oracle financial services software l -...
TRANSCRIPT
CMP (Rs) 3348
Target Price (Rs) 375
BUYBUYBUYBUY
Stock Data
Sector IT Consulting &
BSE Code 532466
Face Value 5.00
52wk. High / Low (Rs.) 3414.00/1920.00
Volume (2wk. Avg ) 8669.00
Market Cap ( Rs in mn ) 281232.00
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY12A FY13E
Net Sales 26058.50 29289.75
EBITDA 16060.10 19161.36
Net Profit 10892.30 12528.99
EPS 129.70 149.15
P/E 25.81 22.45
Shareholding Pattern (%)
1 Year Comparative Graph
BSE SENSEX ORACLE FINANCIAL SERVICES SOFTWARE
Source: Company Data, Firstcall Research
4.77
2.18
12.74
PROMOTER
FIIs
DIIs
OTHERS
As on Dec 2012
Peer Groups
Company Name
Oracle Financial Services Software Ltd
HCL Technologies Ltd
TCS Ltd
Mindtree Ltd
3348.00
750.00
ORACLE FINANCIAL SERVICES SOFTWARE L
Result Update: Q
Consulting & Software
3414.00/1920.00
Estimated)
FY14E
31779.38
21289.14
14024.48
166.96
20.05
E FINANCIAL SERVICES SOFTWARE
80.31
SYNOPSIS
Oracle Financial Services Software I-flex solutions) is a leading provider of applications and professional services for the financial services industry.
Oracle has entered into an agreement to acquire Eloqua, Inc. for approximately $871 million, net of Eloqua’s cash.
Oracle has entered into an agreement to acquire DataRaker.
During the second quartergrowth in the Net Profitit is rose by 8.52% to Rs.
During the quarter, 14for the products and services business. 7 customers completed deployments in the quarter.
Oracle has signed licenses fees of $ 8.3 million in the quarter.
Oracle new wins and expansion of customer deployments span the US, Latin America, Asis, Middle East, AfrEurope.
Oracle has launched Oracle Retail Category Management, for grocers, big box retailers, hardlines and department stores sales through a customerprocess.
Net Sales and PAT of the company are expected to grow at a CAGR of over 2011 to 2014E respectively.
CMP Market Cap EPS P/E (x)
(Rs.) Rs. in mn. (Rs.) Ratio
3348.00 281232.00 129.70 25.81
644.40 449555.10 32.43 19.96
1303.45 2565916.70 62.57 20.95
735.00 30510.40 70.11 10.48
ISIN: INE881D01027
JAN 11th
, 2013
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Result Update: Q2 FY13
SYNOPSIS
Oracle Financial Services Software (formerly flex solutions) is a leading provider of
applications and professional services for the financial services industry.
Oracle has entered into an agreement to acquire Eloqua, Inc. for approximately $871 million, net of Eloqua’s cash.
ntered into an agreement to
quarter ended, the robust Net Profit of the company and
% to Rs. 1795.10 million.
14 customers signed up for the products and 3 customers for the
customers completed deployments in the quarter.
signed licenses fees of $ 8.3
new wins and expansion of customer deployments span the US, Latin America, Asis, Middle East, Africa and Central East
Oracle has launched Oracle Retail Category grocers, big box retailers,
hardlines and department stores to improve sales through a customer-centric planning
of the company are expected to grow at a CAGR of 10% and 13% over 2011 to 2014E respectively.
P/E (x) P/BV(x) Dividend
Ratio (%)
4.50 0.00
6.81 600.00
10.36 2500.00
3.18 40.00
Investment Highlights
Results updates- Q2 FY13,
Oracle Financial Services Software (formerly I
solutions) is a leading provider of applications and
professional services for the financial services
industry in India and across the world, reported its
financial results for the quarter ended 3
2012. The second quarter witnesses a healthy
increase in overall sales as well as profitability of
the company.
The company’s net profit steers to Rs.1795
ending of previous year, an increase of
Rs.6183.40 million, when compared with the prior year period. Reported earnings per share of the company
stood at Rs.21.37 a share during the quarter, registering
interest, depreciation and tax is Rs.2856.70
of the previous year.
Expenditure :
During the quarter Total Expenditure
by 11 per cent mainly on account of
Employee Benefit Expenses along with the
Depreciation in the rupee impact. Total expenditure
in Q2 FY13 was at Rs. 4670.30 million as against Rs.
4194.90 million in Q2 FY12. Travel related expenses
are Rs. 275.50 millions against Rs. 233.70 millions in
the corresponding quarter ending of previous year
Other Expenses are Rs. 306.80 millions
Employee Benefit Expenses are Rs. 3623.2
in Q2 FY13 are the primarily attributable to
of expenditure.
Oracle Financial Services Software (formerly I-flex
solutions) is a leading provider of applications and
professional services for the financial services
reported its
results for the quarter ended 30th Sep,
The second quarter witnesses a healthy
increase in overall sales as well as profitability of
Months Sep-12
Net Sales 6599.60
PAT 1795.10
EPS 21.37
EBITDA 2856.70
1795.10 million against Rs.1654.20 million in the corresponding quarter
ending of previous year, an increase of 8.52%. Revenue for the quarter rose 6.73% to Rs.
million, when compared with the prior year period. Reported earnings per share of the company
the quarter, registering 8.44% increase over previous year period. Profit before
2856.70 millions as against Rs.2511.70 millions in the corresponding period
During the quarter Total Expenditure increased
per cent mainly on account of increase in
along with the
in the rupee impact. Total expenditure
million as against Rs.
Travel related expenses
illions against Rs. 233.70 millions in
the corresponding quarter ending of previous year.
millions and
3623.20 million
FY13 are the primarily attributable to growth
Sep-11 % Change
6183.40 6.73
1654.20 8.52
19.71 8.44
2511.70 13.74
million in the corresponding quarter
% to Rs.6599.60 million from
million, when compared with the prior year period. Reported earnings per share of the company
% increase over previous year period. Profit before
millions in the corresponding period
Segment Revenue
Latest Updates
• Oracle has entered into an agreement to acquire Eloqua, Inc. for approximately $871 million, net of Eloqua’s
cash. Eloqua’s modern marketing cloud delivers
marketing works harder and more efficiently to drive revenue.
expected to create a comprehensive Customer Experience Cloud offering to help companies transform
way they market, sell, support and serve their customers.
• Oracle has entered into an agreement to acquire DataRaker, the combination of Oracle and DataRaker’s
cloud-based solutions is expected to provide utilities with the most complete solution to har
of utility Big Data to improve operational performance
• During the quarter, fourteen customers signed up for the products and three customers for the services
business. Seven customers completed deployments in the quarter.
• The company signed licenses fees of $ 8.3 million in the quarter.
• The company new wins and expansion of customer deployments span the US, Latin America, Asis, Middle
East, Africa and Central East Europe.
• Oracle has launched Oracle Retail Category Management, which
and department stores improve sales through a customer
tailored assortments, pricing and promotions to specific customer segments.
Oracle has entered into an agreement to acquire Eloqua, Inc. for approximately $871 million, net of Eloqua’s
cash. Eloqua’s modern marketing cloud delivers best-in-class capabilities to ensure every component of
marketing works harder and more efficiently to drive revenue. The combination of Oracle and Eloqua is
expected to create a comprehensive Customer Experience Cloud offering to help companies transform
way they market, sell, support and serve their customers.
Oracle has entered into an agreement to acquire DataRaker, the combination of Oracle and DataRaker’s
based solutions is expected to provide utilities with the most complete solution to har
of utility Big Data to improve operational performance
the quarter, fourteen customers signed up for the products and three customers for the services
business. Seven customers completed deployments in the quarter.
signed licenses fees of $ 8.3 million in the quarter.
The company new wins and expansion of customer deployments span the US, Latin America, Asis, Middle
East, Africa and Central East Europe.
Oracle Retail Category Management, which helps grocers, big box retailers, hardlines
and department stores improve sales through a customer-centric planning process that helps to create
tailored assortments, pricing and promotions to specific customer segments.
Oracle has entered into an agreement to acquire Eloqua, Inc. for approximately $871 million, net of Eloqua’s
class capabilities to ensure every component of
The combination of Oracle and Eloqua is
expected to create a comprehensive Customer Experience Cloud offering to help companies transform the
Oracle has entered into an agreement to acquire DataRaker, the combination of Oracle and DataRaker’s
based solutions is expected to provide utilities with the most complete solution to harness the benefits
the quarter, fourteen customers signed up for the products and three customers for the services
The company new wins and expansion of customer deployments span the US, Latin America, Asis, Middle
helps grocers, big box retailers, hardlines
centric planning process that helps to create
• Oracle announced the availability of the Oracle Banking Platform, a comprehensive suite of business
applications for large global banks. Oracle Banking Platform complements Oracle’s FLEXCUBE core banking
product, which will continue to be sold globally to banks seeking a fully integrated banking solution.
• Oracle announced the availability of the Oracle Financial Services Analytical Applications for Customer
Insight includes four key applications: Oracle Financial Services Retail Performance, Oracle Financial Services
Retail Customer Analytics, Oracle Financial Services Channel Analytics and Oracle Financial Services
institutional Performance.
• Oracle announced the availability of the Oracle Financial Services Enterprise Stress Testing & Capital
Planning Analytics, an enterprise-wide reporting tool that helps financial institutions assess the impact of
adverse scenarios on their risk and performance, improve capital management and strategic planning.
• Gartner, Inc. has named Oracle as a Leader in its latest “Magic Quadrant for Data Integration Tools” For the
fourth consecutive year.
• The American Red Cross has implemented Oracle’s ATG Web Commerce solutions, components of Oracle
Commerce, to improve personalization and drive donations in support of its humanitarian services and
programs.
• SIRO Clinpharm Selects Oracle Health Sciences InForm to Increase Clinical Trial Productivity and Support
Global Electronic Data Capture.
• Hangzhou Tigermed Consulting Co., Ltd, China, recently selected Oracle Health Sciences InForm to more
efficiently develop, conduct and manage electronic data capture (EDC)-based clinical trials on behalf of its
clients.
• Fiscal 2013 Acquisitions
During the first half of fiscal 2013, Oracle Financial Services acquired certain companies and purchased
certain technology and development assets to expand its products and services offerings. These acquisitions
were not significant individually or in the aggregate. The company has agreed to acquire certain companies
for amounts that are not material to its business and expect to close such acquisitions within the next twelve
months.
• Oracle Financial Services Software Ltd has allotted 19,685 equity shares of face value of Rs. 5/- each to the
eligible employees of the Company who have exercise of ESOP 2002, ESOP 2010 and ESOP 2011. With this
allotment, the paid up capital of the Company increased to Rs. 420,130,870/- divided into 84,026,174 equity
shares of face value of Rs. 5/- each.
Company Profile
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") is a world leader
in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle.
Oracle Corporation is the world’s largest enterprise software company.
Oracle Financial Services Software (formerly i-flex solutions) is a leading provider of applications and
professional services for the financial services industry. Its portfolio of offerings includes Oracle FLEXCUBE, a
complete banking product suite for retail, consumer, corporate, investment, and asset management, and investor
servicing.
As a part of Oracle's analytics for the financial services industry Oracle Reveleus offers a suite of analytical
applications for capital adequacy, stress testing, multi-jurisdictional Basel II compliance, enterprise performance
management, and customer insight, and helps institutions address their enterprise risk and compliance needs.
Oracle Mantas is the industry's most comprehensive solution for anti-money laundering, fraud detection, and
trade compliance.
The company has partnership with the following companies:
• AMD
• Apple
• Cisco
• Dell
• EMC
• Fujitsu
• HP
• IBM
• Intel
• Microsoft
• Motorola
• NetApp
• Sun Microsystems
Technology Solutions
• Big Data
• Data Warehousing
• Database Migration
• High Availability
• Java Technology
• Linux
• Open Source
• Oracle Optimized Solutions
• Security
• Server Consolidation
• Service-Oriented Architecture
• Solaris
• Virtualization
• Windows and .Net
Business Solutions
• Business Analytics
• Business Process Services
• Customer Experience
• Customer Relationship Management
• Enterprise Content Management
• Enterprise Management
• Financial Management
• Governance, Risk, and Compliance
• Human Capital Management
• Master Data Management
• Database and IT Infrastructure for SAP
• Oracle for Midsize Companies
• Procurement
• Project Portfolio Management
• Supply Chain Management
• Sustainability
Industries Solutions
• Aerospace
• Automotive
• Chemicals
• Communications
• Consumer Products
• Education and Research
• Engineering and Construction
• Financial Services
• Health Sciences
• High Technology
• Industrial Manufacturing
• Media and Entertainment
• Natural Resources
• Oil and Gas
• Professional Services
• Public Sector
• Retail
• Travel and Transportation
• Utilities
Subsidiary Companies
• Oracle Financial Services Software B.V.
Netherlands
• Oracle Financial Services
• Software SA Greece
• Oracle Financial Services Software Pte. Ltd.
Singapore
• Oracle Financial Services Consulting Pte. Ltd.
Singapore
• Oracle Financial Services Software America,
Inc. USA
• Oracle Financial Services Software, Inc. SA
• Mantas Inc. USA
• Mantas Ltd. UK
• Sotas Inc. USA
• Mantas Singapore Pte. Ltd. Singapore
• Mantas India Private Limited India
• ISP Internet Mauritius Company Republic of
Mauritius
• Oracle (OFSS) BPO Services Inc. USA
• Oracle (OFSS) BPO Services Limited India
• Oracle (OFSS) Processing Services Limited
Financial Highlight
Balance sheet as at March 31st, 2012
(A*- Actual, E* -Estimations & Rs. In Millions)
Particulars March (Rs.in.mn) FY12A FY13E FY14E
EQUITY AND LIABILITIES:
Shareholders’ Funds:
a) Share Capital 419.90 420.00 420.00
b) Reserves and Surplus 62049.31 74578.28 88602.77
1. Net worth (a+b) 62469.21 74998.28 89022.77
2. Share application money pending allotment 1.24 0.00 0.00
Non-Current Liabilities:
Other Long Term Liabilities 133.23 129.23 131.82
Long Term Provisions 332.41 349.03 356.01
3. Long term liabilities 465.64 478.26 487.83
Current Liabilities:
Trade Payables 181.74 209.00 229.90
Other Current Liabilities 7215.90 8514.76 9366.24
Short Term Provisions 804.45 828.58 845.16
4. Total Current Liabilities 8202.09 9552.35 10441.29
Total Liabilities ( 1+2+3+4 ) 71138.18 85028.89 99951.89
ASSETS:
Non-Current Assets:
Fixed Assets:
Tangible Assets 3555.26 3910.79 4223.65
Capital work-in-progress 544.47 571.69 594.56
a) Total Fixed Assets 4099.73 4482.48 4818.21
b) Deferred tax assets 640.56 614.94 645.68
c) Other non-current assets 142.86 161.43 174.35
d) Non Current Investments 7282.40 7864.99 8336.89
e) Long Term Loans and Advances 5383.45 4791.27 4503.79
1. Total Non-Current Assets 17549.00 17915.11 18478.93
Current Assets:
Current Investments 9.98 10.98 11.53
Trade Receivables 11442.93 15104.67 19182.93
Cash and Bank Balances 35109.21 44329.94 54071.77
Short Term Loans and Advances 2887.35 3031.72 3152.99
Other Current Assets 4139.71 4636.48 5053.76
2. Total Current Assets 53589.18 67113.78 81472.96
Total Assets ( 1+2 ) 71138.18 85028.89 99951.89
Annual Profit & Loss Statement for the period of 2011 to 2014E
Value(Rs.in.mn) FY11 FY12 FY13E FY14E
Description 12m 12m 12m 12m
Net Sales 23605.10 26058.50 29289.75 31779.38
Other Income 1403.00 3750.30 3637.79 3746.92
Total Income 25008.10 29808.80 32927.55 35526.31
Expenditure -14327.70 -13748.70 -13766.18 -14237.16
Operating Profit 10680.40 16060.10 19161.36 21289.14
Interest 0.00 0.00 0.00 0.00
Gross profit 10680.40 16060.10 19161.36 21289.14
Depreciation -336.50 -401.20 -461.38 -512.13
Profit Before Tax 10343.90 15658.90 18699.98 20777.01
Tax -664.10 -4766.60 -6170.99 -6752.53
Net Profit 9679.80 10892.30 12528.99 14024.48
Equity capital 419.50 419.90 420.00 420.00
Reserves 51083.10 62049.30 74578.29 88602.77
Face value 5.00 5.00 5.00 5.00
EPS 115.37 129.70 149.15 166.96
Quarterly Profit & Loss Statement for the period of 31st March, 2012 to 31st Dec, 13E
Value(Rs.in.mn) 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12E
Description 3m 3m 3m 3m
Net sales 7256.00 8121.20 6599.60 7061.57
Other income 562.60 1410.30 758.10 735.36
Total Income 7818.60 9531.50 7357.70 7796.93
Expenditure -951.50 -4551.30 -4501.00 -3587.28
Operating profit 6867.10 4980.20 2856.70 4209.65
Interest 0.00 0.00 0.00 0.00
Gross profit 6867.10 4980.20 2856.70 4209.65
Depreciation -114.20 -119.00 -169.30 -216.70
Profit Before Tax 6752.90 4861.20 2687.40 3992.95
Tax -1757.90 -1578.40 -892.30 -1397.53
Net Profit 4995.00 3282.80 1795.10 2595.42
Equity capital 419.90 419.90 420.00 420.00
Face value 5.00 5.00 5.00 5.00
EPS 59.48 39.09 21.37 30.90
Ratio Analysis
Particulars
EPS (Rs.)
EBITDA Margin (%)
PBT Margin (%)
PAT Margin (%)
P/E Ratio (x)
ROE (%)
ROCE (%)
EV/EBITDA (x)
Book Value (Rs.)
P/BV
Charts
FY11 FY12 FY13E
115.37 129.70 149.15
45.25% 61.63% 65.42%
43.82% 60.09% 63.84%
41.01% 41.80% 42.78%
29.02 25.81 22.45
18.79% 17.44% 16.71%
21.39% 26.35% 26.16%
23.92 15.32 12.36
613.86 743.86 892.84
5.45 4.50 3.75
FY14E
166.96
66.99%
65.38%
44.13%
20.05
15.75%
24.49%
10.67
1059.79
3.16
Outlook and Conclusion
� At the current market price of Rs.3348.00, the stock P/E ratio is at 22.45 x FY13E and 20.05 x FY14E
respectively.
� Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.149.15 and
Rs.166.96 respectively.
� Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 13% over 2011 to 2014E
respectively.
� On the basis of EV/EBITDA, the stock trades at 12.36 x for FY13E and 10.67 x for FY14E.
� Price to Book Value of the stock is expected to be at 3.75 x and 3.16 x respectively for FY13E and FY14E.
� We recommend ‘BUY’ in this particular scrip with a target price of Rs.3750.00 for Medium to Long term
investment.
Industry Overview
The information technology (IT) and information technology enabled services (ITeS) industry has been one of
the key driving forces fuelling India's economic growth. IT and ITeS sector's contribution to the national GDP has
increased from 1.2 per cent in 1997-98 to an estimated 7.5 per cent in 2011-12.
IT has evolved as a major contributor to India's GDP and plays a vital role in driving growth of the economy in
terms of employment, export promotion, and revenue generation.
IT-BPO sector is responsible for creating significant employment opportunities in the economy. Direct
employment within the IT-BPO sector is expected to grow by over 9 per cent to reach 2.77 million, with over
230,000 jobs being added in 2011-12. IT services exports (including Engineering Research and Design (ER&D)
and software products) continue to be the largest employer within the industry with nearly 47 per cent share of
total direct employment, BPO exports generate about 32 per cent of the total industry employment, and the
remaining 22 per cent is accounted for by the domestic IT-BPO sector.
The sector is responsible for enabling employment to an additional 8.9 million people in various associated
sectors - catering, security, transportation, housekeeping, etc.
Market Size
As per NASSCOM estimates, IT and ITeS sector (excluding hardware) revenues are estimated at US$ 87.6 billion
in FY 2011-12. The industry is expected to grow by 19 per cent during FY 2012-13.
Additionally, the market size of the industry is expected to rise to US$ 225 billion by 2020 considering India's
competitive position, growing demand for exports, Government policy support, and increasing global footprint.
According to a study by management advisory firm Zinnov, adoption of IT services in the Indian SME segment is
growing at 15 per cent and is expected to reach US$ 15 billion by 2015.
The public cloud services market in India is projected to grow to US$ 326.2 million, registering 32.4 per cent
growth in 2012, according to a report by Gartner.
The Indian software and services exports including BPO exports is estimated at US$ 68.7 billion in 2011-12, as
compared to US$ 59 billion in 2010-11, an increase of 16.4 per cent. The IT services exports is estimated to be
US$ 39.8 billion in 2011-12 as compared to US$ 33.5 billion in 2010-11, showing a growth of 18.8 per cent. BPO
exports is estimated to grow from US $ 14.2 billion in 2010-11 to US$ 15.9 billion in 2011-12, a year-on-year (Y-
o-Y) growth of about 12 per cent. IT services contributed 58 per cent of total IT-BPO exports in 2011-12,
followed by BPO at 23 per cent and software products / engineering at 19 per cent.
Investment
Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments
from major countries.
Between April 2000 and May 2012, the computer software and hardware sector attracted cumulative foreign
direct investment (FDI) of US$ 11,262 million, according to the Department of Industrial Policy and Promotion
(DIPP).
More recently, online retailing, cloud computing and e-commerce are the major driving forces behind the rapidly
increasing growth in the IT industry. Online shopping has increased with the emergence of internet retailing and
e-commerce.
India's IT-BPO revenues are also driven by a rapid increase in rural BPO units, which accounted for more than
US$ 10 million in the total sector revenues.
Some of the major initiatives in Indian IT and ITeS sector are:
• Intel Capital, Intel Corporation's global investment and M&A organisation, plans to invest up to US$ 40
million in ten innovative Indian technology companies
• Kakinada Special Economic Zone (SEZ), being developed by GMR Group, has entered into a partnership
agreement with Bengaluru-based RuralShores Business Services Pvt Ltd for setting up a BPO centre
• Tata Consultancy Services (TCS) plans to set up operations in Madhya Pradesh (MP) by building a new
integrated campus in Indore, with an initial investment of Rs 550 crore (US$ 99.09 million) in the first
phase
• MindTree Ltd has opened its first delivery centre outside India in Gainesville, Florida. The company plans
to invest US$ 2.93 million and create 400 new jobs over the next five years
• BPO firm ExlService Holdings has announced the acquisition of US-based Landacorp Inc. The acquisition
will provide Exl with an end-to-end solution for the healthcare industry
Government Initiatives
The 51 software technology parks of India (STPI) centres that have been set up since inception of the programme
have given a major boost to IT and ITeS exports. Apart from exemption from customs duty available for capital
goods there are also exemptions from service tax, excise duty, and rebate for payment of Central Sales Tax.
FDI upto 100 per cent under the automatic route is allowed in Data processing, software development and
computer consultancy services; Software supply services; Business and management consultancy services,
Market Research Services, Technical testing & Analysis services.
Some of the major initiatives taken by Government of India to promote IT and ITeS sector in India are:
• The Cabinet has recently approved the National Policy on Information Technology 2012. The policy aims
to increase revenues of IT and ITeS industry from US$ 100 billion to US$ 300 billion by 2020 and expand
exports from US$ 69 billion to US$ 200 billion by 2020
• The Government of India plans to set up 15 new laboratories for testing hardware and software products
under public-private partnership (PPP) model
• The Ministry of Finance has issued a circular to chairmen of public sector banks and regional rural banks,
that all payments to customers, staff, vendors and suppliers as well as disbursement of loans and
payments towards investments should be made only through the electronic mode
• The Government of India plans to announce incentives to promote IT related export hubs in small towns
to attract investors towards SEZs. The Government may also allow broadbanding of sectors, which will
allow ancillary units to come up in sector-specific SEZs
Road Ahead
According to 'India Information Technology Report Q1 2011', released by Research and Markets, Indian market
for IT services and products is expected to grow from US$ 18.6 billion in 2011 to US$ 40.5 billion in 2015. During
the year 2011, government procurement is expected to grow substantially while opportunities in healthcare,
education, telecom and financial services would broaden further.
Further, NASSCOM expects software and services exports growth at 16-18 per cent, clocking US$ 68-70 billion of
revenues in FY2012 whereas, domestic market is expected to grow by 15-17 per cent with revenues of US$
20.12- 20.56 billion. Newer phenomenon like cloud, analytical services, advanced mobile applications, healthy
environment for start-ups and SaaS will drive the industry growth.
According to latest projections released by Cybermedia Research, the aggregate market size of domestic IT
products and ITeS would reach US$ 52.3 billion crore by 2014, growing 17.3 per cent between 2010 and 2014.
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.
Firstcall India Equity Research: Email – [email protected]
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