CMP 173.65

Target Price 191.00

ISIN: INE836A01035

JANUARY 2nd

2014

KPIT TECHNOLOGIES LIMITED

Result Update: Q2 FY14

BUYBUYBUYBUY

Index Details

Stock Data

Sector IT Consulting & software

BSE Code 532400

Face Value 2.00

52wk. High / Low (Rs.) 186.30/92.40

Volume (2wk. Avg. Q.) 146000

Market Cap (Rs. in mn.) 32012.38

Annual Estimated Results (A*: Actual / E*: Estimated)

YEARS FY13A FY14E FY15E

Net Sales 22386.28 26863.54 31161.70

EBITDA 3471.72 4278.85 5106.62

Net Profit 1990.05 2589.19 3134.40

EPS 10.32 14.04 17.00

P/E 16.82 12.36 10.21

Shareholding Pattern (%)

1 Year Comparative Graph

KPIT TECHNOLOGIES LIMITED. BSE SENSEX

SYNOPSIS

KPIT Technologies Limited is a fast growing IT

consulting and product engineering partner to

manufacturing, automotive, energy & utilities

corporations.

The company’s net sales registered 23.90% increase

and stood at a record Rs. 7027.65 million from Rs.

5672.05 million over the corresponding quarter last

year.

During the quarter ended in Q2 FY14, Net profit was

up by 47.85% at Rs. 667.34 million against Rs.

451.36 million in Q2 FY13.

KPIT launches India’s first ARAI certified On-Bus

Intelligent Transport System (ITS) for Bus-

Manufacturers (JnNURM II) and State Transport

Utilities (STU) in India.

A Japanese Tier 1 supplier selected KPIT as the

partner for an important development and

engineering engagement in the Body electronics

space.

Panviva Ltd has entered into a strategic alliance

with KPIT to jointly deliver high quality Business

Process Solutions to their customers.

KPIT has become the first publicly listed company

to receive the prestigious Verafirm-Certified from

BSA | The Software Alliance.

A North American manufacturer of microsurgical

instruments selected KPIT as the SAP Partner for

their CRM implementation and support initiatives.

Net Sales and PAT of the company are expected to

grow at a CAGR of 28% and 29% over 2012 to

2015E respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

KPIT Technologies Ltd. 173.65 32012.38 10.32 16.82 3.23 45.00

NIIT Technologies Ltd. 365.45 22159.30 38.49 9.49 0.00 85.00

Zensar Technologies Ltd. 365.00 16836.50 37.33 9.78 0.00 80.00

Wipro Ltd. 552.90 1363193.10 23.88 23.15 5.63 350.00

Recommendation & Analysis - ‘BUY’

KPIT Technologies is one of the fastest growing global product engineering and IT consulting partner, focused on

co-innovating domain intensive technology solutions for automotive & transportation, manufacturing and energy

& utilities corporations. It currently partners with 180+ global corporations including carmakers and automotive

component suppliers, and has implemented over 1500 automotive engineering projects globally. The company

has change in its name from ‘KPIT Cummins Info systems Ltd’ to “KPIT Technologies Limited”, with effect from

July 25th, 2013.

Net sales of the company has increased by 23.90 % from Rs. 5672.05 million for the quarter ended September 30,

2012 to Rs. 7027.65 million for the quarter ended September 30, 2013. Net profit was up by 47.85% at Rs.

667.34 million in Q2 FY14 against Rs. 451.36 million in Q2 FY13. The company has reported a strong profitable

growth in quarter ended 30th SEPTEMBER 2013. During the quarter ended Q2 FY14, EBITDA has increased by

46.82% at Rs. 1103.80 million from Rs. 751.83 million in the corresponding quarter of previous year. During the

quarter both engineering and IT businesses performed well in the APAC region and demand traction picking up

in Europe. In Q2 FY14 the company adopted a new brand that signifies the transformation into a product and

technology provider. Toward reaching the USD 1 billion revenue milestone by 2017, its focus will be on

productized solutions, verticalization of go-to-market and deeper penetration into strategic accounts.

KPIT launches India’s first ARAI certified On-Bus Intelligent Transport System (ITS) for Bus-Manufacturers

(JnNURM II) and State Transport Utilities (STU) in India. Panviva, the leading provider of Business Process

Guidance solutions reported that it has entered into a strategic alliance with KPIT.

The company close to two large deals in excess of USD 10 million during the quarter and has created a robust

pipeline of larger deals. This position enable for stronger H2 performance. To support higher growth and

volumes in H2, through making investments in hiring of senior level industry specialists and on the training &

development of the leadership team, the company added 350+ people to its team this quarter.” Registered stable

profitability on the back of higher currency realization and increased strategic investments, the company look

further opportunities for EBITDA improvement in H2. We expect the company to post a CAGR of 28% and 29% in

its top-line and bottom-line respectively. Hence, we recommend ‘BUY’ for ‘KPIT TECHNOLOGIES LIMITED’

with a target price of Rs. 191.00 on the stock.

QUARTERLY HIGHLIGHTS (CONSOLIDATED)

Results updates- Q2 FY14,

KPIT Technologies Ltd has created a business model

focused on Manufacturing, Automotive and

Transportation and Energy & Utilities segments

while created a three strategic business units-

Integrated Enterprise Solutions (IES) SBU and SAP

SBU to provide offerings to the respective industries.

The company has reported its consolidated financial

results for the quarter ended 30 SEPTEMBER, 2013.

Months SEP-13 SEP-12 % Change

Net Sales 7027.65 5672.05 23.90

PAT 667.34 451.36 47.85

EPS 3.62 2.53 43.07

EBITDA 1103.80 751.83 46.82

The company has achieved a turnover of Rs. 7027.65 million for the 2nd quarter of the current year 2013-14 as

against Rs. 5672.05 millions in the corresponding quarter of the previous year. The company has reported an

EBITDA of Rs. 1103.80 millions increased by 46.82% from Rs. 751.83 million in Q2 FY13 and a net profit of Rs.

667.34 million against Rs. 451.36 million reported respectively in the corresponding quarter of the previous

year. The company has reported an EPS of Rs. 3.62 for the 2nd quarter as against an EPS of Rs. 2.53 in the

corresponding quarter of the previous year.

Break up of Expenditure:

During the quarter, Total expenditure increased mainly on account of Employees’ benefits expenses incurred by

18% at Rs.3429.94 against Rs.2902.59 millions and Subcontractor cost by 15% at Rs. 1283.09 million against Rs.

1114.17 in the corresponding period of the previous year.

In the same quarter of Q2 FY14, Other Expenditure was increased by 73% at Rs. 1233.95 million against Rs.

712.47 million in Q2 FY13. Whereas Depreciation & Amortization by 30% at Rs.148.39 million in Q2FY14 against

Rs. 114.38 million in the corresponding period of the previous year, are the primarily attributable to growth of

expenditure. Total Expenditure in Q2 FY14 stood to Rs. 6095.37 million rose by 26 per cent as against Rs.

4843.61 million in Q2 FY13.

Segment Revenue

Graphical Representation:

Latest Updates

• KPIT launches India’s first ARAI certified On-Bus Intelligent Transport System (ITS) for Bus-Manufacturers

(JnNURM II) and State Transport Utilities (STU) in India to create better public transport in urban cities.

• Panviva, the leading provider of Business Process Guidance solutions reported that it has entered into a

strategic alliance with KPIT, is focused on co-innovating domain intensive technology solutions for

corporations, specializing in automotive & transportation, manufacturing, and energy & utilities, to jointly

deliver high quality Business Process Solutions to their customers.

• Robust large deal pipeline, a couple of USD 10+ Mn deals closed during the quarter and 50 patents filed, as of

end Q2 FY14

• During the quarter, balanced growth across the SBUs as A&E grew by 17.4% while IES, SAP and BTU grew by

14.4%, 11.7% and 16.2% respectively.

• The Total income has increased by 28.64% from Rs.5481.07 millions in Q2 FY13 to Rs. 7050.79 million in Q2

FY14.

• The Company has reported, regarding the Notice of Petition under Sections 391 - 394 of the Companies Act,

1956, for obtaining the sanction of the Hon'ble High Court of Delhi to the Scheme of Amalgamation between

KPIT Technologies Ltd and Sparta Infotech India Private Limited.

• KPIT reported that its rapid deployment solutions (RDS) StratosCRM and MIDASEdge are SAP qualified for

the Middle East and North Africa (MENA) region.

• A large industrial manufacturer in the MENA region selected KPIT as consulting and system integration

partner in the Oracle applications space.

• KPIT was selected as a partner in a major Oracle Exadata engagement on JDE for a large APAC based

manufacturer.

• KPIT was chosen by one of the largest chemical manufacturers in APAC, as a partner for a comprehensive

consulting engagement covering enterprise applications and supply chain management.

• A Japanese Tier 1 supplier selected KPIT as the partner for an important development and engineering

engagement in the Body electronics space.

• A European automotive OEM partnered with KPIT for a research and co-innovation project in the area of

"Sensor Optimization".

• A North American offshore drilling corporation and a large North American water utility selected KPIT for

multi-million multi-year ERP implementation and support engagements.

• A North American manufacturer of microsurgical instruments selected KPIT as the SAP Partner for their CRM

implementation and support initiatives.

COMPANY PROFILE

KPIT Technologies is one of the fastest growing global product engineering and IT consulting partner, focused on

co-innovating domain intensive technology solutions for automotive & transportation, manufacturing and energy

& utilities corporations. KPIT is at the forefront of automotive engineering globally with product engineering

solutions in the areas of AUTOSAR & in-Vehicle Networks, Body Electronics, Chassis, Safety & Driver Assistance,

Functional Safety, Vehicle Diagnostics, Infotainment and Powertrain. It currently partners with 180+ global

corporations including carmakers and automotive component suppliers, and has implemented over 1500

automotive engineering projects globally. The company has change in its name from ‘KPIT Cummins Info systems

Ltd’ to “KPIT Technologies Limited”, with effect from July 25th, 2013.

Business Portfolio

Application & Consulting

� Applications Services

� Oracle

� SAP

� Movex/M3

� Microsoft

� Infrastructure Management Services

� Business Consulting

� Business Process Management

� Enterprise Manufacturing Management

� Supply Chain Planning & Execution

� Industry Specific Solutions

� Products

� VersaPOS Fuel Retail

� iLinkSM

Product Engineering

� Solutions

� AUTOSAR & In-Vehicle Networks

� Body Electronics

� Chassis, Safety & Driver Assistance

� Engineering Design

� Functional Safety

� ISO 26262

� Infotainment

� Instrument Clusters

� Powertrain

� Vehicle Diagnostics

� Products

� K-SAR

� AUTOSAR Suite

� In2Soft Diagnostics Tools

� KIVI - KPIT Invehicle Infotainment Platform

� Style Check

� Model Comliance Tool

� On-Bus ITS

� medini analyze

� Functional Safety Tool

� Revolo

� Plug in Hybrid

FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as at March 31, 2012A -2015E FY12A FY13A FY14E FY15E

I. EQUITY AND LIABILITIES:

A) Shareholders’ Funds:

a) Share Capital 355.89 385.63 368.70 368.70

b) Reserves and Surplus 6768.47 9975.38 12564.53 15698.93

Sub-Total Net worth 7124.36 10361.01 12933.23 16067.63

B) Share Application money pending allotment 1.05 1.41 4.90 0.00

C) Minority Interest 326.01 270.24 0.00 0.00

D) Non-Current Liabilities:

a) Long-term borrowings 822.20 1459.21 1940.75 2328.90

b) Deferred Tax Liabilities [Net] 7.74 0.00 0.00 0.00

c) Other Long Term Liabilities 263.98 0.82 0.00 0.00

d) Long Term Provisions 103.23 142.26 221.93 279.63

Sub-Total Long term liabilities 1197.15 1602.29 2162.67 2608.53

E) Current Liabilities:

a) Short-term borrowings 1400.04 1753.35 3068.36 4203.66

b) Trade Payables 1756.54 992.93 1052.51 1105.13

c) Other Current Liabilities 1063.08 2170.83 2691.83 3257.11

d) Short Term Provisions 494.48 695.94 835.13 993.80

Sub-Total Current Liabilities 4714.14 5613.05 7647.83 9559.70

TOTAL EQUITY AND LIABILITIES (A+B+C+D+E) 13362.71 17848.00 22743.73 28235.86

II. ASSETS:

F) Non-Current Assets:

Fixed Assets:

i. Tangible Assets 1338.83 1384.95 1454.20 1541.45

ii. Intangible Assets 328.81 377.29 437.66 512.06

iii. Capital work-in-progress 92.43 58.78 52.90 53.96

iv. Intangible Asset under Development 92.62 183.60 358.02 526.29

a) Total Fixed Assets 1852.69 2004.62 2302.78 2633.76

b) Goodwill on consolidation (net) 3622.54 4423.43 6104.33 8247.47

c) Deferred tax assets 35.02 69.17 131.42 190.56

d) Other non-current assets 34.35 31.87 32.83 36.11

e) Non Current Investments 217.46 117.55 121.32 132.24

f) Long Term Loans and Advances 617.20 1154.58 1385.50 1634.89

Sub-Total Non-Current Assets 6379.26 7801.22 10078.18 12875.03

G) Current Assets:

a) Current Investments 364.70 2036.46 2749.22 3683.96

b) Trade Receivables 4380.24 4672.80 5140.08 5602.69

c) Cash and Bank Balances 1472.98 1920.95 2689.33 3361.66

d) Short Term Loans and Advances 601.95 593.47 605.34 623.50

e) Other Current Assets 163.58 823.10 1481.58 2089.03

Sub-Total Current Assets 6983.45 10046.78 12665.55 15360.83

TOTAL ASSETS (F + G) 13362.71 17848.00 22743.73 28235.86

Annual Profit & Loss Statement for the period of 2012 to 2015E

Value(Rs.in.mn) FY12A FY13A FY14E FY15E

Description 12m 12m 12m 12m

Net Sales 15000.12 22386.28 26863.54 31161.70

Other Income 138.24 -169.72 115.00 120.75

Total Income 15138.36 22216.56 26978.54 31282.45

Expenditure -12834.36 -18744.84 -22699.69 -26175.83

Operating Profit 2304.00 3471.72 4278.85 5106.62

Interest -73.24 -139.93 -235.08 -277.40

Gross profit 2230.76 3331.79 4043.77 4829.23

Depreciation -444.86 -471.51 -518.66 -570.53

Profit Before Tax 100.45 -13.05 0.00 0.00

Tax 1886.35 2847.23 3525.10 4258.70

Profit After Tax -436.68 -765.61 -935.92 -1124.30

Minority Interest 1449.67 2081.62 2589.19 3134.40

Share of Profit & Loss of Asso -31.47 -86.14 0.00 0.00

Net Profit 35.34 -5.43 0.00 0.00

Equity capital 1453.54 1990.05 2589.19 3134.40

Reserves 355.89 385.63 368.70 368.70

Face value 6913.24 9975.34 12564.53 15698.93

EPS 2.00 2.00 2.00 2.00

Quarterly Profit & Loss Statement for the period of 31 MARCH, 2013 to 31 DEC, 2013E

Value(Rs. mn) 31-Mar-13 30-June-13 30-Sep-13 31-Dec-13E

Description 3m 3m 3m 3m

Net sales 5698.61 6132.11 7027.65 7519.59

Other income -85.77 58.84 23.14 20.36

Total Income 5612.84 6190.95 7050.79 7539.95

Expenditure -4685.71 -5166.13 -5946.99 -6323.97

Operating profit 927.13 1024.82 1103.80 1215.98

Interest -39.31 -56.26 -66.25 -74.86

Gross profit 887.82 968.56 1037.55 1141.11

Depreciation -126.00 -121.68 -148.39 -157.29

Profit Before Tax 761.82 846.88 889.16 983.82

Tax -206.77 -245.50 -221.82 -236.12

Profit After Tax 555.05 601.38 667.34 747.70

Minority Interest -43.38 0.00 0.00 0.00

Net Profit 511.67 601.38 667.34 747.70

Equity capital 385.63 386.17 368.70 368.70

Face value 2.00 2.00 2.00 2.00

EPS 2.65 3.11 3.62 4.06

Ratio Analysis

Particulars FY12A FY13A FY14E FY15E

EPS (Rs.) 8.17 10.32 14.04 17.00

EBITDA Margin (%) 15.36 15.51 15.93 16.39

PBT Margin (%) 12.58 12.72 13.12 13.67

PAT Margin (%) 9.66 9.30 9.64 10.06

P/E Ratio (x) 21.26 16.82 12.36 10.21

ROE (%) 19.94 20.09 20.02 19.51

ROCE (%) 28.96 29.05 26.74 25.12

Debt Equity Ratio 0.31 0.31 0.39 0.41

EV/EBITDA (x) 14.38 10.57 8.65 7.55

Book Value (Rs.) 40.85 53.74 70.16 87.16

P/BV 4.25 3.23 2.48 1.99

Charts

OUTLOOK AND CONCLUSION

� At the current market price of Rs. 173.65 the stock P/E ratio is at 12.36 x FY14E and 10.21 x FY15E

respectively.

� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.14.04 and

Rs.17.00 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 28% and 29% over 2012 to 2015E

respectively.

� On the basis of EV/EBITDA, the stock trades at 8.65 x for FY14E and 7.55 x for FY15E.

� Price to Book Value of the stock is expected to be at 2.48 x and 1.99 x respectively for FY14E and FY15E.

� We expect that the company surplus scenario is likely to continue for the next three years, will keep its

growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.191.00 for Medium to Long term investment.

INDUSTRY OVERVIEW

The Indian Information Technology (IT) and Information Technology enabled Services (ITeS) sectors go hand-in-

hand in every aspect. The industry has not only transformed India’s image on the global platform, but also fuelled

economic growth by energising higher education sector (especially in engineering and computer science). The

industry has employed almost 10 million Indians and hence, has contributed a lot to social transformation in the

country.

Furthermore, Indian firms, across all other sectors, largely depend on the IT & ITeS service providers to make

their business processes efficient and streamlined. Indian manufacturing sector has the highest IT spending

followed by automotive, chemicals and consumer products industries.

Indian organisations are turning to IT to help them grow business in the current economic environment. IT is

seen as a change enabler and a source of business value for organisations by 85 per cent of the respondents.

Market Size

� India's IT-business process outsourcing (BPO) industry revenue is expected to cross US$ 225 billion mark by

2020, according to a Confederation of Indian Industry (CII) report, titled 'The SMAC Code-Embracing New

Technologies for Future Business'.

� India is expected to become world's second-largest online community after China with 213 million internet

users by December 2013 and 243 million by June 2014, according to a report by Internet and Mobile

Association of India (IAMAI) and IMRB International.

� Technology firms in India are expected to reap the benefits of Internet of Things (IoT) data, considered to be

a US$ 18 billion opportunity, to help clients improve productivity and asset utilisation as well as to enhance

end-customer experience, as per networking firm Cisco.

� India’s total IT industry’s (including hardware) share in the global market stands at 7 per cent; in the IT

segment the share is 4 per cent while in the ITeS space the share is 2 per cent. India's IT and BPO sector

exports are expected to grow by 12-14 per cent in FY14 to touch US$ 84 billion - US$ 87 billion, according to

Nasscom.

� Moreover, India plans to spend around US$ 3.9 billion on cloud services during 2013-2017, of which US$ 1.7

billion will be spent on software-as-a-service (SaaS), according the latest outlook of IT research and advisory

company, Gartner Inc.

� The enterprise software market in India is expected to reach US$ 3.92 billion in 2013, registering a growth of

13.9 per cent over 2012 revenue of US$ 3.45 billion, according to Gartner.

� Mumbai with 12 million internet users has emerged as the top most cities in the country with highest

penetration of internet users, followed by Delhi (8.1 million) and Hyderabad (4.7 million), according to the

data released by Internet & Mobile Association of India (IAMAI).

Investments

Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments

from major countries.

According to data released by the Department of Industrial Policy and Promotion (DIPP), the computer software

and hardware sector has attracted foreign direct investment (FDI) worth Rs 543478.80 million (US$ 8.77 billion)

between April 2000 and September 2013.

Some of the major investments in Indian IT and ITeS sector:

• Wipro plans to acquire US-based mortgage due diligence and risk management service provider Opus Capital

Markets Consultants (Opus CMC) for Rs 465 crore (US$ 75.07 million). Opus CMC provides comprehensive

risk management solutions to the mortgage industry in the US.

• Infosys has opened a new centre in Sydney, Australia. This is its fourth development centre in Australia and

has a capacity to seat 140 employees. Further, the company plans to hire 85 people in the region.

• Hitachi has acquired a foothold in India's payment space with the acquisition of Prizm Payment Services. The

firm has entered into share transfer agreements with Prizm shareholders, including Winvest Holdings

(India), Sequoia Capital and Axis Bank.

• Dell has opened its India design centre for its storage technologies and has realigned its domestic research

and development (R&D) unit. The facility will focus on developing software, integrating aspects involving

back-up of emails and related storage.

• Tata Consultancy Services (TCS) has launched a software development facility in Ahmedabad, Gujarat. The

facility will serve global customers across industry segments.

• Cognizant Technology Solutions has acquired ValueSource, a subsidiary of KBC Group, a Belgium-based

multi-channel bank insurance group.

• Schneider Electric has commissioned a services bureau in Bengaluru as a nerve centre and a support facility

for data centres in India and the Asia-Pacific region.

Government Initiatives

IT spending by the Government of India is projected to reach US$ 6.4 billion in 2013, a growth of 7 per cent year-

on-year, according to a report by Gartner.

Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are:

� After a successful first-ever international delegation to Dubai, Gujarat-based small and medium

enterprises (SMEs) in the IT sector plan to send similar business delegations to European and South East

Asian countries.

� The Government of Karnataka plans to announce a new information technology (IT) policy to boost

investments in state’s tier-II and tier-III cities. The policy would enable the sector to employ about two

million people in the state directly by 2020.

� The Government of India has fast tracked the process of setting up of centres of National Institute of

Electronics and Information Technology (NIELIT) in Northeast India.

� The Government of Brazil has liberalised the issue of short term work visas, a move which will make it

easier for Indian IT professionals to take up assignments in Brazil.

� India and Vietnam have signed two memorandums of understanding (MoU) for partnership in the field of

information, communications and technology (ICT).

Road Ahead

Globalisation has a profound impact in shaping the Indian IT industry over the years with India capturing a

sizeable chunk of the global market for technology sourcing and business services. Over the years the growth

drivers for this sector have been the verticals of manufacturing, telecommunication, insurance, banking, finance

and of late the fledgling retail revolution. As the new scenario unfolds it is getting clear that the future growth of

IT and ITeS will be fuelled by the verticals of climate change, mobile applications, healthcare, energy efficiency

and sustainable energy. Traditional business strongholds would make way for new geographies, there would be

new customers and more and more of SMEs will go for IT application and services.

Demand from emerging countries is expected to show strong growth going forward. Tax holidays are also

extended to IT sector for software technology parks of India (STPI) and special economic zones (SEZs). Further,

the country is providing procedural ease and single window clearance for setting up facilities. The country’s cost

competitiveness in providing IT services, which is approximately 3-4 times cheaper than the US continues to be

its USP in the global sourcing market.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – info@firstcallindia.com

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