Infosys

Balance Sheet
INR Crore 2017 2018 2019 2020
ASSETS (APPLICATION OF FUNDS)
Non-current assets
Property, plant and equipment 9,751 10,116 11,479 12,435
Right of use Assets 4,168
Capital work-in-progress 1,365 1,606 1,388 954
Goodwill (on consolidation) 3,652 2,211 3,540 5,286
Other intangible assets 776 247 691 1,900
Investments in associate 71
Financial assets:
Investments 6,382 5,756 4,634 4,137
Loans 29 36 19 21
Others 309 284 312 737
Deferred tax assets (net) 540 1,282 1,372 1,744
Advance tax assets (net) 5,716 6,070 6,320 5,384
Other non-current assets 1,059 2,265 2,105 1,426
Total non-current assets 29,650 29,873 31,860 38,192

Current assets
Financial assets:
Investments 9,970 6,407 6,627 4,655
Trade receivables 12,322 13,142 14,827 18,487
Cash and cash equivalents 22,625 19,818 19,568 18,649
Loans 272 239 241 239
Others 5,980 6,684 5,505 5,457
Income Tax Assets (net) 423 7
Other current assets 2,536 1,667 5,687 7,082
Assets held for sale 2,060 -
Total current assets 53,705 50,017 52,878 54,576

Total assets 83,355 79,890 84,738 92,768

LIABILITIES (SOURCES OF FUNDS)

Equity
Equity Share Capital 1,144 1,088 2,170 2,122
Other Equity 67,838 63,835 62,778 63,328
Equity attributed to the owners of the company 68,982 64,923 64,948 65,450
Non-controlling interest 1 58 394
Total equity 68,982 64,924 65,006 65,844

Non Current Liabilities

Financial Liabilities
Lease Liabilities 4,014
 Other financIal liabilities 70 61 147 807
Deferred tax liabilities(net) 207 541 672 968
Other Non-Current Liabilities 83 259 275 279
Total Non-Current Liabilities 360 861 1,094 6,068

Current Liabilities
Financial Liabilities
Trade Payables 367 694 1,655 2,852
Lease Liabilities 619
Other current financial Liabilities 6,349 6,946 10,452 10,481
Other current liabilities 3,007 3,606 4,388 4,842
Short Term provisions 405 492 576 572
Current tax liability 3,885 2,043 1,567 1,490
Liabilities directly associated with assets held for sale 324
Total Current Liabilities 14,013 14,105 18,638 20,856

Total Equity and Liabilities 83,355 79,890 84,738 92,768

Check - - - -
2021 2022 2023 2024 2025 2026

15,911 16,695 17,538 17,870 18,304 18,717

4,168 4,168 4,168 4,168 4,168 4,168
- - - - - -
5,286 5,286 5,286 5,286 5,286 5,286
- - - - - -

4,137 4,137 4,137 4,137 4,137 4,137

21 21 21 21 21 21
737 737 737 737 737 737
1,744 1,744 1,744 1,744 1,744 1,744
5,384 5,384 5,384 5,384 5,384 5,384
1,426 1,426 1,426 1,426 1,426 1,426
38,814 39,598 40,441 40,773 41,207 41,620

4,655 4,655 4,655 4,655 4,655 4,655

22,083 21,738 22,690 23,738 24,291 25,594
17,385 19,665 21,283 23,370 25,793 27,651
265 282 311 335 354 373
6,056 6,445 7,111 7,658 8,074 8,507
8 8 9 10 10 11
7,859 8,364 9,229 9,939 10,479 11,041
- - - - - -
58,310 61,157 65,288 69,705 73,656 77,832

97,124 100,755 105,730 110,478 114,862 119,451

2,122 2,122 2,122 2,122 2,122 2,122

65,395 67,541 69,968 72,625 75,419 78,353
67,517 69,663 72,090 74,747 77,541 80,475
394 394 394 394 394 394
67,911 70,057 72,484 75,141 77,935 80,869

4,014 4,014 4,014 4,014 4,014 4,014

 807 807 807 807 807 807
968 968 968 968 968 968
279 279 279 279 279 279
6,068 6,068 6,068 6,068 6,068 6,068

3,165 3,368 3,717 4,002 4,220 4,446

687 731 807 869 916 965
11,631 12,378 13,658 14,709 15,508 16,340
5,373 5,718 6,310 6,795 7,164 7,549
635 676 745 803 846 892
1,653 1,760 1,942 2,091 2,205 2,323
- - - - - -
23,144 24,630 27,178 29,269 30,859 32,514

97,124 100,755 105,730 110,478 114,862 119,451

- - - - - -
 Infosys
Profit and Loss Statement
INR Crore 2017 2018 2019 2020
Revenue from operations 68,484 70,522 82,675 90,791
Other income 3,080 3,311 2,882 2,803
Total Income 71,564 73,833 85,557 93,594

Expenses
Employee benefits expense 37,659 38,893 45,315 50,887
Cost of technical sub-contractors 3,833 4,297 6,033 6,714
Travel expenses 2,235 1,995 2,433 2,710
Cost of software packages and others 1,597 1,870 2,553 2,703
Communication expenses 549 489 471 528
Consultancy and Professional charges 763 1,043 1,324 1,326
Depreciation and amortisation expense 1,703 1,863 2,011 2,893
Finance Cost 170
Other expenses 3,244 2,924 3,655 3,656
Reduction in Fair Value of the Disposal Group Held for Sale 118 270 -
Adjustment in respect of excess of Carrying Value for Held
for Sale 451 -
Total Expenses 51,583 53,492 64,516 71,587

Profit before non controlling interest/ share in net loss of ass 19,981 20,341 21,041 22,007
Share in net loss of associate and others (30) (71) -
Profit before tax 19,951 20,270 21,041 22,007

Tax expense
Current tax 5,653 4,581 5,727 5,775
Deferred tax (55) (340) (96) (407)

Profit for the year 14,353 16,029 15,410 16,639

Dividend + Buyback 14,518 16,993

Payout Ratio 94% 102%
2021 2022 2023 2024 2025 2026
100,752 107,222 118,312 127,416 134,335 141,541
3,000 3,000 3,000 3,000 3,000 3,000
103,752 110,222 121,312 130,416 137,335 144,541

52,969 57,321 62,572 66,935 70,902 75,079

8,060 8,042 8,755 9,301 9,672 10,049
3,007 3,200 3,531 3,803 4,010 4,225
3,000 3,192 3,522 3,793 3,999 4,214
586 624 688 741 781 823
1,471 1,566 1,728 1,861 1,962 2,067
2,867 3,182 3,339 3,508 3,574 3,661
170 170 170 170 170 170
4,057 4,318 4,646 4,876 5,006 5,133

76,187 81,614 88,951 94,988 100,077 105,422

27,565 28,608 32,360 35,428 37,259 39,119

27,565 28,608 32,360 35,428 37,259 39,119

6,891 7,152 8,090 8,857 9,315 9,780

20,673 21,456 24,270 26,571 27,944 29,340

18,606 19,310 21,843 23,914 25,150 26,406

90% 90% 90% 90% 90% 90%
 Infosys
Data and Assumptions
INR Crore 2017 2018

Number of Employees
Total Employees (Consolidated) 200,364 204,107
S/W professionals (IT Services and Consulting) 190,546 192,179
Support and sales 9,818 11,928
Support & Sales (as % of total) 4.9% 5.8%

Net additions - consolidated 6,320 3,743

Number of Active Clients 1,162 1,204

Utilization Rate 77.6% 81.2%

Revenue Drivers
Revenue INR Crore 68,484 70,522

Average Employees Count 200,364 202,236

Average Employees that can be billed 190,546 191,363
Billed Employees 147,782 155,440

Billing Hours 2,000 2,000

Billing Rate INR 2,317.1 2,268.5

Growth -2.1%
Billing Rate USD 34.5 35.2
1.9%

Average USD INR Rate INR USD 67.1 64.5

Expenditure Drivers

Employee benefits expense Actuals (INR Crore) 37,659 38,893

Cost of technical sub-contractora Actuals (INR Crore) 3,833 4,297
Travel expenses Actuals (INR Crore) 2,235 1,995
Cost of software packages and others Actuals (INR Crore) 1,597 1,870
Communication expenses Actuals (INR Crore) 549 489
Consultancy and Professional charges Actuals (INR Crore) 763 1,043
Other expenses Actuals (INR Crore) 3,244 2,924

Employee Expenses per employee Actuals (INR Crore) 1,879,529 1,923,154

 Employee Expenses per employee Growth 2.3%

Cost of technical sub-contractors as % of sales 5.6% 6.1%

Travel expenses as % of sales 3.3% 2.8%
Cost of software packages and others as % of sales 2.3% 2.7%
Communication expenses as % of sales 0.8% 0.7%
Consultancy and Professional charges as % of sales 1.1% 1.5%
Other expenses as % of sales 4.7% 4.1%

Tax Paid INR Crore 5,598 4,241

Effective Tax Rate INR Crore 28.1% 20.9%

Working Capital Drivers

Current assets

Trade receivables Actuals (INR Crore) 12,322 13,142

Loans Actuals (INR Crore) 272 239
Others Actuals (INR Crore) 5,980 6,684
Income Tax Assets (net) Actuals (INR Crore) - -
Other current assets Actuals (INR Crore) 2,536 1,667
Assets held for sale Actuals (INR Crore) - 2,060

Current Liabilities
Trade Payables Actuals (INR Crore) 367 694
Lease Liabilities Actuals (INR Crore) - -
Other current financial Liabilities Actuals (INR Crore) 6,349 6,946
Other current liabilities Actuals (INR Crore) 3,007 3,606
Short Term provisions Actuals (INR Crore) 405 492
Current tax liability Actuals (INR Crore) 3,885 2,043
Liabilities directly associated with assets held for sale Actuals (INR Crore) - 324

Revenue per day INR Crore 188 193

Current assets

Trade receivables Days Sales Outstanding 66 68

Loans Days Sales Outstanding 1 1
Others Days Sales Outstanding 32 35
Income Tax Assets (net) Days Sales Outstanding - -
Other current assets Days Sales Outstanding 14 9
Assets held for sale Days Sales Outstanding - 11
Current Liabilities
Trade Payables Days Sales Outstanding 2 4
Lease Liabilities Days Sales Outstanding - -
Other current financial Liabilities Days Sales Outstanding 34 36
Other current liabilities Days Sales Outstanding 16 19
Short Term provisions Days Sales Outstanding 2 3
Current tax liability Days Sales Outstanding 21 11
Liabilities directly associated with assets held for sale Days Sales Outstanding - 2

Working Capital INR Crore 7,097 9,687

Working Capital as % of sales 10% 14%

Change in Working Capital 2,590

2019 2020 2021 2022 2023 2024 2025 2026

228,123 242,371 247,371 257,371 267,371 272,371 277,371 282,371

214,727 228,449 233,162 242,587 252,666 257,391 262,116 266,841
13,396 13,922 14,209 14,784 14,705 14,980 15,255 15,530
5.9% 5.7% 5.7% 5.7% 5.5% 5.5% 5.5% 5.5%

24,016 14,248 5,000 10,000 10,000 5,000 5,000 5,000

1,279 1,411

80.10% 80.30% 81.00% 82.00% 83.00% 84.00% 85.00% 86.00%

82,675 90,791 100,752 107,222 118,312 127,416 134,335 141,541

216,115 235,247 244,871 252,371 262,371 269,871 274,871 279,871

203,453 221,588 230,805 237,875 247,626 255,028 259,753 264,478
162,966 177,935 186,952 195,057 205,530 214,224 220,790 227,451

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

2,536.6 2,551.2 2,694.6 2,748.5 2,878.2 2,973.9 3,042.1 3,111.5

11.8% 0.6%
36.2 35.9 35.9 36.6 37.4 38.1 38.5 38.9
2.9% -0.8% 0% 2% 2% 2% 1% 1%

70.0 71.0 75.0 75.0 77.0 78.0 79.0 80.0

45,315 50,887 52,969 57,321 62,572 66,935 70,902 75,079

6,033 6,714 8,060 8,042 8,755 9,301 9,672 10,049
2,433 2,710 3,007 3,200 3,531 3,803 4,010 4,225
2,553 2,703 3,000 3,192 3,522 3,793 3,999 4,214
471 528 586 624 688 741 781 823
1,324 1,326 1,471 1,566 1,728 1,861 1,962 2,067
3,655 3,656 4,057 4,318 4,646 4,876 5,006 5,133

2,096,800 2,163,131 2,163,131 2,271,287 2,384,852 2,480,246 2,579,455 2,682,634

 9.0% 3.2% 0% 5% 5% 4% 4% 4%

7.3% 7.4% 8.0% 7.5% 7.4% 7.3% 7.2% 7.1%

2.9% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
3.1% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.6% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
4.4% 4.0% 4.0% 4.0% 3.9% 3.8% 3.7% 3.6%

5,631 5,368 6,891 7,152 8,090 8,857 9,315 9,780

26.8% 24.4% 25% 25% 25% 25% 25% 25%

14,827 18,487 22,083 21,738 22,690 23,738 24,291 25,594

241 239 265 282 311 335 354 373
5,505 5,457 6,056 6,445 7,111 7,658 8,074 8,507
423 7 8 8 9 10 10 11
5,687 7,082 7,859 8,364 9,229 9,939 10,479 11,041
- - - - - - - -

1,655 2,852 3,165 3,368 3,717 4,002 4,220 4,446

- 619 687 731 807 869 916 965
10,452 10,481 11,631 12,378 13,658 14,709 15,508 16,340
4,388 4,842 5,373 5,718 6,310 6,795 7,164 7,549
576 572 635 676 745 803 846 892
1,567 1,490 1,653 1,760 1,942 2,091 2,205 2,323
- - - - - - - -

227 249 276 294 324 349 368 388

65 74 80 74 70 68 66 66
1 1 1 1 1 1 1 1
24 22 22 22 22 22 22 22
2 0 0 0 0 0 0 0
25 28 28 28 28 28 28 28
- - - - - - - -
 7 11 11 11 11 11 11 11
- 2 2 2 2 2 2 2
46 42 42 42 42 42 42 42
19 19 19 19 19 19 19 19
3 2 2 2 2 2 2 2
7 6 6 6 6 6 6 6
- - - - - - - -

8,045 10,416 13,126 12,207 12,172 12,411 12,349 13,011

10% 11% 13% 11% 10% 10% 9% 9%

(1,642) 2,371 2,710 (920) (34) 239 (62) 662

 Infosys Date assumed 27-Jun-20
Free Cash Flows 31-Mar-21
INR Crore 2020 2021 2022 2023 2024 2025

Net Profit 20,673 21,456 24,270 26,571 27,944

Add Depreciation 2,867 3,182 3,339 3,508 3,574
Less Change in Working Capital 2,710 (920) (34) 239 (62)
Less Capital Expenditure 3,489 3,967 4,182 3,839 4,008
Add changes to Debt - - - - -
Add changes to Equity - - - - -
Dividend Paid 18,606 19,310 21,843 23,914 25,150

Cash Flow for the Year (1,264) 2,280 1,618 2,087 2,423
Opening Cash Balance 18,649 17,385 19,665 21,283 23,370
Closing Cash 18,649 17,385 19,665 21,283 23,370 25,793

Years to Cash Flow 0.76 1.76 2.76 3.76 4.76

Free Cash Flows 15,092 19,341 21,211 23,751 25,322
28% 10% 12% 7%
Present Value 13,926 16,052 15,835 15,948 15,294

Terminal Growth Rate 3%

Cost of Equity 11.18%

Risk Free Rate 6%

Beta 0.7
Market Premium 7%

Explicit Period 141,098

Terminal Value 144,328
Total Value 285,426

Add Cash 23,304

Total Value 308,730

Number of Shares 424.4

Per Share Price 727.5

2026 2027 2028 2029 2030 Terminal

29,340
3,661
662
4,074
-
-
26,406

1,858
25,793
27,651

5.76 6.76 7.76 8.76 9.76 9.76

26,014 27,575 29,229 30,691 32,225 405,901
3% 6% 6% 5% 5%
14,132 13,474 12,846 12,133 11,458 144,328
 Infosys
Capex Schedule
INR Crore 2017 2018 2019 2020

Gross Long Term Assets

Tangible INR Crore 18,332 20,179 22,891 25,641
Intangible INR Crore 1,395 590 1,634 3,228
Capital Work in Progress INR Crore 1,365 1,606 1,388 954

Total LT Assets INR Crore 19,727 20,769 24,525 28,869

Year ending Employees 200,364 204,107 228,123 242,371

Total LT Assets per employee INR Lakhs 9.8 10.2 10.8 11.9

Depreciation 1,703 1,863 2,011 2,893

Depreciation as % of Gross LT Assets 8.6% 9.0% 8.2% 10.0%
Depreciation as % of Net LT Assets 17.7% 19.4% 23.8%

Accumulated Depreciation 9,200 10,406 12,355 14,534

Capex on Account of New Employees

Capex on account of Wear and Tear
Total Capex
2021 2022 2023 2024 2025 2026

33,312 37,279 41,461 45,300 49,307 53,381

- - - - - -
- - - - - -

33,312 37,279 41,461 45,300 49,307 53,381

247,371 257,371 267,371 272,371 277,371 282,371

11.9 11.0 10.0 10.0 10.0 10.0

2,867 3,182 3,339 3,508 3,574 3,661

20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

17,401 20,583 23,922 27,430 31,004 34,665

596 1,100 1,000 500 500 500

2,893 2,867 3,182 3,339 3,508 3,574
3,489 3,967 4,182 3,839 4,008 4,074
 Infosys

Date Infosys BSE500 Infosys BSE500

28-Jun-18 644.8 14,337.4
29-Jun-18 653.6 14,528.5 1.4% 1.3% Beta 0.74
2-Jul-18 667.4 14,450.2 2.1% -0.5%
3-Jul-18 676.9 14,515.4 1.4% 0.5%
4-Jul-18 672.6 14,585.0 -0.6% 0.5%
5-Jul-18 642.0 14,546.6 -4.5% -0.3%
6-Jul-18 642.1 14,587.7 0.0% 0.3%
9-Jul-18 649.4 14,719.5 1.1% 0.9%
10-Jul-18 650.7 14,847.7 0.2% 0.9%
11-Jul-18 660.2 14,820.5 1.5% -0.2%
12-Jul-18 647.2 14,882.1 -2.0% 0.4%
13-Jul-18 658.7 14,826.6 1.8% -0.4%
16-Jul-18 666.4 14,649.4 1.2% -1.2%
17-Jul-18 664.0 14,786.7 -0.4% 0.9%
18-Jul-18 661.3 14,705.8 -0.4% -0.5%
19-Jul-18 658.4 14,657.6 -0.4% -0.3%
20-Jul-18 674.1 14,735.3 2.4% 0.5%
23-Jul-18 678.0 14,855.2 0.6% 0.8%
24-Jul-18 688.6 14,994.5 1.6% 0.9%
25-Jul-18 691.9 14,996.2 0.5% 0.0%
26-Jul-18 686.6 15,059.9 -0.8% 0.4%
27-Jul-18 686.7 15,200.8 0.0% 0.9%
30-Jul-18 675.5 15,264.4 -1.6% 0.4%
31-Jul-18 682.6 15,314.8 1.0% 0.3%
1-Aug-18 677.0 15,312.7 -0.8% 0.0%
2-Aug-18 676.8 15,219.8 0.0% -0.6%
3-Aug-18 682.1 15,361.1 0.8% 0.9%
6-Aug-18 680.3 15,404.2 -0.3% 0.3%
7-Aug-18 684.0 15,391.1 0.5% -0.1%
8-Aug-18 681.4 15,450.4 -0.4% 0.4%
9-Aug-18 690.0 15,500.2 1.3% 0.3%
10-Aug-18 692.7 15,423.2 0.4% -0.5%
13-Aug-18 704.4 15,323.0 1.7% -0.6%
14-Aug-18 704.2 15,425.2 0.0% 0.7%
16-Aug-18 714.8 15,360.8 1.5% -0.4%
17-Aug-18 715.2 15,495.2 0.1% 0.9%
20-Aug-18 692.1 15,605.9 -3.2% 0.7%
21-Aug-18 692.0 15,639.7 0.0% 0.2%
23-Aug-18 698.7 15,663.8 1.0% 0.2%
24-Aug-18 689.2 15,629.2 -1.4% -0.2%
27-Aug-18 707.7 15,796.4 2.7% 1.1%
28-Aug-18 712.4 15,838.8 0.7% 0.3%
29-Aug-18 705.1 15,816.5 -1.0% -0.1%
30-Aug-18 708.1 15,819.7 0.4% 0.0%
31-Aug-18 720.6 15,846.2 1.8% 0.2%
3-Sep-18 717.1 15,737.5 -0.5% -0.7%
4-Sep-18 737.2 15,548.7 2.8% -1.2%
5-Sep-18 729.9 15,485.9 -1.0% -0.4%
6-Sep-18 727.2 15,563.1 -0.4% 0.5%
7-Sep-18 732.8 15,660.0 0.8% 0.6%
10-Sep-18 730.9 15,451.7 -0.3% -1.3%
11-Sep-18 734.3 15,234.4 0.5% -1.4%
12-Sep-18 742.9 15,325.9 1.2% 0.6%
14-Sep-18 733.7 15,528.4 -1.2% 1.3%
17-Sep-18 726.0 15,376.7 -1.1% -1.0%
18-Sep-18 719.1 15,218.0 -0.9% -1.0%
19-Sep-18 719.8 15,139.0 0.1% -0.5%
21-Sep-18 705.3 14,945.4 -2.0% -1.3%
24-Sep-18 718.3 14,654.5 1.8% -1.9%
25-Sep-18 726.2 14,751.5 1.1% 0.7%
26-Sep-18 717.9 14,746.0 -1.1% 0.0%
27-Sep-18 724.8 14,590.8 1.0% -1.1%
28-Sep-18 730.1 14,445.9 0.7% -1.0%
1-Oct-18 746.7 14,533.6 2.3% 0.6%
3-Oct-18 728.5 14,365.4 -2.4% -1.2%
4-Oct-18 707.2 14,047.4 -2.9% -2.2%
5-Oct-18 724.6 13,690.0 2.5% -2.5%
8-Oct-18 714.5 13,652.7 -1.4% -0.3%
9-Oct-18 717.8 13,585.4 0.5% -0.5%
10-Oct-18 700.5 13,882.4 -2.4% 2.2%
11-Oct-18 673.4 13,596.8 -3.9% -2.1%
12-Oct-18 678.8 13,906.1 0.8% 2.3%
15-Oct-18 698.8 13,978.5 2.9% 0.5%
16-Oct-18 695.3 14,111.6 -0.5% 1.0%
17-Oct-18 705.4 13,887.3 1.5% -1.6%
19-Oct-18 683.6 13,704.7 -3.1% -1.3%
22-Oct-18 680.0 13,602.9 -0.5% -0.7%
23-Oct-18 657.6 13,470.5 -3.3% -1.0%
24-Oct-18 649.8 13,578.4 -1.2% 0.8%
25-Oct-18 648.8 13,443.6 -0.2% -1.0%
26-Oct-18 633.6 13,352.5 -2.3% -0.7%
29-Oct-18 644.8 13,655.9 1.8% 2.3%
30-Oct-18 659.6 13,647.1 2.3% -0.1%
31-Oct-18 686.4 13,881.7 4.1% 1.7%
1-Nov-18 666.7 13,915.8 -2.9% 0.2%
2-Nov-18 662.3 14,112.8 -0.7% 1.4%
5-Nov-18 666.0 14,081.6 0.6% -0.2%
6-Nov-18 666.5 14,062.8 0.1% -0.1%
 7-Nov-18 675.5 14,170.3 1.4% 0.8%
9-Nov-18 659.5 14,185.4 -2.4% 0.1%
12-Nov-18 664.2 14,042.7 0.7% -1.0%
13-Nov-18 665.7 14,146.2 0.2% 0.7%
14-Nov-18 653.2 14,143.6 -1.9% 0.0%
15-Nov-18 656.4 14,193.1 0.5% 0.4%
16-Nov-18 650.9 14,249.7 -0.8% 0.4%
19-Nov-18 651.7 14,346.1 0.1% 0.7%
20-Nov-18 641.4 14,208.3 -1.6% -1.0%
21-Nov-18 619.1 14,173.6 -3.5% -0.2%
22-Nov-18 620.8 14,079.5 0.3% -0.7%
26-Nov-18 621.5 14,178.5 0.1% 0.7%
27-Nov-18 638.9 14,237.4 2.8% 0.4%
28-Nov-18 666.4 14,250.6 4.3% 0.1%
29-Nov-18 661.1 14,396.3 -0.8% 1.0%
30-Nov-18 667.5 14,429.0 1.0% 0.2%
3-Dec-18 670.4 14,469.8 0.4% 0.3%
4-Dec-18 685.3 14,454.3 2.2% -0.1%
5-Dec-18 681.4 14,315.9 -0.6% -1.0%
6-Dec-18 668.5 14,080.7 -1.9% -1.6%
7-Dec-18 682.8 14,170.6 2.1% 0.6%
10-Dec-18 669.2 13,904.2 -2.0% -1.9%
11-Dec-18 674.5 14,033.2 0.8% 0.9%
12-Dec-18 678.5 14,306.9 0.6% 2.0%
13-Dec-18 697.8 14,390.8 2.8% 0.6%
14-Dec-18 706.1 14,412.0 1.2% 0.1%
17-Dec-18 694.4 14,515.9 -1.7% 0.7%
18-Dec-18 676.6 14,553.1 -2.6% 0.3%
19-Dec-18 664.9 14,661.1 -1.7% 0.7%
20-Dec-18 667.1 14,642.7 0.3% -0.1%
21-Dec-18 646.2 14,401.2 -3.1% -1.6%
24-Dec-18 649.0 14,279.7 0.4% -0.8%
26-Dec-18 644.1 14,334.4 -0.8% 0.4%
27-Dec-18 656.8 14,390.1 2.0% 0.4%
28-Dec-18 657.0 14,516.0 0.0% 0.9%
31-Dec-18 659.0 14,540.4 0.3% 0.2%
1-Jan-19 665.1 14,587.3 0.9% 0.3%
2-Jan-19 669.1 14,432.4 0.6% -1.1%
3-Jan-19 669.2 14,290.9 0.0% -1.0%
4-Jan-19 661.1 14,355.0 -1.2% 0.4%
7-Jan-19 671.7 14,389.4 1.6% 0.2%
8-Jan-19 670.1 14,425.6 -0.2% 0.3%
9-Jan-19 676.1 14,470.2 0.9% 0.3%
10-Jan-19 679.7 14,459.9 0.5% -0.1%
11-Jan-19 683.5 14,423.0 0.6% -0.3%
14-Jan-19 701.9 14,350.4 2.7% -0.5%
15-Jan-19 726.6 14,514.4 3.5% 1.1%
16-Jan-19 736.8 14,520.1 1.4% 0.0%
17-Jan-19 733.4 14,524.8 -0.5% 0.0%
18-Jan-19 731.0 14,488.8 -0.3% -0.2%
21-Jan-19 745.0 14,506.6 1.9% 0.1%
22-Jan-19 745.4 14,470.6 0.0% -0.2%
23-Jan-19 731.7 14,379.8 -1.8% -0.6%
24-Jan-19 732.0 14,383.5 0.0% 0.0%
25-Jan-19 730.4 14,260.8 -0.2% -0.9%
28-Jan-19 728.0 14,075.9 -0.3% -1.3%
29-Jan-19 727.9 14,075.7 0.0% 0.0%
30-Jan-19 725.9 14,083.2 -0.3% 0.1%
31-Jan-19 749.6 14,285.1 3.3% 1.4%
1-Feb-19 757.1 14,361.9 1.0% 0.5%
4-Feb-19 755.9 14,338.1 -0.2% -0.2%
5-Feb-19 754.9 14,322.3 -0.1% -0.1%
6-Feb-19 763.3 14,451.0 1.1% 0.9%
7-Feb-19 764.0 14,500.2 0.1% 0.3%
8-Feb-19 760.9 14,323.8 -0.4% -1.2%
11-Feb-19 762.8 14,214.8 0.2% -0.8%
12-Feb-19 750.5 14,148.3 -1.6% -0.5%
13-Feb-19 754.9 14,087.9 0.6% -0.4%
14-Feb-19 740.1 14,064.8 -2.0% -0.2%
15-Feb-19 742.0 13,994.2 0.3% -0.5%
18-Feb-19 741.1 13,875.0 -0.1% -0.9%
19-Feb-19 724.3 13,858.9 -2.3% -0.1%
20-Feb-19 740.7 14,019.1 2.3% 1.2%
21-Feb-19 733.5 14,105.9 -1.0% 0.6%
22-Feb-19 735.0 14,136.8 0.2% 0.2%
25-Feb-19 754.9 14,245.6 2.7% 0.8%
26-Feb-19 742.5 14,186.2 -1.6% -0.4%
27-Feb-19 735.3 14,173.3 -1.0% -0.1%
28-Feb-19 734.3 14,196.8 -0.1% 0.2%
1-Mar-19 741.9 14,319.0 1.0% 0.9%
5-Mar-19 732.5 14,533.0 -1.3% 1.5%
6-Mar-19 732.5 14,618.3 0.0% 0.6%
7-Mar-19 723.0 14,612.2 -1.3% 0.0%
8-Mar-19 712.4 14,591.9 -1.5% -0.1%
11-Mar-19 711.3 14,797.8 -0.2% 1.4%
12-Mar-19 707.0 14,949.4 -0.6% 1.0%
13-Mar-19 708.5 14,973.7 0.2% 0.2%
14-Mar-19 708.4 14,970.6 0.0% 0.0%
15-Mar-19 718.6 15,045.3 1.4% 0.5%
18-Mar-19 710.2 15,069.5 -1.2% 0.2%
19-Mar-19 722.3 15,160.7 1.7% 0.6%
20-Mar-19 739.0 15,136.6 2.3% -0.2%
22-Mar-19 743.1 15,051.4 0.6% -0.6%
25-Mar-19 735.3 14,916.9 -1.1% -0.9%
26-Mar-19 727.8 15,066.8 -1.0% 1.0%
27-Mar-19 729.7 15,057.5 0.3% -0.1%
28-Mar-19 737.8 15,215.9 1.1% 1.1%
29-Mar-19 743.9 15,304.6 0.8% 0.6%
1-Apr-19 755.1 15,374.0 1.5% 0.5%
2-Apr-19 759.4 15,399.7 0.6% 0.2%
3-Apr-19 753.3 15,312.7 -0.8% -0.6%
4-Apr-19 747.9 15,260.9 -0.7% -0.3%
5-Apr-19 759.3 15,347.2 1.5% 0.6%
8-Apr-19 767.3 15,268.2 1.0% -0.5%
9-Apr-19 760.6 15,337.2 -0.9% 0.5%
10-Apr-19 752.7 15,245.5 -1.0% -0.6%
11-Apr-19 742.7 15,261.4 -1.3% 0.1%
12-Apr-19 747.8 15,324.5 0.7% 0.4%
15-Apr-19 727.5 15,388.9 -2.7% 0.4%
16-Apr-19 724.1 15,501.4 -0.5% 0.7%
18-Apr-19 717.1 15,421.9 -1.0% -0.5%
22-Apr-19 721.1 15,207.3 0.6% -1.4%
23-Apr-19 728.2 15,188.0 1.0% -0.1%
24-Apr-19 736.5 15,348.1 1.1% 1.1%
25-Apr-19 728.6 15,258.2 -1.1% -0.6%
26-Apr-19 738.0 15,338.6 1.3% 0.5%
30-Apr-19 751.4 15,293.8 1.8% -0.3%
2-May-19 730.8 15,252.0 -2.7% -0.3%
3-May-19 723.6 15,231.5 -1.0% -0.1%
6-May-19 718.4 15,087.3 -0.7% -0.9%
7-May-19 724.6 14,958.1 0.9% -0.9%
8-May-19 719.4 14,780.7 -0.7% -1.2%
9-May-19 721.1 14,716.3 0.2% -0.4%
10-May-19 716.9 14,699.3 -0.6% -0.1%
13-May-19 719.7 14,495.6 0.4% -1.4%
14-May-19 713.9 14,578.5 -0.8% 0.6%
15-May-19 716.1 14,497.8 0.3% -0.6%
16-May-19 733.1 14,596.2 2.4% 0.7%
17-May-19 723.9 14,767.2 -1.3% 1.2%
20-May-19 722.4 15,304.7 -0.2% 3.6%
21-May-19 709.3 15,156.7 -1.8% -1.0%
22-May-19 709.8 15,193.7 0.1% 0.2%
23-May-19 701.1 15,123.2 -1.2% -0.5%
24-May-19 709.2 15,392.2 1.2% 1.8%
27-May-19 708.1 15,523.6 -0.2% 0.9%
28-May-19 728.1 15,551.7 2.8% 0.2%
29-May-19 727.8 15,447.9 0.0% -0.7%
30-May-19 733.6 15,543.7 0.8% 0.6%
31-May-19 737.8 15,517.9 0.6% -0.2%
3-Jun-19 744.7 15,705.3 0.9% 1.2%
4-Jun-19 735.3 15,636.0 -1.3% -0.4%
6-Jun-19 735.6 15,395.5 0.0% -1.5%
7-Jun-19 739.1 15,413.0 0.5% 0.1%
10-Jun-19 753.5 15,458.4 1.9% 0.3%
11-Jun-19 754.9 15,524.2 0.2% 0.4%
12-Jun-19 753.8 15,436.6 -0.1% -0.6%
13-Jun-19 742.7 15,426.8 -1.5% -0.1%
14-Jun-19 740.5 15,304.6 -0.3% -0.8%
17-Jun-19 740.6 15,106.5 0.0% -1.3%
18-Jun-19 750.2 15,128.3 1.3% 0.1%
19-Jun-19 751.9 15,089.7 0.2% -0.3%
20-Jun-19 754.9 15,277.1 0.4% 1.2%
21-Jun-19 750.2 15,172.5 -0.6% -0.7%
24-Jun-19 745.5 15,144.9 -0.6% -0.2%
25-Jun-19 748.1 15,253.6 0.3% 0.7%
26-Jun-19 739.2 15,332.2 -1.2% 0.5%
27-Jun-19 730.6 15,350.5 -1.2% 0.1%
28-Jun-19 732.0 15,291.7 0.2% -0.4%
1-Jul-19 731.3 15,380.2 -0.1% 0.6%
2-Jul-19 740.0 15,429.6 1.2% 0.3%
3-Jul-19 731.3 15,450.2 -1.2% 0.1%
4-Jul-19 733.8 15,479.3 0.3% 0.2%
5-Jul-19 718.0 15,292.0 -2.2% -1.2%
8-Jul-19 717.6 14,960.5 -0.1% -2.2%
9-Jul-19 715.5 14,970.2 -0.3% 0.1%
10-Jul-19 717.3 14,881.7 0.2% -0.6%
11-Jul-19 721.5 14,985.8 0.6% 0.7%
12-Jul-19 726.8 14,972.0 0.7% -0.1%
15-Jul-19 779.4 14,991.1 7.2% 0.1%
16-Jul-19 784.9 15,091.1 0.7% 0.7%
17-Jul-19 794.2 15,111.6 1.2% 0.1%
18-Jul-19 792.7 14,970.7 -0.2% -0.9%
19-Jul-19 785.4 14,736.5 -0.9% -1.6%
22-Jul-19 784.4 14,641.9 -0.1% -0.6%
23-Jul-19 790.1 14,617.7 0.7% -0.2%
24-Jul-19 786.3 14,502.3 -0.5% -0.8%
25-Jul-19 794.5 14,503.4 1.0% 0.0%
26-Jul-19 787.0 14,553.9 -0.9% 0.3%
29-Jul-19 791.5 14,424.1 0.6% -0.9%
30-Jul-19 792.7 14,260.4 0.2% -1.1%
31-Jul-19 793.7 14,324.1 0.1% 0.4%
1-Aug-19 768.9 14,152.7 -3.1% -1.2%
2-Aug-19 775.6 14,165.4 0.9% 0.1%
5-Aug-19 776.7 13,993.1 0.1% -1.2%
6-Aug-19 774.5 14,128.2 -0.3% 1.0%
7-Aug-19 776.1 14,028.9 0.2% -0.7%
8-Aug-19 788.8 14,230.5 1.6% 1.4%
9-Aug-19 789.9 14,334.4 0.1% 0.7%
13-Aug-19 764.8 14,083.4 -3.2% -1.8%
14-Aug-19 774.8 14,211.8 1.3% 0.9%
16-Aug-19 774.6 14,235.2 0.0% 0.2%
19-Aug-19 777.7 14,252.7 0.4% 0.1%
20-Aug-19 792.8 14,193.9 1.9% -0.4%
21-Aug-19 799.5 14,052.3 0.8% -1.0%
22-Aug-19 795.7 13,821.2 -0.5% -1.6%
23-Aug-19 802.2 13,932.9 0.8% 0.8%
26-Aug-19 802.6 14,209.1 0.0% 2.0%
27-Aug-19 784.7 14,302.5 -2.2% 0.7%
28-Aug-19 802.5 14,219.7 2.3% -0.6%
29-Aug-19 807.0 14,122.1 0.6% -0.7%
30-Aug-19 814.9 14,234.1 1.0% 0.8%
3-Sep-19 814.3 13,955.8 -0.1% -2.0%
4-Sep-19 821.3 14,002.8 0.9% 0.3%
5-Sep-19 834.1 14,022.7 1.6% 0.1%
6-Sep-19 840.2 14,137.0 0.7% 0.8%
9-Sep-19 829.1 14,220.3 -1.3% 0.6%
11-Sep-19 820.1 14,288.5 -1.1% 0.5%
12-Sep-19 816.4 14,240.3 -0.5% -0.3%
13-Sep-19 829.3 14,351.5 1.6% 0.8%
16-Sep-19 827.7 14,283.5 -0.2% -0.5%
17-Sep-19 831.3 14,038.1 0.4% -1.7%
18-Sep-19 829.9 14,078.1 -0.2% 0.3%
19-Sep-19 820.7 13,900.7 -1.1% -1.3%
20-Sep-19 805.0 14,643.1 -1.9% 5.3%
23-Sep-19 764.4 15,044.9 -5.0% 2.7%
24-Sep-19 794.1 15,024.6 3.9% -0.1%
25-Sep-19 792.7 14,819.3 -0.2% -1.4%
26-Sep-19 782.6 14,981.2 -1.3% 1.1%
27-Sep-19 782.2 14,899.8 0.0% -0.5%
30-Sep-19 805.7 14,810.0 3.0% -0.6%
1-Oct-19 793.6 14,645.3 -1.5% -1.1%
3-Oct-19 785.6 14,586.0 -1.0% -0.4%
4-Oct-19 793.5 14,415.6 1.0% -1.2%
7-Oct-19 789.6 14,338.9 -0.5% -0.5%
9-Oct-19 783.7 14,556.0 -0.7% 1.5%
10-Oct-19 783.1 14,450.8 -0.1% -0.7%
11-Oct-19 814.8 14,536.0 4.1% 0.6%
14-Oct-19 786.1 14,580.1 -3.5% 0.3%
15-Oct-19 768.3 14,681.5 -2.3% 0.7%
16-Oct-19 771.5 14,731.8 0.4% 0.3%
17-Oct-19 769.5 14,910.8 -0.3% 1.2%
18-Oct-19 767.9 15,051.6 -0.2% 0.9%
22-Oct-19 643.6 14,996.4 -16.2% -0.4%
23-Oct-19 650.6 15,016.6 1.1% 0.1%
24-Oct-19 635.4 14,978.5 -2.3% -0.3%
25-Oct-19 637.5 14,967.5 0.3% -0.1%
27-Oct-19 648.9 15,047.7 1.8% 0.5%
29-Oct-19 650.7 15,239.5 0.3% 1.3%
30-Oct-19 660.6 15,318.0 1.5% 0.5%
31-Oct-19 685.6 15,387.1 3.8% 0.5%
1-Nov-19 687.9 15,409.9 0.3% 0.1%
4-Nov-19 709.0 15,452.3 3.1% 0.3%
5-Nov-19 696.1 15,393.8 -1.8% -0.4%
6-Nov-19 712.3 15,437.7 2.3% 0.3%
7-Nov-19 720.1 15,507.0 1.1% 0.4%
8-Nov-19 708.2 15,372.4 -1.7% -0.9%
11-Nov-19 704.4 15,391.5 -0.5% 0.1%
13-Nov-19 691.4 15,284.8 -1.9% -0.7%
14-Nov-19 705.3 15,313.4 2.0% 0.2%
15-Nov-19 703.9 15,336.6 -0.2% 0.2%
18-Nov-19 705.2 15,341.1 0.2% 0.0%
19-Nov-19 712.9 15,395.1 1.1% 0.4%
20-Nov-19 713.0 15,462.0 0.0% 0.4%
21-Nov-19 713.3 15,410.8 0.0% -0.3%
22-Nov-19 693.2 15,355.4 -2.8% -0.4%
25-Nov-19 698.1 15,554.5 0.7% 1.3%
26-Nov-19 690.6 15,492.4 -1.1% -0.4%
27-Nov-19 695.8 15,576.2 0.7% 0.5%
28-Nov-19 701.9 15,660.1 0.9% 0.5%
29-Nov-19 696.4 15,567.7 -0.8% -0.6%
2-Dec-19 692.7 15,545.3 -0.5% -0.1%
3-Dec-19 698.4 15,457.2 0.8% -0.6%
4-Dec-19 708.9 15,521.3 1.5% 0.4%
5-Dec-19 714.9 15,478.5 0.8% -0.3%
6-Dec-19 715.1 15,338.7 0.0% -0.9%
9-Dec-19 717.3 15,344.6 0.3% 0.0%
10-Dec-19 714.6 15,222.8 -0.4% -0.8%
11-Dec-19 721.1 15,286.8 0.9% 0.4%
12-Dec-19 702.1 15,371.4 -2.6% 0.6%
13-Dec-19 711.3 15,522.0 1.3% 1.0%
16-Dec-19 714.0 15,473.0 0.4% -0.3%
17-Dec-19 729.7 15,602.7 2.2% 0.8%
18-Dec-19 732.5 15,653.4 0.4% 0.3%
19-Dec-19 730.9 15,689.9 -0.2% 0.2%
20-Dec-19 731.6 15,716.5 0.1% 0.2%
23-Dec-19 736.0 15,706.0 0.6% -0.1%
24-Dec-19 733.4 15,659.0 -0.4% -0.3%
26-Dec-19 729.0 15,581.5 -0.6% -0.5%
27-Dec-19 737.0 15,726.5 1.1% 0.9%
30-Dec-19 732.9 15,748.2 -0.5% 0.1%
31-Dec-19 731.2 15,667.4 -0.2% -0.5%
1-Jan-20 736.9 15,694.4 0.8% 0.2%
 2-Jan-20 734.7 15,838.7 -0.3% 0.9%
3-Jan-20 746.0 15,777.5 1.5% -0.4%
6-Jan-20 738.9 15,466.5 -1.0% -2.0%
7-Jan-20 727.9 15,554.8 -1.5% 0.6%
8-Jan-20 718.2 15,539.3 -1.3% -0.1%
9-Jan-20 727.6 15,779.6 1.3% 1.5%
10-Jan-20 738.2 15,835.4 1.5% 0.4%
13-Jan-20 773.6 15,942.1 4.8% 0.7%
14-Jan-20 775.7 15,996.7 0.3% 0.3%
15-Jan-20 767.6 16,014.8 -1.0% 0.1%
16-Jan-20 767.0 16,048.8 -0.1% 0.2%
17-Jan-20 767.9 16,063.0 0.1% 0.1%
20-Jan-20 768.5 15,921.3 0.1% -0.9%
21-Jan-20 762.5 15,860.7 -0.8% -0.4%
22-Jan-20 770.2 15,796.5 1.0% -0.4%
23-Jan-20 784.4 15,917.6 1.8% 0.8%
24-Jan-20 782.8 16,013.3 -0.2% 0.6%
27-Jan-20 778.1 15,879.5 -0.6% -0.8%
28-Jan-20 778.0 15,806.6 0.0% -0.5%
29-Jan-20 789.7 15,891.9 1.5% 0.5%
30-Jan-20 780.7 15,747.0 -1.1% -0.9%
31-Jan-20 776.0 15,649.8 -0.6% -0.6%
1-Feb-20 779.5 15,248.4 0.5% -2.6%
3-Feb-20 767.4 15,319.7 -1.6% 0.5%
4-Feb-20 787.9 15,635.9 2.7% 2.1%
5-Feb-20 784.6 15,793.0 -0.4% 1.0%
6-Feb-20 771.4 15,875.1 -1.7% 0.5%
7-Feb-20 777.3 15,866.6 0.8% -0.1%
10-Feb-20 773.2 15,779.8 -0.5% -0.5%
11-Feb-20 773.6 15,841.4 0.0% 0.4%
12-Feb-20 781.1 15,921.2 1.0% 0.5%
13-Feb-20 792.3 15,890.9 1.4% -0.2%
14-Feb-20 786.5 15,797.6 -0.7% -0.6%
17-Feb-20 789.5 15,684.4 0.4% -0.7%
18-Feb-20 797.7 15,614.3 1.0% -0.4%
19-Feb-20 800.5 15,808.8 0.4% 1.2%
20-Feb-20 797.0 15,787.5 -0.4% -0.1%
24-Feb-20 795.9 15,469.3 -0.1% -2.0%
25-Feb-20 798.4 15,418.7 0.3% -0.3%
26-Feb-20 782.8 15,257.0 -2.0% -1.0%
27-Feb-20 777.9 15,183.9 -0.6% -0.5%
28-Feb-20 731.7 14,627.6 -5.9% -3.7%
2-Mar-20 741.1 14,549.7 1.3% -0.5%
3-Mar-20 747.0 14,783.6 0.8% 1.6%
4-Mar-20 758.8 14,676.2 1.6% -0.7%
5-Mar-20 754.6 14,706.5 -0.5% 0.2%
6-Mar-20 739.0 14,355.8 -2.1% -2.4%
 9-Mar-20 704.5 13,668.3 -4.7% -4.8%
11-Mar-20 686.0 13,652.8 -2.6% -0.1%
12-Mar-20 631.2 12,517.5 -8.0% -8.3%
13-Mar-20 642.4 12,941.8 1.8% 3.4%
16-Mar-20 583.2 12,024.2 -9.2% -7.1%
17-Mar-20 555.0 11,755.6 -4.8% -2.2%
18-Mar-20 534.3 11,115.7 -3.7% -5.4%
19-Mar-20 545.6 10,783.2 2.1% -3.0%
20-Mar-20 585.2 11,359.4 7.3% 5.3%
23-Mar-20 526.5 9,896.3 -10.0% -12.9%
24-Mar-20 589.8 10,100.1 12.0% 2.1%
25-Mar-20 606.2 10,666.9 2.8% 5.6%
26-Mar-20 643.0 11,148.4 6.1% 4.5%
27-Mar-20 652.7 11,106.5 1.5% -0.4%
30-Mar-20 626.7 10,714.8 -4.0% -3.5%
31-Mar-20 641.5 11,098.2 2.4% 3.6%
1-Apr-20 602.8 10,728.9 -6.0% -3.3%
3-Apr-20 585.7 10,527.3 -2.8% -1.9%
7-Apr-20 639.0 11,346.4 9.1% 7.8%
8-Apr-20 631.6 11,364.0 -1.2% 0.2%
9-Apr-20 636.3 11,805.0 0.7% 3.9%
13-Apr-20 637.4 11,674.4 0.2% -1.1%
15-Apr-20 639.1 11,652.2 0.3% -0.2%
16-Apr-20 623.9 11,767.7 -2.4% 1.0%
17-Apr-20 628.8 12,086.5 0.8% 2.7%
20-Apr-20 653.3 12,087.1 3.9% 0.0%
21-Apr-20 633.2 11,732.6 -3.1% -2.9%
22-Apr-20 641.9 11,957.1 1.4% 1.9%
23-Apr-20 679.3 12,103.2 5.8% 1.2%
24-Apr-20 658.0 11,895.5 -3.1% -1.7%
27-Apr-20 664.6 12,070.4 1.0% 1.5%
28-Apr-20 660.7 12,179.2 -0.6% 0.9%
29-Apr-20 676.6 12,374.8 2.4% 1.6%
30-Apr-20 715.5 12,721.0 5.8% 2.8%
4-May-20 673.7 12,051.5 -5.8% -5.3%
5-May-20 673.7 11,938.4 0.0% -0.9%
6-May-20 665.9 12,023.6 -1.2% 0.7%
7-May-20 665.0 11,938.4 -0.1% -0.7%
8-May-20 674.2 11,988.9 1.4% 0.4%
11-May-20 682.9 11,997.8 1.3% 0.1%
12-May-20 687.7 11,940.2 0.7% -0.5%
13-May-20 694.2 12,171.3 0.9% 1.9%
14-May-20 658.2 11,926.2 -5.2% -2.0%
15-May-20 652.3 11,907.6 -0.9% -0.2%
18-May-20 663.9 11,499.6 1.8% -3.4%
19-May-20 668.6 11,557.7 0.7% 0.5%
20-May-20 669.6 11,784.1 0.1% 2.0%
21-May-20 672.2 11,843.9 0.4% 0.5%
22-May-20 692.4 11,763.2 3.0% -0.7%
26-May-20 680.6 11,778.0 -1.7% 0.1%
27-May-20 705.5 12,055.2 3.7% 2.4%
28-May-20 707.4 12,271.5 0.3% 1.8%
29-May-20 691.0 12,414.9 -2.3% 1.2%
1-Jun-20 699.6 12,726.3 1.2% 2.5%
2-Jun-20 708.1 12,913.9 1.2% 1.5%
3-Jun-20 701.6 13,016.5 -0.9% 0.8%
4-Jun-20 707.8 12,994.9 0.9% -0.2%
5-Jun-20 703.6 13,169.0 -0.6% 1.3%
8-Jun-20 720.9 13,208.6 2.5% 0.3%
9-Jun-20 717.6 13,071.5 -0.5% -1.0%
10-Jun-20 715.9 13,161.3 -0.2% 0.7%
11-Jun-20 704.0 12,910.0 -1.7% -1.9%
12-Jun-20 692.1 13,002.1 -1.7% 0.7%
15-Jun-20 687.6 12,828.4 -0.7% -1.3%
16-Jun-20 701.2 12,927.1 2.0% 0.8%
17-Jun-20 703.7 12,916.4 0.3% -0.1%
18-Jun-20 713.9 13,139.7 1.5% 1.7%
19-Jun-20 705.6 13,330.7 -1.2% 1.5%
22-Jun-20 703.7 13,457.0 -0.3% 0.9%
23-Jun-20 720.7 13,668.2 2.4% 1.6%
24-Jun-20 714.2 13,469.6 -0.9% -1.5%
26-Jun-20 748.2 13,479.6 4.8% 0.1%
 Infosys
Ratios
INR Crore 2017 2018 2019 2020 2021 2022

Profitability Ratios
EBITDA Margin % 31.7% 31.5% 27.9% 27.4% 30.2% 29.6%
Net Profit Margin % 21.0% 22.7% 18.6% 18.3% 20.5% 20.0%

Return Ratios
Return on Equity % 20.8% 24.7% 23.7% 25.3% 30.4% 30.6%

Turnover Ratios
Fixed Asset Turnover Ratio Times 4.4 5.0 4.8 3.7 4.0 4.1
2023 2024 2025 2026

30.2% 30.6% 30.4% 30.2%

20.5% 20.9% 20.8% 20.7%

33.5% 35.4% 35.9% 36.3%

4.4 4.7 4.8 5.0

 Infosys
Relative Valuations
Company Name TCS Wipro HCL Tech
2019 2020 2019 2020 2019 2020
Revenue (INR Crore) 146,463 156,949 58,584 61,023 60,427 70,678
EBITDA (INR Crores) 43,817 46,701 9,991 10,579 14,001 16,694
PAT (INR Crores) 31,472 32,340 9,003 9,721 10,123 11,062
Employee 424,285 448,464 171,425 182,886 137,965 150,423
Market Cap (INR Crore) 795,074 128,832 152,617
Geographical spread of revenue
America 53.0% 52.3% 56.8% 59.1% 64.0% 63.4%
Europe 29.7% 30.6% 25.5% 24.0% 28.0% 28.7%
India 5.7% 5.7%
Asia Pacific 9.5% 9.3%
Others 2.1% 2.1% 17.7% 16.9% 7.0% 7.8%

P/E
EBITDA Margin
PAT Margin

Revenue Per Employee

Profit per Employee
 Infosys Mindtree
2019 2020 2019 2020
82,675 90,791 7,111 7,840
23,052 25,070 1,154 1,157
15,410 16,639 754 631
228,123 242,371 20,204 21,991
318,670 15,620

61.2% 61.6% 73.6% 76.8%

24.4% 24.4% 18.5% 15.3%
2.3% 2.6% 3.7% 3.9%

12.5% 11.4% 4.2% 4.0%