mphasis 1q fy2013 01.03.13
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Please refer to important disclosures at the end of this report 1
Y/E Oct. (` cr) Cons. 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy)Net sales 1,257 1,306 (3.8) 1,367 (8.1)EBITDA 233 270 (13.8) 252 (7.7)
EBITDA margin (%) 18.5 20.7 (215)bp 18.4 7bp
Reported PAT 184 209 (11.9) 185 (0.2)Source: Company, Angel Research
For 1QFY2013, MphasiS numbers underperformed our expectation on the
revenue as well as the operating front. The companys USD revenue declined on a
qoq basis due to the prevalence of holiday season onsite and delays in the ramp up
of a few projects in the HP channel. Revenues from the HP channel declined by
9.1% qoq while revenues from the Direct channel grew by 1.1% qoq. We maintainour Accumulate view on the stock.Quarterly highlights: MphasiS reported a revenue of US$238mn, down 4% qoq. InINR terms, revenue came in at `1,257cr, down 3.8% qoq. Service vertical wise, only
infrastructure services posted a sequential growth of 3.6% qoq while all the other
services areas reported a sequential decline in revenues. The EBITDA margin declined
by 215bp qoq to 18.5%; 100bp of the 215bp decline is explained by seasonal
shutdowns during the quarter.
Outlook and valuation: The Management continues to guide towards sustainedweakness in the HP-enterprise services (ES) business channel, which constitutes the
bulk of Mphasis HP channel revenues. The Management reiterated its organic
growth target of 1.5x industry average for the Direct channel business, aided by a
robust deal pipeline, and traction in the US and Indian markets. The pipeline in
the Direct channel remains robust; compared to the corresponding period last
year, the current pipeline is up by 10-20%. The company closed Digital Risks
acquisition during the quarter. At the time of acquisition, the revenue run rate
from Digital Risk was ~US$127mn and was growing at a rate of 50%+. While
the traction is not the same now, growth rates still remain healthy for Digital Risk.
We expect a 4.6% and 6.4% USD and INR revenue CAGR for MphasiS over
FY2012-14, considering that the business from HP is sluggish and client budgets
for the next year remain flat. Among the positives, cash flow generation from
operations continues to remain healthy, and the cash kitty is sizeable even after
considering the expected outflow of ~`1,160cr in 2QFY2013. We maintain ourAccumulate rating on the stock with a target price of `403.Key financials (Consolidated)Y/E Oct. (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 5,036 5,098 5,358 5,560 6,065% chg 17.9 1.2 5.1 3.8 9.1
Net profit 1,091 822 792 756 805% chg 19.0 (24.6) (3.6) (4.6) 6.5
EBITDA margin (%) 25.1 19.3 19.6 18.2 17.9
EPS (`) 52.0 39.2 37.7 35.7 38.4P/E (x) 7.3 9.7 10.1 10.6 9.9
P/BV (x) 2.4 2.0 1.8 1.6 1.4
RoE (%) 33.1 21.1 18.0 15.4 14.1
RoCE (%) 32.9 19.5 18.7 16.1 15.0
EV/Sales (x) 1.3 1.2 1.0 1.0 0.8
EV/EBITDA (x) 5.0 6.3 5.0 5.6 4.5
Source: Company, Angel Research
ACCUMULATECMP `380
Target Price `403
Investment Period 12 Months
Stock Info
Sector
Net debt (` cr) (2,790)
Bloomberg Code
Shareholding Pattern (%)
Promoters 60.5
MF / Banks / Indian Fls 5.1
FII / NRIs / OCBs 24.6
Indian Public / Others 9.9
Abs. (%) 3m 1yr 3yr
Sensex (2.2) 7.6 15.1
Mphasis (2.3) (11.9) (42.8)
1018,919
5,720
MBFL.BO
439/317
18,149
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
MPHL@IN
Face Value (`)BSE Sensex
Nifty
Reuters Code
7,954
0.4
Ankita Somani022-39357800 Ext: [email protected]
MphasiSPerformance highlights
1QFY2013 Result Update | IT
March 1, 2013
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Exhibit 1:1QFY2013 reported performance (Consolidated)
(` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) FY2012 FY2011 % chg (yoy)Net revenue 1,257 1,306 (3.8) 1,367 (8.1) 5,358 5,098 5.1Cost of revenue 905 909 (0.4) 1,000 (9.4) 3,813 3,698 3.1Gross profit 352 397 (11.4) 368 (4.3) 1,544 1,400 10.3
SG&A expenses 114 124 (8.0) 116 (1.5) 493 416 18.6
EBITDA 233 270 (13.8) 252 (7.7) 1,051 985 6.8Dep. and amortization 38 41 (7.1) 47 (19.2) 175 155 12.6
EBIT 195 229 (15.0) 205 (5.1) 877 830 5.7
Interest income (1) (2) (2) (15) (2)
Other income 43 41 36 166 177
PBT 237 269 (11.7) 239 (0.8) 1,028 1,005 2.3
Income tax 53 59 (10.9) 54 (2.8) 236 183 29.0
PAT 184 209 (11.9) 185 (0.2) 793 822 (3.6)EPS 8.8 9.9 (11.9) 8.8 (0.2) 37.7 39.2 (3.8)
EBITDA margin (%) 18.5 20.7 (215)bp 18.4 7bp 19.6 19.3 31bp
EBIT margin (%) 15.5 17.6 (204)bp 15.0 49bp 16.4 16.3 9bp
PAT margin (%) 14.2 15.5 (136)bp 13.2 101bp 14.8 16.1 (133)bp
Source: Company, Angel Research
Exhibit 2:1QFY2013: Actual vs Angel estimates
(` cr) Actual Estimate % Var.Net sales 1,257 1,353 (7.1)
EBITDA margin (%) 18.5 19.5 (101)bp
PAT 184 195 (5.4)
Source: Company, Angel Research
Weak revenue performance
MphasiS reported a muted performance on the revenue front for 1QFY2013. USD
revenue came in at US$238mn, down 4% qoq. The companys revenue was
impacted due to continuous ramp down seen in some of the accounts of
HP channel and seasonal shutdown of 6-7 days at HP. In INR terms, the revenue
came in at `1,257cr, down 3.8%% qoq.
During the quarter, the revenue from the Direct channel grew by 1.1% qoq to`621cr. Excluding the impact of INR depreciation, the revenue from the direct
channel grew by 1.0% qoq. Emerging market business in the Direct channel grew
by 9.1% qoq while mature market business in the Direct channel remained flat due
to seasonal shutdowns with some customers. The revenue from the HP channel
declined by 9.1% qoq (9.3% qoq decline excluding impact of INR depreciation) due
to a ramp down in certain projects and annual shutdown at HP. The
HP non-ES portion of the business witnessed a qoq decline of 10.1%.
Service vertical wise, only infrastructure services posted a sequential growth of 3.6%
qoq while all the other services areas reported a sequential decline in revenues.
The revenue from the companys anchor service lines - application developmentand application maintenance declined by 12.2% and 4.0% qoq, respectively.
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Exhibit 3:Service-wise performance
Service type (` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyApplication maintenance 425 442 445 (4.0) (4.6)
Application development 305 348 390 (12.2) (21.6)Customer service 72 74 76 (2.8) (5.7)
Service/Technical help desk 49 51 52 (3.5) (5.9)
Transaction processing 67 74 70 (9.4) (4.3)
Infrastructure management 345 333 335 3.6 3.1
Knowledge processes 8 8 8 (1.2) (1.2)
License income 9 9 16 1.2 (46.6)
Contribution to revenue (%) chg qoq (bp) chg yoy (bp)Application maintenance 33.2 33.0 32.0 14 121
Application development 23.9 26.0 28.0 (213) (413)
Customer service 5.6 5.5 5.5 9 14
Service/Technical help desk 3.8 3.8 3.8 4 9
Transaction processing 5.3 5.6 5.1 (29) 21
Infrastructure management 26.9 24.9 24.0 209 292
Knowledge processes 0.6 0.6 0.6 2 5
License income 0.7 0.6 1.2 4 (49)
Source: Company, Angel Research
Industry vertical wise, MphasiS posted a 10.1% decline in its revenue from banking
and capital markets. Revenues from insurance and IT, communication &
entertainment industry declined by 3.0% and 9.5% qoq to `154cr and `317cr,
respectively.
Exhibit 4:Vertical-wise performance
Vertical (` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyBanking and capital markets 316 352 357 (10.1) (11.5)
Insurance 154 159 158 (3.0) (2.5)
IT, comm. and entertainment 317 350 378 (9.5) (16.2)
Emerging industries 493 479 500 3.0 (1.3)
Contribution to revenue (%) chg qoq (bp) chg yoy (bp)Banking and capital markets 24.7 27.5 25.6 (277) (94)
Insurance 12.0 12.4 11.4 (37) 69
IT, comm. and entertainment 24.8 27.4 27.2 (260) (240)
Emerging industries 38.5 37.4 35.9 112 266
Source: Company, Angel Research
MphasiS again reported a slight decline of ~US$2/hr in its onsite billing rate of
infrastructure technology outsourcing (ITO) business segment to US$59/hr. The
onsite and offshore billing rate of application business segment remained flat qoq
at US$66/hr and US$20/hr, respectively.
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Exhibit 5:Segment-wise pricing
Price movement (US$/hr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyAPOOnsite 66 66 67 0.0 (1.5)Offshore 20 20 21 0.0 (4.8)
ITOOnsite 59 61 67 (3.3) (11.9)
Offshore 21 21 21 0.0 0.0
BPOOffshore 6 6 6 0.0 0.0
Source: Company, Angel Research
Client metrics
MphasiS has been focusing on direct channel strategy to win clients. Overall, thecompany added 22 new clients in 1QFY2013 - 8 in the HP channel and 14 in the
Direct channel. Vertical wise, three clients were added in the banking and capital
market service industry; two in insurance; three in IT, communication and
entertainment; and the rest 14 in emerging industries.
MphasiS witnessed reduction of one client each in the HP as well as Direct channel
in the over US$10mn category. In addition, reduction of three clients is witnessed in
the HP channel in the >US$1mn category.
Exhibit 6:Client concentration
(` cr) 1QFY13 4QFY12 1QFY12 % chg qoq % chg yoyTop client revenue 115.2 120.6 139.3 (4.4) (17.3)
% contribution 9 9 10
Top-5 clients revenue 396.9 415.3 431.8 (4.4) (8.1)
% contribution 31 31 31
Top-10 clients 563.4 576.0 612.9 (2.2) (8.1)
% contribution 44 43 44
Source: Company, Angel Research
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Exhibit 7:HP and non-HP client breakup
No. of clients 1QFY13 4QFY12 1QFY12 Addition (qoq) Addition (yoy)>US$1mn revenue 126 130 122 (4) 4Direct channel 55 56 42 (1) 13HP channel 71 74 80 (3) (9)
>US$5mn revenue 40 39 41 1 (1)Direct channel 15 15 14 0 1
HP channel 25 24 27 1 (2)
>US$10mn revenue 23 25 25 (2) (2)Direct channel 9 10 11 (1) (2)
HP channel 14 15 14 (1) 0
>US$20mn revenue 9 9 12 0 (3)Direct channel 5 5 5 0 0
HP channel 4 4 7 0 (3)
Source: Company, Angel Research
Hiring muted
During the quarter, MphasiS again recorded a net reduction in its overall employee
base, taking its total employee base to 36,438. Headcount of the application
services business and the ITO business declined by 274 and 20 employees to
11,928 and 6,990, respectively. The Management indicated that the companywould continue to hire in line with the demand environment and there are no plans
of future hiring as yet.
Exhibit 8:Employee metrics
No. of employees 1QFY13 4QFY12 1QFY12 Net add.(qoq) Net add.(yoy)Application services 11,928 12,202 14,536 (274) (2,608)
Onsite 2,374 2,475 2,716 (101) (342)
Offshore 9,554 9,727 11,820 (173) (2,266)
ITO services 6,990 7,010 7,811 (20) (821)
Onsite 296 301 308 (5) (12)
Offshore 6,694 6,709 7,503 (15) (809)BPO services 16,173 16,023 14,951 150 1,222
Onsite 111 111 121 - (10)
Offshore 16,062 15,912 14,830 150 1,232
Sales and marketing 328 369 343 (41) (15)
General and administration 1,019 1,025 1,157 (6) (138)
Total 36,438 36,629 38,798 (191) (2,360)Source: Company, Angel Research
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EBITDA margin declines
MphasiS EBITDA margin declined by 215bp qoq to 18.5%; 100bp of the 215bp
decline is explained by seasonal shutdowns during the quarter. Onsite and offshore
utilization of the application services business declined to 91% and 83% in
1QFY2013 from 93% and 84% in 4QFY2012, respectively. Blended utilization of
the application services business decreased to 84% in 1QFY2013 from 85% in
4QFY2012. In the ITO business also, onsite and offshore utilization declined to
92% and 86% in 1QFY2013 from 94% and 87% in 4QFY2012, respectively.
Blended utilization of BPO inched up to 67% from 66% during 4QFY2012.
MphasiS expects EBIT margin to remain at the lower end of the targeted band of
15-18%, despite the reversal of impact from shutdowns in 2Q, due to headwinds
from the lower margin Digital Risk's integration and higher investments in S&M.
Exhibit 9:Segment-wise utilization
Source: Company, Angel Research
Outlook and valuation
MphasiS revenue has been continuously getting hurt due to sluggish performance
of HP-enterprise services business. Also, traction in the HP non-ES business is below
the Managements initial expectation of US$90mn-100mn in FY2012 and is in the
range of US$50mn-60mn. The Management continues to guide towards sustainedweakness in the HP-ES business channel which constitutes the bulk of Mphasis HP
channel revenues.
The Management reiterated its organic growth target of 1.5x industry average for
the Direct channel business, aided by robust deal pipeline and traction in US and
Indian markets. The pipeline in the Direct channel remains robust; compared to the
corresponding period of last year, the current pipeline is up by 10-20%. The
company closed Digital Risks acquisition during the quarter. At the time of
acquisition, the revenue run rate from Digital Risk was ~US$127mn and was
growing at a rate of 50%+. While the traction is not the same now, growth rates
still remain healthy for Digital Risk.
In 2QFY2013, MphasiS will witness cash outgo of US$200mn for Digital Risks
acquisition and ~`80-90cr for dividend payouts. We expect a 4.6% and 6.4% USD
and INR revenue CAGR for MphasiS over FY2012-14, considering that the business
77
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81
84 85
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71 7170
6667
64
69
74
79
84
89
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
(%)
Application services ITO services BPO servics
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from HP is sluggish and client budgets for the next year remain flat. Among the
positives, cash flow generation from operations continues to remain healthy, and
the cash kitty is sizeable even after considering the expected outflow of ~`1,160cr
in 2QFY2013. The company's recent policy of ~50% payout too is a potentialcushion for the stock. The stock is currently trading at 9.9x FY2014E EPS of `38.4.
We maintain our Accumulate rating on the stock with a target price of `403,valuing it at 10.5x FY2014E EPS.Exhibit 10:One-year forward P/E
Source: Company, Angel Research
Exhibit 11:Change in estimatesFY2013 FY2014
Parameter Earlier Revised Variation Earlier Revised Variation(` cr) estimates estimates (%) estimates estimates (%)Net revenue 5,531 5,560 0.5 5,874 6,065 3.2
EBITDA 974 1,011 3.8 1,029 1,087 5.6
PBT 996 997 0.1 1,067 1,081 1.3
Tax 254 242 (4.9) 277 276 (0.7)
PAT 742 756 1.8 790 805 2.0
Source: Company, Angel Research
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Exhibit 12:Recommendation summary
Company Reco CMP Tgt. price Upside FY2014E FY2014E FY2011-14E FY2014E FY201E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (%) RoE (%)
HCL Tech Accumulate 722 765 6.0 20.7 13.7 13.6 1.6 22.9Hexaware Buy 88 113 28.6 18.3 8.7 4.2 0.9 21.0
Infosys Neutral 2,908 - - 28.8 16.8 5.9 3.1 21.3
Infotech Enterprises Accumulate 170 184 8.1 17.4 8.8 10.3 0.5 13.6
KPIT Cummins Buy 107 134 25.1 15.2 8.4 16.9 0.7 20.5
Mahindra Satyam Neutral 124 - - 20.2 10.9 3.6 1.2 23.7
Mindtree Neutral 886 - - 19.3 10.2 17.4 1.1 21.7
MphasiS Accumulate 380 403 6.3 17.9 9.9 0.7 0.8 14.1NIIT Buy 23 36 54.5 10.9 3.8 (2.7) 0.1 14.1
Persistent Neutral 542 - - 24.1 10.0 15.1 1.1 18.0
TCS Neutral 1,500 - - 28.9 18.9 13.3 3.9 29.7
Tech Mahindra Accumulate 1,102 1,205 9.3 19.6 10.0 7.9 1.9 22.3
Wipro Neutral 421 - - 19.4 15.2 6.8 1.8 17.9
Source: Company, Angel Research
Company background
MphasiS is a mid-tier Indian IT company. MphasiS was acquired by BFL in 1999. In
2006, EDS acquired a majority stake in MphasiS and subsequently HP bought EDS
in May 2008, thereby making MphasiS an HP company. The company provides
application, infrastructure and BPO services to clients in the banking, capital
markets, insurance, telecommunication and manufacturing industries. MphasiS is
one of the largest BPO service providers in India, offering voice as well as
transaction-based services.
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Profit and Loss statement (Consolidated)
Y/E Oct (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 5,036 5,098 5,358 5,560 6,065Cost of revenue 3,352 3,698 3,813 4,018 4,432% of net sales 66.6 72.5 71.2 72.3 73.1
Gross profit 1,684 1,400 1,544 1,542 1,633
% of net sales 33.4 27.5 28.8 27.7 26.9
Selling and mktg. expenses 220 232 287 334 334
% of net sales 4.4 4.6 5.4 6.0 5.5
General and admin. exp. 199 184 202 197 212
% of net sales 4.0 3.6 3.8 3.6 3.5
Provision for doubtful debts - - 4 - -
EBITDA 1,265 985 1,051 1,011 1,087% of net sales 25.1 19.3 19.6 18.2 17.9
Dep. and amortization 164 155 175 171 182
EBIT 1,101 830 877 839 905
Interest income, net 1 (2) (15) (7) -
Other income, net 50 111 148 141 147
Forex gain 58 66 18 24 29
Profit before tax 1,210 1,005 1,028 997 1,081
Provision for tax 119 183 236 242 276
% of PBT 9.8 18.2 22.9 24.2 25.5
PAT 1,091 822 792 756 805EPS (`) 52.0 39.2 37.7 35.7 38.4
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Balance sheet (Consolidated)
Y/E Oct (` cr) FY2010 FY2011E FY2012 FY2013E FY2014ELiabilitiesShare capital 210 210 210 210 210Reserves and surplus 3,089 3,678 4,186 4,696 5,501
ESOP outstanding 1 12 8 8 8
Total shareholders funds 3,299 3,900 4,405 4,914 5,719Secured loans 45 49 - - -
Unsecured loans - 243 269 269 269
Total debt 45 292 269 269 269Deferred tax liability 0 2 7 7 7
Trade payables - 2 - - -
Other long-term liabilities - 41 7 7 7
Long term provisions - 22 12 12 12
Total liabilities 3,345 4,258 4,701 5,210 6,015AssetsGross block - Fixed assets 1,026 1,135 1,152 1,402 1,627
Accumulated depreciation 784 850 904 1,075 1,257
Net block 242 286 248 327 370
Capital work-in-progress 9 7 0 0 0
Goodwill 389 870 961 961 961
Long term loans and advances 1,460 470 372 412 452
Deferred tax asset 75 97 101 101 101
Other non-current assets - 2 17 17 17
Current assetsDebtors and unbilled revenues 1,198 562 636 884 964
Cash and cash equivalents 178 275 412 649 824
Loans & advances 945 304 274 855 1,092
Current investments - 1,776 2,519 1,947 2,472
Other current assets 0 764 599 824 763
Less:- current liabilities 802 775 849 1,078 1,202
Less:- provisions 350 379 590 690 800
Net current assets 1,170 2,528 3,000 3,391 4,113Total assets 3,345 4,258 4,701 5,210 6,015
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Cash flow statement (Consolidated)
Y/E Oct. (` cr) FY2010 FY2011 FY2012 FY2013E FY2014EPre tax profit from operations 1,160 894 880 856 934
Depreciation 164 155 175 171 182Pre tax cash from operations 1,324 1,049 1,055 1,027 1,116
Other income/prior period ad 50 111 148 141 147
Net cash from operations 1,374 1,160 1,202 1,169 1,263
Tax (119) (183) (236) (242) (276)
Cash profits 1,254 977 967 927 987(Inc)/Dec in
Current assets (512) (1,264) (621) (483) (781)
Current liabilities 237 3 285 329 234
Net trade working capital (275) (1,261) (335) (154) (547)
Cashflow from operating actv. 979 (284) 631 773 440(Inc)/Dec in fixed assets (180) (677) (222) (250) (225)
(Inc)/Dec in loans and advances (699) 990 97 (40) (40)
(Inc)/Dec in deferred tax liab. (6) (20) 1 - -
(Inc)/Dec in investments - 63 (60) - -
Cashflow from investing actv. (884) 356 (184) (290) (265)Inc/(Dec) in debt 42 247 (23) - -
Inc/(Dec) in equity/premium (39) (123) (189) (148) 98
Dividends 98 98 98 98 98
Cashflow from financing actv. (95) 25 (310) (247) 0Cash generated/(utilized) (0) 97 137 237 175Cash at start of the year 179 178 275 412 649
Cash at end of the year 178 275 412 649 824
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Key ratios
Y/E Oct. FY2010 FY2011 FY2012 FY2013E FY2014EValuation ratio (x)P/E (on FDEPS) 7.3 9.7 10.1 10.6 9.9
P/CEPS 6.3 8.1 8.2 8.6 8.1
P/BVPS 2.4 2.0 1.8 1.6 1.4
Dividend yield (%) 1.1 1.7 1.1 1.1 1.1
EV/Sales 1.3 1.2 1.0 1.0 0.8
EV/EBITDA 5.0 6.3 5.0 5.6 4.5
EV/Total assets 1.9 1.5 1.1 1.1 0.8
Per share data (`)EPS 52.0 39.2 37.7 35.7 38.4
Cash EPS 59.8 46.6 46.1 44.2 47.1
Dividend 4.0 6.5 4.0 4.0 4.0
Book value 157 186 210 234 273
Dupont analysisTax retention ratio (PAT/PBT) 0.9 0.8 0.8 0.8 0.7
Cost of debt (PBT/EBIT) 1.1 1.2 1.2 1.2 1.2
EBIT margin (EBIT/Sales) 0.2 0.2 0.2 0.2 0.1
Asset turnover ratio (Sales/Assets) 1.5 1.2 1.1 1.1 1.0
Leverage ratio (Assets/Equity) 1.0 1.1 1.1 1.1 1.1
Operating ROE 33.1 21.1 18.0 15.4 14.1
Return ratios (%)RoCE (pre-tax) 32.9 19.5 18.7 16.1 15.0
Angel RoIC 91.3 31.5 29.7 26.3 24.0RoE 33.1 21.1 18.0 15.4 14.1
Turnover ratios (x)Asset turnover (fixed assets) 1.8 1.3 1.2 1.1 1.1
Receivables days 70 65 58 58 58
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Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
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trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
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Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement MphasiS
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors