LTIMindtree Ltd.

Financial

	LTIMindtree	Tech Mahindra	Persistent Systems
Operational Metrics
IT
Constant Currency Growth - YoY	6.3 %	0.3 %	n/a
Constant Currency Growth - BFSI	-6.6 %	n/a	n/a
Constant Currency Growth - Energy	29.9 %	n/a	n/a
Constant Currency Growth - Manufacturing	7.4 %	n/a	n/a
Constant Currency Growth - YoY - Others	48.0 %	n/a	n/a
Constant Currency Growth - YoY - Insurance	13.1 %	n/a	n/a
Constant Currency Growth - YoY - CPG, Retail & Pharma	-0.6 %	n/a	n/a
Constant Currency Growth - YoY - High-Tech, Media & Entertainment	7.0 %	n/a	n/a
Constant Currency Growth - YoY - Application Development Maintenance & Testing	19.0 %	n/a	n/a
Constant Currency Growth - YoY - Enterprise Solutions	15.3 %	n/a	n/a
Constant Currency Growth - YoY - Infrastructure Management Services	11.4 %	n/a	n/a
Constant Currency Growth - YoY - Analytics, AI & Cognitive	44.2 %	n/a	n/a
Constant Currency Growth - YoY - Enterprise Integration & Mobility	38.0 %	n/a	n/a
Constant Currency Growth - YoY - Platform Based Solutions	-7.9 %	n/a	n/a
Net Sales by Employee Cost	1.51 .	1.82 .	1.79 .
Unclassified
R&D as a % of Total Sales	0.0	0.04 %	0.18 %
Financials
5 yr Average ROE	24.77 %	15.33 %	20.81 %
5yr average Equity Multiplier	1.4	1.52	1.46
5yr Average Asset Turnover Ratio	1.28	1.13	1.26
5yr Avg Net Profit Margin	13.81 %	9.16 %	11.35 %
Price to Book	6.92	5.74	14.71
P/E	34.16	38.62	66.39
5yr Avg Cash Conversion Cycle	55.6 Days	79.3 Days	53.87 Days
Inventory Days	0.03 Days	0.25 Days	0.0
Days Receivable	55.57 Days	79.04 Days	53.87 Days
Days Payable	0.0	9.92 Days	5.47 Days
5yr Average Interest Coverage Ratio	33.76	26.13	54.53
5yr Avg ROCE	31.52 %	19.88 %	26.85 %
5yr Avg Operating Profit Margin	19.06 %	14.33 %	16.65 %
5 yr average Debt to Equity	0.0	0.05	0.06
5yr CAGR Net Profit	18.89 %	-0.81 %	25.45 %
5yr Average Return on Assets	17.67 %	10.08 %	14.23 %
Shareholdings
Promoter Holding	68.57 %	35.01 %	30.66 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-5.48 %	-0.25 %	-0.6 %
Change in Mutual Fund Holding (3 Yrs)	-0.4 %	6.59 %	-0.83 %

Business

	LTIMindtree	Tech Mahindra	Persistent Systems
Product Wise Break-Up	Product Wise Break-Up ADM 33.5 Enterprise 28.7 Analytics, AL Cognitive 14.5 Infrastructure Management Services (IMS) 12.7 Enterprise Integration and Mobility 10.6 Products and Platforms 0 Testing 0 Business Processing Outsourcing (BPO) 0 IT Services 0 Accelerite 0 Alliance 0 Digital 0 Services 0	Product Wise Break-Up ADM 0 Alliance 0 Enterprise Integration and Mobility 0 Accelerite 0 Digital 0 Business Processing Outsourcing (BPO) 15.36 Enterprise 0 0 Testing 0 Products and Platforms 0 Software Services 84.64 Services 0 Analytics, AL Cognitive 0	Product Wise Break-Up ADM 0 Alliance 22.6 Enterprise Integration and Mobility 0 Accelerite 0 Digital 0 Business Processing Outsourcing (BPO) 0 Enterprise 0 0 Testing 0 Products and Platforms 0 IT Services 0 Services 77.4 Analytics, AL Cognitive 0
Location Wise Break-Up	Location Wise Break-Up North America 74.5 Europe 13.6 Rest of the World 11.9 USA & Europe 0 Asia Pacific Ex India 0 India 0 USA 0	Location Wise Break-Up USA & Europe 0 Asia Pacific Ex India 0 North America 0 Rest of the World 26.2 India 0 Europe 25.4 USA 48.4	Location Wise Break-Up USA & Europe 0 Asia Pacific Ex India 0 North America 80.5 Rest of the World 1.8 India 9.3 Europe 8.4 USA 0
Verticals	Verticals Banking & Insurance 37.1 Hi-Tech 23.4 Manufacturing 19.9 CPG, Retail, Travel, Transport & Hospitality 14.1 Health, Life Sciences & Public Services 5.5 Energy & Utilities 0 Insurance 0 Banking and Financial services 0 Communication, Media and Entertainment 0 Retail, Transport and Logistics 0 Banking and Finance 0 Telecomunication 0 Technology 0 0 0 Healthcare & Life Science 0	Verticals Healthcare & Life Science 0 Insurance 0 Retail 8.1 Media & Entertainment 33.2 0 0 Banking & Insurance 0 Health, Life Sciences & Public Services 0 Banking and Financial services 0 Manufacturing 17.0 0 Technology 13.2 Energy & Utilities 0 Banking 16.7 Hi-Tech 0 Telecomunication 0 Others 11.8	Verticals Healthcare 26.81 Insurance 0 Retail, Transport and Logistics 0 Communication, Media and Entertainment 0 Software Services 40.9 Banking & Insurance 32.29 Banking & Insurance 0 Health, Life Sciences & Public Services 0 Banking and Financial services 0 Manufacturing 0 0 Technology 0 Energy & Utilities 0 Banking and Finance 0 Hi-Tech 0 Telecomunication 0
Operating Profit Break-Up	Operating Profit Break-Up Banking & Insurance 36.89 High Technology and Media 29.5 Manufacturing 16.46 CPG, Retail & Pharma 14.9 Health, Life Sciences & Public Services 2.24 Energy & Utilities 0 Business Processing Outsourcing (BPO) 0 IT Services 0 Others 0.01	Operating Profit Break-Up CPG, Retail & Pharma 0 High Technology and Media 0 Banking & Insurance 0 Business Processing Outsourcing (BPO) 11.02 Software Services 88.98 Manufacturing 0 Health, Life Sciences & Public Services 0 Energy & Utilities 0	Operating Profit Break-Up CPG, Retail & Pharma 0 High Technology and Media 0 Banking & Insurance 0 Business Processing Outsourcing (BPO) 0 IT Services 0 Manufacturing 0 Health, Life Sciences & Public Services 0 Energy & Utilities 0 Others 100
Onsite vs Offsite	Onsite vs Offsite Offshore 61.7 Onsite 38.3 IP Led 0	Onsite vs Offsite IP Led 0 Offshore 77.9 Onsite 22.1	Onsite vs Offsite IP Led 7.45 Offshore 57.97 Onsite 34.58
Client Break-Up	Client Break-Up $1 mn clients 57.83 $5 Mn+ 21.72 $10 mn clients 12.55 $20 Mn+ 5.64 $50 Mn+ 1.97 >100M 0.28 US$ 50m+ Clients 0 US$ 20m+ Clients 0 US$ 10m+ Clients 0 US$ 5m+ Clients 0 US$ 1m+ Clients 0 $1+ Mn 0 $5+ Mn 0 $10+ Mn 0 $20+ Mn 0 $30+ Mn 0 Medium > USD 3M, < USD 5M 0 Large > USD 5M 0 Others 0.01	Client Break-Up $20 Mn+ 0 US$ 20m+ Clients 6.38 $5+ Mn 0 Large > USD 5M 0 $20+ Mn 0 Medium > USD 3M, < USD 5M 0 $10+ Mn 0 US$ 1m+ Clients 58.38 >100M 0 US$ 5m+ Clients 21.08 $5 Mn+ 0 US$ 50m+ Clients 2.7 $50 Mn+ 0 US$ 10m+ Clients 11.46 $1 mn clients 0 $10 mn clients 0 $30+ Mn 0 $1+ Mn 0	Client Break-Up $20 Mn+ 0 US$ 20m+ Clients 0 >5M 17.8 Large > USD 5M 0 >20M 3.14 Medium > USD 3M, < USD 5M 0 >10M 5.76 US$ 1m+ Clients 0 >100M 0 US$ 5m+ Clients 0 $5 Mn+ 0 US$ 50m+ Clients 0 $50 Mn+ 0 US$ 10m+ Clients 0 $1 mn clients 0 $10 mn clients 0 $30+ Mn 0 >1M 71.2 Others 2.1
Contract Type	Contract Type Fixed Price Contracts 69.51 Time & Material 28.44 Others 2.05	-	-

LTIMindtree Ltd.

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