LTIMindtree Ltd.

Financial

	LTIMindtree	Tech Mahindra	Persistent Systems
Operational Metrics
IT
Constant Currency Growth - YoY - Infrastructure Management Services	11.4 %	n/a	n/a
Constant Currency Growth - YoY - Application Development Maintenance & Testing	19.0 %	n/a	n/a
Constant Currency Growth - YoY - Others	48.0 %	n/a	n/a
Constant Currency Growth - Manufacturing	7.4 %	n/a	n/a
Constant Currency Growth - Energy	29.9 %	n/a	n/a
Constant Currency Growth - BFSI	-6.6 %	n/a	n/a
Constant Currency Growth - YoY - Insurance	13.1 %	n/a	n/a
Constant Currency Growth - YoY - Platform Based Solutions	-7.9 %	n/a	n/a
Constant Currency Growth - YoY - Enterprise Integration & Mobility	38.0 %	n/a	n/a
Constant Currency Growth - YoY - Analytics, AI & Cognitive	44.2 %	n/a	n/a
Constant Currency Growth - YoY - Enterprise Solutions	15.3 %	n/a	n/a
Constant Currency Growth - YoY - High-Tech, Media & Entertainment	7.0 %	n/a	n/a
Constant Currency Growth - YoY - CPG, Retail & Pharma	-0.6 %	n/a	n/a
Constant Currency Growth - YoY	5.6 %	1.3 %	n/a
Net Sales by Employee Cost	1.54 .	1.79 .	1.74 .
Unclassified
R&D as a % of Total Sales	0.0	0.05 %	0.4 %
Financials
5 yr Average ROE	26.35 %	15.86 %	19.23 %
5yr average Equity Multiplier	1.45	1.54	1.44
5yr Average Asset Turnover Ratio	1.29	1.09	1.22
5yr Avg Net Profit Margin	14.18 %	9.74 %	10.91 %
Price to Book	6.05	4.86	13.57
P/E	27.89	35.91	57.2
5yr Avg Cash Conversion Cycle	58.25 Days	85.44 Days	59.49 Days
Inventory Days	0.03 Days	0.31 Days	0.0
Days Receivable	58.21 Days	85.23 Days	59.49 Days
Days Payable	0.0	19.44 Days	10.39 Days
5yr Average Interest Coverage Ratio	34.16	27.88	63.38
5yr Avg ROCE	32.86 %	20.0 %	24.85 %
5yr Avg Operating Profit Margin	19.37 %	14.8 %	16.21 %
5 yr average Debt to Equity	0.01	0.07	0.06
5yr CAGR Net Profit	24.69 %	-10.18 %	26.3 %
5yr Average Return on Assets	18.18 %	10.3 %	13.23 %
Shareholdings
Promoter Holding	68.57 %	35.01 %	30.66 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-5.48 %	-0.25 %	-0.6 %
Change in Mutual Fund Holding (3 Yrs)	-0.4 %	6.59 %	-0.83 %

Business

	LTIMindtree	Tech Mahindra	Persistent Systems
Product Wise Break-Up	Product Wise Break-Up ADM 33.5 Enterprise 28.7 Analytics, AL Cognitive 14.5 Infrastructure Management Services (IMS) 12.7 Enterprise Integration and Mobility 10.6 Products and Platforms 0 Testing 0 Business Processing Outsourcing (BPO) 0 IT Services 0 Accelerite 0 Alliance 0 Digital 0 Services 0	Product Wise Break-Up Accelerite 0 Testing 0 Digital 0 0 Alliance 0 Enterprise 0 Products and Platforms 0 Software Services 83.9 Services 0 Analytics, AL Cognitive 0 Business Processing Outsourcing (BPO) 16.1 ADM 0 Enterprise Integration and Mobility 0	Product Wise Break-Up Accelerite 0 Testing 0 Digital 0 0 Alliance 22.6 Enterprise 0 Products and Platforms 0 IT Services 0 Services 77.4 Analytics, AL Cognitive 0 Business Processing Outsourcing (BPO) 0 ADM 0 Enterprise Integration and Mobility 0
Location Wise Break-Up	Location Wise Break-Up North America 74.7 Europe 13.8 Rest of the World 11.5 USA & Europe 0 Asia Pacific Ex India 0 India 0 USA 0	Location Wise Break-Up India 0 USA & Europe 0 Asia Pacific Ex India 0 Europe 23.6 Rest of the World 25.6 USA 50.8 North America 0	Location Wise Break-Up India 9.4 USA & Europe 0 Asia Pacific Ex India 0 Europe 8.2 Rest of the World 1.9 USA 0 North America 80.5
Verticals	Verticals Banking & Insurance 36.4 Hi-Tech 23.7 Manufacturing 19.3 CPG, Retail, Travel, Transport & Hospitality 14.3 Health, Life Sciences & Public Services 6.3 Energy & Utilities 0 Insurance 0 Banking and Financial services 0 Communication, Media and Entertainment 0 Retail, Transport and Logistics 0 Banking and Finance 0 Telecomunication 0 Technology 0 0 0 Healthcare & Life Science 0	Verticals Retail 8.1 Banking & Insurance 0 Insurance 0 Energy & Utilities 0 Banking and Financial services 0 Telecomunication 0 0 Banking 1.1 Technology 14.3 Manufacturing 16.8 0 Health, Life Sciences & Public Services 0 Healthcare & Life Science 0 Media & Entertainment 32.5 0 Hi-Tech 0 Others 27.2	Verticals Retail, Transport and Logistics 0 Banking & Insurance 0 Insurance 0 Energy & Utilities 0 Banking and Financial services 0 Telecomunication 0 0 Banking and Finance 0 Technology 0 Manufacturing 0 Banking & Insurance 31.65 Health, Life Sciences & Public Services 0 Healthcare 27.7 Communication, Media and Entertainment 0 Software Services 40.65 Hi-Tech 0
Operating Profit Break-Up	Operating Profit Break-Up Banking & Insurance 33.11 High Technology and Media 29.39 Manufacturing 15.97 CPG, Retail & Pharma 15.43 Health, Life Sciences & Public Services 6.11 Energy & Utilities 0 Business Processing Outsourcing (BPO) 0 IT Services 0	Operating Profit Break-Up CPG, Retail & Pharma 0 Banking & Insurance 0 Energy & Utilities 0 Manufacturing 0 Health, Life Sciences & Public Services 0 High Technology and Media 0 Software Services 87.29 Business Processing Outsourcing (BPO) 12.71	Operating Profit Break-Up CPG, Retail & Pharma 0 Banking & Insurance 0 Energy & Utilities 0 Manufacturing 0 Health, Life Sciences & Public Services 0 High Technology and Media 0 IT Services 0 Business Processing Outsourcing (BPO) 0 Others 100
Onsite vs Offsite	Onsite vs Offsite Offshore 61.7 Onsite 38.3 IP Led 0	Onsite vs Offsite Offshore 77.3 IP Led 0 Onsite 22.7	Onsite vs Offsite Offshore 57.97 IP Led 7.45 Onsite 34.58
Client Break-Up	Client Break-Up $1 mn clients 57.53 $5 Mn+ 21.81 $10 mn clients 12.91 $20 Mn+ 5.6 $50 Mn+ 1.87 >100M 0.29 US$ 50m+ Clients 0 US$ 20m+ Clients 0 US$ 10m+ Clients 0 US$ 5m+ Clients 0 US$ 1m+ Clients 0 $1+ Mn 0 $5+ Mn 0 $10+ Mn 0 $20+ Mn 0 $30+ Mn 0 Medium > USD 3M, < USD 5M 0 Large > USD 5M 0	Client Break-Up US$ 10m+ Clients 11.29 US$ 50m+ Clients 2.71 $5 Mn+ 0 US$ 1m+ Clients 58.63 $20+ Mn 0 $20 Mn+ 0 $5+ Mn 0 >100M 0 US$ 5m+ Clients 20.74 $1 mn clients 0 Medium > USD 3M, < USD 5M 0 $30+ Mn 0 $10 mn clients 0 $1+ Mn 0 $10+ Mn 0 $50 Mn+ 0 US$ 20m+ Clients 6.62 Large > USD 5M 0 Others 0.01	Client Break-Up US$ 10m+ Clients 0 US$ 50m+ Clients 0 $5 Mn+ 0 US$ 1m+ Clients 0 >20M 3.23 $20 Mn+ 0 >5M 13.44 >100M 0 US$ 5m+ Clients 0 $1 mn clients 0 Medium > USD 3M, < USD 5M 0 >30M 0.54 $10 mn clients 0 >1M 76.34 >10M 6.45 $50 Mn+ 0 US$ 20m+ Clients 0 Large > USD 5M 0
Contract Type	Contract Type Fixed Price Contracts 68.5 Time & Material 31.5	-	-

LTIMindtree Ltd.

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