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    Edelweiss Research is also available on www.edelresearch.com,

    Bloomberg EDEL , Thomson First Call, Reuters and Factset. Edelweiss Securities Limited

    CRISILs Q1CY14 top line at 21% YoY and PAT at 39% YoY surpassed our

    estimates by 8% and 15%, respectively. Key positives were: (1) ratings

    segment revenue rebounded with 16% YoY growth and research revenue

    surged 26% YoY; (2) overall EBIDTA grew 35% YoY; and (3) ratings EBIT

    margin grew a robust 174bps alongwith 400bps expansion in research

    EBIT margin to 30%, which led to overall EBITDA margin catapulting

    322bps to 33.2%. Led by strong performance in ratings and research, we

    are revising our CY14E and CY15E earnings up 4.0% and 6.5% to ~14.3%

    and ~18.3% growth, respectively. However, we maintain HOLD on rich

    valuations.

    Strong rebound in ratings, uptick in researchCRISIL reported a better-than-expected Q1CY14 with revenue growth of 21% YoY led

    by 16% YoY surge in ratings and 26% YoY rise in research segment. Ratings segment

    grew 5% QoQ led by pick up in bank loan ratings and SME ratings segment. Favourable

    client additions in financial research, analytics & model validation, strong performance

    by Coalition and launch of new products and services led to strong growth in research

    segment. Advisory segment also rebounded with 11% YoY growth as CRISIL won its

    largest mandates and built a strong order book.

    Robust ratings and research spurs EBIT margin

    The companys operating profit jumped 35% YoY due to 21% growth in ratings EBIT,

    45.5% surge in research EBIT and 3.4% rise in advisory EBIT. Ratings EBIT margin

    increased 174bps to 40.6%, research EBIT margin catapulted 402bps to 30% andadvisory EBIT margin was flat at 10.8%. As a result, overall EBITDA margin jumped

    322bps YoY to 33.2%.

    Outlook and valuations: Maintain HOLD

    Led by strong rebound in ratings segment to 16% YoY from ~6.4% in CY13 and robust

    surge of 26% YoY in research segment, we are revising up our earnings for CY14E and

    CY15E by ~4.0% and ~6.5%, respectively. Due to rich valuation we maintain HOLD

    with a revised target price of INR1,347 (INR1,265 earlier) valuing it at 28x CY15E.

    RESULT UPDATE

    CRISILAll round strong performance

    EDELWEISS RATINGS

    Absolute Rating HOLD

    Investment Characteristics Growth

    MARKET DATA (R: CRSL.BO, B: CRISIL IN)

    CMP : INR 1,246

    Target Price : INR 1,347

    52-week range (INR) : 1,289 / 884

    Share in issue (mn) : 70.7

    M cap (INR bn/USD mn) : 88 / 1,460

    Avg. Daily Vol. BSE/NSE (000) : 46.4

    SHARE HOLDING PATTERN (%)

    Current Q2FY14 Q1FY14

    Promoters * 67.7 67.8 52.8

    MF's, FI's & BKs 10.4 10.2 16.1

    FII's 8.0 8.3 10.4

    Others 13.9 13.7 20.7

    * Promoters pledged shares

    (% of share in issue)

    : NIL

    PRICE PERFORMANCE (%)

    BSE Midcap

    Index

    StockStock over

    Index

    1 month 6.8 9.1 2.3

    3 months 3.7 3.7 0.0

    12 months 14.1 32.7 18.6

    Shradha Sheth

    +91 22 6623 3308

    [email protected]

    Manoj Bahety, CFA

    +91 22 6623 3362

    [email protected]

    IndiMidcaps

    India Equity Research| Credit Rating

    April 21, 2014

    Finanacials (INR mn)

    Year to Dec. Q1CY14 Q1CY13 Growth % Q4CY13 Growth % CY13 CY14E CY15E

    Revenue 3,092 2,550 21.3 3,051 1.4 11,123 12,778 14,733

    EBITDA 1,028 766 34.3 1,073 (4.2) 3,579 4,205 4,920

    Adj. Net profit 687 496 38.5 709 (3.1) 2,516 2,876 3,402

    Adj. Dil. EPS (INR) 9.7 7.1 10.0 35.6 40.7 48.1

    Diluted P/E (x) 34.9 30.5 25.8

    EV/EBITDA (x) 23.3 19.5 16.4

    ROAE (%) 41.8 39.1 39.0

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    Credit Rating

    2 Edelweiss Securities Limited

    Table 1: Segment wise performance (INR mn)

    Source: Company

    Other highlights

    Dividend:During the quarter, the company declared dividend of INR3 per share (same

    as last year).

    Company reported forex loss of INR30mn in Q1CY14 versus gain of INR0.47mn for

    Q1CY13.

    Annual report CY13 takeaways

    Ratings

    Announced 3,106 new bank loan ratings (BLRs; decline of 14% YoY); total BLRs

    outstanding exceed 12,100.

    Assigned 12,857 SME ratings during the year (up 29% YoY).

    Global Analytical Centre (GAC) S&P

    Increased support to Standard & Poors through the Global Analytical Centre (GAC), adding

    more groups and complex analytical requirements on a larger scale.

    GAC continues to be closely integrated with Standard & Poors Ratings Services, extending

    the scope of its support into areas such as risk and rating operations, deepening the

    engagement in structured finance ratings and broadening the scope of support in Europe

    and the Asia-Pacific.

    Research

    Added large and marquee clients including a number of buy-side and private equity firms,

    Investments in the Risk & Analytics vertical and a product-based go-to-market strategy in

    Corporate Research are providing impetus to new client addition.

    A mid year launch of web-based products using CRISILs proprietary framework resulted in

    positive client responses and additions to the client base.

    Segment wise performance (INR mn)

    Q1CY14 Q1CY13 % YoY Q4CY13 %QoQ CY13 CY12 % YoY

    Segment revenue

    Rating Services 1153.3 994 16.0 1094.5 5.4 4,139 3,891 6.4

    Advisory Services 139.5 125 11.3 170.4 (18.1) 557 553 0.6

    Research Services 1797 1426 26.1 1778.4 1.0 6,411 5,260 21.9Segment EBIT

    Rating Services 467.9 386 21.2 437.7 6.9 1,639 1,638 0.1

    Advisory Services 15.1 15 3.4 27.1 (44.3) 76 99.70 (24.3)

    Research Services 539.1 370 45.5 583.8 -7.7 2,054 1,588 29.3

    Segment EBIT margin (%)

    Rating Services 40.6 38.8 1.74 40.0 0.58 39.6 42.1 (2.5)

    Advisory Services 10.8 11.7 (0.83) 15.9 (5.08) 13.6 18.0 (4.5)

    Research Services 30.0 26.0 4.02 32.8 (2.83) 32.0 30.2 1.8

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    Crisil

    3 Edelweiss Securities Limited

    In the Risk & Analytics vertical, CRISIL built scale of operations in model validation and

    stress-testing by hiring a number of subject experts, developing robust training modules and

    putting in place strong process and quality measures. These steps have resulted in positive

    client feedback and opened new avenues of engagement.

    In Corporate Research, the company took steps to productise the institutional knowledge

    built over the years by serving global Fortune 500 companies in Key Account Managementand Competitive Intelligence. It launched two new products in the market - COMPASS, a key

    account management product, and CI 360, a competitive intelligence tool. Both products

    are built on strong analytical frameworks that provide actionable insights to clients. The

    feedback from clients on these has been positive.

    CRISILs global research centres continue to scale up. The China research centre grew rapidly

    in 2013 and crossed the 50-people mark. CRISIL has expanded its client roster in Argentina

    and moved into a larger facility to accommodate growth plans.

    Coalition research

    Coalition grew strongly by adding new global investment banks as clients and successfully

    launching new products.

    In 2013, it delivered a strong performance driven by its core Competitor and Client

    Analytics, which reported solid growth. It recently launched RWA (Risk Weighted Assets)

    Analytics, which enjoyed a strong start. A comprehensive media strategy in each region has

    delivered results, leading to significant improvement in its reach among prospective clients.

    Coalition added new clients among the top 20 global investment banks and renewed its

    exclusive relationship with a leading consulting firm.

    Infrastructure advisory

    Continued focus on international business and working with multilateral agencies resulted

    in execution of a number of high-profile assignments.

    Worked with central and state government departments in formulating, advising and

    implementing plan and policies in urban development, coal, food and power. There was

    sharper focus on Africa and Southeast Asia, which got a boost from long-term multilateral

    spending programmes this year.

    Risk solutions

    Maintained focus on both consulting and software solutions and won 22 mandates in 2013.

    CRISILs risk solutions reached out to newer markets across EMEA and Southeast Asia, got

    new mandates and built a strong pipeline for future growth.

    Achievements

    Ratings: CRISIL Ratings instituted several innovations aimed at development of the

    corporate bond market in 2013. It rated Indias first Basel III-compliant Tier-II bond,

    inflation-indexed debenture, infrastructure debt fund NBFC.

    Research & Analytics: CRISIL GR&A launched Collateral Management and Portfolio

    Reconciliation to offer end-to-end solutions in the collateral management space.

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    Credit Rating

    4 Edelweiss Securities Limited

    CRISIL GR&A (Coalition) won mandate from a Swiss Investment bank, which is one of the top

    15 globally .

    CRISIL GR&A won mandate from a large Europe-based buy-side firm to support its portfolio

    managers in building an emerging market fund.

    CRISIL GR&A (Coalition) won a mandate from one of the top 15 global investment banks in

    the US.

    CRISIL GR&A won mandates from two global investment banks for Model Validation.

    CRISIL GR&A won mandate from a large US-based asset management company to assist in

    writing investment commentaries.

    CRISIL GR&A won mandates from a large global investment bank for portfolio optimisation,

    a cutting-edge quant analytics work stream a Latin American wealth management and

    financial services firm.

    Infrastructure Advisory: The company won large and prestigious mandates in Indonesia,

    Laos and Vietnam in Southeast Asia, and Tanzania, Malawi and Namibia in Africa.

    CRISIL provides offshore rating services to S&P under the Global Analytical Center (GAC)

    segment, which contributed ~12% (14% last year) to CRISILs overall revenue and ~32%

    (36% last year) to rating revenue. In the interim, there has was a decline of 5% YoY in

    CY13. This we assume should be since S&P was consolidating its position since stake

    increase to 67.7% last year.

    Geographically as on CY13, company has a well diversified portfolio with 35% of sales

    from India, 30% of sales from Europe, 29% from North America and 6% from rest of the

    world.

    Outlook and valuations: Rich valuations; maintain HOLD

    CRISIL, being a market leader, will be beneficiary of the under penetration in bond marketsand the governments initiatives to deepen the corporate bond market over the long term.

    Given the tough economic conditions, its rating business had been impacted by the

    tightening liquidity scenario with growth of mere 6.4% YoY in CY13. However, there has

    been a strong rebound with 16% YoY growth in ratings. Research also surprised with 26%

    YoY surge led by benefits from cost cuts by financial institutions. In the research segment,

    Global Research & Analytics (GR&A), the company added marquee clients in financial

    research, analytics and model validation. Also, Coalition delivered a strong performance by

    growing its key client accounts and expanding product offerings.

    At current valuation, CRISIL is trading at a premium to domestic peers on account of its

    diversified model with strong return ratios (~39% plus RoE). Factoring in rebound in the

    ratings business at 16% YoY growth (6.4% YoY for CY13), we have revised up our earnings by

    4% and 6.5% in CY14E and CY15E, respectively. We continue to maintain HOLDvaluing it

    at P/E of 28x CY15E, which yields a target price of INR1,347 (INR1,265 earlier).

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    Crisil

    5 Edelweiss Securities Limited

    Financial snapshot - (Consolidated) (INR mn)

    Year to March Q1CY14A Q1CY13 % change Q4CY13 % change CY13 CY14E CY15E

    Revenues 3,092 2,550 21 3,051 1 11,123 12,778 14,733

    Employee cost 1,399 1,211 15 1,348 4 5,155 5,861 6,725

    Other expenses 666 573 16 631 5 2,390 2,712 3,088

    Total expenditure 2,064 1,784 16 1,978 4 7,545 8,573 9,814

    EBITDA 1,028 766 34 1,073 (4) 3,579 4,205 4,920

    Depreciation 87 87 0 91 (4) 379 450 481

    Other income 29 32 (10) 34 (15) 393 353 457

    PBT 970 711 36 1,016 (5) 3,593 4,108 4,895

    Tax 283 215 31 307 (8) 1,076 1,232 1,493

    Adjusted net profit 687 496 39 709 (3) 2,516 2,876 3,402

    Extraordinary items 0 0 (100) 0 462 0 0

    Net profit after extraordinary items 687 496 38 709 (3) 2,978 2,876 3,402

    Minority interest 0 0 0 0 0 0

    Net Profit after minority interest 687 496 39 709 (3) 2,978 2,876 3,402

    Equity capital (FV INR 1) 71 70 71 71 71 71

    No. of shares (mn) 71 70 71 71 71 71

    Adj. Core EPS (INR) 9.7 7.1 38 10.0 (3) 35.6 40.7 48.1

    Diluted P/E (x) 34.9 30.5 25.8

    EV/EBITDA (x) 23.3 19.5 16.4

    Market cap / Revenues (x) 7.9 6.9 6.0

    ROAE (%) 41.8 39.1 39.0

    as % of net revenues 0.1 0.1 0.1 0.1 0.1 1.1 1.1

    Staff expenses 45.2 47.5 44.2 46.3 45.9 45.6

    Other expenses 21.5 22.5 20.7 21.5 21.2 21.0

    EBITDA 33.2 30.0 35.2 32.2 32.9 33.4

    Net profit 22.2 19.5 23.2 26.8 22.5 23.1

    Change in EstimatesCY14E CY15E

    New Old % change New Old % change CommentsNet Revenue 12,778 12,510 2.1 14,733 14,226 3.6 Due to 13% YoY growth in ratings

    versus 11% earlier assumed in

    CY14. Due to 17% YoY growth in

    ratings in CY14E and 18% YoY in

    CY15E versus 15% and 16% YoY

    earlier assumed.

    EBITDA 4,205 4,054 3.7 4,920 4,634 6.2 Due to change in ratings and

    research topline assumptions

    EBITDA Margin 32.9 32.4 33.4 32.6

    Core profit 2,876 2,768 3.9 3,402 3,193 6.5 Due to change in ratings and

    research topline assumptions

    PAT Margin 22.5 22.1 23.1 22.4

    Capex 450 450 0.0 450 450 0.0

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    Credit Rating

    6 Edelweiss Securities Limited

    Company Description

    CRISIL is Indias leading credit rating, research, risk & policy advisory company having

    pioneered the concept of credit rating in India in 1987. S&P, the worlds leading credit rating

    agency by market share, is its major shareholder (67.7%) after the recent open offer. CRISIL

    is a globally diversified analytical company having ratings, research and advisory services

    under its fold. With market leadership in corporate bonds, bank loan ratings and SME

    ratings, company is strongly poised to gain from cyclical and structural uptick in domesticratings segment. With increased interest from parent, strong growth in off shoring services

    to S&P will continue which will drive its offshore ratings segment (Global Analytic Center).

    Being a global research analytics company providing off shoring services to several large

    global clients like 12 of top 15 global investment banks, two of the top 10 global consulting

    groups, three of the top 15 global insurance companies and 37 Fortune 500 companies,

    company is expected to continue its strong momentum in research revenues.

    Investment Theme

    CRISIL is Indias leading credit rating company having a ~35% market share, and a strong

    parentageStandard & Poor (S&P), worlds leading credit rating agency by market share.

    The domestic ratings segment is estimated to grow at 13% CAGR over CY13-15E. We haveestimated off shoring to parent to grow at 11% CAGR over the same period. Going forward

    there is a greater scope with increased interest from parent with parent having increased

    stake to ~68% now. Research posted robust revenue CAGR of 23% over CY08-13. We believe

    CRISILs strategy to offer differentiated solutions with strong association with global

    investment banks will propel growth at 17% CAGR over CY13-15E.

    Key Risks

    Adverse macro economy

    Ratings agencies are vulnerable to downturns in the economy when capital raising activities

    fall. Last year, fund raising activities dipped due to weakness in the economy and corporate

    level stress, which in turn led to reduced bond issuances and bonds rating businesses.

    Migration to internal ratings based approach by banks

    If banks whose clients avail credit rating services under the Basel II framework migrate to

    the internal rating based approach for credit risk (the IRB Approach), it could have an

    adverse effect on CRISIL's rating business.

    Pricing transience to fixed fee structure

    Limited bond issuance and lower bank loan rating volumes pose a threat as issuances have

    transcended to a fixed fee cap structure. However, this is more so pronounced only in the

    BLR market and less in the CDR segment which is more profitable.

    Risk of defaults

    Any rating default by a client would hamper the credibility of the rating agency. However

    SEBIs mandatory disclosures of default rates would keep the rating agency under control of

    the watch guard.

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    Crisil

    7 Edelweiss Securities Limited

    Financial Statements

    Income statement (INR mn)

    Year to December CY12 CY13 CY14E CY15E

    Net revenue 9,793 11,123 12,778 14,733

    Gross profit 5,403 5,969 6,917 8,008

    Employee costs 4,390 5,155 5,861 6,725

    Other Expenses 2,207 2,390 2,712 3,088

    EBITDA 3,196 3,579 4,205 4,920

    Depreciation & Amortization 343 379 450 481

    EBIT 2,853 3,200 3,755 4,438

    Other income 284 393 353 457

    Profit before tax 3,137 3,593 4,108 4,895

    Provision for tax 933 1,076 1,232 1,493

    Net profit 2,204 2,516 2,876 3,402

    Extraordinary income/ (loss) - 462 - -

    Profit After Tax 2,204 2,978 2,876 3,402

    Adj. Core EPS (INR) 31.4 35.6 40.7 48.1

    CEPS (INR) 36.3 41.0 47.0 54.9

    Dividend per share (INR) 16.0 19.0 20.0 23.1

    Common size metrics

    Year to December CY12 CY13 CY14E CY15E

    Operating expenses 67.4 67.8 67.1 66.6

    Depreciation 3.5 3.4 3.5 3.3

    EBITDA margins 32.6 32.2 32.9 33.4

    Net profit margins 22.5 22.6 22.5 23.1

    Growth ratios (%)

    Year to December CY12 CY13 CY14E CY15E

    Revenues 21.4 13.6 14.9 15.3

    EBITDA 21.9 12.0 17.5 17.0

    PBT 14.0 14.5 14.4 19.2

    Net profit 6.8 14.2 14.3 18.3

    EPS 6.6 13.4 14.3 18.3

    Key Assumptions

    Year to December CY12 CY13 CY14E CY15E

    Macro

    GDP(Y-o-Y %) 5.0 4.8 5.4 6.3Inflation (Avg) 7.4 6.2 5.5 6.0

    Repo rate (exit rate) 7.5 8.0 7.5 7.0

    USD/INR (Avg) 54.5 62.0 60.0 58.0

    Sector

    Corporate debt market issuances growth (%) 30.7 5.0 21.0 27.0

    Banking credit growth (%) 14.7 15.0 16.0 16.0

    Company

    Volume of debt rated (INR bn) 4,599 4,704 5,574 6,793

    Number of new assigments 3,600 3,106 3,354 3,656

    Nos 10,000 12,857 16,071 18,482

    Rating revenues (INR mn) 3,891 4,139 4,666 5,270

    Domestic Ratings 2,500 2,817 3,212 3,641

    Corp. debt ratings inc. (INR mn) 1,275 1,308 1,421 1,637

    Bank loan ratings inc. (INR mn) 800 922 1,056 1,160

    SME 425 587 734 844

    S&P Ratings 1,390 1,322 1,455 1,629

    Advisory services 553 557 584 614

    Research revenues (INR mn) 4,871 4,696 5,366 6,151

    Irevna 3,684 4,327 4,976 5,722

    Pipal Research 326 327 343 377

    India Research 861 43 47 52

    Coalition Development 389 1,715 2,143 2,679

    Total Revenues (INR mn) 9,315 9,392 10,616 12,035

    Rating revenues (%) 41.8 44.1 44.0 43.8

    Domestic Ratings 26.8 30.0 30.3 30.3S&P Ratings 14.9 14.1 13.7 13.5

    Advisory services 5.9 5.9 5.5 5.1

    Research revenues (%) 52.3 50.0 50.5 51.1

    Irevna 39.5 46.1 46.9 47.5

    Pipal Research 3.5 3.5 3.2 3.1

    India Research 9.2 0.5 0.4 0.4

    Coalition Development 4.2 18.3 20.2 22.3

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    Credit Rating

    8 Edelweiss Securities Limited

    Peer comparison valuation

    Market cap Diluted PE (X) Price/BV (X) ROAE (%)

    Name (USD mn) CY14E CY15E CY14E CY15E CY14E CY15E

    Crisil 1,460 30.5 25.8 11.0 9.3 39.1 39.0

    Credit Analysis and Research 386 15.8 13.4 4.4 4.0 29.6 31.4

    ICRA 312 23.0 19.0 4.4 3.9 20.7 22.1

    Median 386 23.0 19.0 4.4 4.0 29.6 31.4

    AVERAGE 719 23.1 19.4 6.6 5.7 29.8 30.8

    Source: Edelweiss research

    Cash flow metrics

    Year to December CY12 CY13 CY14E CY15E

    Operating cash flow 2,233 3,065 3,489 3,912

    Investing cash flow (1,182) (204) (450) (450)

    Financing cash flow (1,108) (1,558) (1,640) (1,894)

    Net cash flow (57) 1,303 1,399 1,568

    Capex (430) (204) (450) (450)

    Dividends paid (1,203) (1,558) (1,640) (1,894)

    Profitability & efficiency ratios

    Year to December CY12 CY13 CY14E CY15E

    ROAE (%) 46.6 41.8 39.1 39.0

    ROACE (%) 95.2 85.6 101.7 118.4

    ROA 48.1 43.3 40.3 36.7

    Total debt / Capital employed (%) 85.4 68.9 62.3 54.7

    Operating ratios

    Year to December CY12 CY13 CY14E CY15ETotal asset turnover 2.1 1.9 1.8 1.7

    Fixed asset turnover 2.8 2.4 2.8 3.3

    Equity turnover 2.1 1.8 1.7 1.7

    Valuation parameters

    Year to December CY12 CY13 CY14E CY15E

    Adj. Core EPS (INR) 31.4 35.6 40.7 48.1

    Y-o-Y growth (%) 6.6 13.4 14.3 18.3

    CEPS (INR) 36.3 41.0 47.0 54.9

    Diluted PE (x) 39.6 29.5 30.5 25.8

    Price/BV (x) 16.5 13.0 11.0 9.3

    EV/Sales (x) 8.6 7.5 6.4 5.5

    EV/EBITDA (x) 26.5 23.3 19.5 16.4

    Dividend yield (%) 1.3 1.5 1.6 1.9

    Market Capitalisation 87,277 87,848 87,848 87,848

    Balance sheet (INR mn)

    As on 31st December CY12 CY13 CY14E CY15E

    Equity capital 70 71 71 71

    Reserves & surplus 5,220 6,674 7,910 9,418

    Shareholders funds 5,290 6,745 7,981 9,488

    Deferred tax liability (175) (229) (229) (229)

    Sources of funds 5,115 6,516 7,752 9,260

    Tangible assets 1,065 1,342 1,342 1,311

    Intangible assets 3,603 3,150 3,150 3,150

    Total net fixed assets 4,668 4,493 4,493 4,462

    Non current investments 66 56 56 56

    Current Investments 1,084 2,387 2,387 2,387

    Cash and equivalents 1,528 1,900 3,299 4,867

    Sundry debtors 1,172 1,195 1,365 1,574

    Loans and advances 703 691 691 691

    Other current assets 434 516 516 516

    Total current assets (ex cash) 2,309 2,402 2,572 2,781

    Trade payable 1,300 1,280 1,614 1,851

    Others current liabilities 3,240 3,442 3,442 3,442

    Total current liabilities & 4,541 4,721 5,055 5,293

    Net current assets (ex cash) (2,232) (2,319) (2,483) (2,512)

    Uses of funds 5,115 6,516 7,752 9,260

    Book value per share (INR) 75.3 95.4 112.9 134.2

    Free cash flow (INR mn)

    Year to December CY12 CY13 CY14E CY15E

    Net profit 2,204 2,516 2,876 3,402

    Depreciation 343 379 450 481

    Others (583) 339 327 58

    Gross cash flow 1,965 3,235 3,653 3,941

    Less: Changes in WC (268) 170 164 29

    Operating cash flow 2,233 3,065 3,489 3,912

    Less: Capex 430 204 450 450

    Free cash flow 1,803 2,861 3,039 3,462

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    Crisil

    9 Edelweiss Securities Limited

    Insider TradesReporting Data Acquired / Seller B/S Qty Traded

    29 Aug 2013 Roopa Kudva Sell 160000.00

    29 Jul 2013 Roopa Kudva Sell 160000.00

    *as per last available data

    Bulk DealsData Acquired / Seller B/S Qty Traded Price

    14 Jun 2013 Jhunjhunwala Rekha R Sell 400000 1158.60

    *as per last available data

    Holding Top10Perc. Holding Perc. Holding

    S & p india llc 44.17 Mcgraw-hill asian ho 15.04

    S & p international 8.49 Jhunjhunwal rakesh r 5.66

    General insurance co 4.01 Jhunjhunwala rekha 2.69

    Unit trust of india 2.56 Uti asset management 2.56

    Ruane cunniff & gold 2.43 Acacia partners lp 2.43

    *as per last available data

    Additional Data

    Directors DataRoopa Kudva Managing Director & Chief Executive Officer M. Damodaran Independent Non Executive Director

    H.N Sinor Independent - Non-Executive Director Ms. Vinita Bali Independent - Non-Executive Director

    Douglas Peterson Non-Executive Chairman Dr.Nachiket Mor Independent - Non-Executive Director

    David Pearce Non-Independent - Non-Executive Director Yann Le Pallec Non-Independent - Non-Executive Director

    Auditors - S. R. Batliboi & Co

    *as per last available data

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    Credit Rating

    10 Edelweiss Securities Limited

    Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai 400 098.

    Board: (91-22) 4009 4400, Email: [email protected]

    Vikas Khemani Head Institutional Equities [email protected] +91 22 2286 4206

    Nischal Maheshwari Co-Head Institutional Equities & Head Research [email protected] +91 22 4063 5476

    Nirav Sheth Head Sales [email protected] +91 22 4040 7499

    Coverage group(s) of stocks by primary analyst(s):Credit Rating

    Credit Analysis and Research, Crisil, ICRA

    Distribution of Ratings / Market Cap

    Edelweiss Research Coverage Universe

    Rating Distribution* 133 40 16 190

    * 1 stocks under review

    Market Cap (INR) 126 55 9

    > 50bn Between 10bn and 50 bn < 10bn

    Date Company Title Price (INR) Recos

    Buy Hold Reduce Total

    Recent Research

    21-Feb-14 ICRA Moodys offer to hike stake a

    positive;

    EdelFlash

    1,588 Buy

    17-Feb-14 CRISIL Slight improvement in ratings,

    research rebounds;

    Result Update

    1,120 Hold

    27-Jan-14 ICRA Margin uptick in ratings;

    Result Update

    1,543 Buy

    Rating Interpretation

    Buy appreciate more than 15% over a 12-month period

    Hold appreciate up to 15% over a 12-month period

    Reduce depreciate more than 5% over a 12-month period

    Rating Expected to

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    11 Edelweiss Securities Limited

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    Credit Rating

    12 Edelweiss Securities Limited

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