HEXAWARE TECHNOLOGIES LTDbreport.myiris.com/firstcall/APTECH_20131204.pdf · NIIT Technologies Ltd...
Transcript of HEXAWARE TECHNOLOGIES LTDbreport.myiris.com/firstcall/APTECH_20131204.pdf · NIIT Technologies Ltd...
CMP 119.85
Target Price 133.00
ISIN: INE093A01033
DECEMBER 4th
2013
HEXAWARE TECHNOLOGIES LTD
Result Update: Q3 CY13
BUYBUYBUYBUY
Index Details
Stock Data
Sector IT
BSE Code 532129
Face Value 2.00
52wk. High / Low (Rs.) 139.35/72.30
Volume (2wk. Avg. Q.) 100000
Market Cap (Rs. in mn.) 35790.81
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY13A FY14E FY15E
Net Sales 19481.78 22739.70 25923.26
EBITDA 4365.31 5305.38 5817.85
Net Profit 3276.47 3691.57 4189.89
EPS 11.05 12.36 14.03
P/E 10.85 9.70 8.54
Shareholding Pattern (%)
1 Year Comparative Graph
HEXAWARE TECHNOLOGIES LTD BSE SENSEX
SYNOPSIS
Hexaware Technologies Ltd is a leading global
provider of IT & BPO and consulting services.
The company’s net sales registered 22.37% increase
and stood at a record Rs. 6210.53 million from Rs.
5075.15 million over the corresponding quarter last
year.
EBITDA has increased by 29.57% at Rs. 1545.13
millions from Rs. 1192.55 millions in the
corresponding quarter of the previous year.
During Q3 CY13, the Company added 13 new clients
across all its key focus areas. 5 customers are based
in Americas, 3 in Europe and 5 in Asia Pacific
(APAC) region.
Net profit of the company was up by 17.43% at Rs.
987.24 million against Rs. 840.71 million in the
corresponding quarter of the previous year.
HT Global IT solutions Holdings Ltd, an affiliate of
bearings private Equity Asia completed the
acquisition of 41.47% stake holding from the
erstwhile promoter entities and GA Global
investments ltd on Oct 11, 2013.
Hexaware Technologies will work with Oracle to
launch Oracle’s PeopleSoft Test Framework (PTF)
services.
Net Sales and PAT of the company are expected to
grow at a CAGR of 21% and 16% over 2012 to
2015E respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Hexaware Technologies Ltd 119.85 35790.81 11.05 10.85 2.95 270.00
NIIT Technologies Ltd 328.00 19683.20 38.49 8.44 2.56 85.00
Zensar Technologies Ltd 326.10 14247.00 37.34 8.73 2.80 80.00
KPIT Technologies Ltd 146.80 28424.40 5.12 28.71 3.20 45.00
Recommendation & Analysis - ‘BUY’
Hexaware Technologies Ltd is a leading global provider of IT & BPO and consulting services has reported healthy
performance for the third quarter of the calendar year ended September 30, 2013. During the quarter ended Q3
CY13, Net sales of the company was at Rs. 6210.53 million an increased by 22.37% in Q3 CY13 from Rs. 5075.15
millions in Q3 CY12. And net profit of the company was up by 17.43% at Rs. 987.24 million against Rs. 840.71
million in the corresponding quarter of the previous year. In the same quarter EBITDA has increased by 29.57%
at Rs. 1545.13 million from Rs. 1192.55 million in the corresponding quarter of the previous calendar year.
The currency depreciation may have boosted rupee revenues, but has dragged down net profits due to heading
losses and wage hikes. During the quarter the company added 13 new clients across vertical such as financial
services, healthcare & insurance and Travel. Attrition rate for the last 12 months went up to 12.3% from 11% in
July quarter. The Company has hedges worth $ 205 mn at an effective rate of `57.96 and € 11 mn at an effective
exchange rate of `76.39 maturing over the course of the next eight quarters (from October 2013 to July2015). HT
Global IT solutions Holdings Ltd, an affiliate of bearings private Equity Asia completed the acquisition of 41.47%
stake holding from the erstwhile promoter entities and GA Global investments ltd on October 11, 2013.
This has been a good quarter with healthy revenue growth, stable profit margins and 13 clients added in Q3
2013, 5 customers are based in Americas, 3 in Europe and 5 in Asia Pacific (APAC) region and this takes
Hexaware’s total Active Client portfolio to 225, with top 10 clients share raised to 54.3% in July- Sept versus
53.1% in the previous quarter. By 13 new clients and robust increase of 250 personnel to its talented human
capital, the Company will continue to strengthen its field organization as well as its domain and technology
competencies in up coming quarters. We expect the company to post a CAGR of 21% and 16% in its top-line and
bottom-line respectively. Hence, we recommend ‘BUY’ for ‘HEXAWARE TECHNOLOGIES LTD’ with a target
price of Rs. 133.00 on the stock.
QUARTERLY HIGHLIGHTS (CONSOLIDATED)
Results updates- Q3 CY13,
Hexaware Technologies Limited, a leading global
provider of IT, BPO and Consulting services has
reported healthy performance for the third quarter
of the calendar year ended September 30, 2013.
“Hexaware has delivered solid results in the quarter.
With the uptick seen in the business environment,
the Company is poised to continue on its growth
path”.
The company has achieved a turnover of Rs. 6210.53 million for the 3rd quarter of the calendar year 2013 as
against Rs. 5075.15 millions in the corresponding quarter of the previous year. The company has reported an
EBITDA of Rs. 1545.13 millions an increased by 29.57% and a net profit of Rs. 987.24 million against Rs. 840.71
million reported respectively in the corresponding quarter of the previous year. The company has reported an
EPS of Rs. 3.31 for the 3rd quarter as against an EPS of Rs. 2.84 in the corresponding quarter of the previous year.
Break up of Expenditure
During the quarter, Total Expenditure rose by 19 per cent mainly on account of increase in employment
expenses, Software & other expenses, Operating & other expenses with consideration of depreciation &
amortization expenses in the rupee impact. Total expenditure in Q3 CY13 was at Rs.4831.60 million as against
Rs.4073.18 million in Q3 CY12.
Employee benefit expenses stood to Rs.3175.53 millions against Rs.2770.84 millions in the corresponding period
of the previous year. In Q3 CY13, Depreciation & Amortization Expenses are Rs. 98.44 million and operating &
other expenses are at Rs.516.37 millions against Rs.455.89 millions in Q3 CY12. In the same quarter Software &
other expenses at Rs.1041.26 millions against Rs.758.28 millions in Q3 CY12, are the primarily attributable to
growth of expenditure.
Months SEP-13 SEP-12 % Change
Net Sales 6210.53 5075.15 22.37
PAT 987.24 840.71 17.43
EPS 3.31 2.84 16.53
EBITDA 1545.13 1192.55 29.57
Segment Revenue
Latest Updates
• During the previous quarter, the Company added 13 new clients across all its key focus areas. Of these, 3
clients were added in the Banking and Financial Services (BFS) Domain and 6 clients were added in the
Healthcare & Insurance (H&I) space and one client in the Travel and Transportation Vertical. Of the 13 clients
added in Q3 2013, 5 customers are based in Americas, 3 in Europe and 5 in Asia Pacific (APAC) region.
• The Company has hedges worth $ 205 mn at an effective rate of `57.96 and € 11 mn at an effective exchange
rate of `76.39 maturing over the course of the next eight quarters (from October 2013 to July2015).
• During the quarter, the company’s vertical- wise growth showed a marginal improvement only in the
healthcare Segment, which grew 16.3% compared with 15.9% last quarter, while BFSI and emerging
segments registered flat growth.
• Despite a 1% rise in attrition level to 12.3% qoq, its global headcount in July-Sept moved up by 250 to 8950,
with 83 fresher’s coming on board. Utilization too improved 1% to 71.8%.
• Cash & Cash equivalents at the end of Sept 2013 at `Rs.4900.00 million.
• Hexaware Technologies work with Oracle to launch Oracle’s PeopleSoft Test Framework (PTF) services,
which will allow users to install, configure, implement and maintain PTF automation.
• HT Global IT solutions Holdings Ltd, an affiliate of bearings private Equity Asia completed the acquisition of
41.47% stake holding from the erstwhile promoter entities and GA Global investments ltd on October 11,
2013. Accordingly Ht Global is promoter of the company from October 11th 2013.
Graphical Representation
COMPANY PROFILE
The Company founded in 1990, and focuses on key domains such as Banking, Financial Services, Insurance,
Travel, Transportation, Logistics, Life Sciences and Healthcare. Hexaware focuses on delivering business results
and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Solutions,
Quality Assurance and Testing Services, Remote Infrastructure Management Services and Legacy Modernization.
Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies,
skilled human capital.
Hexaware Technologies, reported that it will work with Oracle to launch Oracle’s PeopleSoft Test Framework
(PTF) services, which will allow users to install, configure, implement and maintain PTF automation. As a
Platinum member of Oracle’s Partner Network (OPN), Hexaware’s PTF services allow customers to execute more
tests with greater accuracy in a shorter time, and enable significantly reduced operational costs. “By unveiling
Hexaware PTF service offerings, we’re not only saving money for its clients by helping to eliminate unnecessary
and redundant processes, but also enabling an enhanced time-to-market solution with ROI within just two test
cycles. PTF is an excellent option because it comes packaged with People Tools, and there is no additional
licensing fee involved for using PTF as the test automation tool.”
The company’s onsite/offshore delivery model provides significant cost savings development centers are
assessed at SEI CMMI-Level 5, and are also ISO 9001:2000 and TickIT certified. These help to continually provide
high value, high quality deliverables to their clients.
Business Area
Global Operations
Hexaware’s global operations are located in North America, Europe and Asia Pacific. The Texas centre joins the
two New Jersey centres to service North America based customers. In addition, Hexaware has Global Delivery
Centres located in Mumbai, Chennai, Pune, Nagpur and Bengaluru in India and three Nearshore Delivery Centres
at Saltillo in Mexico.
Technology Services
Industry Solutions
The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation,
Logistics, Life Sciences and Healthcare.
Technology solutions
Hexaware focuses on delivering business results and leveraging technology solutions by specializing in
• Enterprise Solutions(applications)
• Quality assurance and Testing Services
• Business intelligence & Analytics
• Microsoft Technology Services
• Legacy Management and technology
• Product Engineering
• Specialized Services
• Infrastructure management Services
• Java Technology Services
• Mobility Services
Partners
Hexaware partnerships are aimed at delivering real business value to clients. Each partnership helps their clients
leverage and enable strong competency and delivery capabilities with the comprehensiveness and strengths of
partner solutions and platforms. Some of these partners are
Oracle
Sap
HP
Microsoft
Lufthansa Systems
Informatica
Unisys
Alaric
eBaoTech
Herald Logic
EiQ Networks
Jamo Solutions
GreenLine
ZAP Technologies
Information Builders
Net APP(service provider)
MicroStrategy
Liferay
IBM
I create software
Checkmarx
Experitest
Cloudera
FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at 31st Dec 2011A-14E 2011A 2012A 2013E 2014E
I. EQUITY AND LIABILITIES:
A) Shareholders’ Funds:
a) Share Capital 586.72 593.09 597.26 597.26
b) Reserves and Surplus 9575.11 11445.1 15136.66 19326.55
Sub- Total Net worth 10161.83 12038.19 15733.92 19923.81
B) Share Application Money Pending Allotment 0.00 0.38 0.00 0.00
C) Non-Current Liabilities:
a) Deferred Tax Liabilities [Net] 32.41 130.47 176.13 234.26
b) Other Long Term Liabilities 122.97 77.57 66.83 60.14
c) Long Term Provisions 201.71 265.68 353.35 466.43
Sub- Total Long term liabilities 357.09 473.72 596.31 760.83
D) Current Liabilities:
a) Trade Payables 538.89 532.57 516.59 501.10
b) Other Current Liabilities 2229.33 1755.31 1439.35 1223.45
c) Short Term Provisions 1237.91 984.52 797.46 677.84
Sub- Total Current Liabilities 4006.13 3272.4 2753.41 2402.39
TOTAL EQUITY AND LIABILITIES (A + B + C + D) 14525.05 15784.69 19083.64 23087.03
II. ASSETS:
E) Non-Current Assets:
a) Fixed Assets:
i. Tangible Assets 2545.15 2936.54 3494.48 4193.38
ii. Intangible Assets 1426.62 1506.13 1656.74 1838.98
iii. Capital work-in-progress 798.67 756.76 696.22 647.48
b) Deferred tax assets 194.53 203.61 213.79 303.58
c) other non-current assets 716.08 170.01 176.81 160.00
d) Non Current Investments 0.00 4.58 7.33 8.79
e) Long Term Loans and Advances 807.8 1088.77 1480.73 1998.98
Sub- Total Non-Current Assets 6488.85 6666.4 7726.10 9151.21
F) Current Assets:
a) Current Investments 228.77 2349.83 3474.58 4794.92
b) Trade Receivables 2992.99 3649.08 4488.37 5475.81
c) Cash and Bank Balances 3769.21 1969.01 2126.53 2279.52
d) Short Term Loans and Advances 479.32 508.68 549.37 587.83
e) Other Current Assets 565.91 641.69 718.69 797.75
Sub- Total Current Assets 8036.2 9118.29 11357.54 13935.82
TOTAL ASSETS ( E+ F ) 14525.05 15784.69 19083.64 23087.03
Annual Profit & Loss Statement for the period of 2011 to 2014E
Value(Rs.in.mn) CY11A CY12A CY13E CY14E
Description 12m 12m 12m 12m
Net Sales 14505.12 19481.78 22739.70 25923.26
Other Income 482.10 438.28 359.59 373.97
Total Income 14987.22 19920.06 23099.29 26297.23
Expenditure -11890.17 -15554.75 -17793.91 -20479.37
Operating Profit 3097.05 4365.31 5305.38 5817.85
Interest -21.49 -1.61 -0.73 -0.78
Gross profit 3075.56 4363.70 5304.65 5817.07
Depreciation -247.04 -324.14 -387.32 -445.42
Exceptional Items 248.26 0.00 -226.96 0.00
Profit Before Tax 3076.78 4039.56 4690.38 5371.65
Tax -406.51 -763.09 -998.81 -1181.76
Net Profit 2670.27 3276.47 3691.57 4189.89
Equity capital 586.72 593.09 597.26 597.26
Reserves 9575.12 11445.09 15136.66 19326.55
Face value 2.00 2.00 2.00 2.00
EPS 9.10 11.05 12.36 14.03
Quarterly Profit & Loss Statement for the period of 31 MARCH, 2013 to 31 DEC, 2013E
Value(Rs.in.mn) 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13E
Description 3m 3m 3m 3m
Net sales 5076.84 5366.01 6210.53 6086.32
Other income 117.68 102.32 67.76 71.83
Total Income 5194.52 5468.33 6278.29 6158.15
Expenditure -4098.15 -4093.54 -4733.16 -4869.06
Operating profit 1096.37 1374.79 1545.13 1289.09
Interest -0.03 -0.06 -0.31 -0.33
Gross profit 1096.34 1374.73 1544.82 1288.76
Depreciation -93.00 -93.50 -98.44 -102.38
Exceptional Items 0.00 -39.73 -187.23 0.00
Profit Before Tax 1003.34 1241.50 1259.15 1186.39
Tax -210.57 -262.44 -271.91 -253.89
Net Profit 792.77 979.06 987.24 932.50
Equity capital 596.62 597.26 597.26 597.26
Face value 2.00 2.00 2.00 2.00
EPS 2.66 3.28 3.31 3.12
Ratio Analysis
Particulars CY11A CY12A CY13E CY14E
EPS (Rs.) 9.10 11.05 12.36 14.03
EBITDA Margin (%) 21.35 22.41 23.33 22.44
PBT Margin (%) 21.21 20.74 20.63 20.72
PAT Margin (%) 18.41 16.82 16.23 16.16
P/E Ratio (x) 13.17 10.85 9.70 8.54
ROE (%) 26.28 27.22 23.46 21.03
ROCE (%) 32.91 38.95 36.18 31.44
EV/EBITDA (x) 10.79 7.66 6.32 6.15
Book Value (Rs.) 34.64 40.59 52.69 66.72
P/BV 3.46 2.95 2.27 1.80
Charts
OUTLOOK AND CONCLUSION
� At the current market price of Rs. 119.85, the stock P/E ratio is at 9.70 x CY13E and 8.54 x CY14E
respectively.
� Earning per share (EPS) of the company for the earnings for CY13E and CY14E is seen at Rs.12.36 and
Rs.14.03 respectively.
� Net Sales and PAT of the company are expected to grow at a CAGR of 21% and 16% over 2011 to CY14E
respectively.
� On the basis of EV/EBITDA, the stock trades at 6.32 x for CY13E and 6.15 x for CY14E.
� Price to Book Value of the stock is expected to be at 2.27 x and 1.80 x respectively for CY13E and CY14E.
� We expect that the company surplus scenario is likely to continue for the next three years, will keep its
growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of
Rs.133.00 for Medium to Long term investment.
INDUSTRY OVERVIEW
The IT&ITeS industry in India has today become a growth engine for the economy, contributing substantially to
increases in the GDP, urban employment and exports, to achieve the vision of a powerful and resilient India.
Indian firms, across all other sectors, largely depend on the IT & ITeS service providers to make their business
processes efficient and streamlined. Indian manufacturing sector has the highest IT spending followed by
automotive, chemicals and consumer products industries. Nasscom expects the IT services sector in India to
grow by 13-14 per cent in 2013-14 and to touch US$ 225 billion by 2020.
Market Size
� India’s total IT industry’s (including hardware) share in the global market stands at 7 per cent; in the IT
segment the share is 4 per cent while in the ITeS space the share is 2 per cent. The industry is dominated by
large integrated players consisting of both Indian and international service providers. During the year, the
share of Indian providers went up to 65 per cent-70 per cent due to the emerging trend of monetisation of
captives.
� India's IT and BPO sector exports are expected to grow by 12-14 per cent in FY14 to touch US$ 84 billion -
US$ 87 billion.
� IT spending in India is projected to reach US$ 71.5 billion in 2013, an increase of 7.7 per cent as compared to
US$ 66.4 billion projected for 2012.
� The enterprise software market in India is expected to reach US$ 3.92 billion in 2013, registering a growth of
13.9 per cent over 2012 revenue of US$ 3.45 billion.
Investments
• Indian IT's core competencies and strengths have placed it on the international canvas, attracting
investments from major countries.
• Between April 2000 and June 2013, the computer software and hardware sector attracted cumulative foreign
direct investment (FDI) of Rs 53,757.60 crore (US$ 7.97 billion), according to data released by 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.
Some of the major investments in Indian IT and ITeS sector:
� Baring Private Equity Partners Asia plans to buy IT services firm Hexaware Technologies in a deal estimated
at about US$ 400 million
� Cognizant has been selected by the Saudi Electricity Company (SEC) to develop a comprehensive billing and
revenue management solution based on SAP utilities enterprise software to meet the functional, technical,
and operational requirements of SEC's rapid growth
� Prisma Global has acquired majority stake in German technology venture Prisma Gmbh for about Rs 27 crore
(US$ 4.00 million). The company will now own the Intellectual Property (IP) of technologies developed by
the German firm
� Wipro Ltd have secured a large IT outsourcing contract worth US$ 500 million from the US-based financial
services company Citigroup. Wipro will be responsible for application development and maintenance, as well
as providing infrastructure management services, for Citi's global operations
� Tech Mahindra has signed a five-year agreement with UBS Fund Services (Luxembourg) (UBS FSL) for its
new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth
managers, investment banks, custodians and administrators. The company’s Brazilian subsidiary Complex IT
has also signed two deals to deliver enterprise solutions for oil and gas, and banking sector
Government Initiatives
• As a part of the National Electronics Policy, the Government of India is planning to set-up 15 new laboratories
under public-private-partnership (PPP) model for hardware and software testing. The labs will facilitate
registration and testing of IT products before they are launched in the market.
• 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.
• In the 12th Five Year Plan (2012-17), the Department of Information Technology proposes to strengthen and
extend the existing core infrastructure projects to provide more horizontal connectivity, build redundancy
connectivity, undertake energy audits of State Data Centers (SDCs) etc. The core infrastructure including
fibre optic based connectivity will be leveraged and additional 150,000 Common Service Centres (CSCs) will
be setup to create the right Governance and service delivery ecosystem at the Panchayats.
Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are:
� The Government of India has fast tracked the process of setting up of centres of National Institute of
Electronics and Information Technology (NIELIT) in Northeast India
� The Government of Brazil has liberalised the issue of short term work visas, a move which will make it easier
for Indian IT professionals to take up assignments in Brazil
� India and Vietnam have signed two memorandums of understanding (MoU) for partnership in the field of
information, communications and technology (ICT)
� 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
Road Ahead
As IT is increasingly gaining traction in small and medium business activities, the sector offers impressive growth
opportunities and is estimated at approximately US$ 230 billion–US$ 250 billion by 2020. In a bid to reduce cost,
governments across the world are exploring outsourcing and global sourcing options.
Technologies, such as telemedicine, mHealth, remote monitoring solutions and clinical information systems,
would continue to boost demand for IT service across the globe. IT sophistication in the utilities segment and the
need for standardisation of the process are expected to drive demand.
Digitisation of content and increased connectivity is leading to a rise in IT adoption by media. Emerging
technologies present an entire new gamut of opportunities for IT firms in India. Social, mobility, analytics and
cloud (SMAC) provide US$ 1 trillion opportunity. Cloud represents the largest opportunity under SMAC,
increasing at a CAGR of approximately 30 per cent to around US$ 650 billion–US$ 700 billion by 2020. Social
media is the second most lucrative segment for IT firms, offering a US$ 250 billion market opportunity by 2020.
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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