Infotech Enterprises

1QFY2012 Result Update | IT
July 21, 2011
Infotech Enterprises
Performance Highlights
Y/E March (` cr) Net sales EBITDA EBITDA margin (%) Net profit 1QFY12 346.7 43.5 12.5 26.9 4QFY11 325.8 46.7 14.3 37.0 % chg (qoq) 6.4 (6.9) (180)bp (27.4) 1QFY11 252.9 40.4 16.0 32.9 % chg (yoy) 37.1 7.7 (342)bp (18.3)
NEUTRAL
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code IT 1,723 0.4 197/131 10,576 5 18,436 5,542 INFE.BO INFTC@IN
`138 -
Source: Company, Angel Research
For 1QFY2012, Infotech Enterprises (Infotech) reported good set of results with volume growth of 4.4% and 6.3% qoq in the network and content engineering (NCE) and engineering manufacturing and industrial products (ENGG) verticals, respectively. To control staff costs and rationalise the employee pyramid, the company plans to hire 1,300 freshers in FY2012, out of which ~270 were hired in 1QFY2012 and the remaining are expected to join in 2QFY2012. We expect Infotech to post a 21.5% CAGR in USD revenue over FY201113E. Valuing the company at 9x FY2013E EPS of `16.3, we recommend a Neutral rating. Quarterly highlights: For 1QFY2012, Infotech reported revenue of US$77.5mn, up 7.8% qoq, on the back of 5.6% qoq volume growth. The company witnessed price increase of 0.1% qoq in this quarter. In rupee terms, revenue came in at `346.7cr, up 6.4% qoq. EBITDA and EBIT margin declined by 180bp and 136bp qoq to 12.5% and 9.2%, respectively, due to wage hikes given from April 1, 2011 (12% for offshore employees and 34% for onsite employees). Outlook and valuation: Management has now guided for revenue growth of 2330% for FY2012, and it expects to maintain the revenue growth rate of 57% CQGR. The company plans to hire 2,600 employees in FY2012 with ~1,300 freshers. Also, management expects the EBITDA margin exit rate to be at 16%. Management has been time and again missing on its guidance by a wide margin in terms of revenue growth as well as profitability metrics. Also, growth in NCE is primarily due to contribution from Wellsco. We expect margins to bottom out in FY2012 at 14.3% and rebound to 16.1% only in FY2013 as on the back of strong fresher additions, utilisation will not stand as a margin lever. Hence, with no near-term triggers, we recommend Neutral on the stock. Key financials (Consolidated)
Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 23.0 7.3 23.0 46.7
Abs. (%) Sensex Infotech
3m (5.9) (10.0)
1yr 2.6 (19.8)
3yr 33.1 53.6
FY2009 890 32.0 92 6.5 20.1 8.6 16.0 1.9 12.0 16.7 1.3 6.6
FY2010 953 7.1 171 85.0 21.9 15.4 9.0 1.7 18.9 18.1 1.2 5.3
FY2011 1188 24.6 140 (18.2) 15.2 12.6 11.0 1.5 13.4 12.6 0.9 6.1
FY2012E 1472 23.9 137 (1.9) 14.3 12.3 11.2 1.3 11.6 12.8 0.7 4.8
FY2013E 1699 15.4 181 32.1 16.1 16.3 8.5 1.1 13.4 15.2 0.5 3.3
Srishti Anand
+91 22 3935 7800 Ext: 6820 srishti.anand@angelbroking.com
Ankita Somani
+91 22 3935 7800 Ext: 6819 ankita.somani@angelbroking.com
Please refer to important disclosures at the end of this report
Infotech Enterprises | 1QFY2012 Result Update
Exhibit 1: 1QFY2012 Financial performance

Y/E March (` cr) Total revenue Salary cost Gross profit Gross margin (%) Travel expenditure Purchase of products Other operating costs EBITDA EBITDA margin (%) Dep. and amortization EBIT EBIT margin (%) Financial expenses Other income Profit before tax Tax PAT Share of profits of associates Minority interest Final PAT PAT margin (%) EPS(`)
1QFY12 346.7 222.1 124.6 35.9 24.7 10.7 45.7 43.5 12.5 11.5 31.9 9.2 0.2 6.4 38.1 12.7 25.4 1.5 0.0 26.9 7.6 2.4
4QFY11 325.8 202.2 123.6 37.9 21.5 11.0 44.4 46.7 14.3 12.3 34.5 10.6 0.6 5.0 38.8 4.0 34.9 2.2 0.1 37.0 11.2 3.3
% chg (qoq) 6.4 9.8 0.8 (199)bp 15.0 (2.3) 2.8 (6.9) (180)bp (5.9) (7.3) (136)bp
1QFY11 252.9 156.7 96.2 38.0 16.4 8.6 30.8 40.4 16.0 11.7 28.7 11.3 0.2 8.1
% chg (yoy) 37.1 41.7 29.5 (209)bp 50.9 24.6 48.2 7.7 (342)bp (1.2) 11.3 (213)bp
FY2011 1,188.0 734.8 453.2 38.1 76.1 43.1 153.7 180.3 15.2 48.6 131.8 11.1 1.5 29.5
FY2010 953.1 542.7 410.4 43.1 55.1 32.3 114.7 208.3 21.9 43.6 164.7 17.3 3.1 46.4 207.9 50.5 157.4 12.9 (0.5) 170.8 17.1 15.5
% chg (yoy) 24.6 35.4 10.4 (491)bp 38.1 33.3 34.0 (13.4) (667)bp 11.5 (20.0) (619)bp
(2.0) 218.9 (27.1) (32.4) (27.4) (357)bp (27.4)
36.5 7.4 29.1 3.7 (0.1) 32.9 12.6 3.0
4.2 71.1 (12.7) (60.3) (18.3) (498)bp (18.9)
159.8 27.0 132.8 7.0 0.1 139.7 11.5 12.6
(23.2) (46.6) (15.7) (45.8) (120.8) (18.2) (562)bp (18.7)
Exhibit 2: 1QFY2012 Actual vs. Angel estimates

(` cr) Net revenue EBITDA margin (%) PAT
Actual 347 12.5 27
Estimate 337 12.0 11
% Var (2.7) 54bp (59.0)
Good show
For 1QFY2012, Infotech reported revenue of US$77.5mn, up 7.8% qoq, on the back of 5.6% qoq volume growth. The NCE vertical witnessed volume growth of 4.4% qoq, while the ENGG vertical reported strong 6.3% qoq volume growth. During the quarter, USD depreciated against GBP, Euro and AUD which led to 0.7% qoq positive impact on revenue. In rupee terms, revenue came in at `346.7cr, up 6.4% lower growth as against dollar revenue due to 1.0% qoq INR appreciation against USD in 1QFY2012.
July 21, 2011
Exhibit 3: Volume growth trend (Segment wise, qoq)

20 16 12 10.6 13.0 5.7 5.2 6.3 15.8 14.1
(%)
8 4 0 (4) (8) 1QFY11 (2.0)
4.4
(3.7) 2QFY11 NCE 3QFY11 4QFY11 ENGG 1QFY12
Exhibit 4: Revenue growth trend

80 75 70 14.6 77.5 69.9 63.5 55.4 4.3 2.9 1QFY11 2QFY11 3QFY11 4QFY11 qoq growth (%) 1QFY12 10.1 7.8 71.9 16 14 12
(US $mn)
65 60 55 50 45 40
8 6 4 2
Revenue (USD terms)

NCE: During the quarter, the NCE verticals revenue increased by 7.1% qoq to US$23.8mn. This revenue had a positive exchange rate impact of 1.0% qoq. The company continues to see good traction coming from US in this vertical, with increased volumes from one of its largest telecom and utility clients. The deal pipeline in this vertical is modest from UK and APAC; however, deals from EMEA are still subdued. In INR terms, revenue for this vertical came in at `106.3cr, up 5.5% qoq. Infotech added four new customers in the NCE vertical during 4QFY2011.
July 21, 2011
(%)
10
Exhibit 5: NCE vertical Revenue growth trend

26 24 22 18.9 22.8 19.4 16.3 (2.5) (5.6) 1QFY11 2QFY11 3QFY11 4QFY11 qoq growth (%) 1QFY12 17.3 22.2 7.1 23.8 25 20 15
(US $mn)
20 18 16 14 12 10
5 0 (5) (10)
Revenue (USD terms)

ENGG: The ENGG verticals revenue grew by 8.1% qoq to US$53.8mn on the back of robust traction for its services, especially in the aerospace, heavy equipment, rail, oil and gas and hi-tech industry segments. This revenue had a positive exchange rate impact of 0.6% qoq. In rupee terms, revenue grew by 6.7% qoq to `240.4cr. Infotech added three new clients in this vertical during the quarter.
Exhibit 6: ENGG vertical Revenue growth trend

60 55 50 9.0 44.1 39.1 47.2 7.1 53.8 49.8 8.1 5.5 12.8 14 12 10
(US $mn)
45 40 35 30 25 20 1QFY11 2QFY11
6 4 2 0
3QFY11
4QFY11 qoq growth (%)
1QFY12
Revenue (USD terms)

Hiring momentum only in the ENGG vertical

During 1QFY2012, Infotech continued to hire in its ENGG vertical, adding 160 employees on the base of 4,365 people to map the demand witnessed in this vertical. In the NCE vertical, the employee base reduced by 21, as the company is rationalising the segment with the integration of Wellsco. During the quarter, gross employee addition stood at 565, out of which 270 were freshers. The company plans to hire 1,000 freshers in FY2012 to rationalise the bulging employee pyramid and control staff costs. Total gross and net hiring target of the company for FY2012 stands at 2,600 and 1,300, respectively.
July 21, 2011
(%)
(%)
10
Attrition rate (annualised basis) of the company increased to 19.0% in 1QFY2012 from 15.0% in 4QFY2010.
Exhibit 7: Trend in hiring

1QFY11
Net additions NCE ENGG Support Total employees NCE ENGG Support
2QFY11 151 243 60 3,923 3,706 494
3QFY11 (176) 353 84 3,747 4,059 578
4QFY11 (33) 306 54 3,714 4,365 632
1QFY12 (21) 160 25 3,693 4,525 657
(82) 105 9 3,772 3,463 434
Utilisation level for the NCE vertical increased to 86% in 1QFY2012 from 83% in 4QFY2011. However, for the ENGG vertical, utilisation level declined to 74% from 75% in 4QFY2011.
Exhibit 8: Trend in utilisation (Segment wise)

90 85 80 78 75 75 75 74 81 83 86
(%)
75 70 65 60 1QFY11 2QFY11 NCE 3QFY11 4QFY11 ENGG 1QFY12 70 73
Margins decline
For 1QFY2012, Infotech recorded an 180bp and 136bp decline in its EBITDA and EBIT margins to 12.5% and 9.2%, respectively, due to wage hikes given from April 1, 2011. EBITDA margin had a negative 280bp qoq impact due to salary hikes. This impact was slightly overshadowed by volume growth and margin levers such as increasing utilisation and improving productivity. So, in all, the overall impact on EBITDA margin reduced to 180bp qoq. Going ahead, the company is looking to improve its utilisation level, right-size its employee pyramid by adding more freshers into the systems and improve onsite-offshore mix, which will in turn improve operating margins and aid profitability.
July 21, 2011
Exhibit 9: Trend in margins

20 16.0 15 15.5 15.1
14.3 12.5
(%)
10
11.3
11.3
11.2
10.6 9.2
5 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12
EBITDA margin
EBIT margin
Outlook and valuation

Infotech has been witnessing an 8.7% CQGR in its revenue over 1QFY20111QFY2012 because of inorganic growth due to the acquisition of Daxcon and Wellsco. However, organically, the companys growth is not at par with peers. Management has been time and again missing on its guidance by a wide margin in terms of revenue growth as well as profitability metrics. Management has guided for revenue growth of 2330% for FY2012. Further, the companys operating margins are on a declining trajectory since 3QFY2010 despite repetitive indications from the management of focusing on improving margins. This year, management expects operating margins to exit at 16%. We believe EBITDA margin may rebound to 16% only in FY2013, as addition of ~1,000 freshers is expected to put a cap on utilisation as a lever and will sweep away all the gains that can be accrued due to pricing uptick in the top three accounts effective from the beginning of FY2012. Thus, we expect margins to bottom out in FY2012 at 14.3% and rebound to 16.1% only in FY2013. Hence, with no near-term triggers and eroding profitability, we value the company at 9x FY2013E EPS of `16.3 and recommend Neutral on the stock.
Exhibit 10: Key assumptions

FY2012E Revenue growth (USD) Revenue growth (INR) EBITDA margin (%) EBIT margin (%) Tax rate (%) PAT growth (%)
FY2013E 16.5 15.4 16.1 12.1 31.0 32.1
26.7 23.9 14.3 10.3 31.0 (1.9)
July 21, 2011
Exhibit 11: Change in estimates

FY2012E Parameter (` cr) Net revenue EBITDA Other income PBT Tax PAT Earlier estimates 1,432 214 35 192 58 141 Revised estimates 1,472 210 36 187 58 137 Variation 2.8 (1.9) 2.9 (2.5) (0.9) (3.0) Earlier 1,652 269 40 242 74 178 FY2013E Revised 1,699 274 42 248 77 181 Variation (%) 2.8 2.0 5.0 2.3 4.0 1.5 (%) estimates estimates
Exhibit 12: One-year forward PE (x) chart

400 300 200 100 0
(`)
Apr-07
Apr-08
Apr-09
Apr-10
Oct-07
Oct-08
Oct-09
Price
24x
17x
12x
7x
Oct-10
2x
Exhibit 13: Recommendation summary

Company 3iInfotech Educomp Everonn HCL Tech Infosys Infotech Entp. KPIT Cummins MindTree Mphasis NIIT^ Persistent TCS Tech Mahindra Wipro Reco. Neutral Buy Neutral Buy Buy Neutral Accumulate Accumulate Buy Buy Buy Buy Accumulate Neutral CMP (`) 43 375 555 503 2,767 138 185 398 422 58 359 1,123 749 401 Tgt. price (`) 522 591 3,200 208 445 499 68 424 1,368 790 Upside (%) 39.4 17.6 15.6 12.7 11.9 18.2 17.0 18.3 21.9 5.5 Target P/E (x) 10 14 20 11 11 11 11 22 9* FY2013 EBITDA (%) 21.5 46.7 33.5 18.5 30.6 16.1 16.2 13.3 17.2 13.8 19.5 28.9 18.3 18.7 FY2013E P/E (x) 3.7 7.2 13.1 11.9 17.3 8.5 10.9 9.8 9.5 8.4 9.3 18.1 13.3 15.3 FY2011-13E EPS CAGR (%) (4.3) 17.7 27.7 30.8 15.7 13.9 21.9 27.5 9.2 10.9 5.1 18.4 6.8 9.9 FY2013E RoCE (%) 12.0 16.4 15.5 18.9 24.7 15.2 21.8 16.9 16.8 12.4 16.6 30.2 14.9 13.8 FY2013E RoE (%) 15.1 17.0 16.7 26.9 22.7 13.4 17.7 15.4 16.8 16.6 15.4 31.3 15.6 19.8
Source: Company, Angel Research; Note:* standalone basis (excluding Mahindra Satyam, ^ Valued on SOTP basis
July 21, 2011
Apr-11
Profit and Loss statement

Y/E March (` cr) Net sales Cost of revenues Gross profit % of net sales Selling and mktg. expense % of net sales General and admin expense % of net sales EBITDA % of net sales Dep.and amortization % of net sales EBIT % of net sales Other income Interest expenses Profit before tax Provision for tax % of PBT PAT Minority interest Adj. PAT Fully diluted EPS (`) FY2009 890 490 400 45.0 96 10.8 126 14.1 179 20.1 47 5.2 132 14.8 (30) 4 98 14 14.2 84 (8) 92 8.6 FY2010 953 543 410 43.1 87 9.2 115 12.0 208 21.9 44 4.6 165 17.3 46 3 208 51 24.3 158 (13) 171 15.4 FY2011 FY2012E FY2013E 1,188 735 453 38.1 119 10.0 154 12.9 180 15.2 49 4.1 132 11.1 30 2 160 27 16.9 133 (7) 140 12.6 1,472 925 547 37.2 149 10.2 187 12.7 210 14.3 59 4.0 151 10.3 36 187 58 31.0 129 (8) 137 12.3 248 77 31.0 171 (10) 181 16.3 1,699 1,047 652 38.4 172 10.1 207 12.2 274.0 16.1 68 4.0 206 12.1 42
July 21, 2011
Balance sheet
Y/E March (` cr) Equity capital Share premium account Reserves and surplus Shareholders funds Minority interest Borrowings Total capital employed Gross block Accumulated depreciation Net block CWIP Deferred tax asset Investments Sundry debtors Cash and cash equivalents Loans and advances Prepaid and other current assets Total current assets Sundry creditors and others Other current liabilities Provisions Total current liab. and provisions Net current assets Total capital deployed 656 82 103 39 224 433 790 FY2009 28 360 383 770 0 20 790 461 219 243 58 17 40 263 333 60 4 911 494 239 255 61 3 202 207 234 134 33 606 66 50 101 216 390 911 0.6 1,046 560 288 273 65 1.5 91 268 350 185 34 929 79 25 118 222 707 1,046 0.6 1,180 620 347 274 65 1.0 95 291 429 220 22 1,057 91 76 50 217 841 1,180 0.6 1,351 680 415 266 65 0.5 95 348 549 255 22 1,268 108 90 50 248 1,020 1,351 FY2010 28 363 516 906 FY2011 FY2012E FY2013E 56 334 656 1,046 56 345 780 1,180 56 347 948 1,350
July 21, 2011
Cash flow statement

Y/E March (` cr) Pre-tax profit from oper. Depreciation Exp. (deferred)/written off Pre tax cash from oper. Other inc./prior period ad Net cash from operations Tax Cash profits (Inc)/dec in Sundry debtors Loans and advances Other current assets Sundry creditors Others Net trade working capital Cash flow from oper. actv. (Inc)/dec in fixed assets (Inc)/dec in investments (Inc)/dec in dfrd. tax asst. Cash flow from invest. actv. Inc/(dec) in debt Inc/(dec) in equity/premium Dividends Cash flow from fin. actv. Cash generated/(utilised) Cash at start of the year Cash at end of the year (46) (16) 32 70 40 179 (118) 189 (18) 53 (23) 16 (10) (17) 214 119 333 56 (73) (33) (16) 9 (57) 157 (58) (162) 14 (207) (15) (22) (13) (50) (100) 333 234 (61) (51) (2) 13 (8) (109) 79 (71) 111 1 42 (4) 16 (16) (4) 117 234 350 (24) (35) 13 12 (17) (51) 145 (60) (4) 0 (63) 10 (13) (3) 79 350 429 (56) (35) 17 14 (60) 189 (60) 1 (60) 3 (13) (10) 120 429 549 FY2009 128 47 (8) 182 (30) 153 14 139 FY2010 162 44 (13) 218 46 265 51 214 FY2011 130 49 (7) 186 30 215 27 188 FY2012E 151 59 (8) 218 36 254 58 196 FY2013E 206 68 (10) 284 42 326 77 249
July 21, 2011
10
Key ratios
Y/E March Valuation ratio (x) P/E P/CEPS P/BVPS Dividend yield (%) EV/Sales EV/EBITDA EV/Total assets Per share data (`) EPS (Basic) EPS (Fully diluted) Cash EPS Dividend Book value DuPont analysis Tax retention ratio (PAT/PBT) Cost of debt (PBT/EBIT) EBIT margin (EBIT/Sales) Asset turnover ratio (Sales/Assets) Leverage ratio (Assets/Equity) Operating ROE Return ratios (%) RoCE (pre-tax) Angel RoIC RoE Turnover ratios (x) Asset turnover (gross block) Receivables days Payable days 1.9 98 50 1.9 90 50 2.1 73 36 2.4 69 33 2.5 69 35 16.7 36.8 12.0 18.1 39.8 18.9 12.6 24.4 13.4 12.8 25.6 11.6 15.2 32.1 13.4 0.9 0.7 0.1 1.1 1.0 11.0 0.8 1.3 0.2 1.0 1.0 17.4 0.8 1.2 0.1 1.1 1.0 12.7 0.7 1.2 0.1 1.2 1.0 10.9 0.7 1.2 0.1 1.3 1.0 12.7 8.6 8.6 13.0 0.8 72.0 15.4 15.4 19.3 1.0 81.6 12.6 12.6 17.0 1.3 94.2 12.3 12.3 17.7 1.0 106.3 16.3 16.3 22.4 1.0 121.7 16.0 10.7 1.9 0.6 1.3 6.6 1.5 9.0 7.2 1.7 0.7 1.2 5.3 1.2 11.0 8.2 1.5 0.9 0.9 6.1 1.0 11.2 7.8 1.3 0.7 0.7 4.8 0.9 8.5 6.2 1.1 0.7 0.5 3.3 0.7 FY2009 FY2010 FY2011 FY2012E FY2013E
July 21, 2011
11
Research Team Tel: 022 - 3935 7800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Infotech Enterprises No No No No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to 15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
July 21, 2011
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1QFY2012 Result Update | IT

July 21, 2011

Source: Company, Angel Research

Abs. (%) Sensex Infotech

1yr 2.6 (19.8)

3yr 33.1 53.6

Please refer to important disclosures at the end of this report