Years

HISTORICAL FINANCIAL STATEMENT - INFOSYS LTD

Years Mar-14 Mar-15 Mar-16
# INCOME STATEMENT
Sales $ 50,133.00 $ 53,319.00 $ 62,441.00
Sales Growth 6.36% 17.11%
COGS $ 32,216.00 $ 34,009.00 $ 40,492.00
COGS % of sales 64.26% 63.78% 64.85%
Gross Profit $ 17,917.00 $ 19,310.00 $ 21,949.00
Gross Profit Margin 35.74% 36.22% 35.15%
Selling & General expenses $ 4,527.00 $ 4,427.00 $ 4,870.00
Selling & General expenses % of sales 9.03% 8.30% 7.80%
EBITDA $ 13,390.00 $ 14,883.00 $ 17,079.00
EBITDA MARGIN % SALES 26.71% 27.91% 27.35%
Interest 9 12 0
Interest % of sales 0.02% 0.02% 0.00%
Depreciation 1317 1017 1459
Depreciation % of sales 2.63% 1.91% 2.34%
Earnings Before Tax $ 12,064.00 $ 13,854.00 $ 15,620.00
EBT % of sales 24.06% 25.98% 25.02%
Tax 4072 4911 5251
Effective tax rate 33.75% 35.45% 33.62%
Net Profit $ 7,992.00 $ 8,943.00 $ 10,369.00
Net margin % of sales 15.94% 16.77% 16.61%
Number of equity shares 457.12 459.38 459.39
EPS 17.48 19.47 22.57
EPS Growth 11.35% 15.94%
DPS 7.88 14.82 12.08
Dividend payout ratio 45.09% 76.11% 53.51%
Retained earnings 54.91% 23.89% 46.49%

BALANCE SHEET
Equity Share Capital 286 572 1144
Reserves 44244 50164 60600
Borrowings 0 0 0
Other Liabilities 12436 15553 13354
Total Liabilities 56966 66289 75098

Fixed assets Net Block 8378 11346 13386

Capital Work in Progress 961 776 960
Investments 4331 2270 1892
Other Assets 8995 11817 14833
Total Non current assets 22665 26209 31071

Receivables 8351 9713 11330

Inventory 0 0 0
Cash & Bank 25950 30367 32697
Total current assets 34301 40080 44027
Total Assets 56966 66289 75098

check TRUE TRUE TRUE

 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

$ 68,484.00 $ 70,522.00 $ 82,675.00 $ 90,791.00 $ 100,472.00 $ 121,641.00 $ 146,767.00

9.68% 2.98% 17.23% 9.82% 10.66% 21.07% 20.66%
$ 44,609.00 $ 46,395.00 $ 55,446.00 $ 62,210.00 $ 68,490.00 $ 84,819.00 $ 104,972.00
65.14% 65.79% 67.07% 68.52% 68.17% 69.73% 71.52%
$ 23,875.00 $ 24,127.00 $ 27,229.00 $ 28,581.00 $ 31,982.00 $ 36,822.00 $ 41,795.00
34.86% 34.21% 32.93% 31.48% 31.83% 30.27% 28.48%
$ 5,271.00 $ 5,305.00 $ 7,059.00 $ 6,314.00 $ 4,093.00 $ 5,331.00 $ 6,665.00
7.70% 7.52% 8.54% 6.95% 4.07% 4.38% 4.54%
$ 18,604.00 $ 18,822.00 $ 20,170.00 $ 22,267.00 $ 27,889.00 $ 31,491.00 $ 35,130.00
27.17% 26.69% 24.40% 24.53% 27.76% 25.89% 23.94%
0 0 0 170 195 200 284
0.00% 0.00% 0.00% 0.19% 0.19% 0.16% 0.19%
1703 1863 2011 2893 3267 3476 4225
2.49% 2.64% 2.43% 3.19% 3.25% 2.86% 2.88%
$ 16,901.00 $ 16,959.00 $ 18,159.00 $ 19,204.00 $ 24,427.00 $ 27,815.00 $ 30,621.00
24.68% 24.05% 21.96% 21.15% 24.31% 22.87% 20.86%
5598 4241 5631 5368 7205 7964 9214
33.12% 25.01% 31.01% 27.95% 29.50% 28.63% 30.09%
$ 11,303.00 $ 12,718.00 $ 12,528.00 $ 13,836.00 $ 17,222.00 $ 19,851.00 $ 21,407.00
16.50% 18.03% 15.15% 15.24% 17.14% 16.32% 14.59%
459.39 436.82 436.89 425.90 426.07 420.67 414.86
24.60 29.11 28.68 32.49 40.42 47.19 51.60
9.01% 18.33% -1.51% 13.29% 24.42% 16.74% 9.35%
12.82 21.67 21.11 17.44 26.92 30.92 33.91
52.12% 74.43% 73.62% 53.68% 66.60% 65.53% 65.72%
47.88% 25.57% 26.38% 46.32% 33.40% 34.47% 34.28%

1144 1088 2170 2122 2124 2098 2069

67838 63835 62778 63328 74227 73252 73338
0 0 0 4633 5325 5474 8299
14166 14426 19118 21717 25835 35905 40890
83148 79349 84066 91800 107511 116729 124596

14179 12574 15710 23789 25505 25800 29225

1365 1606 1388 954 922 416 288
16423 12163 11261 8792 14205 20324 19478
16234 20046 21312 21129 22871 30019 38008
48201 46389 49671 54664 63503 76559 86999

12322 13142 14827 18487 19294 22698 25424

0 0 0 0 0 0 0
22625 19818 19568 18649 24714 17472 12173
34947 32960 34395 37136 44008 40170 37597
83148 79349 84066 91800 107511 116729 124596

TRUE TRUE TRUE TRUE TRUE TRUE TRUE

LTM

$ 153,189.00
4.38%
$ 116,550.00
76.08%
$ 36,639.00
23.92%

$ 36,639.00
23.92%
441
0.29%
4636
3.03%
$ 31,562.00
20.60%
9808
31.08%
$ 21,754.00
14.20%
414.86
COMPANY NAME INFOSYS LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 415.04
Face Value 5
Current Price 1556
Market Capitalization 645809.64

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 50133 53319 62441 68484
Raw Material Cost
Change in Inventory
Power and Fuel 219 219 217 228
Other Mfr. Exp 3157 3979 5860 6712
Employee Cost 28840 29811 34415 37669
Selling and admin 3591 3385 4441 4584
Other Expenses 936 1042 429 687
Other Income 2664 3430 3120 3050
Depreciation 1317 1017 1459 1703
Interest 9 12
Profit before tax 14728 17284 18740 19951
Tax 4072 4911 5251 5598
Net profit 10656 12372 13489 14353
Dividend Amount 3603.6 6806.8 5548.4 5891.6

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 29602 31867 32276 34470
Expenses 21771 23484 24430 26606
Other Income 524 512 637 676
Depreciation 859 899 890 950
Interest 48 53 50 56
Profit before tax 7448 7943 7543 7534
Tax 2020 2121 1848 2172
Net profit 5421 5809 5686 5360
Operating Profit 7831 8383 7846 7864

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 286 572 1144 1144
Reserves 44244 50164 60600 67838
Borrowings
Other Liabilities 12436 15553 13354 14166
Total 56966 66289 75098 83148
Net Block 8378 11346 13386 14179
Capital Work in Progress 961 776 960 1365
Investments 4331 2270 1892 16423
Other Assets 43296 51897 58860 51181
Total 56966 66289 75098 83148
Receivables 8351 9713 11330 12322
Inventory
Cash & Bank 25950 30367 32697 22625
No. of Equity Shares 571402566 1142805132 2285621088 2285655150
New Bonus Shares 574236166 1148472332
Face value 5 5 5 5

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 9825 8353 10028 11531
Cash from Investing Activity -2563 999 -885 -14664
Cash from Financing Activity -3144 -4935 -6813 -6939
Net Cash Flow 4118 4417 2330 -10072

PRICE: 410.35 554.59 609.15 511.13

DERIVED:
Adjusted Equity Shares in Cr 457.12 459.38 459.39 459.39
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

70522 82675 90791 100472 121641 146767

207 221 229 143 132 176

7286 9902 11086 12800 20690 26422
38902 45323 50895 55547 63997 78374
4585 5553 5375 3194 4305 5300
720 1506 939 899 1026 1365
3311 2882 2803 2201 2295 2701
1863 2011 2893 3267 3476 4225
170 195 200 284
20270 21041 22007 26628 30110 33322
4241 5631 5368 7205 7964 9214
16029 15404 16594 19351 22110 24095
9465.6 9222.5 7427 11469.6 13007.6 14069.2

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

36538 38318 37441 37933 38994 38821
27636 28951 28443 28869 29554 29684
584 769 671 561 632 789
1029 1125 1121 1173 1166 1176
66 80 82 90 138 131
8391 8931 8466 8362 8768 8619
2365 2345 2332 2417 2553 2506
 6021 6586 6128 5945 6212 6106
8902 9367 8998 9064 9440 9137

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

1088 2170 2122 2124 2098 2069
63835 62778 63328 74227 73252 73338
4633 5325 5474 8299
14426 19118 21717 25835 35905 40890
79349 84066 91800 107511 116729 124596
12574 15710 23789 25505 25800 29225
1606 1388 954 922 416 288
12163 11261 8792 14205 20324 19478
53006 55707 58265 66879 70189 75605
79349 84066 91800 107511 116729 124596
13142 14827 18487 19294 22698 25424

19818 19568 18649 24714 17472 12173

2173312301 4335954462 4240753210 4245146114 4193012929 4136387925
2184191490
5 5 5 5 5 5

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

13218 14841 17003 23224 23885 22467
4533 -632 -331 -7373 -6485 -1071
-20505 -14512 -17591 -9786 -24642 -26695
-2754 -303 -919 6065 -7242 -5299

565.9 743.85 641.5 1368.05 1906.85 1427.95

436.82 436.89 425.90 426.07 420.67 414.86

 PRO
Report Date Mar-14 A Mar-15 A Mar-16 A Mar-17 A
Year wieghts 1.00 2.00 3.00 4.00
Sales 50133 53319 62441 68484
Raw Material Cost
Change in Inventory
Power and Fuel 219 219 217 228
Other Mfr. Exp 3157 3979 5860 6712
Employee Cost 28840 29811 34415 37669
Selling and admin 3591 3385 4441 4584
Other Expenses 936 1042 429 687
Other Income 2664 3430 3120 3050
Depreciation 1317 1017 1459 1703
Interest 9 12
Profit before tax 14728 17284 18740 19951
Tax 4072 4911 5251 5598
Net profit 10656 12372 13489 14353
Dividend Amount 3603.6 6806.8 5548.4 5891.6

PRO
Report Date Mar-14 A Mar-15 A Mar-16 A Mar-17 A
Year wieghts 1.00 2.00 3.00 4.00
Sales 50133 53319 62441 68484
Raw Material Cost
Change in Inventory
Power and Fuel 219 219 217 228
Other Mfr. Exp 3157 3979 5860 6712
Employee Cost 28840 29811 34415 37669
Selling and admin 3591 3385 4441 4584
Other Expenses 936 1042 429 687
Other Income 2664 3430 3120 3050
Depreciation 1317 1017 1459 1703
Interest 9 12
Profit before tax 14728 17284 18740 19951
Tax 4072 4911 5251 5598
Net profit 10656 12372 13489 14353
Dividend Amount 3603.6 6806.8 5548.4 5891.6
 PROFIT & LOSS FORECAST (STATISTICAL Projection)
Mar-18 A Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A Basis of Forecast Mar-24 E
5.00 6.00 7.00 8.00 9.00 10.00 11.00
70522 82675 90791 100472 121641 146767 Linear regression 138630.8

207 221 229 143 132 176 % of revenue 325.78

7286 9902 11086 12800 20690 26422 % of revenue 17654.20
38902 45323 50895 55547 63997 78374 % of revenue 75885.04
4585 5553 5375 3194 4305 5300 % of revenue 7250.73
720 1506 939 899 1026 1365 % of revenue 1562.46
3311 2882 2803 2201 2295 2701 Linear regression 2399.8
1863 2011 2893 3267 3476 4225 Linear regression 4194.53
170 195 200 284 Actuals 284
20270 21041 22007 26628 30110 33322 calculation 33873.86
4241 5631 5368 7205 7964 9214 as per the rate 30% 10162.157147
16029 15404 16594 19351 22110 24095 calculation 23711.70
9465.6 9222.5 7427 11469.6 13007.6 14069.2 D/P ratio 12473.741556

PROFIT & LOSS FORECAST (qualititative Projection)

Mar-18 A Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A Basis of Forecast Mar-24 E
5.00 6.00 7.00 8.00 9.00 10.00 11.00
70522 82675 90791 100472 121641 146767 CAGR : rri 163410.09761

207 221 229 143 132 176 % of revenue 384.01

7286 9902 11086 12800 20690 26422 % of revenue 20809.76
38902 45323 50895 55547 63997 78374 % of revenue 89448.97
4585 5553 5375 3194 4305 5300 % of revenue 8546.75
720 1506 939 899 1026 1365 % of revenue 1841.74
3311 2882 2803 2201 2295 2701 Linear regression 2399.8
1863 2011 2893 3267 3476 4225 Linear regression 4194.53
170 195 200 284 Actuals 284
20270 21041 22007 26628 30110 33322 calculation 40300.13
4241 5631 5368 7205 7964 9214 as per the rate 30% 12090.040286
16029 15404 16594 19351 22110 24095 calculation 28210.09
9465.6 9222.5 7427 11469.6 13007.6 14069.2 D/P ratio 14840.159993
Mar-25 E Mar-26 E Mar-27 E Mar-28 E
12.00 13.00 14.00 15.00
152131.7 164011.40889 177807.84222 191057.1123

357.50 385.42 417.84 448.98

19373.50 20886.34 22643.27 24330.53
83275.29 89778.12 97330.14 104582.65
7956.86 8578.20 9299.79 9992.76
1714.62 1848.51 2004.01 2153.34
2106.189 2087.3422222 1900.8920988 1778.968123
4738.99 5086.96 5567.35 5992.48
284 284 284 284
36537.12 39251.19 42162.33 45051.35
10961.14 11775.357831 12648.699624 13515.40598
25575.99 27475.83 29513.63 31535.95
13787.4 14737.358301 16122.78896 17505.38084

Mar-25 E Mar-26 E Mar-27 E Mar-28 E

12.00 13.00 14.00 15.00
181940.5 202572.19503 225543.49522 251119.697

427.55 476.04 530.02 590.12

23169.55 25796.94 28722.26 31979.31
99592.31 110885.89 123460.14 137460.28
9515.94 10595.02 11796.48 13134.18
2050.59 2283.12 2542.02 2830.28
2106.189 2087.3422222 1900.8920988 1778.968123
4738.99 5086.96 5567.35 5992.48
284 284 284 284
44267.75 49251.57 54542.12 60628.02
13280.33 14775.470692 16362.637041 18188.40543
30987.43 34476.10 38179.49 42439.61
16704.58 18482.694434 20830.277899 23484.67393
 Projected Balance Sheet of Infosys

Report Date Mar-14 A Mar-15 A Mar-16 A Mar-17 A Mar-18 A Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A
Year wieghts 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00
Sales 50133 53319 62441 68484 70522 82675 90791 100472 121641 146767
Equity Share Capital 286 572 1144 1144 1088 2170 2122 2124 2098 2069
Reserves 44244 50164 60600 67838 63835 62778 63328 74227 73252 73338
Borrowings 4633 5325 5474 8299
Other Liabilities 12436 15553 13354 14166 14426 19118 21717 25835 35905 40890
Total 56966 66289 75098 83148 79349 84066 91800 107511 116729 124596
Net Block 8378 11346 13386 14179 12574 15710 23789 25505 25800 29225
Capital Work in Progress 961 776 960 1365 1606 1388 954 922 416 288
Investments 4331 2270 1892 16423 12163 11261 8792 14205 20324 19478
Other Assets 8995 11817 14833 16234 20046 21312 21129 22871 30019 38008
Receivables 8351 9713 11330 12322 13142 14827 18487 19294 22698 25424
Cash & Bank 25950 30367 32697 22625 19818 19568 18649 24714 17472 12173
Total 56966 66289 75098 83148 79349 84066 91800 107511 116729 124596
Infosys

Basis of forecast Mar-24 E Mar-25 E Mar-26 E Mar-27 E Mar-28 E

11.00 12.00 13.00 14.00 15.00
Forecasted Sales 138630.80 152131.70 164011.41 177807.84 191057.11
linear regression 2669.87 2798.96 2932.90 3145.48 3261.02
Calculated 84575.96 96364.54 109103.02 122493.86 136524.43

External Financial requirement 57652.97 58975.13 56579.73 55483.16 52714.41

Total liabilities 144898.80 158138.63 168615.65 181122.49 192499.86
Fixed assets turnover 29435 32734 35240 38219 41161
linear regression 623.0 451.7 204.4 -43.6 -209.7
linear regression 21129.6 23499.7 24501.2 24681.2 28863.2
Calculated 54728.22 62887.48 68998.09 76068.73 80291.56
Turnover 25458.15 28100.71 30292.62 32878.30 35383.10
linear regression 13524.93 10465.02 9378.85 9319.05 7010.40
Total Assets turnover 144898.80 158138.63 168615.65 181122.49 192499.86
 Net Asset Based Approach to the Valuation
INFOSYS LTD
Net Block 29225
Capital Work in Progress 288
Investments 19478
Other Assets 38008
Receivables 25424
Cash & Bank 12173
Total 124596
Borrowings 8299
Other Liabilities 40890
Total external liabilities 49189
Net Assets 75407
Adjusted Equity Shares in Cr 414.86
Net assets per share 181.76
Report Date Cash Flow Forecast(Cash Flow ) Lower Confidence Bound(Cash Flow ) Upper Confidence Bound(Cash Flow )
Mar-14 A 11973
Mar-15 A 13389
Mar-16 A 14948
Mar-17 A 16056
Mar-18 A 17892
Mar-19 A 17415
Mar-20 A 19487
Mar-21 A 22618
Mar-22 A 25586
Mar-23 A 28320 28320 28320.00 28320.00
Mar-24 A 30136.3333333333 28531.39 31809.97
Mar-25 A 31952.6666666667 30008.95 34221.28
Mar-26 A 33769 31261.17 36243.14
Mar-27 A 35585.3333333333 32883.80 38539.73
Mar-28 A 37401.6666666667 34151.12 40498.63
Mar-29 A 39218 35648.79 42704.02
45000

40000

35000

30000

25000

20000

15000

10000

5000

0
A A A A A A A A A A A A A A A A
4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9
-1 -1 -1 -1 -1 -1 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
J an J an J an J an J an J an J an J an J an J an J an J an J an J an J an J an

Column B Column C Column D Column E

Report Date Cash Flow Forecast(Cash Flow ) Lower Confidence Bound(Cash Flow ) Upper Confidence Bound(Cash Flow )
Mar-14 A 11973
Mar-15 A 13389
Mar-16 A 14948
Mar-17 A 16056
Mar-18 A 17892
Mar-19 A 17415
Mar-20 A 19487
Mar-21 A 22618
Mar-22 A 25586
Mar-23 A 28320 28320 28320.00 28320.00
Mar-24 A 30136.3333333333 28644.73 31732.33
Mar-25 A 31952.6666666667 29873.83 34131.22
Mar-26 A 33769 30874.86 36174.96
Mar-27 A 35585.3333333333 32780.72 38313.38
Mar-28 A 37401.6666666667 34145.67 40371.67
Mar-29 A 39218 35992.58 42739.13
Mar-30 A 41034.3333333333 37298.61 44381.13
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
A A A A A A A A A A A A A A A A A
4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0
-1 -1 -1 -1 -1 -1 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -3
J an J an J an J an J an J an J an J an J an J an J an J an J an J an J an J an J an

Column B Column C Column D Column E

 INFOSYS LTD Free Cash flow projection & Valuation
Year 3/31/2024 3/31/2025 3/31/2026 3/31/2027 3/31/2028 Growth Rate
Net profit 23711.70 25575.99 27475.83 29513.63 31535.95 WACC
addDepreciation 4194.53 4738.99 5086.96 5567.35 5992.48
Cash Flow 27906.23 30314.97 32562.80 35080.98 37528.42
+OR - CHANGES in FA -210 -3299 -2506 -2978 -2942
+OR - CHANGES in WC -34.15 -2642.56 -2191.91 -2585.67 -2504.80
FCFF 27662.18 24373.24 27864.47 29516.91 32081.21
WACC =(INTEREST+DIVIDEND)/CAPITAL EMPLOYED 17.15%
Discount Rate 0.854 0.729 0.622 0.531 0.453
PVFCFF 23612.62 17759.42 17331.01 15671.18 14539.16
PV Terminal Value 278748.03
Vaue of Firm 367661.42
11.34%
17.15%
 Montecarlo Simulation
Sales other Income Employee Cost other expenses S&D expenses
Mean 84724.50 2845.70 46377.30 14411.50 4431.30
Standard Deviation 30994.59 401.51 17974.49 17507.02 836.54

1st Simulation 56883.464895033 3308.9566572944 33267.258284187 25749.7998340899 5229.499204924

Probability of Profit 34.80%

Minimum -97904.034421339
Maximum 128670.32928148
Mean 21206.494629194
St.Deviation 42986.816366419
PBT Simulation Outcome
22408.10 1 -4054.13577
5845.93 2 27139.2953
3 72942.0309
4 103255.676
-4054.13577087 5 -42686.9673
6 76507.5418
7 67206.8065
8 -60803.832
9 125059.477
10 -9590.4241
11 91254.3203
12 43362.8917
13 18940.9268
14 -24969.965
15 98575.2425
16 -21300.3273
17 102621.747
18 44301.6829
19 79249.9246
20 65813.5785
21 -26248.6398
22 -36493.3325
23 8407.63393
24 23564.5684
25 520.549615
26 15542.3281
27 107421.682
28 43827.2715
29 -31123.0292
30 8682.74969
31 119975.248
32 38663.2011
33 14631.8402
34 32366.7745
35 -36870.0934
36 22734.2486
37 35927.1675
38 -69779.1333
39 -6343.19208
40 52971.956
41 3945.19591
42 20175.4033
43 41471.0902
44 -72704.3057
45 4233.06042
46 39404.2071
47 -2294.98458
48 25428.9857
49 -68432.3754
50 11372.8713
51 3875.91785
52 75577.525
53 52437.217
54 101877.148
55 21350.4814
56 36811.2831
57 -48340.445
58 26305.2701
59 24397.4676
60 25652.7455
61 19714.1995
62 -4553.03801
63 22008.0909
64 21319.0706
65 43145.3039
66 25209.2002
67 5514.33825
68 17188.5302
69 41568.1655
70 33483.7345
71 -43924.9186
72 64387.3691
73 25597.5495
74 37300.7202
75 13135.9755
76 15164.234
77 33812.0987
78 -3764.40509
79 32507.1272
80 -16922.9789
81 68134.0705
82 -2875.55715
83 18746.9419
84 -10807.8298
85 -27202.9926
86 59127.7148
87 -1984.39038
88 27884.8064
89 -20000.352
90 -45979.7817
91 -12832.8464
92 22244.026
93 -30223.6436
94 7827.88285
95 37532.5141
 96 12032.6367
97 60696.112
98 -97904.0344
99 35919.6481
100 98147.6811
101 45214.1279
102 77637.7406
103 -28908.303
104 74307.0708
105 -27061.3044
106 -16940.9337
107 -5774.69083
108 15593.5884
109 -60305.6606
110 -5357.17982
111 112151.979
112 74237.2588
113 -2167.98911
114 -22057.5282
115 60845.4931
116 27450.4762
117 99880.3772
118 64041.9032
119 -65478.3407
120 16693.0802
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128 60900.9228
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160 36206.7712
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188 18213.4317
189 -9102.61773
190 47136.9542
191 -91145.2095
192 3564.52432
193 11828.2212
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224 -14471.8885
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254 65110.966
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256 28087.7758
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288 -3881.90179
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319 44941.5841
320 58649.5
321 10049.2683
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384 -13113.4638
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404 20626.6883
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415 41691.1153
416 11504.0135
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448 -37347.8771
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475 40973.6018
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477 -86203.25
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479 11732.0544
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492 500.722494
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506 23817.6939
507 21984.1761
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509 -22239.4667
510 -21153.2425
511 101565.7
512 34861.6081
513 49110.9973
514 56216.5424
515 -63085.8556
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517 22502.6494
518 -9340.52193
519 24812.2237
520 28024.8595
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523 124676.389
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525 -43374.8307
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527 53203.2832
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529 17850.5439
530 89501.5515
531 -26777.1097
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533 57086.735
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536 5102.7219
537 26314.7119
538 20765.3345
539 23021.4027
540 -31093.8091
541 -45931.1899
542 -37100.6785
543 4380.65305
544 43616.4588
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564 799.310207
565 31707.9331
566 58097.026
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568 23737.734
569 91385.393
570 -11762.7903
571 -21385.7904
572 9700.02998
573 49809.0493
574 19286.4225
575 -7124.50691
576 96290.3483
577 61562.0279
578 41036.7825
579 18671.4545
580 -10555.9472
581 59774.0874
582 54971.0261
583 34955.9435
584 31638.4936
585 82903.7836
586 -30312.4464
587 103647.617
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589 22952.607
590 34387.5555
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600 56903.6184
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602 42995.3991
603 4510.24762
604 -31841.1087
605 -27225.1526
606 -3958.32556
607 60062.3122
608 94769.1976
609 31861.0827
610 49405.995
611 20781.1257
612 86685.3469
613 3904.54216
614 -8702.18052
615 -2232.95939
616 -12487.2249
617 -6013.77992
618 -42031.5434
619 -15436.6551
620 7328.57622
621 30472.1401
622 33824.0069
623 -10360.4109
624 52175.3589
625 -2755.47158
626 63276.1417
627 -48594.9604
628 27148.7409
629 90108.2961
630 11076.7617
631 45454.0503
632 -47231.1495
633 -15365.2828
634 31594.554
635 32054.6799
636 5960.78288
637 50196.674
638 -20933.1594
639 106769.851
640 9431.44586
641 28283.6083
642 -8867.15905
643 -4741.73373
644 -27022.0087
645 -36154.9253
646 -13397.3648
647 -29558.0193
648 -33287.6532
649 -32108.4075
650 9145.8732
651 -24996.9603
652 26851.6518
653 45284.4067
654 82255.6627
655 81100.8968
656 -24765.4601
657 35008.6275
658 54910.5382
659 30726.4027
660 34391.8909
661 71651.5807
662 37021.7147
663 -18990.907
664 8708.13071
665 1174.92188
666 14604.7016
667 3997.44854
668 -42755.6293
669 -3611.18658
670 42810.5737
671 -8051.9753
672 54220.6484
673 -8353.62858
674 -5990.96987
675 22969.502
676 35074.4268
677 15600.9452
678 -5781.36988
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683 -41886.0631
684 59921.0363
685 -60194.5526
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687 20901.604
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689 49362.1619
690 7871.76746
691 -66288.8619
692 70828.2112
693 -6362.18444
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695 106506.66
696 76722.6195
697 48063.4795
698 13989.8926
699 -9964.91104
700 92763.7035
701 52649.7645
702 36338.3287
703 88526.706
704 67373.8849
705 26204.273
706 -29699.4347
707 -7121.75081
708 -64036.3553
709 21372.9169
710 -10936.7125
711 -11799.0093
712 71987.7364
713 52708.0488
714 38640.2326
715 17795.47
716 26662.2147
717 23371.5569
718 56588.5838
719 56709.6588
720 27671.5539
721 -2355.40573
722 -50530.2169
723 80553.7868
724 -1614.88785
725 6033.40487
726 -48280.5906
727 131180.319
728 52656.0282
729 29565.0392
730 21522.3622
731 4822.82727
732 32521.4262
733 -2967.7442
734 5059.87915
735 49949.9476
736 58224.7769
737 -12936.2676
738 48030.1941
739 14732.14
740 71650.229
741 53835.3897
742 2305.37629
743 73719.5728
744 -26120.0898
745 -18461.0062
746 11708.2918
747 -413.061893
748 77882.9982
749 42469.3499
750 2087.81564
751 76817.8767
752 -28955.8619
753 35277.0332
754 51261.5252
755 32970.9794
756 2884.94603
757 4239.53943
758 30440.2081
759 112378.391
760 -34308.7232
761 34669.1531
762 65967.4268
763 -28095.9549
764 65353.4716
765 16952.9466
766 -25920.2878
767 17969.2185
768 -26931.4783
769 50459.1371
770 20728.7492
771 6279.86189
772 43685.8379
773 19586.6001
774 76174.5629
775 -43968.6582
776 -11157.935
777 82014.1471
778 6283.10269
779 -40479.4057
780 43043.3814
781 -1873.68423
782 387.51874
783 -20736.7342
784 53608.7422
785 3274.01149
786 18384.124
787 34463.5906
788 -10590.3365
789 56845.86
790 20226.9956
791 -61539.9841
792 -33.1472976
793 32488.1215
794 18325.3099
795 58170.1795
796 -28712.736
797 41812.5787
798 40993.8618
799 -39407.7926
800 84541.8961
801 74029.6578
802 28272.7783
803 -28065.137
804 12291.9153
805 -1453.44907
806 64890.1915
807 67424.4508
808 45921.3587
809 36781.7457
810 41452.0026
811 113822.138
812 -50950.8412
813 31705.2975
814 64761.8944
815 47063.9503
816 12878.4301
817 81272.624
818 7890.60965
819 42956.2528
820 74646.6348
821 -1038.23793
822 81563.4566
823 25210.6952
824 -19657.4698
825 21813.4574
826 -28857.7189
827 42505.2585
828 -21842.3174
829 26458.0602
830 10809.5917
831 19430.2413
832 -20274.4315
833 45070.1619
834 49643.1158
835 18511.1494
836 -8297.30305
837 12113.9547
838 4842.55413
839 1033.02279
840 17749.232
841 32158.7732
842 29607.7008
843 63242.864
844 18155.3009
845 -9600.23109
846 54420.7145
847 8607.44875
848 -15868.0443
849 29473.873
850 23603.8074
851 121762.912
852 38067.2089
853 38226.0075
854 -20375.7033
855 -21738.9073
856 34283.6359
857 -12863.6156
858 -50780.2797
859 -1838.18111
860 82047.2319
861 7985.58004
862 22735.1804
863 40715.3977
864 86469.7379
865 23864.5042
866 -26206.6165
867 -7918.66221
868 -38885.8801
869 51706.9832
870 53301.3184
871 58241.3655
872 19557.5409
873 -11182.8564
874 73712.5684
875 34374.4583
876 1677.6028
877 -37325.7241
878 27080.1064
879 -45853.5939
880 50406.6156
881 85742.7031
882 35782.6343
883 70122.1414
884 -20956.462
885 63643.8833
886 -37216.7503
887 20130.8977
888 1690.45574
889 26216.031
890 -16270.5225
891 811.861091
892 48284.2911
893 -837.587836
894 42205.2428
895 80975.8879
896 -8835.95153
897 -38588.989
898 -7611.27912
899 59813.5836
900 31228.7766
901 13121.6008
902 55226.6695
903 -14027.8199
904 36842.887
905 38635.5885
906 -21734.8324
907 -12898.1043
908 74973.3471
909 84031.063
910 8958.97909
911 54546.3134
912 19178.224
913 -3852.55377
914 80382.5393
915 77849.8819
916 68099.7103
917 11230.5228
918 255.629386
919 41315.9749
920 2289.91728
921 23265.4893
922 47463.2196
923 64323.444
924 -6245.18267
925 12350.8001
926 9090.23071
927 -16988.9369
928 -57421.6266
929 -51179.5197
930 -61917.1349
931 30562.431
932 35192.5903
933 27991.8592
934 19565.8022
935 43068.4061
936 21249.8767
937 -46682.7044
938 50399.6229
939 8377.58865
940 17543.6321
941 -50418.6631
942 -8645.18215
943 5754.83859
944 96265.0932
945 -32224.9623
946 48123.4339
947 16842.2495
948 -18636.8962
949 73464.126
950 -24932.156
951 45267.0126
952 16347.0467
953 -22055.9316
954 64510.0797
955 61436.8719
956 34930.4867
957 23480.3588
958 83222.4926
959 12426.4867
960 86152.9568
961 34752.9282
962 13424.5264
963 6030.51194
964 638.86851
965 11046.306
966 23535.6772
967 37556.2961
968 98462.0064
969 -12884.7701
970 49030.135
971 -24405.7813
972 79785.7458
973 -5765.88485
974 18398.2221
975 6846.07213
976 49880.5116
977 -22663.785
978 55307.7713
979 100424.29
980 10012.3117
981 78787.8134
982 52304.3654
983 15179.0335
984 73383.2284
985 14348.3659
986 94201.9062
987 51105.1817
988 41981.8852
989 10407.4296
990 -12276.7663
991 16927.9196
 992 22586.2882
993 -8695.26501
994 -42403.8488
995 -11036.1202
996 30713.7687
997 5535.37694
998 51871.5362
999 95436.4734
1000 22352.3377
 INFOSYS LTD MONTE CORLO SIMULATION OF REVENUES
Sales Employee Cost Selling and admin Other Income Other Expenses

MEAN 84724.5 46377.30 4431.30 2845.70 954.90

SD 30994.59259 15974.49 836.54 401.51 314.78

1st simulation 50799.09 38031.75 5091.27 3244.58 869.23

NUES
Profit before tax simulation outcome

22408.10
1 10051.43
5845.93

10051.43
Report Date Mar-14 A Mar-15 A Mar-16 A Mar-17 A Mar-18 A Mar-19 A Mar-20 A Mar-21 A Mar-22 A Mar-23 A
Cash Flow 11973 13389 14948 16056 17892 17415 19487 22618 25586 28320

3/31/2024 30191.84 28165.52 32218.17

3/31/2025 32065.6 29057.75 35073.45
3/31/2026 33939.36 30076.67 37802.06
3/31/2027 35813.12 31143.41 40482.84
3/31/2028 37686.88 32229.3 43144.46
3/31/2029 39560.64 33320.64 45800.64
 Forecast(Cash
Year Flow ) Lower ConfidenceUpper Confidence Bound(Cash Flow )
3/31/2024 30191.8438078788 28165.52172216 32218.17
3/31/2025 32065.6030153447 29057.75396344 35073.45
3/31/2026 33939.3622228105 30076.66664638 37802.06
3/31/2027 35813.1214302763 31143.40514019 40482.84
3/31/2028 37686.8806377421 32229.30418812 43144.46
3/31/2029 39560.6398452079 33320.64193011 45800.64
 Cash flow Estimation & Capital Budgeting
Year 3/31/2024 3/31/2025 3/31/2026 3/31/2027
Net profit 23711.70 25575.99 27475.83 29513.63
addDepreciation 4194.53 4738.99 5086.96 5567.35
Cash Flow 27906.23 30314.97 32562.80 35080.98
WACC =(INTEREST+DIVIDEND)/CAPITAL EMPLOYED 17.15%
Capital Employed 83706

NPV 69416.46
IRR -23%
MIRR 50%
XIRR
3/31/2028
31535.95
5992.48
37528.42 -83706

Year Cash Flow XNPV Year Cash Flow XIRR

3/30/2023 -83706 17994.50 3/30/2023 -83706 25.69%
3/31/2024 27906.23 3/31/2024 27906.23
3/31/2025 30314.97 3/31/2025 30314.97
3/31/2026 32562.80 3/31/2026 32562.80
3/31/2027 35080.98 3/31/2027 35080.98
3/31/2028 37528.42 3/31/2028 37528.42
 INFOSYS LTD FCFF VLUATION
REPORT DATE 3/31/2024 3/31/2025 3/31/2026 3/31/2027 3/31/2028
Net profit 28210.09 30987.43 34476.10 38179.49 42439.61
addDepreciation 4194.53 4738.99 5086.96 5567.35 5992.48
Cash Flow 32404.63 35726.41 39563.06 43746.83 48432.09
LESS CAPEX 210 3299 2506 2978 2942
LESS WC 1386.08 -417.35 1105.74 2525.87 196.15
FCFF 30808.65 32844.60 35950.90 38242.57 45293.52
WACC 17.147%
DISCOUNT RATE 0.8536 0.7287 0.6220 0.5310 0.4533
PVFCFF 26299.10 23933.18 22362.1992 20305.7986 20529.4491
CAGR 11.340%
PV OF TV 393608.869240489
VALUE OF FIRM 507038.59
 INFOSYS LTD CASH FLOW ESTIMATION AND CAPITAL BUDGETING
YEAR REALISTIC FCFF CAPITAL EMPLOYED 83706
3/31/2024 34400.77 WACC 17.147%
3/31/2025 36892.90 REINVESTMENT RATE 5.18%
3/31/2026 39385.03
3/31/2027 41877.16
3/31/2028 44369.29
3/31/2029 46861.41
-83706

NPV $ 49,099.00 XNPV YEAR REALISTIC FCFF

IRR 26.0% 3/31/2023 -83706.00
MIRR 44% 3/31/2024 34400.77
3/31/2025 36892.90
3/31/2026 39385.03
3/31/2027 41877.16
3/31/2028 44369.29
3/31/2029 46861.41

ICICI GROWTH FUND

S.NO MONTH& YEAR INVESTMENT
1 Jan-23 10000
2 Feb-23 10000
3 Mar-23 10000
4 Apr-23 10000
5 May-23 10000
6 Jun-23 10000
7 Jul-23 10000
8 Aug-23 10000
9 Sep-23 10000
10 Oct-23 10000
11 Nov-23 10000
12 Dec-23 10000
L BUDGETING

XNPV XIRR
57440.37 39.59%

WTH FUND
UNITS FUND VALUE XIRR
285.71428571 12000 20.00%
250 11800 8.63%
312.5 12200 6.85%
285.71428571 3700 -22.01%
285.71428571 10200 0.40%
285.71428571 10800 1.29%
285.71428571 12300 3.00%
285.71428571 8200 -2.45%
285.71428571 13000 2.96%
285.71428571 8000 -2.21%
285.71428571 9500 -0.47%
285.71428571 8900 -0.97%
15.03%
 INFOSYS LTD FCFF FORECASTING INDER SCENARIO ANALYSIS
Report Date 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019
Net profit 10656 12372 13489 14353 16029 15404
Depreciation 1317 1017 1459 1703 1863 2011
Cash flow 11973 13389 14948 16056 17892 17415
^Capex 2968 2040 793 -1605 3136
^ Working capital 2662 6146 -9892 -2247 -3257
FCFF 11973 7759 6762 25155 21744 17536

YEAR OPTIMISTIC PESSIMISTIC REALISTIC EXPECTED

3/31/2024 49891.20 18910.34 34400.7703 34400.7703
3/31/2025 52462.14 21323.66 36892.899 36892.899
3/31/2026 55034.24 23735.82 39385.0278 39385.0278
3/31/2027 32454.00 26146.82 41877.1566 33492.6592
3/31/2028 60181.90 28556.67 44369.2854 44369.2854
3/31/2029 62757.46 30965.37 46861.4142 46861.4142
CENARIO ANALYSIS
3/31/2020 3/31/2021 3/31/2022 3/31/2023
16594 19351 22110 24095
2893 3267 3476 4225
19487 22618 25586 28320
8079 1716 295 3425
142 2754 -13908 -7558
11266 18148 39199 32453
Report Date FCFF Forecast(FCFF) Lower Confidence Bound(FCFF)
3/31/2014 11973
3/31/2015 7759
3/31/2016 6762
3/31/2017 25155
3/31/2018 21744
3/31/2019 17536
3/31/2020 11266
3/31/2021 18148
3/31/2022 39199
3/31/2023 32453 32453 32453.00
3/31/2024 26577.8 22549.79
3/31/2025 25842.6 21909.52
3/31/2026 24845.6 20709.20
3/31/2027 43238.6 39021.41
3/31/2028 39827.6 35255.85
3/31/2029 35619.6 31524.84
Upper Confidence Bound(FCFF)

70000

60000

50000

40000
32453.00
49891.20 30000
52462.14
55034.24 20000
32454.00
60181.90 10000
62757.46
0
1/1/20141/1/20151/1/20161/1/20171/1/20181/1/20191/1/20201/1/20211/1/2

FCFF Forecast(FCFF) Lower Confidence Bound(

1/1/20191/1/20201/1/20211/1/20221/1/20231/1/20241/1/20251/1/20261/1/20271/1/20281/1/2029

Lower Confidence Bound(FCFF) Upper Confidence Bound(FCFF)