KPIT Technologies

Q2FY16 result highlights

Sector: IT Services

Strong beat to expectation: Revenues grew +5.3% qoq to US$124.6m

(IDFC est/ Cons. US$120.3m/ US$121.6m) in USD terms, whereas in
INR terms it grew 7.1% qoq to Rs8,123m (IDFC est./ Cons.
Rs7,870m/Rs7,953m). EBITDA margin expanded by ~440bp to 14%
(IDFC est/Cons.: 11%). PAT at Rs757mn (IDFC est/Cons: Rs 522m/Rs
464m), growth of 70.5% qoq.

Stock data

Seasonality impact on Q3 outlook, but Q4 growth to re-accelerate:

Due to furloughs, and lower working days, Q3FY16 growth is likely to
be muted, but, Q4FY16 will witness re-acceleration driven by
engineering, platform and SAP.

21 October 2015
BSE Sensex: 27288

CMP (Rs)

124

Mkt Cap (Rs bn/USD m)

24.4 /376

Target Price (Rs)

160

Potential from CMP (%)

29.3

Earnings change (%)

FY16E

+11.1

FY17E

+11.2

FY18E

+11.5

Bloomberg code

KPIT IN

1-yr high/low (Rs)

233/85

6-mth avg. daily volumes (m)

1.6

6-mth avg. daily traded value

(Rsm/USDm)

173.7/2.7

Shares outstanding (m)

197.2

Free float (%)

78.3

Promoter holding (%)

21.7

Price performance relative & absolute

Margin to sustain at mid-teens: The company has regained mid-teen

(14%) margins despite wage hike in the quarter driven by various
initiatives like pyramid rationalization, client tail trimming and
utilization. We expect KPIT to sustain its margin at mid-teens as
revenue momentum picks-up in CY16.
Key positives: Strong revenue growth; margin recouped to mid-teens.
Key negatives: Muted guidance for Q3, near term challenges in IES
SBU.
Impact on financials: Upgrade FY16-18E EPS by 11-12% on improved
outlook.

Valuations & view

KPITs improved revenue and steady margin outlook indicate success of
multiple initiatives taken by the company over the last 3-4 quarters.
The client specific challenges are behind that resulted in sharp earnings
cuts and de-rating. However, in-line with our expectation the company
has regained mid-teens margins and we expect revenue momentum to
12% CAGR over FY16-18E. KPIT is currently trading at 8x FY17E EPS, and
we expect re-rating to follow as visibility improves. We retain our
Outperformer rating with a revised target price of Rs160 (10x FY17E
EPS) from Rs140.

Key financials (quarterly)

(Rs m)

2Q15

1Q16

2Q16

QoQ

YoY

% var from
est

124.6

5.3

-0.3

3.5

Revenue (US$
m)
Revenue

125.0

118.3

7,574

7,583

8,123

7.1

7.2

3.2

Gross profit

2,251

2,129

2,608

22.5

15.9

12.4

SG&A expenses

1,241

1,401

1,469

4.9

18.4

0.9

245

164

167

2.1

-31.6

-1.6

Depreciation
EBIT
(%)

3-mth

6-mth

1-yr

16.8

(22.0)

(20.0)

(3.2)

(1.4)

2.7

KPIT
BSE Sensex

EBIT margin
Profit before tax
Reported net
profit
EPS FD (Rs.)

765

565

971

72.0

27.0

39.7

10.1%

7.4%

12.0%

451bp

186bp

313bp

768

616

1,013

64.6

32.0

43.6

706

444

757

70.5

7.3

45.0

3.5

2.2

3.8

69.4

6.8

44.0

Source: Company, IDFC Securities Research

Shashi Bhusan

Abhishek Gupta

shashi.bhusan@idfc.com
9122 6622 2631

abhishek.gupta@idfc.com
+91 22 66222661

For Private Circulation only.

Important disclosures appear at the back of this report

RESULT NOTE

Strong beat, improving visibility Re-rating to

follow

KPIT Technologies
Exhibit 1: Q2FY16 result snapshot
Rs m

2Q15

3Q15

4Q15 4Q15*

1Q16

2Q16 Comments
124.6 Revenue grew 5.3% qoq led by Engineering,

Net Revenue (US$ m)

125.0

126.4

122.4

122.4

118.3

Revenue

7,574

7,798

7,630

7,630

7,583

Direct costs

5,324

5,374

5,705

5,405

5,454

Gross profit

2,251

2,424

1,925

2,225

2,129

8,123 SAP, and Product & platforms

5,514 Cross currency headwind 30bp
2,608 Growth in Automotive/ E&U

Gross margin

29.7

31.1

25.2

29.2

28.1

32.1

SG&A

1,241

1,338

1,581

1,581

1,401

1,469

EBITDA

1,241

1,338

1,581

1,581

1,401

1,469 Margin headwind from wage hike (200bp)

13.3

13.9

4.5

8.4

9.6

EBITDA margin

14.0 was more than offset by correction in employee

Depreciation

245

219

225

225

164

167 pyramid, utilization and INR depreciation

EBIT

765

866

119

419

565

971

EBIT margin

10.1

11.1

1.6

5.5

7.4

Profit before tax

768

841

146

446

616

63

187

-357

-5

172

706

653

503

451

444

757

706

653

503

451

444

757

- basic

3.72

3.44

2.64

2.37

2.33

3.93

- diluted

3.52

3.26

2.52

2.26

2.22

3.76

Provision for taxation

Profit after tax (recurring)
Minority interest/ EO items
Reported net profit

12.0 Forex gain of Rs67m (Rs86m in Q1)

1,013
256 Effective tax rate at 25.3%

Reported EPS (Rs.)

Source: Company, IDFC Securities Research

Improving revenue and margin visibility A precursor for re-rating

The management has undertaken various initiatives over the last 3-4 quarters to improve revenue and
margin visibility.

Improving profitability: The company has undertaken measures to retrace margin to mid-teens:1)
pyramid rationalization added 585 fresher although net headcount reduced by 321, 2) tail trimming
initiative to get rid of low margin clients, and 3) utilization improvement onsite and offshore
utilization improved by 400bp and 300bp qoq respectively. The management expects margin to
sustain at mid-teen level.
Better revenue predictability: The capricious performance in the past has been the key concern for
the investors. The management cognizant of the fact has taken measures to improve the
predictability: 1) taken revenue and cost predictability measures across all SBUs to improve people
utilization, 2) standardized operating frameworks and business reviews across all levels, and 3)
reduced revenue leakage through non-availability of right resources.
Focus on growth: The key strategic focus over the last two quarters was to recoup margins. After
achieving the same, the focus now shifts to strengthening the growth momentum. The efforts made
by the management 1) investment in account managers, 2) focus on product platforms, 3) investment
in digital technologies, and 4) curtail long tail in-order to improve focus.
What it means for growth and profitability?
We expect the management endeavour to fully reflect in revenue growth and profitability in CY16. We
are factoring 12% revenue CAGR over FY16-18, and build in margin expansion of 360bp over FY15-18E.
The revenue momentum would be aided by: 1) stability in Cummins account, 2) completion of rampdown in top hi-tech account, 3) strong deal wins in engineering and product & platform, and 4) deal
wins in SAP. Moreover, the margin visibility improved: 1) early signs of turnaround in SAP (mid-single
digit margin in Q2FY16 is expected to be 8-10% in Q4FY16, 2) pyramid rationalization, 3) tail trimming,
4) operating leverage due to improved revenue momentum. We are factoring in 18% earnings CAGR
over FY15-18E.

2 | IDFC SECURITIES

21 October 2015

KPIT Technologies

Balance sheet and other details

Company had cash & equivalents of Rs4.4bn as of September 2015 and gross debt of Rs4.48bn,
including Rs3.66bn of working capital loan.
Total headcount saw a net decrease of 180 employees (-1.7% qoq and TTM hiring of +7.3%). KPIT has
rationalized lateral hiring and further improved pyramid through 415 fresher hires during the quarter
(585 in H1FY16); pyramid correction and people rationalization has primarily driven the gross margin
expansion of 680bp over last two quarters.
Wage hike of 2% for onsite and 8% for offshore employees effective 1st July 2015 had a gross margin
impact of 200-225bp in Q2FY16.
Blended utilization improved by 350bp qoq to 73.1% (onsite up 410bp to 91.2%; offshore up 340bp to
69.8%).
Capex in Q2FY16 was Rs290m (Rs656m in H1FY16; Rs825m in FY15).
The company had total outstanding hedges of US$38.7m maturing in FY16 at an average rate of
Rs66.69.

Maintain Outperformer with target price of Rs160

Why re-rating just round the corner?
KPIT capricious performance and weak cash conversion have been the key reason for discount to peers.
However, measures taken by the management to improve predictability and profitability along with
better DSO (aspire to range in 78-80 days), which would improve the cash conversion, would result in
multiple re-rating. We believe KPIT is at cusp of re-rating, if the company shows steady performance
over the next 2-4 quarters.
FY16-18E EPS has been raised by 11-12% on better revenue visibility and healthier margin outlook. We
build in ~9% USD revenue CAGR and ~18% INR EPS CAGR over FY15-18E (INR/ USD of Rs65/ Rs67/ Rs67
for FY16/ 17/ 18E).
Exhibit 2: Change in estimates
Year to 31-Mar

FY16E

FY17E

FY17E

Revenue (US$ m)
- New

497

561

631

- Old

488

533

600

1.9

5.4

5.2

Change (%)
Net income - Recurring (Rs m)
- New

2,626

3,201

3,899

- Old

2,352

2,859

3,475

11.6

12.0

12.2

- New

13.1

15.9

19.4

- Old

11.8

14.3

17.4

Change (%)

11.1

11.2

11.5

Change (%)
Recurring EPS - Fully diluted (Rs)

Source: Company, IDFC Securities Research

KPITs improved revenue and steady margin outlook indicate success of multiple initiatives taken by the
company over the last 3-4 quarters. The client specific challenges are behind that resulted in sharp
earnings cuts and de-rating. However, in-line with our expectation the company has regained mid-teens
margins and we expect revenue momentum to 12% CAGR over FY16-18E. KPIT is currently trading at 8x
FY17E EPS, and we expect re-rating to follow as visibility improves. We retain our Outperformer rating
with a revised target price of Rs160 (10x FY17E EPS) from Rs140.

3 | IDFC SECURITIES

21 October 2015

KPIT Technologies

Other result tables

Exhibit 3: Revenue mix by geography
(US$ m)

2Q16

1Q16

QoQ

2Q15

YoY

US

83.4

82.4

1.2%

83.1

0.4

Europe

22.7

19.8

14.7%

17.2

32.3

Rest of World

18.4

16.1

14.6%

24.8

-25.6

% of Total
US

67.0

69.7

-269 bps

66.5

52 bps

Europe

18.2

16.7

149 bps

13.7

450 bps

Rest of World

14.8

13.6

120 bps

19.8

-502 bps

2Q16

1Q16

QoQ

2Q15

YoY

46.5

43.9

5.8

46.4

0.1

Manufacturing

41.4

42.3

-2.1

39.5

4.9

Energy & Utilities

26.5

22.1

19.8

27.1

-2.3

Others

10.2

10.0

2.2

12.0

-14.9

Source: Company, IDFC Securities Research

Exhibit 4: Revenue mix by industry verticals

(US$ m)
Automotive & Transportation

% of Total
Automotive & Transportation

37.3

37.1

19 bps

37.1

18 bps

Manufacturing

33.3

35.8

-251 bps

31.6

165 bps

Energy & Utilities

21.3

18.7

257 bps

21.7

-43 bps

8.2

8.4

-25 bps

9.6

-140 bps

YoY

Others

Source: Company, IDFC Securities Research

Exhibit 5: Revenue mix by service portfolio

2Q16

1Q16

QoQ

2Q15

Integrated Enterprise Solutions

(US$ m)

46.1

46.1

-0.1

47.6

-3.1

Product Engineering Services

33.5

30.7

9.2

24.3

38.2

6.1

5.0

21.5

13.3

-54.5

27.3

25.0

9.5

28.2

-3.2

11.5

11.5

0.3

11.6

-0.6

Integrated Enterprise Solutions

37.0

39.0

-199 bps

38.1

-105 bps

Product Engineering Services

26.9

26.0

96 bps

19.4

751 bps

Products & Platforms

4.9

4.2

65 bps

10.7

-579 bps

SAP

21.9

21.1

84 bps

22.6

-65 bps

9.3

9.7

-46 bps

9.3

-2 bps

(US$ m)

2Q16

1Q16

QoQ

2Q15

YoY

Fixed Price

89.9

86.2

4.2%

81.4

10.4

Time & Material

34.7

32.1

8.1%

43.6

-20.4

Time & Material

72.1%

72.9%

-72 bps

65.1

704 bps

Fixed Price

27.9%

27.2%

72 bps

34.9

-704 bps

Products & Platforms

SAP
Enterprise Solutions
% of Total

Enterprise Solutions

Source: Company, IDFC Securities Research

Exhibit 6: Revenue mix by project type

% of Total

Source: Company, IDFC Securities Research

4 | IDFC SECURITIES

21 October 2015

KPIT Technologies
Exhibit 7: Revenue mix by delivery location
(US$ m)

2Q16

1Q16

QoQ

Onsite Revenues

68.6

65.4

4.9%

63.8

7.5%

Offshore revenue

54.9

51.7

6.1%

54.6

0.6%

1.0

1.2

-13.0%

6.6

-84.7%

403 bps

SI

2Q15

YoY

% of Total
Onsite

55.1

55.3

-19 bps

51.1

Offshore

44.1

43.7

36 bps

43.7

43 bps

0.8

1.0

-17 bps

5.3

-446 bps

2Q16

1Q16

QoQ

2Q15

YoY

Development Team - Onsite (Avg)

1,568

1,564

0.3

1,456

7.7

Development Team - Offshore (Avg)

8,416

8,514

-1.2

7,518

11.9

SI

Source: Company, IDFC Securities Research

Exhibit 8: Key HR and Execution metrics

Onsite FTE

1,430

1,362

5.0

1,327

7.8

Offshore FTE

5,870

5,654

3.8

5,383

9.0

Development (at Quarter end)

7.5

9,883

10,062

-1.8

9,191

Gen Management / Support

578

585

-1.2

572

1.0

Marketing (Subsidiaries)

198

192

3.1

170

16.5

10,659

10,839

-1.7

9,933

7.3

Total
Onsite Utilization
Offshore Utilization

91.2%

87.1%

413 bps

91.1%

11 bps

69.8%

66.4%

334 bps

71.6%

-185 bps

YoY

Source: Company, IDFC Securities Research

Exhibit 9: Client data

Client Details

2Q16

1Q16

QoQ

2Q15

No of Active Customers

212

210

1.0

203

4.4

No of Customers Added

0.0

0.0

88

87

1.1

84

4.8
-5.2

US$1m+ Clients
Client buckets (US$ m)
Top Customer

17.7

16.8

5.4

18.6

Top 5 Customers

37.0

36.4

1.8

40.1

-7.7

Top 2-5 Customers

19.4

19.6

-1.2

21.5

-9.9

Top 10 Customers

51.7

50.0

3.5

53.5

-3.3

Top 6-10 Customers

14.7

13.6

7.9

13.4

9.6

Non-Top 10 Customers

72.9

68.4

6.6

71.5

1.9

% of Total
Top Customer

14.2

14.2

1 bps

14.9

-72 bps

Top 5 Customers

29.7

30.7

-101 bps

32.1

-236 bps

Top 10 Customers

41.5

42.2

-72 bps

42.8

-129 bps

82

85

-3.5%

80

2.5%

DSO (daus)

Source: Company, IDFC Securities Research

5 | IDFC SECURITIES

21 October 2015

KPIT Technologies
Income statement
Year to 31 Mar (Rs
m)
Net sales
% growth
Operating expenses
EBITDA
% change
Other income
Net interest
Depreciation
Pre-tax profit
Deferred tax

Key ratios
FY14

FY15

FY16E

FY17E

FY18E

EBITDA margin (%)

16.2

10.9

13.0

14.1

14.5

42,294

EBIT margin (%)

14.2

8.1

10.8

12.0

12.5

16.7

12.5

PAT margin (%)

9.3

7.9

8.1

8.5

9.2

28,049

32,294

36,172

RoE (%)

21.5

18.4

18.6

19.1

19.5

3,270

4,175

5,301

6,122

24.3

13.7

18.8

22.2

23.0

(24.9)

27.7

27.0

15.5

0.1

0.0

(0.1)

(0.1)

(0.2)

FY14

FY15

FY16E

FY17E

FY18E

26,940

29,899

32,224

37,595

20.3

11.0

7.8

22,588

26,629

4,353
19.1
(74)

352

288

161

281

(287)

(286)

(203)

(258)

(177)

540

851

679

775

847

3,452

2,485

3,580

4,428

5,378

Year to 31 Mar

RoCE (%)
Gearing (x)
Net debt/ EBITDA
(x)
FCF yield (%)

0.2

0.1

(0.2)

(0.4)

(0.8)

(3.3)

11.9

6.6

8.2

11.3

Dividend yield (%)

0.8

0.8

1.0

1.2

1.2

Valuations

941

115

955

1,227

1,479

2,511

2,370

2,626

3,201

3,899

FY14

FY15

FY16E

FY17E

FY18E

Preference dividend

Reported EPS (Rs)

12.8

11.8

13.1

15.9

19.4

Minorities

Adj. EPS (Rs)

12.8

11.8

13.1

15.9

19.4

Adjusted net profit

2,511

2,370

2,626

3,201

3,899

PE (x)

9.7

10.4

9.5

7.8

6.4

Non-recurring items

Price/ Book (x)

1.9

1.9

1.6

1.4

1.1

Reported net profit

2,511

2,370

2,626

3,201

3,899

EV/ Net sales (x)

0.9

0.8

0.7

0.6

0.5

% change

26.2

(5.6)

10.8

21.9

21.8

EV/ EBITDA (x)

5.8

7.6

5.7

4.3

3.3

EV/ CE (x)

1.4

1.4

1.2

1.1

0.8

Current tax
Profit after tax

Year to 31 Mar

Balance sheet
As on 31 Mar (Rs
m)
Paid-up capital
Preference capital
Reserves & surplus
Shareholders'
equity
Total current
liabilities
Total debt
Deferred tax
liabilities
Other non-current
liabilities
Total liabilities
Total equity &
liabilities
Net fixed assets

FY14

FY15

FY16E

FY17E

FY18E

371

376

376

376

376

12,380

12,585

14,929

17,793

21,354

12,751

12,962

15,306

18,169

21,730

3,860

4,859

4,834

5,639

6,344

4,390

4,457

3,677

2,777

2,277

233

423

423

423

423

8,483

9,739

8,934

8,840

9,045

21,234

22,701

24,240

27,009

30,774

2,161

2,328

2,641

3,082

3,467

Cash

1,908

3,638

4,006

4,554

6,355

Other current assets

9,989

9,511

10,189

11,789

13,189

7,176

7,224

7,404

7,584

7,764

Investments

Deferred tax assets

Other non-current
assets
Net working capital
Total assets

8,037

8,290

9,361

10,704

13,200

21,234

22,701

24,240

27,009

30,774

FY18E

Client metrics

Shareholding pattern

Cash flow
Year to 31 Mar (Rs
m)

FY14

FY15

FY16E

FY17E

Pre-tax profit

3,452

2,485

3,580

4,428

5,378

Depreciation
Chg in Working
capital
Total tax paid

(540)

(851)

(679)

(775)

(847)

(1,967)

(628)

(703)

(794)

(695)

(941)

(115)

(955)

(1,227)

(1,479)

Interest Received

Ext ord. Items

Operating cash
flow
Capital expenditure
Free cash flow
(a+b)
Chg in investments

1,460

3,070

2,805

3,441

4,229

(2,266)

(113)

(1,172)

(1,396)

(1,412)

(806)

2,957

1,633

2,045

2,816

Debt raised/(repaid)

1,177

67

(780)

(900)

(500)

Interest Paid
Capital
raised/(repaid)
Dividend (incl. tax)

(15)

(237)

(240)

(282)

(338)

(338)

129

(1,924)

(13)

1,730

368

549

1,801

Other items
Net chg in cash

6 | IDFC SECURITIES

As of June 15

21 October 2015

KPIT Technologies
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performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested.
Foreign currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or the price of, or
income derived from, the investment. In addition, investors in securities, the values of which are influenced by foreign currencies, effectively assume
currency risk.
Affiliates of IDFC SEC may have issued other reports that are inconsistent with and reach different conclusions from, the information presented in this
report.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IDFC
SEC and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale
in all jurisdictions or to a certain category of investors. Persons in whose possession this document may come are required to inform themselves of, and
to observe, such applicable restrictions.
Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's
fundamentals and, as such, may not match with a report on a company's fundamentals.
IDFC SEC and affiliates, their directors, officers, and employees may from time to time have positions in, purchase or sell, or be materially interested in
any of the securities mentioned or related securities. IDFC SEC and affiliates may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall IDFC SEC, any of its affiliates or any third party
involved in, or related to, computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or
consequential loss or damage, however arising, from the use of this document. Any comments or statements made herein are those of the analyst and do
not necessarily reflect those of IDFC SEC and affiliates.
This document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed and may contain
confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited.
Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. IDFC SEC will not treat recipients
as customers by virtue of their receiving this report.
The analyst certifies that all of the views expressed in this research report accurately reflect his/her personal views about any and all of the subject
issuer(s) or securities. The analyst certifies that no part of her compensation was, is, or will be directly or indirectly related to the specific
recommendation(s) and/or views expressed in this report.

Additional Disclosures of interest:

Unless specifically mentioned in Point No. 9 below:
1. The Research Analyst(s), IDFC Sec, Associate of Analyst or his relative does not have any financial interest in the company(ies) covered in this report.
2. The Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities
of the company (ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
3. The Research Analyst, his associate, his relative and IDFC SEC do not have any other material conflict of interest at the time of publication of this
research report.
4. The Research Analyst, IDFC SEC and its associates have not received compensation for investment banking or merchant banking or brokerage
services or for any other products or services from the company(ies) covered in this report, in the past twelve months.
5. The Research Analyst, IDFC SEC or its associates have not managed or co-managed in the previous twelve months, a private or public offering of
securities for the company (ies) covered in this report.
6. IDFC SEC or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in
connection with the research report.
7. The Research Analyst has not served as an Officer, Director or employee of the company (ies) covered in the Research report.
8. The Research Analyst and IDFC SEC has not been engaged in market making activity for the company(ies) covered in the Research report.
9. Details of IDFC SEC , Research Analyst and its associates pertaining to the companies covered in the Research report:
Sr.
No.
1.
2.
3.
4.
5.

Yes /
No.

Particulars
Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for
investment banking transaction by IDFC SEC
Whether Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively hold more than 1%
of the company(ies) covered in the Research report
Whether compensation has been received by IDFC SEC or its associates from the company(ies) covered in the Research report
IDFC SEC or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for
the company(ies) covered in the Research report
Research Analyst, his associate, IDFC SEC or its associates have received compensation for investment banking or merchant
banking or brokerage services or for any other products or services from the the company(ies) covered in the Research report, in
the last twelve months

No
No
No
No
No

Explanation of Ratings:
1. Outperformer
2. Neutral
3. Underperformer

:
:
:

More than 5% to Index

Within 0-5% (upside or downside) to Index
Less than 5% to Index

Copyright in this document vests exclusively with IDFC Securities Ltd.

7 | IDFC SECURITIES

21 October 2015

KPIT Technologies
SEBI Registration Nos. of IDFC Securities Limited
Research Analyst
Stock Broker
NSE Capital Markets
NSE Futures & Options
BSE Capital Markets
BSE Futures & Options

INH 000000 131

INB 23 12914 37
INF 23 12914 37
INB 01 12914 33
INF01 12914 33

US Disclaimer:
This report is distributed in the US, by IDFC Securities (Parent of IDFC Capital (USA) Inc.) only to major U.S institutional
investors (as defined in Rule 15a-6 under the U.S Securities Exchange Act of 1934 (the Exchange Act)) pursuant to the
exemption (a)(2) of the Rule and any transaction effected by a U.S customer in the securities described in this report
must be effected through IDFC USA as defined in the Rule.
Neither the report nor any analyst who prepared or approved the report is subject to U.S legal requirements or Financial
Industry Regulatory Authority, Inc. (FINRA) or other regulatory requirements pertaining to research reports or research
analysts.
This communication is produced by an analyst/strategist of IDFC Securities Ltd.
This material was produced by IDFC Securities solely for information purposes and for the use of the recipient, It is not to
be reproduced under any circumstances and is not be copied or made available to any person other that the recipient, it
is distributed in the United States of America by IDFC Securities under 15a-6(a)(2). And elsewhere in the world by IDFC
Securities or any authorised affiliate of IDFC Securities.

Annexure to Research Disclosure

Associates of IDFC Securities Limited
Sr.
No.

Name of Company

Category

IDFC Ltd.

Parent of
IDFC
NOFHC

Nature of business

3.

IDFC Financial Holding Company Ltd.

(IDFC NOFHC)
IDFC Capital (USA) Inc.

Subsidiary

Non-Banking Finance Company,

SEBI registered Merchant Banker,
SEBI registered Debenture Trustee
Non-Banking Finance Company
(Non-operative Financial Holding Company)
Broker Dealer registered with FINRA

4.

IDFC Capital (Singapore) Pte. Ltd.

Subsidiary

Fund Manager

5.

IDFC Securities Singapore Pte. Ltd.

Subsidiary

Dealing in Securities

6.

IDFC Fund of Funds Ltd.

Subsidiary

Sponsor Investments

1.
2.

8 | IDFC SECURITIES

Parent

21 October 2015

KPIT Technologies

www.idfc.com
Analyst

Sector/Industry/Coverage

E-mail

Anish Damania

Co-CEO - IDFC Securities, Head - Institutional Equities; Strategy

anish.damania@idfc.com

Tel.+91-22-6622 2600
91-22-6622 2522

Shirish Rane

Head of Research; Construction, Power

shirish.rane@idfc.com

91-22-662 22575

Nitin Agarwal

Pharmaceuticals, Real Estate

nitin.agarwal@idfc.com

91-22-662 22568

Mahrukh Adajania

Financials

mahrukh.adajania@idfc.com

91-22-662 22574

Bhoomika Nair

Engineering, Cement, Power Equipment, Logistics

bhoomika.nair@idfc.com

91-22-662 22561

Shashi Bhusan

IT Services

shashi.bhusan@idfc.com

91-22-662 22631

Amit Rustagi

Oil & Gas

amit.rustagi@idfc.com

91-22-662 22688

Ashish Shah

Construction, Power

ashish.shah@idfc.com

91-22-662 22560

Deepak Jain

Automobiles, Auto ancillaries

deepak.jain1@idfc.com

91-22-662 22562

Vijayaraghavan G

Agri-inputs, Midcaps

vijayaraghavan.g@idfc.com

91-22-662 22690
91-22-662 22567

Rohit Dokania

Media & Entertainment, Midcaps

rohit.dokania@idfc.com

Abhishek Gupta

Telecom, IT services

abhishek.gupta@idfc.com

91-22-662 22661

Mohit Kumar, CFA

Construction, Power

mohit.kumar@idfc.com

91-22-662 22573

Param Desai

Pharmaceuticals, Real Estate

param.desai@idfc.com

91-22-662 22579

Probal Sen

Oil & Gas

probal.sen@idfc.com

91-22-662 22569
91-22-662 22649

Harit Kapoor

FMCG, Retail, Alcoholic Beverages

harit.kapoor@idfc.com

Saumil Mehta

Metals, Mining

saumil.mehta@idfc.com

91-22-662 22578

Abhishek Ghosh

Engineering, Cement, Power Equipment, Logistics

abhishek.ghosh@idfc.com

91-22-662 22658

Saksham Kaushal

Automobiles, Auto ancillaries

saksham.kaushal@idfc.com

91-22-662 22529

Sanketh Godha

Financials

sanketh.godha@idfc.com

91-22-662 22657

Jiten Rushi

Construction

jiten.rushi@idfc.com

Mehul Desai

FMCG, Retail, Alcoholic Beverages

mehul.desai@idfc.com

91-22-662 22640

Dharmendra Sahu

Database Analyst

dharmendra.sahu@idfc.com

91-22-662 22580

91-22-662 22615

Equity Sales/Dealing Designation

E-mail

Ashish Kalra

Managing Director, Sales

ashish.kalra@idfc.com

Tel.+91-22-6622 2500
91-22-6622 2525

Rajesh Makharia

Director, Sales

rajesh.makharia@idfc.com

91-22-6622 2528

Nilisha Barbora

Director, Sales

nilisha.barbora@idfc.com

91-22-6622 2595

Palak Shah

SVP, Sales

palak.shah@idfc.com

91-22-6622 2696
91-22-6622 2558

Varun Saboo

SVP, Sales

varun.saboo@idfc.com

Hemal Ghia

SVP, Sales

hemal.ghia@idfc.com

91-22-6622 2533

Abhinav Rathee

VP, Sales

abhinav.rathee@idfc.com

91-22-6622 2586

Nirav Bhatt

AVP, Sales

nirav.bhatt@idfc.com

Chandan Asrani

AVP, Sales

chandan.asrani@idfc.com

91-22-6622 2540
91-22-6622 2537

91-22-6622 2681

Sneha Baxi

Manager, Sales

sneha.baxi@idfc.com

Kushal Bhammar

Manager, Sales

kushal.bhammar@idfc.com

91-22-6622 2577

Suryakant Bhatt

Director & Head - Sales trading

suryakant.bhatt@idfc.com

91-22-6622 2693

Mukesh Chaturvedi

Director, Sales trading

mukesh.chaturvedi@idfc.com

91-22-6622 2512

Viren Sompura

SVP, Sales trading

viren.sompura@idfc.com

91-22-6622 2527

Rajashekhar Hiremath SVP, Sales trading

rajashekhar.hiremath@idfc.com

91-22-6622 2516

Alok Shyamsukha

SVP, Sales trading

alok.shyamsukha@idfc.com

91-22-6622 2523

Suketu Parekh

VP, Sales trading

suketu.parekh@idfc.com

91-22-6622 2674

IDFC Securities
th
Naman Chambers, C-32, 7 floor,
G- Block, Bandra-Kurla Complex,
Bandra (East), Mumbai 400 051
INDIA

IDFC Capital (USA) Inc,

Regus Business Centre
600 Third Avenue,
nd
2 Floor,
New York,10016

Tel: +91 22 6622 2600

Fax: +91 22 6622 2503

Tel: +1 646 571 2303

Fax: +1 646 571 2301

Our research is also available on Bloomberg and Thomson Reuters

For any assistance in access, please contact research@idfc.com

9 | IDFC SECURITIES

21 October 2015