Infotech 4Q FY 2013

7/30/2019 Infotech 4Q FY 2013

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Please refer to important disclosures at the end of this report 1

Y/E March (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)

Net sales 464 475 (2.2) 417 11.3

EBITDA 79 88 (10.2) 83 (4.4)

EBITDA margin (%) 17.0 18.5 (151)bp 19.8 (279)bp

Net profit 54 62 (12.3) 71 (24.1)

Source: Company, Angel Research

For 4QFY2013, Infotech Enterprises (Infotech) reported a weak set of results on

the operating front. The company witnessed challenges in two of its top 10 client

accounts. The Management sounded confident of FY2014 turning out to be a

better year than FY2013 and plans to hire ~2,500 gross employees with ~15%planned attrition. We maintain our Accumulate rating on the stock.

Quarterly highlights: For 4QFY2013, Infotech reported a revenue of US$85.9mn,

down 1.9% qoq, majorly impacted by ramp downs seen in a couple of customer

accounts in the America geography - one in heavy engineering and one in hi-tech

industry verticals. In INR terms, the revenue came in at ` 464cr, down 2.2% qoq.

The EBITDA and EBIT margins declined by 151bp and 232bp qoq to 17.0% and

12.8%, respectively, due to muted volume growth and inch up in employee costs

on account of the gross addition of 783 employees into the system. The PAT came

in at ` 54cr, down 12.3% qoq, impacted by lower other income of ` 10cr as

against ` 16 in 3QFY2013.

Outlook and valuation: The Management sounded confident of FY2014 turningout to be a better year than FY2013. For FY2014, in the ENGG vertical, the

Management indicated at a robust deal pipeline in the aerospace business, and is

seeing strong signs of growth in the transportation business segment owing to

recovery in the transportation industry. Further, the Management cited that it is

seeing initial signs of recovery in the hi-tech business segment while heavy

engineering is still looking soft. In the UT&C vertical, for FY2014, the

Management indicated at a strong pipeline for the utilities business segment; in

the telecom business segment, it expects business to remain stable with growth

lower than the company’s average growth rate. Over FY2013-15, we expect the

company to post a USD and INR revenue CAGR of 8.0% and 7.7%, respectively.

We value the company at 8.5x FY2015E EPS of `21.9, which gives us a targetprice of `185; we maintain our Accumulate view on the stock.

Key financials (Consolidated)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015E

Net sales 1,188 1,553 1,873 1,956 2,174

% chg 24.6 30.7 20.6 4.4 11.1

Net profit 140 163 233 227 243

% chg (18.3) 16.7 42.9 (2.6) 7.1

EBITDA margin (%) 15.2 17.4 18.2 17.9 17.7

EPS (`) 12.6 14.5 20.7 20.4 21.9

P/E (x) 13.0 11.3 7.9 8.0 7.5

P/BV (x) 1.7 1.5 1.4 1.2 1.0

RoE (%) 13.4 13.6 17.6 14.7 13.7

RoCE (%) 12.6 18.5 20.9 18.3 17.4

EV/Sales (x) 1.2 0.8 0.7 0.6 0.4

EV/EBITDA (x) 7.6 4.8 3.7 3.1 2.4


ACCUMULATECMP ` 164

Target Price ` 185

Investment Period 12 Months

Stock Info

Sector

Net debt ( ` cr) (498)

Bloomberg Code

Shareholding Pattern (%)

Promoters 22.4

MF / Banks / Indian Fls 6.3

FII / NRIs / OCBs 29.7Indian Public / Others 41.7

Abs. (%) 3m 1yr 3yr

Sensex (3.5) 13.2 9.7

Infotech (4.9) 2.5 (14.6)

INFTC@IN

19,407

5,916

INFE.BO

52,678

BSE Sensex

Nifty

Reuters Code

Face Value ( ` )

IT

Avg. Daily Volume

Market Cap ( ` cr)

Beta

52 Week High / Low

1,834

0.3

5

211/150

Ankita Somani

+91 22 3935 7800 Ext: 6819

[email protected]

Infotech Enterprises

Performance Highlights

4QFY2013 Result Update | IT

April 25, 2013

7/30/2019 Infotech 4Q FY 2013


Infotech Enterprises | 4QFY2013 Result Update

April 25, 2013 2

Exhibit 1: 4QFY2013 – Financial performance

Y/E March (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chg (yoy)

Total revenue 464 475 (2.2) 417 11.3 1,873 1,553 20.6

Salary cost 285 286 (0.1) 247 15.4 1,126 946 19.0Gross profit 179 189 (5.5) 170 5.3 747 607 23.1

Gross margin (%) 38.6 39.9 (131)bp 40.8 (220)bp 39.9 39.1 80bp

Travel expenditure 25 24 5.0 25 0.9 98 95 3.3

Purchase of products 14 22 (35.6) 7 94.0 74 41 79.1

Other operating costs 61 55 9.9 55 9.7 233 200 16.5

EBITDA 79 88 (10.2) 83 (4.4) 342 270 26.3

EBITDA margin (%) 17.0 18.5 (151)bp 19.8 (279)bp 18.2 17.4 82bp

Dep. and amortization 20 16 21.0 11 72.3 64 49 28.7

EBIT 60 72 (17.2) 71 (16.5) 278 221 25.8

EBIT margin (%) 12.8 15.1 (232)bp 17.1 (428)bp 14.8 14.2 (61)bp

Financial expenses 0 0 0 8.3 1 1 (11.7)

Other income 10 16 35 (71.3) 40 17 136.6

Profit before tax 69 88 (21.2) 106 (34.7) 317 237 33.9

Exceptional item - - 2 2 2

Tax 17 28 (38.5) 38 (55.5) 97 84 15.7

PAT 52 60 (13.2) 66 (21.0) 218 151 44.1

Share of profits of associates 2 2 19.9 4 (46.8) 13 10

Minority interest - - - - -

Adj. PAT 54 62 (12.3) 71 (24.1) 233 163 42.9

PAT margin (%) 11.4 12.6 (116)bp 15.8 (437)bp 12.2 10.4 179bp

EPS( ` ) 4.9 5.6 (12.5) 6.3 (22.2) 20.7 14.5 42.8


Exhibit 2: 4QFY2013 – Actual vs Angel estimates

(` cr) Actual Estimate % Var

Net revenue 464 477 (2.7)

EBITDA margin (%) 17.0 18.6 (157)bp

PAT 54 53 2.3


Weak operating performance

For 4QFY2013, Infotech reported revenues of US$85.9mn, down 1.9% qoq,

majorly impacted by ramp downs seen in a couple of customer accounts from

America geography - one in heavy engineering and one in hi-tech industry

verticals. In INR terms, the revenue came in at ` 464cr, down 2.2% qoq.

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April 25, 2013 3

Exhibit 3: Revenue growth trend (qoq)


UT&C: During the quarter, the UT&C vertical’s USD revenue declined by 1.1% qoq

to US$29.4mn. In INR terms, the revenue came in at ` 159cr, down 1.4% qoq. The

utilities and telecom business segment witnessed a USD and INR revenue decline

of 3.2% and 3.7% qoq, respectively. The company added six clients – two each in

EMEA, APAC and India – in the utilities and telecom business segment. The

company is witnessing good revenue traction both with direct end users and also

via a number of its strategic alliance partners. The content business segment

reported a revenue growth of 5.8% and 4.9% qoq in USD and INR terms,

respectively. The company added two new clients in the content business segment

during the quarter.

Exhibit 4: UT&C vertical – Revenue growth trend


ENGG: The ENGG vertical’s revenue declined by 2.7% qoq to US$55.4mn. In INR

terms, the revenue came in at ` 300cr, down 3.0% qoq. In this vertical, the

aerospace business segment witnessed a revenue decline of 2.9% and 3.2% in

USD and INR terms qoq, respectively and witnessed an addition of a customer

during the quarter.

During 3QFY2013, the company witnessed challenges in this vertical with two of

the top 10 accounts; its impact percolated in 4QFY2013 as well. One of these

83.0

84.2

87.287.6

85.9

1.6 1.4

3.5

0.5

(1.9)

(3)

(2)

(1)

0

1

2

3

4

80

81

82

83

84

85

86

87

88

4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

( % )

( U S $ m n )

Revenue (USD terms) qoq growth (%)

25.4

26.7

28.3

29.7 29.4

1.6

5.1

6.1

4.8

(1.1) (2)

(1)

0

1

2

3

4

5

6

7

16

18

20

22

24

26

28

30

32


( % )

( U S $ m n )


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April 25, 2013 4

clients is a heavy equipment client which announced furloughs, thereby impacting

a significant part of the engagement; and another being a semiconductor

customer which announced exit in two key areas of the company’s engagement,

resulting in sudden ramp-down of the contract. This resulted in a 2.1% and 2.4%qoq decline in revenues in USD and INR terms qoq, respectively, in the HTH (hi-

tech, transportation and heavy engineering) business segment. Overall the

company added 11 new clients in the ENGG vertical.

Exhibit 5: ENGG vertical – Revenue growth trend


Hiring and utilization

During 4QFY2013, Infotech added 383 net employees, taking its total employee

base to 10,517. The UT&C vertical witnessed an addition of 415 net employees,

taking its employee base to 5,076 while the ENGG vertical saw a reduction in its

employee base by 37 employees, taking its total employee base to 4,721. The

company’s attrition rate (annualized basis) inched up to 17.5 in 4QFY2013 from

15.5 in 3QFY2013.

Exhibit 6: Trend in hiring


Net additions

UT&C 54 322 88 66 415ENGG 93 111 191 (52) (37)

Support (10) 31 16 27 5

Total employees

UT&C 4,185 4,507 4,595 4,661 5,076

ENGG 4,508 4,619 4,810 4,758 4,721

Support 641 672 688 715 720


The utilization level for the UT&C vertical declined by ~100bp qoq to 82% due to

strong net employee additions, while utilization level for the ENGG vertical

increased by ~200bp to 73%.

57.6 57.758.8

56.9

55.4

1.6

0.1

2.0

(3.2)

(2.7)

(4)

(3)

(2)

(1)

0

1

2

3

40

42

44

46

4850

52

54

56

58

60


( % )

( U S $ m n )


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April 25, 2013 5

Exhibit 7: Trend in utilization (Segment wise)


Margins decline

For 4QFY2013, the EBITDA and EBIT margins of the company declined by 151bp

and 232bp qoq to 17.0% and 12.8%, respectively. The company’s operating

margin faced headwinds from a muted volume growth and healthy gross addition

of 783 employees into the system. The Management indicated that the company is

planning to give wage hike to employees (quantum not disclosed), effective from

1QFY2014, which is expected to impact 1QFY2014’s operating margins by

~250-300bp.

Exhibit 8: Trend in margins


Outlook and valuation

The company has been making investments to strengthen its product portfolio and

taking initiatives to improve its financial metrics. The Management sounded

confident of FY2014 turning out to be a better year than FY2013. The company

plans to hire ~2,500 gross employees with ~15% planned attrition. For FY2014,in the ENGG vertical, the Management indicated at a robust deal pipeline in the

aerospace business segment and sees strong signs of growth in the transportation

business segment owing to recovery in the transportation industry. The

82

8485

83 82

73

71

73

71

73

65

70

75

80

85

90


( % )

UT&C ENGG

19.8

18.7 18.7 18.5

17.0

17.1

15.7 15.715.1

12.8

12

14

16

18

20

22


( % )

EBITDA margin EBIT margin

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April 25, 2013 6

Management cited that it is seeing initial signs of recovery in the hi-tech business

segment while heavy engineering is still looking soft.

In the UT&C vertical, for FY2014, 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 company’s average growth

rate. Over FY2013-15, we expect the company to post a USD and INR revenue

CAGR of 8.0% and 7.7%, 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 FY2014, the operating

margins of the company will face headwinds of wage hikes and costs related to

increasing sales force, and tailwinds 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 17.9% in FY2014 and 17.7%

in FY2015 from 18.2% in FY2013.

At the current market price of ` 164, the stock is trading at 8.0x FY2014E and 7.5x

FY2015E EPS. We value the company at 8.5x FY2015E EPS of `21.9, which gives

us a target price of `185; we maintain our Accumulate view on the stock.

Exhibit 9: Key assumptions

FY2014 FY2015

Revenue growth (USD) 5.0 11.0

Revenue growth (INR) 4.4 11.0

EBITDA margin (%) 17.9 17.7

EBIT margin (%) 14.4 14.2

Tax rate (%) 31.0 31.0

PAT growth (%) (2.6) 7.1


Exhibit 10: One-year forward PE (x) chart


0

50

100

150

200

250

300

350

400

A p r - 0 7

O c t - 0 7

A p r - 0 8

O c t - 0 8

A p r - 0 9

O c t - 0 9

A p r - 1 0

O c t - 1 0

A p r - 1 1

O c t - 1 1

A p r - 1 2

O c t - 1 2

A p r - 1 3

( ` )

Price 18x 14x 10x 6x 2x

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April 25, 2013 7

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 Buy 718 863 20.1 20.7 11.6 19.6 1.3 21.5Hexaware Buy 85 105 23.8 19.2 7.2 9.5 0.9 22.1

Infosys Accumulate 2,227 2,465 10.7 27.7 12.2 7.9 2.0 19.3

Infotech Entp. Accumulate 164 185 13.0 17.7 7.5 14.7 0.4 13.7

KPIT Cummins Buy 94 130 38.2 15.2 6.5 21.8 0.4 18.8

Mahindra Satyam Buy 106 143 35.5 19.1 8.9 2.3 0.8 20.1

MindTree Accumulate 811 920 13.5 19.2 8.8 19.8 0.8 18.9

Mphasis Accumulate 370 395 6.8 17.4 8.9 3.3 0.6 13.6

NIIT^ Buy 24 30 25.0 9.1 4.5 (7.1) 0.1 11.9

Persistent Accumulate 536 593 10.6 25.0 9.0 18.7 0.8 16.5

TCS Accumulate 1,402 1,585 13.0 27.9 15.9 17.4 3.1 27.9

Tech Mahindra Buy 927 1,230 32.7 18.1 8.1 10.7 1.3 19.1

Wipro Accumulate 335 385 14.9 20.6 11.8 7.9 1.3 18.4

Source: Company, Angel Research; Note: ̂ Valued on SOTP basis

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April 25, 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 - network and content

engineering (UT&C; contributing ~31% to revenue) and engineering

manufacturing and industrial products (ENGG; contributing ~69% to revenue).

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April 25, 2013 9

Profit and Loss statement


Net sales 1,188 1,553 1,873 1,956 2,174

Cost of revenues 735 946 1,126 1,185 1,322Gross profit 453 607 747 771 852

% of net sales 38.1 39.1 39.9 39.4 39.2

Selling and mktg. expense 119 136 172 176 196

% of net sales 10.0 8.8 9.2 9.0 9.0

General and admin exp. 154 200 233 244 272

% of net sales 12.9 12.9 12.5 12.5 12.5

EBITDA 180 270 342 350 385

% of net sales 15.2 17.4 18.2 17.9 17.7

Dep. and amortization 49 49 64 68 76

% of net sales 4.1 3.2 3.4 3.5 3.5

EBIT 132 221 278 282 309

% of net sales 11.1 14.2 14.8 14.4 14.2

Other income 30 17 40 34 30

Interest expenses 2 1 1 1 1

Profit before tax 160 236 317 314 338

Exceptional item - 2 2

Provision for tax 27 84 97 97 105

% of PBT 16.9 35.3 30.5 31.0 31.0

PAT 133 151 218 217 233

Minority interest (7) (10) (13) (10) (10)

Adj. PAT 140 163 233 227 243

Fully diluted EPS ( ` ) 12.6 14.5 20.7 20.4 21.9

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April 25, 2013 10

Balance sheet


Equity capital 56 56 56 56 56

Share premium account 334 334 4 4 4Reserves and surplus 655 805 1,266 1,480 1,710

Shareholders’ funds 1,046 1,195 1,326 1,540 1,770

Minority interest - -

Borrowings 0.6 0.6 3.2 - -

Total capital employed 1,046 1,196 1,329 1,540 1,770

Gross block 560 620 759 819 879

Accumulated depreciation 288 337 401 469 545

Net block 273 283 358 350 334

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 268 300 401 464 522

Cash and cash equivalents 350 426 498 643 787

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 1,392 1,659

Sundry creditors and others 79 92 121 136 148

Other current liabilities 25 77 75 113 123

Provisions 118 57 48 48 48

Total current liab. and provisions 222 225 245 298 319

Net current assets 707 846 875 1,094 1,340

Total capital deployed 1,046 1,196 1,329 1,540 1,770

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April 25, 2013 11

Cash flow statement


Pre-tax profit from oper. 130 220 277 280 308

Depreciation 49 49 64 68 76Exp. (deferred)/written off (7) (10) (13) (10) (10)

Pre tax cash from oper. 186 279 353 359 394

Other inc./prior period ad 30 17 40 34 30

Net cash from operations 215 296 393 393 424

Tax 27 84 97 97 105

Cash profits 188 212 296 295 319

(Inc)/dec in

Sundry debtors (61) (33) (100) (63) (58)

Loans and advances (51) (35) 161 (35) (35)

Other current assets (2) 7 (73) - -

Sundry creditors 13 13 29 15 12

Others (8) (10) (10) 39 10

Net trade working capital (109) (57) 7 (45) (72)

Cash flow from oper. actv. 79 155 303 251 247

(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 73 145 144

Cash at start of the year 234 350 426 498 643

Cash at end of the year 350 426 498 643 787

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April 25, 2013 12

Key ratios

Y/E March FY2011 FY2012 FY2013E FY2014E FY2015E

Valuation ratio (x)

P/E 13.0 11.3 7.9 8.0 7.5

P/CEPS 9.7 8.6 6.1 6.2 5.7

P/BVPS 1.7 1.5 1.4 1.2 1.0

Dividend yield (%) 0.8 0.6 0.6 0.6 0.6

EV/Sales 1.2 0.8 0.7 0.6 0.4

EV/EBITDA 7.6 4.8 3.7 3.1 2.4

EV/Total assets 1.3 1.1 0.9 0.7 0.5

Per share data (`)

EPS (Basic) 12.6 14.5 20.7 20.4 21.9

EPS (Fully diluted) 12.6 14.5 20.7 20.4 21.9

Cash EPS 17.0 19.1 26.7 26.6 28.7

Dividend 1.3 1.0 1.0 1.0 1.0

Book value 94 108 120 139 159

DuPont analysis

Tax 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 1.2

Leverage ratio (Assets/Equity) 1.0 1.0 1.0 1.0 1.0

Operating ROE 12.7 12.7 16.4 14.1 13.2

Return ratios (%)

RoCE (pre-tax) 12.6 18.5 20.9 18.3 17.4 Angel RoIC 24.4 36.4 41.0 39.5 40.1

RoE 13.4 13.6 17.6 14.7 13.7

Turnover ratios (x)

Asset turnover (gross block) 2.1 2.5 2.5 2.4 2.5

Receivables days 73 67 68 69 69

Payable days 36 33 35 37 37

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A il 25 2013 13

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

Documents

Infotech 4Q FY 2013