Edel - IT the Next Big Leap

8/12/2019 Edel - IT the Next Big Leap

1/48

E R ..,

B EDEL , T F C, R F.E S L

M 5, 2013

E R ..,


INFORMAION ECHNOLOG I E R IT

I F14

F13. , ,

, , ,

. , ,

.

S M, M, A C (SMAC) ,

N SD1 F20. I

,

23% F15,

. SMAC

I , , .

, HCL

(HCL) I, . HOLD C

S (CS) . O

HCL .

I

.

G : SMAC, N

W . W ERP

,

. W

,

.

S : M,

I W

. S,

BPO

I, TCS W.

O : O

W CAGR 3.9% G IT . W

HCL TCS

S&M . W W (TP

INR515) HCL (TP INR898) I (TP INR3,361) B HOLD

, ,

HOLD TCS (TP INR1,587) . W

W, HCL T I .

S A+91 22 6623 3474

.@.

O H+91 22 6620 3147

.@.

SECTOR UPDATE
http://www.edelresearch.com/webcast/webcast_new.aspx?Id=22659&Type=ynaj9XvqmJoptbYzJzovtA==


2/48

IT

2 E S L

CA .............................................................................................................................. 3

I IT ................................................................................................................. 4

E , .......................................................... 9

M, ........................................................................ 17

C S

HCL T ................................................................................................................. 23

I .................................................................................................................................. 28

TCS ....................................................................................................................................... 34

W ................................................................................................................................... 40


3/48

IT

3 E S L

A

AR

P

MC

R

EBIDA

EBIDA

PA

EPSR

EBIDA

PA

EPS

P/

E

(INR)

(SD)

(INR)

(INR)(%)(INR)

(IN

R)

INFOIN

I

BUY

SP

2,921

30,592

FY12

337

107

31.8

83

145

.5

20.1

13.6

4.3

FY13E

406

119

29.4

94

164

.2

17.8

12.0

3.5

FY14E

463

140

30.2

107

187

.0

15.6

9.9

3.0

FY15E

502

150

29.9

120

210

.1

14.1

11.9

13.0

13.0

13.9

8.8

2.6

TCSIN

TCS

HOLP

SP

1,540

54,972

FY12

489

144

29.5

106

54

.4

28.3

20.3

6.0

FY13E

630

181

28.7

140

71

.3

21.6

15.9

4.6

FY14E

735

204

27.8

153

78

.3

19.7

13.7

3.8

FY15E

811

223

27.5

173

88

.2

18.4

15.6

17.5

17.5

17.5

12.2

3.3

WPROIN

W

BUY

SO

433

19,450

FY12

372

71

19.1

56

22

.7

19.1

14.5

2.7

FY13E

378

80

21.2

64

25

.9

16.7

12.3

2.6

FY14E

421

89

21.1

73

29

.8

14.5

10.8

2.2

FY15E

457

96

21.1

81

32

.9

7.1

10.8

13.2

13.1

13.2

9.5

2.0

HCLTIN

HCLT

BUY

SO

746

9,450

FY12

210

40

19.1

24

34

.6

21.5

12.9

2.5

FY13E

256

55

21.6

36

50

.0

14.9

8.9

1.9

FY14E

290

58

20.1

39

54

.1

13.8

8.2

1.7

FY15E

326

63

19.4

43

59

.8

15.7

16.2

20.6

20.0

12.5

7.4

1.4

E/

R

E/

EBIDA

R

F

CAGR(%)(F12F15E)

()


4/48

IT

4 E S L

I I

I CAGR 3.9%

W IT FY14E . FY13

C , S

B . I , (IT+ BPM) USD 124130 10% IT

BPM . N

( + ; ) 1315%

USD 106111; USD 8487, 1214%.

W I ITBPM

, , . H, I IT

,

.

W BFSI, , I IT

. F 4 I IT

60%65%. W BFSI, ,

A ( 4),

A EMEA. T, ,

. C

,

, ,

. O , , ,

S,

M, A C (SMAC).

E SMAC

. O USD1.9 2012, ,

IT BPO USD1 58%

42% ( USD797). G 9% ( 4.8%

). W IT CAGR 3.9% FY12

15E.

1: (G ) (SD )

2009 2010 2011 2012 2013E 2014E 2015E 3CAGR

BFSI 221 225 236 247 254 263 271 3.2%

T & 178 184 195 204 214 222 230 4.0%

M 238 245 259 273 283 296 310 4.3%

R 110 112 118 123 129 136 145 5.5%

H 46 49 53 56 60 64 69 7.0%

T & 37 38 40 42 44 47 50 6.0%

C. & 56 58 61 64 68 73 78 6.5%

O 516 545 587 629 648 668 688 3.0%

1,402 1,456 1,550 1,640 1,701 1,769 1,840 3.9% : ,

P

IT

FY14 FY13

SMAC


5/48

IT

5 E S L

: 3

C ..

W , (A D &

M (ADM)) , 2008 , I IT

. T ,

.. ROI

.

F. 1: I I

D

ADM IS

M

C

F

P,, ,

:

D

W ,

ADM I IT ,

, . F IS

( IS

)

T II/III

I ( ). T

. W

, ,

.

D

S IS

I IT


6/48


7/48

IT

7 E S L

2: R, , 4 I (.)

F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

CS

R (USD ) 429 732 924 1,122 355 359 366

C(%) 7.1 11.5 11.3 11.0 13.0 12.6 12.4

G(%) 22.2 70.5 26.2 21.4 16.5 1.4 1.7

HCL

R (USD ) 236 214 195 189 48 49 51

C(%) 10.8 7.9 5.5 4.5 4.4 4.4 4.4

G(%) 6.2 (9.4) (8.7) (3.2) (3.5) 3.2 3.6

R (USD ) 404 463 509 514 127 134 139

C(%) 9.3 10.5 9.7 8.7 8.4 8.7 8.8

G(%) 30.8 14.5 NA 1.1 1.1 5.4 3.5

:

M

T I IT

. T

IT

. T

. T

,

. A I I, TCS, W HCL T

. M

, I

.

3: R, , 4 I C SI

F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

R (USD ) 1,327 1,375 1,879 2,178 524 539 623

C(%) 28.5 28.6 31.1 31.1 29.9 30.0 32.6

G(%) 33.2 3.6 36.7 15.9 (4.9) 2.9 15.6

CS (C)

R (USD ) 164 122 176 263 76 86 94

C(%) 2.7 1.9 2.2 2.6 2.8 3.0 3.2

G(%) (15.1) (25.5) 44.6 49.0 6.8 12.1 10.2

(C)

R (USD ) 100 103 147 179 38 37 38

C(%) 2.3 2.3 2.8 3.0 2.5 2.4 2.4

G(%) 19.8 3.0 43.0 22.0 (15.0) (2.3) 2.3

:

I IT

C


8/48

IT

8 E S L

F

P 2008, I IT ,

. T

, . W

, T & M

(T&M) / / .

T (48%) ,

/

IP .

4: R, , 4 I (N L P)

F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

&

I(PPS)

R (USD ) 366 396 322 380 107 99 105

C(%) 7.8 8.2 5.3 5.4 6.1 5.5 5.5

G(%) (8.9) 8.4 (18.7) 17.9 (2.7) (7.5) 6.3CS

R (USD ) 180 207 301 389 76 77 83

C(%) 3.0 3.3 3.7 3.8 2.8 2.7 2.8

G(%) (11.2) 15.4 45.1 29.3 (26.0) 0.8 7.2

(P E)

R (USD ) 246 183 443 493 129 126 118

C(%) 5.7 4.2 8.5 8.3 8.5 8.2 7.5

G(%) 7.1 (25.5) 142.2 11.2 2.3 (1.9) (6.4)

B I TCS IP

. W I

F (CBS) ST360, E, T F, TCS

SMB BANCS, C, I .

C 1: N C 2: C

64

256

449

641

834

1,026

FY07 FY08 FY09 FY10 FY11 FY12

(N.)

I TCS

:

16

30

44

59

73

87

FY07 FY08 FY09 FY10 FY11 FY12

(N.)

I TCS

N


9/48

IT

9 E S L

E ,

S , M, A C (SMAC) I I

T

IT

; . T IT I

. T

. SMAC IT

IT . T

, , . A

, ,

SMAC.

C SMAC

C SMAC

IT . S

. IT

.

W IT

.

S

. I

. P

F, T & L

. T

. I IT

. M

. A

. A N, SMAC USD1T 2020

70% .

5: E , CAGR (%) SMAC

E (SD ) E CAGR (%)

B D 2015 25 45.0

M 2020 140 15.0

C 2020 650700 32.0

S M 2020 235 40.0

G M E

:

S

S


10/48

IT

10 E S L

M

R

. C

. A ,

.M

.

I I ,

, . T

I

. M

. T, I

. C

, ,

.

E SD140, CAGR 15% 2020.

N A APAC

21%.

F.2: N

:

I

IT


11/48

IT

11 E S L

B /A

O

. A

. H

IT ,

. B ,

. I

,

.

I 110115% 2012 USD 200

205. O

. I

, ,

, ,

.

B / SD25 2015, CAGR 45%. I B

I SD200 2012 SD1 2015 (CAGR

83%).B ( , ,

) 8284%

, 1618%.

E B /

H:

C 1:A N ,

D , D . A

CAT

. T

,

,

. A

C D R (CDR). T C D R

.

C 2:A RFID

/ . T

. F / ,

. W

H


12/48

IT

12 E S L

/ . W

/

OPD// /

. O

.

S :

S , P, A 2010,

. N, , S

, , ,

.

R :

G , F T , ,

. R,

W K, , ,

.

L:

S , U.P.S.,

.

O P:

O , M., W

,

.

S A:

P , N Y,

, , , .

C

C, , ,

. C IT ,

IT . C

, IT

. C

. S

IT

. T

. H, ,

I

.

C

SMAC


13/48

IT

13 E S L

O SMAC , SD700

. 30% CAGR

2020. C , IT, ,

,

.

S S

. C

. T , ,

.

W ,

. A ,

. T

. F

,

. A , IT

. S CAGR

40% SD235 2020.

T F

. P , ,

.

G . F

955 (J

2011), 305 S, 2009.

C 3: G F (M)

0

200

400

600

800

1,000

S09

D09

M10

J10

S10

D10

M11

J11

S11

D11

M12

J12

()

F S(M)

:

S


14/48

IT

14 E S L

N E

O USD1.9 2012, , IT BPM

USD1 58% 42% (

USD797). G 9% USD124130. APAC 6% (1.6

), A 5% EMEA

1% . A C V (ACV),

USD5, USD 21 BPM. APAC 55%. EMEA

13% A 3%.

6: E '

G

I S

(SD )

I

(%) K F

M 29 4.0 IT ,BPM HCL, HP, IBM, I, TCS

B 47 2.0 L

,

, ,R & D

HCL, G, IBM, TCS

A 48 4.0 P ,

,CAD

A , AXA, B S, H , I, TCS,

Z

J 235


15/48

IT

15 E S L

8: G 5 I I (SD )

S F07 F08 F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

TCS 2,335 3,111 3,368 3,650 4,702 5,735 1,550 1,603 1,657

(%) 38.6 33.2 8.3 8.4 28.8 22.0 3.2 3.5 3.3

I 1,957 2,589 2,950 3,164 3,944 4,468 1,123 1,148 1,166

(%) 40.3 32.3 13.9 7.2 24.7 13.3 1.6 2.2 1.5

W 1,579 2,172 2,591 2,543 2,884 3,097 782 794 787

(%) 33.6 37.5 19.3 (1.8) 13.4 7.4 (2.3) 1.5 (0.8)

HCLT 780 1,042 1,297 1,608 1,980 2,365 611 635 657

(%) 33.3 33.6 24.5 23.9 23.2 19.5 2.9 3.9 3.5

C 1,228 1,769 2,228 2,594 3,584 4,798 1,435 1,505 1,536

(%) 58.9 44.1 26.0 16.4 38.2 33.9 5.5 4.9 2.1

E F07 F08 F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

TCS 1,115 1,633 1,779 1,686 2,032 2,576 726 759 784

(%) 68.0 46.4 9.0 (5.2) 20.5 26.8 9.6 4.6 3.3

I 815 1,172 1,228 1,106 1,301 1,531 375 394 459

(%) 54.2 43.7 4.8 (9.9) 17.6 17.7 (8.4) 5.0 16.5

W 760 1,012 1,140 1,149 1,415 1,676 426 435 467

(%) 38.2 33.3 12.6 0.8 23.2 18.4 0.1 2.1 7.4

HCLT 413 557 612 734 952 1,124 295 311 329

(%) 70.3 35.0 10.0 19.8 29.8 18.1 1.9 5.4 5.9

C 184 343 541 607 855 1,109 283 303 326

(%) 77.3 86.4 57.8 12.2 40.8 29.8 (0.5) 7.1 7.8

APAC F07 F08 F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

TCS 270 386 288 333 540 766 202 217 221

(%) 57.5 42.9 (25.4) 15.4 62.2 41.9 (1.0) 7.4 2.0

I 269 363 422 477 663 839 219 226 245

(%) 40.6 34.8 16.1 13.1 38.9 26.6 (1.1) 3.4 8.0

W 121 463 268 328 452 599 174 180 185

(%) 45.8 283.2 (42.1) 22.5 37.8 32.4 7.0 3.5 2.3

HCLT 131 181 185 242 409 439 114 112 112

(%) (12.1) 38.3 2.1 30.6 68.8 7.4 3.7 (1.4) 0.2

C 13 24 47 78 153 215 78 84 86

(%) 36.5 87.2 95.9 66.0 97.5 39.9 16.2 8.7 2.1

I F07 F08 F09 F10 F11 F12 Q1F13 Q2F13 Q3F13

TCS 443 505 474 548 751 876 194 214 224

(%) 32.8 13.9 (6.2) 15.7 37.0 16.7 (13.9) 10.5 4.7

I 49 52 63 57 133 155 35 29 42

(%) 29.4 6.3 20.8 (9.5) 133.2 17.0 (1.1) (17.9) 46.2

W 325 371 469 548 133 133 139

(%) 13.9 26.4 16.9 (9.6) (0.6) 4.7

HCLT 66 91 93 121 204 220 57 56 56

(%) (12.1) 38.3 2.1 30.6 68.8 7.4 3.7 (1.4) 0.2

:


16/48

IT

16 E S L

W APAC 6%, A & EMEA 5%

1% . T IT (IT + BPM) USD783 FY11

USD812 FY12. G , EMEA APAC

IT ( EMEA & APAC).

A,

. M & F S E

.

C 4: A S EMEA (SD )

0.0 0.8 1.6 2.4 3.2 4.0

M

F S

T M

B S

H P

R

E

T,T,L

ACV (2012) ACV (P 5 Y A) :

E IT EMEA US,

US. W A

11.7%, 7.4% 3.2% EMEA APAC.

A, (ACV) N, ACV

USD21 FY12, EMEA 48% A APAC

37% 15% . W EMEA

APAC .

9: G

C AC (SD )

A 7.9

EMEA 10.2

APAC 3.1

:

0.0 1.0 2.0 3.0 4.0 5.0

M

F ST M

B S

H P

R

E

T,T,L

ACV (2012) ACV (P 5 Y A)

L EMEA

APAC


17/48

IT

17 E S L

M,

P

O , I ITBPM

(T&M) , .

B

. T

. C

, ,

. T

, .

F. 3: C

A

L P M

T & M / F

E

N L P M

O L

P

N L P M

O B C

U B "P ", "P "

L IP/P

:

A ,

( ). T

, ,

.

P


18/48

IT

18 E S L

10: CAGR (%) , , F 4 I I

R(SD ) E R(SD ) E R CAGR(%) E CAGR(%)

TCS 5,634 111,407 10,171 238,583 15.9 21.0

I 4,176 91,187 6,994 149,994 13.8 13.2

W 3,647 95,567 5,921 135,920 12.9 9.2

HCLT 1,872 50,741 4,152 81,365 22.0 12.5

T 15,329 348,902 27,237 605,862 15.5 14.8

F12F08

:

C 5: R (F0812)

51

46

38 37

4347

44

51

0

11

22

33

44

55

TCS I W HCLT

(USD

'000)

FY08 FY12

:

H ,

, .

11: R CS SI (%)

C F08 F09 F10 F11 Q1F13 Q2F13 Q3F13

I 23.8 28.5 28.6 31.0 29.9 30.0 32.6

W 2.3 2.3 2.3 2.8 2.5 2.4 2.4

:

12: P (%)

C F08 F09 F10 F11 Q1F13 Q2F13 Q3F13

I 5.4 (2.9) (4.0) 1.7 (3.7) (0.2) 3.7

W NA 2.2 (6.9) (0.8) (1.2) 0.6 2.9:


19/48

IT

19 E S L

E

O :

I

. T

/

. O

, , .

:

T , ,

. T ,

. A I

. W TCS I

, W HCL T . W

.

L :

I . I

, I (F), TCS (BNCS)

O F S S (F) .

F. 4:

O B C

U B "P ", "P "

L IP/P

:

N

,


20/48


21/48

IT

21 E S L

O

O I IT . I

;

. W , I IT

IT , ,

IS . H, I IT . W

FY14 ,

H2FY14

FY15.

C 8: O %

40.0

43.0

46.0

49.0

52.0

55.0

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

(%)

I TCS W

:

FY12 9MFY13 I IT

. W , .. 30 (

10 ),

I IT . H, US

. T

I IT .

P US

US B "I I A 2013"

H1B . T B US

H1B

. I ,

H1B .

1) I 65,000 R H1B' 115,000 2) R 20,000 ADE H1B' U

O H2FY14

FY15

P


22/48

IT

22 E S L

3) E H1B , US ( 300,000

)

4) A H1B .C 9: S %

0.0

1.2

2.4

3.6

4.8

6.0

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

Q412

Q1FY13

Q2FY13

Q3FY13

(%)

INFOSYS TCS

:

13: C EPS

C I

F14E F15E F14E F15E F14E F15E F14E F15E

SD R 8,576 9,646 1 3,617 15,603 7,800 8,783 5,423 6,264

N USD R 2,573 2,894 3,404 3,901 1,950 2,196 1,356 1,566

N SD R % 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

EPS @ INR/USD 54 (FY14) 52 (FY15) 187.0 210.1 78.3 88.2 29.8 32.9 54.1 59.8H P 6 6 6 6

H I 0.5 1.0 0.5 1.0 0.5 0.5 0.5 0.5

0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2

R EPS

47 175.5 191.3 73.7 80.5 27.6 31.1 49.1 55.6

48 177.1 195.1 74.3 82.0 27.9 31.4 49.8 56.5

49 178.8 198.8 75.0 83.6 28.2 31.8 50.5 57.3

50 180.4 202.6 75.6 85.1 28.5 32.1 51.2 58.2

51 182.0 206.3 76.3 86.6 28.8 32.5 52.0 59.0

52 183.7 210.1 77.0 88.2 29.1 32.9 52.7 59.8

53 185.3 213.8 77.6 89.7 29.5 33.2 53.4 60.7

54 187.0 217.6 78.3 91.2 29.8 33.6 54.1 61.5

55 188.6 221.3 78.9 92.8 30.1 33.9 54.8 62.4

56 190.3 225.1 79.6 94.3 30.4 34.3 55.6 63.2

57 191.9 228.8 80.3 95.8 30.7 34.6 56.3 64.0

58 193.5 232.6 80.9 97.4 31.0 35.0 57.0 64.9

59 195.2 236.3 81.6 98.9 31.4 35.4 57.7 65.7

60 196.8 240.0 82.3 100.4 31.7 35.7 58.4 66.6

I CS HCL

:


23/48

IT

23 E S L

HCL (HCL)

I

.

. I

. 2021% (

) .

15.1% 15.5% SD F14E F15E

HCL B HOLD P INR898

(15 F15E EPS INR59.8).

R ; HCLT (USD1 Q2FY13) >USD2.5

FY12 15% FY14

FY15. F,

BFSI IMS, HCLT . T

HCLT . W, HCLT

, ,

2021% () .

IMS

IMS FY09Q2FY13 16% 28%. W IMS , HCLT

. T IMS

.

O : R ; B

W HCLT

15.1% 15.5% FY14 FY15. B

B HOLD

FY15 INR898 (15 FY15 EPS INR59.8).

COMPANY UPDATE

HCL ECHNOLOGIESS I E R IT

E R ..,


F

J F12 F13E F14E F15E

R (INR ) 210,312 255,534 290,151 325,735

(%) 31.2 21.5 13.5 12.3

EBITDA (INR ) 40,251 55,316 58,278 63,114

N (INR ) 24,474 35,893 38,831 42,941

D EPS (INR) 34.6 50.0 54.1 59.8

(%) 49.8 44.5 8.2 10.6

D P/E () 21.5 14.9 13.8 12.5

EV/EBITDA () 12.9 8.9 8.2 7.4

ROAE (%) 25.7 30.2 26.4 24.2

EDELEISS 4D RAINGS

A R B

R R S O

R R R S H

S R M U

MARKE DAA (: ., : )

CMP : INR 746

T P : INR 898

52 (INR) : 749 / 441

S () : 694.9

M (INR /USD ) : 518/ 9,450

A. D V.BSE/NSE(000) : 1,333.6

SHARE HOLDING PAERN (%)

C Q2F13 Q1F13

P * 62.1 62.2 62.2

MF', FI' & BK 8.4 9.3 9.5

FII' 21.8 20.3 20.0

O 7.7 8.2 8.3

*

(% )

:

PRICE PERFORMANCE (%)

S N

E

I

1 4.9 (4.8) (4.0)

3 10.4 (3.2) 3.9

12 48.5 6.3 23.9

S A+91 22 6623 3474

.@.

O H+91 22 6620 3147

.@.

M 5, 2013


24/48

IT

24 E S L

C D

HCLT I IT . I IT ,

, BPO ,

. T

26 ,

, , , , ,

, . T 85,194 INR235 (USD4.4).

I

I 12.2% FY1215E, HCLT

. HCLT

. S HCLT I IT

X, S C, N C, D P S G, T L

G, A T, . I

, EAS ,

, HCLT .

A I W.

K R

K : () US; ()

, ; ()

() INR

USD, EUR GBP.


25/48

IT

25 E S L

F SI (INR )


N 210,312 255,534 290,151 325,735

C 140,558 165,635 192,638 219,516

G 69,754 89,899 97,513 106,219

T SG&A 29,503 34,582 39,235 43,105

EBITDA 40,251 55,316 58,278 63,114

D & A 5,641 7,051 8,316 9,277

EBIT 34,610 48,265 49,962 53,837

O 706 1,050 2,279 3,199

F /() (1,876) (1,000)

P 33,440 48,315 52,241 57,036

P 8,180 11,596 12,538 13,118

N 25,260 36,719 39,703 43,918

P A T 25,260 36,719 39,703 43,918

M . 786 826 872 977

P 24,474 35,893 38,831 42,941

S () 707 718 718 718D EPS (INR) 34.6 50.0 54.1 59.8

D (INR) 13.9 13.3 13.7 15.0

D (%) 39.4 26.0 25.0 25.0

C


G 33.2 35.2 33.6 32.6

SG&A 14.0 13.5 13.5 13.2

EBITDA 19.1 21.6 20.1 19.4

EBIT 16.5 18.9 17.2 16.5

N 12.0 14.4 13.7 13.5

G (%)


R 31.2 21.5 13.5 12.3

EBITDA 46.4 37.4 5.4 8.3

EBIT 53.7 39.5 3.5 7.8

N 47.7 45.4 8.1 10.6

EPS 49.8 44.5 8.2 10.6

K A


M

GDP(YY %) 6.5 5.0 6.5 7.0

I (A) 8.8 7.8 6.0 6.0

R ( ) 8.5 7.5 6.8 6.0

USD/INR (A) 47.9 54.5 54.0 52.0

C

E O* 341,082 376,655 425,620 476,694

V (%) O 16.5 10.4 13.0 12.0

E O* 124,795 130,678 147,666 165,386

V (%) O 13.4 4.7 13.0 12.0

B O* 21.1 21.1 21.1 21.1

P (%) O 1.8 (0.1)

B O* 77.1 77.0 77.0 77.0

P (%) O 2.4 (0.1)

IMS USD . 21.5 34.4 20.0 24.0

BPO USD . (2.7) 9.4 8.0 10.0C

D (% ) 66.8 64.8 66.4 67.4

SGA (% ) 14.0 13.5 13.5 13.2

F

D 2.7 2.8 2.9 2.8

Y & (%) 2.7 2.9 4.2 4.4

T % PBT 24.5 24.0 24.0 23.0

D 75 74 69 70

*


26/48

IT

26 E S L

P

M D PE () E/EBIDA () ROAE (%)

N (SD ) F14E F15E F14E F15E F14E F15E

HCL 9,590 13.8 12.5 8.2 7.4 26.4 24.2

CMC 743 11.9 10.0 7.5 5.9 33.1 31.1

C S 339 8.5 8.0 4.9 4.4 44.2 38.1

I 31,122 15.6 13.9 9.9 8.8 25.2 24.0

I E 346 7.8 7.5 3.0 2.7 17.0 15.6

P S 406 9.6 8.9 3.8 3.1 21.3 19.3

T C S 55,757 19.7 17.5 13.7 12.2 34.5 31.3

W 19,859 14.5 13.2 10.6 9.3 20.4 19.3

M 12.8 10.0 8.4 5.9 25.8 24.2

AVERAGE 13.1 11.0 8.3 6.4 27.4 25.4

:

O


T 0.4 0.5 0.5 0.4

F 9.0 9.7 9.5 9.2

E 2.2 2.1 2.0 1.8


D EPS (INR) 34.6 50.0 54.1 59.8

(%) 49.8 44.5 8.2 10.6

CEPS (INR) 43.4 61.0 66.3 72.8

D PE () 21.5 14.9 13.8 12.5

P/BV () 4.9 4.0 3.3 2.8

EV/S () 2.5 1.9 1.7 1.4

EV/EBITDA () 12.9 8.9 8.2 7.4

EV/EBITDA ()+1 9.4 8.4 7.6

D (%) 1.9 1.8 1.8 2.0

B (INR )

A 30 J F12 F13E F14E F15E

E 1,386 1,407 1,421 1,435

R & 104,370 130,931 160,054 192,260

S 105,756 132,338 161,475 193,695

B 32,097 13,238 13,323 13,408

S 137,854 145,576 174,798 207,103

G 53,753 64,878 77,378 92,378

A 29,338 36,389 44,705 53,982

N 24,416 28,490 32,673 38,397

G 48,689 48,311 47,857 47,421

I 21,406 24,406 27,406 30,406

C 6,574 21,180 36,576 52,576

S 52,664 50,407 58,825 66,039

O 32,783 31,989 36,586 43,904

T 85,447 82,395 95,411 109,943

T CL & 48,678 59,205 65,126 71,639

N 36,769 23,190 30,285 38,304

137,854 145,576 174,798 207,103

B (INR) 152.6 188.1 227.2 269.9

P &


ROAE (%) 25.7 30.2 26.4 24.2

ROACE (%) 33.1 40.6 37.2 33.2

D 75 74 69 70

C 1.8 1.4 1.5 1.5


27/48

IT

27 E S L

H 10

P. H P. H

L I C. I 4.28 HSBC G A M (S) L. 2.13

F S I M (UK) L. 1.40 HSBC G A M (H K) L. 1.19

C I, I. 1.05 SBI F M P L. 0.91

R C A M L. 0.79 T V G, I. 0.75

B S L A M C. L. 0.49 E I (S) L. 0.39

*

A D

D DM.S N C & C S O M.V N V C & CEO

M. R A N E D M. S B N E D

M. A G N E D M. R. S N E D

M. S K K N E D M. D M D N E D

M. S S S N E D

A S.R.B & C., C A

*

B DD A / S B/S Q P

04 M 2012 T R P B 8119140 500.00

04 M 2012 S I (D) P L S 10000000 500.15

*

I R D A / S B/S Q

05 M 2012 S N F S 17957.00

05 M 2012 HCL H P L S 285094.00

06 M 2012 S N F S 146910.00

23 M 2012 S N F S 17957.00

*


28/48


29/48

29 E S L

IT

C

N O % N O % C

N 463,095 462,697 0.1 501,593 489,403 2.5 R FY15 USD

12.5% . 10.1%

EBDITA 139,669 139,270 0.3 149,976 140,940 6.4 H

(%) 30.2 30.1 29.9 28.8

PAT 106,834 106,645 0.2 120,032 110,716 8.4 H

PAT

(%) 23.1 23.0 23.9 22.6

C 26,282 25,679 2.3 28,910 28,247 2.3

F14E F15E


30/48

30 E S L

IT

C D

I IT I IT

. I IT

G . I

,

776 B, F S, I, R

M, U 50 . T

F I,

M E, A E. I 155,629

TTM INR387.5 (USD7.2).

I

I, , TCS HCL T

I ,

. T

. W ,

.

K R

K IT

, INR USD, E GBP.


31/48

31 E S L

IT

F SI (INR )

M F12 F13E F14E F15E

N 337,340 405,720 463,095 501,593

C 188,740 239,334 270,468 291,200

G 148,600 166,386 192,627 210,393T SG&A 41,470 47,140 52,958 60,417

S&M 17,570 20,700 23,734 26,308

G&A 23,900 26,441 29,225 34,108

EBITDA 107,130 119,246 139,669 149,976

D & A 9,340 11,728 15,695 14,548

EBIT 97,790 107,517 123,974 135,428

O 19,040 21,724 22,376 26,778

P 116,829 129,240 146,348 162,206

P 33,670 35,412 39,514 42,174

N 83,159 93,828 106,834 120,032

P A T 83,159 93,828 106,834 120,032

P 83,159 93,828 106,834 120,032

B EPS (INR) 145.5 164.2 187.0 210.1

S () 571 571 571 571

D EPS (INR) 145.5 164.2 187.0 210.1

D (INR) 47.2 50.0 55.0 55.0

D (%) 32.5 30.4 29.4 26.2

C

M F12 F13 F14E F15E

C 55.9 59.0 58.4 58.1

G 44.1 41.0 41.6 41.9

G&A 5.2 5.1 5.1 5.2

S&M 7.1 6.5 6.3 6.8

SG&A 12.3 11.6 11.4 12.0EBITDA 31.8 29.4 30.2 29.9

EBIT 29.0 26.5 26.8 27.0

N 24.7 23.1 23.1 23.9

G (%)

M F12 F13 F14E F15E

R 22.7 20.3 14.1 8.3

EBITDA 19.5 11.3 17.1 7.4

EBIT 20.7 9.9 15.3 9.2

PBT 25.4 10.6 13.2 10.8

N 21.9 12.8 13.9 12.4

EPS 21.9 12.8 13.9 12.4

K A


M

GDP(YY %) 6.5 5.0 6.5 7.0

I (A) 8.8 7.8 6.0 6.0R ( ) 8.5 7.5 6.8 6.0

USD/INR (A) 47.9 54.5 54.0 52.0

C

E A ()

G 45,605 33,000 38,000 50,000

F A (BPO T) 5,559 7,500 9,000 7,000

E A (BPO S S) 262 500 700 500

E A (B P ) 6,359 6,000 7,000 5,000

A (%) 15.4 15.0 12.5 11.5

E (%)

IT S O 24.2 23.5 24.5 23.5

IT S O 75.8 76.5 75.5 76.5

P + BPO O 3.9 4.9 5.0 5.0

P + BPO O 96.1 95.1 95.0 95.0

(%)

IT S O 93.0 93.0 93.0 93.0

IT S O 68.0 64.6 73.3 74.5

P + BPO O 93.0 93.0 93.0 93.0

P + BPO O 74.6 80.7 85.0 85.0

P (%)

S 2.2 (1.1) 1.8

S 5.1 (4.5) 0.8

C

S O (%) 10.2 6.2 0.6 1.4

S O (%) (1.6) 1.6 3.2 1.9T (% ) 2.3 2.9 2.4 2.4

O (% ) 5.5 4.6 5.0 5.0

S&M (% ) 5.2 5.1 5.1 5.2

G&A (% ) 7.1 6.5 6.3 6.8

F

Y & (%) 9.6 9.8 8.6 8.5

T % PBT 28.8 27.4 27.0 26.0

C (INR ) 17,310 22,861 26,282 28,910

D 74 77 77 78

P 41 42 43 43

C () 33 35 34 35


32/48

32 E S L

IT

P



HCL T 9,590 13.8 12.5 8.2 7.4 26.4 24.2

CMC 743 11.9 10.0 7.5 5.9 33.1 31.1

C S 339 8.5 8.0 4.9 4.4 44.2 38.1

I 31,122 15.6 13.9 9.9 8.8 25.2 24.0

I E 346 7.8 7.5 3.0 2.7 17.0 15.6

P S 406 9.6 8.9 3.8 3.1 21.3 19.3

T C S 55,757 19.7 17.5 13.7 12.2 34.5 31.3

W 19,859 14.5 13.2 10.6 9.3 20.4 19.3

M 12.8 10.0 8.4 5.9 25.8 24.2

AVERAGE 13.1 11.0 8.3 6.4 27.4 25.4

:

C

M F12 F13 F14E F15E

O 82,120 97,621 118,818 127,525

I (20,610) (103,181) (26,282) (28,910)

F (22,260) (41,858) (36,769) (36,769)

N 39,250 (47,419) 55,766 61,845

C (17,310) (33,421) (26,282) (28,910)

D (23,270) (42,148) (36,769) (36,769)

P &

M F12 F13 F14E F15E

ROAE (%) 27.4 26.0 25.2 24.0

ROACE (%) 33.5 30.9 30.3 27.8

D 74 77 77 78

P 41 42 43 43

C () 33 35 34 35

C 6.3 5.6 6.3 7.0

O

M F12 F13 F14E F15E

T 1.2 1.2 1.1 1.0

F 6.6 6.8 6.6 6.0

E 1.1 1.1 1.1 1.0

M F12 F13 F14E F15E

D EPS (INR) 145.5 164.2 187.0 210.1

(%) 21.9 12.8 13.9 12.4

CEPS (INR) 161.9 184.7 214.4 235.5

D PE () 20.1 17.8 15.6 13.9

P/BV () 5.0 4.3 3.6 3.1

EV/S () 4.3 3.5 3.0 2.6EV/EBITDA () 13.6 12.0 9.9 8.8

EV/EBITDA ()+1 12.2 10.3 9.2

D (%) 1.6 1.7 1.9 1.9

B (INR )

A 31 M F12 F13 F14E F15E

E 2,860 2,860 2,860 2,860

S 30,890 30,900 30,900 30,900

R & 300,860 354,487 424,553 507,817

S 334,610 388,247 458,313 541,577

D (13,410) (13,880) (13,880) (13,880)O 1,090 1,000 1,000 1,000

S 322,290 375,367 445,433 528,697

G 11,660 24,220 24,220 24,220

T 54,090 65,223 75,810 90,173

I 120 730 730 730

O 1,620 1,830 1,830 1,830

C 209,680 232,141 287,908 349,753

S 77,550 93,735 100,911 112,275

L 15,230 18,430 18,430 18,430

T 302,460 344,306 407,249 480,458

S 41,350 52,802 56,266 60,574

P 6,310 8,140 8,140 8,140

T & 47,660 60,942 64,406 68,714

N 254,800 283,364 342,843 411,744

322,290 375,367 445,433 528,697

B (INR) 585.6 679.5 802.1 947.8

F (INR )

M F12 F13 F14E F15E

N 83,159 93,828 106,834 120,032

D 9,340 11,728 15,695 14,548

O 2,361 (1,833) 1 1

G 94,860 103,723 122,530 134,581

L: C WC 12,740 6,103 3,713 7,056

O 82,120 97,621 118,818 127,525L: C 17,310 22,861 26,282 28,910

F 64,810 74,759 92,536 98,614


33/48

33 E S L

IT

H 10

P. H P. H

L I C. I 7.24 OF, I. 3.89

A A M L. 3.12 A A M (A) L. 2.45

A D I A (I M 2.06 T V G, I. 1.96

T A M L. 1.73 HDFC A M C. L. 1.42

ICICI P L I C. L. 1.35 JF A M L. 1.32

*

I R D A / S B/S Q

N D A

*

B DD A / S B/S Q P

N D A

*

A D

D DD L B I D P J S L I D

D O G I D R V I D

S B D S I I D

B G S D A V D

R S I D D M S I DV B D CFO K V K C

S G E C C S D S CEO MD

A M F I D

A BSR & C., C A

*


34/48


35/48

35 E S L

IT

C

N O % N O % C

N 735,318 721,514 1.9 811,362 786,642 3.1 R FY14 FY15 USD

17.9% 14.6% 15.7%

13.2%,

EBDITA 204,161 200,228 2.0 222,732 214,195 4.0

(%) 27.8 27.8 27.5 27.2

PAT 154,817 152,079 1.8 174,156 161,598 7.8 H

PAT FY15

(%) 21.1 21.1 21.5 20.5

C 39,878 36,748 8.5 41,777 40,423 3.3

F14E F15E


36/48

36 E S L

IT

C D

TCS I' IT . I 1968

IT

, , , , , . W

42 , TCS . TCS

(1051 ), TCS 263,637 (

) (TTM) INR598

(USD11.2).

I

A I' IT , TCS

IT . I

, , ,

. TCS , ,

,

. E , ,

,

( ) TCS

. W

.

K R

K (1) US

E, (2)

USD, E GBP, (3) (4) .


37/48

37 E S L

IT

F SI (INR )


N 488,938 629,506 735,318 811,362

C 258,773 334,176 397,203 440,971

G 230,165 295,329 338,115 370,391T SG&A 85,988 114,424 133,955 147,659

EBITDA 144,177 180,906 204,161 222,732

D & A 9,036 10,563 12,496 13,789

EBIT 135,141 170,343 191,664 208,943

O 4,041 10,011 12,043 17,234

P 139,182 180,354 203,707 226,177

P 31,688 39,236 48,890 52,021

N 107,494 141,118 154,817 174,156

P A T 107,494 141,118 154,817 174,156

M . 1,110 1,512 1,596 1,596

P 106,384 139,606 153,221 172,560

S () 1,957 1,957 1,957 1,957

D EPS (INR) 54.4 71.3 78.3 88.2

D (INR) 17.0 22.0 22.9 25.8

C


C 52.9 53.1 54.0 54.3

G 47.1 46.9 46.0 45.7

SG&A 17.6 18.2 18.2 18.2

EBITDA 29.5 28.7 27.8 27.5

EBIT 27.6 27.1 26.1 25.8

N 22.0 22.4 21.1 21.5

G (%) M F12 F13E F14E F15E

R 31.0 28.7 16.8 10.3

EBITDA 28.7 25.5 12.9 9.1

EBIT 29.0 26.0 12.5 9.0

PBT 26.4 29.6 12.9 11.0

N 21.7 31.3 9.7 12.5

EPS 22.1 31.2 9.8 12.6

K A


M

GDP(YY %) 6.5 5.0 6.5 7.0

I (A) 8.8 7.8 6.0 6.0R ( ) 8.5 7.5 6.8 6.0

USD/INR (A) 47.9 54.5 54.0 52.0

C

E A ()

G 70,400 63,360 79,200 87,120

L (% G A) 56.0 46.3 56.3 45.0

A 14.2 13.2 11.0 11.1

E

O (%) 25.0 25.1 26.1 25.0

O (%) 75.0 74.9 73.9 75.0

O (%) 93.0 93.0 93.0 93.0

O (%) 79.0 78.5 76.1 76.5

B (%) 82.2 81.4 80.5 80.6

P

O (%) (1.2) (1.9) (0.8)

O (%) 2.2 (3.0) 2.1

C (% )

E 38.4 38.2 39.7 40.6

T 1.4 1.4 1.5 1.5

O 14.3 14.5 13.9 13.3

SGA (% )

E 12.2 12.7 13.2 13.5

O 6.1 6.2 5.6 5.3

F D (% .) 1.8 1.7 1.7 1.7

T % PBT 22.8 21.8 24.0 23.0

C (INR ) 19,906 25,727 39,878 41,777

D 74 74 76 80

P 51 50 53 58


38/48

38 E S L

IT

P



HCL T 9,590 13.8 12.5 8.2 7.4 26.4 24.2

CMC 743 11.9 10.0 7.5 5.9 33.1 31.1

C S 339 8.5 8.0 4.9 4.4 44.2 38.1

I 31,122 15.6 13.9 9.9 8.8 25.2 24.0

I E 346 7.8 7.5 3.0 2.7 17.0 15.6

P S 406 9.6 8.9 3.8 3.1 21.3 19.3

C S 55,757 19.7 17.5 13.7 12.2 34.5 31.3

W 19,859 14.5 13.2 10.6 9.3 20.4 19.3

M 12.8 10.0 8.4 5.9 25.8 24.2

AVERAGE 13.1 11.0 8.3 6.4 27.4 25.4

:

C


O 75,440 123,093 151,997 168,962

I (29,496) (63,562) (87,835) (84,543)

F (41,528) (70,066) (54,111) (60,604)

N 4,417 (10,534) 10,051 23,815

C (19,906) (25,727) (39,878) (41,777)

D (38,978) (73,185) (54,111) (60,604)

P &


ROAE (%) 36.7 38.8 34.5 31.3

ROACE (%) 64.8 73.7 78.2 71.5

D 74 74 76 80

P 51 50 53 58

C () 23 24 23 22

C 2.4 2.1 2.0 2.0

O


T 1.7 1.8 1.7 1.5

F 8.1 8.5 7.6 6.5

E 1.7 1.8 1.7 1.5


D EPS (INR) 54.4 71.3 78.3 88.2

(%) 22.1 31.2 9.8 12.6

CEPS (INR) 59.0 76.7 84.7 95.2

D PE () 28.3 21.6 19.7 17.5

P/BV () 9.3 7.7 6.1 5.0

EV/S () 6.0 4.6 3.8 3.3EV/EBITDA () 20.3 15.9 13.7 12.2

EV/EBITDA ()+1 16.1 14.0 12.6

D (%) 1.1 1.4 1.5 1.7

B (INR )

A 31 M F12 F13E F14E F15E

E 1,957 1,957 1,957 1,957

R & 323,276 391,983 492,689 606,241

S 325,233 393,940 494,646 608,199

M (BS) 5,276 6,210 6,210 6,210

B 1,266 5,121 5,121 5,121

D (13,147) (33,804) (33,804) (33,804)

S 318,628 371,467 472,173 585,726

N 66,284 82,606 109,987 137,975

G 33,193 33,894 33,894 33,894

I 80,839 146,754 206,754 266,754

C 19,836 10,827 20,877 44,692

S 114,992 140,475 165,248 189,479

U 22,478 31,660 31,660 31,660

P & 25,045 14,434 14,434 14,434

T 182,351 197,396 232,219 280,266

T CL & 75,718 95,543 117,042 139,524

N 106,633 101,853 115,177 140,742

318,628 371,467 472,173 585,726

B (INR) 166.2 201.3 252.7 310.7

F (INR )


N 106,384 139,606 153,221 172,560

D 9,036 10,563 12,496 13,789

O (7,377) (9,291) 965 7,648

G 108,043 140,878 166,683 193,997

L: C WC 32,603 17,785 14,686 25,036

O 75,440 123,093 151,997 168,962

L: C 19,906 25,727 39,878 41,777

F 55,534 97,366 112,119 127,185


39/48

39 E S L

IT

H 10

P. H P. H

L I C. I 3.01 F T A M (I) P L. 1.69

T A M L. 1.52 A A M (A) L. 0.81

T V G, I. 0.62 OF, I. 0.61

JF A M L. 0.44 L A M LLC 0.42

BR F A 0.36 FIL I M (H K) L . 0.36

*

I R D A / S B/S Q

27 M 2012 T AIG L I C L B 55000.00

28 M 2012 T AIG L I C L B 30000.00

30 M 2012 T AIG L I C L B 30000.00

02 A 2012 T AIG L I L B 20000.00

*

B DD A / S B/S Q P

N D A

*

A D

D DR N T C S R V C

N C CEO MD A M D

V T D P. C M C D

D. R S D L M C D

S M CFO E D P V DD. V K D I H D

O. P. B D C M D

A D H & S

*


40/48

40 E S L

IT

, BFSI .

. A F14,

. 11.8%

F14E F15 12.3% . 10.1%

. M

B INR515.

R

W W (IT ) 11.8% 12.3% FY14E FY15E, (1.7

Q2FY13) . T

. T

FY14 FY15 .

M

W W ( 78%)

80%81% FY10 FY11

EBIT 2223% 20

21%. A,

.

O : G ; B

W . E

. A

W

. W B/SO

/ INR515 (14 FY15E EPS

INR32.9=460*1.12 W E) (R T1).

COMPANY UPDATE

IPROA

I E R IT

E R ..,


EDELEISS 4D RAINGS

A R B

R R S O

R R R S L

S R M U

MARKE DAA (: ., : )

CMP : INR 433

T P : INR 515

52 (INR) : 452 / 295

S () : 2,462.8

M (INR /USD ) : 1,067/ 19,450A. D V.BSE/NSE(000) : 1,556.4

SHARE HOLDING PAERN (%)

C Q2F13 Q1F13

P * 78.3 78.3 78.4

MF', FI' & BK 3.1 3.5 3.5

FII' 7.0 6.5 6.6

O 11.6 11.7 11.6

*

(% )

:

PRICE PERFORMANCE (%)

S N

E

I

1 2.8 (4.8) (4.0)

3 8.1 (3.2) 3.9

12 (1.8) 6.3 23.9

S A+91 22 6623 3474

.@.

O H+91 22 6620 3147

.@.

F

M F12 F13E* F14E* F15E*

R (INR ) 371,971 377,644 421,223 456,729. (%) 19.8 1.5 11.5 8.4

EBITDA (INR ) 70,863 80,245 89,067 96,413

N (INR ) 55,731 63,789 73,325 80,889

D EPS (INR) 22.7 25.9 29.8 32.9

(%) 5.1 14.3 14.8 10.3

D P/E () 19.1 16.7 14.5 13.2

EV/EBITDA () 14.2 12.0 10.6 9.3

ROAE (%) 21.2 20.7 20.4 19.3

* . M 5, 2013


41/48

41 E S L

IT

1:

E S 10

WEL* S 2

E WEL WL# 1:1.6

S IT 1

FY14 EPS (IT + IT ) (INR) 32.P/E () 14.

P (A) 46

S (B) 1.1

(INR) 51

* #

:

C

N O % N O % C

N 421,223 421,223 (0.0) 456,729 448,566 1.8 R FY15E USD

12.3% 10.1%

EBITDA 89,067 89,067 (0.0) 96,413 92,269 4.5

(%) 21.1 21.1 21.1 20.6

PAT 73,325 73,325 (0.0) 80,889 76,949 5.1

(%) 17.4 17.4 17.7 17.2

C 19,561 19,561 (0.0) 19,121 19,121 0.0

F14E F15E


42/48

42 E S L

IT

C D

W I IT & BPO

, , . I

, , IT ,

& , R&D . W P

CMM L 5 SEI CMM L 5 IT . I

919 BFSI, , , ,

W 142,905 . T

INR 364 (USD6.2).

I

W CEO, T K K. I

. W W ,

. I

. A

.

K R

K US

E,

USD, E GBP

.


43/48

43 E S L

IT

F SI (INR )

M F12 F13E* F14E* F15E*

N 371,971 377,644 421,223 456,729

C 263,174 260,844 291,297 316,469

G 108,797 116,800 129,925 140,259T SG&A 37,934 36,555 40,859 43,846

EBITDA 70,863 80,245 89,067 96,413

D & A 10,128 9,484 9,688 10,961

EBIT 60,735 70,761 79,379 85,452

O 5,404 9,252 12,027 15,034

F /() 3,277 2,580

P 69,416 82,593 91,406 100,486

P 13,762 18,193 18,281 20,097

N # 55,654 64,400 73,125 80,389

P A T 55,654 64,400 73,125 80,389

M . (77) 611 (200) (500)

P 55,731 63,789 73,325 80,889

S () 2,456 2,458 2,462 2,462

D EPS (INR) 22.7 25.9 29.8 32.9

D (INR) 6.0 6.0 6.0 6.0

D (%) 26.5 23.1 20.1 18.3

* .

#

C

M F12 F13 F14E F15E

C 70.8 69.1 69.2 69.3

G 29.2 30.9 30.8 30.7

SG&A 10.2 9.7 9.7 9.6

EBITDA 19.1 21.2 21.1 21.1

N 15.0 17.1 17.4 17.6

G (%)

M F12 F13 F14E F15E

R 19.8 1.5 11.5 8.4

EBITDA 8.3 13.2 11.0 8.2

N 5.2 14.5 14.9 10.3

EPS 5.1 14.3 14.8 10.3

* .

K A


M

GDP(YY %) 6.5 5.0 6.5 7.0

I (A) 8.8 7.8 6.0 6.0R ( ) 8.5 7.5 6.8 6.0

USD/INR (A) 47.9 54.5 54.0 52.0

C

E O 464,913 487,820 543,920 603,751

V (%) O 9.4 4.9 11.5 11.0

E O 197,184 202,637 225,940 250,793

V (%) O 17.0 2.8 11.5 11.0

B O 4,418.5 4,506.7 4,529.3 4,551.9

P (%) O 0.7 2.0 0.5 0.5

B O 12,106.1 12,584.9 12,647.8 12,711.1

P (%) O 2.3 4.0 0.5 0.5

IT (USD ) 804 711 797 916

IT G (%) (1.9) (11.6) 12.0 15.0

S&M (% ) 7.5 6.4 6.5 6.5

G&A (% ) 5.5 5.8 5.5 5.5

C (% ) 70.8 69.1 69.2 69.3

F

D ( % ) 2.7 2.5 2.3 2.4

Y & (%) 7.5 8.5 7.5 8.2

T % PBT 19.8 22.0 20.0 20.0

C (INR ) 20,123 16,909 19,561 19,121

D 70 76 71 72

P 45 49 51 54

C () 25 27 20 18


44/48


45/48

45 E S L

IT

H 10

P. H P. H

L I C. I 1.67 ICICI P A M C. L. 0.47

T. R P H K L. 0.46 JF A M L. 0.43

HSBC G A M (S) L. 0.43 ICICI P L I C. L. 0.40

T V G, I. 0.27 DSP B R I M P L. 0.22

E I (S) L. 0.19 F S I M (UK) L. 0.17

*

I R D A / S B/S Q

*

B DD A / S B/S Q P

N D A

*

A D

D DA S. G I NE D W A O I NE D

J N. S I NE D A H. P C , CEO , MD

D H K I NE D B. C. P I NE D

P M S I NE D S C S CFO E D

N V I NE D M. K. S I NE DT. K. K CEO E D S S I NE D

A BSR & C., C A

*


46/48

46 E S L

IT

C A

R

R

C A

R

R

R

CMC BUY SO L ECLERX SERVICES BUY SO M

HCL T BUY SO H H T BUY SO M

I E REDUCE SU M I BUY SP L

I E BUY SO H M HOLD SP M

P S BUY SO L T C S HOLD SP L

T M BUY SO M W BUY SO L

RATING & INTERPRETATION

ABSOLUTE RATING

Ratings Expected absolute returns over 12 months

Buy More than 15%

Hold Between 15% and - 5%

Reduce Less than -5%

RELATIVE RETURNS RATING

Ratings Criteria

Sector Outperformer (SO) Stock return > 1.25 x Sector return

Sector Performer (SP) Stock return > 0.75 x Sector return

Stock return < 1.25 x Sector return

Sector Underperformer (SU) Stock return < 0.75 x Sector return

Sector return is market cap weighted average return for the coverage universe

within the sector

RELATIVE RISK RATING

Ratings Criteria

Low (L) Bottom 1/3rd percentile in the sector

Medium (M) Middle 1/3rd percentile in the sector

High (H) Top 1/3rd percentile in the sector

Risk ratings are based on Edelweiss risk model

SECTOR RATING

Ratings Criteria

Overweight (OW) Sector return > 1.25 x Nifty return

Equalweight (EW) Sector return > 0.75 x Nifty return

Sector return < 1.25 x Nifty return

Underweight (UW) Sector return < 0.75 x Nifty return


47/48

47 E S L

IT

E S L, E H, C.S.T. R, K, M 400 098.

B: (9122) 4009 4400, E: .

V K H I E .@. +91 22 2286 4206

N M CH I E & H R .@. +91 22 4063 5476

N S H S .@. +91 22 4040 7499

C S, HCL T, H T, I T, I E, I E, M, P

C S, R I, T C S, W

D R / M C

E R C

R D* 120 49 17 186

* 0

M C (INR) 118 56 12

> 50 B 10 50 < 10

D C P (INR) R

B H R

R R

R I

B 15% 12

H 15% 12

R 5% 12

R E

11F13 H

G ;

84 B

07F13 C E ;

06F13 M G ;

980 B


48/48

ITDISCLAIMER

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Edel - IT the Next Big Leap

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