Infotech Enterprises-1Q FY 2014
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7/28/2019 Infotech Enterprises-1Q FY 2014
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Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)Net sales 484 464 4.2 456 6.0
EBITDA 80 79 1.4 85 (5.9)
EBITDA margin (%) 16.6 17.0 (46)bp 18.7 (209)bp
Net profit 54 54 0.2 67 (18.4)
Source: Company, Angel Research
For 1QFY2014, Infotech Enterprises (Infotech) reported a weak set of results on
the revenue as well as the bottom-line front. The company witnessed challenges in
some of its top-10 client accounts. However, the Management indicates that the
challenges seen in few of its large client accounts are behind and is confident of
the company growing better in the next few quarters. We maintain our Neutralrating on the stock.Quarterly highlights: For 1QFY2014, Infotech reported a revenue of US$86mn,up merely 0.1% qoq. In INR terms, the revenue came in at `484cr, up 4.2% qoq.
The EBITDA margin of the company declined by 46bp qoq to 16.6%, while its EBIT
margin was almost flat sequentially at 12.8%. The companys operating margin
faced headwinds in the form of a muted volume growth, wage hikes given during
the quarter and healthy gross employee addition. The PAT came in at `54cr, almost
flat qoq; other income stood at `18cr as against `10cr in 4QFY2013.
Outlook and valuation: The Management pointed that it expect FY2014 to be abetter year than FY2013 and is trying to move out of client specific issues in aero,hi-tech and rail business areas. The company plans to hire ~2,500 gross
employees while it estimates attrition to be at ~15%. For FY2014, in the ENGG
vertical, the Management indicated at a good deal pipeline in the aerospace
business segment and sees signs of growth in the transportation business segment
owing to recovery in the logistics and transportation industry. In the network and
utilities business area, Infotech is working on new service offerings to capture the
opex of client budgets along with the capex portion, that the company is targeting
currently. Over FY2013-15, we expect the company to post a USD and INR
revenue CAGR of 6.4% and 9.9%, respectively. We expect EBITDA margin of the
company to move to 17.2% in FY2014 and 17.6% in FY2015 from 18.2% in
FY2013. At the current market price of `184, the stock is trading at 8.2x FY2015E
EPS. We value the company at 8.5x FY2015E EPS of `22.5, which gives us atarget price of `190; we maintain our Neutral view on the stock.Key financials (Consolidated)Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ENet sales 1,188 1,553 1,873 2,052 2,263% chg 24.6 30.7 20.6 9.6 10.2
Net profit 140 163 233 229 250% chg (18.3) 16.7 42.9 (1.5) 8.8
EBITDA margin (%) 15.2 17.4 18.2 17.2 17.6
EPS (`) 12.6 14.5 20.7 20.7 22.5P/E (x) 14.6 12.7 8.9 8.9 8.2
P/BV (x) 2.0 1.7 1.5 1.3 1.1RoE (%) 13.4 13.6 17.6 14.9 14.0
RoCE (%) 12.6 18.5 20.9 18.2 17.9
EV/Sales (x) 1.3 1.0 0.8 0.6 0.5
EV/EBITDA (x) 8.9 5.6 4.4 3.7 2.8
Source: Company, Angel Research
NEUTRALCMP `184
Target Price -
Investment Period 12 Months
Stock Info
Sector
Net debt (`cr) (609)
Bloomberg Code
Shareholding Pattern (%)
Promoters 22.4
MF / Banks / Indian Fls 5.9
FII / NRIs / OCBs 29.9
Indian Public / Others 41.8
Abs. (%) 3m 1yr 3yr
Sensex 5.8 17.1 12.1
Infotech 12.9 2.1 7.6
INFTC@IN
20,128
6,038
INFE.BO
53,631
BSE Sensex
Nifty
Reuters Code
Face Value (`)
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
2,062
0.1
5
211/157
Ankita Somani+91 22 3935 7800 Ext: 6819
Infotech EnterprisesPerformance Highlights
1QFY2014 Result Update | IT
July 18, 2013
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Infotech Enterprises | 1QFY2014 Result Update
July 18, 2013 2
Exhibit 1:1QFY2014 Financial performance
Y/E March (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy) FY2013 FY2012 % chg (yoy)Total revenue 484 464 4.2 456 6.0 1,873 1,553 20.6Salary cost 309 285 8.1 276 11.7 1,126 946 19.0Gross profit 175 179 (2.1) 180 (2.7) 747 607 23.1
Gross margin (%) 36.2 38.6 (232)bp 39.5 (324)bp 39.9 39.1 80bp
Travel expenditure 22 25 (11.4) 25 (10.2) 98 95 3.3
Purchase of products 5 14 (64.6) 15 (66.5) 74 41 79.1
Other operating costs 68 61 12.2 55 23.4 233 200 16.5
EBITDA 80 79 1.4 85 (5.9) 342 270 26.3EBITDA margin (%) 16.6 17.0 (46)bp 18.7 (209)bp 18.2 17.4 82bp
Dep. and amortization 18 20 (7.5) 13 34.7 64 49 28.7
EBIT 62 60 4.3 72 (13.4) 278 221 25.8
EBIT margin (%) 12.8 12.8 1bp 15.7 (289)bp 14.8 14.2 61bp
Financial expenses 1 0 0 1,280.0 1 1 (11.7)
Other income 18 10 18 1.8 40 17 136.6
Profit before tax 80 69 15.1 90 (11.1) 317 237 33.9
Exceptional item - - 2 2 2
Tax 29 17 72.6 29 0.8 97 84 15.7
PAT 50 52 (3.8) 59 (14.3) 218 151 44.1
Share of profits of associates 4 2 101.5 6 (33.0) 13 10
Minority interest - - - - -
Adj. PAT 54 54 0.2 67 (18.4) 233 163 42.9PAT margin (%) 10.8 11.4 (61)bp 14.0 (321)bp 12.2 10.4 179bp
EPS(`) 4.9 4.9 0.2 5.8 (15.5) 20.7 14.5 42.8
Source: Company, Angel Research
Exhibit 2:1QFY2014 Actual vs Angel estimates
(` cr) Actual Estimate % VarNet revenue 484 498 (2.9)
EBITDA margin (%) 16.6 17.6 (103)bp
PAT 54 54 1.3
Source: Company, Angel Research
Weak revenue performance continues
For 1QFY2014, Infotech reported a revenue of US$86mn, up merely 0.1% qoq. In
constant currency terms, the revenue grew by 0.7% qoq. The revenue, this quarter,
has been impacted by ramp-downs seen in a few of companys top accounts. In
INR terms, the revenue came in at `484cr, up 4.2% qoq.
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Infotech Enterprises | 1QFY2014 Result Update
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Exhibit 3:Revenue growth trend (qoq)
Source: Company, Angel Research
UT and D&A: During the quarter, the utilities, telecom, and data transformation &analytics (UT and D&A) verticals USD revenue grew by 1.9% qoq to US$30.0mn.
In INR terms, the revenue came in at `169cr, up 6.0% qoq. Growth in this vertical
was driven by ramp-ups in projects from Australia. The utilities and telecom
business segment witnessed a USD and INR revenue growth of 0.8% and 4.8%
qoq, respectively. Infotech exceeded its 1QFY2014 revenue targets for utilities and
telecom business segment, helped by a particularly strong performance from two
of its clients in the APAC region. The Management indicated that in this business
segment, broadband and backhaul plan and design services remain in high
demand across all geographies. The company renamed its Content businesssegment as Data Transformation & Analytics during the quarter. The D&A business
segment reported a revenue growth of 4.1% and 8.3% qoq in USD and INR terms,
respectively. Overall, the company added five new clients in the UT and D&A
business vertical during the quarter.
Exhibit 4:UT and D&A vertical Revenue growth trend
Source: Company, Angel Research
ENGG: The ENGG verticals revenue declined by 0.8% qoq to US$55mn. In INRterms, the revenue came in at `310cr, up 3.2% qoq. In this vertical, the aerospace
business segment witnessed a USD revenue decline of 0.4% qoq while in INR
terms, the revenue grew by 3.6% qoq, aided by INR depreciation against the USD.
84.2
87.2
87.6
85.9 86.0
1.4
3.5
0.5
(1.9)
0.1
(3)
(2)
(1)
0
1
2
3
4
82
83
84
85
86
87
88
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(US$mn)
Revenue (USD terms) qoq growth (%)
26.7
28.3
29.7 29.530.05.1
6.1
4.8
(0.8)
1.9
(2)
(1)
0
1
2
3
4
5
6
7
16
18
20
22
24
26
28
30
32
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(US$mn)
Revenue (USD terms ) qoq growth (%)
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Infotech Enterprises | 1QFY2014 Result Update
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Over the last couple of quarters, some of the companys top-10 accounts in this
vertical have been facing challenges; the impact of such sluggishness percolated in
1QFY2014 results as well. The hi-tech, transportation and heavy engineering
(HTH) business segment witnessed a revenue decline of 1.2% qoq in USD terms.Overall the company added five new clients in the ENGG vertical.
Exhibit 5:ENGG vertical Revenue growth trend
Source: Company, Angel Research
Hiring and utilization
During 1QFY2014, Infotech added 298 net employees, taking its total employee
base to 10,815. The UT and D&A vertical witnessed an addition of 192 net
employees, taking the verticals employee base to 5,268. Further, 53 net
employees were added in the ENGG vertical, taking the verticals total employee
base to 4,774. The companys attrition rate (annualized basis) inched up to 12.3%
in 1QFY2014 from 11.8 in 4QFY2013.
Exhibit 6:Trend in hiring
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14Net additionsUT and D&A 322 88 66 415 192
ENGG 111 191 (52) (37) 53
Support 31 16 27 5 53Total employeesUT and D&A 4,507 4,595 4,661 5,076 5,268
ENGG 4,619 4,810 4,758 4,721 4,774
Support 672 688 715 720 773
Source: Company, Angel Research
The utilization level for the UT and D&A vertical increased by ~300bp qoq to 83%,
while utilization level for the ENGG vertical declined by ~200bp qoq to 66% due
to lower volumes.
57.758.8
56.955.5 55.0
0.1
2.0
(3.2) (2.5)
(0.8)
(4)
(3)
(2)
(1)
0
1
2
3
40
42
44
46
48
50
52
54
56
58
60
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
(US$mn)
Revenue (USD terms) qoq growth (%)
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Infotech Enterprises | 1QFY2014 Result Update
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Exhibit 7:Trend in utilization (Segment wise)
Source: Company, Angel Research
Margins decline
For 1QFY2014, the EBITDA margin of the company declined by 46bp qoq to
16.6%, while EBIT margin was almost flat sequentially at 12.8%. The companys
operating margin faced headwinds in the form of a muted volume growth, wage
hikes given during the quarter and healthy gross addition of 763 employees into
the system. The Management indicated that the company is focused to improve its
operating margin going ahead as the major headwind of wage hike is now
behind.
Exhibit 8:Trend in margins
Source: Company, Angel Research
Outlook and valuation
The company has been making investments, to strengthen its product portfolio,
and taking initiatives to improve its financial metrics. The Management expects
FY2014 turning out to be a better year than FY2013 and is trying to move out of
client specific issues in aero, hi-tech and rail business areas. The company plans tohire ~2,500 gross employees while it estimates attrition to be at ~15%. For
FY2014, in the ENGG vertical, the Management indicated at a good deal pipeline
in the aerospace business segment and sees signs of growth in the transportation
8485
83
80
83
71
73
71
68
66
65
70
75
80
85
90
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
UT and D&A ENGG
18.7 18.7 18.5
17.016.6
15.7 15.715.1
12.8 12.8
12
14
16
18
20
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
(%)
EBITDA margin EBIT margin
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Infotech Enterprises | 1QFY2014 Result Update
July 18, 2013 6
business segment owing to recovery in the logistics and transportation industry.
The Management cited that it is seeing initial signs of recovery in the hi-tech
business segment with stability coming in the top three customers of this business
area but continues to see market volatility impacting client spends. The heavyengineering business area is still looking soft, especially the mining segment.
In the UT and D&A business verticals, for FY2014, Infotech is working on new
service offerings to capture the opex of client budgets along with the capex portion,
that the company is targeting currently. The Management indicated at a strong
pipeline for the utilities business segment and expects business to remain stable in
the telecom business segment with growth lower than the companys average
growth rate. Over FY2013-15, we expect the company to post a USD and INR
revenue CAGR of 6.4% and 9.9%, respectively.
Infotech has been consistently underperforming on the operating margin front. The
company is now focusing on addressing the same by levers such as improving the
utilization level and shifting more work offshore. During 1QFY2014, the operating
margins of the company faced headwinds of wage hikes, but going ahead it has
margin levers of increasing utilization, pyramid rationalization and offshoring
more of the work. We expect EBITDA margin of the company to remain in a
narrow range and move to 17.2% in FY2014 and 17.6% in FY2015 from 18.2% in
FY2013.
At the current market price of `184, the stock is trading at 8.9x FY2014E and 8.2x
FY2015E EPS. We value the company at 8.5x FY2015E EPS of `22.5, which givesus a target price of `190; we maintain our Neutral view on the stock.Exhibit 9:Key assumptions
FY2014 FY2015Revenue growth (USD) 2.7 10.2
Revenue growth (INR) 9.6 10.2
EBITDA margin (%) 17.2 17.6
EBIT margin (%) 13.7 14.1
Tax rate (%) 31.0 31.0
PAT growth (%) (1.5) 8.8
Source: Company, Angel Research
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Infotech Enterprises | 1QFY2014 Result Update
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Exhibit 10:One-year forward PE (x) chart
Source: Company, Angel Research
Exhibit 11:Recommendation summary
Company Reco. CMP Tgt. price Upside FY2015E FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (%) RoE (%)
HCL Tech Neutral 858 - - 22.0 13.5 20.7 1.6 21.7
Hexaware Neutral 105 - - 19.8 9.0 9.6 1.1 22.3
Infosys Neutral 2,800 - - 26.4 14.8 9.2 2.4 19.3
Infotech Entp. Neutral 184 - - 17.6 8.2 15.7 0.5 14.0KPIT Cummins Buy 125 144 15.0 16.7 8.7 21.6 0.6 16.7
MindTree Neutral 914 - - 20.2 9.4 21.8 0.9 19.5
Mphasis Neutral 421 - - 18.2 9.7 4.9 0.7 14.2
NIIT^ Buy 19 30 59.6 9.1 3.5 (7.1) (0.0) 11.9
Persistent Accumulate 529 595 12.5 26.2 8.9 19.0 0.8 16.7
TCS Accumulate 1,660 1,760 6.0 29.1 17.5 20.5 3.4 27.8
Tech Mahindra Accumulate 1,091 1,250 14.5 19.1 9.3 11.4 1.5 18.9
Wipro Neutral 385 - - 21.4 12.9 9.7 1.5 19.0
Source: Company, Angel Research; Note: Valued on SOTP basis
0
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Apr-07
Oct-07
Apr-08
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Price 18x 14x 10x 6x 2x
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Infotech Enterprises | 1QFY2014 Result Update
July 18, 2013 8
Company background
Infotech Enterprises, a mid-cap Indian IT company, specializes in geographical
spatial solutions and engineering design services with a focus on the aerospace,
rail and hi-tech segments. Infotech has entered into long-term strategic
relationships with global clients, such as Bombardier, Boeing, Hamilton Sunstrand
and Alstom Transport, and has signed multi-million dollar contracts with them. The
company's offerings are spread across two verticals - UT and D&A (contributing
~31% to revenue) and ENGG (contributing ~69% to revenue).
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Profit and Loss statement
Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ENet sales 1,188 1,553 1,873 2,052 2,263Cost of revenues 735 946 1,126 1,252 1,371Gross profit 453 607 747 800 891
% of net sales 38.1 39.1 39.9 39.0 39.4
Selling and mktg. expense 119 136 172 191 210
% of net sales 10.0 8.8 9.2 9.3 9.3
General and admin exp. 154 200 233 257 283
% of net sales 12.9 12.9 12.5 12.5 12.5
EBITDA 180 270 342 353 398% of net sales 15.2 17.4 18.2 17.2 17.6
Dep. and amortization 49 49 64 72 79
% of net sales 4.1 3.2 3.4 3.5 3.5
EBIT 132 221 278 281 319
% of net sales 11.1 14.2 14.8 13.7 14.1
Other income 30 17 40 34 25
Interest expenses 2 1 1 1 1
Profit before tax 160 236 317 314 343
Exceptional item 2 2
Provision for tax 27 84 97 97 106
% of PBT 16.9 35.3 30.5 31.0 31.0
PAT 133 151 218 217 237
Minority interest (7) (10) (13) (13) (13)
Adj. PAT 140 163 233 229 250Fully diluted EPS (`) 12.6 14.5 20.7 20.7 22.5
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Infotech Enterprises | 1QFY2014 Result Update
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Balance sheet
Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015EEquity capital 56 56 56 56 56
Share premium account 334 334 4 4 4Reserves and surplus 655 805 1,266 1,483 1,719
Shareholders funds 1,046 1,196 1,326 1,542 1,779Minority interest - - - - -
Borrowings 0.6 0.6 3.2 - -
Total capital employed 1,046 1,196 1,329 1,542 1,779Gross block 560 620 759 819 879
Accumulated depreciation 288 337 401 473 552
Net block 273 283 358 346 327
CWIP 65 65 92 92 92
Deferred tax asset 1.5 2.0 3.8 3.8 3.8
Investments 91 98 61 91 121
Sundry debtors 268 300 401 475 543
Cash and cash equivalents 350 426 498 645 794
Loans and advances 185 220 59 94 129
Prepaid and other current assets 34 28 100 100 100
Total current assets 929 1,071 1,119 1,405 1,687Sundry creditors and others 79 92 121 140 155
Other current liabilities 25 77 75 117 129
Provisions 118 57 48 48 48
Total current liab. and provisions 222 225 245 305 332
Net current assets 707 846 875 1,100 1,356Total capital deployed 1,046 1,196 1,329 1,542 1,779
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Infotech Enterprises | 1QFY2014 Result Update
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Cash flow statement
Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015EPre-tax profit from oper. 130 220 277 280 318
Depreciation 49 49 64 72 79Exp. (deferred)/written off (7) (10) (13) (13) (13)
Pre tax cash from oper. 186 279 353 365 410
Other inc./prior period ad 30 17 40 34 25
Net cash from operations 215 296 393 399 435
Tax 27 84 97 97 106
Cash profits 188 212 296 301 329(Inc)/dec in
Sundry debtors (61) (33) (100) (74) (68)
Loans and advances (51) (35) 161 (35) (35)
Other current assets (2) 7 (73) - -
Sundry creditors 13 13 29 19 14
Others (8) (10) (10) 42 12
Net trade working capital (109) (57) 7 (49) (77)
Cash flow from oper. actv. 79 155 303 253 252(Inc)/dec in fixed assets (71) (60) (166) (60) (60)
(Inc)/dec in investments 111 (7) 37 (30) (30)
(Inc)/dec in dfrd. tax asst. 1 (1) (2) - -
Cash flow from invest. actv. 42 (67) (131) (90) (90)Inc/(dec) in debt (4) - 3 (3) -
Inc/(dec) in equity/premium 16 0 (89) 0 0
Dividends (16) (13) (13) (13) (13)
Cash flow from fin. actv. (4) (13) (100) (16) (13)Cash generated/(utilized) 117 75 73 146 149
Cash at start of the year 234 350 426 498 645
Cash at end of the year 350 426 498 645 794
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Infotech Enterprises | 1QFY2014 Result Update
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Key ratios
Y/E March FY2011 FY2012 FY2013E FY2014E FY2015EValuation ratio (x)P/E 14.6 12.7 8.9 8.9 8.2
P/CEPS 10.9 9.6 6.9 6.8 6.2
P/BVPS 2.0 1.7 1.5 1.3 1.1
Dividend yield (%) 0.7 0.5 0.5 0.5 0.5
EV/Sales 1.3 1.0 0.8 0.6 0.5
EV/EBITDA 8.9 5.6 4.4 3.7 2.8
EV/Total assets 1.5 1.3 1.1 0.8 0.6
Per share data (`)EPS (Basic) 12.6 14.5 20.7 20.7 22.5
EPS (Fully diluted) 12.6 14.5 20.7 20.7 22.5
Cash EPS 17.0 19.1 26.7 27.1 29.6
Dividend 1.3 1.0 1.0 1.0 1.0
Book value 94.2 107.7 119.5 139.0 160.3
DuPont analysisTax retention ratio (PAT/PBT) 0.8 0.6 0.7 0.7 0.7
Cost of debt (PBT/EBIT) 1.2 1.1 1.1 1.1 1.1
EBIT margin (EBIT/Sales) 0.1 0.1 0.1 0.1 0.1
Asset turnover ratio (Sales/Assets) 1.1 1.3 1.4 1.3 1.3
Leverage ratio (Assets/Equity) 1.0 1.0 1.0 1.0 1.0
Operating ROE 12.7 12.7 16.4 14.0 13.3
Return ratios (%)RoCE (pre-tax) 12.6 18.5 20.9 18.2 17.9Angel RoIC 24.4 36.4 41.0 39.4 41.3
RoE 13.4 13.6 17.6 14.9 14.0
Turnover ratios (x)Asset turnover (gross block) 2.1 2.5 2.5 2.5 2.6
Receivables days 73 67 68 78 82
Payable days 36 33 35 38 39
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Infotech Enterprises | 1QFY2014 Result Update
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Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement Infotech Enterprises
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