Measure

Q1 2013-14 Q1 2012-13
Mining sector
-2.8%
0.4%
Manufacturing sector-1.2%
-1.0%
Farm sector output 2.7%
2.9%
Electricity, gas and water
3.7%supply 6.2%
Construction sector 2.8%
7.0%
trade, hotels, transport
3.9%
and comunications
6.1%
Services sector
9.4%
8.9%
Quarter
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
Q2'09
Q3'09
Q4'09
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13

GDP Growth Rate

9.7%
8.5%
7.8%
7.5%
6.1%
5.8%
6.3%
8.6%
7.3%
9.4%
9.3%
8.9%
8.3%
7.8%
7.7%
6.9%
6.1%
5.3%
5.5%
5.3%
4.8%
4.4%

Month
CPI Inflation
Nov-12
9.90%
Dec-12
10.60%
Jan-13
10.80%
Feb-13
10.90%
Mar-13
10.40%
Apr-13
9.40%
May-13
9.30%
Jun-13
9.87%
Jul-13
9.64%
Aug-13
9.52%
Sep-13
9.84%

'000 crore
Month
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13

GDP Growth R
12.0%

10.0%

8.0%

Exports
Imports
116.41
202.82
118.34
198.86
133.62
209.41
130.29
220.91
123.87
196.36
145.12
212.99
123.14
195.89
134.98
221.81
139.65
200.45
128.42
225.09
121.54
207.86
135.98
228.26
121.56
237.76
119.27
227.80
133.91
232.52
134.89
247.59
139.76
221.45
167.25
223.96
131.40
228.15
131.86
245.62
138.90
210.43
154.43
227.76
165.20
229.62
176.46
218.56

6.0%

4.0%

2.0%

0.0%

Inflation Rate
11.50%

11.00%
10.50%
10.00%

9.50%
9.00%
8.50%

8.00%

GDP Growth Rate

Trade Deficit
300.00
250.00
200.00
150.00
100.00
50.00
0.00

Exports
Imports

Exports
Imports

Exports
2008-09
2009-10
2010-11
2011-12
2012-13

FY 2012
FY 2013

Domestic
47
50
59
69
76

22
24
29
32
32

Enterprises Government Cosumers

SMBs
720
230
183
812
262
217

400
454

80
70

900

60

800
50

700

40

600

30

500

FY 2012

400

FY 2013

300

20
10

200
100

0
Enterprises

Government

Cosumers

SMBs

80
70
60

50
Exports

40

Domestic

30
20
10
0
2008-09

2009-10

2010-11

2011-12

2012-13

CNX IT
CNX AUTO
CNX BANK
CNX ENERGY
CNX FINANCE
CNX FMCG
CNX MEDIA
CNX METAL
CNX PHARMA
CNX PSU BANK
CNX REALTY

29.5
7
-16
-7
-12
24
2
-25
31
-37
-39

Infosys
TCS
Wipro
HCL
Tech Mahindra
Oracle
MindTree
MphasiS
Hexaware
Vakrangee

10

15

41.31
27.94
8.78
8.22
5.61
1.84
1.04
0.92
0.79
0.62

Weight %
20
25

30

35

40

45

Infosys
TCS

Wipro
HCL
Tech Mahindra
Oracle

MindTree
MphasiS
Hexaware

Vakrangee

CNX PSU BANK

CNX PHARMA

-50
CNX REALTY
CNX PSU BANK
CNX PHARMA
CNX METAL

CNX MEDIA
CNX FMCG
CNX FINANCE
CNX ENERGY
CNX BANK
CNX AUTO
CNX IT

-40

-30

-20

Returns %
-10
0

10

20

30

40

40

Oct 31
Oct 30
Oct 29
Oct 28
Oct 25
Oct 24
Oct 23
Oct 22
Oct 21
Oct 18
Oct 17
Oct 15
Oct 14
Oct 11
Oct 10
Oct 09
Oct 08
Oct 07
Oct 04
Oct 03
Oct 01
Sep 30
Sep 27
Sep 26
Sep 25
Sep 24
Sep 23
Sep 20
Sep 19
Sep 18
Sep 17
Sep 16
Sep 13
Sep 12
Sep 11
Sep 10
Sep 06
Sep 05
Sep 04
Sep 03
Sep 02
Aug 30
Aug 29

CNX IT
8852.8
8835.15
8822.1
8783.2
8812.55
8681.65
8829.55
8915.15
8854.9
8893.85
8797.85
9120.3
9061.75
8870.15
8603.8
8564.45
8435
8461.55
8352.35
8360.85
8181.65
8167.8
8166.55
8157.8
8187.55
8169.1
8200.7
8132.8
8156.95
8159.1
8154.25
8017.2
8172.65
8270.15
8373.25
8411.05
8216.5
8203.4
8454.1
8259.4
8396.9
8382.4
8246.9

CNX
62.23
61.335
61.455
61.515
61.465
61.455
61.57
61.195
60.625
61.25
61.105
61.835
61.435
61.04
61.615
61.86
62.08
61.605
61.385
61.965
62.615
62.585
62.915
61.735
62.435
62.725
62.685
62.725
62.195
63.585
63.185
63.295
63.295
63.625
63.165
63.625
65.246
66.016
66.275
68.615
66.515
66.595
67.395

142.25936
144.047444
143.55382
142.781435
143.375092
141.268408
143.406692
145.684288
146.060206
145.205714
143.979216
147.494138
147.501424
145.317005
139.638075
138.448917
135.873067
137.351676
136.065
134.928589
130.665975
130.50731
129.802909
132.142221
131.137183
130.236748
130.823961
129.658031
131.151218
128.318
129.053573
126.664033
129.119994
129.982711
132.561545
132.19725
125.931092
124.263815
127.56092
120.373096
126.240698
125.871312
122.366644

Oct 31
Oct 30
Oct 29
Oct 28
Oct 25
Oct 24
Oct 23
Oct 22
Oct 21
Oct 18
Oct 17
Oct 15
Oct 14
Oct 11
Oct 10
Oct 09
Oct 08
Oct 07
Oct 04
Oct 03
Oct 01
Sep 30
Sep 27
Sep 26
Sep 25
Sep 24
Sep 23
Sep 20
Sep 19
Sep 18
Sep 17
Sep 16
Sep 13
Sep 12
Sep 11
Sep 10
Sep 06
Sep 05
Sep 04
Sep 03
Sep 02
Aug 30
Aug 29

Aug 28
Aug 27
Aug 26
Aug 23
Aug 22
Aug 21
Aug 20
Aug 19
Aug 16
Aug 14
Aug 13
Aug 12
Aug 08
Aug 07
Aug 06
Aug 05
Aug 02
Aug 01
Jul 31
Jul 30
Jul 29
Jul 26
Jul 25
Jul 24
Jul 23
Jul 22
Jul 19
Jul 18
Jul 17
Jul 16
Jul 15
Jul 12
Jul 11
Jul 10
Jul 09
Jul 08
Jul 05
Jul 04
Jul 03
Jul 02
Jul 01
Jun 28
Jun 27
Jun 26

8175.3
7975.8
7958.65
7893.2
7777.5
7594.05
7693.5
7793.2
7774.2
7956.1
7976.25
7841.45
7801.45
7767.75
7877.15
7916.5
7858.35
7777.1
7787.35
7718.85
7673.3
7663
7678.15
7669.25
7604
7556.55
7503.7
7306.35
7272
7208.8
7225.4
7249.4
6799.5
6690.95
6653.9
6607.95
6604.7
6633.2
6451.3
6474.25
6526.45
6634.15
6587.15
6378.35

67.355
66.865
64.3
64.075
64.415
64.695
63.365
63.855
62.495
61.295
61.455
61.375
60.731
61.211
60.791
60.885
61.105
60.441
60.635
60.816
59.419
59.045
58.965
59.135
59.766
59.725
59.395
59.745
59.331
59.318
60.172
59.892
59.834
59.895
60.102
60.696
60.985
60.182
60.227
59.556
59.386
59.533
60.196
60.721

121.37629
119.282136
123.773717
123.18689
120.740511
117.382332
121.415608
122.045259
124.397152
129.800147
129.79009
127.762933
128.459107
126.901211
129.577569
130.023815
128.604042
128.67259
128.42995
126.921369
129.138828
129.782369
130.215382
129.690539
127.229528
126.522394
126.33555
122.292242
122.566618
121.528035
120.079107
121.041208
113.639402
111.711328
110.710126
108.869612
108.300402
110.219002
107.11641
108.70861
109.898798
111.436514
109.428367
105.04356

Aug 28
Aug 27
Aug 26
Aug 23
Aug 22
Aug 21
Aug 20
Aug 19
Aug 16
Aug 14
Aug 13
Aug 12
Aug 08
Aug 07
Aug 06
Aug 05
Aug 02
Aug 01
Jul 31
Jul 30
Jul 29
Jul 26
Jul 25
Jul 24
Jul 23
Jul 22
Jul 19
Jul 18
Jul 17
Jul 16
Jul 15
Jul 12
Jul 11
Jul 10
Jul 09
Jul 08
Jul 05
Jul 04
Jul 03
Jul 02
Jul 01
Jun 28
Jun 27
Jun 26

Jun 25
Jun 24
Jun 21
Jun 20
Jun 19
Jun 18
Jun 17
Jun 14
Jun 13
Jun 12
Jun 11
Jun 10
Jun 07
Jun 06
Jun 05
Jun 04
Jun 03
May 31
May 30
May 29
May 28
May 27
May 24
May 23
May 22
May 21
May 20
May 17
May 16
May 15
May 14
May 13
May 10
May 09
May 08
May 07
May 06
May 03
May 02
Apr 30
Apr 29
Apr 26
Apr 25
Apr 23

6268.85
6309.45
6381.85
6290.15
6435.1
6451.95
6423.2
6370.4
6334.6
6438.6
6550.95
6604.7
6540.05
6451.55
6474
6516.65
6551.65
6472.05
6390.4
6396.25
6431.6
6410.95
6330.8
6378.45
6420.2
6421
6358.75
6331.05
6292.15
6359.7
6328.05
6316
6439.85
6426.45
6380.15
6372.75
6343.25
6224.7
6205.9
6047.7
6015.45
5972.7
6059.8
6156.9

59.666
59.816
59.276
59.575
58.721
58.846
58.111
57.575
58.005
57.836
58.34
58.156
57.066
56.846
56.73
56.446
56.675
56.581
56.386
56.306
56.115
55.572
55.821
55.715
55.66
55.416
55.115
54.886
54.785
54.785
54.806
54.836
54.81
54.255
54.166
54.136
54.181
53.81
53.816
53.806
54.236
54.38
54.225
54.386

105.065699
105.480975
107.663304
105.583718
109.587711
109.641267
110.53329
110.645245
109.207827
111.325126
112.289167
113.568677
114.605019
113.491714
114.119513
115.449279
115.600353
114.385571
113.333097
113.598018
114.614631
115.362953
113.412515
114.483532
115.346748
115.869063
115.372403
115.349087
114.851693
116.084695
115.462723
115.179809
117.49407
118.448991
117.788834
117.717415
117.075174
115.679242
115.317006
112.398246
110.912494
109.832659
111.752882
113.207443

Jun 25
Jun 24
Jun 21
Jun 20
Jun 19
Jun 18
Jun 17
Jun 14
Jun 13
Jun 12
Jun 11
Jun 10
Jun 07
Jun 06
Jun 05
Jun 04
Jun 03
May 31
May 30
May 29
May 28
May 27
May 24
May 23
May 22
May 21
May 20
May 17
May 16
May 15
May 14
May 13
May 10
May 09
May 08
May 07
May 06
May 03
May 02
Apr 30
Apr 29
Apr 26
Apr 25
Apr 23

Apr 22
Apr 18
Apr 17
Apr 16
Apr 15
Apr 12
Apr 11
Apr 10
Apr 09
Apr 08
Apr 05
Apr 04
Apr 03
Apr 02
Apr 01
Mar 28
Mar 26
Mar 25
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 08
Mar 07
Mar 06
Mar 05
Mar 04
Mar 01
Feb 28
Feb 27
Feb 26
Feb 25
Feb 22
Feb 21
Feb 20
Feb 19
Feb 18
Feb 15

6118.25
6232.6
6235.85
6301.1
6342.7
6354.9
7200.35
7042.95
6905.7
6977.1
7047.35
7072.7
7271.9
7325.25
7264.35
7219.05
7137.05
7105.95
7119.8
7168.05
7158.25
7152.55
7198.65
7224.35
7212.4
7170.4
7253.2
7304.6
7357
7410.25
7305.9
7200.2
7101.65
7117.7
7106.65
7072.5
7156.75
7095.2
6992.85
6939.85
6972.05
6936.25
6834.7
6864.15

54.145
54.031
54.215
54.156
54.55
54.62
54.306
54.52
54.586
54.566
54.81
54.891
54.435
54.431
54.325
54.285
54.37
54.175
54.35
54.285
54.4
54.376
54.081
54.031
54.361
54.37
54.15
54.416
54.35
54.566
54.721
54.925
54.865
54.906
54.37
53.865
54.096
53.87
54.281
54.475
54.075
54.17
54.185
54.325

112.997507
115.352298
115.020751
116.350912
116.273144
116.347492
132.58848
129.181034
126.510461
127.865337
128.577814
128.849903
133.588684
134.578641
133.720202
132.98425
131.268163
131.16659
130.99908
132.044764
131.585478
131.53873
133.10867
133.707501
132.675999
131.881552
133.946445
134.236254
135.363385
135.803431
133.511814
131.091488
129.438622
129.634284
130.709031
131.300473
132.297212
131.709671
128.826845
127.395135
128.932963
128.045966
126.136385
126.353428

Apr 22
Apr 18
Apr 17
Apr 16
Apr 15
Apr 12
Apr 11
Apr 10
Apr 09
Apr 08
Apr 05
Apr 04
Apr 03
Apr 02
Apr 01
Mar 28
Mar 26
Mar 25
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 15
Mar 14
Mar 13
Mar 12
Mar 11
Mar 08
Mar 07
Mar 06
Mar 05
Mar 04
Mar 01
Feb 28
Feb 27
Feb 26
Feb 25
Feb 22
Feb 21
Feb 20
Feb 19
Feb 18
Feb 15

Feb 14
Feb 13
Feb 12
Feb 11
Feb 08
Feb 07
Feb 06
Feb 05
Feb 04
Feb 01
Jan 31
Jan 30
Jan 29
Jan 28
Jan 25
Jan 24
Jan 23
Jan 22
Jan 21
Jan 18
Jan 17
Jan 16
Jan 15
Jan 14
Jan 11
Jan 10
Jan 09
Jan 08
Jan 07
Jan 04
Jan 03
Jan 02
Jan 01

6900.35
6884.15
6791.9
6832.05
6852.7
6799
6766.8
6728.7
6750.25
6752.65
6778
6787.85
6792.3
6822.7
6800.75
6742.4
6725.8
6739.65
6789.4
6798.7
6869.45
6777.95
6791.5
6809.5
6639.85
6073.1
6101.05
6147.9
6175.45
6153.2
6097.6
6031
6033.3

53.925
53.825
53.855
53.965
53.596
53.225
53.16
53.141
53.291
53.17
53.221
53.31
53.766
53.916
53.8
53.685
53.675
53.816
53.776
53.745
54.355
54.696
54.62
54.501
54.876
54.566
54.755
54.995
55.225
54.941
54.505
54.355
54.685

127.961984
127.898746
126.114567
126.601501
127.858422
127.740723
127.291196
126.619747
126.66773
127.001128
127.355743
127.327893
126.330767
126.543141
126.407993
125.591879
125.306008
125.23506
126.253347
126.499209
126.381198
123.920396
124.340901
124.942662
120.997339
111.298244
111.424527
111.790163
111.82345
111.996505
111.872305
110.955754
110.328244

Feb 14
Feb 13
Feb 12
Feb 11
Feb 08
Feb 07
Feb 06
Feb 05
Feb 04
Feb 01
Jan 31
Jan 30
Jan 29
Jan 28
Jan 25
Jan 24
Jan 23
Jan 22
Jan 21
Jan 18
Jan 17
Jan 16
Jan 15
Jan 14
Jan 11
Jan 10
Jan 09
Jan 08
Jan 07
Jan 04
Jan 03
Jan 02
Jan 01

CNX IT
10000

9000
8000
Axis Title

7000

6000
5000
4000

3000
2000
1000

$ adj CNX IT
160
140

Axis Title

120
100

80
60
40

20
0

FY 2013E FY 2012 FY 2011 FY 2010 FY 2009

P/E
17.85
14.80
19.16
26.71
22.64
P/B
4.57
3.92
4.82
6.84
5.98
EV/Sales
3.15
2.75
3.64
5.52
4.78
EV/EBITDA
12.40
10.55
13.98
20.98
16.98
Div Yield
1.45
1.82
1.34
1.55
0.88
FY 2013E FY 2012 FY 2011 FY 2010 FY 2009
Gross Margin
37.91
38.97
36.94
35.47
39.68
Operating Margin22.77
23.92
24.50
25.30
25.20
Profit Margin
19.50
20.84
20.58
21.94
22.30
ROA
22.92
21.50
20.68
20.80
20.63
ROE
29.63
28.59
27.40
27.51
29.66