HEXAWARE TECHNOLOGIES LTDbreport.myiris.com/firstcall/APTECH_20131204.pdf · NIIT Technologies Ltd 328.00 19683.20 38.49 8.44 2.56 85.00 Zensar Technologies Ltd 326.10 14247.00 37.34

CMP 119.85

Target Price 133.00

ISIN: INE093A01033

DECEMBER 4th

2013

HEXAWARE TECHNOLOGIES LTD

Result Update: Q3 CY13

BUYBUYBUYBUY

Index Details

Stock Data

Sector IT

BSE Code 532129

Face Value 2.00

52wk. High / Low (Rs.) 139.35/72.30

Volume (2wk. Avg. Q.) 100000

Market Cap (Rs. in mn.) 35790.81

Annual Estimated Results (A*: Actual / E*: Estimated)

YEARS FY13A FY14E FY15E

Net Sales 19481.78 22739.70 25923.26

EBITDA 4365.31 5305.38 5817.85

Net Profit 3276.47 3691.57 4189.89

EPS 11.05 12.36 14.03

P/E 10.85 9.70 8.54

Shareholding Pattern (%)

1 Year Comparative Graph

HEXAWARE TECHNOLOGIES LTD BSE SENSEX

SYNOPSIS

Hexaware Technologies Ltd is a leading global

provider of IT & BPO and consulting services.

The company’s net sales registered 22.37% increase

and stood at a record Rs. 6210.53 million from Rs.

5075.15 million over the corresponding quarter last

year.

EBITDA has increased by 29.57% at Rs. 1545.13

millions from Rs. 1192.55 millions in the

corresponding quarter of the previous year.

During Q3 CY13, the Company added 13 new clients

across all its key focus areas. 5 customers are based

in Americas, 3 in Europe and 5 in Asia Pacific

(APAC) region.

Net profit of the company was up by 17.43% at Rs.

987.24 million against Rs. 840.71 million in the

corresponding quarter of the previous year.

HT Global IT solutions Holdings Ltd, an affiliate of

bearings private Equity Asia completed the

acquisition of 41.47% stake holding from the

erstwhile promoter entities and GA Global

investments ltd on Oct 11, 2013.

Hexaware Technologies will work with Oracle to

launch Oracle’s PeopleSoft Test Framework (PTF)

services.

Net Sales and PAT of the company are expected to

grow at a CAGR of 21% and 16% over 2012 to

2015E respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Hexaware Technologies Ltd 119.85 35790.81 11.05 10.85 2.95 270.00

NIIT Technologies Ltd 328.00 19683.20 38.49 8.44 2.56 85.00

Zensar Technologies Ltd 326.10 14247.00 37.34 8.73 2.80 80.00

KPIT Technologies Ltd 146.80 28424.40 5.12 28.71 3.20 45.00

Recommendation & Analysis - ‘BUY’

Hexaware Technologies Ltd is a leading global provider of IT & BPO and consulting services has reported healthy

performance for the third quarter of the calendar year ended September 30, 2013. During the quarter ended Q3

CY13, Net sales of the company was at Rs. 6210.53 million an increased by 22.37% in Q3 CY13 from Rs. 5075.15

millions in Q3 CY12. And net profit of the company was up by 17.43% at Rs. 987.24 million against Rs. 840.71

million in the corresponding quarter of the previous year. In the same quarter EBITDA has increased by 29.57%

at Rs. 1545.13 million from Rs. 1192.55 million in the corresponding quarter of the previous calendar year.

The currency depreciation may have boosted rupee revenues, but has dragged down net profits due to heading

losses and wage hikes. During the quarter the company added 13 new clients across vertical such as financial

services, healthcare & insurance and Travel. Attrition rate for the last 12 months went up to 12.3% from 11% in

July quarter. The Company has hedges worth $ 205 mn at an effective rate of `57.96 and € 11 mn at an effective

exchange rate of `76.39 maturing over the course of the next eight quarters (from October 2013 to July2015). HT

Global IT solutions Holdings Ltd, an affiliate of bearings private Equity Asia completed the acquisition of 41.47%

stake holding from the erstwhile promoter entities and GA Global investments ltd on October 11, 2013.

This has been a good quarter with healthy revenue growth, stable profit margins and 13 clients added in Q3

2013, 5 customers are based in Americas, 3 in Europe and 5 in Asia Pacific (APAC) region and this takes

Hexaware’s total Active Client portfolio to 225, with top 10 clients share raised to 54.3% in July- Sept versus

53.1% in the previous quarter. By 13 new clients and robust increase of 250 personnel to its talented human

capital, the Company will continue to strengthen its field organization as well as its domain and technology

competencies in up coming quarters. We expect the company to post a CAGR of 21% and 16% in its top-line and

bottom-line respectively. Hence, we recommend ‘BUY’ for ‘HEXAWARE TECHNOLOGIES LTD’ with a target

price of Rs. 133.00 on the stock.

QUARTERLY HIGHLIGHTS (CONSOLIDATED)

Results updates- Q3 CY13,

Hexaware Technologies Limited, a leading global

provider of IT, BPO and Consulting services has

reported healthy performance for the third quarter

of the calendar year ended September 30, 2013.

“Hexaware has delivered solid results in the quarter.

With the uptick seen in the business environment,

the Company is poised to continue on its growth

path”.

The company has achieved a turnover of Rs. 6210.53 million for the 3rd quarter of the calendar year 2013 as

against Rs. 5075.15 millions in the corresponding quarter of the previous year. The company has reported an

EBITDA of Rs. 1545.13 millions an increased by 29.57% and a net profit of Rs. 987.24 million against Rs. 840.71

million reported respectively in the corresponding quarter of the previous year. The company has reported an

EPS of Rs. 3.31 for the 3rd quarter as against an EPS of Rs. 2.84 in the corresponding quarter of the previous year.

Break up of Expenditure

During the quarter, Total Expenditure rose by 19 per cent mainly on account of increase in employment

expenses, Software & other expenses, Operating & other expenses with consideration of depreciation &

amortization expenses in the rupee impact. Total expenditure in Q3 CY13 was at Rs.4831.60 million as against

Rs.4073.18 million in Q3 CY12.

Employee benefit expenses stood to Rs.3175.53 millions against Rs.2770.84 millions in the corresponding period

of the previous year. In Q3 CY13, Depreciation & Amortization Expenses are Rs. 98.44 million and operating &

other expenses are at Rs.516.37 millions against Rs.455.89 millions in Q3 CY12. In the same quarter Software &

other expenses at Rs.1041.26 millions against Rs.758.28 millions in Q3 CY12, are the primarily attributable to

growth of expenditure.

Months SEP-13 SEP-12 % Change

Net Sales 6210.53 5075.15 22.37

PAT 987.24 840.71 17.43

EPS 3.31 2.84 16.53

EBITDA 1545.13 1192.55 29.57

Segment Revenue

Latest Updates

• During the previous quarter, the Company added 13 new clients across all its key focus areas. Of these, 3

clients were added in the Banking and Financial Services (BFS) Domain and 6 clients were added in the

Healthcare & Insurance (H&I) space and one client in the Travel and Transportation Vertical. Of the 13 clients

added in Q3 2013, 5 customers are based in Americas, 3 in Europe and 5 in Asia Pacific (APAC) region.

• The Company has hedges worth $ 205 mn at an effective rate of `57.96 and € 11 mn at an effective exchange

rate of `76.39 maturing over the course of the next eight quarters (from October 2013 to July2015).

• During the quarter, the company’s vertical- wise growth showed a marginal improvement only in the

healthcare Segment, which grew 16.3% compared with 15.9% last quarter, while BFSI and emerging

segments registered flat growth.

• Despite a 1% rise in attrition level to 12.3% qoq, its global headcount in July-Sept moved up by 250 to 8950,

with 83 fresher’s coming on board. Utilization too improved 1% to 71.8%.

• Cash & Cash equivalents at the end of Sept 2013 at `Rs.4900.00 million.

• Hexaware Technologies work with Oracle to launch Oracle’s PeopleSoft Test Framework (PTF) services,

which will allow users to install, configure, implement and maintain PTF automation.

• HT Global IT solutions Holdings Ltd, an affiliate of bearings private Equity Asia completed the acquisition of

41.47% stake holding from the erstwhile promoter entities and GA Global investments ltd on October 11,

2013. Accordingly Ht Global is promoter of the company from October 11th 2013.

Graphical Representation

COMPANY PROFILE

The Company founded in 1990, and focuses on key domains such as Banking, Financial Services, Insurance,

Travel, Transportation, Logistics, Life Sciences and Healthcare. Hexaware focuses on delivering business results

and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Solutions,

Quality Assurance and Testing Services, Remote Infrastructure Management Services and Legacy Modernization.

Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies,

skilled human capital.

Hexaware Technologies, reported that it will work with Oracle to launch Oracle’s PeopleSoft Test Framework

(PTF) services, which will allow users to install, configure, implement and maintain PTF automation. As a

Platinum member of Oracle’s Partner Network (OPN), Hexaware’s PTF services allow customers to execute more

tests with greater accuracy in a shorter time, and enable significantly reduced operational costs. “By unveiling

Hexaware PTF service offerings, we’re not only saving money for its clients by helping to eliminate unnecessary

and redundant processes, but also enabling an enhanced time-to-market solution with ROI within just two test

cycles. PTF is an excellent option because it comes packaged with People Tools, and there is no additional

licensing fee involved for using PTF as the test automation tool.”

The company’s onsite/offshore delivery model provides significant cost savings development centers are

assessed at SEI CMMI-Level 5, and are also ISO 9001:2000 and TickIT certified. These help to continually provide

high value, high quality deliverables to their clients.

Business Area

Global Operations

Hexaware’s global operations are located in North America, Europe and Asia Pacific. The Texas centre joins the

two New Jersey centres to service North America based customers. In addition, Hexaware has Global Delivery

Centres located in Mumbai, Chennai, Pune, Nagpur and Bengaluru in India and three Nearshore Delivery Centres

at Saltillo in Mexico.

Technology Services

Industry Solutions

The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation,

Logistics, Life Sciences and Healthcare.

Technology solutions

Hexaware focuses on delivering business results and leveraging technology solutions by specializing in

• Enterprise Solutions(applications)

• Quality assurance and Testing Services

• Business intelligence & Analytics

• Microsoft Technology Services

• Legacy Management and technology

• Product Engineering

• Specialized Services

• Infrastructure management Services

• Java Technology Services

• Mobility Services

Partners

Hexaware partnerships are aimed at delivering real business value to clients. Each partnership helps their clients

leverage and enable strong competency and delivery capabilities with the comprehensiveness and strengths of

partner solutions and platforms. Some of these partners are

Oracle

Sap

HP

Microsoft

Lufthansa Systems

Informatica

Unisys

Alaric

eBaoTech

Herald Logic

EiQ Networks

Jamo Solutions

GreenLine

ZAP Technologies

Information Builders

Net APP(service provider)

MicroStrategy

Liferay

IBM

I create software

Checkmarx

Experitest

Cloudera

FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as at 31st Dec 2011A-14E 2011A 2012A 2013E 2014E

I. EQUITY AND LIABILITIES:

A) Shareholders’ Funds:

a) Share Capital 586.72 593.09 597.26 597.26

b) Reserves and Surplus 9575.11 11445.1 15136.66 19326.55

Sub- Total Net worth 10161.83 12038.19 15733.92 19923.81

B) Share Application Money Pending Allotment 0.00 0.38 0.00 0.00

C) Non-Current Liabilities:

a) Deferred Tax Liabilities [Net] 32.41 130.47 176.13 234.26

b) Other Long Term Liabilities 122.97 77.57 66.83 60.14

c) Long Term Provisions 201.71 265.68 353.35 466.43

Sub- Total Long term liabilities 357.09 473.72 596.31 760.83

D) Current Liabilities:

a) Trade Payables 538.89 532.57 516.59 501.10

b) Other Current Liabilities 2229.33 1755.31 1439.35 1223.45

c) Short Term Provisions 1237.91 984.52 797.46 677.84

Sub- Total Current Liabilities 4006.13 3272.4 2753.41 2402.39

TOTAL EQUITY AND LIABILITIES (A + B + C + D) 14525.05 15784.69 19083.64 23087.03

II. ASSETS:

E) Non-Current Assets:

a) Fixed Assets:

i. Tangible Assets 2545.15 2936.54 3494.48 4193.38

ii. Intangible Assets 1426.62 1506.13 1656.74 1838.98

iii. Capital work-in-progress 798.67 756.76 696.22 647.48

b) Deferred tax assets 194.53 203.61 213.79 303.58

c) other non-current assets 716.08 170.01 176.81 160.00

d) Non Current Investments 0.00 4.58 7.33 8.79

e) Long Term Loans and Advances 807.8 1088.77 1480.73 1998.98

Sub- Total Non-Current Assets 6488.85 6666.4 7726.10 9151.21

F) Current Assets:

a) Current Investments 228.77 2349.83 3474.58 4794.92

b) Trade Receivables 2992.99 3649.08 4488.37 5475.81

c) Cash and Bank Balances 3769.21 1969.01 2126.53 2279.52

d) Short Term Loans and Advances 479.32 508.68 549.37 587.83

e) Other Current Assets 565.91 641.69 718.69 797.75

Sub- Total Current Assets 8036.2 9118.29 11357.54 13935.82

TOTAL ASSETS ( E+ F ) 14525.05 15784.69 19083.64 23087.03

Annual Profit & Loss Statement for the period of 2011 to 2014E

Value(Rs.in.mn) CY11A CY12A CY13E CY14E

Description 12m 12m 12m 12m

Net Sales 14505.12 19481.78 22739.70 25923.26

Other Income 482.10 438.28 359.59 373.97

Total Income 14987.22 19920.06 23099.29 26297.23

Expenditure -11890.17 -15554.75 -17793.91 -20479.37

Operating Profit 3097.05 4365.31 5305.38 5817.85

Interest -21.49 -1.61 -0.73 -0.78

Gross profit 3075.56 4363.70 5304.65 5817.07

Depreciation -247.04 -324.14 -387.32 -445.42

Exceptional Items 248.26 0.00 -226.96 0.00

Profit Before Tax 3076.78 4039.56 4690.38 5371.65

Tax -406.51 -763.09 -998.81 -1181.76

Net Profit 2670.27 3276.47 3691.57 4189.89

Equity capital 586.72 593.09 597.26 597.26

Reserves 9575.12 11445.09 15136.66 19326.55

Face value 2.00 2.00 2.00 2.00

EPS 9.10 11.05 12.36 14.03

Quarterly Profit & Loss Statement for the period of 31 MARCH, 2013 to 31 DEC, 2013E

Value(Rs.in.mn) 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13E

Description 3m 3m 3m 3m

Net sales 5076.84 5366.01 6210.53 6086.32

Other income 117.68 102.32 67.76 71.83

Total Income 5194.52 5468.33 6278.29 6158.15

Expenditure -4098.15 -4093.54 -4733.16 -4869.06

Operating profit 1096.37 1374.79 1545.13 1289.09

Interest -0.03 -0.06 -0.31 -0.33

Gross profit 1096.34 1374.73 1544.82 1288.76

Depreciation -93.00 -93.50 -98.44 -102.38

Exceptional Items 0.00 -39.73 -187.23 0.00

Profit Before Tax 1003.34 1241.50 1259.15 1186.39

Tax -210.57 -262.44 -271.91 -253.89

Net Profit 792.77 979.06 987.24 932.50

Equity capital 596.62 597.26 597.26 597.26

Face value 2.00 2.00 2.00 2.00

EPS 2.66 3.28 3.31 3.12

Ratio Analysis

Particulars CY11A CY12A CY13E CY14E

EPS (Rs.) 9.10 11.05 12.36 14.03

EBITDA Margin (%) 21.35 22.41 23.33 22.44

PBT Margin (%) 21.21 20.74 20.63 20.72

PAT Margin (%) 18.41 16.82 16.23 16.16

P/E Ratio (x) 13.17 10.85 9.70 8.54

ROE (%) 26.28 27.22 23.46 21.03

ROCE (%) 32.91 38.95 36.18 31.44

EV/EBITDA (x) 10.79 7.66 6.32 6.15

Book Value (Rs.) 34.64 40.59 52.69 66.72

P/BV 3.46 2.95 2.27 1.80

Charts

OUTLOOK AND CONCLUSION

� At the current market price of Rs. 119.85, the stock P/E ratio is at 9.70 x CY13E and 8.54 x CY14E

respectively.

� Earning per share (EPS) of the company for the earnings for CY13E and CY14E is seen at Rs.12.36 and

Rs.14.03 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 21% and 16% over 2011 to CY14E

respectively.

� On the basis of EV/EBITDA, the stock trades at 6.32 x for CY13E and 6.15 x for CY14E.

� Price to Book Value of the stock is expected to be at 2.27 x and 1.80 x respectively for CY13E and CY14E.

� We expect that the company surplus scenario is likely to continue for the next three years, will keep its

growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.133.00 for Medium to Long term investment.

INDUSTRY OVERVIEW

The IT&ITeS industry in India has today become a growth engine for the economy, contributing substantially to

increases in the GDP, urban employment and exports, to achieve the vision of a powerful and resilient India.

Indian firms, across all other sectors, largely depend on the IT & ITeS service providers to make their business

processes efficient and streamlined. Indian manufacturing sector has the highest IT spending followed by

automotive, chemicals and consumer products industries. Nasscom expects the IT services sector in India to

grow by 13-14 per cent in 2013-14 and to touch US$ 225 billion by 2020.

Market Size

� India’s total IT industry’s (including hardware) share in the global market stands at 7 per cent; in the IT

segment the share is 4 per cent while in the ITeS space the share is 2 per cent. The industry is dominated by

large integrated players consisting of both Indian and international service providers. During the year, the

share of Indian providers went up to 65 per cent-70 per cent due to the emerging trend of monetisation of

captives.

� India's IT and BPO sector exports are expected to grow by 12-14 per cent in FY14 to touch US$ 84 billion -

US$ 87 billion.

� IT spending in India is projected to reach US$ 71.5 billion in 2013, an increase of 7.7 per cent as compared to

US$ 66.4 billion projected for 2012.

� The enterprise software market in India is expected to reach US$ 3.92 billion in 2013, registering a growth of

13.9 per cent over 2012 revenue of US$ 3.45 billion.

Investments

• Indian IT's core competencies and strengths have placed it on the international canvas, attracting

investments from major countries.

• Between April 2000 and June 2013, the computer software and hardware sector attracted cumulative foreign

direct investment (FDI) of Rs 53,757.60 crore (US$ 7.97 billion), according to data released by the

Department of Industrial Policy and Promotion (DIPP).

• More recently, online retailing, cloud computing and e-commerce are the major driving forces behind the

rapidly increasing growth in the IT industry. Online shopping has increased with the emergence of internet

retailing and e-commerce.

Some of the major investments in Indian IT and ITeS sector:

� Baring Private Equity Partners Asia plans to buy IT services firm Hexaware Technologies in a deal estimated

at about US$ 400 million

� Cognizant has been selected by the Saudi Electricity Company (SEC) to develop a comprehensive billing and

revenue management solution based on SAP utilities enterprise software to meet the functional, technical,

and operational requirements of SEC's rapid growth

� Prisma Global has acquired majority stake in German technology venture Prisma Gmbh for about Rs 27 crore

(US$ 4.00 million). The company will now own the Intellectual Property (IP) of technologies developed by

the German firm

� Wipro Ltd have secured a large IT outsourcing contract worth US$ 500 million from the US-based financial

services company Citigroup. Wipro will be responsible for application development and maintenance, as well

as providing infrastructure management services, for Citi's global operations

� Tech Mahindra has signed a five-year agreement with UBS Fund Services (Luxembourg) (UBS FSL) for its

new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth

managers, investment banks, custodians and administrators. The company’s Brazilian subsidiary Complex IT

has also signed two deals to deliver enterprise solutions for oil and gas, and banking sector

Government Initiatives

• As a part of the National Electronics Policy, the Government of India is planning to set-up 15 new laboratories

under public-private-partnership (PPP) model for hardware and software testing. The labs will facilitate

registration and testing of IT products before they are launched in the market.

• FDI upto 100 per cent under the automatic route is allowed in Data processing, software development and

computer consultancy services; software supply services; business and management consultancy services,

market research services, technical testing & analysis services.

• In the 12th Five Year Plan (2012-17), the Department of Information Technology proposes to strengthen and

extend the existing core infrastructure projects to provide more horizontal connectivity, build redundancy

connectivity, undertake energy audits of State Data Centers (SDCs) etc. The core infrastructure including

fibre optic based connectivity will be leveraged and additional 150,000 Common Service Centres (CSCs) will

be setup to create the right Governance and service delivery ecosystem at the Panchayats.

Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are:

� The Government of India has fast tracked the process of setting up of centres of National Institute of

Electronics and Information Technology (NIELIT) in Northeast India

� The Government of Brazil has liberalised the issue of short term work visas, a move which will make it easier

for Indian IT professionals to take up assignments in Brazil

� India and Vietnam have signed two memorandums of understanding (MoU) for partnership in the field of

information, communications and technology (ICT)

� The Cabinet has recently approved the National Policy on Information Technology 2012. The policy aims to

increase revenues of IT and ITES industry from US$ 100 billion to US$ 300 billion by 2020 and expand

exports from US$ 69 billion to US$ 200 billion by 2020

� The Government of India plans to set up 15 new laboratories for testing hardware and software products

under public-private partnership (PPP) model

Road Ahead

As IT is increasingly gaining traction in small and medium business activities, the sector offers impressive growth

opportunities and is estimated at approximately US$ 230 billion–US$ 250 billion by 2020. In a bid to reduce cost,

governments across the world are exploring outsourcing and global sourcing options.

Technologies, such as telemedicine, mHealth, remote monitoring solutions and clinical information systems,

would continue to boost demand for IT service across the globe. IT sophistication in the utilities segment and the

need for standardisation of the process are expected to drive demand.

Digitisation of content and increased connectivity is leading to a rise in IT adoption by media. Emerging

technologies present an entire new gamut of opportunities for IT firms in India. Social, mobility, analytics and

cloud (SMAC) provide US$ 1 trillion opportunity. Cloud represents the largest opportunity under SMAC,

increasing at a CAGR of approximately 30 per cent to around US$ 650 billion–US$ 700 billion by 2020. Social

media is the second most lucrative segment for IT firms, offering a US$ 250 billion market opportunity by 2020.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – [email protected]

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

Ashish.Kushwaha IT, Consumer Durable & Banking

Anil Kumar Diversified

Suhani Adilabadkar Diversified

M. Vinayak Rao Diversified

Firstcall India also provides

Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO’s, QIP’s, F.P.O’s,Takeover

Offers, Offer for Sale and Buy Back Offerings.

Corporate Finance Offerings include Foreign Currency Loan Syndications,

Placement of Equity / Debt with multilateral organizations, Short Term Funds

Management Debt & Equity, Working Capital Limits, Equity & Debt

Syndications and Structured Deals.

Corporate Advisory Offerings include Mergers & Acquisitions(domestic and

cross-border), divestitures, spin-offs, valuation of business, corporate

restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &

Execution, Project Financing, Venture capital, Private Equity and Financial

Joint Ventures

Firstcall India also provides Financial Advisory services with respect to raising

of capital through FCCBs, GDRs, ADRs and listing of the same on International

Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and

other international stock exchanges.

For Further Details Contact:

3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071

Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089

E-mail: [email protected]

www.firstcallindiaequity.com