Tech Mahindra Ltd.

Financial

	Tech Mahindra	LTIMindtree	Wipro
Operational Metrics
IT
Net Sales by Employee Cost	1.78 .	1.53 .	1.63 .
Constant Currency Growth - YoY - Enterprise business	21.9 %	n/a	n/a
Constant Currency Growth - YoY - Communications business	-13.4 %	n/a	n/a
Constant Currency Growth - YoY	-6.4 %	1.2 %	-6.6 %
Unclassified
R&D as a % of Total Sales	0.05 %	0.0	0.41 %
Financials
5 yr Average ROE	15.86 %	26.35 %	17.07 %
5yr average Equity Multiplier	1.54	1.45	1.53
5yr Average Asset Turnover Ratio	1.09	1.29	0.76
5yr Avg Net Profit Margin	9.74 %	14.18 %	14.72 %
Price to Book	5.16	8.09	3.78
P/E	61.05	35.36	25.48
5yr Avg Cash Conversion Cycle	85.44 Days	58.25 Days	-5162.45 Days
Inventory Days	0.31 Days	0.03 Days	0.82 Days
Days Receivable	85.23 Days	58.21 Days	49.17 Days
Days Payable	19.44 Days	11.59 Days	3310.97 Days
5yr Average Interest Coverage Ratio	27.88	34.16	20.77
5yr Avg ROCE	20.0 %	32.86 %	20.41 %
5yr Avg Operating Profit Margin	17.1 %	21.8 %	23.75 %
5 yr average Debt to Equity	0.07	0.01	0.18
5yr CAGR Net Profit	-10.18 %	24.69 %	2.58 %
5yr Average Return on Assets	10.3 %	18.18 %	11.18 %
Shareholdings
Promoter Holding	35.09 %	68.6 %	72.89 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-0.67 %	-5.67 %	-0.13 %
Change in Mutual Fund Holding (3 Yrs)	5.28 %	2.62 %	1.2 %

Business

	Tech Mahindra	LTIMindtree	Wipro
Product Wise Break-Up	Product Wise Break-Up Software Services 85.17 Business Processing Outsourcing (BPO) 14.83 Products and Platforms 0 Enterprise Integration and Mobility 0 Analytics, AL Cognitive 0 Testing 0 Infrastructure Services & Security 0 Enterprise Solutions 0 ADM 0 Industrial & Engineering Services 0 Modern Application Services 0 Data, Analytics and AI 0 Cloud and Infrastructure Services 0 Digital Operations & Platforms 0 Business Process Services 0	Product Wise Break-Up Modern Application Services 0 Digital Operations & Platforms 0 Enterprise Integration and Mobility 10.6 Data, Analytics and AI 0 Analytics, AL Cognitive 14.5 Business Processing Outsourcing (BPO) 0 ADM 33.5 Industrial & Engineering Services 0 Cloud and Infrastructure Services 0 Enterprise 28.7 Business Process Services 0 Software Services 0 Products and Platforms 0 Infrastructure Management Services (IMS) 12.7 Testing 0	Product Wise Break-Up Modern Application Services 45.0 Digital Operations & Platforms 15.0 Enterprise Integration and Mobility 0 Data, Analytics and AI 7.0 Analytics, AL Cognitive 0 Business Processing Outsourcing (BPO) 0 ADM 0 Industrial & Commercial 8.0 Cloud Computing 26.0 Enterprise Solutions 0 Business Process Services 0 Software Services 0 Products and Platforms 0 Infrastructure Services & Security 0 Testing 0
Location Wise Break-Up	Location Wise Break-Up USA 50.8 Rest of the World 25.0 Europe 24.2 India 0 USA & Europe 0 Asia Pacific Ex India 0 North America 0 APMEA 0	Location Wise Break-Up USA & Europe 0 Asia Pacific Ex India 0 Rest of the World 12.7 USA 0 APMEA 0 India 0 North America 71.9 Europe 15.4	Location Wise Break-Up USA & Europe 0 Asia Pacific Ex India 0 Rest of the World 0 USA 60.8 Asia Pacific/Middle East/Africa 11.04 India 0 North America 0 Europe 27.64 Others 0.52
Verticals	Verticals Media & Entertainment 36.1 Manufacturing 18.2 Banking 16.3 Technology 10.7 Retail 7.9 Telecomunication 0 0 Health, Life Sciences & Public Services 0 Banking, Financial Services & Insurance 0 Hi-Tech and M&E 0 Energy & Utilities 0 Insurance 0 Banking and Financial services 0 Health Business Unit 0 Energy, Natural Resources and Utilities 0 Communications 0 Consumer Business Unit 0 0 Others 10.8	Verticals Insurance 0 Retail 0 Banking & Insurance 38.0 Health Business Unit 0 Banking and Financial services 0 Hi-Tech 23.0 0 Telecomunication 0 CPG, Retail, Travel, Transport & Hospitality 15.4 Health, Life Sciences & Public Services 6.1 Energy & Utilities 0 Technology 0 Manufacturing 17.5 Communications 0 Energy, Natural Resources and Utilities 0 Banking 0 Media & Entertainment 0 Consumer Business Unit 0	Verticals Insurance 0 Retail 0 Banking, Financial Services & Insurance 0 Health and Fitness Services 14.11 Banking and Financial services 0 Hi-Tech and M&E 0 Banking & Insurance 33.43 Telecomunication 0 0 Health, Life Sciences & Public Services 0 Energy & Utilities 0 Software Services 11.43 Manufacturing 6.62 Communications 3.82 Energy 11.86 Banking 0 Media & Entertainment 0 Consumer Business 18.73
Operating Profit Break-Up	Operating Profit Break-Up Software Services 74.9 Business Processing Outsourcing (BPO) 25.1 Health, Life Sciences & Public Services 0 CPG, Retail, Pharma & Others 0 High-Tech, Media & Entertainment 0 Energy & Utilities 0 Manufacturing 0 Banking, Financial Services & Insurance 0	Operating Profit Break-Up Banking & Insurance 31.76 CPG, Retail & Pharma 15.8 Energy & Utilities 0 Business Processing Outsourcing (BPO) 0 Manufacturing 16.84 Software Services 0 Health, Life Sciences & Public Services 7.17 High Technology and Media 28.44	-
Onsite vs Offsite	Onsite vs Offsite Onsite 62.0 Offshore 38.0 Offshore Revenue 0 Onsite Revenue 0	Onsite vs Offsite Onsite 38.3 Offshore Revenue 0 Offshore 61.7 Onsite Revenue 0	Onsite vs Offsite Onsite 0 Offshore 60.4 Offshore 0 Onsite Revenue 39.6
Client Break-Up	Client Break-Up US$ 1m+ Clients 58.64 US$ 5m+ Clients 20.15 US$ 10m+ Clients 12.09 US$ 20m+ Clients 6.68 US$ 50m+ Clients 2.44 100 Million dollar + 0 50 Million dollar + 0 20 Million dollar + 0 10 Million dollar + 0 5 Million dollar + 0 1 Million dollar + 0 Greater Than $1MN 0 Greater Than $3MN 0 Greater Than $5MN 0 Greater Than $10MN 0 Greater Than $20MN 0 Greater Than $50MN 0 Greater Than $75MN 0 Greater Than $100MN 0	Client Break-Up Greater Than $5MN 0 US$ 20m+ Clients 0 >100M 0.29 $10 mn clients 13.13 Greater Than $10MN 0 US$ 10m+ Clients 0 Greater Than $100MN 0 $50 Mn+ 1.88 Greater Than $50MN 0 Greater Than $75MN 0 Greater Than $20MN 0 US$ 5m+ Clients 0 US$ 1m+ Clients 0 $1 mn clients 56.85 US$ 50m+ Clients 0 Greater Than $3MN 0 $20 Mn+ 5.77 $5 Mn+ 22.08 Greater Than $1MN 0	Client Break-Up >5M 16.09 US$ 20m+ Clients 0 100 Million dollar + 0 10 Million dollar + 0 >10M 10.96 US$ 10m+ Clients 0 >100M 1.18 50 Million dollar + 0 >50M 2.41 >75M 1.71 >20M 6.2 US$ 5m+ Clients 0 US$ 1m+ Clients 0 1 Million dollar + 0 US$ 50m+ Clients 0 >3M 21.86 20 Million dollar + 0 5 Million dollar + 0 >1M 39.6
Asset Break-Up	Asset Break-Up IT Services 88.86 BPO 11.14	-	-

Tech Mahindra Ltd.

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