7) ($ 27.4) ($ 17.3) ($ 3.1) ($ 2.3)
Closing Intangible $ 236.7 $ 169.6 $ 89.7 $ 50.1 $ 22.6 $ 5.3 $ 2.3 $ 0.0
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# Working capital Statement

Sales $ 3,709.4 $ 4,022.2 $ 4,371.2 $ 4,745.1 $ 5,151.0 $ 5,591.7 $ 6,070.1 $ 6,589.3
COGS ($ 2,418.1) ($ 2,590.3) ($ 2,834.8) ($ 3,075.5) ($ 3,338.6) ($ 3,624.2) ($ 3,934.2) ($ 4,270.8)

Current Assets
Account Receivable $ 881.0 $ 887.7 $ 994.8 $ 1,032.5 $ 1,120.9 $ 1,216.8 $ 1,320.9 $ 1,433.9
Total Current Assets $ 881.0 $ 887.7 $ 994.8 $ 1,032.5 $ 1,120.9 $ 1,216.8 $ 1,320.9 $ 1,433.9

Current Liability
Account Payable $ 13.9 $ 25.0 $ 35.8 $ 28.0 $ 30.4 $ 33.0 $ 35.9 $ 38.9
Total Current Liabilities $ 13.9 $ 25.0 $ 35.8 $ 28.0 $ 30.4 $ 33.0 $ 35.9 $ 38.9

Working Capital (CA-CL) $ 867.1 $ 862.8 $ 958.9 $ 1,004.5 $ 1,090.4 $ 1,183.7 $ 1,285.0 $ 1,394.9
Change in Working Capital - ($ 4.4) $ 96.2 $ 45.6 $ 85.9 $ 93.3 $ 101.3 $ 109.9

Account receivable Ratio 4.5x 4.6x 4.6x 4.6x 4.6x 4.6x 4.6x
Accounts payable ratio 133.2x 93.3x 109.7x 109.7x 109.7x 109.7x 109.7x

No of Days 365 365 365 365 365 365 365 365

DRO 80.3x 78.6x 79.4x 79.4x 79.4x 79.4x 79.4x

DPO 2.7x 3.9x 3.3x 3.3x 3.3x 3.3x 3.3x
 Historical & Forecasted Financial Statement - Genpact Limited
Years FY 2020A FY 2021A FY 2022A FY 2023E FY 2024E FY 2025E FY 2026E FY 2027E

# Debt & Cash Statement

Opening Long term Debt $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2
+ Debt Issue - - - - -
- Debt Repayment - - - - -
Closing long term Debt $ 1,307.4 $ 1,272.5 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2 $ 1,249.2

Cash flow from mandatory payments $ 336.2 $ 300.9 $ 310.3 $ 322.4 $ 353.0
Opening Cash $ 646.8 $ 983.0 $ 1,283.8 $ 1,594.1 $ 1,916.5
Total $ 983.0 $ 1,283.8 $ 1,594.1 $ 1,916.5 $ 2,269.5

Opening Current Debt $ 26.1 $ 26.1 $ 26.1 $ 26.1 $ 26.1

Issuances / (Repayment) - - - - -
Closing Current Debt $ 33.5 $ 383.4 $ 26.1 $ 26.1 $ 26.1 $ 26.1 $ 26.1 $ 26.1

Interest Income $ 16.2 $ 24.6 $ 32.1 $ 39.9 $ 47.9

Interest 3%
Interest Expense ($ 99.7) ($ 99.7) ($ 99.7) ($ 99.7) ($ 99.7)
Interest 8%
Total ($ 83.6) ($ 75.2) ($ 67.6) ($ 59.9) ($ 51.8)