Comparative Analysis of Quarterly Results for Infosys, TCS and HCL

I did a comparative analysis of the balance sheets of the 3 leading IT companies that have declared the results till date (Infosys, TCS and HCL) and here are the key observations:

1.       Infosys leads in terms of QoQ Revenue growth at 3.5% with TCS trailing at 2.4% and HCL at 2%

2.       Infosys is lagging in YoY Revenue growth at 13.9% with TCS leading at 20.6% and HCL at 18.3%

3.       Infosys also leads in terms of QoQ Operating Profits growth at 14.3% with TCS trailing at 10.5% and HCL at 13.3%

4.       HCL leads in terms of YoY Operating Profits growth at 42.1% with TCS trailing at 24.8% and Infosys at 16.9%

5.       Infosys leads in terms of Operating Profits as a % of revenues at 31% with TCS trailing at 29.2% and HCL at 15.9%

6.       The SG&A expenses as a % of revenues are at 12% for Infosys with TCS leading the pack at 18% and HCL at 14.5%

The complete table showing the numbers is below for your reference:

Parameter	Infosys	TCS	HCL
Q3 Revenues(M USD)	1806	2586	1022
QoQ Growth	3.4%	2.4%	2.0%
YoY Growth	13.9%	20.6%	18.3%
Q3 Operating Profits(M USD)	560	756	162
QoQ Growth	14.3%	10.5%	13.3%
YoY Growth	16.9%	24.8%	42.1%
As % of Revenues	31.0%	29.2%	15.9%
Q3 Net Profits(M USD)	458	568	112
QoQ Growth	11.4%	7.6%	4.7%
YoY Growth	15.4%	9.2%	25.8%
As % of Revenues	25.4%	22.0%	11.0%
SG&A Expenses	216	460	148
As % of Revenues	12.0%	17.8%	14.5%

Please send in your comments and I will be back with more observations once CTS and Wipro also announce their results.