Company Details

Accelya Kale Solutions Limited is part of the Accelya Group, a leading solutions provider to the Airline and Travel industry.

Formerly known as Kale Consultants Limited, the company became part of the Accelya Group in 2011.

As part of the Accelya Group, we help over 200 airline customers streamline their financial processes. We also help them gain

insights on business performance using decision support tools and data analytics. The company expertise spans across

Revenue Accounting, Audit & Revenue Recovery, Credit Card Management, Miscellaneous Billing, F&A Processes and Decision

Support & Analytics. As a strategic partner to IATA, we deliver robust industry solutions including BSP, BSP Link, Neutral Fare

Proration (NFP) and Simplified Interline Settlement (SIS).

The company has launched new version of its flagship product called ‘REVERA NEXT’. The enhanced version of REVERA sets

new benchmarks in Revenue Accounting on accuracy, speed and intelligence – across passenger, cargo and airmail. REVERA

NEXT is now ready from technology perspective to meet demands of global airlines for the next decade. It will also help in

creating further differentiation vis-à-vis our competitors. REVERA NEXT also addresses the needs of Low Cost Carriers who are

moving to hybrid models. Accelya Kale’s Finesse suite of products has been well received by the Airline industry. On the back of

excellent traction to miscellaneous billing solution- FinesseMBSTM, the Company launched FinesseCostTM to help airlines

prevent overpayments to suppliers and efficiently manage their Direct Operating Costs (DOC).

The management is confident that new version places the company relatively in better position in comparison to competitors.

Moreover, they have come out with a solution specially customized for low-cost carriers, which provides new avenue for growth,

going forward.

Currently the company is primarily dependent on traditional airliners for majority portion of its revenue. Experience and

knowledge of the airline industry enables the company to upgrade processes to industry best standards. The company is present

in 10 countries and employ over 2000 professionals across the globe.

The current market capitalization stands at Rs 1,376.57 crore. The company has reported a consolidated sales of Rs 77.05 crore

and a Net Profit of Rs 17.07 crore for the quarter ended Dec 2014.

Category No. of Shares Percentage

Other Companies 545,526 3.65

Foreign Promoters 11,143,295 74.66

General Public 2,421,629 16.22

Foreign Institutions 364,157 2.44

NBFC and Mutual Funds 273,831 1.83

Foreign - NRI 145,050 0.97

Foreign Industries 19,682 0.13

Financial Institutions 9,926 0.07

Others 3,165 0.02

Market Cap (Rs Cr) – 1376.57

Company P/E – 16.69

Industry P/E – 24.71

Book Value (Rs) – 53.81

Dividend (%) – 490 %

EPS (TTM) – 55.26

Dividend Yield (%) – 5.31%

Face Value (Rs) - 10

Share Holding Pattern Financial Details

Balance Sheet

Jun '14 Jun '13 Jun '12 Jun '11 Mar '10

Sources Of Funds

Total Share Capital 14.93 14.93 14.93 15.88 13.81

Equity Share Capital 14.93 14.93 14.93 15.88 13.81

Reserves 65.39 61.37 91.01 113.88 97.74

Networth 80.32 76.30 105.94 129.76 112.35

Secured Loans 0.00 0.00 0.07 1.36 4.56

Total Debt 0.00 0.00 0.07 1.36 4.56

Total Liabilities 80.32 76.30 106.01 131.12 116.91

Application Of Funds

Gross Block 65.94 61.09 50.47 66.26 78.24

Less: Accum. Depreciation 34.04 28.47 24.54 51.37 48.73

Net Block 31.90 32.62 25.93 14.89 29.51

Capital Work in Progress 1.06 1.94 2.82 3.78 0.28

Investments 72.40 75.78 40.35 41.15 33.02

Sundry Debtors 27.98 26.82 23.38 25.53 33.25

Cash and Bank Balance 9.86 18.22 20.16 8.29 21.22

Total Current Assets 37.84 45.04 43.54 33.82 54.47

Loans and Advances 39.48 44.41 52.72 48.48 31.93

Fixed Deposits 0.00 0.00 0.00 17.94 4.19

Total CA, Loans & Advances 77.32 89.45 96.26 100.24 90.59

Current Liabilities 29.59 16.46 25.29 20.16 24.83

Provisions 72.77 107.02 34.08 8.78 11.65

Total CL & Provisions 102.36 123.48 59.37 28.94 36.48

Net Current Assets -25.04 -34.03 36.89 71.30 54.11

Total Assets 80.32 76.31 105.99 131.12 116.92

Contingent Liabilities 2.17 3.68 5.36 1.61 1.99

Book Value (Rs) 53.81 51.11 70.97 81.71 80.76

Profit and Loss Account

Jun '14 Jun '13 Jun '12 Jun '11 Mar '10

Income

Sales Turnover 283.21 262.38 181.29 170.27 126.73

Net Sales 283.21 262.38 181.29 170.27 126.73

Other Income 19.35 4.72 8.92 0.13 0.55

Total Income 302.56 267.10 190.21 170.40 127.28

Expenditure

Power & Fuel Cost 0.00 0.00 2.23 2.71 2.28

Employee Cost 110.70 94.25 78.15 85.58 10.80

Other Manufacturing Expenses 0.00 0.00 0.00 9.18 57.96

Selling and Admin Expenses 0.00 0.00 0.00 31.47 20.27

Miscellaneous Expenses 50.79 57.02 55.34 11.40 5.48

Preoperative Exp Capitalised 0.00 0.00 0.00 -3.41 -3.11

Total Expenses 161.49 151.27 135.72 136.93 93.68

Operating Profit 121.72 111.11 45.57 33.34 33.05

PBDIT 141.07 115.83 54.49 33.47 33.60

Interest 0.41 0.46 0.73 1.75 0.26

PBDT 140.66 115.37 53.76 31.72 33.34

Depreciation 12.17 10.90 7.12 15.89 6.21

Other Written Off 0.00 0.00 0.00 0.00 6.89

Profit Before Tax 128.49 104.47 46.64 15.83 20.24

Extra-ordinary items 0.00 0.00 0.00 -0.82 0.31

PBT (Post Extra-ord Items) 128.49 104.47 46.64 15.01 20.55

Tax 38.90 33.23 15.21 1.69 1.12

Reported Net Profit 89.59 71.24 31.41 13.33 19.14

Total Value Addition 161.49 151.27 135.73 136.93 93.67

Equity Dividend 73.14 104.48 36.36 3.40 2.76

Corporate Dividend Tax 12.43 17.76 5.90 0.55 0.46

Per share data (annualised)

Shares in issue (lakhs) 149.26 149.26 149.26 158.80 138.14

Earning Per Share (Rs) 60.02 47.73 21.05 8.39 13.86

Equity Dividend (%) 490.00 700.00 235.00 20.00 20.00

Dividend History

Index and Company Comparison

Company Forecast

PBIT – 36.2 v/s 37.51

RoCE – 160.48 v/s 137.53

RoE – 114.42 v/s 78.19

Net Profit Margin – 29.61 v/s 26.67

Return on net worth – 111.54 v/s 93.38

D/ E Ratio – Nil

Interest Cover – 318.21 v/s 226.68

Current Ratio – 0.76 v/s 0.72

Reserves – 65.39 cr v/s 61.37 cr

PAT – 89.59 cr v/s 71.24 cr

Total assets – 80.32 cr v/s 76.31 cr

Net sales – 283.21 cr v/s 263.38 cr

Book Value – 53.81 cr v/s 51.11 cr

Important Ratios

Days BSE NSE

30 989.01 989.98

50 986.76 987.76

150 820.27 820.96

200 783.51 784.01

Simple Moving Average

Symbol Value Action

RSI(14) 68.648 Buy

STOCH(9,6) 62.558 Buy

STOCHRSI(14) 41.281 Sell

MACD(12,26) 152.070 Buy

ADX(14) 46.717 Buy

Williams %R -31.419 Buy

CCI(14) 124.1875 Buy

ATR(14) 130.9500 Less Volatility

Highs/Lows(14) 76.9500 Buy

Ultimate Oscillator 56.339 Buy

ROC 21.731 Buy

Bull/Bear Power(13) 286.5580 Buy

Technical Indicators

Recommendations

Buy Accelya Kale Solutions Ltd. at current or

lower market levels

Reasons for the recommendations are :

Zero debt company with healthy ratios.

Up gradation of technology products will increase the efficiency and market share of the

company.

Lack of market competition in this segment of software industry.

Highly impressive dividend history of the company.

With airline industry always struggling for more efficiency and low overheads, this company

stands for a better future ahead.

Business model and products are sticky in nature and hence will make their customers

dependent on them for long term-A moat.