A

Mini Project Report

On

“A Study of Strategic Finance Analysis of IT Industry.”

With reference to

“Tata Consultancy Services (TCS), Infosys, & HCL Technologies”

Submitted by

UJJWAL SATISH KOTHARI

21CM108151039

Under the guidance of

Mr. SUJEET KAMBLE

In the partial fulfillment of the requirements

For the award of the Degree of
BACHELORS OF BUSINESS ADMINISTRATION

OF

SANJAY GHODAWAT UNIVERSITY, KOLHAPUR

FACULTY OF COMMERCE & MANAGEMENT

2023-2024
 Date: -

LETTER OF RECOMMENDATION

To
The Controller of Examination,
Sanjay Ghodawat University,
Kolhapur.

Subject: - Recommending BBA Mini Project Report.

Respected Sir,

With reference to above subject, Faculty of Commerce & Management

recommending that the project report titled “A STUDY ON STRATEGIC
FINANCE ANALYSIS OF IT INDUSTRY WITH REFERENCE TO TATA
CONSULTANCY SERVICES, INFOSYS, HCL TECHNOLOGIES.” being
submitted by UJJWAL KOTHARI, 21CM108151039, in partial fulfillment of
the requirements for the award of the Degree of Bachelors of Business
Administration, is a bonafide record of the project work done by UJJWAL
KOTHARI of Faculty of Commerce & Management.

Thanking you. Dr. Giri Y.L.

i
 Date: -

SCHOOL CERTIFICATE

This is to certify that the mini project report titled “A STUDY ON STRATEGIC
FINANCE ANALYSIS OF IT INDUSTRY WITH REFERENCE TO TATA
CONSULTANCY SERVICES, INFOSYS, HCL TECHNOLOGIES.” being
submitted by UJJWAL KOTHARI, 21CM108151039, in partial fulfillment of the
requirements for the award of the Degree of Bachelors of Business
Administration, is a bonafide record of the project work done by UJJWAL
KOTHARI of Faculty of Commerce & Management.

Mr. Sujeet Kamble Dr. Shailendrasingh Dikit

(Guide) ( Head- School of Management)

ii
 DECLARATION

I undersigned, hereby declare that the mini project titled “A Study on Strategic
Finance Analysis of It Industry with Reference to Tata Consultancy Services,
Infosys, HCL Technologies.” submitted in partial fulfillment for the award of
‘Degree of Bachelors of Business Administration’ of Sanjay Ghodawat
University, Kolhapur is a bonafide record of work done by me under the guidance
of Mr. Sujeet Kamble, at Faculty of Commerce & Management. This report has
not submitted previously for the award of any degree, diploma, or similar title of
any University.

Place: -
Date: -

Ujjwal Kothari

iii
 ACKNOWLEDGEMENT

Through this acknowledgement I express my sincere gratitude towards all those

people who helped me in this project, which has been a learning experience.

This space wouldn’t be enough to extend my warm gratitude towards my project

guide Prof. Sujeet Kamble for their efforts in coordinating with my work and
guiding in right direction.

I escalate a heartfelt regard to our Vice Chancellor, Registrar, Academic Dean,

Dean and Program Coordinator for giving me the essential hand in concluding
this work.

It would be injustice to proceed without acknowledging those vital supports I

received from my beloved classmates and friends, without whom I would have
been half done.

I also use this space to offer my sincere love to my parents and all others, who
had been there, helping me, walk through this work.

Ujjwal Kothari

iv
 Table of Contents/ Index

Contents
Executive Summary .............................................................................................................................. x
Chapter 01 Introduction to study ........................................................................................................ 1
1.1 Introduction to the study: .............................................................................................................. 1
1.2 Statement of the problem: ............................................................................................................. 2
1.3 Objectives of the study: ................................................................................................................. 3
1.4 Significance of the Study: ............................................................................................................. 4
Chapter 02 Company Profile ............................................................................................................... 5
2.1 Industry Profile: ............................................................................................................................ 5
2.2 History of the Company: ............................................................................................................... 6
2.3 Details of the company:................................................................................................................. 8
2.4 Overview of Functional Department: ............................................................................................ 9
2.5 Organizational Chart: .................................................................................................................. 11
Chapter 03 Conceptual Framework & Literature Review ............................................................. 13
3.1 Conceptual Framework: .............................................................................................................. 13
3.2 Literature Review: ....................................................................................................................... 14
Chapter 04 Research Methodology ................................................................................................... 19
4.1 Research Design .......................................................................................................................... 19
4.2 Data Collection............................................................................................................................ 19
4.2.1 Secondary Data ........................................................................................................................ 19
4.3 Sampling Design ......................................................................................................................... 19
4.3.1 Sample Size .............................................................................................................................. 19
4.3.2 Data Analysis Tool:.................................................................................................................. 20
4.3.3 Data Representation ................................................................................................................. 20
4.4 Limitation of the Study: .............................................................................................................. 20
Chapter 05 Data Analysis & Interpretation ..................................................................................... 21
Chapter 06 Findings, Recommendation & Conclusion. ........................................................................ 52
6.1 Findings of Study: ....................................................................................................................... 52
6.3 Recommendations of the study: .................................................................................................. 55
6.3 Conclusion: ................................................................................................................................. 56
Bibliography/ Reference & Webliography........................................................................................ 57
Appendices: ........................................................................................................................................... 59

v
 List of Tables

Sr. Particulars Page. No

No

01 Table no 5.1.A Revenue Trends and Growth of 20

TCS in Financial Years.

02 Table no 5.1.B Revenue Trends and Growth of 20

Infosys in Financial Years.

03 21
Table no 5.1.C Revenue trends and Growth of
HCL Technologies in Financial Years.

04 Table no 5.2.A Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
TCS in Financial Years.

05 Table no 5.2.B Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
Infosys in Financial Years.

06 Table no 5.2.C Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
HCL Technologies in Financial Years.

07 Table no 5.3.A Investments Allocation of TCS in 28

the Financial Years.

08 Table no 5.3.B Investments Allocation of Infosys 28

in the Financial Years.

09 Table no 5.3.C Investments Allocation of HCL 29

Technologies in the Financial Years
10 Table no 5.4.A Debt Allocation of TCS for 33
Financial Years.

11 Table no 5.4.B Debt Allocation of Infosys for 34

Financial Years.

12 Table no 5.4.C Debt Allocation of HCL 35

Technologies for Financial Years.

13 Table no 5.5.A Debt Utilization Analysis of TCS 37

For the Financial Years
14 Table no 5.5.B Debt Utilization Analysis of 37
Infosys for the Financial Years
vi
15 Chart no 5.5.C.2 Debt Utilization Analysis of 38
HCL Technologies for the Financial Years
16 Table no 5.6.A Analysis on long-term Strategic 43
Plans of TCS in Financial Years.

17 Table no 5.6.B Analysis on long-term Strategic 45

Plans of Infosys in Financial Years
18 Table no 5.6.C. Analysis on long-term Strategic 47
Plans of HCL Technologies in Financial Years.

19 Table no 5.6 Scenario Analysis based on 49

Economic Conditions and Investment Levels of
TCS, Infosys, & HCL Technologies.

vii
 List of Graphs

Sr. Particulars Page. No

No

01 Chart no 5.1.A Revenue Trends and Growth of 20

TCS in Financial Years.

02 Chart no 5.1.B Revenue Trends and Growth of 20

Infosys in Financial Years.

03 21
Chart no 5.1.C Revenue trends and Growth of
HCL Technologies in Financial Years.

04 Chart no 5.2.A Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
TCS in Financial Years.

05 Chart no 5.2.B Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
Infosys in Financial Years.

06 Chart no 5.2.C Profit Margin Analysis & Return 24

on Equity Analysis (i.e., Profitability Ratio) of
HCL Technologies in Financial Years.

07 Chart no 5.3.A Investments Allocation of TCS in 28

the Financial Years.

08 Chart no 5.3.B Investments Allocation of Infosys 28

in the Financial Years.

09 Chart no 5.3.C Investments Allocation of HCL 29

Technologies in the Financial Years
10 Chart no 5.4.A Debt Allocation of TCS for 33
Financial Years.

11 Chart no 5.4.B Debt Allocation of Infosys for 34

Financial Years.

12 Chart no 5.4.C Debt Allocation of HCL 35

Technologies for Financial Years.

13 Chart no 5.5.A Debt Utilization Analysis of TCS 37

For the Financial Years
14 Chart no 5.5.B Debt Utilization Analysis of 37
Infosys for the Financial Years
viii
15 Chart no 5.5.C.2 Debt Utilization Analysis of 38
HCL Technologies for the Financial Years
16 Chart no 5.6.A Analysis on long-term Strategic 43
Plans of TCS in Financial Years.

17 Chart no 5.6.B Analysis on long-term Strategic 45

Plans of Infosys in Financial Years
18 Chart no 5.6.C. Analysis on long-term Strategic 47
Plans of HCL Technologies in Financial Years.

19 Chart no 5.6 Scenario Analysis based on 49

Economic Conditions and Investment Levels of
TCS, Infosys, & HCL Technologies.

ix
 Executive Summary

This mini project delved into a comprehensive analysis of three prominent IT companies: Tata
Consultancy Services (TCS), Infosys, and HCL Technologies. The primary objective was to
examine their financial strategies, investment patterns, debt management, and long-term
sustainability plans. By accurately analysing various financial aspects, including revenue
trends, profitability ratios, investment allocations, and debt utilization, valuable insights were
gained into how these companies navigate the ever-evolving IT industry.

The study revealed interesting trends. TCS showcased consistent revenue growth, emphasizing
innovation and a balanced profit margin. Infosys demonstrated notable growth in revenue while
maintaining a sustainable and profitable approach through effective debt management. HCL
Technologies displayed steady revenue growth, maintaining a competitive profit margin and
return on equity. Moreover, each company showcased unique investment approaches, aligning
with their long-term strategic plans, further emphasizing innovation, sustainability, and
employee development.

In conclusion, the IT industry is characterized by aggressive competition and constant

technological advancements. To maintain a competitive edge, companies need to strategically
manage their financial resources, investments, and debts while embracing sustainability and
innovation. This project shed light on the financial narratives of these three IT giants, providing
a glimpse into their operational prowess and strategic foresight, crucial for navigating the
complex and ever-changing landscape of the IT sector.

x
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 01 Introduction to study

1.1 Introduction to the study:

In this mini-project, we set out to uncover the financial strategies and performance of leading
entities in the Information Technology (IT) industry: Tata Consultancy Services (TCS), Infosys,
and HCL Technologies. The IT industry is a dynamic landscape, similar to a rapidly changing
tech universe where financial decisions act as navigational stars. Our mission is to unveil the
financial strategies of these companies, which act as vital engines propelling a high-speed train
through the tech realm.
Our primary goal is to thoroughly examine and analyze the strategic finance decisions made by
TCS, Infosys, and HCL Technologies, crucial players in the IT industry. Our specific aims are
to:
1.Understand Financial Strategies: Figure out how each company carefully manages its
money to grow, stay competitive, and come up with new ideas in the always-changing IT
market. We want to decode how they make decisions about their finances.
2. Evaluate Investment Approaches: Assess the investment strategies of these companies,
analyzing how they align with their long-term objectives and adapt to the rapidly changing
dynamics of the tech market. We aim to grasp how these investments force their growth.
3. Assess Debt Management: Examine how each company manages debt, ensuring it is utilized
strategically to fund expansion initiatives without compromising financial stability.
Understanding how they balance this financial aspect is key to unraveling their success story.
4. Balance Short-Term and Long-Term Growth: Investigate how these companies strike a
balance between short-term financial gains and a vision for sustainable, long-term growth. We
aim to reveal how they manage this delicate equilibrium to align with their organizational goals.

Through this in-depth analysis, we intend to shed light on the strategic financial decisions that
have propelled TCS, Infosys, and HCL Technologies in the fiercely competitive IT industry.
Our purpose is to offer a clear and comprehensive understanding of their financial mechanisms
and practices, providing invaluable insights for aspiring finance professionals and enthusiasts
alike. By dissecting their financial strategies, we hope to provide a roadmap for navigating the
intricate world of finance within the IT industry.

1
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

1.2 Statement of the problem:

In today's fast-paced world, the Information Technology (IT) industry is at the forefront of
technological advancements. Big players like Tata Consultancy Services (TCS), Infosys, and
HCL Technologies are leading this charge. However, being successful in this dynamic and
highly competitive industry requires making smart financial decisions
.
The problem at hand encompasses several key aspects:

1] Evolving Economic Landscape: The recent economic volatility and fluctuations in global
markets have posed challenges for companies in managing financial stability and growth.
Understanding how these IT giants navigate financial strategies amidst economic changes is
vital.
2] Cybersecurity Threats: With the surge in cyber threats, companies need to invest in robust
cybersecurity measures. Examining how financial resources are allocated to tackle this critical
aspect while ensuring business continuity is essential.
3] Investment Decisions: The IT sector requires continuous investment in research,
technology, and talent. Analysing how these companies invest strategically in projects,
research, and human capital to maintain a competitive edge is a critical aspect of this study.
4] Debt Management: Effectively managing debt is paramount for sustainable growth.
Studying how these companies strategically utilize debt to fund expansion and innovation is
essential in understanding their financial prudence.
5] Short-Term Gains vs. Long-Term Sustainability: Striking the right balance between
short-term financial gains and long-term sustainability is a challenge. Assessing how these
companies achieve this balance in their financial decisions is crucial for strategic insights.

This mini-project sets out to dissect and analyze the financial strategies utilized by TCS,
Infosys, and HCL Technologies, considering these key aspects of the problem. We aim to
unravel the intricacies of their financial decisions, offering insights into how these choices
contribute to their standing as industry leaders. Ultimately, this study makes efforts to serve as
an enlightening resource for budding finance professionals and enthusiasts, providing them
with valuable insights to navigate the financially challenging territory of the IT industry.

2
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

1.3 Objectives of the study:

In this mini-project, our main aim is to deeply understand and analyze the financial strategies
and decision-making processes of three major players in the Information Technology (IT)
industry: Tata Consultancy Services (TCS), Infosys, and HCL Technologies. The IT industry
is like a rapidly evolving tech world, and money is its fuel - understanding how these companies
handle this fuel is our primary goal.

1. Understanding Financial Strategies: Our first objective is to grasp how these companies
manage their money strategically. We want to know how they plan and use their financial
resources to grow and stay ahead in the competitive IT market.
2. Evaluating Investment Approaches: The second objective involves evaluating how these
companies make investment decisions. We aim to comprehend where and how they invest their
funds, especially in terms of research, technology, and human resources, to remain at the
forefront of the technology race.
3. Assessing Debt Management: Our third objective is to examine how these companies
handle debt. Borrowing is a common practice in the business world, but we want to understand
how they manage and utilize it smartly to expand and innovate.
4. Balancing Short-Term Gains with Long-Term Sustainability: Our final objective is to
investigate how these companies strike a balance between short-term gains and long-term
sustainability. It's crucial to understand how they manage their finances to ensure ongoing
success while planning for the future.

By achieving these objectives, we aim to uncover the financial strategies and decisions that
have propelled TCS, Infosys, and HCL Technologies to their current positions in the IT
industry. Our goal is to make this study a valuable resource for budding finance professionals,
providing them with practical insights into the financial of the IT sector.

3
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

1.4 Significance of the Study:

This mini-project holds significant value in unraveling the financial mysteries of the IT
industry, focusing on industry giants - Tata Consultancy Services (TCS), Infosys, and HCL
Technologies. The importance of this study lies in the illumination it brings to the finance
landscape of the dynamic IT sector.

1. Understanding Financial Strategies: This study's primary significance lies in its attempt to
decode the financial strategies of key IT companies. By comprehending how these companies
strategically handle their finances, we can learn valuable lessons that may be applied in various
business contexts.
2. Guidance for Aspiring Finance Professionals: For aspiring finance professionals, this
study serves as a practical guide. It provides insights into the financial decision-making
processes of renowned IT firms, offering a glimpse into the skills and knowledge required to
navigate the financial aspects of a tech-driven industry.
3. Insights into Industry Dynamics: The study helps us grasp the financial dynamics of the
IT industry, allowing us to comprehend how financial decisions are shaped within a rapidly
changing technological landscape. This understanding is crucial for adapting financial
strategies to evolving industry trends.
4. Educational Value: As a student, this study enhances our understanding of finance in a real-
world business context. It enriches our academic experience by applying theoretical knowledge
to practical scenarios, thus bridging the gap between classroom learning and the business world.
5. Practical Application of Finance Principles: By studying how these IT companies manage
their finances, we gain practical exposure to finance principles such as investment strategies,
debt management, and balancing short-term gains with long-term sustainability. This
application-oriented approach enhances our grasp of these concepts.

In conclusion, this mini-project holds immense significance in providing a closer look at the
financial intricacies of the IT industry, focusing on key players like TCS, Infosys, and HCL
Technologies. By shedding light on their financial strategies, it equips us with practical
knowledge and understanding, enriching our academic journey and preparing us for future roles
in the finance domain.

4
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 02 Company Profile

2.1 Industry Profile:

The IT industry is a dynamic and transformative sector that stands as a crucial driver of global
economic growth. It primarily involves the development, management, and utilization of
various technologies to process, transmit, and store information. This industry encompasses a
wide array of services and products, ranging from software development to hardware
manufacturing, cybersecurity, cloud computing, artificial intelligence, and more.

1. Industry Overview and Growth Trends: The IT industry has witnessed exponential growth
over the years, fueled by advancements in technology and digital transformation across various
sectors. The proliferation of smartphones, the advent of the Internet of Things (IoT), and the
increasing demand for cloud services have significantly contributed to the industry's expansion.
Additionally, the COVID-19 pandemic accelerated the adoption of digital technologies, driving
further growth.
2. Key Players and Market Landscape: The IT industry is populated by several major players,
with Tata Consultancy Services (TCS), Infosys, and HCL Technologies being prominent
figures. These companies offer a wide range of services including software development,
consulting, business process outsourcing, and more. The market is highly competitive, with
companies constantly innovating to stay ahead in the rapidly evolving technological landscape.
3. Challenges and Future Outlook: While the IT industry presents immense opportunities, it
is not devoid of challenges. Rapid technological advancements demand constant upskilling and
adaptation, posing a challenge for both companies and professionals. Additionally, increasing
concerns about data privacy and cybersecurity present ongoing challenges. Looking ahead, the
industry is expected to continue its growth trajectory, driven by trends like artificial
intelligence, remote work technologies, and sustainability initiatives.

This industry profile sets the stage for our study, allowing us to delve into the financial
strategies of major players within this vibrant and ever-evolving IT sector. Understanding the
industry's growth, its key players, and the challenges it faces is essential for a comprehensive
analysis of the financial dynamics that support its functioning.

5
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

2.2 History of the Company:

In the fast-evolving landscape of technology, the Information Technology (IT) industry stands
at the forefront of innovation and growth. This dynamic sector encompasses a vast array of
services and products aimed at processing, managing, and utilizing information with the help
of advanced technologies. From software development to hardware manufacturing,
cybersecurity to artificial intelligence, the IT industry plays a pivotal role in shaping the modern
world.

The following are the historic history of the Companies:

1] Tata Consultancy Services (TCS):

Tata Consultancy Services (TCS) has a storied history that dates back to 1968. Founded by Tata
Sons, an arm of the esteemed Tata Group, TCS initially started as the Tata Computer Centre in
Mumbai, India. It was established to provide computer-related services to other Tata Group
companies. TCS played a pioneering role in India's IT industry, leveraging the emerging field
of computers and technology.

As time progressed, TCS swiftly expanded its reach beyond the Indian borders. In the 1970s,
TCS began its journey as an international player, making significant strides in providing IT
services to clients globally. Through strategic partnerships and a commitment to innovation,
TCS became a name synonymous with IT excellence on the global stage.

In the 1980s and 1990s, TCS diversified its service offerings, exploring areas like software
development, consulting, and IT services. It established itself as a trusted IT partner for
businesses worldwide. The early 2000s saw TCS emerging as a leader in the IT industry,
marked by its successful IPO in 2004, which was the largest in the Indian market at that time.

Today, TCS is a multinational IT services, consulting, and business solutions organization,

operating in over 50 countries. It stands as a testament to India's capability to compete globally
in the IT sector and continues to shape the future of technology through constant innovation
and strategic financial decisions.

2] Infosys:

Infosys, founded in 1981 by a group of professionals led by N.R. Narayana Murthy, has an
inspiring journey of growth and success. The company commenced operations in Pune, India,
with a vision to create a world-class organization that delivered high-quality software solutions.

In its initial years, Infosys faced challenges typical of startup ventures. However, with a
commitment to excellence, strong leadership, and a focus on customer satisfaction, Infosys
rapidly gained momentum. By the late 1980s and early 1990s, Infosys was recognized for its
pioneering work in offshore outsourcing, serving clients predominantly in the United States.

In 1993, Infosys went public and was listed on the Indian stock exchanges. This move provided
the necessary financial impetus for the company's expansion and innovation. Over the years,
Infosys diversified its service offerings, expanded globally, and became a symbol of India's IT
prowess. It is known for its commitment to corporate governance, ethics, and sustainable
business practices.

6
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Today, Infosys is a global leader in consulting, technology, and outsourcing solutions, operating
in numerous countries and serving a wide spectrum of industries.

3] HCL Technologies:

HCL Technologies has a remarkable history that commenced in 1976. The company was
founded as Hindustan Computers Limited (HCL) by Shiv Nadar and a group of fellow
entrepreneurs. Initially, HCL focused on manufacturing calculators and microprocessors.

In the 1980s, HCL shifted its focus towards the IT services sector, sensing the immense
potential in the burgeoning field of information technology. HCL ventured into software
development, marking its entry into the software services domain. The company's commitment
to innovation and customer-centric solutions propelled its growth in the industry.

In the 1990s, HCL Technologies further broadened its portfolio and ventured into global
markets, becoming an international player in the IT industry. The company emphasized a
unique approach with a strong belief in "Employee First, Customer Second" - a philosophy that
prioritized employee satisfaction and development.

Today, HCL Technologies is a leading global IT services company, providing a wide array of
services and solutions across various sectors, including technology, healthcare, finance, and
more. It continues to be recognized for its innovative approaches and commitment to social and
environmental responsibility.

7
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

2.3 Details of the company:

Introduction:

The world today is an intricately connected network, powered by the pulse of technology. At
the heart of this digital revolution lies the Information Technology (IT) industry, a dynamic
realm continually shaping the way we live, work, and communicate. The IT industry,
encompassing an array of services from software development to cybersecurity, has emerged
as a catalyst for innovation and economic growth on a global scale. This study aims to delve
into the strategic finance analysis of the IT industry, focusing on three prominent companies:
Tata Consultancy Services (TCS), Infosys, and HCL Technologies.

1. Tata Consultancy Services (TCS):

Tata Consultancy Services (TCS), founded in 1968, is a global leader in providing IT services,
consulting, and business solutions. Initially, TCS focused on providing computer services to
Tata Group companies. However, with a vision to harness the emerging potential of the IT
industry, TCS rapidly expanded its services and client base, extending its reach internationally.
TCS has been a key player in India's journey to establish itself as a major hub for IT services.
It has a widespread global presence, serving clients across diverse industries including finance,
healthcare, retail, and more. TCS consistently invests in research and development, keeping
itself at the forefront of technology and innovation.

2. Infosys:
Established in 1981, Infosys is a multinational corporation specializing in technology services
and consulting. The company started its operations in Pune, India, with the goal of providing
top-notch software solutions. Over the years, Infosys has expanded globally and earned a
reputation for delivering high-quality IT services. It went public in 1993, listing on the Indian
stock exchanges, and later on the NASDAQ. Infosys has played a significant role in shaping
the IT industry, adhering to strong principles of corporate governance and ethical business
practices. The company offers a wide array of services including application development,
maintenance, consulting, and more, serving clients in various sectors worldwide.

3. HCL Technologies:
HCL Technologies, founded in 1976, started as a technology hardware company. Recognizing
the potential in the IT sector, it transitioned into the software services domain. The company's
unique philosophy of "Employee First, Customer Second" sets it apart, emphasizing the
importance of employee satisfaction in delivering exceptional customer service. HCL
Technologies is now a prominent global IT services company, providing a comprehensive range
of services including software-led IT solutions, remote infrastructure management,
engineering, and R&D services. It serves a broad spectrum of industries and has a strong
commitment to sustainability and corporate social responsibility. HCL Technologies continues
to innovate and grow, making a significant impact on the IT industry.

8
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

2.4 Overview of Functional Department:

Overview of Functional Departments in the IT Industry:

In the Information Technology (IT) industry, several specialized functional departments work
in tandem to ensure the smooth functioning and growth of the organization. These departments,
each with unique roles and responsibilities, collectively contribute to achieving the company's
strategic objectives and financial sustainability.

1. Finance Department:
The Finance Department in the IT industry manages financial resources and activities. It
encompasses functions such as financial planning, budgeting, cash flow management, financial
analysis, risk assessment, and investment strategies. This department ensures financial stability
and efficiency, aligning financial decisions with the organization's strategic goals. It plays a
critical role in optimizing resource allocation, evaluating project costs, and making informed
financial decisions to drive sustainable growth.

2. Human Resources Department:

The Human Resources (HR) Department is vital in managing the workforce within an IT
organization. It handles recruitment, employee onboarding, talent management, training and
development, performance appraisals, and employee relations. The HR Department also
focuses on fostering a positive workplace culture and ensuring compliance with labor laws and
regulations. In the IT industry, attracting and retaining skilled professionals is paramount,
making HR crucial for talent acquisition, retention, and growth, all of which contribute to
achieving strategic and financial objectives.

3. Marketing and Sales Department:

The Marketing and Sales Department plays a crucial role in promoting IT services and solutions
to clients and markets. It involves market research, developing marketing strategies, client
engagement, branding, advertising, and lead generation. The sales component deals with client
acquisition, negotiations, and closing deals. In the IT sector, where competition is high,
effective marketing and sales strategies are essential to showcase technological capabilities,
attract clients, and generate revenue, thereby impacting the company's financial performance
significantly.

4. Research and Development (R&D) Department:

The R&D Department focuses on innovation and technological advancements. It involves
research, experimentation, and development of new products, services, or enhancements to
existing offerings. This department keeps the company ahead in the technological curve,
ensuring relevance and competitiveness in the market. In the fast-paced IT industry, innovation
is a key driver of success, influencing strategic decisions and financial investments.

5. Operations and Project Management:

The Operations and Project Management Department oversees project execution and day-to-
day operations. It involves project planning, resource allocation, timelines, and quality control.
This department ensures projects are delivered on time, within budget, and meet quality
standards. Effective project management is crucial for delivering successful solutions, which,
in turn, influences client satisfaction and repeat business, impacting the company's financial
stability.

9
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Each of these functional departments is vital for the IT industry's success, and their
collaboration ensures the effective functioning of the organization, ultimately contributing to
achieving strategic financial objectives and sustainable growth.

In conclusion, the collaborative interaction of specialized functional departments is the

lifeblood of the Information Technology (IT) industry. The Finance Department ensures
prudent financial decisions, aligning resources with strategic visions. Human Resources
cultivates talent and a positive work culture, indispensable for achieving strategic and financial
goals. The Marketing and Sales Department drives revenue by showcasing technological
capabilities and engaging clients effectively. Meanwhile, Research and Development propels
innovation, a linchpin for staying competitive. Lastly, Operations and Project Management
ensure timely and quality project delivery, enhancing client satisfaction and financial stability.
Together, these departments form a cohesive unit, essential for realizing strategic financial
objectives and development sustainable growth in the dynamic IT sector.

10
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

2.5 Organizational Chart:

1] TCS Organizational chart:

2] Infosys Organizational chart:

11
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

3] HCL Technologies organizational Chart:

12
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 03 Conceptual Framework & Literature Review

3.1 Conceptual Framework:

The conceptual framework of this study encompasses a comprehensive analysis of the financial
landscape of the Information Technology (IT) industry, with a focus on Tata Consultancy
Services (TCS), Infosys, and HCL Technologies. Through a structured approach, we aim to
unravel the financial intricacies that steer these IT giants, shedding light on their financial
strategies, investment decisions, and risk management practices.

1. Financial Analysis:
In this phase, we delve into a meticulous examination of the financial underpinnings of TCS,
Infosys, and HCL Technologies. The analysis encompasses a thorough review of their financial
statements, including income statements, balance sheets, and cash flow statements. Key
financial ratios such as Return on Equity (ROE), Debt-to-Equity Ratio, Current Ratio, and
Earnings Per Share (EPS) will be computed to assess profitability, financial leverage, liquidity,
and efficiency. Comparative analysis of these ratios over multiple years will provide insights
into trends and financial stability, aiding in the evaluation of their financial health.

2. Investment Allocation:
Understanding the strategic allocation of investments is vital in comprehending the growth
trajectory of these IT companies. This Study involves a detailed study of their investment
decisions, including capital budgeting, mergers and acquisitions, research and development
initiatives, and technological infrastructure expenditures. An analysis of the allocation of funds
to various projects, geographical markets, and emerging technologies will shed light on their
strategic investment strategies. Evaluating the alignment of these investments with
organizational objectives and market trends is crucial to determine financial prudence and
future sustainability.

3. Risk Assessment and Mitigation:

The IT industry operates in a dynamic and sometimes unpredictable environment, making risk
assessment and mitigation a crucial aspect of financial strategy. This phase involves a
comprehensive evaluation of the diverse financial risks faced by TCS, Infosys, and HCL
Technologies. Market risks, operational risks, and financial risks will be thoroughly assessed.
This analysis will provide insights into the strategies and mechanisms employed by these
companies to mitigate risks effectively. Understanding their risk tolerance, risk management
frameworks, and financial resilience in the face of uncertainties is pivotal for a holistic
comprehension of their financial strategies.

The conceptual framework presented here provides a robust structure for evaluating the
strategic finance analysis of TCS, Infosys, and HCL Technologies. Through a lens focused on
financial analysis, investment allocation, and risk assessment and mitigation, this study aims to
unravel the intricate financial maneuvers that drive success in the highly competitive IT
industry. The synergy of these aspects forms the bedrock of prudent financial decision-making,
paving the way for sustainable growth and strategic alignment with organizational objectives.

13
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

3.2 Literature Review:

1] Berisha Qehaja, A., & Ismajli, H. (2018). Financial analysis as a strategic tool: The case
of SMEs in the Republic of Kosova. Business: Theory and Practice, 19, 186–194. This study
by Berisha Qehaja and Ismajli (2018) explores the use of financial analysis as a strategic tool
in small and medium enterprises (SMEs) in the Republic of Kosova. The authors highlight the
importance of strategic management in achieving organizational success and emphasize the role
of financial analysis in this process. They argue that firms utilizing strategic-planning concepts,
tools, and techniques generally exhibit superior long-term financial performance relative to
their industry (David & David, 2017). The study collected empirical data from 303 SMEs
operating in production, trade, and service sectors in Kosova. The findings reveal that Kosovan
SMEs greatly use financial analysis as a strategic tool, with significant differences found
between small and medium-sized enterprises regarding its usage. The authors conclude that
business financial analysis can serve as a valuable strategic tool for decision-makers in SMEs,
contributing to the existing scientific literature in the field of strategic management.

2] Govindasamy, P., & Premraj, H. (2019). An Analytical Study on Financial Planning

and Strategy Formulation. Restaurant Business, 15(9), 28-29. In this study, Govindasamy
and Premraj (2019) delve into the role of financial planning and forecasting in the insurance
sector, with a specific focus on wealth maximization. The authors argue that good business
forecasts can help businesses adapt to changing economic conditions and that financial planning
and forecasting have become crucial aspects of insurance planning. They further suggest that
forecasting can be an invaluable tool for businesses to anticipate financial trends and prepare
for them. The study emphasizes the importance of growth in financial forecasting and asserts
that creating shareholder value is enabled through corporate growth. The authors also highlight
the variations in the scope, degree of formality, and level of sophistication in financial planning
across firms. The paper provides an in-depth analysis of planning and strategy formulation with
a special reference to ICICI Prudential Life Insurance Co.Ltd., Chennai.

3] Yunis, M. A., & Karugu, J. (2018). Strategic financial management and performance
of small and medium enterprises in Kenya: A case of small and medium enterprises in
Wajir South Sub County. International Journal of Management and Commerce
Innovations, 6(1), 1856-1862. In this study, Yunis and Karugu (2018) investigate the
influence of strategic financial management on the performance of small and medium

14
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

enterprises (SMEs) in Wajir South Sub County, Kenya. The authors highlight the importance
of the SME sector as a major engine towards the achievement of middle-income status in Kenya
due to its role in job creation and economic growth. However, they express concern over the
high degree of business closure and shrinkage among these ventures, with many failing within
the first three years of operation. The study collected primary data from SME owners in Wajir
South Sub County using structured questionnaires and used multiple regression analysis to
determine the relationships between the variables. The findings reveal that strategic financial
management positively and significantly affected the performance of SMEs in Wajir South Sub
County. The authors conclude that addressing issues related to strategic financial management
can improve the level of strategic management in these businesses and enhance their
performance. They recommend that SMEs should develop strategic plans and work on building
impressive business profiles to gain the trust of financial institutions and enhance their access
to financing.

4] Femi, O. T., Michael, O. B., & Abosede, A. V. (2016). Comparative Analyses of Strategic
Financial Management Practices in Faith-Based and Community-Interest
Organisations. Journal of Financial Studies & Research, 2016. In this study, Femi, Michael,
and Abosede (2016) conduct a comparative analysis of the financial management practices of
two non-profit organizations: a faith-based organization and a community-interest organization.
The authors highlight the significant contribution of non-profit organizations to society,
particularly in areas not covered by the business or public sectors, such as skills development,
employment creation, and fostering social inclusion. Despite the importance of these
organizations, the authors note that there is limited research on their financial management
practices. The study adopts a field-based approach, using interviews, document analysis, and
examination of published annual reports to evaluate the financial management practices of the
two organizations. The findings reveal that while both organizations are aware of the risks
involved in financial management, they adopt different strategies to mitigate these risks. The
authors conclude that non-profit organizations, despite not being established for commercial
purposes, should embark on cost control and reduction to justify their funding by financiers.

15
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

5] Saroja, A. V. B. N. H., & Radhika, R. (2016). Strategic Financial Management- An

Innovative Management Practice. Journal of Financial Studies & Research, 2016. In this
study, Saroja and Radhika (2016) discuss the significance of strategic financial management
and the problems generally encountered by companies in conducting financial strategies. The
authors emphasize the role of strategic planning as a tool for organizing the present based on
projections of the desired future. They argue that at the most fundamental level, financial
management is concerned with managing an organization’s cash flow, profitability, assets,
liabilities, and revenues. The study suggests that strategic financial management plays a crucial
role in ensuring that the organization remains on track to attain its short-term and long-term
goals, while maximizing value for its shareholders. The authors also discuss the ideas of
management gurus Peter Drucker and Michael Porter, highlighting the importance of having
clear business goals and the need for businesses to analyze and grasp the development tendency
of an enterprise to improve the changeability and adaptability of financial management to an
uncertain environment.

6] Kourtis, M., Curtis, P., Hanias, M., & Kourtis, E. (2021). A Strategic Financial
Management Evaluation of Private Hospitals’ Effectiveness and Efficiency for
Sustainable Financing: A Research Study. European Research Studies Journal, XXIV (1),
1025-1054. In their study, Kourtis, Curtis, Hanias, and Kourtis aimed to assess the performance
of private hospitals in Greece to determine conditions crucial for their sustainable financing.
Using Data Envelopment Analysis (DEA), they analyzed financial data from fifteen major
private hospitals. The study utilized an input-oriented model, considering assets and employee
expenses as controllable by hospital management, while revenues and CFFO (Cash Flow from
Operations) were treated as outputs reflecting effectiveness and efficiency, crucial for
sustainability. The Variable Return to Scale (VRS) version of DEA was preferred due to
hospitals' reliance on human capital and knowledge management, causing non-linear dynamics.
Findings indicated that most hospitals demonstrated both increasing and decreasing returns
scale. Inefficiencies primarily stemmed from suboptimal hospital scales rather than managerial
incompetence in transforming inputs to outputs.

16
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

7] Sadaf, R., Oláh, J., Popp, J., & Máté, D. (2019). Institutional Ownership and
Simultaneity of Strategic Financial Decisions: An Empirical Analysis in the Case of
Pakistan Stock Exchange. Finance, XXII (1). DOI: 10.15240/tul/001/2019-1-012. Sadaf,
Oláh, Popp, and Máté's study investigates the influence of ownership structures on financial
decisions within companies, focusing particularly on the impact of institutional investors in the
Pakistan Stock Exchange. Ownership dynamics in firms often lead to conflicts of interest
between managers and shareholders, commonly known as the agency problem. The study
explores three primary ownership aspects: concentrated ownership by major shareholders or
block-holders, managerial ownership, and institutional ownership. Institutional ownership,
defined as the shares held by institutional investors rather than individuals, holds significant
relevance, particularly in Pakistan. This study specifically aims to understand the simultaneous
effects of institutional ownership on a firm's strategic financial decisions. By analyzing the
multifaceted impacts of institutional ownership on various financial decisions made by firms,
the study contributes to comprehending the intricate relationship between ownership structures
and financial decision-making within businesses.

8] Madanoglu, M. (2005). Underlying Risk Dimensions in the Restaurant Industry: A

Strategic Finance Approach. (Doctoral dissertation, Virginia Polytechnic Institute and
State University). Understanding and assessing the risk levels inherent in business
opportunities are crucial for restaurant managers. This study aims to analyze the causal
relationships between external environmental forces and internal firm capabilities to aid
strategic decision-making in investment opportunities. The research investigates risk concepts
and their underlying dimensions affecting cash flows and stock returns within the restaurant
industry. A contemporary framework is proposed to help industry executives comprehend the
impact of risk factors (both macroeconomic and industry-specific) on their firms’ financial
performance.

9] Karadag, H. (2015). Financial Management Challenges In Small and Medium-Sized

Enterprises: A Strategic Management Approach. Electronic Markets: The International
Journal on Networked Business, 5(1), 67. DOI: 10.5195/emaj.2015.67. Small and medium-
sized enterprises (SMEs) play a significant role in job creation, GDP growth, entrepreneurship,
and innovation, driving socio-economic growth in both developed and developing economies.
In Turkey, 99.9% of enterprises fall into the SME category, highlighting their crucial
contribution to the economy. However, SMEs face numerous challenges, with "poor financial
management" often cited as a leading cause of business failures. Strategic Financial
17
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Management (SFM), an area of research garnering attention post-2010, holds immense

importance for SMEs due to its impact on their survival, growth, and performance.

This paper aims to analyze the pivotal role of financial management, examining the challenges
and practices influencing organizational performance in Turkish SMEs from a strategic
management perspective. The paper first outlines the significance and challenges of SMEs in
Turkey, followed by a review of the literature on strategic and financial management in SMEs.
It then delves into the recent concept of strategic financial management, discussing its
implications for Turkish SMEs and its relationship with SME performance.

As the field of small and medium-sized enterprise finance in Turkey is still evolving, this paper
seeks to contribute significantly to the existing literature by analysing major challenges in
financial management within Turkish SMEs and assessing the impact of strategic financial
management practices on the performance of these companies. Additionally, it aims to provide
a conceptual framework that can guide future empirical research in academia.

10] Liu, Z., & Wang, J. (2018). Supply chain network equilibrium with strategic financial
hedging using futures. European Journal of Operational Research. This study presents a
network equilibrium model for supply chain networks involving strategic financial hedging.
The model considers multiple competing firms engaged in the purchase of various materials
and parts for manufacturing. The procurement activities of these supply chain firms are
susceptible to commodity price risk and exchange rate risk. To manage these risks, firms can
employ futures contracts. The research focuses on establishing equilibrium within the entire
network, where each firm optimizes its operations and hedging decisions. The model is
formulated using variational inequality theory and its qualitative properties are discussed. The
study offers analytical results for a scenario involving duopolistic competition and utilizes
simulations to examine an oligopolistic case. Both analytical and simulation analyses provide
valuable managerial insights.

18
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 04 Research Methodology

4.1 Research Design

A descriptive research design was utilized to comprehensively analyze the financial strategies
and performance of the selected IT companies. Descriptive research helped in outlining the
financial trends, patterns, and behaviors of the companies over the past five years.

4.2 Data Collection

Secondary data was gathered through annual reports, financial statements, and investor
presentations of TCS, Infosys, and HCL Technologies. Secondary data was also collected from
credible financial databases and journals. This data included financial ratios, revenue trends,
profitability indicators, debt levels, and investment patterns.

4.2.1 Secondary Data

Secondary data collected from annual reports, financial statements, and investor presentations
of TCS, Infosys, and HCL Technologies. Additionally, data was sourced from reputable
financial databases and journals. This data included financial ratios, revenue trends,
profitability indicators, debt levels, and investment patterns.

4.3 Sampling Design

The Sampling Design used here is “non-probability method” i.e., that uses non-random criteria
to select samples from a population. In this study I have used Convenience sampling method a
type of non- probability method, here the sample has been based on their availability and
accessibility to the researcher.

4.3.1 Sample Size

The sample size taken here for the study is five-year financial statement like balance sheet &
Annual report of the company. The data size start from 2018 and ends at 2023, Annual report.
The Sample size is taken from the Annual report available at websites of the company. In
disclosure the data will not be further used anywhere to protect privacy of the firm.

19
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

4.3.2 Data Analysis Tool:

Financial statement analysis is the process of evaluating the financial performance and position
of a company based on its financial statements, such as the balance sheet, income statement,
and cash flow statement. There are various techniques of financial statement analysis that has
been used to assess different aspects of a firm financial situation, the following “Data Analysis
tool as been used for the study which are as follows:
i. Horizontal analysis: This technique compares the changes in the financial data of a
company over time, such as from one year to another or from one quarter to another.

ii. Vertical analysis: This technique compares the proportions of different financial items
within a single financial statement, such as the income statement or the balance sheet.

iii. Ratio analysis: This technique calculates various ratios from the financial data of a
company, such as profitability ratios, liquidity ratios, solvency ratios, and valuation
ratios.

iv. Trend analysis: This technique analyses the changes in the financial data of a company
over a long period of time, such as five years or more

4.3.3 Data Representation

The data has been presented in the form of “Tables and Graph” like line graph and bar graph.
The data has been collected and ascertain in excel sheet to form various tables and graph. The
equation of lines has been used to represent the Y-axis and X- axis. The advantage of this data
presentation helps to make the data easier to understand and interpret.

4.4 Limitation of the Study:

1] Time constraints for data collection and analysis
2] Data availability and reliability
3] Industry-Specific expertise.

20
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 05 Data Analysis & Interpretation

5.1 Financial Statement Analysis:

In the dynamic landscape of the Information Technology (IT) industry, understanding and
analyzing financial statements play a pivotal role in assessing the performance and strategic
direction of companies. One fundamental aspect of financial statement analysis is the
examination of the income statement, a critical financial document that offers a comprehensive
summary of a company's revenues, expenses, and profitability over a specific period. Data
analysis and interpretation within the realm of income statement analysis provide valuable
insights into the financial health, operational efficiency, and strategic decision-making of major
IT industry players like Tata Consultancy Services (TCS), Infosys, and HCL Technologies.

A} Income Statement Analysis:

Data analysis within the context of income statement analysis involves a rigorous examination
of the financial data presented in the income statement. This process utilizes various financial
metrics, ratios, and calculations to unveil critical insights into the company's revenue
generation, cost management, and overall profitability. Common analysis methods include
trend analysis, comparative analysis, and ratio analysis. Trend analysis allows for the
observation of financial performance patterns over multiple periods, aiding in identifying
growth or decline trends. Comparative analysis involves comparing the financial performance
of the company with its competitors or industry benchmarks, providing a benchmark for
evaluation. Ratio analysis utilizes financial ratios to assess various aspects of the company's
financial health, such as profitability, liquidity, and solvency.

In the context of the IT industry, data analysis and interpretation within income statement
analysis are of supreme importance. These techniques aid in evaluating how efficiently
companies like TCS, Infosys, and HCL Technologies generate revenues, control expenses, and
optimize profitability. Strategic financial decisions, such as investment in research and
development, market expansion, or mergers and acquisitions, are often based on insights
derived from income statement analysis. Hence, the systematic and meticulous analysis and
interpretation of financial data hold the key to making informed and strategic financial
decisions, thus tiling the way for sustainable growth and success in the competitive IT
landscape.

21
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.1.A Revenue Trends and Growth of TCS in Financial Years.

Year 2019 2020 2021 2022 2023 till

date
Amount of $ 22 $27.18 $25.7 $27.927 $27
Sales/
Revenue In
billion
Year to Year 10% 23.54% (-5.5%) 8.7% (-3.3%)
growth rate.

Source- (Annual Report of the Company)

Table no 5.1.B Revenue Trends and Growth of Infosys in Financial Years.

Year 2019 2020 2021 2022 2023 till

date
Amount of $ 13.14 $ 13.80 $ 15.64 $ 16.30 $ 18.2
Sales/
Revenue In
billion
Year to Year 11.5% 5% 13.26% 4.22% 11.66%
growth rate.

Source- (Annual Report of the Company)

22
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.1.C Revenue trends and Growth of HCL Technologies in Financial

Years.
Year 2019 2020 2021 2022 2023 till
date
Amount of $ 11.5 $ 10.52 $ 11.76 $ 12.60 $ 14
Sales/
Revenue In
billion
Year to Year 15.52% (-8.52%) 11.79% 7.14% 11.11%
growth rate.

Source- (Annual Report of the Company)

Chart no 5.1.A Revenue Trends and Growth of TCS in Financial Years.

Year to Year growth rate of Revenue

25%
23.54%
PERCENTAGE OF YEAR TO YEAR GROWTH

y = -0.0414x + 0.1912
20%

15%

10% 10% 8.70%

5%

0%
2019 2020 2021 2022 2023 till date
-5% -3.30%
-5.50%
-10%
YEAR'S

Source- (From Chart no 5.1.A)

23
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.1.B Revenue Trends and Growth of Infosys in Financial Years.

Year to Year growth rate of Revenue.

YEAR TO YEAR GROWTH RATE PERCENTAGE

14.00%
13.26%
11.50% 11.66%
12.00%

10.00%

8.00%

6.00%

4.00% 5% 4.22%
2.00%
y = -0.0005x + 0.0927
0.00%
2019 2020 2021 2022 2023 till date
YEARS

Source-( From Chart no 5.1.B)

Chart no 5.1.C Revenue Trends and Growth of HCL Technologies in Financial

Years.

Year to Year growth rate of Revenue.

20.00%
y = 0.0068x + 0.0536
15.52%
15.00%
11.79% 11.11%
10.00% 7.14%

5.00%

0.00%
2019 2020 2021 2022 2023 till date
-5.00%
-8.52%
-10.00%
Years

Source- (From Chart no 5.1.C)

24
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Interpretation and Comparison:

TCS (Tata Consultancy Services): TCS displayed consistent revenue growth from 2019 to
2022, showcasing a robust 23.54% growth in 2020, a notable achievement. However, there was
a slight dip in revenue by 5.5% in 2021, likely due to external factors or strategic shifts.
Fortunately, TCS managed to rebound in 2022, recording an impressive 8.7% growth. In 2023
till date, there's a further slight decline of 3.3% in revenue, possibly due to evolving market
dynamics or internal adjustments. Despite minor fluctuations, TCS has maintained a relatively
stable revenue trajectory.

Infosys: Infosys exhibited steady revenue growth from 2019 to 2022, with a remarkable surge
of 13.26% in 2021, indicating effective strategies or increased demand for their services. In
2023 till date, the growth rate remains strong at 11.66%, highlighting the company's consistent
performance and adaptability to market changes. Infosys has managed to sustain and even
accelerate its revenue growth, reflecting a resilient business model and strategic initiatives.

HCL Technologies: HCL Technologies experienced a significant revenue increase in 2019

(15.52%), showcasing robust growth. However, 2020 saw a decline of 8.52%, likely due to
various factors including the global pandemic affecting business operations. The company
rebounded with consistent growth in 2021 (11.79%) and 2022 (7.14%). In 2023 till date, the
growth rate is 11.11%, indicating a promising upward trajectory. HCL Technologies has shown
resilience and an ability to recover and grow, adapting to market conditions.

In summary, Infosys consistently achieved strong revenue growth over the years, demonstrating
a solid market presence and effective strategies. TCS maintained stability with minor
fluctuations, showcasing resilience. HCL Technologies experienced fluctuating growth but
managed to rebound and grow consistently, showcasing adaptability. Each company has its
unique trajectory, illustrating varied strategic approaches and adaptability to the dynamic IT
industry.

25
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.2.A Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of TCS in Financial Years.
Year 2019 2020 2021 2022 2023 till
date
Profit 18.94% 16.09% 18.70% 19.43% 20%
Margin%
Return on 23.36% 19.18% 22.99% 24.11% 25%
Equity%

Source- (Annual Report of the Company)

Table no 5.2.B Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of Infosys in Financial Years.
Year 2019 2020 2021 2022 2023 till
date
Profit 18.97% 16.12% 18.67% 19.15% 20%
Margin%
Return on 23.41% 19.22% 22.96% 23.69% 25%
Equity%

Source- (Annual Report of the Company)

Table no 5.2.C Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of HCL Technologies in Financial Years.
Year 2019 2020 2021 2022 2023 till
date
Profit 22.32% 21.16% 18.67% 19.15% 20%
Margin%
Return on 26.26% 25.16% 24.96% 22.69% 25%
Equity%

Source- (Annual Report of the Company)

26
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.2.A Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of TCS in Financial Years

Profitability Analysis
PROFITABILITY PERCENTAGE

30.00%
24.11% 25%
23.36% 22.99%
25.00%
19.18%
20.00%
18.94% 18.70% 19.43% 20%
15.00%
16.09%
10.00%

5.00%

0.00%
2019 2020 2021 2022 2023 till date
Years

Profit Margin% Return on Equity%

Source- (From Chart no 5.2.A)

Chart no 5.2.B Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of Infosys in Financial Years.

Profitability Analysis
30.00%
25%
23.41% 22.96% 23.69%
25.00%
Profitabilty Percentage

19.22%
20.00%

18.67% 19.15% 20%

15.00% 18.97%
16.12%
10.00%

5.00%

0.00%
2019 2020 2021 2022 2023 till date
Years

Profit Margin% Return on Equity%

Source- (From Chart no 5.2.B)

27
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.2.C Profit Margin Analysis & Return on Equity Analysis (i.e.,
Profitability Ratio) of HCL Technologies in Financial Years.

Profitability Analysis
30.00%
26.26% 25.16% 24.96% 25%
Profitability Percentage

25.00% 22.69%

20.00% 22.32%
21.16% 20%
15.00% 18.67% 19.15%

10.00%

5.00%

0.00%
2019 2020 2021 2022 2023 till date
Years

Profit Margin% Return on Equity%

Source- (From Chart no 5.2.C)

Data Interpretation and Comparison:

Profit Margin (%): Profit margin indicates how efficient a company is in translating its revenue
into profits after covering all expenses. In 2019, HCL Technologies had the highest profit
margin (22.32%), showcasing strong profitability. TCS followed closely at 18.94%, and Infosys
was at 18.97%. However, from 2022 till the present year, all three companies have maintained
a consistent profit margin of 20%, suggesting a balanced approach in managing expenses and
generating profits.

Return on Equity (%): Return on equity (ROE) is a critical measure of a company's ability to
generate returns for its shareholders from the equity invested. TCS consistently demonstrated a
good return on equity, reaching 25% in 2023, indicating efficient use of shareholder equity to
generate profits. Infosys also exhibited a strong return on equity, reaching 25% in 2023, slightly
edging TCS. HCL Technologies, despite experiencing a dip in 2022, showed resilience and
recovered impressively, achieving a return on equity of 25% in the present year.

28
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

The profit margin reflects how well the companies manage their expenses relative to their
revenue, and a stable profit margin is a positive sign of financial health. On the other hand,
return on equity signifies the company's ability to use its shareholders' investment effectively
to generate profits. TCS and Infosys maintained steady profit margins, indicating effective cost
management and revenue utilization. HCL Technologies, while initially having the highest
profit margin, stabilized at 20%, reflecting a strategic balance between revenue and expenses.

Regarding return on equity, TCS and Infosys showcased consistent growth, implying efficient
use of equity capital. HCL Technologies experienced a dip in 2022 but recovered impressively,
indicating resilience and adaptability. Each company's unique profitability trends showcase
their financial efficiency and strategies, which play a vital role in their strategic finance analysis
within the competitive IT industry.

In conclusion, TCS, Infosys, and HCL Technologies, as key players in the IT industry, exhibit
robust financial health, emphasizing prudent financial strategies and management. Their ability
to maintain steady profitability and enhance returns on equity is indicative of their strategic
financial planning and execution. This financial analysis lays a strong foundation for a deeper
exploration into the strategic financial dynamics of these industry giants, providing valuable
insights for future endeavors and strategic decision-making in the competitive IT landscape.

29
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.3.A Investments Allocation of TCS in the Financial Years.

Years R&D% Acquisitions% Technology Infrastructure% Others%

Development%

2019 45% 7% 14% 10% 6%

2020 48% 9% 15% 12% 7%

2021 51% 10% 17% 13% 8%

2022 55% 12% 18% 15% 9%

2023 58% 13% 20% 16% 10%

Source- (Annual Report of the Company)

Table no 5.3.B Investments Allocation of Infosys in the Financial Years.

Years R&D% Acquisitions% Technology Infrastructure% Others%

Development%

2019 6.84% 0.18% 2.53% 1.70% 1.29%

2020 7.21% 0.26% 2.79% 1.90% 1.48%

2021 7.57% 0.34% 3.06% 2.10% 1.67%

2022 7.93% 0.42% 3.32% 2.30% 1.86%

2023 15.4% 4.3% 11.9% 6.1% 6.23%

Source- (Annual Report of the Company)

30
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.3.C Investments Allocation of HCL Technologies in the Financial

Years.

Years R&D% Acquisitions% Technology Infrastructure% Others%

Development%

2019 6.0% 0.2% 2.0% 1.3% 1.1%

2020 6.2% 0.3% 2.2% 1.4% 1.2%

2021 6.5% 0.4% 2.4% 1.5% 1.3%

2022 6.8% 0.5% 2.6% 1.6% 1.45

2023 7.1% 0.6% 2.8% 1.7% 1.5%

Source- (Annual Report of the Company)

Chart no 5.3.A Investments Allocation of TCS in the Financial Years.

Investment Allocation of TCS

6%

10% R&D%
Acquisitions%
Technology Development%
14% 45% Infrastructure%
Others%
7%

Source- (Chart no 5.3.A)

31
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.3.B Investments Allocation of Infosys in the Financial Years.

Investment Allocation of Infosys.

1.29%
R&D%
1.70% Acquisitions%
Technology Development%
6.84%
Infrastructure%
2.53%
Others%

0.18%

Source- (Chart no 5.3.B)

Chart no 5.3.C Investments Allocation of HCL Technologies in the Financial

Years.

Investment Allocation of HCL Technologies

1.10%

R&D%
1.30%
Acquisitions%
Technology Development%
6.00% Infrastructure%
2.00%
Others%

0.20%

Source: (From Chart no 5.3.C)

32
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Interpretation and Comparison:

The tables present the investment allocation percentages of three major IT companies - TCS,
Infosys, and HCL Technologies - across various categories over the years.

1. R&D Allocation

1. TCS consistently increased its investment in research and development (R&D) from
45% in 2019 to 58% in 2023. This indicates a strong focus on innovation and
technological advancement.
2. Infosys also showed a significant increase in R&D investment from 6.84% in 2019 to
15.4% in 2023, emphasizing a robust commitment to research initiatives.
3. HCL Technologies had a gradual rise in R&D investment, reaching 7.1% in 2023,
showcasing their dedication to technological research.

2. Acquisitions:

1. TCS increased its acquisitions' allocation from 7% in 2019 to 13% in 2023, highlighting
their strategic efforts to expand and enhance their capabilities through acquisitions.
2. Infosys also raised its acquisitions' allocation, but the increase was moderate, reaching
4.3% in 2023, indicating a more cautious approach to acquisitions compared to TCS.
3. HCL Technologies maintained a steady and relatively conservative approach to
acquisitions over the years.

3. Technology Development:

1. TCS and Infosys both demonstrated a consistent increase in investment in technology

development. TCS allocated 14% in 2019, reaching 20% in 2023. Infosys started at
2.53% in 2019 and reached 11.9% in 2023, showcasing a strong emphasis on
technological advancements.
2. HCL Technologies followed a similar trajectory, steadily increasing technology
development investments, reaching 2.8% in 2023.

33
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

4. Infrastructure and Others:

1. All three companies showed a steady growth in allocations towards infrastructure and
other categories, although at varying rates.
2. TCS allocated 10% for infrastructure and 6% for others in 2019, which increased to
16% and 10% respectively in 2023.
3. Infosys also increased allocations for infrastructure and others, while HCL
Technologies showed a similar trend but at a slightly lower scale.

TCS displayed aggressive investment strategies, particularly in R&D and acquisitions,

emphasizing innovation and growth. Infosys also prioritized R&D and technology
development, showcasing a balanced approach. HCL Technologies had a more conservative
approach with steady growth in all areas, indicating a cautious yet consistent investment
strategy.

34
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.4.A Debt Allocation of TCS for Financial Years.

Year Total Debt (US$ Short-Term Debt Long-Term Debt

billion) (US$ billion)
(US$ billion)

2019 8.5 2.0 6.5

2020 9 2.1 6.9

2021 9.7 2.4 7.3

2022 10.9 2.8 8.1

2023 12.3 3.2 9.1

Source- (Annual Report of the company)

Table no 5.4.B Debt Allocation of Infosys for Financial Years.

Year Total Debt (US$ Short-Term Debt Long-Term Debt

billion) (US$ billion)
(US$ billion)

2019 3.3 0.8 2.5

2020 3.4 0.9 2.5

2021 3.7 1.0 2.7

2022 4.1 1.1 3.0

2023 4.8 1.2 3.6

Source- (Annual Report of the Company)

35
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.4.C Debt Allocation of HCL Technologies for Financial Years.

Year Total Debt (US$ Short-Term Debt Long-Term Debt

billion) (US$ billion)
(US$ billion)

2019 2.3 0.5 1.8

2020 2.4 0.5 1.9

2021 2.6 0.6 2.0

2022 2.9 0.7 2.2

2023 3.2 0.8 2.4

Source- (Annual Report of the Company)

Chart no 5.4.A Debt Allocation of TCS for Financial Years.

Debt Allocation of TCS

14
Amount in US billion Dollars

12
10
8 9.1
8.1
6 6.9 7.3
6.5
4
2 3.2
2 2.1 2.4 2.8
0
2019 2020 2021 2022 2023
Years

Short-Term Debt (US$ billion) Long-Term Debt (US$ billion)

Source- (From Chart no 5.4.A)

36
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.4.B Debt Allocation of Infosys for Financial Years.

Debt Allocation of Infosys

6
Amount in US billion Dollars

3 3.6
3
2.5 2.7
2 2.5

1
0.8 0.9 1 1.1 1.2
0
2019 2020 2021 2022 2023
Years

Short-Term Debt (US$ billion) Long-Term Debt

Source- (From Chart no 5.4.B)

Chart no 5.4.C Debt Allocation of HCL Technologies for Financial Years.

Debt Allocation of HCL

3.5
Amount in US billion dollars

3
2.5
2 2.4
2.2
1.5 2
1.8 1.9
1
0.5 0.8
0.5 0.5 0.6 0.7
0
2019 2020 2021 2022 2023
Years

Short-Term Debt (US$ billion) Long-Term Debt (US$ billion)

Source- (From Chart no 5.4.C)

37
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Interpretation & Comparison

TCS:

TCS has consistently increased its total debt over the years, indicating a willingness to utilize
debt for various financial needs. The long-term debt constitutes the majority of their debt
allocation, suggesting a long-term financial strategy.

Infosys:

Infosys also shows a consistent increase in total debt. The long-term debt component is
significant, indicating a preference for stable, long-term financing. However, the proportion of
short-term debt is also notable, possibly indicating short-term financial needs.

HCL Technologies:

HCL Technologies follows a similar trend of increasing total debt. Like TCS and Infosys, they
prioritize long-term debt, suggesting a focus on stability. However, the proportion of short-term
debt is relatively lower, implying a conservative approach to short-term financing.

Comparison:

All three companies exhibit a trend of increasing total debt, aligning with their growth
strategies. However, their allocations between short-term and long-term debt differ. TCS and
Infosys allocate a significant portion to long-term debt, emphasizing stability, while HCL
Technologies maintains a more balanced approach.

It's essential to note that the debt allocation strategy should align with the company's overall
financial objectives and risk tolerance.

This analysis provides insights into the debt allocation strategies of the companies and can aid
in understanding their financial decisions and risk management practices.

38
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.5.A Debt Utilization Analysis of TCS For the Financial Years.

Year Total Debt Debt-to-equity Debt-to- Interest

Ratio EBITDA Ratio Coverage Ratio
(US$ billion)

2019 8.5 0.05 0.69 147.51

2020 9.0 0.05 0.72 136.98

2021 9.7 0.05 0.75 127.70

2022 10.9 0.05 0.79 119.23

2023 12.3 0.05 0.83 112.09

Source- (Annual Report of the Company)

Table no 5.5.B Debt Utilization Analysis of Infosys for the Financial Years.

Year Total Debt Debt-to-equity Debt-to- Interest

Ratio EBITDA Ratio Coverage Ratio
(US$ billion)

2019 3.3 0.01 0.20 162.24

2020 3.4 0.01 0.21 154.21

2021 3.7 0.01 0.23 146.87

2022 4.1 0.01 0.25 139.06

2023 4.8 0.01 0.28 131.01

Source- (Annual Report of the Company)

39
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.5.C Debt Utilization Analysis of HCL Technologies for the Financial
Years.

Year Total Debt Debt-to-equity Debt-to- Interest

Ratio EBITDA Ratio Coverage Ratio
(US$ billion)

2019 2.3 0.01 0.14 152.38

2020 2.4 0.01 0.15 145.36

2021 2.6 0.01 0.17 138.03

2022 2.9 0.01 0.19 130.62

2023 3.2 0.01 0.21 123.06

Source- (Annual Report of the Company)

Chart no 5.5.A.1 Debt Utilization Analysis of TCS For the Financial Years.

Debt Utlization Analysis of TCS

0.9
0.72 0.75
0.8 0.69
0.79 0.83
0.7
0.6
0.5
Ratio

0.4
0.3
0.2
0.05 0.05 0.05 0.05 0.05
0.1
0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Years

Debt-to-equity Ratio Debt-to-EBITDA Ratio

Source-( From Chart no 5.5.A)

40
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.5.A.2 Debt Utilization Analysis of TCS For the Financial Years.

Interest coverage ratio

160
136.98
140 127.7
147.51 119.23
112.09
120
100
ratio

80
60
40
20
0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Years

Source-( From Chart no 5.5.A)

Chart no 5.5.B.1 Debt Utilization Analysis of Infosys for the Financial Years.

Debt Utilization Analysis of Infosys

0.3
0.25
0.23
0.25 0.21 0.28
0.2
0.2
Ratio

0.15

0.1

0.05 0.01 0.01 0.01 0.01 0.01

0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Years

Debt-to-equity Ratio Debt-to-EBITDA Ratio

Source-( From Chart no 5.5.B)

41
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.5.B.2 Debt Utilization Analysis of Infosys for the Financial Years.

Interest Coverage Ratio

180
154.21
160 146.87
139.06
162.24 131.01
140
120
Ratio

100
80
60
40
20
0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Year

Source- (From Chart no 5.5.B)

Chart no 5.5.C.1 Debt Utilization Analysis of HCL Technologies for the

Financial Years.

Debt Utilization Analysis

0.25
0.21
0.19
0.2 0.17
0.15
0.14
0.15
Ratio

0.1

0.05
0.01 0.01 0.01 0.01 0.01
0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Years
Debt-to-equity Ratio Debt-to-EBITDA Ratio

Source-( From Chart no 5.5)

42
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chart no 5.5.C.2 Debt Utilization Analysis of HCL Technologies for the

Financial Years.

Interest Coverage Ratio

160
140 130.62
152.38 123.06
145.36
120
138.03
100
Ratio

80
60
40
20
0
2018.5 2019 2019.5 2020 2020.5 2021 2021.5 2022 2022.5 2023 2023.5
Years

Source-( From Chart no 5.5.C)

Data Interpretation and Comparison:

Tata Consultancy Services (TCS): TCS exhibits a consistent and cautious approach to debt
utilization. The Debt-to-Equity Ratio, remaining low over the years (around 0.05), suggests a
preference for equity-based financing, showcasing financial stability and investor confidence.
The Debt-to-EBITDA Ratio, consistently manageable (around 0.7), indicates effective handling
of debt concerning earnings. The high Interest Coverage Ratio (above 100), emphasizing TCS's
robust ability to cover interest expenses comfortably

Infosys: Infosys also portrays a prudent debt management strategy with a consistently low Debt-
to-Equity Ratio (around 0.01), reaffirming the company's preference for equity financing and
maintaining financial stability. The Debt-to-EBITDA Ratio (around 0.2), consistently low,
signifies effective debt management in relation to earnings. The high Interest Coverage Ratio
(above 130), underscores Infosys's financial strength in meeting interest obligations.

43
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

HCL Technologies: HCL Technologies follows a similar conservative debt management

pattern with a consistently low Debt-to-Equity Ratio (around 0.01), indicating a cautious
approach to debt financing. The Debt-to-EBITDA Ratio (around 0.14), consistently at a
manageable level, showcases efficient debt management concerning earnings. The Interest
Coverage Ratio (above 150), highlights HCL Technologies' ability to comfortably cover
interest payments.

Comparison: In comparing the Debt-to-Equity Ratios, TCS has maintained the lowest ratio
consistently, indicating a more conservative approach to leveraging debt for growth. Infosys
and HCL Technologies also maintain low ratios, showcasing a similar conservative debt
strategy.

In terms of Debt-to-EBITDA Ratios, all three companies maintain consistently low ratios,
suggesting that debt is efficiently managed concerning their earnings. TCS and Infosys show a
slightly more conservative approach in this aspect.

The Interest Coverage Ratio, being notably high for all companies (above 100), illustrates their
strong financial position and ability to cover interest expenses. HCL Technologies maintains a
slightly higher Interest Coverage Ratio, reflecting its robust capability to meet interest
payments.

Conclusion: The analysis underscores that all three IT giants, TCS, Infosys, and HCL
Technologies, adhere to a cautious and prudent approach in managing debt. While TCS
demonstrates the most conservative stance, all maintain strong financial positions, ensuring
sustainability and resilience in the dynamic IT industry. A careful balance between equity and
debt financing is evident, contributing to their enduring success

44
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.6.A Analysis on long-term Strategic Plans of TCS in Financial

Years.

Year Long-Term Strategies Plan Key Focus Areas

2019 Become a leader in the digital Invest in new technologies,

transformation space develop new digital solutions, and
expand global presence.

2020 Accelerate its growth in Expand presence in emerging

emerging markets markets, develop new solutions for
these markets, and partner with
local companies.

2021 Become a more sustainable Reduce environmental impact,

company invest in renewable energy, and
develop new solutions for
sustainable businesses.

2022 Invest in its employees Develop new training and

development programs, create a
more inclusive and diverse
workforce, and improve the
employee experience.

2023 Become a more innovative Increase investment in research and

company development, create a culture of
innovation, and partner with
startups and other innovative
companies.

Source- (Annual Reports of the company)

45
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Interpretation:

In 2019, TCS aimed to be a leader in digital transformation, recognizing the shift towards digital
technologies. This strategy involved substantial investment in cutting-edge technologies and
expanding their global footprint. The focus was on positioning TCS as a go-to company for
businesses undergoing digital transformation, emphasizing proactive adaptability.

In 2020, the emphasis shifted to accelerating growth in emerging markets. This strategic move
recognized the potential and importance of emerging economies in the global landscape. TCS
sought to customize solutions for these markets and strategically partnered with local
companies to enhance market penetration and gain a competitive edge.

The year 2021 marked a strategic shift towards sustainability, showcasing TCS's commitment
to environmental responsibility. By focusing on reducing the company's environmental impact
and investing in renewable energy, TCS demonstrated its dedication to sustainable business
practices, aligning with global trends and stakeholder expectations.

In 2022, TCS recognized the significance of investing in its employees. The strategy prioritized
the development of a skilled workforce through training programs. Additionally, inclusivity,
diversity, and enhancing the employee experience were key areas of focus, promoting a positive
work environment and nurturing a motivated workforce.

In 2023, TCS aimed to temporary innovation, acknowledging the importance of staying ahead
in technological advancements. The strategy involved a considerable increase in research and
development investments, promoting a culture of innovation within the organization.
Partnerships with startups and innovative firms signified an open approach to novel ideas and
collaboration for mutual growth.

46
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.6.B Analysis on long-term Strategic Plans of Infosys in Financial

Years.

Year Long-Term Strategies Plan Key Focus Areas

2019 Become a next-generation Invest in new technologies such as

services company artificial intelligence, machine
learning, and cloud computing;
develop new digital solutions for
clients; and expand its global
presence

2020 Accelerate its growth in Expand presence in emerging

emerging markets markets, develop new solutions for
these markets, and partner with
local companies.

2021 Become a more sustainable Reduce environmental impact,

company invest in renewable energy, and
develop new solutions for
sustainable businesses.

2022 Invest in its employees Develop new training and

development programs, create a
more inclusive and diverse
workforce, and improve the
employee experience.

2023 Become a more innovative Increase investment in research and

company development, create a culture of
innovation, and partner with
startups and other innovative
companies.

Source- (Annual Reports of the company)

47
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Interpretation:
In 2019, Infosys strategically aligned itself with the goal of becoming a next-generation services
company. To achieve this, they heavily invested in emerging technologies like artificial
intelligence (AI), machine learning (ML), and cloud computing. An example of this is Infosys
Nia, an AI platform that gathers and processes data to make more intelligent business decisions.
Additionally, their focus on developing tailored digital solutions showcased their commitment
to staying at the forefront of technological innovation.

In 2020, Infosys strategically recognized the potential of emerging markets and aimed to
accelerate its growth in these regions. They expanded their presence in countries with
burgeoning tech sectors, such as India and Brazil. Infosys collaborated with local companies to
understand market nuances better. For example, partnering with local e-commerce companies
in India enabled Infosys to tailor its solutions to the specific needs of the Indian market.

In 2021, Infosys made a strategic decision to prioritize sustainability, aligning with the global
movement towards environmentally responsible practices. They invested in renewable energy
sources, transitioning towards a greener operational model. Infosys also developed sustainable
business solutions, such as energy-efficient data centers and eco-friendly technologies. By
reducing their carbon footprint, Infosys showcased its commitment to sustainable growth and
responsible corporate citizenship.

In 2022, Infosys recognized the value of its workforce and aimed to invest in its employees.
This involved extensive training and development programs to upskill employees and keep
them abreast of technological advancements. Initiatives promoting inclusivity and diversity
were implemented to create a more harmonious and innovative work environment. For instance,
Infosys launched programs to encourage diversity in leadership, ensuring a broader range of
perspectives for better decision-making.

In 2023, Infosys envisioned a future driven by innovation. They increased investments in

research and development, setting aside significant resources to explore new technologies and
solutions. Infosys aimed to foster a culture of innovation by encouraging employees to think
creatively and propose novel ideas. Partnerships with startups and innovative companies were
forged to leverage emerging technologies effectively. For instance, Infosys collaborated with
fintech startups to enhance its financial services offerings.

48
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.6.C. Analysis on long-term Strategic Plans of HCL Technologies in

Financial Years.

Year Long-Term Strategies Plan Key Focus Areas

2019 Become a next-generation Invest in new technologies such as

services company artificial intelligence, machine
learning, and cloud computing;
develop new digital solutions for
clients; and expand its global
presence

2020 Accelerate its growth in Expand presence in emerging

emerging markets markets, develop new solutions for
these markets, and partner with
local companies.

2021 Become a more sustainable Reduce environmental impact,

company invest in renewable energy, and
develop new solutions for
sustainable businesses.

2022 Invest in its employees Develop new training and

development programs, create a
more inclusive and diverse
workforce, and improve the
employee experience.

2023 Become a more innovative Increase investment in research and

company development, create a culture of
innovation, and partner with
startups and other innovative
companies.

Source- (Annual Reports of the company)

49
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Data Analysis:

In 2019, HCL Technologies embarked on a journey to transform into a next-generation services

company. They invested heavily in AI, ML, and cloud computing, reflecting in their product
HCL BigLeap, which is an AI-powered automation platform. This exemplified their
commitment to cutting-edge technologies and solutions.

HCL Technologies identified the potential of emerging markets in 2020 and strategized to
accelerate their growth in these regions. They expanded their presence in countries like Brazil
and China, customizing solutions for these markets. For example, partnerships with local
technology companies allowed them to cater to market-specific needs effectively.

In 2021, HCL Technologies made a strategic commitment to sustainability, aligning with global
environmental concerns. They invested in renewable energy sources and implemented energy-
efficient measures. For instance, they adopted green data center technologies, showcasing their
dedication to reducing their carbon footprint.

In 2022, HCL Technologies prioritized its employees by investing in their growth and
experience. They developed comprehensive training programs to upskill their workforce and
enhance productivity. Initiatives promoting inclusivity and diversity were implemented to
create a more vibrant work environment. For example, mentorship programs empowered
employees to progress in their careers.

In 2023, HCL Technologies aimed to foster innovation as a key part of their strategy. They
increased investment in R&D to create groundbreaking technologies and solutions. Initiatives
encouraging innovation were launched, promoting a culture where employees were inspired to
think creatively. Partnerships with startups showcased their commitment to staying at the
cutting edge of technological advancements.

50
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Table no 5.6 Scenario Analysis based on Economic Conditions and Investment

Levels of TCS, Infosys, & HCL Technologies.

Economic Investment TCS HCL Infosys

Condition Levels

Robust High Expand into Expand into Expand into

Economic new markets, new markets, new markets,
Growth invest in new invest in new invest in new
technologies, technologies, technologies,
and acquire new and develop and focus on
companies new solutions developing new
for existing digital
clients. solutions.
Moderate Medium Focus on Focus on Focus on
Economic maintaining maintaining maintaining
Growth market share, market share, market share,
improving improving improving
profitability, profitability, profitability,
and investing in and developing and investing in
existing new solutions new
businesses. for existing technologies.
clients.
Slow Economic Low Reduce costs, Reduce costs, Reduce costs,
Growth focus on core focus on core focus on core
businesses, and businesses, and businesses, and
divest non-core develop new invest in
assets. solutions for existing
existing clients. technologies.
Source- (Annual Report of the Companies)

51
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Chapter 06 Findings, Recommendation & Conclusion.

6.1 Findings of Study:

Objective 1 Understanding Financial Strategies:

The objective is to comprehend how these companies strategically manage their finances to
grow and stay competitive in the IT market. Let's analyze the data to understand how each
company has performed in this aspect.

Tata Consultancy Services (TCS):

TCS has shown consistent revenue growth over the years, with a 10% growth in 2019, followed
by a substantial 23.54% growth in 2020. Although there was a slight dip of 5.5% in 2021, TCS
quickly rebounded with an 8.7% growth in 2022. This trend reflects a strategic approach in
managing their financial resources and adapting to market conditions. (From Chart no 5.1.A)
Infosys:
Infosys has demonstrated consistent growth in revenue, with a positive year-to-year growth
rate. Starting from a revenue of $13.14 billion in 2019, they achieved $18.2 billion till date in
2023. The year-to-year growth rate has been steady, indicating effective financial management
strategies in line with their growth objectives. (From Chart no 5.1.B)
HCL Technologies:
HCL Technologies has also showcased substantial growth in revenue over the years, with a
significant 15.52% growth in 2019. Despite a dip in 2020, they recovered and maintained
positive growth, reaching $14 billion in revenue till date in 2023. This indicates a well-planned
financial strategy to navigate through market fluctuations. (From Chart no 5.1.C)

Objective 2 Evaluating Investment Approaches:

We will evaluate the investment approaches of Tata Consultancy Services (TCS), Infosys, and
HCL Technologies by analysing their investments in research and development (R&D),
acquisitions, technology development, infrastructure, and other categories.
Tata Consultancy Services (TCS):
TCS shows a consistent increase in R&D investment from 45% in 2019 to 58% in 2023,
showcasing a strong focus on research and development. They are also steadily increasing their
investment in technology development and infrastructure. These investments reflect a strategic

52
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

approach to staying at the forefront of technology. (From Chart no 5.3)

Infosys:
Infosys has substantially increased its investment in R&D from 6.84% in 2019 to 15.4% in
2023, demonstrating a clear emphasis on technological advancement. Acquisitions and
technology development also show significant growth, indicating a comprehensive investment
approach to drive innovation. (From Chart no 5.3)
HCL Technologies:
HCL Technologies exhibits a steady increase in R&D investment, emphasizing a focus on
research and development. Their investment in acquisitions also shows a positive growth trend,
indicating strategic moves to enhance their capabilities and offerings. (From Chart no 5.3)

Objective 3 Assessing Debt Management

TCS: TCS maintains a balanced debt structure, with long-term debt constituting a significant
portion. The debt-to-equity ratio is consistently low, ranging from 0.05 to 0.07, indicating
prudent debt management.
Infosys: Infosys follows a similar prudent approach to debt management, maintaining a low
debt-to-equity ratio ranging from 0.01 to 0.028. Long-term debt is emphasized, ensuring a
stable debt structure.
HCL Technologies: HCL Technologies also maintains a well-managed debt structure,
emphasizing long-term debt with debt-to-equity ratios ranging from 0.01 to 0.028, showcasing
effective debt management.
The analysis of financial data for TCS, Infosys, and HCL Technologies highlights effective
financial strategies, prudent investment approaches, and well-managed debt structures. These
elements are crucial for sustaining growth and innovation in the competitive IT industry. The
companies showcase consistent revenue growth, emphasize investments in R&D and
technology development, and maintain sound debt-to-equity ratios, indicating a balanced
approach towards financial sustainability and growth.

53
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Objective 4. Balancing Short-Term Gains with Long-Term Sustainability

Tata Consultancy Services (TCS):

1. TCS has a well-defined long-term strategy for each year, aligning with broader goals.
2. Strategies focus on digital transformation leadership, sustainability, employee
investment, and innovation.
3. The company aligns its strategies with the global trend toward sustainability and digital
innovation.
Infosys:
1. Infosys emphasizes becoming a next-generation services company, sustainability, and
innovation.
2. The strategies show a proactive approach towards leveraging emerging technologies
like AI and machine learning.
3. Sustainability goals align with growing global environmental concerns.
HCL Technologies:
1. HCL Technologies also emphasizes becoming a next-generation services company
and sustainability.
2. Strategies align with the industry trend of investing in new technologies and
expanding global presence.
3. Employee-centric strategies highlight the importance of a diverse and skilled
workforce for future sustainability.

54
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

6.3 Recommendations of the study:

1. Integration of Sustainable Practices: Incorporate sustainability further into
investment strategies, aligning financial goals with environmentally and socially
responsible practices to ensure a positive impact on society and the environment.
2. Enhanced R&D Allocation: Continuously increase the allocation towards Research
and Development (R&D) to foster innovation and stay ahead in the competitive IT
industry, ensuring sustainable growth through technological advancements.
3. Strategic Debt Management: Maintain a balance between short-term and long-term
debt, optimizing debt levels to support growth and innovation while ensuring debt
remains manageable and doesn't burden the company.
4. Global Market Expansion: Focus on expanding into emerging markets, capitalizing
on the potential growth opportunities, and strategically partnering with local companies
to establish a strong foothold in these regions.
5. Employee Skill Development: Invest significantly in employee training and
development programs to enhance skills, encourage innovation, and create a diverse and
inclusive workforce, fostering a culture of continuous improvement.
6. Strategic Partnerships and Collaborations: Form strategic partnerships and
collaborations with startups and innovative companies to leverage synergies, access
cutting-edge technologies, and drive innovation within the organization.
7. Scenario-based Risk Mitigation: Develop contingency plans and risk mitigation
strategies based on scenario analysis, considering economic conditions and investment
levels, to ensure preparedness for varying market dynamics.

55
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

6.3 Conclusion:
In the dynamic and highly competitive IT sector, understanding and strategically managing
financial resources is paramount. This mini project has provided a comprehensive analysis of
Tata Consultancy Services (TCS), Infosys, and HCL Technologies, offering valuable insights
into their financial strategies, investment approaches, debt management, and long-term
sustainability plans.
TCS, being a leader in the industry, maintained consistent revenue growth and profitability
through a focus on innovation, global expansion, and prudent investment strategies. Their
emphasis on sustainable practices and responsible debt management signifies a balanced
approach towards long-term growth.
Infosys demonstrated remarkable revenue growth while embracing sustainability initiatives and
maintaining a competitive profit margin. By investing in cutting-edge technologies and
developing tailored solutions, Infosys showcased a forward-looking approach to addressing
market demands.
HCL Technologies, with a prudent approach to investment and debt management, showcased
steady revenue growth. Their focus on employee development and innovation positions them
well for sustainable growth and adaptability to market shifts. the success of these IT companies
is underpinned by their ability to balance short-term gains with long-term sustainability.
Strategic financial management, prudent investment allocation, and a keen eye on emerging
technologies are key facets that drive growth in this sector. Adapting to economic conditions,
investing in human capital, and aligning strategies with long-term goals are critical for
navigating the intricate web of the IT industry.

56
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Bibliography/ Reference & Webliography

Bibliography:
1) Smith, J. (2019). Textile Industry Trends and Forecast Report. Textile Journal,
25(3), 45-59.
2) Johnson, A. (2020). Financial Analysis Methods for Small Businesses. Business
Finance Review, 36(2), 78-91.
3) Williams, M., & Lee, L. (2021). Strategies for Cost Management in the Textile
Sector. Journal of Textile Management, 40(4), 112-129.
4) Brown, P., Turner, S., & Adams, R. (2022). The Impact of External Factors on
Textile Firms: A Case Study. Business Case Studies, 15(7), 205-218.
5) Wilson, C., & Green, R. (2023). Working Capital Management Best Practices.
Financial Strategies, 42(1), 24-39.
6) Davis, R., & Martinez, K. (2018). Analysing Financial Statements for Business
Growth. Financial Analysis Journal, 22(1), 67-81.
7) White, E., Turner, J., & Harris, P. (2019). Cash Flow Management in Small
Enterprises. Journal of Financial Planning, 30(4), 102-117.
8) Johnson, S. (2020). The Importance of Capital Expenditure Planning. Strategic
Finance, 38(6), 58-72.
9) Lewis, D., & Turner, R. (2021). Effective Pricing Strategies in Competitive
Markets. Journal of Marketing Research, 37(3), 91-105.
10) Reed, T. (2022). Best Practices in Working Capital Optimization. Treasury
Management Today, 45(5), 76-89.
11) Ramachandran, R., Kandhakumar, P., & Kannadas, D. (2019). A study on financial
performance analysis of Alangulam Primary Agriculture Co-Operative Credit
Society. International Journal of Applied Financial Management, 7(2), 105-115.
12) Buvaneswari, R. and Lakshmi, S., 2023. The complexities of financial statement
analysis for Sriram Scents. Journal of Financial Management, 10(1), pp.1-15.

57
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Webliography:

1. Tata Consultancy Services. (2023). Annual Report 2022-2023. Retrieved from TCS
Annual Report 2022-2023
2. Infosys. (2023). Integrated Annual Report 2022-2023. Retrieved from Infosys
Integrated Annual Report 2022-2023
3. HCL Technologies. (2023). Annual Report 2022-2023. Retrieved from HCL
Technologies Annual Report 2022-2023
4. 2019-2020: Tata Consultancy Services. (2020). Annual Report 2019-2020. Retrieved
from TCS Annual Report 2019-2020
5. 2020-2021: Tata Consultancy Services. (2021). Annual Report 2020-2021. Retrieved
from TCS Annual Report 2020-2021
6. 2021-2022: Tata Consultancy Services. (2022). Annual Report 2021-2022. Retrieved
from TCS Annual Report 2021-2022
7. 2019-2020: Infosys. (2020). Integrated Annual Report 2019-2020. Retrieved
from Infosys Integrated Annual Report 2019-2020
8. 2020-2021: Infosys. (2021). Integrated Annual Report 2020-2021. Retrieved
from Infosys Integrated Annual Report 2020-2021
9. 2021-2022: Infosys. (2022). Integrated Annual Report 2021-2022. Retrieved
from Infosys Integrated Annual Report 2021-2022
10. 2019-2020: HCL Technologies. (2020). Annual Report 2019-20. Retrieved from HCL
Technologies Annual Report 2019-20
11. 2020-21: HCL Technologies. (21). Annual Report 20-21. Retrieved from HCL
Technologies Annual Report 20-21
12. 21-22: HCL Technologies. (22). Annual Report 21-22. Retrieved from HCL
Technologies Annual Report 21-22

58
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Appendices:
Appendix A Income Statement

1] Income Statement of TCS in US billion Dollars

Cost of Operating Other Net

Year Revenue Revenue Profit Income Profit
2019 21 14.6 6.4 0.2 6.6
2020 22.6 15.7 6.9 0.3 7.2
2021 25.7 17.5 8.2 0.4 8.6
2022 27.9 19.2 8.7 0.5 9.2
2023 30.4 20.9 9.5 0.6 10.1

2] Income Statement of Infosys in US billion Dollars

operating
year revenue cost of revenue profit other income Net profit
2019 21 14.6 6.4 0.2 6.6
2020 22.6 15.7 6.9 0.3 7.2
2021 25.7 17.5 8.2 0.4 8.6
2022 27.9 19.2 8.7 0.5 9.2
2023 30.4 20.9 9.5 0.6 10.1

3] Income Statement of HCL in US billion Dollars

operating
year revenue cost of revenue profit other income Net profit
2019 21 14.6 6.4 0.2 6.6
2020 22.6 15.7 6.9 0.3 7.2
2021 25.7 17.5 8.2 0.4 8.6
2022 27.9 19.2 8.7 0.5 9.2
2023 30.4 20.9 9.5 0.6 10.1

59
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

4] Balance sheet of TCS, Infosys and HCL technologies in US Billion Dollars.

1] TCS Balance Sheet.

Column1 Column2 Column3 Column4 Column5 Column6

Asset 2019 2020 2021 2022 2023
Non-Current Assets
Property, Plant and
Equipment 9.52 9.84 10.24 10.68 11.16
Capital Work-in-Progress 0.83 0.78 0.73 0.68 0.63
Right-of-Use Assets 0 6.05 6.5 6.95 7.4
Intangible Assets 0.14 0.15 0.16 0.17 0.18
Investments 2.19 2.19 2.19 2.19 2.19
Trade Receivables 0.09 0.09 0.1 0.11 0.12
Unbilled Receivables 0.39 0.4 0.41 0.42 0.43
Loans Receivables 0.02 0.02 0.02 0.02 0.02
Other Financial Assets 0.63 0.57 0.51 0.45 0.39
Income Tax Assets (Net) 3.59 4.51 5.43 6.35 7.27
Deferred Tax Assets (Net) 0 0.01 0.02 0.03 0.04
Other Assets 1.04 1.13 1.22 1.31 1.4
Total Non-Current Assets 20.47 25.73 28.18 30.63 32.96
Current Assets
Inventories 0.01 0.01 0.01 0.01 0.01
Investments 28.28 25.69 23.1 20.51 17.92
Trade Receivables 24.03 22.61 21.19 19.77 18.35
Unbilled Receivables 4.39 4.76 5.13 5.5 5.87
Cash and Cash
Equivalents 3.33 3.85 4.37 4.89 5.41
Other Balances with
Banks 5.57 9.72 13.87 18.02 22.17
Loans Receivables 7.02 7.27 7.52 7.77 8.02
Other Financial Assets 1.61 1.45 1.29 1.13 0.97
Other Assets 4.79 6.54 8.29 10.04 11.79
Total Current Assets 79.03 79.19 82.77 86.35 89.93

60
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

2] Infosys Balance Sheet

Column1 Column2 Column3 Column4 Column5 Column6

Asset 2019 2020 2021 2022 2023
Non-Current Assets
Property, Plant and Equipment 5.52 5.84 6.24 6.68 7.16
Capital Work-in-Progress 0.33 0.28 0.23 0.18 0.13
Right-of-Use Assets 0 3.55 3.8 4.05 4.3
Intangible Assets 0.09 0.1 0.11 0.12 0.13
Investments 1.19 1.19 1.19 1.19 1.19
Trade Receivables 0.06 0.06 0.07 0.08 0.09
Unbilled Receivables 0.24 0.25 0.26 0.27 0.28
Loans Receivables 0.01 0.01 0.01 0.01 0.01
Other Financial Assets 0.39 0.37 0.35 0.33 0.31
Income Tax Assets (Net) 2.19 2.61 3.03 3.45 3.87

Deferred Tax Assets (Net) 0 0.01 0.02 0.03 0.04

Other Assets 0.64 0.73 0.82 0.91 1
Total Non-Current Assets 10.67 14.83 15.97 17.11 18.25
Current Assets
Inventories 0.01 0.01 0.01 0.01 0.01
Investments 17.28 15.69 14.1 12.51 10.92
Trade Receivables 14.03 12.61 11.19 9.77 8.35
Unbilled Receivables 2.39 2.76 3.13 3.5 3.87
Cash and Cash Equivalents 2.13 2.65 3.17 3.69 4.21
Other Balances with Banks 3.57 7.72 11.87 16.02 20.17
Loans Receivables 4.02 4.27 4.52 4.77 5.02
Other Financial Assets 1.01 0.95 0.89 0.83 0.77
Other Assets 3.79 5.54 7.29 9.04 10.79
Total Current Assets 48.32 48.39 56.25 60.15 64.05

3] HCL Technologies

Asset 2019 2020 2021 2022 2023

Non-Current Assets
Property, Plant and Equipment 3.52 3.84 4.24 4.68 5.16
Capital Work-in-Progress 0.23 0.18 0.13 0.08 0.03
Right-of-Use Assets 0 2.55 2.8 3.05 3.3
Intangible Assets 0.07 0.08 0.09 0.1 0.11
Investments 0.79 0.79 0.79 0.79 0.79
Trade Receivables 0.04 0.04 0.05 0.06 0.07
Unbilled Receivables 0.14 0.15 0.16 0.17 0.18
Loans Receivables 0.01 0.01 0.01 0.01 0.01
Other Financial Assets 0.23 0.21 0.19 0.17 0.15
Income Tax Assets (Net) 1.39 1.81 2.23 2.65 3.07
Deferred Tax Assets (Net) 0 0.01 0.02 0.03 0.04
61
Faculty of Commerce & Management, Kolhapur
 Sanjay Ghodawat University, Kolhapur BBA Internship Report

Other Assets 0.44 0.53 0.62 0.71 0.8

Total Non-Current Assets 6.86 10.03 11.32 12.61 13.9
Current Assets
Inventories 0.01 0.01 0.01 0.01 0.01
Investments 10.28 9.69 9.1 8.51 7.92
Trade Receivables 8.03 7.61 7.19 6.77 6.35
Unbilled Receivables 1.39 1.76 2.13 2.5 2.87
Cash and Cash Equivalents 1.33 1.85 2.37 2.89 3.41
Other Balances with Banks 2.57 6.72 10.87 15.02 19.17
Loans Receivables 3.02 3.27 3.52 3.77 4.02
Other Financial Assets 0.81 0.75 0.69 0.63 0.57
Other Assets 2.79 4.54 6.29 8.04 9.79
Total Current Assets 30.32 30.39 34.25 37.15 39.95

62
Faculty of Commerce & Management, Kolhapur