Post on 12-May-2018
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Firstcall India Equity Advisors Pvt Ltd
FirstObject Technologies Ltd (FTL)
BUY Target Price: Rs.60.00
CMP: Rs.32.44 Market Cap.:Rs.621.19 mn. Date: January 19, 2010
Key Ratios:
Particulars FY09 FY10E FY11E
OPM (%) 25.09 25.64 26.89
PATM (%) 23.58 24.34 25.92
ROE (%) 32.04 30.13 31.98
ROCE (%) 31.88 30.01 31.89
P/BV(x) 20.19 1.51 1.03
P/E(x) 123.57 5.95 3.22
EV/EBDITA(x) 59.23 4.75 3.10
Debt-Equity(x) 0.00 0.00 0.00
Key Data:
Sector IT& Outsourcing
Face Value Rs.10.00
52 wk. High/Low Rs.37.20/0.47
Volume (2 wk. Avg.)
134000
BSE Code 532379
SYNOPSIS
• FirstObject Technologies Ltd (FTL) is a provider of integrated business, technology and process solutions on a global delivery platform.
• The company has added about 125 institutional clients to its research portal www.firstcallresearch.com in a record span of just 15 days of its launch.
• FirstObject has signed a collaboration agreement with New Age Education Inc, for E-Education. With the new collaboration, Firstobject will be in a position to offer eLearning as a training solution that is cost-effective, convenient to access and consistent in quality.
• The company has declared an Interim Dividend as a Maiden Dividend for the first time in the history of the Company since its inception.
• The company bags USD 1.75 Mn Order in E-Learning.
• The Net sales & Net Profit of the company are expected to grow at a CAGR of 50.91% and 80.88% respectively over FY08 to FY11E.
Share Holding Pattern:
V.S.R. Sastry
Vice President
Equity Research Desk
91-22-25276077
vsrsastry@firstcallindiaequity.com
Dr. V.V.L.N. Sastry Ph.D.
Chief Research Officer
drsastry@firstcallindia.com
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Table of Content
Content Page No.
1. Investment Highlights 03
2. Company Profile 07
3. Peer Group Comparison 16
4. Key Concerns 16
5. Financials 17
6. Charts & Graph 19
7. Outlook and Conclusion 21
8. Industry Overview 23
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Investment Highlights
• Results Update (Q2FY10)
For the quarter ended on September 30, 2009 (Consolidated) the company has
registered a 15.69 % (QOQ) growth in the net income and stood at Rs. 112.25 mn
from Rs.97.03 mn of the Q1FY10. EBIDTA for the quarter stood at Rs. 23.18 mn
compared to Rs.20.38 mn, an increase of 13.74 %( QOQ). EBITDA Margins for the
quarter stood approximately at 20.65%. Net profit after minority interest for the
period under review stood at Rs.10.99 mn compared to Rs.9.57mn (QOQ). EPS for
the quarter stood at Rs.0.06 per equity share of Rs.1.00.
Quarterly Results – Consolidated (Rs in mn)
As at Q1FY10 Q2FY10 %Change
Net Sales 97.03 112.25 15.69
Net Profit 9.57 10.99 14.84
Basic EPS(Rs) 0.05 0.06 14.84
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• Forays into E-education:
As part of expansion and diversification strategy, FirstObject forays into e-
Education. E-education entry of FirstObject comprises, Virtual classrooms that
can be accessed from anywhere, with professional instructors functioning just like
traditional education, diverse programs in a variety of disciplines, technical
programs that provide real-time training, freedom to enhance skills , real-life
application of classroom materials, greater comfort with interactive technologies
and work/life balance. Online education is the fastest growing segment of the
education field, Students are finding that they can improve their skills, finish their
degrees, and improve their earning potential by taking classes from the comfort
of home.
• The company bags USD 1.75 Mn Order in E-Learning
Recently the company has procured an order from a North American Company
for developing and implementing, E-learning, tutorial and virtual class room plus
language tests, content aimed towards the students aspiring to get admissions in
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Overseas Universities. The order value is USD 1.75 M and the order has to be
implemented over a period of 6 months.
• Expansion in E-Education
As a part of expansion in E-Education, Firstobject has chosen to launch two
verticals under its e-learning initiatives for which the preparatory work for content
has already began and with this collaboration; the company will embark on e-
enabling the same. e-legaledu is meant for legal education from graduate to
post graduate level along with the entrance examination material. e-
manageedu is for management education from graduate level to post
graduate levels with entrance examination material.
• The company launched a research portal
The company launched its research portal www.firstcallresearch.com on January
1, 2010. The portal provides equity research, comprising industry; economy and
company specific analysis of listed companies in India.Firstobject has carved out
a leadership position by having world’s who’s who in its client’s lists for the
research. Firstcall Research is one of the Knowledge Process Outsourcing (KPO)
divisions of Firstobject Technologies. The equity portal would provide features like
intraday call, special call, pre market call, key insights, reliable news and finding
multibaggers.
Firstobject Technologies does research on the companies, which involves a
rigorous process of data mining involving primary and secondary data search
with reference to India tracking, large cap, small cap, mid cap, international
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economy, trends on NYSE, NASDAQ and F&O.The resource team of Firstcall
Research is known for its unbiased and authentic research. The portal will provide
investors with access to institutional-quality research on over 1000 Indian stocks.
The portal contains charts and graphs that are sourced real-time from external
research sites. Fund managers can use it as a tool for their investments, which
would help them to manage their portfolios. The research portal provides both
fundamental and technical analysis on Indian companies and trends on capital
markets. The company has made all arrangements for on-line and off-line
subscriptions.
• The company Adds 125 institutional clients to its Research Portal
The company has added about 125 institutional clients to its research portal
www.firstcallresearch.com in a record span of just 15 days of its launch.Firstobject
has carved out a leadership position by having world’s who’s who in its client’s
lists for the research. The clients include Reuters Thomson, Capital IQ,
Markets.com, Bloomberg, Sify Finance, My Iris, Ticker Plant, etc.
• Collaboration agreement with New Age Education Inc
Firstobject Technologies has signed a collaboration agreement with New Age
Education Inc, for E-Education. Under the collaboration Firstobject will procure
massive e-enabling technology content from New Age Education Inc., which
includes rapid interaction tools, query tools, information search tools, Q&A and
interlinking of content for enabling the students to access the content with ease.
With the new collaboration, Firstobject will be in a position to offer eLearning as a
training solution that is cost-effective, convenient to access and consistent in
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quality. Rapid Interaction Tools encourages students to be more creative and
inquisitive and they learn to access new topics readily. Students have the
flexibility to access unit notes, chat room discussion and communicate with the
facilitators at times which are most convenient to them.
• The company commences operations at its 120 seater facility
The company commenced the operations at its 120 seater (24/7) facility located
at Hyderabad on Oct. 28, 2009. The company`s operational facility went though
a re-building process, as the facility got affected with a fire accident which took
place in the month of May 2009. With the re-commencement of its facility, the
operations of the Company, which hitherto were taking place from alternative
rented premises for the smooth continuation of the work, are getting shifted to
the 120 seater premises phase wise.
• Declared Interim dividend
The company declared Interim dividend of 1% on a face value of Rs. 1 for the
year 2009-10.The efforts of the Professional Team leading the Company's
operations in making the Company, "turnaround" and "declare an Interim
Dividend as a Maiden Dividend for the first time in the history of the Company
since its inception". Also the company decided to review the dividend policy at
frequent intervals to reward the shareholders.
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Company Profile
FirstObject Technologies Limited (FTL) is a provider of integrated business,
technology and process solutions on a global delivery platform.Since the financial
year 2007-08, which they recognize as a TURN AROUND year, every initiative, every
partnership and above all their project execution levels are built around solid base.
FirstObject as a management consulting, technology services and outsourcing
company, Combines unparalleled experience, comprehensive capabilities across
all industries as well as business functions, and extensive research on the world's
most successful companies. FirstObject Technologies collaborates with clients to
help them become high-performance businesses. FirstObject's "high performance
business" strategy was built on their expertise in consulting, technology and
outsourcing to help clients perform at the highest levels. Using their industry
knowledge, service-offering expertise and technology capabilities, they identify
new business and technology trends and develop solutions to help clients around
the world.
India, Middle East and USA IT business units of FirstObject offer a 360 degree
service portfolio spanning the entire IT life cycle. This includes Consulting, Business
Solutions, System Integration, Infrastructure, Application Management and Total
Outsourcing services where they service all IT needs of a customer, end-to-end.
Business Areas:
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BPO Services:
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The company acts as a fast growing, pure-play global business processor,
providing complex industry specific processing services to blue chip customers.
Knowledge Process Outsourcing (KPO):
FirstObject Technologies provides middle office and back office support to capital
market arms of leading global banks, educational institutions, manufacturing
giants and services companies.FirstObject customer-partners are all leaders in their
respective industries and are included in top business enterprises. With each of our
partners, we manage a number of discrete programs providing specific needs
across multiple divisions. Current customer programs include data search
programs, research report preparations, price monitoring and competitive
analytics, financial contract risk management and data reconciliation services
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Pricing Analytics
The company provides detailed competitive price benchmarking of their client’s
products and pricing recommendations based on market conditions. The
company provides this service across local markets in multiple countries and
handles different languages using proprietary tools and processes. This service is
targeted towards organizations operating in markets where product prices
change frequently.
Customer Insight Studies
The company monitors and analyze customer feedback across a variety of
channels including customer chat forums, bulletin boards, customer reviews and
customer support logs from their contact centers and ensure compliance with
applicable terms of service rules, in the process. On the basis of our analysis, the
company advise their clients on product and client service improvements.
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Product Mix Optimization
The company analyze their clients’ catalogues vis-à-vis those of their competitors
and also against broad industry trends to assist their clients in optimizing their
product offerings. The company analyzes past sales data of their clients’ products
and ascertains product correlations, which are aimed at maximizing their clients’
transaction value for each sale and optimizing their product portfolio.
Portfolio Matching and Reconciliation
The company reconciles large portfolios of trade transactions between clients
and their customers and report variance in positions and valuations. They identify
mismatched positions and help measure and mitigate the risks arising from such
positions.
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Transaction Maintenance
The company optimizes transaction portfolios to agreed constraints by setting off
active trade positions using special algorithms and processes. They also manage
trade positions by adjusting relevant parameters based on corporate and equity
actions to ensure correct valuations and risk measures. They finally calculate and
update cash flows in databases for complex securities and their associated
derivative transactions.
Finance and Control
The company monitors and analyzes price fluctuations of trade positions of their
clients on a daily basis and highlight price anomalies to senior management.
E-Learning:
As part of expansion and diversification strategy, FirstObject forays into e-
Education . E-education entry of FirstObject comprises, Virtual classrooms that can
be accessed from anywhere, with professional instructors functioning just like
traditional education, diverse programs in a variety of disciplines, technical
programs that provide real-time training, freedom to enhance skills , real-life
application of classroom materials, greater comfort with interactive technologies
and work/life balance. Online education is the fastest growing segment of the
education field, Students are finding that they can improve their skills, finish their
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degrees, and improve their earning potential by taking classes from the comfort of
home
Company clients:
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Alliance Partners
• Object Xperts Inc, USA
• Envoy Technologies Inc, USA
• Millennium Care Inc., Canada
• Commtel Networks Pvt. Ltd., India
Joint Ventures:
1. Tractel Solutions, Inc.
The company has completed the acquisition of 51% of equity stake in Tractel
Solutions, Inc. USA. Tractel is a mid-size Telecom Solutions Company with its focus
on onsite and off-shore works spread across North America and India. The
company has well reputed Telecom Clientele in USA. The 51% stake acquisition is
going to provide inroad for the company in North American Markets for the
telecom vertical. Tractel is an upcoming, “onsite and offshore telecom services
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company”.As a part of FirstObject's de-risking strategy for consistent revenues this
acquisition is going to add stable returns from telecom vertical going forward.
2. Octant Interactive Technologies
The company has minority stake in Octant Interactive Technologies Limited.
Whose, interactive technology based emergency medical care IPR’s are awaiting
the commercial launch on a grand scale and the company is poised for bidding
High Value Contracts for these specialized services.
Peer Group Comparison
Name of the
company
CMP(R.s)
(As on Jan,2010)
Market
Cap.
(Rs. Mn.)
EPS
(Rs.)
P/E
(x)
P/BV
(x)
Dividend
(%)
FirstObject Technologies Ltd 32.44
621.19 0.99 32.77
2.73
1.00
Firstsource Solutions Ltd 36.65
15727.50 2.02 18.14
1.67
0.00
Four Soft Ltd 30.00 1168.80 0.16 187.50 1.16 0.00
Cambridge Tech Enterprises Ltd 28.30
447.80 - -
0.88
0.00
Key Concerns
• Global economic slowdown
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• Several other nations have started representing themselves as an alternative destination for offshore based outsourcing.
• Increased pressure from global and domestic IT players could result in pressure on pricing.
Financials
12 Months Ended Profit & Loss Account (Consolidated)
Value(Rs. in million) FY08A FY09A FY10E FY11E
Description 12m 12m 12m 12m
Net Sales 216.68 418.08 510.06 744.68
Other Income _ - _ _
Total Income 216.68 418.08 510.06 744.68
Expenditure -150.2 -313.20 -379.28 -544.44
Operating Profit 66.48 104.88 130.78 200.25
Interest _ _ _ _
Gross Profit 66.48 104.88 130.78 200.25
Depreciation -2.51 -6.30 -6.61 -7.20
Profit before Tax 63.97 98.58 124.17 193.05
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Tax _ - _ _
Profit after Tax 63.97 98.58 124.17 193.05
Minority Interest -31.35 -48.31 -19.76 _
Net Profit 32.62 50.27 104.41 193.05
Equity Capital 192.35 191.49 191.49 191.49
Reserves 63.03 116.22 220.63 412.12
Face Value (Rs) 1.00 1.00 10.00 10.00
Total No. of Shares 192.35 191.49 19.15 19.15
EPS (Rs) 0.17 0.26 5.45 10.08
A=Actual, E=Estimated
Quarterly Ended Profit & Loss Account (Consolidated)
Value(Rs. in million) 31-Mar-09
30-June-
09
30-Sep-
09
31-Dec-
09E
Description 3m 3m 3m 3m
Net Sales 110.49 97.03 112.25 129.0875
Other Income - _ - -
Total Income 110.49 97.03 112.25 129.0875
Expenditure -86.7 -76.65 -89.07 -102.25
Operating Profit 23.79 20.38 23.18 26.84
Interest - _ _ _
Gross Profit 23.79 20.38 23.18 26.84
Depreciation -1.62 -1.62 -1.62 -1.63
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Profit before Tax 22.17 18.76 21.56 25.21
Tax _ _ - -
Profit after Tax 22.17 18.76 21.56 25.21
Minority interest - -9.19 -10.57 -
Net Profit 22.17 9.57 10.99 25.21
Equity Capital 191.49 191.49 191.49 191.49
Face Value 1.00 1.00 1.00 10.00
Total No. of Shares 191.49 191.49 191.49 19.15
EPS(Rs) 0.12 0.05 0.06 1.32
Charts
A) Net Sales & PAT Chart
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B) ROE&ROCE (%) Chart
C) P/E(x)
D) P/BV (X)
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1 Year Comparative Graph
FTL BSE SENSEX
Outlook and Conclusion
• At the current market price of the stock Rs.32.44, the stock trades at a P/E of
5.95x and 3.22x for FY10E and FY11E respectively.
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• Due to the change of face value From Rs.1.00 to Rs.10.00, the EPS of the stock is
expected to be at Rs.5.45 and Rs.10.08 for the earnings of FY10E and FY11E
respectively.
• The Net sales are expected to grow at a CAGR of 50.91%, and Net profit at 80.88
% over 2008 to 2011E.
• On the basis of EV/EBDITA, the stock trades at 4.75x and 3.10x for FY10E and
FY11E respectively.
• On the basis of Price to Book Value of the stock is expected to be at 1.51 x and
1.03x respectively for FY10E and FY11E.
• As part of expansion and diversification strategy recently the company entered
in to E-education. Online education is the fastest growing segment of the
education field.
• The recent dividend news simply shows the confidence of management to
maximize investors’ wealth and to deliver robust growth in years to come.
• Vivek Hebbar is independent chairperson of this company, man behind success
of other companies like Accentia Technologies Ltd.
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• The Company posted profits in the time of global turmoil and recession, it will
definitely do well in the time to come. With new management in picture we feel
this company will have a market cap of Rs.1000 to Rs.1500.00 mn which is merely
Rs.621.19 mn as of now.
• The company recently entered in to KPO and E-learning business will deliver
robust operating profit margins to this company.
• The acquisition of 51% of equity stake in Tractel Solutions, Inc. As a part of
FirstObject's de-risking strategy for consistent revenues this acquisition is going to
add stable returns from telecom vertical going forward USA.
• The company has declared an Interim Dividend as a Maiden Dividend for the
first time in the history of the Company since its inception.
• Recently the company has procured an order from a North American Company
for developing and implementing, E-learning, tutorial and virtual class room plus
language tests, content aimed towards the students aspiring to get admissions
in Overseas Universities. The order value is USD 1.75 M and the order has to be
implemented over a period of 6 months.
• As a part of expansion in E-Education, Firstobject has chosen to launch two
verticals under its e-learning initiatives for which the preparatory work for
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content has already began and with this collaboration; the company will
embark on e-enabling the same.
• We recommend ‘BUY’ in this particular scrip with a target price of Rs.60.00 for
short term investment.
Overview of the Industry
India’s IT industry can be divided into five main components, viz. software
products, IT services, engineering &R&D services, ITES (IT-enabled services) and
hardware. Export revenues continue to growth driver of the industry. Amongst the
export revenues, project-based services accounted for more than 50% of the
Indian IT services exports. Multi-year annuity based outsourcing agreements are
expected to increase going forward. However, the majority share of the project
based revenues is going to continue on the back of custom application
development and application management.
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Indian IT-BPO grew 33% in FY08 and reached USD 64bn. in aggregative revenue,
thus revalidating its strong fundamentals, despite strong concerns of slowing US
economy and supply constraints. IT-BPO export reached USD 40.9bn in FY08
against USD31.8bn in FY07 i.e, it has grown 28%. Software and service export
reached USD40.4bn, contributing nearly 63% of the overall IT-BPO aggregate
revenue.
Domestics IT market has reached USD 23.1bn against USD 16.2bn in FY07 (a growth
of 43%YoY). Hardware remained the largest segment of the domestic market with
a growth rate of 44% in FY08. As a proportion of national GDP, the Indian
technology sector revenue has grown from 1.2% in 1998 to 5.5% in 2008. Net value
added by the sector to the economy was estimated at 3.3 – 3.9% for FY08.
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IT Services
IT Services involves a full range of engagement types that include consulting,
systems integration, IT outsourcing/managed services/hosting services, training
and support/maintenance.
IT services (excluding BPO, Engineering Services, R&D and Software products),
contributing to 57 per cent of the total software and services exports, remains the
dominant segment and crossed USD 23 billion, a growth of 28 per cent in FY2008.
The segment is witnessing a noticeable shift from projects towards multi-year
outsourcing-based relationships; remote infrastructure management is emerging
as a key growth driver.
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IT Services: Exports by Service Line (FY2008)
Project-oriented services contributing to about 52 per cent, continues to be the
largest segment of the IT Services exports. Outsourcing segment and Support and
Training segment account for about 40 per cent and 8 per cent of the IT Services
export segment respectively. Domestic IT services spends grew at over 43 per cent
in FY2008, showing strong signs of increasing sophistication as building enterprise IT
infrastructures and applications, networking and communication became key
priorities for India Inc.
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Complementing the strong growth in IT services and BPO exports is the continued
expansion of the product development and engineering services segment, which
also reflects India’s increasing role in global technology IP creation. Export
revenues from the relatively high-value-added services engineering and R&D,
offshore product development and made-in-India software products grew at
nearly 29 per cent to reach USD 6.4 billion in FY2008. Domestic spending in this
segment grew by over 37 per cent in FY2008. Embedded solutions development,
product design and prototyping are some of the key engineering services being
sourced from India.
Key Engineering Services (ES) and Offshore Product Development (OPD) verticals
of Indian ES and OPD exports (FY2008)
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BPO Sector
BPO exports, accounting for about 27 per cent, is the fastest growing segment
across software and services exports driven by scale as well as a rapidly
expanding service landscape Domestic BPO spends are also growing rapidly, led
by the BFSI, Telecom and Airline industries. Revenue from the domestic BPO
segment grew by nearly 41 per cent over FY2007 to touch USD 1.6 billion.
Horizontal BPO, accounting for about 80 per cent of Indian BPO exports, represents
the larger and relatively more established set of services being delivered from
India. Vertical specific services now contribute nearly 20 per cent of the BPO
exports, led by an increasing number of processes, being offered across multiple
verticals and by a growing number of providers. Vertical-specific BPO services refer
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to offerings that require a high degree of vertical specific knowledge that is not
easily replicable across industries (e.g. insurance claims processing). Other
aspects of Indian BPO, besides the growing breadth and depth of the service
portfolio, that reflect its increasing maturity include the increasing global delivery
footprint and continuous emphasis on enhancing service delivery efficiency and
productivity.
BPO: Exports by Service Line (FY2008)
Hardware Market
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Despite the declining trends in pricing observed across key categories, increasing
volumes have ensured that the domestic hardware revenue aggregate continues
to grow. While hardware exports remained steady, domestic hardware segment
grew by 44 per cent over FY 2007 to reach USD 11.5 billion. PCs (including desktops
and notebooks) continue to lead hardware spending patterns.
With their prices coming down, notebooks are increasingly being adopted as the
computing device of choice. For the desktop segment, consumers are showing an
increased trend of moving away from locally assembled items towards branded
products with relatively higher-end configurations.
Future Outlook
Sufficient demand, strong fundamentals and a favorable environment support a
positive outlook for Indian IT-BPO exports as well as the domestic market, going
forward. The Indian IT-BPO industry is on track to reach USD 60 billion in exports and
USD 73-75 billion in overall software and services revenue, by 2010. At the aspired
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levels of growth, the sector would, by 2010, employ around 2.5-3 million
professionals, directly, account for direct investment of about USD 10-15 billion,
and contribute 7-8 per cent of the national GDP.
However, the scope of the opportunity is significantly larger. At USD 52 billion
(excluding hardware), India accounts for around 4 per cent of the worldwide
spend on IT software and services. The global sourcing penetration is estimated to
be growing at nearly four times the rate of absolute technology spends. Together,
these two trends signify a huge opportunity for the Indian IT-BPO industry.
In order to sustain India’s edge in the global markets and improve revenues, Indian
IT-BPO service providers need to shift towards more market-facing breakthroughs.
They could additionally, foray new customer segments in intellectual asset-
intensive service lines like engineering and R&D services, creating IP in emerging
technology areas, developing and codifying specific domain expertise to target
consulting and system integration services, technical innovations to develop their
own standards for next generation of technologies.
Finally, providers could enhance the role they are already playing in helping
improve the quality of education, by working closely with the Government and
academia to facilitate changes in the curriculum and pedagogy, which directly
influence the quality of graduate output.
KPO
The future of KPO
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According to a report by GlobalSourcingNow, the Global Knowledge Process
Outsourcing industry (KPO) is expected to reach USD 17 billion by 2010, of which
USD 12 billion would be outsourced to India . In addition, the Indian KPO sector is
also expected to employ more than 250,000 KPO professionals by 2010, compared
with the current figure of 25,000 employees.
A report by It is predicted that India will capture more than 70 percent of the KPO
outsourcing sector by 2010. Apart from India, countries such as Russia, China, the
Czech Republic, Ireland, and Israel are also expected to join the KPO industry.
Comparison of Opportunity in BPO and KPO markets:
Low-end outsourcing services have an expected Cumulative Annual Growth Rate
(CAGR) of 26% by 2010. In contrast, the global market is poised for an expected
CAGR of 46% by 2010. The following figure demonstrates the expected growth in
the BPO and KPO markets over the next seven years.
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What high-end services can be outsourced to the Indian KPO sector? Here are
some KPO services that can be outsourced to India :
• Business & Market Research • Research & Development • Business and Technical Analysis • Learning Solutions • Animation & Design • Pharmaceuticals and Biotechnology • Medical Services • Writing & Content Development • Legal Services
• Intellectual Property (IP) Research • Data Analytics • Network Management • Training & Consultancy
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Below are some Demand and supply side drivers for KPO Industry
Demand side drivers
Supply side drivers
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_____________________________________________________________
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 we 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.
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Firstcall India Equity Research: Email – info@firstcallindia.com
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Corporate Finance Offerings include Foreign Currency Loan Syndications,
Placement of Equity / Debt with multilateral organizations, Short Term Funds
Management Debt & Equity, Working Capital Limits, Equity & Debt
Syndications and Structured Deals.
Corporate Advisory Offerings include Mergers & Acquisitions (domestic and
cross-border), divestitures, spin-offs, valuation of business, corporate
Restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &
Execution, Project Financing, Venture capital, Private Equity and Financial
Joint Ventures
Firstcall India also provides Financial Advisory services with respect to raising
of capital through FCCBs, GDRs, ADRs and listing of the same on International
Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and
Other international stock exchanges.
For Further Details Contact:
3rd Floor, Sankalp, The Bureau, Dr.R.C.Marg, Chembur, Mumbai 400 071
Tel.: 022-2527 2510/2527 6077/25276089 Telefax: 022-25276089
E-mail: info@firstcallindiaequity.com