eclerx services ltd · revenue in rupee terms grew by 16% q-o-q (up 51.3% y-o-y) to rs 1.3 bn due...
TRANSCRIPT
© CRISIL Limited. All Rights Reserved.
Enhancing investment decisions
Q3FY12 Result Update
eClerx Services Ltd
© CRISIL Limited. All Rights Reserved.
Explanation of CRISIL Fundamental and Valuation (CFV) matrix
The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process –
Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental
grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The
valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to
grade 1 (strong downside from the CMP).
CRISIL Fundamental Grade
Assessment CRISIL Valuation Grade
Assessment
5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)
4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)
3/5 Good fundamentals 3/5 Align (+-10% from CMP)
2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)
1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)
Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest
that can bias the grading recommendation of the company. Additional Disclosure
This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT). Disclaimer:
This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL
(Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for
any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without
any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes
investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold
any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this
Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be
reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or
published or copied in whole or in part, for any purpose.
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1
eClerx Services Ltd Profitability boosted by rupee depreciation
Fundamental Grade 4/5 (Superior fundamentals)
Valuation Grade 3/5 (CMP is aligned) Industry IT Services
Fair Value Rs 760 CMP Rs 716
February 01, 2012
eClerx Services Ltd’s (eClerx’s) Q3FY12 revenue in dollar terms was in line
with CRISIL Research’s expectations driven by sustained growth in both top
five and non-top five clients. Revenue in rupee terms, operating profitability
and PAT were better than expected due to rupee depreciation. We have revised
FY12 and FY13 revenue and earnings estimates upwards mainly driven by the
rupee-dollar exchange rate revision of 4.5% for FY12 and 7.9% for FY13. We
maintain the fundamental grade of 4/5.
Q3FY12 result analysis
• Q3FY12 revenue in US$ terms grew by 4.5% q-o-q (~30% y-o-y) to
US$ 25.4 mn driven by 4.5% q-o-q growth in revenue from both top five
and non-top five clients. Revenue in rupee terms grew by 16% q-o-q (up
51.3% y-o-y) to Rs 1.3 bn due to depreciation of the rupee against the
US$.
• Employee cost as a percent of sales declined by 444 bps q-o-q (272 bps
y-o-y) to 39.3% and other expenses as a percent of sales declined by
191 bps q-o-q (76 bps y-o-y) to 15.4% mainly due to rupee depreciation.
As a result, EBITDA increased by 35% q-o-q (64% y-o-y) to Rs 597 mn.
EBITDA margin improved by 635 bps q-o-q (349 bps y-o-y) to 45.2%.
• This quarter, the company added 116 employees compared to 140 in
Q2FY12 and 196 in Q3FY11 as the attrition declined to 26.3% from 38.7%
in Q2FY12 and 37% in Q3FY11, and employee utilisation improved 100 bps
q-o-q (200 bps y-o-y) to 72%.
• Forex loss incurred on derivative contracts due to weaker rupee reduced
other income by ~55% q-o-q. As a result, PAT increased by ~13% q-o-q
(~39% y-o-y) to Rs 499 mn despite stronger growth in EBITDA.
• Q3FY12 EPS was Rs 17.2.
• The company was able to sharply reduce debtor days to 52 from 76 days in
Q2FY12 as the company focussed on collections but is expected to return to
long-term average of 60-70 days.
• Rupee depreciated by ~14% in Q3FY12.
Valuation: Current market price is aligned
We continue to use the price to earnings ratio (PER) method to value eClerx.
Since earnings have been revised only due to revision in the exchange rate, we
maintain the fair value of Rs 760 per share. At this value, the implied P/E
multiple is 11.5x FY13 EPS (ex-hedging gains) of Rs 66.4. At the current
market price of Rs 716, the valuation grade is 3/5.
KEY FORECAST
(Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 1,973 2,570 3,421 4,774 6,088 EBITDA 815 1,004 1,345 1,928 2,447 Adj PAT 618 735 1,327 1,669 1,984 Adj EPS-Rs 21.4 25.5 46.0 57.8 68.8 EPS growth (%) 38.6 19.0 80.4 25.8 18.9 Dividend yield (%) 2.0 2.9 3.7 4.4 5.3 RoCE (%) 48.6 51.1 57.2 65.6 64.9 RoE (%) 41.4 40.2 60.5 60.5 55.4 PE (x) 33.4 28.1 15.6 12.4 10.4 P/BV (x) 12.5 10.3 8.7 6.6 5.1 EV/EBITDA (x) 15.3 12.3 14.0 9.8 7.4
NM: Not meaningful; CMP: Current market price
Source: Company, CRISIL Research estimate
CFV MATRIX
KEY STOCK STATISTICS NIFTY 5236
NSE ticker ECLERX
Face value (Rs per share) 10
Shares outstanding (mn) 29
Market cap (Rs mn)/(US$ mn) 20,781/420
Enterprise value (Rs mn) /(US$ mn) 18,870/381
52-week range (Rs) (H/L) 875/577
Beta 0.97
Free float (%) 45.2
Avg daily volumes (30-days) 21,568
Avg daily value (30-days) (Rs mn) 15.3
SHAREHOLDING PATTERN
PERFORMANCE VIS-À-VIS MARKET
Returns
1-m 3-m 6-m 12-m
ECLERX 4% -4% -11% 9%
NIFTY 13% 0% -5% -3%
ANALYTICAL CONTACT Chetan Majithia (Head) [email protected]
Chinmay Sapre [email protected]
Suresh Guruprasad [email protected]
Client servicing desk
+91 22 3342 3561 [email protected]
1 2 3 4 5
1
2
3
4
5
Valuation Grade
Fu
nd
am
en
tal G
rad
e
Poor Fundamentals
ExcellentFundamentals
Str
on
gD
ow
nsid
e
Str
on
gU
psid
e
59.3% 55.1% 54.8% 54.8%
20.0% 24.5% 24.5% 23.5%
8.2% 9.1% 9.5% 10.5%
12.5% 11.3% 11.2% 11.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar-11 Jun-11 Sep-11 Dec-11
Promoter FII DII Others
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 2
eClerx Services Ltd
Q3FY12 Result Summary (Rs mn) Q3FY12 Q2FY12 Q3FY11 q-o-q (%) y-o-y (%) 9MFY12 9MFY12 y-o-y (%)
Net sales 1,320 1,137 872 16.0 51.3 3,453 2,466 40.1
Employee cost 519 498 367 4.3 41.6 1,463 1,096 33.6
Employee cost (% of net sales) 39.3% 43.8% 42.0% -444bps -272bps 91.5% 133.6% -4205bps
Administration and other expenses 204 197 141 3.3 44.2 560 425 31.6
EBITDA 597 442 364 35.0 64.0 1,430 945 51.4
EBITDA margin 45.2% 38.9% 41.8% 635bps 349bps 41.4% 38.3% 310bps
Depreciation 34 31 25 12.3 35.2 89 64 38.7
EBIT 563 412 339 36.7 66.1 1,342 881 52.3
Interest and finance charges - - - - - - - -
Operating PBT 563 412 339 36.7 66.1 1,342 881 52.3
Other Income 31 37 19 (14.3) 67.9 101 48 108.8
Forex gain/(loss) 31 102 43 (69.5) (26.7) 174 118 47.5
PBT 625 551 400 13.5 56.3 1,616 1,047 54.3
Tax 126 108 40 16.1 212.8 322 118 173.8
PAT 499 442 360 12.9 38.8 1,294 929 39.2
Adj PAT 499 442 360 12.9 38.8 1,294 929 39.2
Adj PAT margin 37.8% 38.9% 41.3% -105bps -342bps 37.5% 37.7% -23bps
No of equity shares (mn) 29.0 29.0 28.8 - 0.7 29.0 28.8 -
Adj EPS (Rs) 17.2 15.2 12.5 12.9 37.8 44.7 32.2 38.6
Source: Company, CRISIL Research
Contribution from US increased due to strong US$ High dependence on top five clients continues
Source: Company, CRISIL Research Source: Company, CRISIL Research
Revenues from top five and non-top five clients grew at 4.5% in US$ terms
Source: Company, CRISIL Research Source: Company, CRISIL Research
63% 63% 60% 58% 61% 61% 65% 70%
31% 30% 33% 34% 32% 31% 26%24%
6% 7% 7% 8% 7% 8% 9% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar-
10
Jun-1
0
Sep-1
0
Dec
-10
Mar-
11
Jun-1
1
Sep-1
1
Dec
-11
North America Europe Rest of the world
84%
88%87%
86% 86%
88%
86% 86%
76%
78%
80%
82%
84%
86%
88%
90%
Mar-
10
Jun-1
0
Sep-1
0
Dec
-10
Mar-
11
Jun-1
1
Sep-1
1
Dec
-11
13.3 14.8 15.7 16.9 18.2 19.7 20.9 21.8
7.3%
11.4%
5.9%
7.6%8.2%
7.8%
6.3%
4.5%
0%
2%
4%
6%
8%
10%
12%
0
5
10
15
20
25
Mar
-10
Jun-1
0
Sep-
10
Dec-
10
Mar
-11
Jun-1
1
Sep-
11
Dec-
11
(US$ mn)
Revenues from top 5 clients growth (RHS)
2.5 2.0 2.3 2.7 3.0 2.7 3.4 3.6
-0.2%
-20%
16% 17%
8%
-10%
27%
5%
-30%
-20%
-10%
0%
10%
20%
30%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Mar
-10
Jun-1
0
Sep-
10
Dec-
10
Mar
-11
Jun-1
1
Sep-
11
Dec-
11
(US$ mn)
Revenues from non-top five clients growth (RHS)
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 3
eClerx Services Ltd
Debtor days declined sharply Employee addition remained low
Source: Company, CRISIL Research Source: Company, CRISIL Research
EBITDA margin improved due to weak rupee PAT margin declined due to low forex gains
Source: Company, CRISIL Research Source: Company, CRISIL Research
Share price movement Fair value movement since initiation
-indexed to 100
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
57 59 65 62 59 67 76 5250
52
54
56
58
60
62
64
66
68
70
Mar-
10
Jun-
10
Sep
-10
Dec-
10
Mar-
11
Jun-
11
Sep
-11
Dec-
11
(Days)
224 286 261 207 196 131 357 140 116
2,5772,863 3,124 3,331 3,527 3,658
4,0154,155 4,271
-100
400
900
1,400
1,900
2,400
2,900
3,400
3,900
4,400
Dec-
09
Mar
-10
Jun-1
0
Sep-
10
Dec-
10
Mar
-11
Jun-1
1
Sep-
11
Dec-
11
Net additions Ending employees
713 771 823 872 955 996 1,137 1,320
36.6% 36.7% 36.2%
41.8% 42.0%
39.2% 38.9%
45.2%
30%
33%
36%
39%
42%
45%
48%
0
200
400
600
800
1,000
1,200
1,400
Mar-
10
Jun-1
0
Sep-1
0
Dec
-10
Mar-
11
Jun-1
1
Sep-1
1
Dec
-11
(Rs mn)
Revenue EBITDA margin (RHS)
243 293 276 360 398 352 442 499
34.0%
38.0%
33.6%
41.3% 41.7%
35.3%38.9% 37.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
100
200
300
400
500
600
Mar
-10
Jun-1
0
Sep-
10
Dec-
10
Mar
-11
Jun-1
1
Sep-
11
Dec-
11
(Rs mn)
PAT PAT margin (RHS)
0
200
400
600
800
1,000
1,200
1,400
1,600
Jan-
09
Apr
-09
Jun-0
9
Aug-
09
Nov
-09
Jan-
10
Apr
-10
Jun-1
0
Aug-
10
Nov
-10
Jan-
11
Mar-
11
Jun-1
1
Aug-
11
Nov
-11
Jan-
12
eClerx NIFTY
-
200
400
600
800
1,000
1,200
1,400
1,600
600
650
700
750
800
850
900
Mar-
11
Apr
-11
May
-11
Jun-1
1
Jul-
11
Aug
-11
Sep-1
1
Oct
-11
Nov
-11
Dec
-11
Jan-
12('000)(Rs)
Total Traded Quantity (RHS) CRISIL Fair Value eClerx
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 4
eClerx Services Ltd
EARNINGS ESTIMATES REVISED UPWARDS
FY12E FY13E
Particulars Unit Old New % change Old New % change
Revenue (US$ mn) 100.4 99.5 -0.9% 127 127 0.0%
Exchange rate Rs 45.9 48.0 4.5% 44.5 48.0 7.9%
Revenue (Rs mn) 4,613 4,774 3.5% 5,644 6,088 7.9%
Employee cost (Rs mn) 1,987 1987 0.0% 2,582 2582 0.0%
SG&A (Rs mn) 830 859 3.5% 1,010 1059 4.9%
EBITDA (Rs mn) 1,796 1,928 7.4% 2,052 2,447 19.2%
EBITDA margin (%) 39% 40% 145bps 36% 40% 384bps
Depreciation (Rs mn) 125 119 -4.6% 123 123 0.0%
Other income (Rs mn) 240 251 4.6% 160 188 17.7%
PAT (Rs mn) 1,483 1,669 12.5% 1,803 1,984 10.1%
PAT margin (%) 32.1% 35.0% 280bps 31.9% 32.6% 65bps
No of shares no 28.8 29.0 1% 28.8 29.0 1%
EPS (ex-hedging gains) (Rs) 51.4 54.1 5.2% 58.5 66.4 13.5%
EPS (Rs) 51.4 57.5 11.8% 62.5 68.4 9.4%
Source: CRISIL Research
Reasons for changes in estimates Line item FY12 FY13
Revenues • Marginal downward revision in US$ revenue due to
uncertain macro environment
• Rupee depreciation
• Rupee depreciation
EBITDA margins • Higher revenue and US$ denominated costs due to
rupee depreciation
• Higher revenue and US$ denominated costs due
to rupee depreciation
PAT margins • Higher EBITDA due to rupee depreciation
• Higher other income due to higher yields
• Lower-than-expected depreciation
• Higher EBITDA due to rupee depreciation
• Higher other income due to existing hedge
positions
As on December 31, 2011, the company had outstanding hedges of
US$ 19.5 mn at an average US$/rupee rate of Rs 48.3 for Q4FY12. Based on
this position, we expect the company to incur forex losses in the next quarter.
Hence, we have assumed lower profitability in Q4FY12. Our full-year PAT
estimate is Rs 1.7 mn while the company has already done PAT of Rs 1.3 bn in
9MFY12.
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 5
eClerx Services Ltd
VALUATION
We continue to use the price-to-earnings method to value eClerx. Since
earnings have been revised only due to revision in the rupee-dollar exchange
rate, we maintain the fair value of Rs 760 per share. At this value, the implied
P/E multiple is 11.5x FY13E EPS (ex-hedging gains) of Rs 66.4. At the current
market price of Rs 716, the valuation grade is 3/5.
One-year forward P/E band One-year forward EV/EBITDA band
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
P/E – premium/discount to NIFTY P/E movement
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
CRISIL IER reports released on eClerx Services Ltd
Date Nature of report
Fundamental
grade Fair value
Valuation
grade
CMP
(on the date of report)
28-Mar-11 Initiating coverage* 4/5 Rs 692 3/5 Rs 641
19-May-11 Q4FY11 result update 4/5 Rs 692 3/5 Rs 738
29-Jul-11 Q1FY12 result update 4/5 Rs 714 2/5 Rs 820
24-Oct-11 Q2FY12 result update 4/5 Rs 760 3/5 Rs 733
01-Feb-12 Q3FY12 result update 4/5 Rs 760 3/5 Rs 716
* For detailed initiating coverage report please visit: www.ier.co.in
CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.
0
100
200
300
400
500
600
700
800
900
1000
Mar
-08
May-0
8
Jul-
08
Sep
-08
Nov
-08
Jan-0
9
Mar
-09
May-0
9
Jul-
09
Sep
-09
Nov
-09
Jan-1
0
Mar
-10
May-1
0
Jul-
10
Sep
-10
Nov
-10
Jan-1
1
Mar
-11
May-1
1
Jul-
11
Sep
-11
Nov
-11
Jan-1
2
(Rs)
eClerx Services 4x 7x 10x 13x 16x
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Mar-
08
May
-08
Jul-
08
Sep-0
8
Nov
-08
Jan-
09
Mar-
09
May
-09
Jul-
09
Sep-0
9
Nov
-09
Jan-
10
Mar-
10
May
-10
Jul-
10
Sep-1
0
Nov
-10
Jan-
11
Mar-
11
May
-11
Jul-
11
Sep-1
1
Nov
-11
Jan-
12
(Rs mn)
EV 2x 4x 6x 8x
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov-0
8
Jan-0
9
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov-0
9
Jan-1
0
Mar
-10
May
-10
Jul-
10
Sep-
10
Nov-1
0
Jan-1
1
Mar
-11
May
-11
Jul-
11
Sep-
11
Nov-1
1
Jan-1
2
Premium/Discount to NIFTY Median of premium discount to NIFTY
0
2
4
6
8
10
12
14
16
18
Mar
-08
May
-08
Jul-
08
Sep-
08
Nov
-08
Jan-0
9
Mar
-09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-1
0
Mar
-10
May
-10
Jul-
10
Sep-
10
Nov
-10
Jan-1
1
Mar
-11
May
-11
Jul-
11
Sep-
11
Nov
-11
Jan-1
2
(Times)
1yr Fwd PE (x) Average PE
+1 std dev
-1 std dev
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 6
eClerx Services Ltd
FINANCIALS
Note: All ratios are computed on Adj PAT
Source: Company, CRISIL Research estimate
Income statement Balance Sheet
(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 1,973 2,570 3,421 4,774 6,088 Liabilities
EBITDA 815 1,004 1,345 1,928 2,447 Equity share capital 189 190 289 290 290
EBITDA margin 41.3% 39.1% 39.3% 40.4% 40.2% Reserves 1,467 1,809 2,095 2,844 3,737
Depreciation 79 70 91 119 123 Minorities - - - - -
EBIT 735 934 1,254 1,809 2,324 Net worth 1,657 1,999 2,384 3,135 4,028
Interest 91 160 (165) - - Convertible debt - - - - -
Operating PBT 644 774 1,419 1,809 2,324 Other debt - - - - -
Other income 50 54 75 251 188 Total debt - - - - -
Exceptional inc/(exp) - - (102) - - Deferred tax liability (net) (7) (7) (7) (7) (7)
PBT 694 828 1,392 2,060 2,512 Total liabilities 1,649 1,992 2,377 3,127 4,020
Tax provision 77 93 168 391 528 Assets
Minority interest - - - - - Net fixed assets 187 183 275 370 253
PAT (Reported) 618 735 1,224 1,669 1,984 Capital WIP 1 22 65 65 65
Less: Exceptionals - - (102) - - Total fixed assets 188 205 341 436 318
Adjusted PAT 618 735 1,327 1,669 1,984 Investments - - - - -
Current assets
Ratios Inventory - - - - -
FY09 FY10 FY11 FY12E FY13E Sundry debtors 451 392 659 850 1,084
Growth Loans and advances 289 492 690 764 913
Operating income (%) 62.2 30.3 33.1 39.5 27.5 Cash & bank balance 213 472 1,515 1,627 2,514
EBITDA (%) 65.6 23.2 34.0 43.3 26.9 Marketable securities 851 775 279 279 279
Adj PAT (%) 38.6 19.0 80.4 25.8 18.9 Total current assets 1,804 2,132 3,143 3,520 4,790
Adj EPS (%) 38.6 19.0 80.4 25.8 18.9 Total current liabilities 465 463 1,136 857 1,117
Net current assets 1,339 1,669 2,007 2,662 3,673
Profitability Intangibles/Misc. expenditure 123 117 29 29 29
EBITDA margin (%) 41.3 39.1 39.3 40.4 40.2 Total assets 1,649 1,992 2,377 3,127 4,020
Adj PAT Margin (%) 31.3 28.6 38.8 35.0 32.6
RoE (%) 41.4 40.2 60.5 60.5 55.4 Cash flow
RoCE (%) 48.6 51.1 57.2 65.6 64.9 (Rs mn) FY09 FY10 FY11 FY12E FY13E
RoIC (%) 58.7 63.9 103.3 161.6 143.8 Pre-tax profit 694 828 1,494 2,060 2,512
Total tax paid (81) (93) (167) (392) (528)
Valuations Depreciation 79 70 91 119 123
Price-earnings (x) 33.4 28.1 15.6 12.4 10.4 Working capital changes (50) (147) 209 (544) (124)
Price-book (x) 12.5 10.3 8.7 6.6 5.1 Net cash from operations 643 659 1,627 1,244 1,983
EV/EBITDA (x) 15.3 12.3 14.0 9.8 7.4 Cash from investments
EV/Sales (x) 6.3 4.8 5.5 4.0 3.0 Capital expenditure (127) (82) (139) (214) (5)
Dividend payout ratio (%) 44.8 53.0 61.6 55.0 55.0 Investments and others (197) 76 496 - -
Dividend yield (%) 2.0 2.9 3.7 4.4 5.3 Net cash from investments (324) (6) 357 (214) (5)
Cash from financing
B/S ratios Equity raised/(repaid) 1 5 25 - -
Inventory days - - - - - Debt raised/(repaid) (40) - - - -
Creditors days 73 51 61 60 62 Dividend (incl. tax) (277) (390) (755) (918) (1,091)
Debtor days 83 56 70 65 65 Others (incl extraordinaries) (13) (9) (212) - -
Working capital days 46 50 34 37 49 Net cash from financing (329) (393) (942) (918) (1,091)
Gross asset turnover (x) 7.2 6.9 7.1 7.0 7.7 Change in cash position (11) 259 1,043 112 887
Net asset turnover (x) 13.4 13.9 14.9 14.8 19.5 Closing cash 213 472 1,515 1,627 2,514
Sales/operating assets (x) 10.8 13.1 12.5 12.3 16.2
Current ratio (x) 3.9 4.6 2.8 4.1 4.3 Quarterly financials
Debt-equity (x) - - - - - (Rs mn) Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12
Net debt/equity (x) (0.6) (0.6) (0.8) (0.6) (0.7) Net Sales 872 955 996 1,137 1,320
Interest coverage 8.1 5.8 NM NM NM Change (q-o-q) 6% 10% 4% 14% 16%
EBITDA 364 401 391 442 597
Per share Change (q-o-q) 22% 10% -3% 13% 35%
FY09 FY10 FY11 FY12E FY13E EBITDA margin 41.8% 42.0% 39.2% 38.9% 45.2%
Adj EPS (Rs) 21.4 25.5 46.0 57.8 68.8 PAT 360 398 352 442 499
CEPS 24.2 27.9 49.1 62.0 73.0 Adj PAT 360 398 352 442 499
Book value 57.4 69.3 82.6 108.6 139.6 Change (q-o-q) 30% 11% -12% 26% 13%
Dividend (Rs) 9.6 13.5 26.2 31.8 37.8 Adj PAT margin 41.3% 41.7% 35.3% 38.9% 37.8%
Actual o/s shares (mn) 18.9 19.0 28.9 29.0 29.0 Adj EPS 12.5 13.8 12.2 15.2 17.2
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CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are
India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks
and leading corporations.
About CRISIL Research CRISIL Research is the country’s largest independent and integrated research house with strong domain expertise
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Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : [email protected] I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : [email protected] I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : [email protected] I Phone : 9642004668
Delhi Arjun Gopalkrishnan - Manager, Business Development Email :[email protected] I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : [email protected] I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : [email protected] I Phone : 9903060685
Ashish Sethi – Head, Business Development Email : [email protected] I Phone : 9920807575
Regional Contacts:
To know more about CRISIL IER, please contact our team members:
Sagar Sawarkar – Senior Manager, Business Development
Email : [email protected] I Phone : 9821638322
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in