Bellwether or not, Infosys beats TCS, HCL, Wipro in cash flow

BANGALORE: Infosys, a bellwether in the tag of India's software industry doubt the fastest-growing rivals, and had a better cash flow requirements as rival HCL Technologies and Tata Consultancy Services in the past nine months. At a time when customers are outsourcing to postpone decisions and requests more credit, experts and investors are starting to get worried about the deteriorating conditions and position TCS, HCL - known ahead of Infosys is growing more of their income.

During the nine months from April to December, Infosys' operating cash flow was approximately 80% of revenues, compared to less than 50% of each TCS, HCL and Wipro. Days sales outstanding (DSO), which is defined as the ratio of accounts receivables and total revenue, is the second metric, where India's second largest software exporter in scores over domestic competitors. In the third quarter ending December, Infosys' DSO or debtor days was 62 days, compared with TCS and Wipro are over 90 "to 84 days. Overall, Infosys has been able to collect money due from customers faster than the competitors, which helps maintain a healthy cash flow.

"If you look at the business over the last two cuts - one each in 2001 and 2008 - both times, we come out as winners but because of our attention to the quality of earnings and the financial discipline we have exhibited. We are very particular about not getting commoditized business, and make sure that we focus on quality growth, "said V. Balakrishnan, Chief Financial Officer of Infosys. He denied that this drive for profit and improved cash flow is coming at the expense of growth.

"I do not think it is hurting our growth. There is no short of being a quality player in the industry." Analysts say worsening conditions over the past nine months between the first position the level of tech companies in India, barring Infosys. "Infosys has shown the best value for the conversion of free cash flow and operating costs among the tier-1 techs, while others have remained, although the December 11 quarter saw a reversal at some of the TCS and Wipro," CLSA analysts Nimish Joshi and Arati Mishra said.

But the industry's aggressive rivals like TCS, on the one hand and the knowledge embedded in and around the world from companies such as IBM, Accenture and Infosys, on the other requires more discipline than their money to gain market share. "Infosys' focus on non-commoditised offering aggressive pricing of offshore work has helped, but the growth came at a price," Joshi said the CLSA.

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