Tech Mahindra Ltd. benchmarking: Performance to industry peers

Financial

	Tech Mahindra	LTM	Wipro
Operational Metrics
IT
Net Sales by Employee Cost	1.9 .	1.64 .	1.69 .
Constant Currency Growth - YoY - Enterprise business	21.9 %	n/a	n/a
Constant Currency Growth - YoY - Communications business	-13.4 %	n/a	n/a
Constant Currency Growth - YoY	0.3 %	7.0 %	-0.2 %
Unclassified
R&D as a % of Total Sales	0.04 %	0.0	0.48 %
Financials
5 yr Average ROE	15.06 %	23.65 %	15.81 %
5yr average Equity Multiplier	1.53	1.41	1.57
5yr Average Asset Turnover Ratio	1.18	1.29	0.73
5yr Avg Net Profit Margin	8.51 %	13.05 %	13.85 %
Price to Book	4.99	5.03	1.98
P/E	29.97	23.1	13.19
5yr Avg Cash Conversion Cycle	80.46 Days	57.37 Days	-3693.44 Days
Inventory Days	0.28 Days	0.04 Days	0.41 Days
Days Receivable	80.0 Days	57.34 Days	49.98 Days
Days Payable	0.0	0.0	4461.02 Days
5yr Average Interest Coverage Ratio	23.18	32.11	16.71
5yr Avg ROCE	19.97 %	30.62 %	18.73 %
5yr Avg Operating Profit Margin	13.64 %	18.22 %	19.27 %
5 yr average Debt to Equity	0.04	0.0	0.2
5yr CAGR Net Profit	-2.87 %	4.91 %	1.53 %
5yr Average Return on Assets	9.84 %	16.8 %	10.08 %
Shareholdings
Promoter Holding	34.97 %	68.52 %	72.59 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-0.21 %	-0.16 %	-0.32 %
Change in Mutual Fund Holding (3 Yrs)	6.13 %	-2.49 %	-0.46 %

Business

	Tech Mahindra	LTM	Wipro
Product Wise Break-Up	Product Wise Break-Up Software Services 84.3 Business Processing Outsourcing (BPO) 15.7 Products and Platforms 0 Enterprise Integration and Mobility 0 Analytics, AL Cognitive 0 Testing 0 Infrastructure Services & Security 0 Enterprise Solutions 0 ADM 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	Product Wise Break-Up Industrial & Engineering Services 0 Modern Application Services 0 Analytics, AL Cognitive 14.5 Infrastructure Management Services (IMS) 12.7 Software Services 0 Products and Platforms 0 Digital Operations & Platforms 0 Enterprise 28.7 ADM 33.5 Business Process Services 0 Data, Analytics and AI 0 Cloud and Infrastructure Services 0 Enterprise Integration and Mobility 10.6 Business Processing Outsourcing (BPO) 0 Testing 0	Product Wise Break-Up Industrial & Commercial 8.0 Modern Application Services 45.0 Analytics, AL Cognitive 0 Infrastructure Services & Security 0 Software Services 0 Products and Platforms 0 Digital Operations & Platforms 15.0 Enterprise Solutions 0 ADM 0 Business Process Services 0 Data, Analytics and AI 7.0 Cloud Computing 26.0 Enterprise Integration and Mobility 0 Business Processing Outsourcing (BPO) 0 Testing 0
Location Wise Break-Up	Location Wise Break-Up USA 48.4 Rest of the World 26.2 Europe 25.4 India 0 USA & Europe 0 Asia Pacific Ex India 0 North America 0 APMEA 0	Location Wise Break-Up USA 0 USA & Europe 0 North America 73.9 APMEA 0 Rest of the World 11.1 Europe 15.0 Asia Pacific Ex India 0 India 0	Location Wise Break-Up USA 60.36 USA & Europe 0 North America 0 Asia Pacific/Middle East/Africa 12.11 Rest of the World 0 Europe 27.1 Asia Pacific Ex India 0 India 0 Others 0.43
Verticals	Verticals Media & Entertainment 33.2 Manufacturing 17.0 Banking 16.7 Technology 13.2 Retail 8.1 Telecomunication 0 Technology & Services 0 Production 0 Consumer 0 Health, Life Sciences & Public Services 0 Banking, Financial Services & Insurance 0 Energy & Utilities 0 Insurance 0 Banking and Financial services 0 Health Business Unit 0 Energy, Natural Resources and Utilities 0 Communications 0 Consumer Business Unit 0 0 Others 11.8	Verticals Communications 0 Media & Entertainment 0 Banking and Financial services 0 Banking 0 Banking & Insurance 34.0 Health, Life Sciences & Public Services 0 Technology & Services 20.0 Manufacturing 19.4 Consumer 26.6 0 Technology 0 Insurance 0 Manufacturing 0 Energy, Natural Resources and Utilities 0 Retail 0 Telecomunication 0 Health Business Unit 0 Energy & Utilities 0 Consumer Business Unit 0	Verticals Communications 0 Media & Entertainment 0 Banking and Financial services 0 Banking 0 Banking, Financial Services & Insurance 0 Health, Life Sciences & Public Services 0 Technology & Services 0 Production 0 Consumer 0 Banking & Insurance 34.09 Software Services 16.96 Insurance 0 Manufacturing 0 Energy 16.09 Retail 0 Telecomunication 0 Health and Fitness Services 14.07 Energy & Utilities 0 Consumer Business 18.78 Others 0.01
Operating Profit Break-Up	Operating Profit Break-Up Software Services 86.9 Business Processing Outsourcing (BPO) 13.1 Consumer 0 Technology & Services 0 Production 0 Health, Life Sciences & Public Services 0 Energy & Utilities 0 Banking, Financial Services & Insurance 0	Operating Profit Break-Up CPG, Retail & Pharma 27.06 Health, Life Sciences & Public Services 0 High Technology and Media 24.97 Banking & Insurance 28.81 Software Services 0 Manufacturing 19.15 Energy & Utilities 0 Business Processing Outsourcing (BPO) 0 Others 0.01	-
Onsite vs Offsite	Onsite vs Offsite Offshore 77.9 Onsite 22.1 Offshore Revenue 0 Onsite Revenue 0	Onsite vs Offsite Offshore 61.7 Offshore Revenue 0 Onsite Revenue 0 Onsite 38.3	Onsite vs Offsite Offshore 0 Offshore 59.7 Onsite Revenue 40.3 Onsite 0
Client Break-Up	Client Break-Up US$ 1m+ Clients 58.38 US$ 5m+ Clients 21.08 US$ 10m+ Clients 11.46 US$ 20m+ Clients 6.38 US$ 50m+ Clients 2.7 100 Million dollar + 0 50 Million dollar + 0 20 Million dollar + 0 10 Million dollar + 0 5 Million dollar + 0 1 Million dollar + 0 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 $100MN 0	Client Break-Up US$ 5m+ Clients 0 $20 Mn+ 6.93 Greater Than $100MN 0 $1 mn clients 54.27 US$ 1m+ Clients 0 Greater Than $75MN 0 >100M 0.27 Greater Than $20MN 0 US$ 50m+ Clients 0 Greater Than $3MN 0 Greater Than $50MN 0 US$ 10m+ Clients 0 Greater Than $5MN 0 $10 mn clients 13.87 $5 Mn+ 22.67 Greater Than $10MN 0 Greater Than $1MN 0 $50 Mn+ 2.0 US$ 20m+ Clients 0	Client Break-Up US$ 5m+ Clients 0 20 Million dollar + 0 >100M 0.9 1 Million dollar + 0 US$ 1m+ Clients 0 >75M 1.8 100 Million dollar + 0 >20M 6.17 US$ 50m+ Clients 0 >3M 22.11 >50M 2.53 US$ 10m+ Clients 0 >5M 16.11 10 Million dollar + 0 5 Million dollar + 0 >10M 10.33 >1M 40.07 50 Million dollar + 0 US$ 20m+ Clients 0
Asset Break-Up	Asset Break-Up IT Services 88.86 BPO 11.14	-	-

Tech Mahindra Ltd.

Tech Mahindra Ltd.

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