infotech enterprises
Post on 14-Apr-2018
262 Views
Preview:
TRANSCRIPT
-
8/2/2019 Infotech Enterprises
1/13
Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Net sales 417 417 0.2 326 28.1EBITDA 83 86 (3.4) 47 77.0
EBITDA margin (%) 19.8 20.6 (75)bp 14.3 548bp
Net profit 70 34 106.7 37 88.9Source: Company, Angel Research
For 4QFY2012, Infotech Enterprises (Infotech) reported a decent set of results,
with volume growth of 2.1% in each of the verticals network and content
engineering (NCE) and engineering manufacturing and industrial products
(ENGG). Infotech added 16 new customers during the quarter. Order intake inthe NCE vertical in 4QFY2012 was the highest ever, driven in particular by APAC
and North America geography. The company has announced wage hike of
8-10% for offshore employees and 2% for onsite employees and is optimistic
about the demand scenario. We recommend Accumulate on the stock.Quarterly highlights: For 4QFY2012, Infotech reported revenue of US$83mn, up1.6% qoq, on the back of 2.1% qoq volume growth. In INR terms, revenue came
in at `417cr, up 0.2% qoq. The companys EBITDA and EBIT margins declined by
75bp and 5bp qoq to 19.8% and 17.7%, respectively, largely because of qoq INR
appreciation against USD. PAT stood high at `70cr in 4QFY2012 vs. `34cr in
3QFY2012 because of huge other income of `35cr in 4QFY2012 vs. loss of
`23cr in 3QFY2012.Outlook and valuation: Infotech has been witnessing a 4.6% CQGR in its USD
revenue over 2QFY20114QFY2012 because of inorganic growth due to the
acquisition of Daxcon and Wellsco. The company is on the right track in terms of
making investments to strengthen its product portfolio and is taking initiatives to
improve its financial metrics. Management indicated that it has not witnessed any
change in the demand scenario and expects to grow at 19-20% in constant
currency terms in FY2013. Over FY2012-14E, we expect the company to post a
USD and INR revenue CAGR of 11.5% and 12.7%, respectively. For FY2013,
management expects operating margins to exit at 17-17.5%. We expect EBITDA
and PAT CAGR to be at 10.0% and 12.5%, respectively, over FY2012-14E.
We value Infotech at 9.5x FY2014E EPS of `18.6, which gives us a target price of`177, and recommend Accumulate on the stock.Key financials (Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014ENet sales 953 1,188 1,553 1,758 1,972% chg 7.1 24.6 30.7 13.2 12.2
Net profit 171 140 163 187 206% chg 85.0 (18.3) 16.7 14.6 10.5
EBITDA margin (%) 21.9 15.2 17.4 17.0 16.6
EPS (`) 15.4 12.6 14.5 16.8 18.6P/E (x) 10.8 13.3 11.5 9.9 9.0
P/BV (x) 2.0 1.8 1.6 1.4 1.2
RoE (%) 18.9 13.4 13.6 13.6 13.2
RoCE (%) 18.1 12.6 18.5 17.7 16.9
EV/Sales (x) 1.5 1.2 0.9 0.7 0.5
EV/EBITDA (x) 6.8 7.8 4.9 4.0 3.2
Source: Company, Angel Research
ACCUMULATECMP `167
Target Price `177
Investment Period 12 Months
Stock Info
Sector
Bloomberg Code
Shareholding Pattern (%)
Promoters 22.9
MF / Banks / Indian Fls 6.9
FII / NRIs / OCBs 25.4
Indian Public / Others 44.9
Abs. (%) 3m 1yr 3yr
Sensex 5.7 (8.9) 57.8
Infotech 31.5 6.7 222.1
Face Value (`)
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
1,870
0.5
5
173/100
30,569
BSE SensexNifty
Reuters Code
INFTC@IN
17,3925,300
INFE.BO
Ankita Somani+91 22 3935 7800 Ext: 6819
ankita.somani@angelbroking.com
Infotech EnterprisesPerformance Highlights
4QFY2012 Result Update | IT
April 18, 2012
-
8/2/2019 Infotech Enterprises
2/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 2
Exhibit 1:4QFY2012 Financial performance
Y/E March (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) FY2012 FY2011 % chg (yoy)Total revenue 417 417 0.2 326 28.1 1,553 1,188 30.7Salary cost 247 246 0.4 202 22.3 946 735 28.8Gross profit 170 170 (0.0) 124 37.6 607 453 33.9
Gross margin (%) 40.8 40.9 (10)bp 37.9 282bp 39.1 38.1 93bp
Travel expenditure 25 23 6.9 21 15.1 95 76 24.5
Purchase of products 7 12 (39.4) 11 (32.1) 41 11 277.6
Other operating costs 55 49 12.5 44 24.3 49 152 (67.7)
EBITDA 83 86 (3.4) 47 77.0 270 180 49.9EBITDA margin (%) 19.8 20.6 (75)bp 14.3 548bp 17.4 15.2 223bp
Dep. and amortization 11 14 (20.3) 12 (7.6) 49 49 1.7
EBIT 71 71 (0.1) 34 107.2 221 132 67.7
EBIT margin (%) 17.1 17.1 (5)bp 10.6 653bp 14.2 11.1 314bp
Financial expenses 0 0 1 (42.9) 1 2 (11.0)
Other income 35 (23) 5 597.4 17 30 (43.0)
Profit before tax 106 48 120.5 39 172.9 236 160 48.0
Tax 38 17 123.7 4 866.5 84 27 209.6
PAT 66 31 113.6 35 89.3 153 133 15.2
Share of profits of associates 4 3 29.6 2 78.2 - - -
Minority interest - 0 0 (10) (7) 45.1
Final PAT 70 34 106.7 37 88.9 163 140 16.7PAT margin (%) 15.4 8.6 720bp 11.2 462bp 10.4 11.5 (109)bp
EPS(`) 6.3 3.1 103.2 3.3 89.2 14.5 12.6 15.2
Source: Company, Angel Research
Exhibit 2:4QFY2012 Actual vs. Angel estimates
(` cr) Actual Estimate % VarNet revenue 417 420 (0.6)
EBITDA margin (%) 19.8 19.7 7bp
PAT 70 47 47.9
Source: Company, Angel Research
In-line performance
For 4QFY2012, Infotech reported revenue of US$83mn, up 1.6% qoq, on the
back of 2.1% qoq volume growth. The NCE vertical witnessed volume growth of
2.1% qoq and the ENGG vertical reported 2.1% qoq volume growth.
In INR terms, revenue came in at `417cr, up merely 0.2% qoq, on account of
1) 2.1% qoq volume growth, 2) 0.7% qoq positive impact because of increased
price realization and 3) 2.6% qoq negative impact due to exchange rates.
-
8/2/2019 Infotech Enterprises
3/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 3
Exhibit 3:Volume growth trend (Segment wise, qoq)
Source: Company, Angel Research
Exhibit 4:Revenue growth trend
Source: Company, Angel Research
NCE: During the quarter, the NCE verticals revenue increased by 1.6% qoq toUS$25.4mn. In INR terms, revenue came in at `128cr, up merely 0.3% qoq, on
the back of 2.1% qoq volume growth and 1.8% qoq negative impact due to INR
appreciation against USD. The company continues to see good traction from theU.S. in this vertical, benefiting from the ramp-up in the projects from the three
clients that the company acquired in 3QFY2012. Deal pipeline in this vertical
remains robust from APAC; however, deals from EMEA are now showing initial
signs of picking up. Infotech added seven new clients in the NCE vertical during
4QFY2012.
(3.7)
4.4
6.4
2.0 2.1
5.76.3
4.1 2.3
3.3
(4)
0
4
8
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
NCE ENGG
71.9
77.5
81.4 81.783.0
2.9
7.8
5.0
0.4
1.6
0
12
3
4
5
6
7
8
9
50
55
60
65
70
75
80
85
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
(US$mn)
Revenue (USD terms) qoq growth (%)
-
8/2/2019 Infotech Enterprises
4/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 4
Exhibit 5:NCE vertical Revenue growth trend
Source: Company, Angel Research
ENGG: The ENGG verticals revenue grew by 1.6% qoq to US$57.6mn. In INRterms, revenue came in at `290cr, up merely 0.2% qoq, on the back of 2.1% qoq
volume growth, 1.0% qoq positive impact from increased price realization and
2.9% qoq negative impact due to INR appreciation against USD. Infotech added
nine new clients in this vertical during the quarter.
Exhibit 6:ENGG vertical Revenue growth trend
Source: Company, Angel Research
Hiring momentum continues
During 4QFY2012, Infotech continued its hiring trend in the NCE vertical, adding
54 employees on the base of 4,131 people to map the demand witnessed in this
vertical. The ENGG vertical, which witnessed employee rationalization in
2QFY2012 and 3QFY2012, witnessed net addition of 93 employees in its
employee base in 4QFY2012, taking its total employee base to 4,508.
The company hired 662 gross employees in 4QFY2012, and management
indicated that net hiring for FY2013 would be ~1,500 people. The companys
attrition rate (annualized basis) declined to 17.5% in 4QFY2012 from 19.0% in3QFY2012.
22.2
23.8
25.1 25.025.4
(2.5)
7.1
5.4
(0.3)1.6
(4)
(2)
0
2
4
6
8
16
17
18
19
20
21
22
23
24
25
26
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
(US$mn)
Revenue (USD terms) qoq growth (%)
49.8
53.7
56.3 56.757.6
5.5
7.9
4.9
0.71.6
0
1
2
3
4
5
6
7
8
9
40
42
44
46
48
50
52
54
56
58
60
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
(US$mn)
Revenue (USD terms) qoq growth (%)
-
8/2/2019 Infotech Enterprises
5/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 5
Exhibit 7:Trend in hiring
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12Net additionsNCE (33) (21) 259 179 54ENGG 306 160 (15) (95) 93
Support 54 25 (6) - (10)
Total employeesNCE 3,714 3,693 3,952 4,131 4,185
ENGG 4,365 4,525 4,510 4,415 4,508
Support 632 657 651 651 641
Source: Company, Angel Research
Utilization level for the NCE vertical decreased to 82% in 4QFY2012 from 88% in
3QFY2012 because of ramp down in BT business. Utilization level of ENGG
increased to 73% in 4QFY2012 from 72% in 3QFY2012, respectively, as freshers
hired in the past six months turned billable.
Exhibit 8:Trend in utilization (Segment wise)
Source: Company, Angel Research
Margins decline
For 4QFY2012, EBITDA and EBIT margins of Infotech declined by 75bp and 5bp
qoq to 19.8% and 17.1%, respectively, largely on the back of INR appreciation
against USD. Going ahead, the company is looking to improve its utilization level
in both the verticals (NCE and ENGG), right-size its employee pyramid by adding
more freshers into the system and improve onsite-offshore mix, which will in turn
improve operating margins and aid profitability.
Infotech has announced wage hike of 8-10% for offshore employees and 2% for
onsite employees, which will negatively affect the companys operating margin by
250-300bp qoq in 1QFY2013.
83
86
9088
82
7574
7372
73
65
70
75
80
85
90
95
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
NCE ENGG
-
8/2/2019 Infotech Enterprises
6/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 6
Exhibit 9:Trend in margins
Source: Company, Angel Research
Outlook and valuation
Infotech has been witnessing a 4.6% CQGR in its USD revenue over
2QFY20114QFY2012 because of inorganic growth due to the acquisition of
Daxcon and Wellsco. The company is on the right track in terms of making
investments to strengthen its product portfolio and is taking initiatives to improve its
financial metrics. Management indicated that it has not witnessed any change in
the demand scenario and expects to grow at 19-20% in constant currency terms in
FY2013. The company has got price increase from some of its selective clients,
which instills confidence in the companys performance going ahead. So, overFY2012-14E, we expect the company to post a USD and INR revenue CAGR of
11.5% and 12.7%, respectively.
The companys operating margin has improved considerably in FY2012 to 17.4%
from 15.2% in FY2011 because of INR depreciation. This year, management
expects operating margins to exit at 17-17.5%, despite wage hikes given in
FY2013 (offshore: 8-10% and onsite: 2%), by using levers such as improving
utilization level, rationalizing SG&A expenses and shifting more work offshore.
Because of wage hike, we expect EBITDA margin to decline by 300bp qoq in
1QFY2012 and recover back to 17.0% in FY2013. We expect EBITDA and PAT
CAGR to be at 10.0% and 12.5%, respectively, over FY2012-14E.
We value the company at 9.5x FY2014E EPS of `18.6, which gives us a targetprice of `177, and recommend Accumulate on the stock.
14.3
12.5
15.7
20.619.8
10.69.2
12.4
17.1 17.1
5
10
15
20
25
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
EBITDA margin EBIT margin
-
8/2/2019 Infotech Enterprises
7/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 7
Exhibit 10:Key assumptions
FY2013 FY2014Revenue growth (USD) 10.9 12.2
Revenue growth (INR) 13.2 12.2EBITDA margin (%) 17.0 16.6
EBIT margin (%) 13.8 13.4
Tax rate (%) 33.5 32.5
PAT growth (%) 15.7 10.5
Source: Company, Angel Research
Exhibit 11:Change in estimates
FY2013E FY2014EParameter Earlier Revised Variation Earlier Revised Variation(` cr) estimates estimates (%) estimates estimates (%)Net revenue 1,766 1,758 (0.5) 1,979 1,972 (0.3)
EBITDA 300 299 (0.5) 332 327 (1.5)
PBT 254 266 4.6 281 291 3.4
Tax 80 89 11.2 90 95 5.0
PAT 184 187 1.4 201 206 2.5
Source: Company, Angel Research
Exhibit 12:One-year forward PE (x) chart
Source: Company, Angel Research
0
50
100
150
200
250
300
350
400
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
(`)
Price 18x 14x 10x 6x 2x
-
8/2/2019 Infotech Enterprises
8/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 8
Exhibit 13:Recommendation summary
Company Reco. CMP Tgt. price Upside FY2014E FY2014E FY2011-14E FY2014E FY2014E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) RoCE (%) RoE (%)
HCL Tech Accumulate 496 560 13.0 17.4 11.5 17.0 20.4 21.3Hexaware Neutral 125 - - 18.3 12.1 53.4 24.1 21.6
Infosys Buy 2,373 2,792 17.7 30.6 13.6 13.4 22.8 20.8
Infotech Entp. Accumulate 167 177 6.0 16.6 9.0 13.9 16.9 13.2KPIT Cummins Buy 79 98 24.1 14.9 7.3 (1.4) 20.0 18.0
Mahindra Satyam Accumulate 78 89 14.2 15.0 9.4 25.3 11.4 13.0
MindTree Accumulate 527 585 11.1 15.5 9.0 32.9 19.8 17.0
Mphasis Accumulate 380 433 14.0 17.9 9.2 1.7 14.1 13.7
NIIT^ Buy 48 61 28.0 16.9 5.2 18.0 11.5 19.0
Persistent Accumulate 335 352 5.1 20.8 8.6 3.8 16.1 13.8
TCS Buy 1,097 1,360 24.0 28.9 15.7 16.1 30.6 29.9
Tech Mahindra Accumulate 712 750 5.3 15.7 8.2 20.8 12.9 18.0
Wipro Accumulate 427 463 8.4 19.3 14.1 11.8 14.1 19.3
Source: Company, Angel Research; Note: Valued on SOTP basis
-
8/2/2019 Infotech Enterprises
9/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 9
Profit and Loss statement
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 953 1,188 1,553 1,758 1,972Cost of revenues 543 735 946 1,079 1,219Gross profit 410 453 607 679 753
% of net sales 43.1 38.1 39.1 38.6 38.2
Selling and mktg. expense 87 119 136 158 177
% of net sales 9.2 10.0 8.8 9.0 9.0
General and admin expense 115 154 200 221 248
% of net sales 12.0 12.9 12.9 12.6 12.6
EBITDA 208 180 270 299 327% of net sales 21.9 15.2 17.4 17.0 16.6
Dep. and amortization 44 49 49 56 63
% of net sales 4.6 4.1 3.2 3.2 3.2
EBIT 165 132 221 243 264
% of net sales 17.3 11.1 14.2 13.8 13.4
Other income 46 30 17 25 28
Interest expenses 3 2 1 1 1
Profit before tax 208 160 236 266 291
Exceptional item 2
Provision for tax 51 27 84 89 95
% of PBT 24.3 16.9 35.3 33.5 32.5
PAT 158 133 151 177 196
Minority interest (13) (7) (10) (10) (10)
Adj. PAT 171 140 163 187 206Fully diluted EPS (`) 15.4 12.6 14.5 16.8 18.6
-
8/2/2019 Infotech Enterprises
10/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 10
Balance sheet
Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014EEquity capital 28 56 56 56 56
Share premium account 363 334 334 334 334Reserves and surplus 516 655 805 979 1,173
Shareholders funds 906 1,046 1,195 1,369 1,562Minority interest - -
Borrowings 4 0.6 0.6 0.6 -
Total capital employed 911 1,046 1,196 1,370 1,562Gross block 494 560 620 680 740
Accumulated depreciation 239 288 337 393 457
Net block 255 273 283 287 284
CWIP 61 65 65 65 80
Deferred tax asset 3 1.5 2.0 2.0 3.0
Investments 202 91 98 105 124
Sundry debtors 207 268 300 363 409
Cash and cash equivalents 234 350 426 564 684
Loans and advances 134 185 220 236 271
Prepaid and other current assets 33 34 28 15 9
Total current assets 606 929 1,071 1,283 1,497Sundry creditors and others 66 79 92 111 126
Other current liabilities 50 25 77 92 105
Provisions 101 118 57 63 70
Total current liab. and provisions 216 222 225 267 301
Net current assets 390 707 846 1,016 1,196Total capital deployed 911 1,046 1,196 1,370 1,562
-
8/2/2019 Infotech Enterprises
11/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 11
Cash flow statement
Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014EPre-tax profit from oper. 162 130 220 241 263
Depreciation 44 49 49 56 63Exp. (deferred)/written off (13) (7) (10) (10) (10)
Pre tax cash from oper. 218 186 279 307 336
Other inc./prior period ad 46 30 17 25 28
Net cash from operations 265 215 296 332 364
Tax 51 27 84 89 95
Cash profits 214 188 212 243 269(Inc)/dec in
Sundry debtors 56 (61) (33) (62) (46)
Loans and advances (73) (51) (35) (17) (35)
Other current assets (33) (2) 7 13 6
Sundry creditors (16) 13 13 19 15
Others 9 (8) (10) 23 19
Net trade working capital (57) (109) (57) (25) (41)
Cash flow from oper. actv. 157 79 155 218 228(Inc)/dec in fixed assets (58) (71) (60) (60) (75)
(Inc)/dec in investments (162) 111 (7) (7) (19)
(Inc)/dec in dfrd. tax asst. 14 1 (1) - (1)
Cash flow from invest. actv. (207) 42 (67) (67) (95)Inc/(dec) in debt (15) (4) - - (1)
Inc/(dec) in equity/premium (22) 16 (0) (0) (0)
Dividends (13) (16) (13) (13) (13)
Cash flow from fin. actv. (50) (4) (13) (13) (14)Cash generated/(utilised) (100) 117 75 138 120Cash at start of the year 333 234 350 426 564
Cash at end of the year 234 350 426 564 684
-
8/2/2019 Infotech Enterprises
12/13
Infotech Enterprises | 4QFY2012 Result Update
April 18, 2012 12
Key ratios
Y/E March FY2010 FY2011 FY2012E FY2013E FY2014EValuation ratio (x)P/E 10.8 13.3 11.5 9.9 9.0P/CEPS 8.6 9.8 8.7 7.6 6.9
P/BVPS 2.0 1.8 1.6 1.4 1.2
Dividend yield (%) 0.6 0.7 0.6 0.6 0.6
EV/Sales 1.5 1.2 0.9 0.7 0.5
EV/EBITDA 6.8 7.8 4.9 4.0 3.2
EV/Total assets 1.6 1.4 1.1 0.9 0.7
Per share data (`)EPS (Basic) 15.4 12.6 14.5 16.8 18.6
EPS (Fully diluted) 15.4 12.6 14.5 16.8 18.6
Cash EPS 19.3 17.0 19.1 21.9 24.3
Dividend 1.0 1.3 1.0 1.0 1.0
Book value 81.6 94.2 107.7 123.3 140.8
DuPont analysisTax retention ratio (PAT/PBT) 0.8 0.8 0.6 0.7 0.7
Cost of debt (PBT/EBIT) 1.3 1.2 1.1 1.1 1.1
EBIT margin (EBIT/Sales) 0.2 0.1 0.1 0.1 0.1
Asset turnover ratio (Sales/Assets) 1.0 1.1 1.3 1.3 1.3
Leverage ratio (Assets/Equity) 1.0 1.0 1.0 1.0 1.0
Operating ROE 17.4 12.7 12.7 12.9 12.6
Return ratios (%)RoCE (pre-tax) 18.1 12.6 18.5 17.7 16.9
Angel RoIC 39.8 24.4 36.4 38.1 39.1
RoE 18.9 13.4 13.6 13.6 13.2
Turnover ratios (x)Asset turnover (gross block) 1.9 2.1 2.5 2.6 2.7
Receivables days 90 73 67 69 71
Payable days 50 36 33 34 35
-
8/2/2019 Infotech Enterprises
13/13
Infotech Enterprises | 4QFY2012 Result Update
A il 18 2012 13
Research Team Tel: 022 - 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions 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.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Infotech Enterprises
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors
top related