13 March 2013
Update | Sector: Technology
Infosys
BSE SENSEX
S&P CNX
19,363
5,851
CMP: INR2,862
TP: INR3,260
Buy
Making a case for growth convergence
Deals won, visible fruition of changed strategy increase growth confidence
Bloomberg
Equity Shares (m)
INFO IN
571.4
M.Cap.(INR b)/(USD b) 1,635/30.1
52-Week Range (INR) 3,010/2,102
1,6,12 Rel. Perf. (%)
3/5/-9
Infosys' stock saw a spike in response to its 3QFY13 results and has moved in a range ever
since. We believe that 3QFY13 may only have been the first quarter of a visible momentum
in the company's growth, and that there is further upside in the stock from current levels.
We present a series discussing Infosys' potential to build upon its impressive 3Q
performance, in the first of which, we make a case for revenue growth convergence.
Valuation summary (INR b)
Y/E March
2013E
Sales
406.3
EBITDA
118.2
PAT
92.9
EPS (INR)
162.6
EPS Gr. (%)
11.7
BV/Sh. (INR) 647.9
RoE (%)
26.4
RoCE (%)
30.3
Payout (%)
33.8
Valuations
P/E (x)
17.6
P/BV (x)
4.4
EV/EBITDA (x) 11.9
Div Yield (%) 1.9
2014E
446.8
129.2
99.8
174.7
7.4
752.3
24.9
29.1
34.3
16.4
3.8
10.4
2.1
2015E
502.4
145.1
116.4
203.8
16.7
881.1
26.8
28.3
31.4
14.0
3.2
8.8
2.2
TCV of deals in outsourcing and PPS imply acceleration in FY14
Exit rate of USD1,925m (INFY's 4QFY13 guidance) implies 4.8% organic revenue
growth in FY14. Factoring 3Q outsourcing deals TCV of USD731m (assumed to
accrue over five years and factoring revenues from TCV in PPS work out to organic
growth rate of 7.5% in FY14. Including full year revenues at Lodestone implies
growth of 9.2%.
Obvious upside to base assumptions makes a case for convergence
We see an obvious upside to the above growth number because it assumes:
TCV of outsourcing deals only in 3QFY13, while INFY bagged 4 large outsourcing
deals in 1Q and 6 deals in 2Q
No growth at Lodestone in FY14
Revenue recognition from PPS over five years v/s guidance of 3-5 years
Improvement in pipeline a function of internal changes
Infosys' pipeline in 2HCY12 improved over 1HCY12. This was largely an outcome
of measures taken by the company to ensure growth revival, than any macro
improvement. This is reflected in two metrics in particular:
1. Growth outperformance at Business IT Services (BITS) segment v/s other
segments in five out of the last seven quarters.
2. Decline in constant currency realization in three out of the last four quarters.
Shareholding pattern (%)
As on
Dec-12 Sep-12 Dec-11
Promoter
16.0
16.0
16.0
Dom. Inst 18.7
18.3
17.5
Foreign
51.6
51.9
52.4
Others
13.7
13.7
14.1
Nasscom guidance suggests higher growth for Infosys
Stock performance (1 year)
Nasscom's guidance of 12-14% growth in exports in FY14 is unlikely without
growth acceleration at Infosys and Wipro. Cognizant guided for a deceleration in
CY13 growth and even 17% growth at TCS explains only negligible acceleration at
Nasscom. 23%+ of the rest of the exports comes from Infosys and Wipro. A large
part of the remainder comes from MNC ITs, which may not grow as fast
(considering Accenture's guided deceleration), implying onus of growth
acceleration on the only remaining heavyweights, without which, meeting
Nasscom's forecast becomes mathematically difficult
Multiple factors back potential growth recovery amid cautious guidance
Investors are advised to refer
through disclosures made at the end
of the Research Report.
While the management continues to guide cautiously, following factors bolster
our confidence on sanguine growth, going forward: [1] recovery in under-spent
discretionary budgets, [2] uncertainty and not ability driving cautious stance
(healthy cash reserves with clients), and [3] better pipeline YoY.
1
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com) +91 22 3982 5424

Infosys
Deals, PPS TCV and Lodestone make case for convergence
9.2% growth implied assuming no growth at Lodestone and only 3Q deals
Considering outsourcing deals in 3Q, TCV in PPS and 4Q exit rate imply 7.5% organic growth
in FY14.
Including full year revenues from Lodestone (assuming no growth), implied growth at Infosys
is 9.2%.
We see an obvious upside to our above analysis given INFY bagged 4 large outsourcing deals
in 1Q and 6 deals in 2Q, Lodestone should grow and there will be more deals won ahead
Segregating elements of
incremental revenues
implies double-digit
revenue growth at the
very least in FY14
Infosys' 4QFY13 organic revenue guidance is USD1,925m, the exit rate implies
4.8pp organic revenue growth in FY14.
Assuming 5-year average tenure of outsourcing deals with TCV of USD731m
announced in 3QFY13 implies incremental revenue of ~USD145m in FY14, organic
growth of 2pp.
As per our analysis, the Products, Platforms and Solutions (PPS) segment should
contribute incremental revenue of USD50m+ on the basis of ramp-up in cumulative
order book to USD603m (v/s USD380m in 1QFY13), assuming revenue
materialization over 5 years. This is organic growth of 0.7pp.
Thus, only considering outsourcing deals in 3Q imply 7.5% organic growth in FY14.
Including full year revenues from Lodestone (assuming no growth), implied growth
at Infosys is 9.2%.
Incremental revenue in FY14 (USD m)
From outsourcing TCV in 3QFY13
TCV in PPS
Lodestone
Exit rate of 4QFY13
Total
USD m
145
50
136
354
685
Growth %
2.0
0.7
1.9
4.8
9.2
Source: Company, MOSL
There is upside to our above analysis because it assumes:
TCV of outsourcing deals only in 3QFY13, while 2Q too was a decent quarter on
that front, with large deals like Harley Davidson
No growth at Lodestone in FY14
Revenue recognition from PPS over five years v/s the company's guidance of 3-5
years
Given clear visibility of near-double digit growth, an improved pipeline at the start of
the calendar year v/s CY11 and a more flexible stance in quest for growth, we believe
that FY14 should see Infosys converge its growth rates with peers.
13 March 2013
2

Infosys
Improvement in pipeline a function of internal changes
Increased flexibility reflected in lower pricing and higher growth in BITS
Infosys' pipeline in 2HCY12 improved over 1HCY12, an outcome of measures taken by the
company to ensure growth revival, than any macro improvement.
This is reflected in two metrics in particular: [1] Growth outperformance at Business IT
Services (BITS) segment v/s others and [2] Decline in realization in three out of the last four
quarters.
Infosys' pipeline in 2HCY12 improved over 1HCY12. This was not a function of a better
macro, but largely an outcome of measures taken by the company to ensure growth
revival. This is reflected in two metrics in particular:
1. Growth outperformance at Business IT Services (BITS) segment v/s other segments
in five out of the last seven quarters, starting 1QFY12.
BITS outgrew other segments in five out of the last seven quarters (%)
Change in growth
performance of Business
IT Services segment,
follows increased
flexibility towards newer
deal structures
Source: Company, MOSL
2. Decline in constant currency realization in three out of the last four quarters.
While a large part of this is explained by change in business mix in favor of BITS,
the corresponding margin impact of the decline in pricing would suggest significant
impact from like-to-like pricing decline, as well.
Realization declined in three out of the last four quarters
4Q pricing uptick was
partly due to the
Lodestone acquisition
and partly from change
in business mix
Source: Company, MOSL
13 March 2013
3

Infosys
Infosys announced 8 large outsourcing deals in 3QFY13, with a total TCV of USD731m.
Given the company's increased flexibility towards approaching deals in the BITS
segment and visible realization changes, we believe that deal signings in 3Q in
outsourcing are not merely a one-quarter phenomenon. We cite the following
statements by the management in the latest quarter to substantiate our view:
Win rates in the large deal win segment accelerated in 3Q.
Seeing traction in managed services. The Continental Europe region presents a
strong pipeline of large deals as it moves towards the managed services model.
Growth in IMS has shown an accelerating trend, cited as a key opportunity
Healthy growth in IMS
has come much later
for INFY, as compared
to peers
Source: Company, MOSL
13 March 2013
4

Infosys
Multiple factors support potential recovery in growth...
...despite a cautious guidance
While we await a formal guidance on FY14 revenue growth, we cite the following factors
that bolster our confidence that growth should remain sanguine, going forward:
[1] under-spent discretionary budgets,
[2] uncertainty and not ability driving cautious stance (healthy cash reserves with clients),
[3] better pipeline YoY, and
[4] possible discretionary kicker
There are multiple factors supplementing belief of improvement in demand in
addition to internal changes at Infosys:
Under-spent discretionary budgets
Spending on this front remains tight, given continued uncertainty, despite unanimous
agreement that the worse may be behind. Infosys cited sporadic instances of spends,
which had been held back for long, coming through. However, it refrained from calling
this a secular trend.
3QFY13 saw a pick in revenues from discretionary spends, even after excluding acquisition
"Most enterprises have
already significantly cut
discretionary IT spending.
Outlook points to more
substantial growth in
2013.. and in subsequent
years" - Kenneth Brant,
research director
at Gartner
Source: Company, MOSL
Uncertainty and not ability driving cautious stance
While the uncertainty might prolong spending decisions, we note that clients have
substantial cash reserves and will not need to hold back once they see improvement
in the business environment. Cognizant and TCS stated that CY13 would be a better
year for discretionary spending than CY12. Infosys would be a definite beneficiary of
this trend.
Better pipeline YoY
Infosys' efforts have ensured improved pipeline at the beginning of CY13 as compared
with CY12. It has witnessed better win rates in large deals. Continued conversion of
pipeline and ramp-up in deals won in 2HCY12 suggest a sanguine year for revenue
growth.
13 March 2013
5

Infosys
Possible discretionary kicker and superior growth from emerging
technologies
Infosys won 8 large outsourcing deals in 3QFY13 after 8 transformational wins in 2Q -
a reasonable indication that it is not faltering on its focus on any segment in its quest
to drive growth. To that extent, PPS order backlog too has been growing impressively,
quarter after quarter. While scale remains low, early indicators are encouraging.
Cumulative TCV in PPS continues to expand at a healthy rate
Healthy increase in TCV
of PPS deals is part
fruition of Infosys 3.0,
acquisitions imperative
for scale
Source: Company, MOSL
13 March 2013
6

Infosys
Nasscom guidance suggests higher growth for Infosys
Analyzing growth separately suggests meeting guidance difficult without
acceleration at INFY, Wipro
We believe that Nasscom's guidance of 12-14% growth in exports in FY14(acceleration from
10.2% in FY13E) is unlikely to be achieved without growth acceleration at Infosys, and even
Wipro.
Cognizant has guided for a deceleration in growth and even 17% growth at TCS explains only
negligible acceleration at Nasscom. Size of the export market in FY13 for rest of the pack is
~USD58b, 23%+ of which comes from Infosys and Wipro.
A large part of the remainder comes from MNC IT, which may not grow as fast (considering
Accenture's implied deceleration), implying onus of growth acceleration on the only
remaining heavyweights, without acceleration in which, meeting Nasscom's forecast becomes
mathematically difficult.
We believe that Nasscom's export growth guidance for FY14 is unlikely to be achieved
without growth acceleration at Infosys, and even Wipro. Consider the following:
Nasscom guides 12-14% export growth for FY14
Nasscom has guided 12-14% growth in exports from India's IT outsourcing sector during
FY14, on the back of an expected 10.2% growth in FY13 to USD75.8b. The industry has
added ~180k people, taking total employee strength to ~3m. The industry body cited
that increase in global technology spending and opportunities created through
adoption of disruptive technologies would propel growth in FY14.
Growth guidance positive, when looked at excluding Cognizant and TCS
We note that the guidance of accelerated growth is significant, considering that
Cognizant, which contributes ~9.7% to the export figure, has guided deceleration in
growth from 20% in CY12 to 17% in CY13. Taking Cognizant out of the equation, export
growth for Indian IT in FY13 would be 9.2%. Growth is likely to improve to 11.5-13.7%
in FY14, ex-Cognizant, implying growth acceleration of 230-450bp.
TCS expects better growth in FY14 than in FY13. It is likely to post ~13.7% growth in
FY13 and we currently model 14.5% growth in FY14. If we assume 15% growth at TCS
(excluding India revenues) in FY14, the rest of the pack is expected to accelerate
growth rates from 8.4% in FY13 to 10.8-13.4%, implying acceleration of 240-500bp.
Guidance implies 260-520bp acceleration in growth across the industry, excluding Cognizant and TCS
Revenue - USD b
Assuming 15% growth at TCS
excl
Industry excl.
in FY14 and CTSH guidance of 17%
Industry
CTSH
CTSH+TCS
FY12
68.8
62.7
53.4
FY13
75.8
68.5
57.8
FY14L*
84.9
76.3
64.0
FY14H#
86.4
77.8
65.5
*L: Lower end of Nasscom guidance; #H: Higher end of Nasscom guidance
Growth (%)
excl
CTSH
9.2
11.5
13.7
Industry excl.
CTSH+TCS
8.2
10.8
13.4
Industry
10.2
12.0
14.0
13 March 2013
7

Infosys
We assess the acceleration in growth rates for the remaining players, assuming three
scenarios for TCS growth - 15%, 16% and 17%. Even if we assume growth rate of 17% in
FY14, this still implies acceleration of 210-480bp for the remainder of the industry.
Even if we assume 17% growth at TCS, it still implies 210-480bp acceleration in rest of the pack
Year
FY13
FY14E
TCS Growth (%)
13.7
15.0
16.0
17.0
Industry excluding CTSH + TCS (%)
L*
H#
8.20
8.20
10.8
13.4
10.5
13.2
10.3
13.0
Source: Company, MOSL
Growth for Indian players may still be better, considering the MNC
perspective
We analyze implications of the growth guidance further (ex TCS and Cognizant), with
a thought on growth in captives and large MNC IT offshore service providers like IBM
and Accenture. Captives contribute ~30% to overall IT Services exports. Even if we
assume that captives grow as well as the Indian players, the growth number may yet
be significant, given that IT MNC offshorers may not grow at the same rate. Accenture
guided full-year revenue growth of 5-8%, with Consulting expected to grow at low
single digits. This implies high single-digit to low double-digit growth in outsourcing.
This is lower than 16% growth in outsourcing at Accenture in the previous year.
INFY and Wipro contribute significantly to export revenues excluding TCS and CTSH
Excluding TCS, CTSH,
guidance at Nasscom
looks unattainable
without acceleration
INFY, Wipro
Analysis - Excluding TCS and Cognizant
Size in FY13
Assumed numbers from captives
Non-captives
Assuming growth in captives unchanged
Size in FY14 (guidance midpoint)
Revenues from captives
Revenue from Indian players
Implied growth at non-captives
USD56.9b
USD22.7b
USD34.2b
USD63.7b
USD25.0b
USD38.7b
13%
Source: Company, MOSL
Acceleration mathematically challenging without healthy growth at Infosys,
and even Wipro
Size of the export market in FY13 for the rest of the pack is ~USD58b. Excluding sales
in India, Infosys contributes ~13% to this number (FY13). Wipro contributes an
additional 10-11%. A large part of the remainder comes from MNC IT and captives.
Given that MNC IT may not grow as fast (considering Accenture's implied deceleration),
the onus of growth acceleration falls on heavyweights, without which, meeting
Nasscom's forecast becomes mathematically difficult. Also, the December 2012 deal
TCV at HCL indicates at best stable growth for the company in FY14. We believe that
the Nasscom guidance bodes positively for Infosys, and will reinstate confidence in
growth revival at the company. Given the operational levers at Infosys' disposal, growth
will potentially drive margin expansion as well.
13 March 2013
8

Infosys
Growth will cushion margins
.. irrespective of the segment driving revenues
Utilization remains a clear lever for margins (400bp potential), and will be driven higher as
growth returns
Growth in BITS will benefit margins through utilization, in consulting and package
implementation through business mix and in PPS through non-linearity,
Continued investment mode in new technologies would mean that gains in margins from
growth could get reinvested into the business
Infosys's EBITDA margin for 9MFY13 was 29.1%, down 270bp v/s FY12. Utilization
excluding trainees declined to 73.2% in 3QFY13 from a high of 81.2% in 2QFY11 and
remains a margin lever. The management targets utilization of 78-80%, which could
benefit margins by up to 400bp.
Utilization remains a margin lever
Taking utilization to the
desired levels of 78-80%
is a 4pp lever for margins
Source: Company, MOSL
Currency has been a major tailwind to margins. The INR has depreciated by 19.5%
against the USD since 1QFY11 and should have had a positive impact of ~780bp on
EBITDA margin. However, Infosys has reinvested the benefits into the business.
Segments like PPS, where investments have been ahead of revenue growth, and the
nature of revenues is non-linear, continue to be a drag.
We see growth as a clear margin driver for Infosys, irrespective of the segment driving
growth:
If growth comes from bread-and-butter BITS, it should drive higher utilization of
resources, thereby facilitating higher margins.
Growth in Consulting-led services should drive mix-based margin improvement,
as margins in these services could be up to 500bp higher than in BITS.
Growth in PPS revenue would drive non-linearity, and consequently, margins.
Trends in growth have mapped margins in the past too, as reflected in the correlation
between YoY growth in INR revenue and corresponding change in margins.
13 March 2013
9

Infosys
Margins move in tandem with revenue growth
Source: Company, MOSL
Growth and levers to protect margin downside, but investments to limit
upside too
Investments in the PPS segment are likely to remain ahead of revenues for at least
another 18-24 months. We expect Infosys to invest much of the margin upside resulting
from revenue growth back into the business to drive Infosys 3.0.
Given the levers to growth as well as margins, we believe Infosys has enough in its
kitty to go ahead with its investments in emerging technologies while sustaining
margins at current levels. We expect EBIT margin at ~26%, despite our assumption of
a stronger INR going forward. Also, on an organic basis, we expect Infosys to hold on
to its growth in FY14 and FY15, as well.
Change in Estimates
Revised
FY14E
FY15E
53.0
53.0
8,431
9,480
26.1
26.3
174.7
203.8
Earlier
FY14E
53.0
8,409
25.8
177.9
FY15E
53.0
9,178
25.5
203.9
Change (%)
FY14E
FY15E
0.0
0.0
0.3
3.3
26bp
83bp
-1.8
-0.1
Source: MOSL
INR/USD
USD Revenue (m)
EBIT Margin (%)
EPS (INR)
13 March 2013
10

Infosys
Infosys-P/E Prem/Disc to TCS (%)
PER band 1-year going forward
INFY Price chart
Source: Bloomberg, MOSL
Comparative valuations
Company
TCS
Infosys
Wipro
HCL Tech
Cognizant
Tech Mahindra
Hexaware
Mindtree
NIIT Technologies
KPIT Cummins
Persistent
Mphasis
13 March 2013
FY13E
71.1
162.6
27.0
53.5
3.4
95.5
10.8
84.8
33.2
10.5
46.6
37.5
EPS (INR)
FY14E
77.1
174.7
27.4
55.9
4.0
103.3
10.0
88.1
36.0
11.8
52.5
35.7
FY15E
87.0
203.8
31.4
61.0
4.5
119.9
12.0
94.7
38.6
14.1
58.1
40.6
FY13E
21.8
17.6
16.3
14.6
23.0
11.4
8.2
10.1
8.5
10.0
12.1
10.5
P/E (x)
FY14E
20.1
16.4
16.0
13.9
19.9
10.6
8.9
9.7
7.9
8.9
10.8
11.0
FY15E
17.8
14.0
14.0
12.8
17.5
9.1
7.5
9.1
7.4
7.5
9.7
9.7
FY13E
38.9
26.4
21.9
31.1
23.9
26.0
29.9
26.8
21.6
22.6
20.1
23.1
RoE (%)
FY14E
35.0
24.9
19.6
29.0
22.1
23.4
24.7
24.8
19.5
20.3
19.1
19.1
FY15E
32.3
26.8
19.6
26.0
20.3
22.4
27.0
21.4
20.6
22.6
18.1
16.8
FY13-15 CAGR (%)
USD Rev
EPS
14.3
10.6
12.8
11.9
9.7
7.8
11.9
6.8
16.7
14.6
11.7
12.0
10.2
5.1
12.4
5.7
15.0
7.8
13.2
15.5
14.5
11.6
(2.2)
4.0
Source: MOSL
11

Infosys
Financials and Valuation
Income Statement
Y/E March
Sales
Change (%)
Software Develop. Exp.
Selling and Mktg. Exp.
Administration Exp.
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Adjusted PAT
Reported PAT
Change (%)
2011
275,010
20.9
150,620
15,320
19,510
89,560
32.6
8,540
0
12,110
93,130
24,900
26.7
68,230
68,230
8.9
2012
337,340
22.7
188,710
17,570
23,900
107,160
31.8
9,370
0
19,040
116,830
33,670
28.8
83,160
83,160
21.9
2013E
406,314
20.4
241,135
20,787
26,190
118,202
29.1
11,378
0
21,383
128,206
35,281
27.5
92,926
92,926
11.7
2014E
446,829
10.0
267,360
22,779
27,539
129,151
28.9
12,634
0
23,671
140,188
40,387
28.8
99,800
99,800
7.4
(INR Million)
2015E
502,449
12.4
303,918
24,118
29,278
145,136
28.9
12,865
0
27,232
159,503
43,066
27.0
116,437
116,437
16.7
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Capital Employed
Gross Block
Less : Depreciation
Net Block
CWIP
Investments
Curr. Assets
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov
Current Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2011
2,860
256,900
259,760
0
259,760
85,010
32,660
52,350
5,250
1,440
253,890
46,530
150,950
53,200
3,210
53,170
26,770
26,400
200,720
259,760
2012
2,860
331,750
334,610
0
334,610
91,740
36,210
55,530
10,340
3,770
313,840
77,550
205,910
27,220
3,160
48,870
30,810
18,060
264,970
334,610
2013E
2,860
367,752
370,612
0
370,612
119,540
47,628
71,912
12,050
74,300
291,956
96,330
160,970
30,435
4,220
79,605
42,921
36,684
212,350
370,612
2014E
2,860
427,452
430,312
0
430,312
133,540
60,262
73,278
12,050
74,300
356,246
97,935
218,753
35,338
4,220
85,562
47,326
38,236
270,684
430,312
(INR Million)
2015E
2,860
501,115
503,975
0
503,975
147,540
73,127
74,413
12,050
74,300
437,943
110,126
282,210
41,387
4,220
94,730
53,230
41,500
343,212
503,975
13 March 2013
12

Infosys
Financials and Valuation
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout % (excl.div.tax)
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)
2011
119.4
134.2
454.1
60.3
50.5
2012
145.5
161.8
585.0
47.0
32.3
2013E
162.6
182.3
647.9
55.0
33.8
2014E
174.7
196.6
752.3
60.0
34.3
2015E
203.8
226.1
881.1
64.0
31.4
19.7
17.7
13.3
4.2
4.9
1.6
17.6
15.7
11.9
3.5
4.4
1.9
16.4
14.6
10.4
3.0
3.8
2.1
14.0
12.7
8.8
2.5
3.2
2.2
27.8
33.1
28.0
32.9
26.4
30.3
24.9
29.1
26.8
28.3
62
5.6
84
6.6
87
6.7
80
6.5
80
7.2
Cash Flow Statement
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Net Purchase of Invest.
Net Cash from Invest.
Proceeds from Equity
Dividend Payments
Cash Flow from Fin.
Net Cash Flow
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
E: MOSL Estimates
2011
75,560
-14,300
61,260
-12,590
35,680
23,090
1,170
-40,130
-38,960
45,390
105,560
45,390
150,950
2012
90,230
-9,340
80,890
-17,640
-2,330
-19,970
23,109
-29,069
-5,960
54,960
150,950
54,960
205,910
2013E
103,244
8,740
111,984
-29,470
-70,530
-100,000
-20,162
-36,761
-56,924
-44,940
205,910
-44,940
160,970
2014E
112,434
-551
111,884
-14,000
0
-14,000
0
-40,100
-40,100
57,783
160,970
57,783
218,753
(INR Million)
2015E
129,302
-9,072
120,230
-14,000
0
-14,000
0
-42,774
-42,774
63,457
218,753
63,457
282,209
13 March 2013
13

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