Final Deserrtation Project

INTRODUCTION
Information Technology in India is an industry consisting of two major components: IT

services and business process outsourcing (BPO). The sector has increased its
contribution to India's GDP from 1.2% in 1998 to 7.7% in 2017. According
to NASSCOM, the sector aggregated revenues of US$160 billion in 2017,with export
revenue standing at US$99 billion and domestic revenue at US$48 billion, growing by
over 13%. The United States accounts for two-thirds of India's IT services exports. In
order to compare and set benchmark, a financial statement analysis should be made of all
companies. A financial statement is a collection of data organized according to logical
and consistent accounting procedures. Its purpose is to convey an understanding of some
financial aspects of a business firm. Financial analysis (also referred to as financial
statement analysis or accounting analysis) refers to an assessment of the viability,
stability and profitability of a business, sub-business or project. The present paper
attempts to measure the financial and accounting performances of leading Indian IT
companies for the period 2017-2018.
The Indian IT sector is growing rapidly and it has already made its presence felt in
all parts of the world. IT has a major role in strengthening the economic and technical
foundations of India. Indian professionals are setting up examples of their proficiency in
IT, in India as well as abroad.
In This Project Report Researcher taken Top 5 Listed IT (Information Technology)

Companies in India, and analyze their financial Performance on the basis of Ratios.
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OBJECTIVES OF THE STUDY
1. To analyze the financial health of selected IT companies stock.
2. To examine the growth of IT sector in Indian capital market.
3. The primary objective of equity research is to analyze the earnings persistence.
4. To find out potentiality of selected companies through ratios.
5. To check companies performance on the basis of historical data.
6. To study and examine the relevance of fundamental analysis in investment

decisions making process.
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CONCEPTUAL BACKGROUND
The Indian IT Industry:-
India is the world's largest sourcing destination, accounting for approximately 55 per cent
of the US$ 185-190 billion market in 2017-18. India‟s highly qualified talent pool of
technical graduates is one of the largest in the world and the country has a low-cost
advantage by being 5-6 times inexpensive than US.
Revenue of India‟s IT industry reached US$ 167 billion and exports stood at US$ 126
billion in 2017-18. Export revenue from digital segment forms about 20 per cent of the
industry‟s total export revenue.
Total export revenue of the industry is expected to grow 7-9 per cent year-on-year to US$
135-137 billion in FY19. However, IT services exports are projected to add US$ 10
billion in FY19 to reach US$ 126 billion by the end of the year. Further, India‟s IT-BPM
sector is expected to expand to US$ 350 billion by 2025 and BPM is expected to account
for US$ 50-55 billion out of the total revenue. Moreover, revenue from the digital
segment is expected to form 38 per cent of the total industry revenue by 2025. IT industry
employs nearly 3.97 million people in India of which 105,000 were added in FY18. The
industry added around 105,000 jobs in FY18 and is expected to add over 250,000 new
jobs in 2019. Hardware exports from India are expected to grow at 7-8 per cent in FY19^.
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The computer software and hardware sector in India attracted cumulative Foreign Direct
Investment (FDI) inflows worth US$ 33.36 billion between April 2000 and September
2018 and ranks second in inflow of FDI, as per data released by the Department of
Industrial Policy and Promotion (DIPP).
The Government of India has extended tax holidays to the IT sector for software
technology parks of India (STPI) and Special Economic Zones (SEZs). Further, the
country is providing procedural ease and single window clearance for setting up facilities.
Also, the government has identified Information Technology as one of the 12 champion
service sectors for which an action plan is being developed. It will set up a Rs 5,000 crore
(US$ 745.82 million) fund for realising the potential of these champion service sectors.
The Information Technology (IT) sector in India holds the distinction of advancing the
country into the new-age economy. The growth momentum attained by the overall
economy since the late 1990s to a great extent can be owed to the IT sector, well
supported by a liberalized policy regime with reduction in telecommunication cost
and import duties on hardware and software. Perceptible is the transformation since
liberalization - India today is the world leader in information technology and business
outsourcing. Correspondingly, the industry‟s contribution to India‟s GDP has grown
significantly from 1.2% in 1999-2000 to around 4.8% in FY06, and has been estimated to
cross 5% in FY07. The sector has been growing at an annual rate of 28% per annum since
FY01. Indian IT companies have globally established their superiority in terms of cost
advantage, availability of skilled
manpowerand the quality of services. They have been enhancing their global service deli
verycapabilities through a combination of organic and inorganic growth initiatives.
Global giants like Microsoft, SAP, Oracle, and Lenovo have already established their
captive centers in India. These companies recognize the advantage India offers and the
fact that it is among the fastest growing IT markets in the Asia-Pacific region.
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The sector can be classified into these broad categories:-
1. IT Services
2. Engineering Services
3. ITES-BPO Services
4. E-Business
IT Services
It can further be categorized into Information Services (IS) outsourcing, packaged

software support and installation, systems integration, processing services, hardware
support and installation and IT training and education.
Engineering Services
Include Industrial Design, Mechanical Design, Electronic System Design

(includingChip/Board and Embedded Software Design), Design Validation Testing,Indus
trialization and Prototyping.
ITES-BPO Services
These are services that use telecom networks or the Internet. For example, RemoteMainte
nance, Back Office Operations, Data Processing, Call Centers,
Business ProcessOutsourcing, etc.
E Business:
(Electronic business) is carrying out business on the Internet; it includes buying and
selling, serving customers and collaborating with business partners.
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Nasscom optimistic about IT Industry
Information technology body Nasscom anticipates the IT sector to increase at 7 at 9 % in

the financial year 2018-19. Indian IT industry‟s export revenues will increase to $135-
137 billion from the $126 billion anticipated for the 2018-19. The industry body had
forecasted 7 to 8% growth for the previous financial year. Nasscom President R
Chandrashekhar said that the possibility for growth is much higher and will be unlocked
by supportive government policies that remove barriers. Domestic revenues are
anticipated to grow 10 to 12 % to $28-29 billion in the financial year 2018-19. Nasscom
further added that the digital revenues increase faster than ever at 30% in the present
year, demonstrating the base for a solid foundation in digital capabilities built by the
industry. The industry body anticipates digital expenses to increase 20 % annually.
However, Chandrashekhar sounded optimistic saying the mood is upbeat and the trend is
positive, which should translate into better business opportunities.R Chandrashekhar,
who spoke with the media along with Nasscom Chairman Raman Roy, Vice-Chairman
Rishad Premji and President-designate Debjani Ghosh said that the possibility for growth
will be unlocked by policy support that decreases regulatory barriers, for which they
continue to work with the government. The domestic revenues are anticipated to increase
at 10 to 12 % annually, while exports, the mainstay may lag in FY19. Starting in a slow
mode, the 2017-18 financial year saw an encouraging growth in the second half as the
financial year is anticipated to close with revenues of $167 billion. Nasscom chairman
Roy has shown hope that the IT sector may add 100,000 new jobs during Financial Year
2019, which is 50 % lower than what it had forecasted for FY18, attributing the job loss
in IT industry to the hiring of techies in other industry verticals. Nasscom in June 2017
had predicted flat growth rate for FY18. Generally, Nasscom announces annual
prediction in February. However, it was deferred owing to the Visa issues in the US and
other global headwinds. Chandrashekhar further added that headwinds are very much
there. However, some unpredictability eased off. The sector is facing multiple headwinds,
but the overall industry continues to grow in customer base and domestic needs. The
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general global trend is upward, but the impact on the industry is translating over a tenure
as some challenges impact overall good results
Nasscom had predicted an export revenue growth of 7 to 8% in FY18, compared to 7.6%

in FY17. In FY16, exports earnings increased just 7.6%, while domestic revenue was
around 10 to 11%. Even on the hiring front, the outlook is dim with a 50% likely
decrease from 150,000 to 130,000 new jobs projected for FY18. However,
Chandrashekhar sounded positive saying the mood is upbeat and the trend is looking
good, which should translate into better business opportunities. “Our export revenues
expected to be $167billion including e-Commerce this fiscal. Domestic sector is growing
at 10 % annually and anticipated to be $28 to 29 billion in the next financial year against
the projected $26 billion in FY2018, while hardware segment remains steady. Roy said
that it is a great milestone for the software and services industry to cross $150 billion
tripling in size in less than a decade. The growth of the B2B startup industry also
represents a unique opportunity for our country to build innovative solutions for India
and rest of the world. From small digital pilots to POCs with product players, we are
seeing industrialization of digital as the wave ahead. The stated goal to reach a $1 trillion
digital economy by 2022, for which we would need growth across all industries,
established and new age companies, technology service companies and product
companies, consumer internet as well as the more adoption of digital across enterprise,
government, and MSME in India. Ghosh said that Nasscom was working with the
government on reskilling IT professionals while improving employment opportunities.
Top 10 IT Companies India:-There are a number of Information Technology (IT)

companies in India. Among those, Best 10 Information Technology Companies in India
are listed here. The list includes giants like TCS, Infosys, Wipro, Tech Mahindra, HCL.
The other prominent companies in the top 10 are Rolta, Cyient, Oracle Financial
Services, Mphasis & Mindtree. Here is a list of Best 10 Information Technology
Companies in India for the year 2015 based on revenue, profit and market capitalization.
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SR.No Company Name
1. TCS – Tata Consultancy Services
2. Infosys
3. Wipro
4. HCL Technologies
5. Tech Mahindra
6. Oracle Financial Services
7. Mindtree
8. Mphasis
9. Rolta
10. Cyient
History of Indian IT industry:
The journey of Indian IT industry started in 1974, when Burroughs, mainframe

manufacturer, offered Tata Consultancy Services (TCS) to export programmers for the
installation of system software for its US client. But the situation was very worse that no
local business firm was supported and the policy of Indian Government towards private
companies was also very aggressive. The Indian IT industry was started by a Bombay-
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based corporation which entered the business with the supply of programmers to IT
companies located overseas.
Till 1984, IT was not considered as an industry and was not given any subsidies. In 1984,
some strategic reforms were made and considered IT as an industry. In the same year,
Indian Government introduced a policy, New Computer Policy (NCP), which consisted
of a package of slashed import tariffs on hardware and software. And the policy also
recognized the software exports as a „delicensed industry‟. Delicensed industry is eligible
for bank finances, free from the license-permit and to set up offshore units of foreign
companies in India.
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LITERATURE REVIEW
The review of the available literature shows that although there are a number of studies
on the different aspects of capital market, there is no specific comprehensive study on the
attitudes, aspirations and perceptions of individual investors. The present study is an
attempt to fill this gap to a certain extent.
1. DOW Theory Trends:

The ideas of Charles Dow, the first editor of the Wall Street Journal, form the basis of
technical analysis. The Dow Theory is a method of interpreting and signaling changes in
the stock market direction based on the monitoring of the Dow Jones Industrial and
Transportation Averages. Dow created the Industrial Average, of top blue chip stocks,
and a second average of top railroad stocks (now the Transport Average). He believed
that the behavior of the averages reflected the hopes and fears of the entire market.
The behavior patterns that he observed apply to markets throughout the world.
2. Gupta (1972)
In this researcher he has studied about the working of stock exchanges in India and has given
a number of suggestions to improve its working. The study highlights the need to regulate
the volume of speculation so as to serve the needs of liquidity and price continuity. It
suggests the enlistment of corporate securities in more than one stock exchange at the
same time to improve liquidity. The study also wishes the cost of issues to be low, in
order to protect small investors.
3. Rohatgi (1973)
This research explains that the basic function of the stock market is to provide ready
marketability or liquidity to holdings of securities. The ideal stock market is one that
can provide instantaneous and unlimited liquidity. But it is reasonable to assume that a pr
udentlong-term investor in equities would provide for his immediate cash needs. This is
in agreement with the three motives of liquidity preference. If so, one would expect not
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`instant‟ liquidity, but moderate liquidity. It will be unreasonable for any investor to
suppose that his equity holdings are as good as cash.
4. Mc Kinnon and Shaw (1973)

This study investigated the advocate liberalization of financial market. Study argues the
state intervention in setting interest rates and quantitative measures of resource allocation
adversely affect, not only allocate efficiency but also depress the aggregate saving rate in
less developed economies.
5. Khan (1976)
This study of researcher examines the role, and the cost of raising funds from the market.
The study goes on to suggest appropriate measures to enable the NIM to play a part in
consonance with the requirements of the planned growth of industry. The core of the
study deals with the new issues and company finance, the structure of underwriting, and
the cost of capital. The study has important policy implications in terms of its relevance
to the national economy. In the process of industrialization, a developed NIM would be
instrumental in forging an organic link between the collection and distribution of
industrial capital.
6. Blume and Friend (1978)
This study states that the proportion of stock owned by institutional investors in America
has increased sharply, while that owned by individual investors has decreased. They
analyze the effects of the shift in stock ownership from individuals to institutions on the
efficiency of equity market. They also examine, the pros and cons of numerous proposals
for improving
the securities market. Transactions by individuals have always been regarded as essential
to both liquidity and the efficiency of the market.
7. Panda (1980)
In this, researcher has studied the role of stock exchanges in India before and after
independence. The study reveals that listed stocks covered four-fifths of the joint stock
sector companies. Investment in securities was no longer the monopoly of any particular
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class or of small group of people. It attracted the attention of a large number of small and
middle class individuals. It was observed that a large proportion of savings went in the
first instance into purchase of securities already issued.
8. Gupta (1981)
This research is an extensive study titled `Return on New Equity Issues' which states that
the investment performance of new issues of equity shares, especially those of new
companies, deserve separate analysis. The factor significantly influencing the rate of
return on new issues to the original buyers is the `fixed price' at which they are issued.
The return on equities includes dividends and capital appreciation. The study presents
sound estimates of rates of return on equities, and examines the variability of such returns
over time. The findings of this study suggest that the market seems to function largely on
a `hit or miss' basis rather than on the basis of informed beliefs about the long-term
prospects of individual enterprises. The main reason for the market's irrationality appears
to be the preponderance of speculative influences over investment influences.
9. Gujarathi (1981)
This study of researcher answers the question of the risk - adjusted return in the issue
market. It is a significant work in the field of new issues in India. The difficulty of
estimating the risk (Beta) of newly issued securities forced Guajarathi to use complicated
methodology for arriving at the risk-adjusted return. His conclusion is that investors in
the new issue market in1970s earned an extra normal return of nearly 2 per cent per
month.
10. Chitale (1983)

This research has evaluated the underlying causes of the growing shortage of equity
finance for funding new industrial enterprises in the private sector during the period
1960-1980. The available evidence suggests the emerging scarcity of risk finance, despite
bullish trend in the price of select shares and over-
subscription to a few issues of good companies. The studyalso evaluates the quantum and
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the kind of returns that investors were able to earn from their investments in equity shares
of new companies.
11. Narayana Rao and Bhole (1990)

This research point out that over longer periods of time, positive rate of return was
being provided by equities, but in the short-
run, the real return often negative. The regression analysis shows that the nominal total
return on equities in India has increased, but not
in proportion to an increase in the rate of inflation. The coefficient of inflation is found to
benearer to zero than one. The real return on equity has been found negatively related to
inflation throughout all periods. Thus equity share in India may only be a weak or partial
hedge against inflation.
12. Gupta (1991)

Researcher has made an extensive survey of Indian share-owners, around mid-1990 It
throws light on many unknown aspects of the market for shares and other financial assets.
The study covers a wide range of aspects and has generated much new data on investors,
their investment habits and preferences. The study involved nearly 6000 households
spread over more than 100 cities of India. According to the study there do around 38 lakh
share owning households and about 90to 95 lakh shares own individuals in India.The
number of debenture - owning households is about 29 lakh and most of them are
shareowners also.
The most outstanding development is that share ownership has become a middle
class phenomenon (7501'0). Nearly 6.5 percentages of the Indian households own shares
and aremainly restricted to cities. The analysis reveals that nearly 75% of the share
owners are long-term investors.
13. Anshuman and Chandra (1991)

This study of researcher has trace out the government policy of favoring small
shareholders in terms of allotment of shares. They argue that such a policy suffers from
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several lacunae such as higher issue and servicing costs and lesser vigilance about the
functioning of companies because of inadequate knowledge.
14. Jawahar Lal (1992)

This study presents a profile of Indian investors and evaluates their investment decisions.
He made an effort to study their familiarity with, and comprehension of financial
information, and the extent to which this is put to use. The information that the
company‟s provide generally fails to meet the needs of a variety of individual investors
and there is a general impression that the company's Annual Report and other statements
are not well received by them.
15. Pyare Lal Singh (1993)

This study titled, Indian Capital Market, a functional analysis, depicts the primary
market‟s a perennial source of supply of funds. It mobilizes the savings from the different
sectors of the economy like households, public and private corporate sectors. The number
of investors increased from 20 lakhs in 1980 to 150 lakhs in 1990 (7. 5 times). In
financing of the project costs of the companies with different sources of financing, the
contribution of the securities has risen from 35.01% in 1981 to 52.94% in 1989. In the
total volume of the securities issued, the contribution of debentures / bonds in recent
years has increased significantly from16. 21 per cent to 30.14 per cent.
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RESEARCH METHODOLOGY
Researech Design:-
Research design or research methodology is the procedure of collecting, analyzing and
interpreting the data to diagnose the problem and react to the opportunity in such a way
where the costs can be minimized and the desired level of accuracy can be achieved to
arrive at a particular conclusion. The sample of the stocks for the purpose of collecting
secondary data has been selected on the basis of Random Sampling.
Source of Data:-
Sources of data may be classified into primary and secondary sources. Primary sources
are original sources from which the researcher directly collects data from the customer.
Secondary data has been collected from various sources to analyze the fundamentals. The
secondary data are collected from the BSE, NSE, moneycontrol.com, articles,
magazine, journals and various websites etc.
Research Method
Here, researcher used descriptive method for the study Which is based on Secondary
data. The data used in this study are from a industry level data base on India‟s corporate
sector, compiled by the moneycontrol.com
Top 5 companies are taken for analysis based on their revenue in last financial years. The
company must be listed in National Stock Exchange (NSE) India. The analysis is based
on secondary data published by the respective companies.
The following companies were selected for data analysis:
Sr.No. Company Name

1 TCS- Tata Consultancy Services
2 Infosys
3 Wipro
4 HCL Technologies
5 Tech Mahindra
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DATA ANALYSIS
Information about Top 5 selected listed IT (Information Technology)

Companies in India:-
1. TCS – Tata Consultancy Services:-

Tata Consultancy Services, founded in the year 1968 is headquartered in Mumbai,
India.
 Stock price: TCS (NSE) Rs. 2,059/-

 CEO: Natarajan Chandrasekaran
 Founded: 1968
 Revenue: 15.5 billion USD (2015)
 Headquarters: Mumbai
 Founders: J. R. D. Tata, F. C. Kohli
 Parent organization: Tata Group
 Subsidiaries: CMC, TCS China, Computational Research Laboratories
 Revenue: Rs. 64672.93 Crore
 Net Profit: Rs. 18474.92 Crore
 Market Capitalizations: Rs. 487919.14 Crore
Home to more than three lakh people TCS is placed among the most valuable „Big4‟ IT
Service brand Worldwide. It has been the face of Indian IT Industry. TCS provides
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umbrella of services to its customer some of which are Performance Management,
Business Process Service, Consulting, Enterprise Solutions, ion Small and Medium
Enterprise, IT Services. TCS Banc‟s, TCS Master Craft, TCS Technology Products are
some of its well-known software. TCS, leading the way for Indian IT firms has also made
in the Top 100 Brand Finance List in the USA. In the recent accolades TCS was ranked
number 1 IT Service provider for Manufacturing in Europe, Middle East and Africa by
International Corporation in 2014.
2. Infosys
Infosys, founded in the year 1981 has been headquartered in Bengaluru, India.
 Stock price: INFY (NSE) Rs. 760/-

 CEO: Vishal Sikka
 Founded: July 2, 1981, Pune
 Headquarters: Bengaluru
 Founders: N. R. Narayana Murthy, K. Dinesh, Nandan Nilekani, Ashok Arora, S.
D. Shibulal, Kris Gopalakrishnan, N. S. Raghavan
 Subsidiaries: Infosys BPO Limited, Panaya, Lodestone Management Consultants,
Infosys China, Infosys Australia
 Revenue: Rs. 44341 Crore
 Net Profit: Rs. 10194 Crore
 Market Capitalisation: Rs. 221528.83 Crore
It is a home to more than 175000 people with many famous Indian personalities coming
from its structure like Mr. Narayan Murthy, Nandan Nilekani to name a few. It is a major
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powerhouse that operates into business consulting, information technology, software
engineering and outsourcing services. Presently headed by Vishal Sikka, Infosys has
signed an MOU with local Chinese provincial to open first overseas campus in China.
Infosys has nearly 890 clients across 50 countries according to latest data known till 31st
March, 2014. It can boast of world‟s largest corporate university in Mysore. It get ranked
constantly in the world‟s top 20 most innovative companies list brought out by Forbes
and green companies ranking by Newsweek.
3. Wipro
Wipro, founded in 1945 entered into the IT domain in the year 1980 and since
then has become one of the biggest IT Company in the world.
 Stock price: WIPRO (NSE) Rs. 261/-

 CEO: Abidali Z. Neemuchwala
 Founder: M.H. Hasham Premji
 Founded: December 29, 1945, India
 Headquarters: Bengaluru
Headquartered in Bengaluru, India it is headed by Azim Premji, It was the first software
company to get SEI CMMI Level 5 back in 2002. It has been accredited with many first
in IT Industry like introducing Lean Management in Service Industry. Home to more than
1 lakh 50 thousand people, Wipro Technologies Applying Thoughts has lead it to be one
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of the most preferred IT vendors. Cognitive Systems, Smart Devices, Man-machine
Interface are few of the future drivers it has been focusing on. Wipro has been selected by
DJSI as World Member for the fifth consecutive year and is also recognised with
prestigious Golden Peacock Award 2014 in the category of „Innovative Product/Service‟
for Wipro‟s Assure Health Solutions.
4. HCL Technologies:-
HCL Technologies, founded in the year in 1976 by Mr. Shiv Nadar is
headquartered in Noida, India.
 Stock price: HCLTECH (NSE) Rs. 868.50 +1.15 (+0.13%) 5 Feb, 3:41 PM IST –
Disclaimer
 CEO: Anant Gupta
 Headquarters: Noida
 Date founded: November 12, 1991
 Founders: Arjun Malhotra, Shiv Nadar
 Parent organization: HCL Enterprise
HCL has offices in around 35 countries globally and is home to hundred thousand people.
Various business lines in which HCL has its presence are Business Services, Custom
Application Services, Engineering R&D, Enterprise Transformation Services and IT
Infrastructure Management Services. As part of their growth strategy they have alliances
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with nearly 100 companies in various technological areas which act as a mutual
beneficial experience. Their global strategic alliances covers 360 degree relationships
across multiple geographies and industry verticals. It has been rated as a leader in IDC
SAP Marketplace, Cloud Services Marketplace.
5. Tech Mahindra:-
Tech Mahindra, founded in the year 1986 is headquartered in Pune, India.
 Share Price: 788/-

It is home to nearly 98000 people and has its presence across 51 countries with CP
Gurnani as its Present CEO. It is SEI CMMi Level 5.OrderFix, mEMS, Socio, Tecnico,
OrderVu are various platforms which Tech Mahindra expertise into. Solutions and
Services Provided by Tech Mahindra includes Consulting, Enterprise Business Solutions,
Mobility and Integrated Engineering Solutions, Product Life Cycle Management. With
Anand Mahindra as it Chairman, the company is under a safe and ethical business person
who shall leave no stone unturned to take the companies to more glorious heights. It is
recipient of various awards with the important ones being Golden Peacock Award,
Leader in Excellence in IT etc.
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Ratio Analysis:-
Ratio is a relationship between two figures expressed mathematically. Financial

ratios provide numerical relationship between two relevant financial data. Financial ratios
are calculated from the balance sheet and profit and loss account. The relationship can be
either expressed as a percent or as a quotient. Ratios summarize the data for easy
understanding, comparison and interpretations.
Ratios for investment purposes can be classified
into profitability ratios, turnover ratios, and leverage ratios. Profitability ratios are the mo
st popular ratios since investors prefer to measure the present profit performance and use
thisinformation to forecast the future strength of the company. The most often used
profitability ratios are return on assets, price earnings multiplier, price to book value,
price to cash flow, and price to sales, dividend yield, return on equity, present value of
cash flows, and profit margins.
 Return on Assets (ROA)

ROA is computed as the product of the net profit margin and the total asset turnover
ratios.
ROA = (Net Profit/Total income) x (Total income/Total Assets)
This ratio indicates the firm's strategic success. Companies can have one of two
strategies: cost leadership, or product differentiation. ROA should be rising or keeping
pace with the company's competitors if the company is successfully pursuing either of
these strategies, but how ROA rises will depend on the company's strategy. ROA should
rise with a successful cost leadership strategy because the company‟s increasing
operating efficiency. An example is an increasing, total asset, turnover ratio as the
company expands into new markets, increasing its market share. The company may
achieve leadership by using its assets more efficiently. With a successful product
differentiation strategy, ROA will rise because of a rising profit margin.
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 Return on Investment (ROI):
ROI is the return on capital invested in business, i.e., if an investment Rs. 1 crore in men,
machines, land and material is made to generate Rs. 25 lakhs of net profit, then the ROI is
25%. The computation of return on investment is as follows:
Return on Investment (ROI) = (Net profit/Equity investments) x 100
As this ratio reveals how well the resources of a firm are being used, higher the ratio,
better are the results. The return on shareholder‟s investment should be compared with th
e return of other similar firms in the same industry. The inert-firm comparison of this
ratio determines whether the investments in the firm are attractive or not as the investors
would like to invest only where the return is higher.
 Return on Equity:
Return on equity measures how much an equity shareholder's investment is actually
earning. The return on equity tells the investor how much the invested rupee is earning
from the company. The higher the number, the better is the performance of the company
and suggests the usefulness of the projects the company has invested in. The
computation of return on equity is as follows:
Return on equity = (Net profit to owners/value of the specific owner's Contribution
to the business) x 100
The ratio is more meaningful to the equity shareholders who are invested to know profits
earned by the company and those profits which can be made available to pay dividend to
them.
 Earnings per Share (EPS):

This ratio determines what the company is earning for every share. For many investors,
earnings are the most important tool. EPS is calculated by dividing the earnings (net
profit) by the total number of equity shares. The computation of EPS is as follows:
Earnings per share = Net profit/Number of shares outstanding
The EPS is a good measure of profitability and when compared with EPS of similar other
companies, it gives a view of the comparative earnings or earnings power of a firm. PS
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calculated for a number of years indicate whether or not earning power of the company
has increased.
 Dividend per Share (DPS):

The extent of payment of dividend to the shareholders is measured in the form of
dividend per share. The dividend per share gives the amount of cash flow from the
company to the owners and is calculated as follows:
Dividend per share = Total dividend payment / Number of shares outstanding. The
payment of dividend can have several interpretations to the shareholder. The distribution
of dividend could be thought of as the distribution of excess
profits/abnormal profits by the company.
On the other hand, it could also be negatively interpreted as lack of investment
opportunities. In all, dividend payout gives the extent of inflows to the shareholders from
the company.
 Dividend Payout Ratio:

From the profits of each company a cash flow called dividend is distributed among its
shareholders. This is the continuous stream of cash flow to the owners of shares, apart
from the price differentials (capital gains) in the market. The return to the shareholders, in
the form of dividend, out of the company's profit is measured through the payout ratio.
The payout ratio is computed as follows:
Payout Ratio = (Dividend per share / Earnings per share) * 100
The percentage of payout ratio can also be used to compute the percentage of retained
earnings. The profits available for distribution are either paid as dividends or retained
internally for business growth opportunities. Hence, when dividends are not declared, the
entire profit is ploughed back into the business for its future investments.
 Dividend Yield:
Dividend yield is computed by relating the dividend per share to the market price of the
share. The market place provides opportunities for the investor to buy the company‟s
share at any point of time. The price at which the share has been bought from the market
23
is the actual cost of the investment to the shareholder. The market price is to be taken as
the cum-dividend price. Dividend yield relates the actual cost to the cash flows received
from the company. The computation of dividend yield is as follows
Dividend yield = (Dividend per share / Market price per share) * 100
High dividend yield ratios are usually interpreted as undervalued companies in the
market. The market price is a measure of future discounted values, while the dividend per
share is the present return from the investment. Hence, a high dividend yield implies that
the share has been under priced in the market. On the other hand a low dividend yield
need not be interpreted as overvaluation of shares. A company that does not pay out
dividends will not have a dividend yield and the real measure of the market price will be
in terms of earnings per share and not through the dividend payments. Internally for
business growth opportunities. Hence, when dividends are not declared, the entire profit
is ploughed back into the business for its future investments.
 Price/Earnings Ratio (P/E):

The P/E multiplier or the price earnings ratio relates the current market price of the share
to the earnings per share. This is computed as follows:
Price/earnings ratio = Current market price / Earnings per share
This ratio is calculated to make an estimate of appreciation in the value of a share of a

company and is widely used by investors to decide whether or not to buy shares in
a particular company. Many investors prefer to buy the company's shares at a low P/E rati
osince the general interpretation is that the market is undervaluing the share and there
will be a correction in the market price sooner or later. A very high P/E ratio on the other
hand implies that the company's shares are overvalued and the investor can benefit by
selling the shares at this high market price.
 Debt-to-Equity Ratio:
Debt-Equity ratio is used to measure the claims of outsiders and the owners against the
firm‟s assets.
24
Debt-to-equity ratio = Outsiders Funds / Shareholders Funds
The debt-equity ratio is calculated to measure the extent to which debt financing
has been used in a business. It indicates the proportionate claims of owners and the
Outsiders against the firm‟s assets. The purpose is to get an idea of the cushion available
to outsiders on the liquidation of the firm.
1. Data analysis of TCS ( Tata Consultancy Services):-
 Debt to Equity ratio = Long term debts/ Equity share holder fund
 EPS = Earnings available to Equity share holder/ No of Equity shares
 Current ratio= current assets/ current liability
 P/E ratio= Market value per share/ Earning per share (EPS)
A. Debt to Equity ratio = Long term debts/ Equity share holder fund.
Table Showing Debt to Equity Ratio of TCS
Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

Debt to Equity 0.00 0.01 0.00 0.00 0.00
Ratio
25
Analysis:
Researcher see that debt to equity ratio in mar 2014 was 0.00 and in mar 2015 it was0.01
and next year in mar 2016 it again came to 0.00 and still the same.
Interpretation:
Debt to equity ratio of company is 0.00 in the year of 2014 and it go up to 0.01 in
2015and after this year again it is decreasing and came in 0.00 debt and after that is not
gone up it means it is 0 Debt company. A high debt/equity ratio generally means that a
company has been aggressive in financing its growth with debt. This can result in volatile
earnings as a result of the additional interest expense.
B. EPS = Earnings available to Equity share holder/ No of Equity shares
Table Showing EPS Ratio of TCS-

EPS Ratio 94.17 98.31 117.11 120.04 131.86
26
Analysis:
From the above table it can be seen that EPS of company in 2014 was 94.17 and it is
increased in next year in 2014-15 by 4.14%. And day by day it was increasing and in the
year of 2018 it was increased by 37.69%.
Interpretation:
From the above graph it can be seen that EPS of company is increasing from2014 and
after that it cannot decrease by single percent it means company will growing well day by
day and company has performed well in EPS.
C. Current ratio= current assets/ current liability
Table Showing Current Ratio of TCS.

Current Ratio 3.18 2.78 3.41 3.09 2.85
27
Analysis:
The above table shows current ratio of the company which is 3.18:1 in Mar,2014 and
decreased to 0.04:1 in next year Mar 2015. But again it increased to 0.63:1 in Mar 2016
and again decreases to 0.56:1 in year 2017-18.
Interpretation:
The higher the current ratio, the more capable the company is of paying its obligations. A
ratio under 1 suggests that the company would be unable to pay off its obligations if they
came due at that point. So for TCS, current ratio shows that they have more current assets
than current liability. As graph shows that they have potential to pay its obligation so
short term solvency for TCS is strong.
D. P/E Ratio= Market value per share/ Earning per share (EPS)
Table showing P/E Ratio of TCS

P/E Ratio 21.57 20.66 17.34 16.92 15.40
28
Analysis:
From the above calculation it can be seen that price earnings ratio of company was
decreased from 21.57 in Mar, 2014 and year by year it was decreased by 6.17 from the
year 2014 to 2018.
Interpretation:
Researcher sees that there was only decline stage in the P/E Ratio of TCS and because of
that Many investors prefer to buy the company's shares at a low P/E ratiosince the general
interpretation is that the market is undervaluing the share and there will be a correction in
the market price sooner or later. A very high P/E ratio on the other hand implies that the
company's shares are overvalued and the investor can benefit by selling the shares at this
high market price.
2. Data analysis of Infosys:-
A. Debt to Equity ratio = Long term debts/ Equity share holder fund
Table showing Debt to Equity Ratio of Infosys

Debt to Equity 0.00 0.00 0.00 0.00 0.00
Ratio
29
Note: - Debt to Equity Ratio is not available, It Means Infosys is the Zero Debt Company.
Table Showing EPS Ratio of Infosys.

EPS Ratio 178.40 105.91 55.6 60.16 73.97
30
Analysis:
From above table it is analyzed that in mar, 2014 EPS of Infosys company was 178.40
and in mar 2015 it is decreased to 105.91 and again after this year it will be Decreasing
in next all year mar, 2016 it is decreased to 55.6 and after this year it will increasing it
was goes up 60.91 in Mar, 2017 and 73.97 in Mar, 2018.
Interpretation:
EPS of Infosys is decreasing continuously from mar 2014 to mar 2016 and after that it
was increasing which is a good indicator for the growth of the company as well as for
investors.
Table showing Current ratio of Infosys

Current Ratio 3.70 3.38 4.50 3.77 3.83
Analysis:
Table shows the Current ratio of Infosys which is 3.70:1 in mar 2014 and decreased to
3.38:1 in mar, 2015. And in after that it is increased to 4.50:1 in mar, 2016 and Less to
31
3.77:1in mar 2017. The higher the current ratio, the more capable the company is of
paying its obligations. A ratio under 1 suggests that the company would be unable to pay
off its obligations if they came due at that point. So for Infosys, current ratio shows that
they have more current assets than current liability.
Interpretation:
According to researcher company shows a good potential as they have morethan ideal
ratio 2:1 in last 5 years. Current ratio is stable in last 5 years.
D. P/E ratio= Market value per share/ Earning per share (EPS)
Table showing P/E Ratio of Infosys.

P/E Ratio 4.26 7.17 13.66 12.63 10.27
Analysis:
From the above table it is analyzed that in 2014-15 P/E ratio was 4. 26 and then after it is
increased to 7.17 in 2015-16 and in next year again it is increased to 13.66 and keep on
increasing 12.63 in and in the yea of Mar, 2018 it was again decrease in 10. 27
32
Interpretation:
P/E ratio of Infosys is decreasing an increasing continuously from 4. 26 to 10. 27 in
2013-14 to 2017-18
3. Data Analysis of HCL Technologies:-
A. Debt to Equity ratio = Long term debts/ Equity share holder fund
Table showing Debt to Equity Ratio of HCL Technology.

Debt to Equity 0.00 0.00 0.00 0.00 0.00
Ratio
Note:- Debt To Equity Ratio is not Available, It means HCL Technology is the Zero
Debt Company.
33
Table Showing EPS Ratio of HCL Technology.

EPS Ratio 85.50 45.14 33.46 48.17 52.88
Analysis:
The above table shows EPS of HCL Technology is 85.50 in Mar,2014, in next year
Mar,2015 it decreased to 45.14 and again in next year Mar.2016 it is decreased to 33.46.
But after this year Mar, 2017 it is again increased to 48.17 and next year Mar, 2018 it is
again increased by 52.88.
Interpretation:
From the graph shown above it can be said that there is increased in EPS till Mar,2014
and after that continuously it is decreasing till Mar, 2017 and Mar, 2018 it was again
increased.
Table Showing Current Ratio of HCL Technology.

Current Ratio 2.44 3.13 3.80 3.20 3.04
34
Analysis:
From the table it is analyzed that current ratio of company was increased after Mar, 2014
from 2.44:1 to 3.04:1 in Mar 2018. There is small changes happened.
Interpretation:
Graph shows that the company does not have that much potential to pay its obligation as
they have good current ratio but it should be more than ideal ratio 2:1.
Table Showing P/E Ratio of HCL Tachnology.

P/E Ratio 12.78 24.21 32.66 22.69 20.66
35
Analysis:
Table shows P/E ratio which was very less to 12.78% in the year of Mar, 2014 after that
it was increasing day by day and it was highly up in the year of Mar, 2016 that is 32.66
and after that it was decrease in the year Mar, 2017 it is 22.69 and again it is decrease in
2018 that is 20.66.
Interpretation:
Researcher sees that there is increase in P/E ratio from Mar, 2014 to Mar, 2016 but after
that it is decreasing rapidly.
4. Data analysis of Wipro:-
Table Showing Debt to Equity ratio of Wipro.
36
Debt to Equity 0.15 0.17 0.16 0.13 0.11
Ratio
Analysis:
From the above table researcher has observed that the debt to equity ratio of Wipro in
Mar, 2014 was 0.15 and increased in Mar, 2015 to 0.17 and again it decreased to 0.16 in
next year Mar, 2016 year and it was decreased Year by Year and 2018 it was decreased
by 0.02 as compared to previous year.
Interpretation:
From the above graph it can be seen that there is decrement after Mar, 2016 it may be
because of increase in employment of equity capital to its capital structure.
Table showing EPs Ratio of Wipro.

EPS Ratio 29.95 33.18 33.19 33.57 17.07
37
Analysis:
The above table shows EPS of Wipro is 29.95 in Mar,2014, in next year Mar,2015 it
increased to33.18 and again in next year Mar.2016 it is increased to 33.19. But after the
year Mar, 2017 it is decreased to 17.07 in 2018.
Interpretation:
From the graph shown above it can be said that there is increment in EPS till 2016-17
continuously but after that it is decreased in the year of 2018.
Table showing Current ratio of Wipro

Current Ratio 1.98 2.16 1.71 1.50 1.37
38
Analysis:
From the table it is analyzed that current ratio of company was increased Mar,14 from
1.98:1 to 2.16:1 in Mar 2015 but later on it is decreasing continuously till 1.37 in Mar,
2018.
Interpretation:
Graph shows that the company does not have that much potential to pay its obligation as
they have good current ratio but it should be more than ideal ratio 2:1 and here ratio has
continuously decreasing
Table showing P/E Ratio of Wipro

P/E Ratio 0.75 7.88 7.88 7.79 15.32
39
Analysis:
Table shows P/E ratio which was very less to 0.75% after that it was increasing day by
day and in the year Mar, 2018 it was very high that is 15.32.
Interpretation:
Researcher sees that there is increase in P/E ratio from2013-14 to 2014-15 but after that it
is growing rapidly.
5. Data Analysis of Tech Mahindra:-

Table showing Debt to equity Ratio of Tech Mahindra.

Debt to Equity 0.00 0.00 0.01 0.01 0.01
Ratio
40
Analysis:
From the above table researcher has observed that the debt to equity ratio of Tech
Mahindra in Mar, 2014 was 0.00 and it will direct increased in Mar, 2016 to 0.01 and
after this year debt equity ratio of next all years same 0.01,0.01 receptively.
Interpretation:
From the above graph it can be seen that there is Increasing after Mar, 2015 it may be
because of increase in employment of debt and equity capital to its capital structure.
Table showing EPS Ratio of Tech Mahindra.

EPS Ratio 178.40 105.91 55.26 60.16 73.97
41
Analysis:
Above table shows EPS of company which was 178.40 in 2014 and grows to 105.91 in
2015, then it decreases to 55. 26 in mar 2016, again it increases to 60.16 as compared to
last year and after that it is increased to 73.97 in the year Mar,2018.
Interpretation:
Above graph shows EPS of company that has given good return to shareholders and
performed well in 2014 to 2018 in last five years but after that it is decreasing for mid
two years.
Table showing Current Ratio of Tech Mahindra.

Current Ratio 3.70 3.41 4.50 3.80 3.83
42
Analysis:
Company‟s current ratio in 2014 was 3.70 and then in next year it is decreased to 3.41and
after this year it is rapidly increase in year 2016 current ratio was 4.50 which was less
compared to last year but again it has decreased to 3.80 in 2017 and decreased to3.83 in
year 2018 also as compared to year 2016.
Interpretation:
The ideal ratio for current ratio is 2:1 and company have good ratio as it shows the
potentiality for its obligation
Table showing P/E Ratio of Tech Mahindra.

P/E Ratio 4.26 7.17 13.75 12.63 10.27
43
Analysis
From the above data it is analyzed that EPS of Tech Mahindra in 2014 was 4. 26 .which
was increased to 7.17 in 2015 and again increased to 13.75 in 2016, and it decreases to
10. 27 in 2018 but as compare as year 2014 it perform well in 2018.
Interpretation:
Above data shows that Tech Mahindra has good earnings per share and performing well
after recession time.
44
FINDINGS OF THE STUDY
From the study Financial performance analysis on IT industry and data analysis and
interpretations of the ratios of Top 5 IT companies the following findings have been
given:
1. IT/ITeS industry has led India's economic growth and this sector's contribution to
the national GDP has risen from 1.2 per cent in 1997-98 to an estimated 7.5
percent in 2017-18.
2. These top 5 companies were performing well till 2014 with a positive trend in the
earnings per share. And after that it also going on increasing year by year.
3. Infosys is found with more current ratio as compare to other companies. As

it proves that the company is more capable of paying its obligations than others 4.
4. Increasing EPS indicate good earnings.
5. The P/E ratio of all the selected companies is increasing year after year.
6. From the balance sheet it is found out that the reserve and surplus of the company
is increasing every year.
7. Researcher has found that the ROE of the 7 companies are increasing year after
year.
8. In this research researcher found only Wipro company has Debt to equity ratio
and other companies debt to equity ratio is not available it means this another four
companies are zero debt companies in Top 5 companies.
9. The overall performance of the companies is good, and there is a continuous flow
of project business. The companies are continuing its drives for volume with a
continuous focus on profitability.
10. By analyzing the current trend of Indian Economy and IT Industry I have found
that being a developing economy there is lot of scope for growth and this industry
still has to cross many levels so there are huge opportunities to invest in.
45
SUGGESTIONS
By analyzing the IT industry with the help of fundamental analysis, it has been revealed
that this industry has a lot of potential to grow. So recommending investing in IT industry
with no doubt is going to be a good and smart option because this industry is booming
like never before not only in India but all over the world.
1. Long term investors can include these top five IT companies in his portfolio
because the growth rates and earnings are good compared to others stocks.
Therefore investors can include this in their portfolio to earn the higher return on
their investment.
2. Investing in Wipro for long time could be a good option because they are
spreading their business.
3. There are various factors which effects on stock market, so an investor must be
aware of all those.
4. Short term investors should look on various support and resistance of stocks to
buy or sell and make profit.
5. An investor must take research about stock of company and its previous data
before investing.
6. Current ratio must be improved by company and it should be in ideal ratio 2:1 so
that there are possibilities to meet the current obligations for the company.
7. Few Suggestions for “Right Stock Selection”

There are three factors which an investor must consider for selecting the right
stocks.
Business
An investor must look into what kind of business the company is doing, visibility
of the business, its past track record, capital needs of the company for expansion
etc.
Balance Sheet:
The investor must focus on its key financial ratios such as earnings per share,
price-earnings ratio; debt-equity ratio, dividends per share etc. and he must also
check whether the company is generating cash flows.
Bargaining:
This is the most important factor which shows the true worth of the company. An
investor needs to choose valuation parameters which suit its business
46
CONCLUSION
One factor favoring this Research is that India has become a hot destination for
companies of diverse nature to invest in. In spite of it being a tough year for all the
companies across the globe, Indian market has given good performance as compared
to other companies in the world. A continuous effort at cost cutting and improving
productivity will help the companies in making reasonable profits despite the impact of
higher commodity prices and weaker rupee. This Research use fundamental analysis for
top five IT companies of India which can be helpful for selecting stocks and measuring
financial performance.
The analysis gives an optimistic view about the industry and its growth which
recommends the investors to keep a good watch on the major players to benefit in
terms of returns on their investments.
47
BIBLIOGRAPHY
Research Papers:-
A Theoretical Foundation for Technical Analysis," Journal of Technical Analysis, 59,5-
22, 2003 (University of Pittsburgh preprint 1994).
Ali, A., and Hwang, L. (2000). Country-Specific Factors Related to Financial Reporting
and the Value Relevance of Accounting Data. Journal of Accounting Research, Vol. 38,
No. 1, 1-21. http://dx.doi.org/10.2307/2672920.
Allen, T., and M. S. Morton, eds. 1994. Information Technology and the Corporationof
the 1990s. New York: Oxford University Press.
Atika Jauharia Hatta and Bambang Sugeng Dwiyant, “The Company Fundamental
Factors And Systematic Risk In Increasing Stock Price”, Journal of Economics, Business,
and Accountancy Ventura Volume No 15, No.2, August (2012), page 245-256.
Chand, Vikram K. (2006), Reinventing public service delivery in India: Selected Case
Studies, Sage Publications, ISBN 0-7619-3489-8.
David Keller, "Breakthroughs in Technical Analysis; New Thinking from the World's
Top Minds," New York, Bloomberg Press, 2007
Dyna Seng Jason.R Hancock, “Fundamental Analysis and the Prediction of Earnings”,
International Journal of Business and Management, Volume 7, No.3,
February 2012, page 32-46, (2012).
Financial Planning Curriculum Framework". Financial Planning Standards Board.2011.

Retrieved 7 April 2012.
"HCL Technologies Fast Facts". Hcltech.com. Retrieved 2012-07

Kahn, Michael N. (2006). Technical Analysis Plain and Simple: Charting the Market sin
Your Language, Financial Times Press, Upper Saddle River, New Jersey, p. 8017.
Kerstein, J., and Kim, S. (1995). The Incremental Information Content of Capital
Expenditures. The Accounting Review, Vol. 70, No. 3, 513-5
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Web Sites:-
www.moneycontrol.com
www.bseindia.com
www.nseindia.com
www.economywatch.com
www.wealthdaily.com
www.studymode.com
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INTRODUCTION

Information Technology in India is an industry consisting of two major components: IT

In This Project Report Researcher taken Top 5 Listed IT (Information Technology)

1. To analyze the financial health of selected IT companies stock.

2. To examine the growth of IT sector in Indian capital market.

3. The primary objective of equity research is to analyze the earnings persistence.

4. To find out potentiality of selected companies through ratios.

5. To check companies performance on the basis of historical data.

6. To study and examine the relevance of fundamental analysis in investment

The Indian IT Industry:-

It can further be categorized into Information Services (IS) outsourcing, packaged

Include Industrial Design, Mechanical Design, Electronic System Design

Information technology body Nasscom anticipates the IT sector to increase at 7 at 9 % in

Nasscom had predicted an export revenue growth of 7 to 8% in FY18, compared to 7.6%

Top 10 IT Companies India:-There are a number of Information Technology (IT)

1. TCS – Tata Consultancy Services

6. Oracle Financial Services

History of Indian IT industry:

The journey of Indian IT industry started in 1974, when Burroughs, mainframe

1. DOW Theory Trends:

4. Mc Kinnon and Shaw (1973)

10. Chitale (1983)

11. Narayana Rao and Bhole (1990)

12. Gupta (1991)

13. Anshuman and Chandra (1991)

14. Jawahar Lal (1992)

15. Pyare Lal Singh (1993)

The following companies were selected for data analysis:

Sr.No. Company Name

Information about Top 5 selected listed IT (Information Technology)

1. TCS – Tata Consultancy Services:-

 Stock price: TCS (NSE) Rs. 2,059/-

 Stock price: INFY (NSE) Rs. 760/-

 Stock price: WIPRO (NSE) Rs. 261/-

 Share Price: 788/-

Ratio is a relationship between two figures expressed mathematically. Financial

 Return on Assets (ROA)

 Earnings per Share (EPS):

 Dividend per Share (DPS):

 Dividend Payout Ratio:

 Price/Earnings Ratio (P/E):

Price/earnings ratio = Current market price / Earnings per share

This ratio is calculated to make an estimate of appreciation in the value of a share of a

1. Data analysis of TCS ( Tata Consultancy Services):-

Table Showing Debt to Equity Ratio of TCS

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

B. EPS = Earnings available to Equity share holder/ No of Equity shares

Table Showing EPS Ratio of TCS-

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

C. Current ratio= current assets/ current liability

Table Showing Current Ratio of TCS.

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

Table showing P/E Ratio of TCS

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

2. Data analysis of Infosys:-

Table showing Debt to Equity Ratio of Infosys

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

B. EPS = Earnings available to Equity share holder/ No of Equity shares

Table Showing EPS Ratio of Infosys.

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

C. Current ratio= current assets/ current liability

Table showing Current ratio of Infosys

Year‟s Mar, 2014 Mar,2015 Mar,2016 Mar,2017 Mar, 2018

Table showing P/E Ratio of Infosys.