HCL Technologies Ltd.

Financial

	HCL Tech.	Wipro	Infosys
Operational Metrics
IT
Constant Currency Growth - YoY - Public Services	-0.5 %	n/a	n/a
Net Sales by Employee Cost	1.75 .	1.69 .	1.86 .
Constant Currency Growth - YoY	2.9 %	-1.2 %	4.8 %
Constant Currency Growth - YoY - Americas	0.1 %	n/a	n/a
Constant Currency Growth - YoY - Europe	4.3 %	n/a	n/a
Constant Currency Growth - YoY - ROW	23.2 %	n/a	n/a
Constant Currency Growth - YoY - IT and Business Services	1.4 %	n/a	n/a
Constant Currency Growth - YoY - Engineering and R&D Services	8.5 %	n/a	n/a
Constant Currency Growth - YoY - Products & Platforms	7.2 %	n/a	n/a
Constant Currency Growth - YoY - Financial Services	0.7 %	n/a	n/a
Constant Currency Growth - YoY - Manufacturing	-6.1 %	n/a	n/a
Constant Currency Growth - YoY - Technology and Services	10.8 %	n/a	n/a
Constant Currency Growth - YoY - Retail & CPG	9.5 %	n/a	n/a
Constant Currency Growth - YoY - Telecommunications, Media, Publishing & Entertainment	24.3 %	n/a	n/a
Constant Currency Growth - YoY - Lifesciences & Healthcare	-7.4 %	n/a	n/a
Unclassified
R&D as a % of Total Sales	1.5 %	0.48 %	0.54 %
Financials
5 yr Average ROE	21.54 %	16.73 %	28.86 %
5yr average Equity Multiplier	1.45	1.55	1.54
5yr Average Asset Turnover Ratio	0.99	0.75	1.08
5yr Avg Net Profit Margin	15.02 %	14.49 %	17.46 %
Price to Book	6.6	3.29	6.94
P/E	26.45	20.76	24.91
5yr Avg Cash Conversion Cycle	-1161.82 Days	48.1 Days	68.69 Days
Inventory Days	0.57 Days	0.54 Days	0.0
Days Receivable	84.73 Days	47.78 Days	68.69 Days
Days Payable	633.71 Days	2922.75 Days	0.0
5yr Average Interest Coverage Ratio	41.99	19.8	115.28
5yr Avg ROCE	26.21 %	19.81 %	36.24 %
5yr Avg Operating Profit Margin	23.86 %	20.28 %	24.88 %
5 yr average Debt to Equity	0.06	0.19	0.0
5yr CAGR Net Profit	7.27 %	4.0 %	6.66 %
5yr Average Return on Assets	14.84 %	10.81 %	18.7 %
Shareholdings
Promoter Holding	60.81 %	72.73 %	14.6 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.09 %	-0.27 %	1.49 %
Change in Mutual Fund Holding (3 Yrs)	-1.31 %	0.95 %	6.96 %

Business

	HCL Tech.	Wipro	Infosys
Product Wise Break-Up	Product Wise Break-Up Software Services 72.0 Infrastructure 17.0 Business Processing Outsourcing (BPO) 11.0 Industrial & Engineering Services 0 Modern Application Services 0 Data, Analytics and AI 0 Cloud and Infrastructure Services 0 Digital Operations & Platforms 0 Business Process Services 0 Software products and platforms 0 Software and professional services 0	Product Wise Break-Up Digital Operations & Platforms 15.0 Industrial & Commercial 8.0 Infrastructure 0 Software and professional services 0 Business Processing Outsourcing (BPO) 0 Data, Analytics and AI 7.0 Modern Application Services 45.0 Business Process Services 0 Software Services 0 Software products and platforms 0 Cloud Computing 26.0	Product Wise Break-Up Digital Operations & Platforms 0 Industrial & Engineering Services 0 Infrastructure 0 Software Services 95.29 Business Processing Outsourcing (BPO) 0 Data, Analytics and AI 0 Modern Application Services 0 Business Process Services 0 Software Services 0 Software Services 4.71 Cloud and Infrastructure Services 0
Segment Break-Up	Segment Break-Up IT Services 73.35 Engineering & Capital Goods 17.07 HCL software 9.58	-	-
Location Wise Break-Up	Location Wise Break-Up USA 63.9 Europe 29.2 Rest of the World 6.9 India 0 APMEA 0 North America 0	Location Wise Break-Up North America 0 USA 63.4 Asia Pacific/Middle East/Africa 10.51 Europe 26.09 Rest of the World 0 India 0	Location Wise Break-Up North America 57.04 USA 0 APMEA 0 Europe 31.21 Rest of the World 8.81 India 2.95
Verticals	Verticals Financial Services 21.1 Manufacturing 18.6 Healthcare 14.7 Telecommunication 13.9 Software Services 13.4 Retail 9.7 Public Sector 8.6 Technology 0 Health Business Unit 0 Energy, Natural Resources and Utilities 0 Communications 0 Consumer Business Unit 0 0 Life Sciences 0 Hi-Tech 0 0 Communication 0 Retail 0	Verticals 0 Public Sector 0 Retail 0 Health and Fitness Services 14.43 Consumer Business 18.92 Communications 0 Life Sciences 0 Hi-Tech 0 Manufacturing 0 Healthcare 0 Financial Services 0 Software Services 15.23 Telecommunication 0 Software Services 0 Energy 17.25 Communication 0 Banking & Insurance 34.17	Verticals Energy 12.97 Public Sector 0 Retail 13.29 Health Business Unit 0 Consumer Business Unit 0 Communications 0 Healthcare 6.76 Hi-Tech 8.3 Manufacturing 15.95 Healthcare 0 Financial Services 28.38 Technology 0 Telecommunication 0 Software Services 0 Energy, Natural Resources and Utilities 0 Communications 11.72 0 Others 2.63
Operating Profit Break-Up	Operating Profit Break-Up IT Services 69.42 Engineering & Capital Goods 17.05 HCL software 13.52 Life Sciences 0 Hi-Tech 0 Manufacturing 0 0 Communication 0 Retail 0 Financial Services 0 Others 0.01	-	Operating Profit Break-Up Energy 15.97 Retail 16.61 IT Services 0 Healthcare 6.25 Hi-Tech 8.05 Engineering & Capital Goods 0 HCL software 0 Manufacturing 12.11 Financial Services 29.86 Communications 8.47 Others 2.68
Client Break-Up	Client Break-Up >1M 52.38 >5M 22.04 >10M 13.87 >20M 7.62 >50M 2.87 >100M 1.22 Greater Than $1MN 0 Greater Than $3MN 0 Greater Than $5MN 0 Greater Than $10MN 0 Greater Than $20MN 0 Greater Than $50MN 0 Greater Than $75MN 0 Greater Than $100MN 0	Client Break-Up >20M 0 >1M 0 >100M 0 >100M 0.95 >3M 22.31 >5M 0 >50M 0 >50M 2.47 >75M 1.57 >10M 0 >1M 40.13 >20M 6.22 >10M 10.15 >5M 16.2	Client Break-Up >20M 0 >1M 0 >100M 0 Greater Than $100MN 0 Greater Than $3MN 0 >5M 0 >50M 0 Greater Than $50MN 0 Greater Than $75MN 0 >10M 0 Greater Than $1MN 0 Greater Than $20MN 0 Greater Than $10MN 0 Greater Than $5MN 0 Others 100
Contract Type	Contract Type Management & Maintenance services 65.0 Time & Material 35.0 Products 0 Time and materials Products 0 Fixed price and volume based 0 Time-and-material 0 Fixed-price 0	Contract Type Time-and-material 0 Fixed Price Contracts 53.29 Time & Material 0 Product Revenue 0.36 Fixed-price 0 Management & Maintenance services 0 Time & Material 46.35	Contract Type Time & Material 47.47 Fixed price and volume based 0 Time & Material 0 Products 0 Fixed Price Contracts 52.53 Management & Maintenance services 0 Time and materials Products 0

HCL Technologies Ltd.

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