Result Update: Q4 FY12 - Myirisbreport.myiris.com/firstcall/TATCONSE_20120424.pdf · Net Sales and PAT of the company are ... Excellence for Oracle Exadata Database Machine. ... the

1

SYNOPSIS

Tata Consultancy Services Ltd. (TCS) is

an Indian IT services, business solutions

& outsourcing company headquartered

in Mumbai, India.

During the quarter ended, the robust

growth of revenue is increased by

30.54% to Rs. 132593.30 million.

TCS has added forty-two new clients in

the third quarter of the current fiscal.

Total head count of the company as on

March 2012 stood at 2,38,583 with

utilization rate at 80.6%.

TCS & Mitsubishi Corp. announced a

new joint venture, Nippon TCS Solution

Center Ltd. to establish a near shore

delivery center for the Japanese market.

TCS BaNCS Insurance transforms

Phoenix Group’s business to set new

benchmark in the UK insurance

industry.

Net Sales and PAT of the company are

expected to grow at a CAGR of 20% and

15% over 2011 to 2014E respectively.

Years Net sales EBITDA Net Profit EPS P/E

FY 12 488938.30 148634.80 104134.90 53.21 22.59

FY 13E 567168.43 169988.51 120002.13 61.31 19.60

FY 14E 646572.01 195080.04 139117.70 71.08 16.91

Stock Data:

Sector: IT

Face Value Rs. 1.00

52 wk. High/Low (Rs.) 1279.20/902.90

Volume (2 wk. Avg.) 129000

BSE Code 532540

Market Cap (Rs in mn) 2352554.40

Share Holding Pattern

1 Year Comparative Graph

TCS Ltd BSE SENSEX

C.M.P: Rs. 1202.00 Target Price: Rs. 1370.00 Date: April. 24th 2012

BUY

Tata Consultancy Services Ltd. Result Update: Q4 FY12

2

Peer Group Comparison

Name of the company CMP(Rs.) Market Cap. (Rs. mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%)

TCS Ltd. 1202.00 2352554.40 53.21 22.59 7.98 1400.00

Infosys Ltd. 2354.00 1351967.10 147.50 15.96 4.10 1200.00

Wipro Ltd. 440.70 1083589.80 19.00 23.19 5.08 200.00

HCL Tech. Ltd. 510.65 353660.20 24.22 21.08 6.04 375.00

Investment Highlights

� Q4 FY12 Results Update

TCS Ltd has reported consolidated net profit of Rs 28949.30 million for the quarter

ended on March 31, 2012 as against Rs 26229.50 million in the same quarter last

year, an increase of 10.37%. It has reported net sales of Rs 132593.30 million for

the quarter ended on March 31, 2012 as against Rs 101574.90 million in the same

quarter last year, a rise of 30.54%. Total income grew by 28.43% to Rs.133579.50

million from Rs. 104010.70 million in the same quarter last year. During the

quarter, it reported earnings of Rs 14.79 a share, registering 10.37% growth over

prior year period.

Quarterly Results – Consolidated (Rs in mn)

As At Mar-12 Mar-11 %change

Net sales 132593.30 101574.90 30.54%

PAT 28949.30 26229.50 10.37%

Basic EPS 14.79 13.40 10.37%

3

� Net Sales & PAT Growth

During the quarter, Net sales rose by 30.54% to Rs. 132593.30 million from

Rs.101574.90 million in the same quarter last year and the Total Profit for the

quarter ended March 2012 was Rs. 28949.30 million grew by 10.37% from

Rs.26229.50 million compared to same quarter last year.

� EPS

The basic EPS of the company stood at Rs.14.79 for the quarter ended March 2012

from Rs.13.40 for the quarter ended March 2011.

4

� Break up of Expenditure

Segment Revenue

Particulars (Value in Rs. Mn) Q4 FY12 Q4 FY11

Banking, Financial Services & Insurance (BFSI) 55974.90 44651.90

Manufacturing 10477.30 7601.90

Retail & Consumer Packaged Goods (RCPG) 16628.80 11369.50

Telecom, Media & Entertainment (TME) 33429.40 13519.80

5

� Recommendation of Dividend on Redeemable Preference Shares

TCS Ltd has recommended a Dividend of 22 paise on Redeemable Preference

Shares of Re.1 each of the Company for approval by the shareholders.

� Board recommend Final Dividend & Special Dividend

Tata Consultancy Services Ltd has recommended a Final Dividend of Rs. 8 and a

Special Dividend of Rs. 8 per Equity Share of Re.1 each of the Company is subject

to get approval of the shareholders of the Company.

� TCS wins Management Consulting Award from AMCF

TCS has received an award for Operational Performance at the inaugural

Association of Management Consulting Firms (AMCF) Awards presentation in New

York. The AMCF awards, which celebrate excellence in management consulting,

recognized TCS for its demonstration of improved operational and business

performance.

� AmBank, Malaysia selects TCS BaNCS to replace core engine

Tata Consultancy Services (TCS) announced that its universal financial services

platform, TCS BaNCS has been selected by AmBank, Malaysia’s premier financial

services group to replace its core banking engine. This integrated banking suite,

spanning conventional and Islamic banking, will support both retail banking and

lending functionalities.

� TCS launches Center of Excellence for Oracle Exadata

Tata Consultancy Services (TCS) announced the official opening of its Center of

Excellence for Oracle Exadata Database Machine. Located in Kolkata, India, TCS’

new state-of-the-art facility is dedicated to showcasing the capabilities of Oracle

Exadata Database Machine for customers across industries and geographies. TCS

is a Diamond Partner in the Oracle PartnerNetwork (OPN) and has achieved

multiple specializations including an advanced specialization for Oracle Exadata

Database Machine.

6

� Nedgroup Insurance, South Africa, selects TCS BaNCS Insurance for policy

administration

Tata Consultancy Services (TCS) announced that its universal financial services

platform, TCS BaNCS has been selected by Nedgroup Insurance Company Ltd.,

(NedIC) a short-term insurer specializing in homeowner's cover, personal accident

and vehicle-related, value-added insurance products. TCS BaNCS Insurance will

serve as the new policy administration system for NedIC’s short-term insurance

services.

� Ranked as a Leader in Application Outsourcing by Everest Group Research

Tata Consultancy Services (TCS) has been designated as a Leader in Application

Outsourcing (AO) in capital markets by the prominent advisor on the next

generation of global services, Everest Group, in its report, Application Outsourcing

(AO) in Capital Markets – PEAK into the Evolving Service Provider Landscape. Among

the attributes that earned TCS the prominent position are its strong customer

base, partnerships with capital markets technology vendors, its extensive portfolio

of proprietary solutions for capital markets AO delivery and the capital markets

related modules of TCS BaNCS.

� TCS BaNCS Insurance transforms Phoenix Group’s business to set new

benchmark in the UK insurance industry

Tata Consultancy Services (TCS) has announced that Diligenta, its UK-

based Financial Services Authority (FSA) regulated subsidiary, has successfully

concluded a multi-year, multi-million dollar transformation project at Phoenix

Group, the UK’s largest specialist consolidator of closed life funds. This

unprecedented program involved replacing and decommissioning 11 major life and

pension administration systems, hundreds of peripheral systems and migrating

more than four million policies and customer records, across multiple brands and

product lines into TCS BaNCS Insurance.

7

� TCS, Mitsubishi Corporation joint venture to set up delivery center in Japan

Tata Consultancy Services (TCS) and Mitsubishi Corporation, an integrated global

business enterprise announced a new joint venture, Nippon TCS Solution Center

Limited, for the Japanese market. The Nippon TCS Solution Center will offer a full-

service suite of IT, BPO and infrastructure services to Japanese corporations. TCS

Japan will have a 60% stake with Mitsubishi Corporation having a 40% stake. The

new joint venture will also establish a near shore delivery center in Japan.

� Delhi goes digital with the launch of tech-enabled, citizen-friendly Passport

Seva Kendras

The Ministry of External Affairs (MEA), the Government of India in partnership

with Tata Consultancy Services (TCS) announced the launch of citizen-centric

Passport Seva Kendras for applications and issuance of passports in the National

Capital Territory. Over 1.5 million passport applications processed nationwide

since launch.

� TCS receives Pegasystems’ Partner Excellence Award for Excellence in Market

Development

Tata Consultancy Services (TCS) has been honored by Pegasystems, Inc., a leader

in Business Process Management (BPM) and software for customer centricity, as a

recipient of the company’s first annual Partner Excellence Awards. The awards

recognize Pegasystems’ partner organizations that drive customer success by

delivering solutions that increase customers’ agility and competitive edge.

Specifically, TCS was recognized for Excellence in Market Development.

8

� Geography Composition

� Segment Line Distribution

9

� Clients Revenue Contribution

� Onsite/Offshore Revenue

10

� Head Count

� Growth by Domain

Domain-wise contribution to the revenue is given below:

IP Revenue (%) Q4 FY12 Q3 FY12

BFSI 42.2 43.3

Telecom 10.0 10.0

Retail & Distribution 12.5 12.3

Manufacturing 7.9 7.8

Hi-Tech 6.0 5.9

Life Science & Healthcare 5.3 5.3

Travel & Hospitality 3.7 3.8

Energy & Utility 3.8 4.1

Media & Entertainment 2.2 2.2

Others 6.4 5.3

11

Company Profile

Established in 1968, Tata Consultancy Services (TCS), a member of the Tata Group is

considered as the largest IT services firm in Asia based on its record of outstanding

service, collaborative partnerships, innovation and corporate responsibility.

TCS Ltd. is an Indian IT services, business solutions and outsourcing company

headquartered in Mumbai, India. The service is delivered through its unique Global

Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in

software development. TCS has over 2,26,751 of the world’s best-trained consultants

in 42 countries. The company has generated consolidated revenues of US $8.2 billion

for year ended March 31, 2011. It is the largest provider of information technology in

Asia and second largest provider of business process outsourcing services in India.

Quality Framework

TCS' ability to deliver high-quality services and solutions is unmatched. It is the

world’s first organization to achieve an enterprise-wide Maturity Level 5 on both

CMMI® and P-CMM®, using the most rigorous assessment methodology - SCAMPISM.

Additionally, TCS’ Integrated Quality Management System (iQMS™) integrates process,

people and technology maturity through various established frameworks and practices

including IEEE, ISO 9001:2000, CMMI, SW-CMM, P-CMM and 6-Sigma.

Products and services offered by TCS

TCS offers a wide range of IT services, outsourcing and business solutions.

Services

• IT Services

• IT Infrastructure Services

• Enterprise Solutions

• Consulting

• Business Process Outsourcing

• Platform BPO Solutions

12

• Business Intelligence & Performance Management

• Engineering & Industrial Services

• Small and Medium Business

• Connected Marketing Solutions

Consulting

• Business Consulting

• IT Consulting

• Business Solutions

Software Products

• TCS BaNCS

• TCS Technology Products

Other Products -

• TCS Clin-e2e

• TCS Hospital Management Solution

• TCS Silicone Ambulatory ECG Device and Solution

• TCS Enterprise Integration & Control Environment Solution/ Energy & Utilities

• TCS Bio-informatics Solution

• VERICUT - Machine Simulation Software

Industry Services

• Banking & Financial Services

• Energy, Resources & Utilities

• Life Sciences & Healthcare

• High Tech

• Insurance

• Manufacturing

• Media & Information Services

• Retail & Consumer Products

• Telecom

• Travel Transportation & Hospitality

13

Financial Results

12 Months Ended Profit & Loss Account (Consolidated)

Value (Rs.in.mn) FY11 FY12 FY13E FY14E

Description 12m 12m 12m 12m

Net Sales 373245.10 488938.30 567168.43 646572.01

Other Income 6040.00 4281.70 6644.00 7574.16

Total Income 379285.10 493220.00 573812.43 654146.17

Expenditure -261461.50 -344585.20 -403823.92 -459066.13

Operating Profit 117823.60 148634.80 169988.51 195080.04

Interest -264.80 -222.30 -244.53 -268.98

Gross profit 117558.80 148412.50 169743.98 194811.06

Deprecation -7352.60 -9179.40 -10189.13 -11208.05

Profit Before Tax 110206.20 139233.10 159554.84 183603.01

Tax -18308.30 -33998.60 -38452.72 -43330.31

Profit After Tax 91897.90 105234.50 121102.13 140272.70

Minority interest -1214.50 -1099.60 -1100.00 -1155.00

Share of Profit & Loss of Asso. -3.00 0.00 0.00 0.00

Net Profit 90680.40 104134.90 120002.13 139117.70

Equity capital 1957.20 1957.20 1957.20 1957.20

Reserves 242090.90 292835.10 413937.23 554209.93

Face value 1.00 1.00 1.00 1.00

EPS 46.33 53.21 61.31 71.08

14

Quarterly Ended Profit & Loss Account (Consolidated)

Value (Rs.in.mn) 30-Sep-11 31-Dec-11 31-Mar-12 30-Jun-12E

Description 3m 3m 3m 3m

Net sales 116334.90 132039.90 132593.30 139222.97

Other income 1226.90 -872.80 986.20 1094.68

Total Income 117561.80 131167.10 133579.50 140317.65

Expenditure -82493.80 -91101.80 -93348.10 -100379.76

Operating profit 35068.00 40065.30 40231.40 39937.89

Interest -96.40 -48.60 -30.10 -51.92

Gross profit 34971.60 40016.70 40201.30 39885.97

Depreciation -2317.70 -2348.30 -2434.10 -2482.78

Profit Before Tax 32653.90 37668.40 37767.20 37403.19

Tax -9377.30 -9308.10 -8574.70 -8789.75

Profit After Tax 23276.60 28360.30 29192.50 28613.44

Minority interest -266.60 -332.60 -243.20 -235.00

Share of Profit & Loss of Asso 0.00 0.00 0.00 0.00

Net Profit 23010.00 28027.70 28949.30 28378.44

Equity capital 1957.20 1957.20 1957.20 1957.20

Face value 1.00 1.00 1.00 1.00

EPS 11.76 14.32 14.79 14.50

15

Key Ratios

Particulars FY11 FY12 FY13E FY14E

No. of Shares (in Million) 31.57% 30.40% 29.97% 30.17%

EBITDA Margin (%) 29.53% 28.48% 28.13% 28.40%

PBT Margin (%) 24.62% 21.52% 21.35% 21.69%

PAT Margin (%) 25.94 22.59 19.60 16.91

P/E Ratio (x) 37.66% 35.70% 29.12% 25.22%

ROE (%) 51.13% 53.39% 43.24% 37.03%

ROCE (%) 31.57% 30.40% 29.97% 30.17%

EV/EBITDA (x) 19.97 15.83 13.84 12.06

Book Value (Rs.) 124.69 150.62 212.49 284.16

P/BV 9.64 7.98 5.66 4.23

Charts:

Net sales & PAT

16

P/E Ratio (x)

EV/EBITDA (x)

17

P/BV

Outlook and Conclusion

� At the current market price of Rs.1202.00, the stock is trading at 19.60 x

FY13E and 16.91 x FY14E respectively.

� Earning per share (EPS) of the company for the earnings for FY13E and FY14E

is seen at Rs. 61.31 and Rs. 71.08 respectively.

� Net Sales and PAT of the company are expected to grow at a CAGR of 20% and

15% over 2011 to 2014E respectively.

� On the basis of EV/EBITDA, the stock trades at 13.84 x for FY13E and 12.06 x

for FY14E.

� Price to Book Value of the stock is expected to be at 5.66 x and 4.23 x

respectively for FY13E and FY14E.

� We expect that the company will keep its growth story in the coming quarters

also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.1370.00 for Medium to Long term investment.

18

Industry Overview

India's Information technology (IT) and information technology enabled services (ITeS)

segments are aligned in a way that the growth in one avenue has ripple effects on

another. The IT & ITeS industry, as a whole, is the mainstay of Indian technology

sector as it has driven growth of the economy in terms of employment, revenue

generation, standards of living etc and has played a major part in placing the country

on the global canvas.

National Association of Software and Services Companies (Nasscom) president Som

Mittal believes that software exports would be in tune with the estimates and are

projected to grow 15-17 per cent to generate about US$ 70 billion in 2011-12 as

against US$ 59 billion in 2010-11.

Furthermore, Internet and Mobile Association of India (IAMAI) has stated that internet

users in the country have crossed the 100-million mark (owing to increasing internet

penetration and affordability for personal computers (PCs), of which 17 million are

online shoppers. It estimates that the number of Internet users in India will triple by

2015.

Rural India Calling

Rural business process outsourcing (BPO) units account for over US$ 10 million

towards India's IT-BPO revenues. Many big IT-BPO companies in India are getting

attracted towards hinterlands due to availability of immense untapped talent and

lower costs. Attrition rates in rural areas are just about 3-5 per cent as against a high

of 50 per cent in urban BPOs. Employee costs in rural BPOs is almost half as against

that of urban BPOs which bring overall operational costs down by almost 30-40 per

cent for IT companies. Nasscom has further stated that employee base in these areas

would expand by over 10 times by 2013-14 from 5000 in 2009-10.

Wipro BPO, the BPO arm of Wipro Technologies had launched its first rural BPO

centre at Manjakkudi Village in Tamil Nadu in August 2011. In October 2011, Infosys

BPO had inked an agreement with the Government of Andhra Pradesh to open rural

BPO centres in 22 districts. Rural Shores is another firm that had opened a BPO

19

centre in Bagepalli district of Karnataka and serves over 20 clients including HDFC,

Infosys, Wipro Technologies and Genpact. It aims to recruit more than 10, 000 youth

by 2014.

IT & ITeS - Key Developments and Investments

Between April 2000 and November 2011, the computer software and hardware sector

received cumulative foreign direct investment (FDI) of US$ 10.93 billion, according to

the Department of Industrial Policy and Promotion (DIPP).

• Network equipment maker Cisco Systems Inc.'s Indian unit is vying for a bigger

share of the IT spending by small and medium enterprises (SMEs) in 14 non-

metro markets. The company is planning to increase the amount of investments

on its distribution network in the smaller cities in 2012. It has also intensified

its research activities in order to develop India-specific products that in some

cases may cost just 20 per cent of the global product.

• California-based IT services company UST Global is expanding its footprints in

India's IT capital Bengaluru. The company already operates in

Thiruvananthapuram and Kochi in Kerala. In Thiruvananthapuram also, the

company is building a 3 million sq ft campus which would be a major hub for

offshore IT services offered by the company.

Online Retailing on a High

Emergence of internet retailing and e-commerce as a completely new space is driving

the growth of number of online shoppers. As a result, the internet retailing companies

are getting attracted towards Indian markets which are poised to grow leaps-and-

bounds in the years to come. There are about 17 million online shoppers in India and

the number is projected to grow over three times in the years to come.

• Seattle-based world's largest internet retailer Amazon.com has recently

launched its website Junglee.com with a view to harness burgeoning online

shopping market in India which is expected to triple in size by 2015.

Junglee.com has partnered with several Indian online and offline retailers like

HomeShop18, Hidesign, Dabur Uveda, the Bombay Store and others. It has also

20

formed alliances with online players like Snapdeal, Univercell, Saholic (a Spice

Group firm) and Fommy.co.in.

• India's largest and most-funded e-commerce company Flipkart Online Services

Pvt. Ltd has acquired Letsbuy.com, the country's second-largest online

electronics retailer, for an undisclosed amount. The move reflects Flipkart's

strategy of becoming a major player through acquisitions and eventually

grabbing a substantial pie of ever- increasing Indian online retailing space.

Cloud Computing – The Emerging Technology

Cloud computing is a set of services that provide infrastructure resources using

internet media and data storage on a third party server, that is, the subscriber (of

cloud service) does not need to own the infrastructure, which saves him from entailing

any capital expenditure and he pays to the service provider as per his usage.

The concept is on a high rage in India these days. The cloud solutions industry in

India is around US$ 400 million currently and by 2015 it is poised to grow 10 times to

US$ 4-4.5 billion. This further enhances the fact that Indian market is the most

mature when it comes to adoption of cloud technologies and has the highest usage

levels of converged systems.

• The state of Gujarat has over 10 per cent of 3 million small and medium

enterprises (SMEs) present in India. Hitachi Data Systems is ready to launch its

cloud services for the SMEs in Gujarat as they are searching for data backup

and email management services along with data and business analysis by cloud

solutions providers.

• Videocon and AEC Partners will jointly invest US$ 21 million in a cloud-

computing start-up called Nivio. The US$ 100 million-cloud computing

company will use these funds to expand its engineering centre in Palo Alto,

California and recruit fresh talent. AEC Partners is a US-based private equity

(PE) firm that holds expertise in technology investments.

Government Initiatives

Industry experts believe that increase in Government spends over e-governance

projects would be a major driver of growth for Indian IT/ITeS space. Nasscom has

21

stated that infrastructure for spends is ready and now is time when National e-

Governance Plan (NeGP) should be executed in full force. NeGP aims to create the right

governance and institutional mechanisms, set up the core infrastructure and policies

and implement various Mission Mode Projects across the Centre, state and integrated

service levels to create a citizen-oriented and business-centric environment for

governance.

Meanwhile, the Government has recently announced that it would buy some 100,000

low-cost Aakash tablets from Datawind (the Canadian company that has developed

this device) and would distribute them to students in schools and colleges for free. The

move comes as an effort to facilitate e-learning.

In another similar effort, IT major Intel India had joined hands with the Karnataka

Government's Sarva Shiksha Abhiyan in 2011 and had launched ‘Computers on

Wheels'. It was a pilot e-learning program that entailed digital instruction materials

from reputed education solutions provider 'Educomp'. The program focussed to equip

teachers with learning techniques and tools and deliver diverse learning styles and

abilities to students, making education more participative rather than passive.

The Government of India has also undertaken a project that aims to provide high

quality broadband access to village Panchayats through National Optical fibre network

by 2014. The process is in progress and is projected to be very beneficial, especially for

the SMEs.

Software giant Infosys is planning to expand its footprint in India with focus on Tier-II

cities. The company has recently inked an agreement with Government of Madhya

Pradesh for setting up a development centre in Indore and is awaiting response from

Goverenment of West Bengal for setting up a centre in Kolkata as well.

All such developments and initiatives on part of the Government of India reflect the

fact that the supreme administration is making all the possible efforts to boost the

country's IT and ITeS industries.

22

IT & ITeS in India - Road Ahead

There are many predictions and forecasts pertaining to IT & ITeS in India across

various segments.

For instance, a study by management advisory firm Zinnov states that IT adoption in

Indian SME segment is growing at a rate of 15 per cent and would touch US$ 15

billion by 2015. The study noted that as of now, only 20 per cent of the total 50 million

SMEs in India are technology-ready today which poses an immense scope for further

growth.

Another study by consulting and advisory services firm CyberMedia Research suggests

that the PC market in India would have witnessed sales of 11.15 million units in the

2011 calendar year which would further accelerate by 14 per cent to 12.71 million

units in 2012.

Internet retailing is also emerging as an entirely new avenue to be explored. According

to estimates made by an industrial body, India's online retail industry is anticipated to

surge to Rs 70 billion (US$ 1.43 billion) by 2015 from Rs 20 billion (US$ 405.93

million) as broadband is becoming increasingly accessible and internet penetration is

increasing. Another report by Avendus Capital Pvt. Ltd states that e-tailing would

become a Rs 53,000 crore (US$ 10.76 billion) market by 2015 from the current Rs

3,600 crore (US$ 731 million).

______________ ____ _________________________ 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.

23

Firstcall India Equity Research: Email – [email protected]

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

A. Rajesh Babu FMCG

H.Lavanya Oil & Gas

Ashish Kushwaha 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