Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

# Income Statement
Sales ₹ 4,920.50 ₹ 4,978.04 ₹ 5,846.40 ₹ 6,500.90 ₹ 7,306.50
Sales Growth - 1.17% 17.44% 11.19% 12.39%

COGS ₹ 3,270.18 ₹ 3,437.15 ₹ 4,283.00 ₹ 4,185.00 ₹ 5,362.40

COGS % Sales 66.46% 69.05% 73.26% 64.38% 73.39%

Gross Profit ₹ 1,650.32 ₹ 1,540.89 ₹ 1,563.40 ₹ 2,315.90 ₹ 1,944.10

Gross Margins 33.54% 30.95% 26.74% 35.62% 26.61%

Selling & General Expense ₹ 503.22 ₹ 535.71 ₹ 535.90 ₹ 1,085.70 ₹ 756.70

S&G Expense % Sales 10.23% 10.76% 9.17% 16.70% 10.36%

EBITDA ₹ 1,147.10 ₹ 1,005.18 ₹ 1,027.50 ₹ 1,230.20 ₹ 1,187.40

EBITDA Margins 23.31% 20.19% 17.57% 18.92% 16.25%

Interest ₹ 30.53 ₹ 10.42 ₹ 5.80 ₹ 3.20 ₹ 15.70

Interest % Sales 0.62% 0.21% 0.10% 0.05% 0.21%

Depreciation ₹ 129.98 ₹ 157.94 ₹ 174.00 ₹ 177.90 ₹ 156.30

Depreciation % Sales 2.64% 3.17% 2.98% 2.74% 2.14%

Earnings Before Tax ₹ 986.59 ₹ 836.82 ₹ 847.70 ₹ 1,049.10 ₹ 1,015.40

EBT % Sales 20.05% 16.81% 14.50% 16.14% 13.90%

Tax ₹ 207.22 ₹ 166.79 ₹ 198.20 ₹ 264.90 ₹ 329.10

Effective Tax Rate 21.00% 19.93% 23.38% 25.25% 32.41%

Net Profit ₹ 779.37 ₹ 670.03 ₹ 649.50 ₹ 784.20 ₹ 686.30

Net Margins 15.84% 13.46% 11.11% 12.06% 9.39%

No.of Equity Share 3.22 3.22 16.98 17.06 17.2

Earnings Per Share ₹ 242.04 ₹ 208.08 ₹ 38.25 ₹ 45.97 ₹ 39.90

EPS Growth % - -14.03% -81.62% 20.17% -13.20%

Dividend Per Share ₹ 171.32 ₹ 149.28 ₹ 35.29 ₹ 16.59 ₹ 21.50

Dividend Payout Ratio 70.78% 71.74% 92.26% 36.09% 53.88%

Retained Earnings 29.22% 28.26% 7.74% 63.91% 46.12%

# Balance Sheet
Equity Share Capital ₹ 16.13 ₹ 16.13 ₹ 17.00 ₹ 17.10 ₹ 17.20
Reserves ₹ 1,594.17 ₹ 2,010.22 ₹ 2,107.50 ₹ 3,127.20 ₹ 3,842.60
Borrowings ₹ 110.01 ₹ 217.53 ₹ 54.60 ₹ - ₹ -
Other Liabilities ₹ 945.42 ₹ 734.17 ₹ 958.30 ₹ 1,273.00 ₹ 1,476.80
Total Liabilities ₹ 2,665.73 ₹ 2,978.05 ₹ 3,137.40 ₹ 4,417.30 ₹ 5,336.60

Fixed Assets Net Block ₹ 648.78 ₹ 683.43 ₹ 637.60 ₹ 541.90 ₹ 680.60

Capital Work in Progress ₹ 56.72 ₹ 25.18 ₹ 19.50 ₹ 1.30 ₹ 6.80
Investments ₹ 168.78 ₹ 103.55 ₹ 42.90 ₹ 940.60 ₹ 1,264.40
Other Assets ₹ 701.55 ₹ 874.85 ₹ 1,067.80 ₹ 1,384.30 ₹ 1,625.30
Total Non Current Asset ₹ 1,575.83 ₹ 1,687.01 ₹ 1,767.80 ₹ 2,868.10 ₹ 3,577.10

Receivables ₹ 930.99 ₹ 1,090.12 ₹ 1,166.10 ₹ 1,169.70 ₹ 1,396.20

Inventory ₹ - ₹ - ₹ - ₹ - ₹ -
Cash & Bank ₹ 158.91 ₹ 200.92 ₹ 203.50 ₹ 379.50 ₹ 363.30
Total Current Assets ₹ 1,089.90 ₹ 1,291.04 ₹ 1,369.60 ₹ 1,549.20 ₹ 1,759.50

Total Assets ₹ 2,665.73 ₹ 2,978.05 ₹ 3,137.40 ₹ 4,417.30 ₹ 5,336.60

Check 1 1 1 1 1

# Cash Flow Statements

Cash from Operating Activity ₹ 627.86 ₹ 642.25 ₹ 858.50 ₹ 1,169.60 ₹ 843.80

Cash from Investing Activity ₹ 180.33 -₹ 102.86 -₹ 39.70 -₹ 960.90 -₹ 452.40

Cash from Financing Activity -₹ 768.65 -₹ 497.38 -₹ 816.90 -₹ 32.70 -₹ 407.60

Net Cash Flow ₹ 39.54 ₹ 42.01 ₹ 1.90 ₹ 176.00 -₹ 16.20

 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 LTM

₹ 9,445.80 ₹ 10,878.60 ₹ 12,369.80 ₹ 26,108.70 ₹ 33,183.00 ₹ 34,240.90

29.28% 15.17% 13.71% 111.07% 27.10% 3.19%

₹ 6,731.50 ₹ 8,046.20 ₹ 9,191.40 ₹ 19,651.50 ₹ 25,336.60 ₹ 27,991.30

71.26% 73.96% 74.31% 75.27% 76.35% 81.75%

₹ 2,714.30 ₹ 2,832.40 ₹ 3,178.40 ₹ 6,457.20 ₹ 7,846.40 ₹ 6,249.60

28.74% 26.04% 25.69% 24.73% 23.65% 18.25%

₹ 831.00 ₹ 803.10 ₹ 453.30 ₹ 1,208.60 ₹ 1,738.70

8.80% 7.38% 3.66% 4.63% 5.24% 0.00%

₹ 1,883.30 ₹ 2,029.30 ₹ 2,725.10 ₹ 5,248.60 ₹ 6,107.70 ₹ 6,249.60

19.94% 18.65% 22.03% 20.10% 18.41% 18.25%

₹ 10.60 ₹ 82.60 ₹ 78.80 ₹ 123.40 ₹ 150.40 ₹ 165.30

0.11% 0.76% 0.64% 0.47% 0.45% 0.48%

₹ 147.20 ₹ 273.00 ₹ 332.50 ₹ 597.10 ₹ 722.70 ₹ 741.00

1.56% 2.51% 2.69% 2.29% 2.18% 2.16%

₹ 1,725.50 ₹ 1,673.70 ₹ 2,313.80 ₹ 4,528.10 ₹ 5,234.60 ₹ 5,343.30

18.27% 15.39% 18.71% 17.34% 15.77% 15.61%

₹ 512.30 ₹ 482.40 ₹ 650.00 ₹ 1,343.90 ₹ 1,381.20 ₹ 1,398.10

29.69% 28.82% 28.09% 29.68% 26.39% 26.17%

₹ 1,213.20 ₹ 1,191.30 ₹ 1,663.80 ₹ 3,184.20 ₹ 3,853.40 ₹ 3,945.20

12.84% 10.95% 13.45% 12.20% 11.61% 11.52%

17.35 17.41 17.48 17.53 29.58 1242.8

₹ 69.93 ₹ 68.43 ₹ 95.18 ₹ 181.64 ₹ 130.27 ₹ 3.17

75.25% -2.14% 39.10% 90.84% -28.28% -97.56%

₹ 28.08 ₹ 27.98 ₹ 40.05 ₹ 92.87 ₹ 60.04 -

40.16% 40.90% 42.07% 51.13% 46.09% -

59.84% 59.10% 57.93% 48.87% 53.91% -

₹ 17.40 ₹ 17.40 ₹ 17.50 ₹ 29.60 ₹ 29.60
₹ 4,876.40 ₹ 5,386.60 ₹ 7,285.90 ₹ 14,257.60 ₹ 16,562.50
₹ - ₹ 911.90 ₹ 798.30 ₹ 257.50 ₹ 354.00
₹ 1,769.80 ₹ 2,498.90 ₹ 2,603.90 ₹ 6,027.20 ₹ 6,535.30
₹ 6,663.60 ₹ 8,814.80 ₹ 10,705.60 ₹ 20,571.90 ₹ 23,481.40

₹ 929.90 ₹ 1,919.70 ₹ 1,906.00 ₹ 3,472.90 ₹ 3,679.10

₹ 11.50 ₹ 59.20 ₹ 66.20 ₹ 502.80 ₹ 902.30
₹ 1,740.30 ₹ 2,218.80 ₹ 3,729.50 ₹ 6,048.40 ₹ 5,458.30
₹ 1,740.60 ₹ 1,779.80 ₹ 2,161.00 ₹ 4,149.00 ₹ 4,883.00
₹ 4,422.30 ₹ 5,977.50 ₹ 7,862.70 ₹ 14,173.10 ₹ 14,922.70

₹ 1,826.30 ₹ 2,312.10 ₹ 2,083.50 ₹ 4,557.40 ₹ 5,623.40

₹ - ₹ - ₹ - ₹ 4.10 ₹ 3.30
₹ 415.00 ₹ 525.20 ₹ 759.40 ₹ 1,837.30 ₹ 2,932.00
₹ 2,241.30 ₹ 2,837.30 ₹ 2,842.90 ₹ 6,398.80 ₹ 8,558.70

₹ 6,663.60 ₹ 8,814.80 ₹ 10,705.60 ₹ 20,571.90 ₹ 23,481.40

1 1 1 1 1

₹ 1,395.10 ₹ 1,643.50 ₹ 2,399.60 ₹ 3,250.70 ₹ 3,094.60

-₹ 749.10 -₹ 643.30 -₹ 1,656.60 -₹ 1,643.20 -₹ 271.40

-₹ 594.30 -₹ 890.00 -₹ 508.80 -₹ 1,680.40 -₹ 1,931.70

₹ 51.70 ₹ 110.20 ₹ 234.20 -₹ 72.90 ₹ 891.50

 RATIO ANALYSIS -LTIMINDTREE LTD
Years Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Sales Growth 1.17% 17.44% 11.19% 12.39%

EBITDA Growth -12.37% 2.22% 19.73% -3.48%
EBT Growth -15.18% 1.30% 23.76% -3.21%
Net Profit Growth -14.03% -3.06% 20.74% -12.48%
Dividend Growth -12.87% -76.36% -53.00% 29.61%

Gross Margins 33.54% 30.95% 26.74% 35.62% 26.61%

EBITDA Margins 23.31% 20.19% 17.57% 18.92% 16.25%
EBIT Margins 20.67% 17.02% 14.60% 16.19% 14.11%
EBT Margins 20.05% 16.81% 14.50% 16.14% 13.90%
Net Profit Margins 15.84% 13.46% 11.11% 12.06% 9.39%

Sales Expenses % Sales 10.23% 10.76% 9.17% 16.70% 10.36%

Depreciation % Sales 2.64% 3.17% 2.98% 2.74% 2.14%
Operating Income % Sales 23.31% 20.19% 17.57% 18.92% 16.25%

Return on Capital Employed 59.12% 37.76% 39.17% 33.47% 26.71%

Retained Earnings % 29.22% 28.26% 7.74% 63.91% 46.12%
Return on Equity % 48.40% 33.07% 30.57% 24.94% 17.78%
Self Sustained Growth Rate 14.14% 9.34% 2.37% 15.94% 8.20%
Interest Coverage Ratio 33.32 81.31 147.16 328.84 65.68

Debtor Turnover Ratio 5.29 4.57 5.01 5.56 5.23

Creditor Turnover Ratio 5.20 6.78 6.10 5.11 4.95
Inventory Turnover 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover 7.58 7.28 9.17 12.00 10.74
Capital Turnover Ratio 3.06 2.46 2.75 2.07 1.89

Debtor Days 69 80 73 66 70
Payable Days 70 54 60 71 74
Inventory Days 0 0 0 0 0
Cash Conversion Cycle -1 26 13 -6 -4

CFO/Sales 0.13 0.13 0.15 0.18 0.12

CFO/Total Asset 0.24 0.22 0.27 0.26 0.16
CFO/Total Debt 5.71 2.95 15.72 0.00 0.00
MINDTREE LTD
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mean

29.28% 15.17% 13.71% 111.07% 27.10% 26.50%

58.61% 7.75% 34.29% 92.60% 16.37% 23.97%
69.93% -3.00% 38.24% 95.70% 15.60% 24.79%
76.77% -1.81% 39.66% 91.38% 21.02% 24.24%
30.61% -0.34% 43.10% 131.91% -35.35% 6.37%

28.74% 26.04% 25.69% 24.73% 23.65% 28.23%

19.94% 18.65% 22.03% 20.10% 18.41% 19.54%
18.38% 16.14% 19.34% 17.82% 16.23% 17.05%
18.27% 15.39% 18.71% 17.34% 15.77% 16.69%
12.84% 10.95% 13.45% 12.20% 11.61% 12.29%

8.80% 7.38% 3.66% 4.63% 5.24% 8.69%

1.56% 2.51% 2.69% 2.29% 2.18% 2.49%
19.94% 18.65% 22.03% 20.10% 18.41% 19.54%

35.48% 27.81% 29.53% 31.98% 31.78% 35.28%

59.84% 59.10% 57.93% 48.87% 53.91% 45.49%
24.79% 22.04% 22.78% 22.29% 23.22% 26.99%
14.84% 13.03% 13.20% 10.89% 12.52% 11.45%
163.78 21.26 30.36 37.69 35.80 94.52

5.17 4.71 5.94 5.73 5.90 5.31

5.34 4.35 4.75 4.33 5.08 5.20
0.00 0.00 0.00 6367.98 10055.45 1642.34
10.16 5.67 6.49 7.52 9.02 8.56
1.93 2.01 1.69 1.83 2.00 2.17

71 78 61 64 62 69.24
68 84 77 84 72 71.42
0 0 0 0 0 0.01
2 -6 -15 -20 -10 -2.17

0.15 0.15 0.19 0.12 0.09 0.14

0.21 0.19 0.22 0.16 0.13 0.21
0.00 1.80 3.01 12.62 8.74 5.06
Median

15.17%
16.37%
15.60%
20.74%
-0.34%

26.67%
19.43%
16.62%
16.47%
12.13%

8.98%
2.58%
19.43%

32.72%
51.39%
24.01%
12.77%
51.68

5.26
5.09
0.00
8.30
2.01

69.40
71.68
0.00
-4.91

0.14
0.21
2.98
 LTIMINDTREE LTD - Sales Forecasting LTIMINDTREE LTD - EBITDA Forecasting
Year Weight Years Sales Sales Growth Year Weight Years
1 Mar-14 4920.5 - 1 Mar-14
2 Mar-15 4978.04 1.17% 2 Mar-15
3 Mar-16 5846.40 17.44% 3 Mar-16
4 Mar-17 6500.90 11.19% 4 Mar-17
5 Mar-18 7306.50 12.39% 5 Mar-18
6 Mar-19 9445.80 29.28% 6 Mar-19
7 Mar-20 10878.60 15.17% 7 Mar-20
8 Mar-21 12369.80 13.71% 8 Mar-21
9 Mar-22 26108.70 111.07% 9 Mar-22
10 Mar-23 33183.00 27.10% 10 Mar-23
11 Mar-24 27159.37 -18.15% 11 Mar-24
12 Mar-25 31232.71 15.00% 12 Mar-25
13 Mar-26 35468.13 13.56% 13 Mar-26
14 Mar-27 39878.97 12.44% 14 Mar-27
15 Mar-28 44253.89 10.97% 15 Mar-28
DTREE LTD - EBITDA Forecasting LTIMINDTREE LTD - Earning Per Share Forecasting
EBITDA EBIDTA Growth Year Weight Years EPS EPS Growth
1147.1 - 1 Mar-14 242.04 -
1005.18 -12.37% 2 Mar-15 208.08 -14.03%
1027.50 2.22% 3 Mar-16 38.25 -81.62%
1230.20 19.73% 4 Mar-17 45.97 20.17%
1187.40 -3.48% 5 Mar-18 39.90 -13.20%
1883.30 58.61% 6 Mar-19 69.93 75.25%
2029.30 7.75% 7 Mar-20 68.43 -2.14%
2725.10 34.29% 8 Mar-21 95.18 39.10%
5248.60 92.60% 9 Mar-22 181.64 90.84%
6107.70 16.37% 10 Mar-23 130.27 -28.28%
5223.49 -14.48% 11 Mar-24 85.00 -34.75%
6046.02 15.75% 12 Mar-25 108.90 28.12%
6887.96 13.93% 13 Mar-26 143.78 32.02%
7736.57 12.32% 14 Mar-27 153.92 7.06%
8587.98 11.00% 15 Mar-28 163.15 5.99%
COMPANY NAME LTIMINDTREE LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10

META
Number of shares 29.59
Face Value 1.00
Current Price 5,172.30
Market Capitalization 153,051.21

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 4,920.50 4,978.04 5,846.40 6,500.90
Raw Material Cost
Change in Inventory
Power and Fuel 30.95 29.03 34.80 31.80
Other Mfr. Exp 480.69 483.40 720.90 437.90
Employee Cost 2,758.54 2,924.72 3,527.30 3,715.30
Selling and admin 482.91 498.47 475.50 943.50
Other Expenses 20.31 37.24 60.40 142.20
Other Income 217.10 98.69 187.00 186.70
Depreciation 129.98 157.94 174.00 177.90
Interest 30.53 10.42 5.80 3.20
Profit before tax 1,203.69 935.51 1,034.70 1,235.80
Tax 207.22 166.79 198.20 264.90
Net profit 996.41 768.53 836.30 970.70
Dividend Amount 551.65 480.67 599.25 283.00

Quarters
Report Date Mar-21 Jun-21 Sep-21 Dec-21
Sales 3,269.40 3,462.50 3,767.00 4,137.60
Expenses 2,553.90 2,814.80 3,033.80 3,306.50
Other Income 103.00 121.60 111.20 99.90
Depreciation 82.60 79.50 85.00 88.50
Interest 19.10 17.70 17.40 18.80
Profit before tax 716.80 672.10 742.00 823.70
Tax 171.10 175.30 190.30 211.20
Net profit 545.20 496.30 551.50 612.00
Operating Profit 715.50 647.70 733.20 831.10

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 16.13 16.13 17.00 17.10
Reserves 1,594.17 2,010.22 2,107.50 3,127.20
Borrowings 110.01 217.53 54.60
Other Liabilities 945.42 734.17 958.30 1,273.00
Total 2,665.73 2,978.05 3,137.40 4,417.30
Net Block 648.78 683.43 637.60 541.90
Capital Work in Progress 56.72 25.18 19.50 1.30
Investments 168.78 103.55 42.90 940.60
Other Assets 1,791.45 2,165.89 2,437.40 2,933.50
Total 2,665.73 2,978.05 3,137.40 4,417.30
Receivables 930.99 1,090.12 1,166.10 1,169.70
Inventory
Cash & Bank 158.91 200.92 203.50 379.50
No. of Equity Shares 32,250,000.00 32,250,000.00 ### ###
New Bonus Shares
Face value 5.00 5.00 1.00 1.00

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 627.86 642.25 858.50 1,169.60
Cash from Investing Activity 180.33 -102.86 -39.70 -960.90
Cash from Financing Activity -768.65 -497.38 -816.90 -32.70
Net Cash Flow 39.54 42.01 1.90 176.00

PRICE: 714.85

DERIVED:
Adjusted Equity Shares in Cr 3.22 3.22 16.98 17.06
 ='Data Sheet'!B1 & " - " & "

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

7,306.50 9,445.80 10,878.60 12,369.80 26,108.70 33,183.00

33.00 31.00 32.90 20.80 39.80 50.80

1,000.50 1,231.60 1,494.20 1,739.10 3,616.80 4,400.50
4,328.90 5,468.90 6,519.10 7,431.50 15,994.90 20,885.30
530.80 725.10 678.70 368.00 935.00 1,343.70
225.90 105.90 124.40 85.30 273.60 395.00
426.10 302.30 329.20 274.40 765.80 556.90
156.30 147.20 273.00 332.50 597.10 722.70
15.70 10.60 82.60 78.80 123.40 150.40
1,441.50 2,027.80 2,002.90 2,588.20 5,293.90 5,791.50
329.10 512.30 482.40 650.00 1,343.90 1,381.20
1,112.00 1,515.90 1,520.10 1,936.10 3,948.30 4,408.30
369.80 487.20 487.20 700.00 1,628.00 1,776.00

Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23

4,301.60 7,644.20 8,227.80 8,620.00 8,691.00 8,702.10
3,455.20 6,150.60 6,592.20 7,245.20 7,087.30 7,066.60
134.00 177.60 161.10 151.80 66.40 131.60
101.90 166.40 195.90 178.10 182.30 184.70
18.90 31.10 37.80 37.90 43.60 46.00
859.60 1,473.70 1,563.00 1,310.60 1,444.20 1,536.40
222.10 367.20 374.00 309.90 330.10 384.10
 637.00 1,105.60 1,188.50 1,000.50 1,113.70 1,151.50
846.40 1,493.60 1,635.60 1,374.80 1,603.70 1,635.50

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

17.20 17.40 17.40 17.50 29.60 29.60
3,842.60 4,876.40 5,386.60 7,285.90 14,257.60 16,562.50
911.90 798.30 257.50 354.00
1,476.80 1,769.80 2,498.90 2,603.90 6,027.20 6,535.30
5,336.60 6,663.60 8,814.80 10,705.60 20,571.90 23,481.40
680.60 929.90 1,919.70 1,906.00 3,472.90 3,679.10
6.80 11.50 59.20 66.20 502.80 902.30
1,264.40 1,740.30 2,218.80 3,729.50 6,048.40 5,458.30
3,384.80 3,981.90 4,617.10 5,003.90 10,547.80 13,441.70
5,336.60 6,663.60 8,814.80 10,705.60 20,571.90 23,481.40
1,396.20 1,826.30 2,312.10 2,083.50 4,557.40 5,623.40
4.10 3.30
363.30 415.00 525.20 759.40 1,837.30 2,932.00
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

843.80 1,395.10 1,643.50 2,399.60 3,250.70 3,094.60
-452.40 -749.10 -643.30 -1,656.60 -1,643.20 -271.40
-407.60 -594.30 -890.00 -508.80 -1,680.40 -1,931.70
-16.20 51.70 110.20 234.20 -72.90 891.50

1,340.70 1,702.60 1,428.85 4,054.30 6,155.40 4,759.65

17.20 17.35 17.41 17.48 17.53 29.58