22 February 2013
Update | Sector: Technology
Tech Mahindra
BSE SENSEX
S&P CNX
19,325
5,852
CMP: INR1,036
eMerging stronger
TP: INR1,260
Buy
Benefits of integration go beyond de-risked profile
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
1,6,12 Rel. Perf. (%)
TECHM IN
127.8
132/2.4
9/12/52
52-Week Range (INR) 1,069/579
Valuation summary (INR b)
Y/E March
2013E 2014E 2015E
Sales
68.6 76.5 81.2
EBITDA
14.5 15.2 15.0
Adj. PAT
12.6 13.9 15.8
Adj. EPS (INR) 95.5 105.0 120.0
EPS Gr. (%)
35.7
9.9 14.3
BV/Sh.(INR) 421.3 532.8 648.8
RoE (%)
23.4 22.7 21.0
RoCE (%)
22.5 20.5 19.8
Payout (%)
5.2
5.7
6.7
Valuation
P/E (x)
10.8
9.9
8.6
P/BV (x)
2.5
1.9
1.6
EV/EBITDA (x) 8.6
8.2
7.6
Div. Yield (%) 0.5
0.6
0.8
Merger of TECHM with Mahindra Satyam (SCS) will derive synergies from [1] scale -
qualifying the company for large sized deals, [2] cross sell of services and [3] opportunity
to cut cost redundancies.
Client mining potential remains a growth driver at Mahindra Satyam. Growth prospects
are enhanced by increasing invitations in USD50m+ TCV deals.
Expect TECHM to grow steadily despite challenges in Telecom on: [1] ramp ups in a
couple of large deals, [2] continued growth in their 2nd largest account, which is ~23%
of revenues and [3] traction in non BT-execution.
Expect FY13-15 USD revenue CAGR of 12.2% and EPS CAGR of 12%. Buy with a target
price of INR1,260 which discounts FY15E EPS by 10.5x.
Integration benefits go beyond de-risking revenue profile
TECHM's merger synergies with SCS go beyond de-risking revenue profile, and
will potentially drive better revenue growth through: [1] cross sell of services,
[2] higher scale (USD2.7b combined revenue in FY13) facilitating qualifications in
much larger bids, and [3] Removal of cost redundancies, thereby enhancing the
earnings potential further.
SCS: growth potential from client mining after steadying the ship
Having addressed its concerns around client retention, employee retention; legal
battles and profitability, the management bandwidth can now focus fully on
growth. With revenue per client at USD4.4m (annualized) ample growth potential
exists from mining alone. Across the top-tier, the metric ranges between
USD6.5m-USD11.2m. Greater number of invitations in USD50m+ TCV deals bode
positively for its growth prospects.
Shareholding pattern (%)
As on
Dec-12 Sep-12 Dec-11
Promoter
47.5
56.7
70.9
Dom. Inst 20.1
18.7
15.2
Foreign
22.6
15.5
5.3
Others
9.9
9.2
8.6
Expect double-digit growth despite onus on ~82% of the business
Assuming revenues from HGS acquisition (USD169m per annum) and BT (assumed
at USD370m per annum in FY14) to remain flat over FY13-15, this implies the onus
of revenue growth on remaining ~82% of the business. Outside BT, TECHM grew
revenues at 19-23% over FY09-12. Expect TECHM to grow steadily despite
challenges in Telecom on: [1] ramp ups in a couple of large deals, [2] continued
growth in their 2nd largest account, which is ~23% of revenues and [3] traction in
non BT-execution, with the company chasing 5-6 large deals in advanced stages.
Stock performance (1 year)
Benefits from integration could drive the next leg of re-rating; Buy
TECHM trades at 9.9x FY14E EPS and 8.6x FY15E EPS. We believe that better revenue
growth opportunities following integration of SCS along with revenue de-risking
will drive further re-rating in valuations. We value TECHM at a 25% discount to
target multiple for HCLT, due to: [1] relatively smaller scale, [2] skew of revenues
towards Telecom vertical, and [3] Increasing proportion of BPO revenues. Our
target price is INR1,260, which discounts its FY15E EPS by 10.5x.
1
Investors are advised to refer
through disclosures made at the end
of the Research Report.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com) +91 22 3982 5424

Tech Mahindra
Integration benefits go beyond de-risking revenue profile...
...offer synergies on growth and costs
Integration with SCS de-risks the revenue profile with reduced dependency on top client
(BT will come down to 12% as per our estimates) and Telecom vertical; and also balances the
geography mix.
Revenue synergies emanate from larger scale of merged entity (USD2.7b in FY13) with
mature practices across diverse segments, qualifying it for larger deals.
Additionally, potential exists to cross-sell of Satyam's Enterprise services and Engineering
solutions to TECHM's clients.
Apart from economies of scale, the merger will create some synergies on the cost front as
well, with the company able to do away with redundancies in processes, facilities etc.
With only procedural aspects in the way of the merger of TECHM with SCS, we see the
combined entity benefit the prospects of the companies on the following fronts:
De-risking business profile through diversification:
The combined entity will see much more balanced mix of geography-wise revenue
spread and reduction in dependency on top accounts. This de-risking bodes positively
for valuations in the long run. Geographically, TECHM derives a significant portion of
its revenues from Europe, while Mahindra Satyam's business is highly focused on
Americas. The amalgamated entity will have a more balanced share of revenue
contribution from three key geographies viz Americas, Europe and Rest of World.
Well balanced geographic exposure
Merger of TECHM with
SCS de-risks geographic
exposure and clients
exposure
Source: Company, MOSL
22 February 2013
2

Tech Mahindra
Secondly, despite contraction in absolute revenues obtained from BT, the client
continues to constitute ~1/3d of the revenues for TECHM. That dependency will come
down to 12% after the merger with SCS, after considering revenues from acquisition
of HGS, Comviva and Complex IT. Contribution from top-10 clients will get cut from
77% at TECHM currently to 57%.
BT dependency to reduce
Proportion of BT revenues
in 9MFY13 (%)
32.5
Stable state revenues
from BT (USD m)
370
Combined entity revenues
in FY14 (USD m)
3,081
BT dependency post
merger (%)
12.0
Dependency on top client to reduce significantly post integration
To come down to 12% after
factoring acquisitions
Source: Company, MOSL
Facilitate revenue growth through cross sell of services
Revenue synergies from
the acquisition emanate
from cross-sell of
services and more
qualifications for larger
deals
TECHM's offerings and expertise have been mainly in services like ADM, BPO, Network,
ITO and Security. Integration with SCS lends company the ability to offer a wider
range of offerings like Enterprise Services and Engineering Services to current and
future customers. Conversely, there are services at TECHM, expertise in which would
be sellable to clients at SCS as well.
Working directly with companies in Telecom domain has forced TECHM's hand at
continuously building capabilities in areas like Mobility, Collaboration and Cloud
computing. The offerings in these areas are not restricted to the Telecom vertical
alone and will find demand in other verticals as well, which are addressed by SCS.
22 February 2013
3

Tech Mahindra
Shared Services - Shared Infrastructure
Telecom
Manufacturing
BFSI
Cloud Services
Technology and Media
Enterprise Mobility
Retail, T&L
Security Solutions
Healthcare & Life Science
Managed Services
BPO
Shared Services
Shared Infrastructure
Source: Company, MOSL
Enterprise Solutions
Benefits of scale - costs cutting and better opportunities
We expect the combined entity's revenues to be USD2.7b in FY13 and USD3.08b in
FY14. The larger entity should reap some of the obvious benefits of scale. This, along
with higher scale of mature practices like ADM will facilitate the combined entity
invitations / qualifications / opportunities in much larger bids, competing directly
with large domestic and MNC peers. This is already visible in higher number of
invitations in USD50m+ deals that Mahindra Satyam is witnessing, following a joint
go-to-market with TECHM that is already implemented as a merged entity.
Additionally, the merger will create some synergies on the cost front as well, with the
company able to do away with redundancies in processes, facilities etc.
Combined entity Snapshot
FY10
USD Revenue (m)
YoY (%)
INR b
Revenue
YoY (%)
EBITDA
Margin (%)
PAT
YoY (%)
Margin (%)
2,027
FY11
2,191
8.1
100
-1.2
14
14.5
11
26.6
10.6
FY12
2,464
12.4
119
19.0
19
16.3
18
65.4
14.8
FY13E
2,675
8.6
146
22.7
31
21.4
20
15.8
13.9
FY14E
3,081
15.2
FY15E
3,380
9.7
179
9.7
34
18.9
24
12.6
13.4
MOSL
101
17
16.7
8
8.3
163
12.0
33
20.0
21
5.0
13.1
Source: Company,
22 February 2013
4

Tech Mahindra
Mahindra Satyam - growth potential from client mining...
...and improved prospects around large deals
Revenue per client still remains well below top-tier peers at Satyam, while the company has
healthy presence in IT spenders.
The company is beginning to witness increasing number of invitations in deals with TCV
upwards of USD50m, a key positive to its growth prospects.
With the overhangs of legal hassles and removing inefficiencies behind, the management
bandwidth can now focus entirely on growth.
Client mining has been
impressive thus far,
significant room exists
for more when compared
to peers
Client mining efforts have so far borne fruit
At SCS, revenue per client has significantly lagged that at larger peers, and the company
had clearly identified that as an opportunity to drive growth. Towards that end, SCS
has managed to grow its annualized revenue per client from USD4m per annum in
4QFY11 by 10% to USD4.4m in 3QFY13.
… when compared with revenue per client metrics of top-tier
peers
Client mining efforts have borne some fruits thus far,
potential remains huge…
Source: Company, MOSL
Also, the company has managed to grow the number of clients in its top clients bucket.
Number of clients annually contributing USD50m+ to revenues increased from 2 in
3QFY11 to 5 in 2QFY13. Also, number of USD20m+ clients increased to 16 in 2QFY13
from 10 in 3QFY11.
Client mining efforts reflected in growth in large client buckets
Source: Company, MOSL
22 February 2013
5

Tech Mahindra
Higher number of
invitations for USD50m+
TCV deals augurs well for
growth
Seeing higher number of qualifications in larger deals:
While environment may not
be supporting potential signing of higher number of large deals, the turnaround at
SCS has held it in good stead. The pipeline of large deals remains impressive, and the
company cited marked improvement in invitations for larger opportunities. Earlier,
the company faced challenges in getting invited for USD30m-USD50m deals, but that
has changed now, with many invitations for deals upwards of USD50m each.
Clients who left SCS during the uncertain times have started returning to the Mahindra
Satyam fold. Clients that had imposed an embargo on awarding fresh projects, have
since revoked their decision. This has driven confidence of the management in
growing revenues in line with the industry going forward.
See management bandwidth focused on growth after addressing concerns
With key concerns
successfully addressed,
the management
bandwidth and now stay
fully focused on growth
With contingencies largely dealt with, and the turnaround impressively completed,
the bandwidth can now focus on growth. The company has already started seeing the
number of invitations in USD50m+ TCV deals go up, which bodes positively for revenue
growth, along with ample potential to drive growth through client mining.
Concerns largely addressed:
Mahindra Satyam has come a long way in its recovery
process which was focused on addressing the concerns around the following:
1. Customer Retention:
Mahindra Satyam's focus on mining existing accounts better
has been a key driver of revenues over the past couple of years.
SCS has managed to continue increasing its customer base despite tainted recent-past
Source: Company, MOSL
2. Employee Retention:
The company's attrition rate is down to 13.1% in 3QFY13
from 25% in 3QFY11. Although this is partly attributed to the environment, we
cannot ignore the fact that attrition is now among the lowest in the industry from
among the highest earlier.
22 February 2013
6

Tech Mahindra
Attrition was among the highest in the industry, is now among the lowest
Source: Company, MOSL
3. Dispute resolution:
Most of the litigations are now behind the company, with the
only prominent ones being domestic in nature (companies of Raju family and
Income tax).
4. Improving profitability:
21.6% EBITDA margin in 3QFY13 has been a steady
improvement from 5.9% reported in 2QFY11.
EBITDA margin profile has completely turned around on impressive execution
Source: Company, MOSL
22 February 2013
7

Tech Mahindra
TECHM: Growth visibility despite a bleak outlook on Telecom
Multiple growth drivers to make up for further potential declines in BT
Ramp-up in large deals lend visibility to growth in the near-term.
AT&T (2nd largest client) continues to be a growth account for the company. With wallet size
bigger than BT, potential to penetrate further remains.
Trends such as vendor consolidation, emerging technologies and under-outsourced players
continue to remain additional growth drivers despite weak Telecom environment.
Expect TECHM to grow
steadily despite
challenges in Telecom on:
[1] ramp ups in a couple
of large deals, [2]
continued growth in their
2nd largest account,
which is ~23% of
revenues and [3] traction
in non BT-execution, with
the company chasing 5-6
large deals in advanced
stages
Why TECHM could match peer growth despite challenges in Telecom?
Traction in second largest customer:
Second largest customer grew 20%+ in FY12
and is growing in double digits in FY13. For FY14, the company expects growth to
taper off v/s FY13 on ~USD300m annual base. Growth outlook is close to double
digits in FY14.
Growth in top accounts excluding BT:
Outside of BT, TECHM has managed
impressive growth in its top accounts over the past few years. Since 1QFY11,
revenue growth at TECHM has been driven by top 2-10 accounts - over 1QFY11-
2QFY13, top 2-5 accounts have grown at a CQGR of 5% and top 6-10 accounts have
growth at a CQGR of 4.5%.
Top 2-10 clients have driven growth at Tech Mahindra (3Q spike in top 2-5 on HGS acquistion)
Source: Company, MOSL
Ramp-ups in a couple of large deals won:
The large deal that TECHM announced in
2Q is expected to yield only some revenues in 2HFY13. So, FY14 will be the first
full year of revenues from that account. Also, the company announced a
significantly large 5-year deal in 3Q, revenues from which will start flowing in
FY14.
Healthy large deal pipeline:
The company is chasing 5-6 large deals in which it
either features among the last 2 short-listed candidates or it is in contract signing
stages.
Moving out of headwinds from weeding of unprofitable BPO accounts:
Tech
Mahindra revenues have been impacted negatively by ~USD30m on account of
Etisalat, order cancellation by Cox communications and some rationalization in
low margin Indian BPO accounts. There will be no further impact next year from
these factors.
22 February 2013
8

Tech Mahindra
Growth on a small base of multiple trends over the long run
Emerging technologies have seen rapid growth in spends, albeit on a small base. The
wave in mobility puts TECHM in the right place in terms of the industry serviced by its
customer base, with following opportunities that could be tapped to grow:
growth in
mobile
devices has been driving investments in mobile data networks
and application development.
video
is increasingly taking a major share of the mobile data traffic, driving TSPs
to invest in content delivery networks.
IT vendors will look to help companies seeking to monetize and benefit from
prominence of
social networking
and cloud computing
While these are trends capable of driving growth more over the longer term, their
base today is relatively low, and also the nature of services is largely discretionary.
However, growth drivers over the near term for TECHM continue to be:
[1] Under outsourced clients
[2] Vendor consolidation - where the vendors that largely face the threat of losing out
are local players and large MNC competition
[3] Emerging markets.
22 February 2013
9

Tech Mahindra
Expect double-digit revenue and earnings CAGR...
...despite onus of growth on 82% of the business
We expect USD revenue CAGR of 12.2% over FY13-15E and an EPS CAGR of 12% during this
period at the combined entity.
Assuming revenues from HGS (USD169m per annum) and BT (USD370m per annum from
FY14) to remain flat over FY13-15, this implies the onus of revenue growth is on remaining
82% of the business.
Outside BT, TECHM grew revenues at the rate of 19-23% over FY09-12, which should continue
to grow on the back of: [1] ramp ups in a couple of large deals, [2] continued growth in their
2nd largest account, which is ~23% of revenues and [3] traction in non BT-execution, with
the company chasing 5-6 large deals in advanced stages.
Expect revenue CAGR of 12.2% over FY13-15E in the combined entity
Non-BT revenues have
grown in the range of 19-
23% over FY08-12,
despite weak spending in
Telecom
We expect USD revenue CAGR of 12.2% over FY13-15E and an EPS CAGR of 12% during
this period at the combined entity. Our estimates on growth assume the following:
We assume annualized revenues from BT stabilizing at USD370m going forward in
FY14 and FY15. This compares with USD430m in FY12 and USD200m in 1HFY13.
Revenue from acquisition of Hutchison Global Services (HGS) remains flat at
USD169m per annum.
Outside of acquisitions and BT, the implied CAGR in our growth estimate for Tech
Mahindra is 10% over FY13-15, without assuming any growth in Comviva. Over FY08-
FY12, non-BT revenues grew in the range of 19-23% in each year for the company, and
we see drivers like large deals, emerging geographies, gain share in AT&T and vendor
consolidation trend continue to fuel growth.
Revenues outside BT have grown at a healthy rate for TECHM, despite weak Telecom vertical
Source: Company, MOSL
We note growth in non-BT revenues in FY13 is on the back of acquisitions at HGS and
Comviva, and on an organic basis , revenue growth has been softer due to weeding
our of some nom-profitable domestic BPO accounts and also impact of closure of
operations by Telecom clients following the 2G scam revelations.
22 February 2013
10

Tech Mahindra
Earnings growth will not lag given focus on margins
Declining revenue base of BT and increasing proportion of revenues from service like
BPO and segments like emerging geographies have been key headwinds to operating
profit margins at TECHM. The margins saw a steep fall from 25.2% in 1QFY10 to 15.3%
in 2QFY12. However, impressive cost containment efforts on the part of the
management, along with the currency tailwinds have helped take the EBITDA margins
back to ~21%.
EBITDA margin has picked up from the low of 15.3% on cost containment measures, also aided by
currency
Strong focus on cost
control in the past helped
avert potential margin
crisis, will keep
profitability steady going
forward
Source: Company, MOSL
Over FY08-FY12, personnel costs as a % of revenue have increased from 41% to 52%, a
11pp hit on OPM. In the same period, non-personnel operating costs have improved
~600bp from 37% of revenues in FY08 to 31% of revenues in FY12. This was largely
facilitated by two cost items - Travel and Communication, which declined from 15.6%
of revenues in FY08 to 7.8% in FY12.
Rationalization in non-personnel operating expenses have helped curtail the margin slide
Source: Company, MOSL
22 February 2013
11

Tech Mahindra
For the combined entity, our EBITDA margin estimate for FY14 stands at 20% (-140bp)
and that in FY15 is 18.9% (-110bp). The drop in margins is largely the portion of
unabsorbed wage hikes, to cushion which, industry growth needs compare with the
yesteryears. Stable performance on margins coupled with our expectation of healthy
execution on growth drive our estimate of 12% EPS CAGR over FY13-15.
Expect earnings to map revenue growth going forward
Source: Company, MOSL
22 February 2013
12

Tech Mahindra
Benefits from integration could drive re-rating; Buy
Target price discounts FY15E EPS by 10.5x; 25% discount to HCLT
Potential to re-rate comes from revenue and cost synergies at the merged entity in addition
to de-risking of business; and also healthy growth prospects at Satyam.
We value TECHM at 25% discount to HCLT due to smaller scale, higher exposure to Telecom
and BT.
Buy with a price target of INR1,260 based on 10.5x FY15E EPS.
TECHM currently trades at valuations that are closer to its median multiple over FY09-
FY13, when the Telecom vertical has seen the most challenges in technology spend.
The stock trades at 9.9x FY14E EPS and 8.6x FY15E EPS.
We see re-rating potential at TECHM given the following:
[1] revenue and cost
synergies post integration with Satyam, [2] de-risking of business profile post the
integration, and [3] increased management focus on growth after completing the
turnaround at Satyam and having taken care of the contingencies
Tech Mahindra enjoys the scale that compares to tier-I players and margins at the
upper end of tier-II counterparts (and comparable to HCL Tech among tier-1). Scale of
the combined entity will help them qualify for greater number of multi-service bid.
We value TECHM at a 25% discount to our target multiple for HCLT, due to: [1]
comparatively smaller scale, [2] skew of revenues towards Telecom vertical, and [3]
Increasing proportion of BPO. Our target price for TECHM is INR1,260, which discounts
its FY15E EPS by 10.5x (25% discount to HCL Tech).
1 year forward P/E
1 year forward P/BV
22 February 2013
13

Tech Mahindra
Tech Mahindra: Financials and Valuation
Income Statement
Y/E March
Sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
PAT
Minority Interest & EO items
Share of associate's profits
PAT before EO
Change (%)
Effect of restructuring fees
PAT after RF before EO
Change (%)
Extraordinary Items (EO)
PAT after EO
Change (%)
2011
48,413
4.7
38,518
9,895
20.4
1,435
999
1,174
8,635
1,315
15.2
7,320
652
2,120
8,788
6.3
-1,695
7,093
7.4
629
7,722
15.5
2012
54,897
13.4
45,703
9,194
16.7
1,614
1,413
1,368
7,535
1,438
19.1
6,097
714
5,534
10,918
24.2
-1,618
9,299
31.1
679
9,978
29.2
2013E
68,588
24.9
54,065
14,523
21.2
1,931
1,060
-553
10,978
2,409
21.9
8,569
125
5,734
14,178
29.9
-1,561
12,617
35.7
0
12,617
26.4
2014E
76,532
11.6
61,343
15,188
19.8
2,133
1,170
747
12,632
2,969
23.5
9,664
230
5,720
15,153
6.9
-1,285
13,868
9.9
0
13,868
9.9
(INR Million)
2015E
81,206
6.1
66,248
14,959
18.4
2,233
1,030
1,293
12,989
3,117
24.0
9,872
264
6,237
15,845
4.6
0
15,845
14.3
0
15,845
14.3
Balance Sheet
Y/E March
Share Capital
Share Premium
Reserves
Net Worth
Minority Interest
Loans
Deferred Revenue
Capital Employed
Gross Block
Less : Depreciation
Net Block
CWIP
Investments
Deferred Tax Assets
Curr. Assets
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov
Creditors
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
22 February 2013
2011
1,260
2,374
29,881
33,514
159
12,227
5,837
51,737
12,783
6,613
6,170
1,105
29,080
638
23,455
12,468
2,666
8,315
6
8,711
5,631
3,080
14,744
51,737
2012
1,275
2,374
39,658
43,307
0
11,266
0
54,573
15,095
8,227
6,868
1,629
35,876
998
20,437
13,172
2,418
4,845
2
11,235
10,377
3,080
9,202
54,573
2013E
1,277
2,374
50,208
53,858
0
13,179
0
67,037
22,837
10,158
12,679
2,126
42,258
1,077
33,791
22,196
7,929
6,463
-2,797
24,893
10,076
14,817
15,079
67,037
(INR Million)
2014E
1,275
2,374
64,464
68,112
5
11,861
0
79,978
25,337
12,291
13,046
1,500
35,298
1,077
50,281
21,223
14,056
13,145
1,857
21,223
9,726
11,497
29,058
79,978
2015E
1,275
2,374
79,286
82,934
10
7,861
0
90,805
29,337
14,524
14,813
1,500
34,913
1,077
60,013
23,114
21,095
13,947
1,857
21,510
10,672
10,838
38,503
90,805
14

Tech Mahindra
Tech Mahindra: Financials and Valuation
Ratios
Y/E March
Basic (INR)
EPS
Diluted EPS
Cash EPS
Book Value
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
Leverage Ratio
Debt/Equity Ratio(x)
2011
56.3
54.3
65.2
266.0
4.0
7.4
2012
72.9
70.4
82.6
339.7
4.0
5.7
2013E
98.7
95.5
110.2
421.3
5.0
5.2
2014E
108.5
105.0
121.2
532.8
6.0
5.7
2015E
124.0
120.0
136.9
648.8
8.0
6.7
14.7
12.5
14.7
2.5
3.0
0.4
10.8
9.4
8.6
1.8
2.5
0.5
9.9
8.6
8.2
1.6
1.9
0.6
8.6
7.6
7.6
1.4
1.6
0.8
24.8
18.5
26.0
21.4
23.4
22.5
22.7
20.5
21.0
19.8
86
4.0
85
3.9
94
3.6
104
3.2
100
3.0
0.4
0.3
0.2
0.2
0.1
Cash Flow Statement
Y/E March
CF from Operations
Change in Working Capital
Net Operating CF
Net Purchase of FA
Net Purchase of Invest.
Net Cash from Invest.
Inc./Dec in Equity & other rel. items
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Free Cash Flow
Net Cash Flow
Opening Cash Balance
Add: Net Cash
Closing Cash Balance
E: MOSL Estimates
2011
15,718
-11,261
4,457
541
1,065
1,606
-3,549
-1,445
-590
-5,584
4,998
479
2,187
479
2,666
2012
3,692
7,778
11,470
-2,836
-6,796
-9,632
-528
-961
-597
-2,086
8,634
-248
2,666
-248
2,418
2013E
27,061
-10,515
16,546
-8,238
-1,082
-9,321
-2,879
1,913
-748
-1,714
8,307
5,511
2,418
5,511
7,929
(INR Million)
2014E
9,856
-6,451
3,406
-1,874
6,813
4,939
-2
-1,318
-897
-2,217
1,531
6,127
7,929
6,127
14,056
2015E
17,630
-1,569
16,061
-4,000
0
-4,000
0
-4,000
-1,023
-5,023
12,061
7,038
14,056
7,038
21,095
22 February 2013
15

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