ECLERX_upd4

7/28/2019 ECLERX_upd4

1/10

CRISIL Limited. All Rights Reserved.

Enhancing investment decisions

Q3FY12 Result Update

eClerx Services Ltd


2/10


Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process

Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental

grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The

valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to

grade 1 (strong downside from the CMP).

CRISILFundamental Grade

Assessment CRISILValuation Grade

Assessment

5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)

4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)

3/5 Good fundamentals 3/5 Align (+-10% from CMP)

2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)

1/5 Poor fundamentals 1/5 Strong downside (


3/10

CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1

eClerx Services LtdProfitability boosted by rupee depreciation

Fundamental Grade 4/5 (Superior fundamentals)Valuation Grade 3/5 (CMP is aligned)

Industry IT Services

Fair Value Rs 760CMP Rs 716

February 01, 2012

eClerx Services Ltds (eClerxs) Q3FY12 revenue in dollar terms was in line

with CRISIL Researchs expectations driven by sustained growth in both topfive and non-top five clients. Revenue in rupee terms, operating profitability

and PAT were better than expected due to rupee depreciation. We have revised

FY12 and FY13 revenue and earnings estimates upwards mainly driven by the

rupee-dollar exchange rate revision of 4.5% for FY12 and 7.9% for FY13. We

maintain the fundamental grade of4/5.

Q3FY12 result analysis

Q3FY12 revenue in US$ terms grew by 4.5% q-o-q (~30% y-o-y) to

US$ 25.4 mn driven by 4.5% q-o-q growth in revenue from both top five

and non-top five clients. Revenue in rupee terms grew by 16% q-o-q (up

51.3% y-o-y) to Rs 1.3 bn due to depreciation of the rupee against the

US$.

Employee cost as a percent of sales declined by 444 bps q-o-q (272 bps

y-o-y) to 39.3% and other expenses as a percent of sales declined by

191 bps q-o-q (76 bps y-o-y) to 15.4% mainly due to rupee depreciation.

As a result, EBITDA increased by 35% q-o-q (64% y-o-y) to Rs 597 mn.

EBITDA margin improved by 635 bps q-o-q (349 bps y-o-y) to 45.2%.

This quarter, the company added 116 employees compared to 140 in

Q2FY12 and 196 in Q3FY11 as the attrition declined to 26.3% from 38.7%

in Q2FY12 and 37% in Q3FY11, and employee utilisation improved 100 bps

q-o-q (200 bps y-o-y) to 72%.

Forex loss incurred on derivative contracts due to weaker rupee reduced

other income by ~55% q-o-q. As a result, PAT increased by ~13% q-o-q

(~39% y-o-y) to Rs 499 mn despite stronger growth in EBITDA.

Q3FY12 EPS was Rs 17.2.

The company was able to sharply reduce debtor days to 52 from 76 days in

Q2FY12 as the company focussed on collections but is expected to return to

long-term average of 60-70 days.

Rupee depreciated by ~14% in Q3FY12.

Valuation: Current market price is alignedWe continue to use the price to earnings ratio (PER) method to value eClerx.

Since earnings have been revised only due to revision in the exchange rate, we

maintain the fair value of Rs 760 per share. At this value, the implied P/E

multiple is 11.5x FY13 EPS (ex-hedging gains) of Rs 66.4. At the current

market price of Rs 716, the valuation grade is 3/5.

KEY FORECAST

(Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 1,973 2,570 3,421 4,774 6,088

EBITDA 815 1,004 1,345 1,928 2,447

Adj PAT 618 735 1,327 1,669 1,984

Adj EPS-Rs 21.4 25.5 46.0 57.8 68.8

EPS growth (%) 38.6 19.0 80.4 25.8 18.9

Dividend yield (%) 2.0 2.9 3.7 4.4 5.3

RoCE (%) 48.6 51.1 57.2 65.6 64.9

RoE (%) 41.4 40.2 60.5 60.5 55.4

PE (x) 33.4 28.1 15.6 12.4 10.4

P/BV (x) 12.5 10.3 8.7 6.6 5.1EV/EBITDA (x) 15.3 12.3 14.0 9.8 7.4

NM: Not meaningful; CMP: Current market price

Source: Company, CRISIL Research estimate

CFV MATRIX

KEY STOCK STATISTICSNIFTY 5236

NSE ticker ECLERX

Face value (Rs per share) 10

Shares outstanding (mn) 29

Market cap (Rs mn)/(US$ mn) 20,781/420

Enterprise value (Rs mn) /(US$ mn) 18,870/381

52-week range (Rs) (H/L) 875/577

Beta 0.97

Free float (%) 45.2

Avg daily volumes (30-days) 21,568

Avg daily value (30-days) (Rs mn) 15.3

SHAREHOLDING PATTERN

PERFORMANCE VIS--VIS MARKET

Returns

1-m 3-m 6-m 12-mECLERX 4% -4% -11% 9%

NIFTY 13% 0% -5% -3%

ANALYTICAL CONTACTChetan Majithia (Head) [email protected]

Chinmay Sapre [email protected]

Suresh Guruprasad [email protected]

Client servicing desk

+91 22 3342 3561 [email protected]

1 2 3 4 5

1

2

3

4

5

Valuation Grade

FundamentalGrade

Poor

Fundamentals

Excellent

Fundamentals

S

trong

Do

wnside

S

trong

U

pside

59.3% 55.1% 54.8% 54.8%

20.0% 24.5% 24.5% 23.5%

8.2% 9.1% 9.5% 10.5%

12.5% 11.3% 11.2% 11.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-11 Jun-11 Sep-11 Dec-11

Promoter FII DII Others


4/10


eClerx Services Ltd

Q3FY12 Result Summary(Rs mn) Q3FY12 Q2FY12 Q3FY11 q-o-q (%) y-o-y (%) 9MFY12 9MFY12 y-o-y (%)

Net sales 1,320 1,137 872 16.0 51.3 3,453 2,466 40.1Employee cost 519 498 367 4.3 41.6 1,463 1,096 33.6

Employee cost (% of net sales) 39.3% 43.8% 42.0% -444bps -272bps 91.5% 133.6% -4205bps

Administration and other expenses 204 197 141 3.3 44.2 560 425 31.6EBITDA 597 442 364 35.0 64.0 1,430 945 51.4EBITDA margin 45.2% 38.9% 41.8% 635bps 349bps 41.4% 38.3% 310bpsDepreciation 34 31 25 12.3 35.2 89 64 38.7

EBIT 563 412 339 36.7 66.1 1,342 881 52.3Interest and finance charges - - - - - - - -

Operating PBT 563 412 339 36.7 66.1 1,342 881 52.3Other Income 31 37 19 (14.3) 67.9 101 48 108.8

Forex gain/(loss) 31 102 43 (69.5) (26.7) 174 118 47.5

PBT 625 551 400 13.5 56.3 1,616 1,047 54.3Tax 126 108 40 16.1 212.8 322 118 173.8

PAT 499 442 360 12.9 38.8 1,294 929 39.2Adj PAT 499 442 360 12.9 38.8 1,294 929 39.2

Adj PAT margin 37.8% 38.9% 41.3% -105bps -342bps 37.5% 37.7% -23bpsNo of equity shares (mn) 29.0 29.0 28.8 - 0.7 29.0 28.8 -Adj EPS (Rs) 17.2 15.2 12.5 12.9 37.8 44.7 32.2 38.6

Source: Company, CRISIL Research

Contribution from US increased due to strong US$ High dependence on top five clients continues

Source: Company, CRISIL Research Source: Company, CRISIL Research

Revenues from top five and non-top five clients grew at 4.5% in US$ terms


63% 63% 60% 58% 61% 61%65% 70%

31% 30% 33% 34% 32% 31%26%

24%

6% 7% 7% 8% 7% 8% 9% 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

North America Europe Rest of the world

84%

88%87%

86% 86%

88%

86% 86%

76%

78%

80%

82%

84%

86%

88%

90%

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

13.3 14.8 15.7 16.9 18.2 19.7 20.9 21.8

7.3%

11.4%

5.9%

7.6%8.2%

7.8%

6.3%

4.5%

0%

2%

4%

6%

8%

10%

12%

0

5

10

15

20

25

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

(US$ mn)

Revenues from top 5 clients growth (RHS)

2.5 2.0 2.3 2.7 3.0 2.7 3.4 3.6

-0.2%

-20%

16% 17%

8%

-10%

27%

5%

-30%

-20%

-10%

0%

10%

20%

30%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

(US$ mn)

Revenues from non-top five clients growth (RHS)


5/10


eClerx Services Ltd

Debtor days declined sharply Employee addition remained low


EBITDA margin improved due to weak rupee PAT margin declined due to low forex gains


Share price movement Fair value movement since initiation

-indexed to 100

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

57 59 65 62 59 67 76 52

50

52

54

56

58

60

62

64

66

68

70

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

(Days)

224 286 261 207 196 131 357 140 116

2,5772,863 3,124

3,331 3,527 3,658

4,0154,155 4,271

-100

400

900

1,400

1,900

2,400

2,900

3,400

3,900

4,400

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Net additions Ending employees

713 771 823 872 955 996 1,137 1,320

36.6% 36.7% 36.2%

41.8% 42.0%

39.2% 38.9%

45.2%

30%

33%

36%

39%

42%

45%

48%

0

200

400

600

800

1,000

1,200

1,400

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

(Rs mn)

Revenue EBITDA margin (RHS)

243 293 276 360 398 352 442 499

34.0%

38.0%

33.6%

41.3% 41.7%

35.3%38.9% 37.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

100

200

300

400

500

600

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

(Rs mn)

PAT PAT margin (RHS)

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan-09

Apr-09

Jun-09

Aug-09

Nov-09

Jan-10

Apr-10

Jun-10

Aug-10

Nov-10

Jan-11

Mar-11

Jun-11

Aug-11

Nov-11

Jan-12

eClerx NIFTY

-

200

400

600

800

1,000

1,200

1,400

1,600

600

650

700

750

800

850

900

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

('000)(Rs)

Total Traded Quantity (RHS) CRISIL Fair Value eClerx


6/10


eClerx Services Ltd

EARNINGS ESTIMATES REVISED UPWARDS

FY12E FY13E

Particulars Unit Old New % change Old New % change

Revenue (US$ mn) 100.4 99.5 -0.9% 127 127 0.0%

Exchange rate Rs 45.9 48.0 4.5% 44.5 48.0 7.9%

Revenue (Rs mn) 4,613 4,774 3.5% 5,644 6,088 7.9%

Employee cost (Rs mn) 1,987 1987 0.0% 2,582 2582 0.0%

SG&A (Rs mn) 830 859 3.5% 1,010 1059 4.9%

EBITDA (Rs mn) 1,796 1,928 7.4% 2,052 2,447 19.2%

EBITDA margin (%) 39% 40% 145bps 36% 40% 384bps

Depreciation (Rs mn) 125 119 -4.6% 123 123 0.0%

Other income (Rs mn) 240 251 4.6% 160 188 17.7%

PAT (Rs mn) 1,483 1,669 12.5% 1,803 1,984 10.1%

PAT margin (%) 32.1% 35.0% 280bps 31.9% 32.6% 65bps

No of shares no 28.8 29.0 1% 28.8 29.0 1%

EPS (ex-hedging gains) (Rs) 51.4 54.1 5.2% 58.5 66.4 13.5%

EPS (Rs) 51.4 57.5 11.8% 62.5 68.4 9.4%

Source: CRISIL Research

Reasons for changes in estimatesLine item FY12 FY13

Revenues Marginal downward revision in US$ revenue due to

uncertain macro environment

Rupee depreciation

Rupee depreciation

EBITDA margins Higher revenue and US$ denominated costs due to

rupee depreciation

Higher revenue and US$ denominated costs due

to rupee depreciation

PAT margins Higher EBITDA due to rupee depreciation

Higher other income due to higher yields

Lower-than-expected depreciation

Higher EBITDA due to rupee depreciation

Higher other income due to existing hedge

positions

As on December 31, 2011, the company had outstanding hedges of

US$ 19.5 mn at an average US$/rupee rate of Rs 48.3 for Q4FY12. Based on

this position, we expect the company to incur forex losses in the next quarter.

Hence, we have assumed lower profitability in Q4FY12. Our full-year PAT

estimate is Rs 1.7 mn while the company has already done PAT of Rs 1.3 bn in

9MFY12.


7/10


eClerx Services Ltd

VALUATION

We continue to use the price-to-earnings method to value eClerx. Since

earnings have been revised only due to revision in the rupee-dollar exchange

rate, we maintain the fair value of Rs 760 per share. At this value, the implied

P/E multiple is 11.5x FY13E EPS (ex-hedging gains) of Rs 66.4. At the current

market price of Rs 716, the valuation grade is 3/5.

One-year forward P/E band One-year forward EV/EBITDA band


P/E premium/discount to NIFTY P/E movement


CRISIL IER reports released on eClerx Services Ltd

Date Nature of reportFundamental

grade Fair valueValuation

gradeCMP

(on the date of report)

28-Mar-11 Initiating coverage* 4/5 Rs 692 3/5 Rs 641

19-May-11 Q4FY11 result update 4/5 Rs 692 3/5 Rs 738

29-Jul-11 Q1FY12 result update 4/5 Rs 714 2/5 Rs 820

24-Oct-11 Q2FY12 result update 4/5 Rs 760 3/5 Rs 733

01-Feb-12 Q3FY12 result update 4/5 Rs 760 3/5 Rs 716

* For detailed initiating coverage report please visit: www.ier.co.inCRISIL Independent Equity Research reports are also available on Bloomberg (CRI ) and Thomson Reuters.

0

100

200

300

400

500

600

700

800

900

1000

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

(Rs)

eClerx Services 4x 7x 10x 13x 16x

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

(Rs mn)

EV 2x 4x 6x 8x

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

Premium/Discount to NIFTY Median of premium discount to NIFTY

0

2

4

6

8

10

12

14

16

18

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

Nov-11

Jan-12

(Times)

1yr Fwd PE (x) Average PE

+1 std dev

-1 std dev


8/10


eClerx Services Ltd

FINANCIALS

Note: All ratios are computed on Adj PAT

Source: Company, CRISIL Research estimate

Income statement Balance Sheet

(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 1,973 2,570 3,421 4,774 6,088 Liabilities

EBITDA 815 1,004 1,345 1,928 2,447 Equity share capital 189 190 289 290 290

EBITDA margin 41.3% 39.1% 39.3% 40.4% 40.2% Reserves 1,467 1,809 2,095 2,844 3,737Depreciation 79 70 91 119 123 Minorities - - - - -

EBIT 735 934 1,254 1,809 2,324 Net worth 1,657 1,999 2,384 3,135 4,028

Interest 91 160 (165) - - Convertible debt - - - - -

Operating PBT 644 774 1,419 1,809 2,324 Other debt - - - - -Other income 50 54 75 251 188 Total debt - - - - -Exceptional inc/(exp) - - (102) - - Deferred tax liability (net) (7) (7) (7) (7) (7)

PBT 694 828 1,392 2,060 2,512 Total liabilities 1,649 1,992 2,377 3,127 4,020

Tax provision 77 93 168 391 528 AssetsMinority interest - - - - - Net fixed assets 187 183 275 370 253

PAT (Reported) 618 735 1,224 1,669 1,984 Capital WIP 1 22 65 65 65

Less: Exceptionals - - (102) - - Total fixed assets 188 205 341 436 318

Adjusted PAT 618 735 1,327 1,669 1,984 Investments - - - - -Current assets

Ratios Inventory - - - - -

FY09 FY10 FY11 FY12E FY13E Sundry debtors 451 392 659 850 1,084Growth Loans and advances 289 492 690 764 913

Operating income (%) 62.2 30.3 33.1 39.5 27.5 Cash & bank balance 213 472 1,515 1,627 2,514

EBITDA (%) 65.6 23.2 34.0 43.3 26.9 Marketable securities 851 775 279 279 279

Adj PAT (%) 38.6 19.0 80.4 25.8 18.9 Total current assets 1,804 2,132 3,143 3,520 4,790Adj EPS (%) 38.6 19.0 80.4 25.8 18.9 Total current liabilities 465 463 1,136 857 1,117

Net current assets 1,339 1,669 2,007 2,662 3,673

Profitability Intangibles/Misc. expenditure 123 117 29 29 29

EBITDA margin (%) 41.3 39.1 39.3 40.4 40.2 Total assets 1,649 1,992 2,377 3,127 4,020

Adj PAT Margin (%) 31.3 28.6 38.8 35.0 32.6

RoE (%) 41.4 40.2 60.5 60.5 55.4 Cash flow

RoCE (%) 48.6 51.1 57.2 65.6 64.9 (Rs mn) FY09 FY10 FY11 FY12E FY13E

RoIC (%) 58.7 63.9 103.3 161.6 143.8 Pre-tax profit 694 828 1,494 2,060 2,512

Total tax paid (81) (93) (167) (392) (528)

Valuations Depreciation 79 70 91 119 123

Price-earnings (x) 33.4 28.1 15.6 12.4 10.4 Working capital changes (50) (147) 209 (544) (124)

Price-book (x) 12.5 10.3 8.7 6.6 5.1 Net cash from operations 643 659 1,627 1,244 1,983EV/EBITDA (x) 15.3 12.3 14.0 9.8 7.4 Cash from investments

EV/Sales (x) 6.3 4.8 5.5 4.0 3.0 Capital expenditure (127) (82) (139) (214) (5)

Dividend payout ratio (%) 44.8 53.0 61.6 55.0 55.0 Investments and others (197) 76 496 - -

Dividend yield (%) 2.0 2.9 3.7 4.4 5.3 Net cash from investments (324) (6) 357 (214) (5)

Cash from financing

B/S ratios Equity raised/(repaid) 1 5 25 - -

Inventory days - - - - - Debt raised/(repaid) (40) - - - -

Creditors days 73 51 61 60 62 Dividend (incl. tax) (277) (390) (755) (918) (1,091)

Debtor days 83 56 70 65 65 Others (incl extraordinaries) (13) (9) (212) - -

Working capital days 46 50 34 37 49 Net cash from financing (329) (393) (942) (918) (1,091)

Gross asset turnover (x) 7.2 6.9 7.1 7.0 7.7 Change in cash position (11) 259 1,043 112 887

Net asset turnover (x) 13.4 13.9 14.9 14.8 19.5 Closing cash 213 472 1,515 1,627 2,514

Sales/operating assets (x) 10.8 13.1 12.5 12.3 16.2

Current ratio (x) 3.9 4.6 2.8 4.1 4.3 Quarterly financials

Debt-equity (x) - - - - - (Rs mn) Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12Net debt/equity (x) (0.6) (0.6) (0.8) (0.6) (0.7) Net Sales 872 955 996 1,137 1,320Interest coverage 8.1 5.8 NM NM NM Change (q-o-q) 6% 10% 4% 14% 16%

EBITDA 364 401 391 442 597

Per share Change (q-o-q) 22% 10% -3% 13% 35%

FY09 FY10 FY11 FY12E FY13E EBITDA margin 41.8% 42.0% 39.2% 38.9% 45.2%Adj EPS (Rs) 21.4 25.5 46.0 57.8 68.8 PAT 360 398 352 442 499

CEPS 24.2 27.9 49.1 62.0 73.0 Adj PAT 360 398 352 442 499

Book value 57.4 69.3 82.6 108.6 139.6 Change (q-o-q) 30% 11% -12% 26% 13%

Dividend (Rs) 9.6 13.5 26.2 31.8 37.8 Adj PAT margin 41.3% 41.7% 35.3% 38.9% 37.8%

Actual o/s shares (mn) 18.9 19.0 28.9 29.0 29.0 Adj EPS 12.5 13.8 12.2 15.2 17.2


9/10


CRISIL Research Team

Senior Director

Mukesh Agarwal +91 (22) 3342 3035 [email protected]

Analytical Contacts

Tarun Bhatia Director, Capital Markets +91 (22) 3342 3226 [email protected]

Prasad Koparkar Head, Industry & Customised Research +91 (22) 3342 3137 [email protected]

Chetan Majithia Head, Equities +91 (22) 3342 4148 [email protected]

Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) 3342 8091 [email protected]

Ajay D'Souza Head, Industry Research +91 (22) 3342 3567 [email protected]

Ajay Srinivasan Head, Industry Research +91 (22) 3342 3530 [email protected]

Sridhar C Head, Industry Research +91 (22) 3342 3546 [email protected]

Manoj Mohta Head, Customised Research +91 (22) 3342 3554 [email protected]

Sudhir Nair Head, Customised Research +91 (22) 3342 3526 [email protected]

Business Development

Vinaya Dongre Head, Industry & Customised Research +91 (22) 33428025 [email protected]

Ashish Sethi Head, Capital Markets +91 (22) 33428023 [email protected]

CRISILs Equity Offerings

The Equity Group at CRISIL Research provides a wide range of services including:

) Independent Equity Research

) IPO Grading

) White Labelled Research

) Valuation on companies for use of Institutional Investors, Asset Managers, Corporate

Other services by the Research group include

Funds & Fixed Income Research

) Mutual fund rankings

)Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs

) Valuation for all debt instruments

) Developing and maintaining debt and hybrid indices

) Consultancy and research support to retirement funds

Industry & Customized Research

) Provide comprehensive research coverage across 65 sectors

) Customised research on market sizing, demand modelling and entry strategies

) Customised research content for Information Memorandum and Offer Documents


10/10


Head Office: CRISIL House, Central Avenue, Hiranandani Business Park,Powai, Mumbai - 400 076Phone : 91-22-3342 3000

Web: www.crisil.comDownload reports from: www.ier.co.in

Ahmedabad / Mumbai

Vishal Shah - Manager, Business Development

Email : [email protected] I Phone : 9820598908

Bengaluru

Gayathri Ananth Senior Manager, Business Development


Chennai / Hyderabad

Kaliprasad Ponnuru - Manager, Business Development


Delhi

Arjun Gopalkrishnan - Manager, Business Development

Email :[email protected] I Phone : 9833364422

Kolkata

Priyanka Agarwal - Manager, Business Development


Mumbai / Pune

Vivek Tandon - Manager, Business Development


Vinaya Dongre Head, Business Development


Sagar Sawarkar Senior Manager, Business Development


Regional Contacts:

To know more about CRISIL IER, please contact our team members:

Ashish Sethi Head, Business Development


About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are

India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks

and leading corporations.

About CRISIL Research

CRISIL Research is the countrys largest independent and integrated research house with strong domain expertise

on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to

deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research

reports, analytical tools, subscription products and customised solutions.





Ahmedabad / Mumbai

Vishal Shah - Manager, Business Development


Bengaluru

Gayathri Ananth Senior Manager, Business Development


Chennai / Hyderabad

Kaliprasad Ponnuru - Manager, Business Development


Delhi

Arjun Gopalkrishnan - Manager, Business Development

Email :[email protected] I Phone : 9833364422

Kolkata

Priyanka Agarwal - Manager, Business Development


Mumbai / Pune

Vivek Tandon - Manager, Business Development


Ashish Sethi Head, Business Development


Regional Contacts:

To know more about CRISIL IER, please contact our team members:

Sagar Sawarkar Senior Manager, Business Development


