Hex Aware

Hexaware Technologies Ltd.
132129 ACE Code
Financial Statement 200312 200412 200512 200612
Income Statement FY03 FY04 FY05 FY06
Net Sales 339 546 679 848

YoY Growth 61.0% 24.3% 25.0%
EXPENDITURE :
Increase/Decrease in Stock #N/A #N/A #N/A #N/A
Raw Material Consumed 0 0 0 0
Raw Material as % of sales
Power & Fuel Cost 2 4 6 6
Power & Fuel Cost as % of sales 0.7% 0.7% 0.9% 0.7%
Employee Cost 196 311 373 465
Employee Cost as % of sales 57.7% 57.0% 54.9% 54.8%
Other Manufacturing Expenses #N/A #N/A #N/A #N/A
Other Manufacturing Cost as % of sales
General and Administration Expenses 40 56 69 87
General & Admin Cost as % of sales 11.8% 10.3% 10.1% 10.3%
Selling and Distribution Expenses #N/A #N/A #N/A #N/A
Selling & Distribution Cost as % of sales
Miscellaneous Expenses 9 6 12 8
Miscellaneous Expenses as % of sales 2.7% 1.1% 1.8% 0.9%
Less: Expenses Capitalised 0 0 0 0
Total Expenditure 306 468 570 720
EBITDA 33 78 109 128

EBITDA Margin 9.6% 14.3% 16.0% 15.1%
Depreciation 15 16 21 20
Depreciation as % of Net Assets 20.1% 18.7% 22.5% 9.2%
Depreciation as % of sales 4.4% 3.0% 3.1% 2.3%
EBIT 18 62 88 108
EBIT Margin 5.2% 11.4% 13.0% 12.8%
Other Income 15 12 16 30
Exceptional Income / Expenses 0 0 0 0
Interest 2 1 2 2
Profit Before Tax 30 72 101 136

PBT Margin 8.8% 13.3% 14.9% 16.1%
Provision for Tax 4 9 10 12

Tax Rate 13.0% 11.9% 9.6% 8.8%
Profit After Tax 26 64 92 124

PAT Margin 7.7% 11.7% 13.5% 14.6%
Extra items 0 0 0 0
Minority Interest 0 0 0 0
Share of Associate 7 0 0 0
Other Consolidated Items 0 0 0 0
Consolidated Net Profit 33 64 92 124

Net Margin 9.7% 11.7% 13.5% 14.6%
Adjustments to PAT 0 (1) 0 0

Profit Balance B/F (1) 3 48 113
Appropriations 32 67 140 238
Equity Dividend % 20 50 60 80
Earnings Per Share 14.5 27.4 7.7 9.2

Adjusted EPS 1.5 2.7 3.8 4.6
CEPS(Rs) 2 3 5 5
No of Shares
CMP
Balance Sheet FY03 FY04 FY05 FY06
Share Capital 23 23 24 176

Share Warrants & Outstandings 1 1 0 0
Total Reserves 193 243 323 563
Shareholder's Funds 216 267 347 740
Minority Interest 0 0 0 0
Long-Term Borrowings 3 5 6 0
Secured Loans 3 5 6 0
Unsecured Loans 0 0 0 0
Deferred Tax Assets / Liabilities (13) (7) (3) 0
Other Long Term Liabilities 0 0 0 0
Long Term Trade Payables 0 0 0 0
Long Term Provisions 0 0 0 0
Total Non-Current Liabilities (10) (1) 3 0
Current Liabilities
Trade Payables 17 17 17 26
Other Current Liabilities 34 61 59 84
Short Term Borrowings 0 0 0 0
Short Term Provisions 11 37 41 46
Total Current Liabilities 61 114 117 157
Total Liabilities 267 380 468 896

Non-Current Assets
Gross Block 117 140 156 296
Less: Accumulated Depreciation 42 54 63 79
Less: Impairment of Assets 0 0 0 0
Net Block 75 86 93 216
Lease Adjustment A/c 0 0 0 0
Capital Work in Progress 0 11 0 34
Intangible assets under development 0 0 0 0
Pre-operative Expenses pending 0 0 0 0
Assets in transit 0 0 0 0
Non Current Investments 6 6 6 6
Long Term Loans & Advances 0 0 0 0
Other Non Current Assets 0 0 0 0
Total Non-Current Assets 81 103 100 257
Current Assets Loans & Advances

Currents Investments 33 33 59 255
Inventories 0 0 0 0
Sundry Debtors 89 136 184 223
Cash and Bank 32 39 53 80
Other Current Assets 8 14 15 21
Short Term Loans and Advances 24 54 57 60
Amt Due from firm (directors interested) 0 0 0 0
Total Current Assets 186 277 368 640
Miscellaneous Expenses not written of 0 0 0 0
Total Assets 267 380 468 896
Contingent Liabilities 16 2 7 4
Contingent Liabilities as the % of Equity 7.3% 0.8% 2.0% 0.6%
Enterprise Value 910 1,368 1,518 2,705
Cash Flow Statement FY03 FY04 FY05 FY06
Profit Before Tax 30 72 101 136

Adjustment 7 13 15 3
Changes In working Capital 2 (39) (43) (11)
Cash Flow after changes in Working Capital 39 46 73 129
Cash From Operating Activities 39 44 68 118
Cash Flow from Investing Activities (43) (36) (38) (363)
Purchase of Fixed Assets (28) (46) (24) (72)
Sale of Fixed Assets 1 10 6 1
Cash from Financing Activities (15) 1 (18) 271
Net Cash Inflow / Outflow (19) 10 12 25
Opening Cash Balance
Closing Cash Balance
NOPLAT 22 55 79 99
Changes In working Capital 2 -39 -43 -11

Capital Expenditure -27 -36 -18 -71
Depreciation 15 16 21 20
Free Cash Flow to Firm 12 -4 40 37
Performance Analysis FY03 FY04 FY05 FY06
Current Ratio 3.0 2.4 3.1 4.1
Return on Equity (RoE) 12.1% 23.9% 26.3% 16.8%

Return on Invested Capital (RoIC) 7.7% 20.1% 22.3% 13.8%
Return on Capital Employeed (RoCE) 8.6% 23.4% 25.1% 14.6%
Asset Turnover Ratio 1.3 1.4 1.5 0.9

Capital Turnover Ratio 1.5 1.8 1.7 1.1
CAPEX to Net Fixed Assets 0.37 0.42 0.19 0.33
Debt to Equity 0.1 0.2 0.1 0.1

Debt to EBITDA 0.4 0.5 0.4 0.4
Interest Coverage Ratio 7.2 42.6 35.7 64.1
Receivable days 77 75 86 88
Inventory Days 0 0 0 0
Payable days 24 18 15 15
Cash Conversion Cycle 53 57 71 72
Working Capital to Sales 36.7% 29.7% 37.0% 57.0%
Core Working Cap to Total Working Cap 0.58 0.74 0.66 0.41
Cash Flow Ratio
Cash Flow Per share 17 19 6 9

Price to Cash Flow Ratio 2 3 12 11
Cash Flow Yield 41.1% 31.5% 8.7% 8.7%
CFO to Debt 2.9 1.0 1.4 2.5
Free Cash Flow per Share 6 (2) 4 5
Price to Free Cash Flow 6 (28) 17 22
Free Cash Flow Yield 15.6% -3.6% 5.8% 4.6%
Sales to cash flow ratios 9 12 10 7
Valuation Ratios
Adjusted PE (x) 28.6 22.0 17.1 21.7

High PE 168.2 43.3 29.3 23.0
Low PE 28.6 22.0 17.3 16.1
Price / Book Value(x) 4.4 5.3 4.5 4.5
Dividend Yield(%) 0.5 0.8 0.9 0.8
EV/Net Sales(x) 2.7 2.5 2.2 3.2

EV/EBITDA(x) 19.2 15.2 12.2 17.1
EV/EBIT(x) 28.0 18.5 14.6 19.6
EV/CE(x) 3.4 3.6 3.3 3.0
M Cap / Sales 2.8 2.6 2.3 3.1
Unlevered Beta 2.9 1.9 0.7 0.8

Levered Beta 3.1 2.2 0.8 0.9
Average G - Sec Yield 6.1% 5.1% 6.7% 7.6%
Cost of Equity 25.9% 21.2% 11.2% 11.8%
Interest Rate 9.1% 8.1% 9.7% 10.6%

Tax Rate 13.0% 11.9% 9.6% 8.8%
Cost of Debt 7.9% 7.1% 8.8% 9.7%
Market Capitalization 939 1,402 1,565 2,635

Total Debt 5 10 12 0
Historical WACC 25.8% 21.1% 11.2% 11.8%
Current Beta 0.88

Current Levered Beta 0.91
Current G-Sec Yield 7.5%
Current Market Cap 10,548
Discount Factor 0.79 0.63 0.50 0.40

Discounted FCFF 9 -3 20 15
Discount Factor 0.83 0.68 0.56
Discounted FCFF -4 27 21
Discount Factor 0.90 0.81
Discounted FCFF 36 30
Discount Factor 0.89
Discounted FCFF 33
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Discount Factor
Discounted FCFF
Total of Discounted Cash Flow 99 195 506 575
Free Cash Flow growth 5%
Terminal Value 499 1,211 8,213 8,491
Present Value of Terminal Value 50 179 2,851 2,791
Value of Operations 149 374 3,357 3,365
Value to Cash & Investments 71 78 119 341

Value of Debt 5 10 12 0
Value of Equity 215 442 3,464 3,707
Actual Market Cap to Value of Equity 4.4 3.2 0.5 0.7

C Reporting Status
200712 200812 200912 201012
FY07 FY08 FY09 FY10
1,040 1,152 1,039 1,055

22.6% 10.8% -9.8% 1.5%
#N/A #N/A #N/A #N/A

0 0 0 0
9 12 10 10
0.8% 1.0% 0.9% 1.0%
614 687 570 674
59.0% 59.6% 54.9% 63.9%
#N/A #N/A #N/A #N/A
123 140 109 109

11.8% 12.1% 10.5% 10.3%
#N/A #N/A #N/A #N/A
25 63 88 33
2.4% 5.5% 8.5% 3.2%
0 0 0 0
949 1,076 911 996
91 76 128 58
8.8% 6.6% 12.3% 5.5%
24 28 27 24
10.0% 9.8% 8.7% 7.8%
2.3% 2.5% 2.6% 2.3%
68 48 101 34
6.5% 4.1% 9.7% 3.2%
58 30 47 64
(103) 0 0 22
2 3 3 3
20 74 145 117
2.0% 6.5% 13.9% 11.1%
13 16 10 9
65.2% 20.8% 7.2% 7.9%
7 59 134 108
0.7% 5.1% 12.9% 10.2%
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
7 59 134 108
0.7% 5.1% 12.9% 10.2%
0 0 0 0
189 176 203 289
197 235 338 397
40 50 70 150
0.4 4.1 9.3 7.4

0.2 2.1 4.7 3.7
1 3 6 5
FY07 FY08 FY09 FY10
29 29 29 29
0 2 2 1
677 632 819 935
706 663 850 965
0 0 0 0
0 19 16 11
0 19 16 11
0 0 0 0
(4) (8) (11) (17)
0 0 0 0
0 0 0 0
0 0 0 0
(4) 11 5 (6)
32 57 26 43
201 244 173 104
0 0 0 0
47 70 71 131
280 371 271 278
982 1,045 1,126 1,238

335 410 450 463
100 120 140 152
0 0 0 0
235 290 310 311
0 0 0 0
93 160 126 97
0 0 0 0
0 0 0 0
0 0 0 0
6 0 0 0
0 0 0 0
0 0 0 0
334 450 436 408
225 0 127 40
0 0 0 0
216 207 153 192
90 285 285 436
39 16 33 66
77 88 93 98
0 0 0 0
647 595 690 830
0 0 0 0
982 1,045 1,126 1,238
6 7 8 13
0.9% 1.1% 0.9% 1.3%
1,143 36 1,085 1,264
FY07 FY08 FY09 FY10
20 74 145 117
108 18 6 (42)
(0) 90 20 (49)
128 182 170 26
89 69 151 12
(51) 111 (122) 168
(101) (115) (25) (34)
0 1 17 88
(27) 7 (22) (28)
12 186 7 153
24 38 93 31
-0 90 20 -49
-100 -115 -8 54
24 28 27 24
-53 41 132 61
FY07 FY08 FY09 FY10
2.3 1.6 2.5 3.0
1.0% 8.9% 15.8% 11.1%

9.0% 6.3% 10.7% 3.1%
9.7% 7.1% 11.8% 3.6%
1.1 1.1 0.9 0.9

1.4 1.5 1.1 1.0
0.43 0.40 0.03 -0.17
0.1 0.1 0.1 0.1

0.5 1.2 0.7 2.4
31.2 15.1 38.4 10.6
77 67 63 60
0 0 0 0
16 22 24 17
61 45 39 42
35.3% 19.4% 40.4% 52.3%
0.50 0.67 0.30 0.27
6 5 11 1
7 2 4 69
14.1% 45.4% 22.3% 1.4%
1.9 0.8 1.7 0.1
(5) 4 11 3
(9) 2 4 17
-11.4% 41.1% 23.1% 5.8%
12 17 7 86
244.9 5.1 10.1 15.7

170.6 179.4 14.5 16.2
8.7 0.0 4.7 6.9
1.8 0.5 1.6 1.8
0.9 4.8 1.5 2.6
1.1 0.0 1.1 1.2

7.7 0.3 6.2 10.4
50.8 0.5 7.4 10.5
1.2 0.0 1.0 1.0
1.2 0.3 1.3 1.6
0.5 0.5 0.5 1.1

0.5 0.6 0.6 1.2
8.0% 7.9% 7.0% 7.9%
10.4% 10.7% 10.1% 13.5%
11.0% 10.9% 10.0% 10.9%

65.2% 20.8% 7.2% 7.9%
3.8% 8.6% 9.3% 10.0%
1,233 302 1,354 1,689

0 39 33 22
10.4% 10.4% 10.1% 13.5%
0.32 0.25 0.20 0.16

-17 10 27 10
0.47 0.38 0.32 0.26
-25 16 42 16
0.73 0.65 0.59 0.53
-39 27 78 32
0.80 0.72 0.64 0.57
-43 30 85 35
0.91 0.82 0.74 0.67
-48 34 98 41
0.91 0.82 0.74
37 109 45
0.91 0.82
120 50
0.88
54
730 986 1,227 1,036
13,458 18,198 24,026 12,246
4,992 6,754 9,174 0
5,722 7,740 10,401 1,036
321 285 412 475

0 39 33 22
6,044 7,986 10,780 1,489
0.2 0.0 0.1 1.1

201112 201212 201312 201412 201512 201612 201712 201812
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
1,451 1,948 2,285 2,582 3,124 3,535 3,942 4,648

37.5% 34.3% 17.3% 13.0% 21.0% 13.2% 11.5% 17.9%
#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

0 0 0 0 0 0 0 0
14 18 17 18 20 21 24 25
1.0% 0.9% 0.8% 0.7% 0.6% 0.6% 0.6% 0.5%
821 1,061 1,222 1,460 1,773 1,994 2,169 2,480
56.6% 54.4% 53.5% 56.5% 56.8% 56.4% 55.0% 53.4%
113 130 143 169 177 208 227 248

7.8% 6.7% 6.3% 6.5% 5.7% 5.9% 5.7% 5.3%
31 27 53 47 22 21 30 30
2.1% 1.4% 2.3% 1.8% 0.7% 0.6% 0.8% 0.7%
0 0 0 0 0 0 0 0
1,209 1,557 1,807 2,139 2,587 2,960 3,285 3,912
242 391 478 443 537 575 657 736

16.7% 20.1% 20.9% 17.2% 17.2% 16.3% 16.7% 15.8%
25 32 39 44 48 55 63 65
6.2% 7.3% 7.5% 8.6% 9.1% 11.5% 11.7% 11.3%
1.7% 1.7% 1.7% 1.7% 1.5% 1.6% 1.6% 1.4%
217 359 440 399 489 519 593 671

15.0% 18.4% 19.2% 15.5% 15.6% 14.7% 15.0% 14.4%
93 46 41 27 17 42 49 58
0 0 0 (7) 0 0 0 0
3 1 1 2 1 1 2 3
308 404 480 418 505 560 640 726

21.2% 20.7% 21.0% 16.2% 16.2% 15.9% 16.2% 15.6%
41 76 100 98 111 141 141 143

13.2% 18.9% 20.9% 23.4% 22.1% 25.2% 22.0% 19.7%
267 328 379 320 393 419 499 583

18.4% 16.8% 16.6% 12.4% 12.6% 11.9% 12.7% 12.6%
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
267 328 379 320 393 419 500 583

18.4% 16.8% 16.6% 12.4% 12.6% 11.9% 12.7% 12.6%
0 (0) 0 12 12 0 0 0
321 416 523 456 438 600 768 1,165
588 744 902 788 844 1,019 1,267 1,748
200 270 555 473 433 275 200 425
9.1 11.1 12.6 10.6 13.0 13.9 16.8 19.6

9.1 11.1 12.6 10.6 13.0 13.9 16.8 19.6
10 12 14 12 15 16 19 22
59 59 60 60 60 60 59 59
1 0 0 0 23 45 73 99
957 1,144 1,139 1,230 1,350 1,636 1,875 2,233
1,016 1,204 1,199 1,291 1,433 1,741 2,007 2,392
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
(16) (7) 5 (18) (26) (125) (134) (178)
12 8 1 3 3 3 3 8
0 0 0 0 0 0 0 0
20 27 20 29 32 27 18 23
16 27 26 14 10 (95) (113) (148)
54 53 49 68 98 196 220 330

223 176 176 215 299 237 219 293
0 0 0 0 0 0 0 0
124 98 358 148 155 107 77 88
401 327 583 431 552 540 517 711
1,433 1,558 1,808 1,736 1,995 2,186 2,412 2,955

567 644 734 773 832 823 939 1,019
170 199 219 259 300 345 397 445
0 0 0 0 0 0 0 0
397 444 515 514 533 479 541 574
0 0 0 0 0 0 0 0
80 76 22 35 116 323 256 224
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 2 2 3
81 109 129 140 181 55 58 67
72 17 18 33 20 93 100 100
629 646 684 722 850 952 958 968
23 235 338 185 41 19 19 10

0 0 0 0 0 0 0 0
299 365 324 366 441 438 536 803
377 197 301 287 386 426 530 820
57 64 113 123 200 338 356 342
48 51 48 54 77 12 13 11
0 0 0 0 0 0 0 0
804 912 1,124 1,014 1,145 1,233 1,454 1,987
0 0 0 0 0 0 0 0
1,433 1,558 1,808 1,736 1,995 2,186 2,412 2,955
3 3 16 6 6 4 4 4
0.3% 0.2% 1.4% 0.5% 0.4% 0.2% 0.2% 0.2%
1,819 2,325 3,650 5,730 6,949 5,830 9,569 9,067
308 404 480 418 505 560 641 727

(35) (13) (56) 140 86 77 101 98
(68) (79) 14 (31) (76) (20) (90) (117)
205 312 437 527 515 618 651 708
141 220 336 413 393 473 476 549
(17) (248) (116) 119 14 (200) (94) (45)
(63) (74) (41) (60) (137) (222) (96) (61)
0 0 2 0 0 1 0 0
(145) (190) (126) (535) (314) (249) (280) (250)
(22) (218) 94 (3) 93 24 103 253
189 291 348 306 381 388 463 539
-68 -79 14 -31 -76 -20 -90 -117

-63 -74 -39 -60 -136 -222 -95 -61
25 32 39 44 48 55 63 65
82 170 361 258 217 202 341 427
2.0 2.8 1.9 2.4 2.1 2.3 2.8 2.8
26.3% 27.2% 31.6% 24.8% 27.4% 24.1% 24.9% 24.4%

19.1% 27.6% 28.2% 27.7% 30.8% 28.1% 28.5% 27.1%
21.0% 29.2% 35.9% 30.6% 33.9% 31.6% 31.3% 29.9%
1.0 1.3 1.3 1.5 1.6 1.6 1.6 1.6

1.3 1.5 1.5 1.8 2.0 1.9 1.9 1.9
0.16 0.17 0.08 0.12 0.26 0.46 0.18 0.11
0.1 0.1 0.3 0.1 0.1 0.1 0.0 0.0

0.5 0.3 0.7 0.3 0.3 0.2 0.1 0.1
71.0 317.7 357.5 219.3 440.1 455.6 395.5 265.2
62 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

42
27.8% 30.0% 23.7% 22.6% 19.0% 19.6% 23.8% 27.5%
0.61 0.53 0.51 0.51 0.58 0.35 0.34 0.37
5 7 11 14 13 16 16 18
16 11 12 15 19 13 21 18
6.4% 8.7% 8.5% 6.9% 5.4% 7.6% 4.7% 5.5%
1.1 2.2 0.9 2.8 2.5 4.4 6.2 6.2
5 7 13 9 8 8 13 16
14 12 10 22 32 27 27 21
7.3% 8.2% 9.9% 4.5% 3.1% 3.7% 3.7% 4.8%
10 9 7 6 8 7 8 8
8.2 7.7 10.4 18.8 18.7 14.9 20.2 17.0

17.4 13.4 12.0 20.4 30.0 20.8 20.4 27.4
9.9 7.2 6.9 9.9 18.4 13.7 13.3 15.6
2.2 2.1 3.3 4.7 5.2 3.7 5.2 4.3
5.3 6.4 8.4 4.7 3.6 2.7 1.2 2.6
1.3 1.2 1.6 2.2 2.2 1.7 2.4 2.0

5.4 5.3 7.0 12.2 12.5 9.5 13.6 11.4
5.9 5.7 7.6 13.7 13.7 10.4 14.9 12.4
1.3 1.5 2.0 3.3 3.5 2.7 4.0 3.1
1.5 1.3 1.7 2.3 2.4 1.8 2.6 2.1
1.1 1.1 0.9 0.5 0.9 1.3 0.8 0.5

1.2 1.2 1.1 0.5 1.0 1.3 0.9 0.5
8.0% 8.6% 8.0% 8.8% 7.7% 7.5% 6.7% 7.4%
13.4% 13.3% 12.9% 10.6% 12.3% 14.2% 11.7% 10.0%
11.0% 11.6% 11.0% 11.8% 10.7% 10.5% 9.7% 10.4%

13.2% 18.9% 20.9% 23.4% 22.1% 25.2% 22.0% 19.7%
9.6% 9.4% 8.7% 9.0% 8.3% 7.9% 7.6% 8.4%
2,196 2,522 3,951 6,017 7,336 6,257 10,099 9,887

0 0 0 0 0 0 0 0
13.4% 13.3% 12.9% 10.6% 12.3% 14.2% 11.7% 10.0%
0.13 0.10
10 17
0.22 0.18 0.15
18 30 53
0.48 0.43 0.39 0.35
39 73 139 90
0.51 0.46 0.41 0.37 0.33
42 78 148 95 71
0.61 0.55 0.50 0.45 0.41 0.37
50 94 180 117 89 75
0.67 0.61 0.55 0.50 0.45 0.41 0.37
55 104 199 129 98 83 126
0.75 0.68 0.62 0.56 0.51 0.46 0.42 0.38
62 116 223 145 111 94 143 163
0.78 0.68 0.60 0.53 0.47 0.41 0.36 0.32
64 117 218 137 102 84 124 137
0.88 0.78 0.69 0.61 0.53 0.47 0.42 0.37
72 133 248 156 116 95 142 157
0.88 0.78 0.69 0.61 0.53 0.47 0.42
150 281 177 132 108 161 178
0.89 0.78 0.69 0.61 0.54 0.48
320 203 151 124 185 206
0.90 0.82 0.74 0.67 0.60
234 177 149 227 258
0.89 0.79 0.71 0.63
193 161 241 269
0.88 0.77 0.67
177 261 287
0.90 0.80
305 342
0.91
388
1,119 1,187 1,188 1,046 863 725 647 388
13,396 14,243 14,973 18,606 11,884 7,881 9,658 7,781
0 0 0 0 0 0 0 0
1,119 1,187 1,188 1,046 863 725 647 388
400 432 639 472 428 447 551 833

0 0 0 0 0 0 0 0
1,519 1,620 1,828 1,518 1,291 1,172 1,198 1,221
1.4 1.6 2.2 4.0 5.7 5.3 8.4 8.1

201812 201813 201814 201815 201816 201817 201818 201819 201820
201821
Hexaware Technologies Ltd. 132129 ACE Code
Mar/14 Sep/14
Financial Statement 201406 201409 201412
Income Statement
Gross Sales 610 671 712

Excise Duty 0 0 0
Excise Duty to Sales 0.0% 0.0% 0.0%
Other operating income 0 0 0
Net Sales & Other Operating Income 610 671 712

QoQ Growth 9.9% 6.1%
YoY Growth
Expenditure:
(Increase) / Decrease In Stocks 0 0 0
Purchase of Finished Goods 0 0 0
Cost of Services & Raw Materials 105 101 108
Raw Material as % of sales 17.3% 15.1% 15.2%
Operating & Manufacturing Expenses 64 64 62
Operating & Manufacturing Expenses as % of sales 10.5% 9.5% 8.8%
Electricity, Power & Fuel Cost 0 0 0
Electricity, Power & Fuel Cost as % of sales 0.0% 0.0% 0.0%
Employee Cost 339 385 400
Employee Cost as % of sales 55.5% 57.4% 56.1%
General Administration Expenses 0 0 0
General Administration Expenses as % of sales 0.0% 0.0% 0.0%
Selling & Distribution Expenses 0 0 0
Selling & Distribution Expenses as % of sales 0.0% 0.0% 0.0%
Loss on Foreign Exchange 0 3 15
Loss on Foreign Exchange as % of sales 0.0% 0.5% 2.1%
Loss on Foreign Exchange Loan 0 0 0
Loss on Foreign Exchange Loan as % of sales 0.0% 0.0% 0.0%
Miscellaneous Expenses 0 0 0
Miscellaneous Expenses as % of sales 0.0% 0.0% 0.0%
Total Expenditure 509 553 585
EBITDA 102 117 127

EBITDA Margin 16.7% 17.5% 17.8%
Depreciation 11 11 11
Depreciation as % of Net Assets
Depreciation as % of sales
EBIT 91 106 116

EBIT Margin 14.9% 15.8% 16.2%
Other Income 8 3 4
Exceptional Items 0 0 -7
Interest 0 1 0
Profit Before Tax 99 109 113

PBT Margin 16.3% 16.2% 15.8%
Tax 23 23 25
Tax Rate 22.9% 20.9% 22.5%
Profit After Tax 77 86 87

PAT Margin 12.5% 12.8% 12.3%
Extraordinary Items 0 0 0
Minority Interest 0 0 0
Shares of Associates 0 0 0
Consolidated Net Profit 77 86 87

Consol Net Margin 12.5% 12.8% 12.3%
Balance Sheet
Share Capital #N/A #N/A #N/A

Share Warrants & outstandings #N/A #N/A #N/A
Reserves & Surplus #N/A #N/A #N/A
Shareholders Fund #N/A #N/A #N/A
Minority Interest #N/A #N/A #N/A
Long Term Borrowing #N/A #N/A #N/A

Deferred Tax Liability #N/A #N/A #N/A
Other Long Term Liabilities #N/A #N/A #N/A
Long Term Trade Payables #N/A #N/A #N/A
Lont Term Provisions #N/A #N/A #N/A
Total Non-Current Liabilities #N/A #N/A #N/A
Current Liabilities #N/A #N/A #N/A

Short Term Borrowings #N/A #N/A #N/A
Trade Payables #N/A #N/A #N/A
Current Maturity of debentures & Others #N/A #N/A #N/A
Other Current Liabilities #N/A #N/A #N/A
Provisions #N/A #N/A #N/A
Total Current Liabilities #N/A #N/A #N/A
Total Liabilities #N/A #N/A #N/A
Total Net block #N/A #N/A #N/A

Capital Work in Progress #N/A #N/A #N/A
Good Will #N/A #N/A #N/A
Investments #N/A #N/A #N/A
Long Term Loans & Advances #N/A #N/A #N/A
Other Non Current Assets #N/A #N/A #N/A
Deferred Tax Assets #N/A #N/A #N/A
Total Non-Current Assets #N/A #N/A #N/A
Current Investments #N/A #N/A #N/A

Inventories #N/A #N/A #N/A
Sundry Debtors #N/A #N/A #N/A
Cash and Bank #N/A #N/A #N/A
Other Current Assets #N/A #N/A #N/A
Loans and Advances #N/A #N/A #N/A
Total Current Assets #N/A #N/A #N/A
Total Assets #N/A #N/A #N/A
Performance Analysis
Return on Equity (RoE)

Return on Invested Capital (RoIC)
Return on Capital Employeed (RoCE)
Asset Turnover Ratio

Capital Turnover Ratio
Total Debt to Equity

Net Debt to Equity
Net Debt to EBITDA
Interest Coverage Ratio
Receivable days
Inventory Days
Payable days
Cash Conversion Cycle
Working Capital to Sales
Core Working Cap to Total Working Cap
Change in Working Capital #N/A
NOPLAT 70 84 90
Add: Depreciation 11 11 11
Less: Capital Expenditure #N/A
Change in Working Capital #N/A
Free Cash Flow to Firm

C Reporting Status
Mar/15 Sep/15 Mar/16 Sep/16 Mar/17

201503 201506 201509 201512 201603 201606 201609 201612 201703 201706
713 772 818 820 820 870 904 941 961 984
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0 0 0
713 772 818 820 820 870 904 941 961 984
0.2% 8.2% 6.0% 0.1% 0.1% 6.0% 4.0% 4.1% 2.1% 2.4%
26.5% 22.0% 15.1% 15.0% 12.6% 10.5% 14.8% 17.1% 13.1%
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
121 132 139 147 138 163 159 170 178 187
16.9% 17.0% 17.0% 18.0% 16.8% 18.7% 17.6% 18.1% 18.6% 19.0%
60 69 81 77 73 86 84 91 88 92
8.4% 9.0% 9.9% 9.3% 8.9% 9.9% 9.3% 9.6% 9.2% 9.3%
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
405 439 452 466 490 488 500 516 531 545
56.8% 56.8% 55.3% 56.8% 59.8% 56.1% 55.3% 54.8% 55.3% 55.4%
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
13 0 0 0 0 0 0 0 0 0
1.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
600 640 672 689 701 737 743 777 798 824
114 132 146 130 119 133 161 164 162 160
15.9% 17.1% 17.9% 15.9% 14.5% 15.3% 17.8% 17.4% 16.9% 16.2%
12 11 12 13 14 14 14 14 16 16
102 121 134 117 105 119 147 150 147 144
14.3% 15.6% 16.4% 14.3% 12.8% 13.7% 16.3% 15.9% 15.3% 14.7%
4 8 10 9 6 13 7 14 3 15
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
106 129 144 126 111 132 154 164 149 159
14.8% 16.7% 17.6% 15.4% 13.5% 15.2% 17.0% 17.4% 15.5% 16.1%
22 30 32 26 27 34 39 41 35 36
21.2% 23.5% 22.3% 21.1% 24.2% 25.9% 25.6% 24.9% 23.7% 22.9%
83 99 112 99 84 98 114 123 114 122

11.7% 12.8% 13.6% 12.1% 10.2% 11.3% 12.6% 13.1% 11.9% 12.4%
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 -0 -0
83 99 112 99 84 98 114 123 114 122

11.7% 12.8% 13.6% 12.1% 10.2% 11.3% 12.6% 13.1% 11.9% 12.4%
#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
466.2 505.5 1,575.4 3,647.4 4,337.5 3,960.6 2,872.8 3,722.1 3,750.0 3,092.9
80 92 104 92 80 88 109 113 112 111
12 11 12 13 14 14 14 14 16 16
Sep/17 Mar/18 Sep/18
201709 201712 201803 201806 201809 201812 201903
993 1,005 1,049 1,137 1,210 1,252 1,264

0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0
993 1,005 1,049 1,137 1,210 1,252 1,264

1.0% 1.2% 4.4% 8.4% 6.4% 3.5% 0.9%
9.8% 6.8% 9.2% 15.6% 21.8% 24.6% 20.5%
0 0 0 0 0 0 0
0 0 0 0 0 0 0
182 192 212 251 271 291 305
18.3% 19.1% 20.2% 22.1% 22.4% 23.3% 24.2%
105 94 93 101 102 113 104
10.6% 9.4% 8.8% 8.9% 8.4% 9.0% 8.2%
0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
533 559 582 608 634 656 666
53.7% 55.7% 55.5% 53.5% 52.4% 52.4% 52.7%
0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 25 8
0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 0.7%
0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0 0 0 0 0 0 0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
820 845 886 959 1,007 1,086 1,084
173 160 163 177 202 167 180

17.4% 15.9% 15.5% 15.6% 16.7% 13.3% 14.3%
16 16 15 18 16 16 15
157 144 147 159 186 151 166

15.8% 14.3% 14.1% 14.0% 15.4% 12.1% 13.1%
18 13 20 33 26 3 4
0 0 0 0 0 0 0
0 0 0 0 0 0 0
175 157 168 192 213 154 170

17.6% 15.6% 16.0% 16.9% 17.6% 12.3% 13.4%
33 36 34 38 41 31 31
18.9% 23.0% 20.0% 20.0% 19.1% 19.9% 18.4%
142 121 134 153 172 123 138

14.3% 12.0% 12.8% 13.5% 14.2% 9.9% 10.9%
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 -0 0 0
142 121 134 154 172 123 138

14.3% 12.0% 12.8% 13.5% 14.2% 9.9% 11.0%
#N/A 59 #N/A 59 #N/A #N/A #N/A

#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 1,855 #N/A 2,059 #N/A #N/A #N/A
#N/A 1,915 #N/A 2,118 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A

#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 4 #N/A 5 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 4 #N/A 5 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A

#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 130 #N/A 230 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 311 #N/A 258 #N/A #N/A #N/A
#N/A 102 #N/A 91 #N/A #N/A #N/A
#N/A 543 #N/A 579 #N/A #N/A #N/A
#N/A 2,462 #N/A 2,702 #N/A #N/A #N/A
#N/A 533 #N/A 545 #N/A #N/A #N/A

#N/A 269 #N/A 248 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 154 #N/A 0 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 0 #N/A 152 #N/A #N/A #N/A
#N/A 139 #N/A 147 #N/A #N/A #N/A
#N/A 1,094 #N/A 1,092 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A

#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 792 #N/A 870 #N/A #N/A #N/A
#N/A 462 #N/A 613 #N/A #N/A #N/A
#N/A 114 #N/A 127 #N/A #N/A #N/A
#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 1,368 #N/A 1,610 #N/A #N/A #N/A
#N/A 2,462 #N/A 2,702 #N/A #N/A #N/A
#N/A 26.1% #N/A 26.0% #N/A #N/A #N/A
#N/A 30.9% #N/A 28.7% #N/A #N/A #N/A
#N/A 1.6 #N/A 1.5 #N/A #N/A #N/A

#N/A 2.1 #N/A 2.0 #N/A #N/A #N/A
#N/A 0.0 #N/A 0.0 #N/A #N/A #N/A

#N/A -0.2 #N/A -0.3 #N/A #N/A #N/A
#N/A -0.7 #N/A -0.9 #N/A #N/A #N/A
5,434.5 4,932.4 5,389.0 8,682.0 15,922.3 16,098.8 13,242.0
#N/A 73 #N/A 76 #N/A #N/A #N/A

#N/A 0 #N/A 0 #N/A #N/A #N/A
#N/A 64 #N/A 100 #N/A #N/A #N/A
#N/A 9 #N/A -24 #N/A #N/A #N/A
#N/A 20.9% #N/A 24.7% #N/A #N/A #N/A
#N/A 0.8 #N/A 0.6 #N/A #N/A #N/A
#N/A #N/A #N/A 207 #N/A #N/A #N/A
127 111 118 127 151 121 135
16 16 15 18 16 16 15
#N/A #N/A #N/A -9 #N/A #N/A #N/A
#N/A #N/A #N/A 207 #N/A #N/A #N/A
#N/A #N/A #N/A 717 #N/A #N/A #N/A

2014
1- world economy growth projected - 3.5-3.7
2-weak oil export due to lower price
3- indian gdp to grow by 7.5%
4- Revival in demand for IT services from US and Europe
5-Emerging verticals (retail, healthcare, utilities) are driving growth above 14% with BFSI leading by 41%.
6-the SMAC (soci al, mobility, analytics, cloud) market is expected to grow to USD 225 billion by 2020
7-44 new clients added
8-Attrition rate 14.1%
9-low growth rate due to econamic slow down around the world.
10-SMAC and IoT set up to bring changes in IT industry. These are areas of opportunity for the co
2015
1-world economy growth projected- 2.4
2-chinese economy gowing downwards
3-India’s economy grew 7.6% in 2015-16
4-The upcoming 7th Pay Commission hike is likely to enhance disposable incomes and consumption
5- The contribution of the IT sector to India’s GDP rose to approximately 9.5% in FY15 from 1.2% in FY98
6-FY 2015 revenue at $485.5 mn, up 14.9% YoY [Rs. 31,235 mn, up 21% YoY]
7-PAT at $60.7 mn, up 15.8% YoY [Rs. 3,932 mn, up 22.8%]
8- Earnings per share (basic EPS) of RS 13.05, up 22.4% YoY
9- New customer deals of $120 mn TCV signed in 2015
14% with BFSI leading by 41%.
to USD 225 billion by 2020
areas of opportunity for the company.
incomes and consumption

9.5% in FY15 from 1.2% in FY98

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Hexaware Technologies Ltd.

132129 ACE Code

Financial Statement 200312 200412 200512 200612

Income Statement FY03 FY04 FY05 FY06

Net Sales 339 546 679 848

EBITDA 33 78 109 128

Profit Before Tax 30 72 101 136

Provision for Tax 4 9 10 12

Profit After Tax 26 64 92 124

Consolidated Net Profit 33 64 92 124

Adjustments to PAT 0 (1) 0 0

Earnings Per Share 14.5 27.4 7.7 9.2

Balance Sheet FY03 FY04 FY05 FY06

Share Capital 23 23 24 176

Total Liabilities 267 380 468 896

Current Assets Loans & Advances

Miscellaneous Expenses not written of 0 0 0 0

Total Assets 267 380 468 896

Enterprise Value 910 1,368 1,518 2,705

Cash Flow Statement FY03 FY04 FY05 FY06

Profit Before Tax 30 72 101 136

Changes In working Capital 2 -39 -43 -11

Free Cash Flow to Firm 12 -4 40 37

Performance Analysis FY03 FY04 FY05 FY06

Current Ratio 3.0 2.4 3.1 4.1

Return on Equity (RoE) 12.1% 23.9% 26.3% 16.8%

Asset Turnover Ratio 1.3 1.4 1.5 0.9

Debt to Equity 0.1 0.2 0.1 0.1

Cash Flow Ratio

Cash Flow Per share 17 19 6 9

Adjusted PE (x) 28.6 22.0 17.1 21.7

Price / Book Value(x) 4.4 5.3 4.5 4.5

Dividend Yield(%) 0.5 0.8 0.9 0.8

EV/Net Sales(x) 2.7 2.5 2.2 3.2

M Cap / Sales 2.8 2.6 2.3 3.1

Unlevered Beta 2.9 1.9 0.7 0.8

Average G - Sec Yield 6.1% 5.1% 6.7% 7.6%

Cost of Equity 25.9% 21.2% 11.2% 11.8%

Interest Rate 9.1% 8.1% 9.7% 10.6%

Cost of Debt 7.9% 7.1% 8.8% 9.7%

Market Capitalization 939 1,402 1,565 2,635

Historical WACC 25.8% 21.1% 11.2% 11.8%

Current Beta 0.88

Discount Factor 0.79 0.63 0.50 0.40

Total of Discounted Cash Flow 99 195 506 575

Free Cash Flow growth 5%

Terminal Value 499 1,211 8,213 8,491

Present Value of Terminal Value 50 179 2,851 2,791

Value of Operations 149 374 3,357 3,365

Value to Cash & Investments 71 78 119 341

Value of Equity 215 442 3,464 3,707

Actual Market Cap to Value of Equity 4.4 3.2 0.5 0.7

200712 200812 200912 201012

FY07 FY08 FY09 FY10

1,040 1,152 1,039 1,055

#N/A #N/A #N/A #N/A

123 140 109 109

0.4 4.1 9.3 7.4

FY07 FY08 FY09 FY10

982 1,045 1,126 1,238

982 1,045 1,126 1,238

1,143 36 1,085 1,264

FY07 FY08 FY09 FY10