IT Sector Update: Weak quarter, but optimistic commentary

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Information Technology
Rear View JFM‐15: Weak quarter, but optimistic commentary
Sector Update
May 11, 2015
Shashi Bhusan
shashibhusan@plindia.com
+91‐22‐66322300
Hussain Kagzi
hussainkagzi@plindia.com
+91‐22‐66322242

Sensex v/s CNX IT
80
90
100
110
120
130
140
150
May‐14
Jul‐14
Sep‐14
Nov‐14
Jan‐15
Mar‐15
May‐15
CNX IT Sensex

Source: Bloomberg

Stock Performance
(%) 1M 6M 12M
Sensex (4.8) (1.4) 19.6
CNX IT Index (7.9) (1.0) 25.2

HCL Tech. (2.5) 16.6   38.4
Infosys (10.8) (3.4) 28.3
TCS (3.6) (0.8) 20.1
Wipro (12.4) (3.0) 5.6

Tier‐1 IT services companies reported a big‐miss to consensus expectation in
constant currency term in Q4FY15 (JFM‐15). However, managements were positive
on overall demand environment and expect uptick in discretionary spend in FY16.
Performance was weakened by weakness in Energy, Telecom, and Insurance vertical;
worsened by cross‐currency headwind. However, global technology majors reported
healthy beat to expectations. Retain preference for Infosys and TCS; with HCL Tech
as near term trading preference.
 Growth retarded due to few verticals and CC headwinds: Tier‐1 Indian IT
reported weaker than expected constant currency revenue growth due to
challenges in Energy, Telecom and Insurance vertical. Economic activity in
Europe and US also weakened during Q4FY15. HCLT reported strongest growth
(2.7%), followed by TCS (1.6%), Wipro (1.2%), and Infosys (‐0.4%). (Exhibit: 2)
 Weakness in Energy, Telecom and Insurance verticals: Energy Sector IT spend
knuckled under sharp drop in Oil prices. We anticipated sharp cut in
discretionary spend, but the weakness during the quarter was sharper than
expected. Moreover, the problems got compounded by weakness in Telecom
(slow down in capex) and Insurance verticals. The outlook for these verticals for
FY16 also is subdued.
 Attrition stubborn despite weak quarter: Employee addition continues to defy
the growth pattern of Tier‐1 with Total Headcount growth of 8.8% YoY (1.7%
QoQ), despite anaemic growth. Moreover, the quarter witnessed sticky attrition
with jump in quarterly annualized attrition for TCS. We believe a part of uptick
can be attributed to involuntary attrition as well. (Exhibit: 4, 5, 6)
 Cross‐currency impact for Europe, but US steady: Growth from Europe softens
due to cross currency impact, but outlook remained healthy for Europe as Indian
IT companies continue to make in‐road in newer geographies. The US was weak
during the quarter as economic activities slowed down impacting few verticals.
 Global Tech majors – Beaten expectation, but order booking soft: Continuing
outperformance from previous three quarters, results of global tech majors
were touch stronger than expectation. The performance was stronger for all
companies except IBM, Juniper and Temenos. The comments were encouraging,
but order booking has been little soft.  (Exhibit: 27)
 Outlook for Q1FY16 (AMJ‐15) – Expect pick‐up in momentum: Global Tech
majors have delivered stronger than expected result with healthy demand
outlook. We see this as precedence for FY16 being at least as strong as FY15 for
Indian IT. Moreover, there are early signs of easing of for cross currency
headwinds. We see Q1FY16 to sprung positive surprise as we enter seasonally
strong half for Indian IT. Moreover, the challenges for few verticals peaked
during Q4FY15. We expect seasonality, healthy demand environment, easing
off CC headwinds, and INR depreciation to aid Q1FY16 performance.
Exhibit 1: Top picks – Infosys and TCS; Near term trading BUY for HCL Tech

Revenues (Rs m) EPS (Rs)
CMP (Rs) Target (Rs) Rating Upside EPS CAGR
2016E 2017E 2016E 2017E
Infosys   576,938 660,799 118.2 136.6 1,994 2,530 BUY 26.9% 12.6%
TCS 1,069,989 1,230,776 117.6 135.2 2,556 2,980 BUY 16.6% 16.1%
Wipro 513,666 578,404 38.0 43.5 542 680 Accumulate 25.6% 11.3%
HCL Technologies 410,857 463,569 56.8 61.8 942 970 Accumulate 3.0% 8.8%
Source: Company Data, PL Research   (All prices as on May 11, 2015)

May 11, 2015 2
Weakest since Q4FY09, but outlook healthy
Q4FY15 performance for Tier‐1 Indian IT was the weakest since Q4FY09 (quarter
after Lehman’s bankruptcy) in terms of incremental revenue addition. Moreover,
in terms of constant currency QoQ revenue growth, Q4FY15 was weakest since
Q4FY12 (onset of European crisis).
Exhibit 2: ∆ Revenue (US$ m): Weakest quarter since Q4FY09
17
69
75
60
(35)
(19)
45
114
27
53
75
34
(8)
41
68
17
(59)
100
168
113
61
62
80
124
95
92
125
172
101
65
191
235
2
(31)
56
8
65
33
30
(21)
26
36
8
3
43
47
42
20
147
15
47
50
49
39
20
26
32
34
41
36
37
43
51
40
46
27
58
‐
(100)
(50)
‐
50
100
150
200
250
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Infosys TCS Wipro HCL Tech

Source: Company Data, PL Research
The fear of moderating growth for Tier‐1 Indian IT companies is overdone. The
performance of Tier‐1 Indian IT companies has accelerated in constant currency
term in FY15 compared to FY14. Despite growing in size, revenue growth has only
strengthened. The managements had highlighted the same at the beginning of
CY14/FY15. However, the cross currency has eroded the acceleration in FY15.
CY15 v/s CY14 – Commentary indicating further improvement: Commentaries from
Tier‐1 Indian IT Services have been positive on overall demand environment. There
are some signs of return in discretionary spends in the US, whereas demand in
Europe is driven by large cost‐takeoff outsourcing contract.
Exhibit 3: QoQ Gr. @cc: Revenue acceleration in‐line with commentary
@cc Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY14
Infosys 3.4% 4.2% 1.2% ‐0.4% 1.5% 3.9% 2.6% ‐0.4%
TCS 4.8% 6.0% 2.5% 1.9% 4.8% 7.7% 2.5% 1.6%
Wipro 1.2% 3.2% 2.3% 2.3% 0.3% 3.0% 3.7% 1.2%
HCLT 3.9% 3.6% 3.6% 2.8% 2.8% 3.2% 6.2% 2.7%
Total 3.6% 4.6% 2.3% 1.6% 2.8% 5.2% 3.3% 1.2%

May 11, 2015 3
Organic v/s Inorganic argument: Bears would argue about the inorganic endeavour
by TCS (Mitsubishi‐JV), Wipro (ATCO‐deal), and HCL Tech (Alcatel‐Lucent deal).
However, the basic nature of deals available in the marketplace needs employee and
asset‐takeover. We believe more deals of similar nature to drive revenue growth for
Indian IT. Moreover, we expect M&A activity to accelerate in FY16.
Digital form integral part of most of contracts: According to managements, clients
are more open to work with vendors that can provide the roadmap to Digital
adoption. Cognizant has mentioned that ~60% of total IT contracts signed in CY14
had Digital component in it. However, high Digital contribution to revenue would
result in volatility in quarterly performance.
No major concern in BFSI: Contrary to consensus’ belief that fines for Banking and
Financial Services would restrict any increase in IT budget for Indian IT.
Managements of Indian IT companies have indicated otherwise and hinted about
return in discretionary spend (largely around Digital) in BFS as fines for the sector in
CY15 is lower than it was in CY14. We expect healthy performance from BFSI vertical
for Tier‐1 in FY16.
Trouble triad – Energy, Telecom, and Insurance: Managements indicated sharp cut
in IT Budget in Energy vertical due to weaker Crude prices. However, the
contribution of Energy sector is low to overall Tier‐1 Indian IT with Wipro being the
highest followed by TCS and Infosys. HCL Tech has nearly no exposure to Energy
vertical. Telecom and Insurance vertical will continue to witness weakness in FY16.
We expect these verticals to continue dragging the growth for Tier‐1 Indian in FY16.

May 11, 2015 4
Strong acceleration in employee addition, attrition remained sticky
Tier‐1 Indian IT companies witnessed steady improvement in employee addition.
Total headcount addition has accelerated over the last 5 quarters, after decelerating
for 14 consecutive quarters. Despite, strong argument of non‐linearity, productivity
and Fixed Price Projects, a large part of revenue continues to be linear for Indian IT.
We see steady improvement in employee addition as a positive read‐thru for
demand environment.
Moreover, in‐line with our hypothesis (Ref: “Attrition: HR faux‐pas or Stumbling
growth?”, May 23. 2014) attrition continues to remain stubborn despite seasonality
for TCS and Wipro. However, we have seen mean reversal for Infosys, Wipro and
HCL Tech. We expect attrition to remain high at mid‐teens in CY15 with
reacceleration in H1FY16. We expect uptick in involuntary attrition in FY16 for tier‐1
Indian IT companies.
Exhibit 4: Top‐4 Headcount Growth: Reacceleration in employee addition
5%
10%
15%
20%
25%
‐1%
0%
1%
2%
3%
4%
5%
6%
Q3FY09
Q1FY10
Q3FY10
Q1FY11
Q3FY11
Q1FY12
Q3FY12
Q1FY13
Q3FY13
Q1FY14
Q3FY14
Q1FY15
Q3FY15
Growth QoQ (%) Growth YoY (%) (RHS)

Exhibit 5: Net Employee Addition: Seen strong addition
(2,000)
3,000
8,000
13,000
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 6: Attrition (Qtrly. Ann.): Stubborn despite seasonality
10%
17%
24%
31%
38%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15Infosys TCS Wipro HCL Tech


May 11, 2015 5
Exhibit 7: Management Commentary
TCS INFO HCLT WPRO
Demand
1) Expect client’s budget to increase
modestly in @cc terms.
2)  Two trends within that: a) Increase
in Digital spending; b) Simplification
of government led initiatives.
3)  Telecom and Energy sector turned
out to be worse than expected,
impacting growth.
4)  Digital programs have significantly
driven up IT Services in key verticals
1)  Concerns related to Energy,
Currency, technological disruption,
etc ; combined with need for value
addition resulting in pressure in
commoditized business.
2)  Decent pipeline, except healthy
growth certain verticals
1)  3 plays for HCL – a) IT outsourcing
play moving in to  Next Gen ITO; b)
IoT led by iotization of devices a
strong play for Engineering Services,
followed by full stack of end‐to‐end
deliverables around creating new
offerings in that marketplace; c)
Digitization Space
2)  IMS Re‐bid market: Customers are
looking for increased transparency,
flexibility and innovation.
3)  Seeing the emergence of challenger
BFS institutions, which do not have
the problem of legacy, as disruptive.
1)  Guidance impacted by weakness in
BFSI client (to resolve by Q2FY16)
and softness in Energy vertical.
2)  Weakness in Energy and BFSI;
Strong growth in Mfg, RCTH &
Healthcare. Media & Telecom
Stable
3)  Momentum pick up in IMS and
Product Engineering.
4)  Plan to make investments in Wipro
Digital. To double rate of patent
filing
Pricing/Realization
1)  Pricing a little higher/ better in
Digital.
2)  Pricing stable over the year.
3)  No pricing pressure in any of the
services.
1)  ‐1.7% @cc
2)  Continued pricing & margin
pressure in traditional services.
Hence, need for automation.
3)  Downward pricing pressure result of
structural changes in industry &
technology.
4)  Pricing pressure higher than
anticipated
5)  To improve employee productivity
from current $52.5k to $80k in 2020

1)  ‘Run’ business under pricing
pressure.
2) Deployed automation platform
across 45 accounts, leading to
significant improvement in
productivity.
Margins
1)  Margin Walk: @cc impact of ‐
276bps on INR and ‐238bps on USD
revenue; Realization: +0.8%;
Offshore shift: ‐0.6%
2) Offshore shift on revenue and effort
side to help margin
3)  Future investments will depend on
available margin buffer. They will
not sacrifice margin for growth.
4)  Margins driven by scale, at
customer, service line or geography.
1)  30% op. margins by 2020
2)  @cc +240bp YoY operating margins
3)  Currency impact of 70bp in Q4FY15
4)  Q1FY16 margins to be impacted by
250bp due to visa, wage hike.
1)  Margin Walk: 60bps Currency,
40bps increments, 150bps
Investment
2)  21bps margin impact of 1% USDINR
movement and 5bps for EURUSD.
Total 270bps translation impact
3)  BPO margin impacted due to one
large clients ramp‐up.
4)  EBIT range of 21‐22%
1)  Margin expansion driven by
utilization improvement and
productivity gain.
2)  Will not be chasing margin at the
expense of growth
3)  Investments and wage hike
headwinds in Q1FY16.
4)  Investments in Automation to
provide margin cushionin and
increase competitiveness

May 11, 2015 6
TCS INFO HCLT WPRO
Geography
1)  Deal Wins: 3 from NA, 2 from UK, 2
Europe, 1 in APac, 1 in ANZ
2)  @cc 25% YoY growth in continental
europe.
3)  Growth in all geographies @cc
except India.
4)  Geography view  clouded by the
weakness in Telecom & Energy, and
Diligenta from a UK context
1)  @cc growth: +7% YoY in both NA &
EU.
2)  3 large deals in each NA & EU. 1 in
GMU.
3)  Decent pipeline in EU after a few
qtrs.
4)  Better pipeline in Mfg (the US)
compared to Europe. In FS, healthy
pipeline in the US/Europe.
1)  Shift from project‐based services to
the Managed Services and IT
Outsourcing in RoW will help
increase baseline within the region.
2)  Stable growth in Europe based on
the early investments made.

1)  Strong secular demand in US.
2)  In terms of deals, there is little
weakness in Europe, which is more
significant in APAC.
3)  Strong QoQ growth in India on the
back of new initiatives.
4)  Opportunities in Australia. Chasing
couple of large deals.
5)  Canada little slow due to inability to
hunt Government segment.
Vertical
1)  Expect BFS to perform better than
company average, Diligenta
weakness to continue in FY16
2)  Positive on all the other verticals ‐
retail, manufacturing, high‐tech, life
sciences, healthcare, travel,
hospitality and media &
entertainment (all 42% of revenue)
3)  Spending  in telecom and energy
vertical to stay subdued.
4)  Deal wins: 4 in BFSI, 2 in Retail and
1 each in Life Sc., Media & Telecom
1) 3 large deals in Retail and 2 in Mfg.
2)  Decent pipeline in Retail, Mfg, FS
and Life Sciences.
3)  Expect Mfg, FS to be strong;
Insurance, Energy & Telecom to be
weak. Better momentum in Retail
1)  Digital to deliver that customer
experience in the CPG, Retail, Telco,
Media, and Publishing.
2)  Driver in Life Sciences ‐ growth in
the number of drug launches.
3)  Driver in Public Services is cost
reduction and greater customer
centricity in Utilities and O&G.
4)  Increased focus on Digitization in FS
1)  See good traction in Manufacturing,
Retail & CPG (Mega trend in Digital)
2)  Telecom & media to be stable.
3)  Consolidation in pharma industry,
IPs in payer side and regulation
changes in providers’ side driving
growth in Healthcare & Life‐
sciences
4)  Challenges in Energy vertical.
$100m impact on FY15 revenue.
Services
1)  Momentum to continue in
Infrastructure services, enterprise
solutions, digital, consulting & BPS.
2)  $125m revenue in FY15 from TCS'
Cloud Platforms, up 55% YoY
3)  Launched AI‐based IT and business
operation automation platform in
the next few months.
4)  Strong growth trajectory and order
book in Digital
1)  10% revenue in 2020 from new
services like AI, Design Thinking,
Products & Platforms.
2)  IAP deployed in 9 projects. Pipeline
of 31 projects
1)  Dip in Enterprise Services on
account of completion of a large
engagement.
2)  Run the Business services positive
based on the ALT ASM™strategy.
3)  Negative growth in SI on the back of
2 large FPP in NA completed in OND
4)  Growth drivers in IMS ‐ Cloud‐
enablement; and, Automation and
Self‐Healing kind of solutions.
1)  Challenges in Energy and O&G
sector have flown through any ADM
largely.
2)  Momentum pick up in
Infrastructure Services and Product
Engineering.
3)  Commodity kind of service under
pressure

May 11, 2015 7
TCS INFO HCLT WPRO
Others
1)  17% @cc growth in FY15 (15% ex.
Japan)
2)  @cc impact ‐  Volume: +1.42%;
Realization: 0.79%; offshore shift: ‐
0.6%
3)  $423m bonus to employees for
completion of 10 yrs of IPO. Made
charge for the same this quarter.
4)  Special dividend of Rs24/share.
1)  Dividend payout increased from
40% to 50%.
2)  Q4FY15 yield 9.04% vs 9.24% in
Q3FY15.
3)  FY16 ETR: 28% ‐ 29%
1)  Investments in ‐ Co‐Innovation labs,
addition of capacity outside India,
Leadership & Skills, Infosec and
Digital.
2)  LTM RoCE: 35%
3)  Hedge ‐ <1 yr: $657m @ Rs64.19;
>1yr: $300m @ Rs67.42
1)  Dividend payout Ratio: 41%
2)  To file 500 patents in FY16, and;
continued investment in skills
development for newer
technologies.
3)  OCF/PAT ‐ Q4FY15: 112%; FY15:
90% FCF/PAT‐ Q4FY15: 92%; FY15:
77%
4)  IT Product for Q4FY15: Rs9.5bn/
$152mn
Attrition & Hiring
1)  67k gross addition, 16k campus
hire. 35k campus offers in FY16.
2)  70% Conversion rate in FY15.
3)  Wage hike of 8% offshore and 4%
onsite.
4)  Different employee engagement
programmes taken up to reduce
attrition
1)  Goal to bring attrition levels down
to the lowest in the industry and
achieve 25% in diversity in top
leadership.
2)  Improving employee engagement,
establish SWAT team to simplify
processes.
3)  Increased variable payout from 64%
in FY14 to 86% in FY15.
4)  Wage hike 7.5%‐8% for employees
in India and 2.5% for outside India.
1)  20% workforce outside India.
2)  Investments in learning, training
and have helped curtail margins to
some extent.
1)  Working internally on process
simplification and enhancing
employee engagements across all
level.
2)  Created growth path for people
good at cross technology to move
into the newer areas like Digital.
3)  Salary increase starting 1st June.
Exhibit 10: Top‐4 performance compared to expectation

TCS Infosys HCL Tech Wipro
Rev ($ mn) Op. Profit PAT Revenue Op. Profit PAT Revenue Op. Profit PAT Revenue Op. Profit PAT
PLe ‐1.0% 1.0% 10.8% ‐2.8% ‐5.0% ‐3.9% ‐2.2% ‐11.2% ‐11.8% ‐1.8% 1.7% 1.1%
Consensus ‐1.3% 0.7% 9.5% ‐3.6% ‐4.7% ‐2.4% ‐1.5% ‐9.0% ‐7.6% ‐1.2% 2.1% 5.0%
Source:  Company Data, Bloomberg, PL Research

May 11, 2015 8
Earnings Quality – HCLT softens further, Infosys impacted by one‐off
Infosys’ cash‐conversion (on LTM basis) weakened during the quarter due to Rs29bn
of higher cash outflow as it settles case with I‐T department. The sharp decline came
after 10 quarters sustained improvement. HCL Tech’s RoE moderated by another
80bps. The management maintains their improved outlook and indicates
sustainability of ratios. As HCL Tech lifts capex curb and goes for expansion, cash
conversion weakened. We expect similar mean reversal for current liability. HCL
Tech “Capex/Sales” witnessed uptick. We continue to remain cautious on the
sustainability of QoE at the current level for HCL Tech as it enters into investment
phase again. We believe the 2nd
wave of IMS deals could worsen the ratios.
TCS cash conversion has improved over the past 5 quarters. The management
remains optimistic about improving cash‐conversion that has started showing‐up.
Infosys continues to remain the most consistent player among peers in terms of QoE.
Exhibit 11: FCF/EBITDA (LTM): HCL Tech sees mean reversion
40%
50%
60%
70%
80%
90%
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
TCS Infosys Wipro HCL Tech

Exhibit 12: Cash from op./PAT (LTM): HCLT among the weakest
60%
80%
100%
120% Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 13: RoE (LTM): HCL Tech weakened by ~120bp over last 2 qtrs
15%
20%
25%
30%
35%
40%
45%
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 14: Capex/Sales: HCL Tech gears‐up capex plan
1%
3%
5%
7%
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15


May 11, 2015 9
Operating metrics comparison top‐4 (TCS, INFO, WPRO and HCLT)
Exhibit 15: Growth @cc(QoQ) – Weakness more than expected
‐3%
2%
7%
12%
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 16: EBITDA margin: Cross‐currency swing impacted margin
16%
21%
26%
31%
36%
Q4FY10
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Infosys TCS Wipro
HCL Tech Total (Top‐4)

Exhibit 17: BFSI QoQ – Only Wipro retained momentum
‐10%
‐5%
0%
5%
10%
15%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Infosys TCS Wipro HCLT

Exhibit 18: Manufacturing QoQ – Growth except for Infosys
‐15%
‐5%
5%
15% Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 19: Retail QoQ – Weakness due to seasonality, Likely to pick‐up
‐5%
0%
5%
10%
15%
20%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 20: ADM QoQ – Wipro weakness due to client specific issue
‐10%
0%
10%
20%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15


May 11, 2015 10
Exhibit 21: Attrition (Annualized) – HCL Tech has the highest attrition
10%
17%
24%
31%
38%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 22: US QoQ gr.: Weakness across except for Wipro
‐3%
2%
7%
12%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 23: IMS QoQ – Performance more bunched‐up except Wipro
‐10%
0%
10%
20%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 24: Consulting/PI QoQ – Pick‐up for Wipro
‐5%
0%
5%
10%
15%
20%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 25: FPP – Wipro adopting fast, HCL Tech peaking out
37%
42%
47%
52%
57%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15

Exhibit 26: Europe QoQ gr.: Weakness due to X‐Curency headwind
‐5%
5%
15%
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15


May 11, 2015 11
Global Tech Majors – Another quarter of beat after strong beat previous quarter to the expectation
Exhibit 27: Global Tech Majors – Actual v/s Consensus expectation
1.8%
2.8%
0.3%
0.8%
1.8%
0.8%
0.4%
0.9%
0.4%
‐1.5% ‐1.8%
‐0.3%
‐2.3% ‐2.0%
‐3.6%
‐1.3% ‐1.2% ‐1.5%
‐4.5%
‐3.5%
‐2.5%
‐1.5%
‐0.5%
0.5%
1.5%
2.5%
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
Oracle
Accenture
Microsoft
CGI
SAP
Intel
IBM
VMWare
EMC
Juniper
Xerox
Cognizant
Capgemini
Atos
Infosys
TCS
Wipro
HCL Tech
Average
Revenue Consensus Outperformance Underperformance

*** Oracle – Missed expectation due to cross currency headwinds: Oracle reported
miss to consensus expectation after beat in the previous quarter. The company
reported revenue growth of 0% YoY (6% @cc) (Guidance: +0% to 4% YoY, +4‐8%
@cc) to $9.33bn (Cons.: $9.47bn). 1) Software and Cloud Revenue were up +1% YoY
(+7% @cc) (Guid.: +1‐4% YoY, +5‐8% @cc) to $7.17bn (Cons.: $7.28bn). 2) SaaS/PaaS
revenue grew by 30% YoY (+34% @cc) (Guid.: +27‐31% YoY, +31‐35% @cc) to
$372mn (Cons.: $372mn). 3) New Software License declined by 7% YoY (0% @cc) to
$1.98bn (Cons.: $2.00bn). 4) Iaas grew by +28% YoY (+32% @cc) (Guid.: +25‐29%
YoY, +29‐33% @cc) to $155mn (Cons.: $137mn). 5) Hardware Revenue declined by
2% YoY (+5% @cc) (Guid.: ‐6% to +4% YoY, ‐2% to +8% @cc) to $1.30bn (Cons.:
$1.31bn). 6) Software and Cloud revenue in terms of geography (@cc) Americas
grew +7% YoY (Q3FY14: +7% YoY), while EMEA grew +9% YoY (Q3FY14: +6% YoY) and
APAC grew +4% YoY (Q3FY14: +3%). ** Guidance – Overall guidance touch softer
than expected: Unlike the previous quarters, management didn’t give likely impact
of cross currency headwinds. Management has guided for “Software and Cloud”
revenue growth of +2% to +6% YoY (@cc, Cons: +3%), Saas + Paas is expected to
grow +26% to +30% YoY (@cc, Cons: 22%), and Cloud IaaS revenue is expected to
grow +29% to +33% YoY (@cc, Cons: 33%). Hardware revenue expected to grow ‐2%
to +8% YoY (@cc, Cons: 7%). Overall revenue is expected to grow by 1% to +6% YoY
(@cc, Cons.: +7%).
*** Accenture – Another strong beat to consensus expectation: Accenture reported
Q2FY15 results ahead of consensus expectation. The company reported revenue
growth of 5% YoY (12% @cc) to $7.493bn (Cons.: $7.36bn, Guidance: $7.25‐7.50bn).
The momentum was again led by Outsourcing that grew by 6% YoY (13% @cc) to
$3.654bn, whereas growth in Consulting was 4% YoY (11% @cc) to $3.839bn. **
Driven by North America and CMT, Products &HPS: In terms of geography,
Americas grew by 13% YoY (13% @cc), Europe grew by ‐2% YoY (9% @cc), and
Growth Markets grew by 3% YoY (12% @cc). In terms of vertical, CMT grew by 8%
YoY (15% @cc), BFS grew by 2% YoY (9% @cc), HPS grew by 12% YoY (15% @cc), and
Product grew by 6% YoY (13% @cc). ** Bookings continues to soften due to

May 11, 2015 12
currency impact (‐6% impact YoY): Overall booking declined by 6.9% YoY (‐1% @cc)
to $9.3bn (second highest ever after Q2FY14) with book‐to‐bill stands at 1.24x (5yr
avg: 1.16x, 7yr Q2 avg: 1.24x) due to weakness in Consulting book‐to‐bill that stands
at 1.09x (5yr avg: 1.06x, 7yr Q2 avg: 1.12x), and Outsourcing book‐to‐bill stands at
1.40x (5yr avg: 1.29x, 7yr Q2 avg: 1.38x). The last time there was an order book
decline for 3 consecutive quarters was in FY09‐10. The management revised their
booking guidance down to $33‐35bn (from $34‐36bn, FY14: $35.88bn) reflecting its
revised foreign currency assumptions. ** Q3FY15 guidance just short of expectation
whereas FY15 guidance revised upward: The management guided for revenue of
$7.35‐7.60bn (Cons.: $7.58bn). The management revised FY15 revenue guidance to
8‐10% in constant currency from earlier 5‐8% (@cc). ** Commentary continues to
be optimistic: According to Mr. Davind Rowland (CFO), “An important theme was the
continued strong demand for both digital related services and operations. At the
same time, we saw very good demand for both application services and consulting
related services... The dominant drivers were strong double‐digit growth in digital
related services, operations and application services....”
Exhibit 28: Oracle Software & Cloud Licenses @cc: Acceleration over last year growth

Exhibit 29: Accenture: Consulting growth & Book‐to‐Bill bounce back
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
‐17%
‐7%
3%
13%
23%
Q1FY05
Q2FY05
Q3FY05
Q4FY05
Q1FY06
Q2FY06
Q3FY06
Q4FY06
Q1FY07
Q2FY07
Q3FY07
Q4FY07
Q1FY08
Q2FY08
Q3FY08
Q4FY08
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Consulting (Rev YoY@cc) Outsourcing (Rev YoY@cc) Consulting (Book‐to‐Bill) Outsourcing (Book‐to‐Bill)


May 11, 2015 13
*** Intel – Touch softer than consensus expectation: Intel reported Q1CY15 results
just short of consensus expectation. The company reported revenue growth of
+0.1% YoY (‐13.2% QoQ) to $12,781mn (Cons.: $12,824mn), at the mid‐point of
negatively revised guidance of $12.8bn (‐/+$300m). ** Other highlights: 1) Client
Computing Group sales were up ‐8% YoY (‐16% QoQ) to $7.4bn, driven by an 18%
QoQ decrease in unit shipments and a 1% QoQ increase in ASPs. 2) Data Center
Group sales were up +19% YoY (‐10% QoQ) to $3.7bn, with a 7% QoQ decline in units
and a 3% QoQ decline in ASPs. 3) Internet of Things revenue grew by +11% YoY (‐
10% QoQ) to $533m 4) Software and Services revenue declined ‐3% YoY (‐4% QoQ)
to $534mn. 5) Inventory was up 4% QoQ to $4.3 bn and inventory days increased to
76 days from 73 days in Q3CY14. ** Q2CY15 guidance fallen short of expectation,
CY15 guidance revised downward: The management has guided Q2CY15 revenue to
be $12.7 ‐ $13.7 bn (‐1% to +7% QoQ), 2% below the Street at $13,464mn. Intel has
revised their CY15 guidance to flat revenue growth YoY from mid‐single digits YoY;
In‐line with the consensus expectation of flat revenue growth.
Exhibit 30: Tier‐1 PES QoQ: Investment in new tech & outsourcing of legacy driving PES gr.
‐10.0%
‐5.0%
0.0%
5.0%
10.0%
15.0%
Q1CY12
Q2CY12
Q3CY12
Q4CY12
Q1CY13
Q2CY13
Q3CY13
Q4CY13
Q1CY14
Q2CY14
Q3CY14
Q4CY14
Q1CY15
Intel (YoY) Infosys (QoQ) TCS (QoQ)
Wipro (QoQ) HCLT (QoQ)

*** IBM – A narrow miss to expectation: IBM reported Q1CY15 results were below
consensus expectation. The company reported revenue decline of 12% YoY
(Adjusted Divestment*: 0% @cc*) to $19.64bn (Cons.: $19.59bn). In terms of
geography (@cc excluding divestments) ‐ Americas, EMEA and APac grew by +2%
YoY, ‐2% YoY, and ‐2% YoY respectively. ** GTS & GBS weak, Hardware strong: In
constant currency terms adjusted for divestments – 1) Global Technology Services
revenue declined by 1% YoY (@cc) to $7.9bn (Cons.: $8.46bn), 2) Global Business
Services declined by 4% YoY to $4.3bn (Cons.: $4.21bn), 3) Software revenue
declined by 2% YoY to $5.2bn (Cons.: $5.18bn) (Tivoli grew by 4% YoY, improved
growth after 4 quarters of deceleration and de‐growth in Q4CY14 is positive read‐
thru for Persistent Systems – excluding near term weakness on account of weak
result, we retain our positive stance on Persistent), and 4) Systems Hardware grew by
30% YoY to $1.7bn (Cons.: $1.29bn). ** Outsourcing and Consulting both soft for
the quarter: In GTS, Outsourcing declined by 2% (@cc), Integrated Technology
Services declined by 1% YoY (@cc), and Maintenance grew by +2% YoY (@cc). In

May 11, 2015 14
GBS, Outsourcing declined by 1% YoY (@cc), and Consulting & SI declined by 5% YoY
(@cc). Total Outsourcing declined by 2% YoY (@cc), Total Transactional declined by
3% YoY (@cc), and Maintenance revenue grew by +2% (@cc). ** New signing
showed signs of strength, Backlog flattish: Total backlog was (0% @cc*) to $121bn.
Outsourcing (GTS O/S & GBS O/S) signing grew by +11% YoY (@cc) to $5.5bn, and
Transactional (ITS, Consulting & AMS SI) signing declined 1% YoY (@cc) to $5.1bn.
Total deal signing for the quarter grew by 5% YoY (@cc) to $10.7bn. Outsourcing
backlog grew by +2% YoY (@cc) to $76bn. ** CFO commentary – Large
infrastructure deals up for grab: According to CFO Mr. Martin J. Schroeter
“…continuing to see clients sign large infrastructure outsourcing deals, with
embedded cloud and mobile initiatives creating large‐scale hybrid IT environments...
Within ITS, we had good growth in cloud, security, and business resiliency. But overall
performance was impacted by a shift away from lower value services…”
*** SAP – Beaten consensus expectation: SAP reported Q1CY15 results ahead of
consensus expectation. The company reported Overall Revenue growth of 22% YoY
(10% @cc) to €4,497m (Cons.: €4,300mn), wherein Cloud Subscription and Support
grew by 131% YoY (95% @cc, Organic 28% YoY @cc) to €509m (Cons.: €482mn),
Software grew by +12% YoY (+1% @cc) to €696m (Cons.: €636mn), Support revenue
grew by 17% YoY (+7% @cc) to €2,454m, and Cloud & Software revenue grew by
+16% YoY (+5% @cc) to €3,659m (Cons.: €3.52bn). ** Healthy growth across the
region: The company grew its Cloud and Software related revenue (@cc) for
America, EMEA, and APJ by +10%, +10%, and +23% respectively, whereas overall
growth for the respective regions were +8%, +7%, and +22% respectively in constant
currency. ** CY15 guidance retained: SAP retained their CY15 guidance – wherein
Cloud revenues has retained at €1,950‐2,050m, implying upper end growth rate of
86%. The management retained Cloud and Software Related revenue growth +8% to
+10% YoY @cc.
Exhibit 31: Uptick in revenue growth momentum for all except Juniper (due to capex cut by Telecom services vendor)
‐20%
‐5%
10%
25%
40%
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
JNPR Prod JNPR Svcs EMC Prod EMC Svcs IBM GTS IBM GBS


May 11, 2015 15
*** VMware – A beat to expectation: VMware reported Q1CY15 results ahead of
expectation. The company reported revenue growth of 11% YoY (+13% YoY @cc)
$1.51bn (Cons.: $1.50bn). Licenses revenue grew by +3% YoY (+6% @cc) to $576mn
(Cons.: $575mn), whereas Deferred revenue declined by 2% QoQ to $4.74bn (Cons.:
$4.81bn), and Billings (revenue plus change in deferred revenue on the cash flow
statement) gew by +2% YoY (+4% YoY @cc) to $1.42bn (Cons.: $1.51bn). Licenses
billing was flattish YoY to $551mn. ** CY15 Guidance – Just short of expectation:
According to Mr. Jonathan C. Chadwick, “US dollar has continued to strengthen
significantly and we now anticipate currency to have an approximately three
percentage point negative impact to total revenue growth and a slightly over four
percentage point negative impact to license revenue growth for 2015” The
management has revised guidance for overall revenue growth to 9‐11% from 10‐12%
YoY ( to 12‐14% from 13‐15% @cc, Cons.: +11% YoY) to $6.57‐669bn (Old: $6.64‐
6.76bn) (Cons.: $6.69bn), whereas Licenses revenue guidance is revised to 4‐7% from
6‐9% YoY (to 9‐12% from 11‐14% @cc, Cons.: +7%) to $2.7‐2.775bn (Old: $2.735‐
2.815bn) (Cons.: $2.767bn). For Q2CY15, total revenue is expected to grow by 8‐10%
YoY (12‐14% @cc, Cons.: +10% YoY) to $1.58‐1.6bn (Cons.: $1.6bn), whereas
Licenses revenue is likely to grow by 3‐4% YoY (9‐11% @cc, Cons.: +5%) to $630‐
640mn (Cons.: $644mn).
*** EMC – Missed Expectation: EMC reported Q1CY15 results below consensus
expectation. The company reported revenue growth of 2% YoY (6% @cc) to $5.61bn
(Cons.: $5.74bn). Geography‐wise growth In terms of Constant Currency – NA,
EMEA, APJ, and LatAm grew by 5%, 5%, 6% and 14% YoY respectively. Information
Storage revenue declined by 1% YoY (+3% @cc) to $3.66bn (Cons.: $3.77bn), RSA
Security revenue grew by 2% YoY (5% @cc) to $248mn (Cons.: $256mn), Enterprise
Content (Information Intelligence) revenue declined by 10% YoY (‐7% @cc) to
$138mn (Cons.: $147mn), and Pivotal revenue grew by 10% YoY (13% @cc) to
$54mn (Cons.: $61mn). ** Revised CY15 guidance lower than expectation:
Management revised CY15 revenue guidance lower to $25.7bn (Cons.: $25.93bn)
from $26.1bn.
*** Atos – Beat to expectation, organic growth weak: Atos reported Q1CY15 results
ahead of consensus expectation. Revenue for Q1CY15 grew by 17.6% YoY (+0.2%
organic; +12.2% @cc) to €2,427m (Cons: €2,405m). In terms of service line –
Managed Services and Consulting & SI grew by 15.5% YoY (+1.2% organic) and +8.8%
YoY (‐2.4% Organic), respectively. Worldline, too, grew by 4.0% YoY (+1.6% organic).
Revenues across geographies grew in the range of 15% to 57% YoY, except for
Germany which declined 4.2% YoY. However, Organic revenue across geographies
witnessed decline in the range of 0.5% to 9% YoY, except for UK and Ireland which
grew by 15.3% YoY. ** Strong order book and executables: The order during the
quarter stood at € 2,198m, up +31.5% YoY (+26% @cc) representing a book to bill
ratio of 91%. Full order backlog at Q1CY15 end was €16.6b (Q1CY14: €14.7b),
representing 1.7 years of revenue. The full qualified pipeline was €5.6b (Q1CY14:
€5.0bn), representing 6.7 months of revenue. ** Maintained Guidance for CY15:
The group reiterated its CY15 guidance of ‐ ‘Positive organic Growth’, 8 ‐ 8.5%

May 11, 2015 16
Operating Margins and FCF above CY14. ** Xerox ITO acquisition: The group expects
to close the acquisition by Q2CY15.
*** Microsoft – Another beat to street expectation: Microsoft reported Q3FY15
results ahead of consensus expectation. The company reported revenue growth 6%
YoY to $21.7bn (Cons.: $21.1bn, Guidance: $25.40‐26.50bn). The beat came due to
lower than anticipated cross‐currency headwinds (~$300mn of the $655mn revenue
upside) at revenue. In terms of segments: 1) Computing & Gaming revenue declined
by 9% YoY to $1.8bn (Cons.: $1.6bn, Guidance: $1.5‐1.7bn). 2) Phone Hardware
revenue declined by 39% QoQ to $1.4bn (Cons.: $1.5bn, Guidance: $1.4‐1.5bn). 3)
D&C Licensing revenue declined by 21% YoY to $3.5bn (Cons.: $3.4bn, Guidance:
$3.4‐3.6bn). 4) D&C Other revenue grew by 17% YoY to $2.3bn (Cons.: $2.0bn,
Guidance: $2.0bn). 5) Commercial Licensing revenue declined by 3% YoY to $10bn
(Cons.: $9.8bn, Guidance: $9.7‐9.9bn). 6) Commercial Other revenue grew by 45%
YoY to $2.8bn (Cons.: $2.7bn, Guidance: $2.6‐2.7bn). 7) In Commercial cloud
revenue grew 106% YoY (+111% @cc) compared to 114% YoY last quarter and is now
at a $6.3bn revenue run rate 8) Windows volume licensing revenue declined by 2%
YoY versus last quarter at +3% YoY. ** Q4FY15 guidance touch softer than
expectation: 1) Devices & Consumers and Others: $2.1‐2.2bn (Cons.: $2.01bn) 2)
Phone Hardware: $1.3‐1.4bn (Cons.: $1.59bn) 3) Computing and Gaming: $1.5‐1.6bn
(Cons.: $1.6bn) 4) Commercial Licensing: $10.5‐10.6bn (Cons.: $10.63bn). 5)
Commercial Others: $3‐3.1bn (Cons.: $2.95bn), 6) D&C Licensing: $3.1‐3.2bn (Cons.:
$3.66bn) . The overall impact due to cross currency movement was 4 points.
*** Juniper – Beaten expectation: Juniper reported Q1CY15 results above
consensus expectation. The company reported revenue decline of 6% YoY to
$1.07bn (Cons.: $1.04bn), in which Product revenue declined by 12.8% YoY to $764m
(Cons.: $746m), and Services revenue grew by 3.1% YoY to $303.3mn (Cons.:
$300m). In products ‐ Routing, Switching and Security reported revenue grew by
+8%, ‐13.3% and ‐30.8% to $504.8mn (Cons.: $496mn), $166.5mn (Cons.: $171mn),
and $92.8mn (Cons.: $89mn) respectively.
Exhibit 32: Microsoft: Softness in Commercial Licensing growth
‐10.0%
‐5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
‐3%
‐1%
1%
3%
5%
7%
9%
11%
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Commercial Licensing (YoY) Total Revenue (YoY) (RHS)


May 11, 2015 17
*** Temenos – Missed expectation on all fronts: Temenos Q1CY15 was another
quarter of below consensus performance with ~28% miss on licenses and 6% miss on
total revenue expectation. The company reported overall revenue decline of 4.8%
YoY (+0.5% @cc) to $104.3m (Cons.: $111mn). Licenses revenue declined by 32.7% (‐
29.9% @cc) to $20m (Cons.: $28mn), SaaS revenue grew by +234.3% (+235.3% @cc)
to $5.8m (Cons.: $5n), Maintenance revenue grew by +3.4% (+9% @cc) to $55.6m
(Cons.: $55mn), and Services revenue declined by 6% (+1.7% @cc) to $22.7m (Cons.:
$24mn). Management cited sales re‐organization and other issues as key reasons for
weak licenses growth. ** CY15 guidance retained despite Q1 miss: Despite weaker
than expected performance in Q1, Management reiterated the guidance for total
revenue growth of 18‐23% YoY (@cc) implying revenue growth of $526‐548mn, and
Licenses growth is expected to be 13% YoY (@cc) implying Licenses revenue of
$152m.
Exhibit 33: Temenos Licenses: Weak licenses sale
‐50%
0%
50%
100%
150%
0
10
20
30
40
50
60
70
Q1CY05
Q3CY05
Q1CY06
Q3CY06
Q1CY07
Q3CY07
Q1CY08
Q3CY08
Q1CY09
Q3CY09
Q1CY10
Q3CY10
Q1CY11
Q3CY11
Q1CY12
Q3CY12
Q1CY13
Q3CY13
Q1CY14
Q3CY14
Q1CY15
Licenses Revenue (CHF) YoY Growth

*** Cap Gemini – Beat to expectation: Cap Gemini reported Q1CY15 results ahead
of Consensus expectation. The company reported Organic Revenue growth of 1.5%
YoY (Overall: 10.5% YoY) (v/s Consensus: +1.2% YoY) to €2,764mn (Cons.: €2,754m).
). In terms of geography, North America (11.7% YoY), Rest of Europe (+3.0% YoY),
and APAC & LatAm (+22.9% YoY) grew strongly; Benelux (+0.9% YoY) and France
(+1.2% YoY) were flat; whereas UK & Ireland (‐16.1% YoY) declined sharply. **
Raised outlook for CY15: Management has raised it’s CY15 guidance to at‐least 5%
YoY organic revenue growth from the earlier 3‐5% YoY range. Furthermore, it has
guided for operating margins in the range of 9.5%‐9.8%. Organic FCF is expected to
exceed €600 million for CY15. ** Strong growth in Application Services; and
Financial Services, E&U and Retail: In terms of services, Application Services (+4.6%
YoY) and Consulting (+3.1% YoY) grew strongly. While Managed Services (‐5.1% YoY)
declined. In terms of vertical, the company reported strong growth in Financial
Services (+14.3% YoY), E&U (+7.1%) and Consumer, Retail and Transportation (+7.9%
YoY); whereas Telecom, Media & Entertainment (‐6.4% YoY), Public Sector (‐13.3%)
and Manufacturing & Life Sciences (‐0.5% YoY) declined. ** Order booking growth
strong: Order book grew by 10.3%% YoY to €3,299m. Q1CY15 book‐to‐bill stood at
1.19x.

May 11, 2015 18
Exhibit 34: Capgemini (Order Book): Healthy growth
0.75x
0.89x
1.03x
1.17x
1.31x
1.45x
1,900
2,300
2,700
3,100
3,500
Q1CY09
Q2CY09
Q3CY09
Q4CY09
Q1CY10
Q2CY10
Q3CY10
Q4CY10
Q1CY11
Q2CY11
Q3CY11
Q4CY11
Q1CY11
Q2CY12
Q3CY12
Q4CY12
Q1CY13
Q2CY13
Q3CY13
Q4CY13
Q1CY14
Q2CY14
Q3CY14
Q4CY14
Q1CY15
Revenue (€ mn) Orderbook (€ mn) Book‐to‐Bill

*** Cognizant – Strong beat to expectation: Cognizant reported strong beat to
consensus expectation at the top‐line for third quarter in a row. The company has
guided for Q2CY15 and CY15 USD revenue ahead of consensus expectation. The
management highlighted abatement of concerns highlighted in CY14. Moreover, the
demand remains more broad‐based with no budgetary concern. We see the Q1CY15
performance and CY15 guidance revision as an indication for sustained healthy
demand environment for the sector. ** Beat to consensus expectation: Cognizant
reported Q1CY15 revenue growth of 6.2% QoQ (7.3% @cc) to US$2,911m (Cons:
US$2,889m, Guid: US$2,880m), wheraes organically revenue grew by 3.1% QoQ (4%
@cc) to $2,662m. Cognizant’s performance was the strongest among all Tier‐1 Indian
IT companies in terms of QoQ growth. ** Guidance revised upward despite
cross‐currency headwind: The management has guided for Q2CY15 revenue growth
of 3.4% QoQ to $3,010m. For CY15, the company has increased it’s revenue guidance
marginally to atleast 19.3% YoY growth (Prev: 19.0%) to $12.24bn (Cons.: $12.29bn).
Management sees little conservatism in the guidance as the demand is largely driven
by Digital adoption, which is discretionary spend (small projects with quick
turnaround). The company sees healthy demand pipeline of deals. ** Vendors
consolidation, Cost optimization in commoditization and Digital adoption – are key
trends: Management sees vendor consolidation as one of the key theme in FS and
Healthcare, wherein clients are looking to cut their tier‐1 suppliers by half (from 3‐4
to 2‐3), and curtail the long tail of tier‐2 & 3 vendors. Moreover, clients are looking
for cost optimization in commoditized business that could fund investments in
Digital adoption for clients. Also, legacy system modernization is also a big part of
deal pipeline that would integrate it with Digital. According to management, projects
in Digital have quick turnaround with better margin and pricing profile. ** Pricing is
not the only reason to win clients: According to management, pricing is not only the
deciding criteria for the clients. Cognizant offers services at a price point that attracts
clients. ** Strong opportunity in Continental Europe: Management continues to see
strong opportunities in Continental Europe.

May 11, 2015 19
Exhibit 35: Cognizant: Strong beat to guidance/expectation
0%
3%
6%
9%
0
300
600
900
1200
1500
1800
2100
2400
2700
3000
Q1CY02
Q3CY02
Q1CY03
Q3CY03
Q1CY04
Q3CY04
Q1CY05
Q3CY05
Q1CY06
Q3CY06
Q1CY07
Q3CY07
Q1CY09
Q3CY09
Q1CY10
Q3CY10
Q1CY11
Q3CY11
Q1CY12
Q3CY12
Q1CY13
Q3CY13
Q1CY14
Q3CY14
Actual (US$ mn) Guidance (US$ mn) Outperformance (RHS)


May 11, 2015 20
TPI Q1CY15 – Weak quarter impacted, but outlook healthy
According to the Conference Call of “ISG Outsourcing” (TPI) for Q1CY15, the quarter
(Q1CY15) witnessed weakness in ACV ($5.1bn) due to tougher comp and lower large
deal closure. However, the commentary for CY15 continues to be healthy as ISG sees
pick‐up in demand in H2CY15. There is no slackness in demand environment. They
see faster than expected cloud adoption, pricing pressure in select few service line,
and increased penetration by Indian Heritage Vendor in IMS and Europe.
 Weak Q1CY15 – Lower number of large deals drive lowest Q1 in 10 years:
According to ISG forecast, broader market ACV weakned (‐18% YoY, ‐22% QoQ),
due to lower number of large deals resulting in weakest Q1 in 10 years. ISG
expects weakness to persist in Q2CY15, but expectations for H2CY15 and CY15
continue to be strong.
 Pricing pressure in commoditized business: ISG highlighted about pricing
pressure in commoditized business. They see ~20% of drop in pricing in
segments like Data Centre and IMS. Faster adoption of cloud and increased
penetration of Indian Heritage Vendor in IMS continue to mount pressure on
incumbents. However, many outsourcing decisions, especially from matured
clients, are not entirely based on pricing. Clients are also looking for improved
SLAs, and differentiated value proposition to induct a new vendor.
 What outsourcing maturity means?: There is no loyalty between clients with
vendor. 4th‐5th generation outsourcing deals are structured in a fashion
wherein switching vendors is an easy task. Hence, the cycle of restructuring
deals are difficult to predict. Analytics, Robotics, and Cloud – impact the
managed service marketplace more rapidly and broadly than anticipated. Clients
look to benchmarking to take advantage.
 Indian v/s American (Heritage Vendors) – Who will win Digital battle?:
According to ISG, IHV have margin levers and surplus cash to invest in business.
Moreover, IHVs are nimble footed and developed deep domain expertise in few
verticals. However, there is no clear leader in the same currently. Nevertheless,
Accenture’s Consulting legacy is helping it to have edge in Digital battle.
 Healthcare and Energy strong in Americas, FS strong in EMEA & APAC: Among
the verticals, Healthcare and Energy grew strongly in Americas. In APAC and
EMEA, manufacturing witnessed strong growth.
Some of the key highlights from TPI ‐ ACV declined, but deal counts surged:
1) Global Market: $5.1bn (‐18% YoY, ‐22% QoQ) 2) New Scope: $3.2bn (‐19% YoY, ‐
7% QoQ) 3) Restructurings: $1.9bn (‐16%, ‐39%) 4) Mega‐relationships: $1.2bn (‐
32%, ‐34%) 5) ITO: $3.5bn (‐27%, ‐26%) 6) BPO: $1.6bn (+13%, ‐12%) 7) Americas:
$2.1bn (+10%, ‐13%) 8) EMEA: $2.4bn (‐26%, ‐29%) 9) APAC: $0.6bn (‐45%, ‐19%)

May 11, 2015 21
Exhibit 36: Broader Market (ACV): Declined, ‐18% YoY, ‐22% QoQ
$6.0
$4.7
$6.6
$7.3
$7.0
$6.5
$6.0
$5.6
$5.9
$3.9
$6.2
$4.7
$6.2
$6.6
$5.1
$6.5
$5.1
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Source: ISG, PL Research
Exhibit 37: Contracting counts: Deals comparatively bigger in quarter
379 360
308 327 305
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 38: America ACV: Uptick (+10% YoY, ‐13% QoQ)
$2.1
$3.1
$2.7
$1.9
$1.9
$2.1
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 39: Americas (Deal Count): Strong Q1, +27% YoY, ‐8% QoQ
146
174
131
113
143
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 40: Americas Trailing 12 months ACV ($B): Healthy uptick
$8.3
$9.4 $8.8
$6.5
$9.1
457
555
470 454
585
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15
ACV Counts

Exhibit 41: Americas: Stronger across segment on YoY basis
$1.0 $1.1 $1.2
$0.9
$‐
$0.5
$1.0
$1.5
$2.0
$2.5
New Scope Restructuring ITO BPO
Range of 5 Prior 1Qs Avg of 5 Prior 1Qs 1Q14 1Q15


May 11, 2015 22
Exhibit 42: Americas (ACV): Strength in Canada and Other LatAm
Exhibit 43: EMEA (ACV): Weak, ‐26% YoY, ‐29% QoQ
$3.2
$3.4
$2.7
$3.3
$2.4
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 44: EMEA Deal Count: Deal sizes declined YoY
181
153
143 169
128
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 45: EMEA Trailing 12 months ACV ($B): Declined over last 12m
$11.6
$14.2
$11.6 $12.1 $11.6
553
593
541
629
569
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15
ACV Counts

Exhibit 46: EMEA: Weak across services except BPO
$1.7
$0.7
$1.8
$0.6
$‐
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0

Exhibit 47: APAC (ACV): Weak, ‐45% YoY, ‐19% QoQ
$0.7
$0.5
$0.6
$1.0
$0.5
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15


$‐
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
U.S.
$0.22
$0.01 $0.00
$0.03
$‐
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
Canada Brazil Mexico Other LatAm

May 11, 2015 23
Exhibit 48: APAC deal count declined more Q1, ‐24% YoY, ‐15% QoQ
52
33
34
45
34
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15

Exhibit 49: APAC Trailing 12 months ACV ($B): Uptick over last 12m
$2.7 $2.1
$3.6
$2.5 $2.6
166
135
169
141 139
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15
ACV Counts

Exhibit 50: APAC: Weakness across service line
$0.42
$0.12
$0.50
$0.04 $‐
$0.2
$0.4
$0.6
$0.8
$1.0

Exhibit 51: Public Sector Trailing 12m ACV ($B): Strong spending
$27.6
$25.1
$27.7
$38.9
$47.3
$23.3
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15
Public Sector Commercial Sector

Exhibit 52: Public Sector Trailing 12m Counts: Steady uptick
1,176
1,283
1,180 1,188
1,400
876 891 978
1,224 1,293
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15
Commercial Sector Public Sector

Exhibit 53: Public Sector Regional ITO vs. BPO % TTM ACV
88%
36%
91%
38%
12%
64%
9%
38%
U.S. & Canada U.K. Continental
Europe
Australia
ITO BPO


May 11, 2015 24
Exhibit 54: Public Sector ITO vs BPO TTM ACV
$20.7 $18.0 $20.9
$30.0
$35.9
$6.9 $7.1 $6.8 $8.8 $11.4
2Q10‐
1Q11
2Q11‐
1Q12
2Q12‐
1Q13
2Q13‐
1Q14
2Q14‐
1Q15

Exhibit 55: Share of Public Sector ACV for Trailing 12m in NA
67%
17%
7% 6%
2%
U.S. Canda U.K. Continental
Europe
Australia Others

Exhibit 56: America ACV Q1CY15: Strong growth in Healthcare, Energy, and Retail
$0.34 $0.37
$0.24
$0.40
$0.13 $0.11
$0.32
$0.07
$0.13
$‐
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
Manufacturing Financial
Services
Telecom &
Media
Healthcare &
Pharma
Business
Services
Retail Energy Consumer
Products &
Goods
Travel
Transport
Leisure

Exhibit 57: EMEA ACV Q1CY15: Strong growth in DACH, Benelux, and Southern Europe
$0.75
$0.10
$0.65
$0.18
$0.50
$0.05
$0.16
$0.02 $‐
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
U.K. & Ireland Nordics DACH France Benelux Southern Europe Africa & Middle
East
E.Europe & Russia


May 11, 2015 25
Exhibit 58: EMEA ACV Q1CY15: Strong growth in FS, CPG, and Retail
$1.23
$0.32
$0.18 $0.15 $0.20
$0.04 $0.01
$0.17 $0.12
$‐
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
Financial
Services
Travel
Transport
Leisure
Manufacturing Telecom &
Media
Energy Business
Services
Consumer
Products &
Goods
Retail Healthcare &
Pharma

Exhibit 59: APAC ACV Q1CY15: Strong growth in India, Japan, and South Korea
$0.03
$0.30
$0.10 $0.08
$0.02 $0.02 $‐
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
ANZ India & South Africa Japan Greater China Southeast Asia South Korea

Exhibit 60: APAC ACV CY14: Strong growth in Energy, Business Services, and Retail
$0.18
$0.02
$0.10
$0.12
$0.06
$0.00
$0.03 $0.03
$0.00 $‐
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
Financial
Services
Manufacturing Telecom &
Media
Travel Transport
Leisure
Energy Business
Services
Consumer
Products &
Goods
Retail Healthcare &
Pharma


May 11, 2015 26
Infosys and TCS – Retained as Top Picks among Tier‐1
The performance of Tier‐1 Indian IT Services in Q4FY15 (JFM‐14) was affected by the
seasonality, cross currency headwinds, and weakness in select few verticals.
Revenue growth was below expectation in constant currency term as well. However,
the management commentary was encouraging with global tech majors reporting
strong growth in the order book. However, the management sees more stickiness in
discretionary spend from the US with some concern in Energy vertical. The
management expects healthy growth environment in the US and improvement in
Europe with some caution due to seasonality. The deal pipeline remained flat QoQ
but witnessed improvement on YoY basis. As clients complete their budget session
on stable macro‐economic outlook, we expect performance to improve in CY15.
Moreover, spend would be driven by Digital.
We reiterate our preference for Infosys and TCS due to low running expectations
and valuation comfort. We reiterate our ‘BUY’ recommendation on Infosys, and TCS
and ‘Accumulate’ on Wipro and HCL Tech.
Exhibit 61: Infosys
17.4
8
11
14
17
20
23
26
May‐10 May‐11 May‐12 May‐13 May‐14 May‐15
1‐Yr Forward PER Average PER

Exhibit 62: TCS
18.1
0
5
10
15
20
25
30

Exhibit 63: Wipro
14.3
0.0
5.0
10.0
15.0
20.0
25.0

Exhibit 64: HCL Tech
12.4x
4
6
8
10
12
14
16
18
20
1‐Yr. Forward PER Average PER


May 11, 2015 27

Prabhudas Lilladher Pvt. Ltd.
3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai‐400 018, India
Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209
Rating Distribution of Research Coverage PL’s Recommendation Nomenclature
44.6%
38.0%
17.4%
0.0%
0%
10%
20%
30%
40%
50%
BUY Accumulate Reduce Sell
% of Total Coverage

BUY   : Over 15% Outperformance to Sensex over 12‐months
Accumulate : Outperformance to Sensex over 12‐months
Reduce : Underperformance to Sensex over 12‐months
Sell : Over 15% underperformance to Sensex over 12‐months
Trading Buy : Over 10% absolute upside in 1‐month
Trading Sell : Over 10% absolute decline in 1‐month
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly
DISCLAIMER/DISCLOSURES
ANALYST CERTIFICATION
We/I, Mr. Shashi Bhusan (BTech (IIT), MBA (IIM)), Mr. Hussain Kagzi (BMS), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.
Terms & conditions and other disclosures:
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This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to
others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security.
The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its
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