Career Point Infosystems IPO

IPO Note | Education
September 18, 2010

Career Point Infosystems SUBSCRIBE
Issue Open: September 16, 2010
IPO Note Issue Close: September 21, 2010
Career Point Infosystems (CPIL) is one of the leading tutorial companies providing
training for competitive exams, including IIT-JEE, AIEEE and Science Olympiad. Is s u e D eta i ls
Favourable demographics such as one-third population aged below 14 years, Face Value: Rs10
lower literacy rate, rising per capita income, increasing employment and
Present Eq. Paid up Capital: Rs14.4cr
dominance of the services industry will keep demand for tutorial services buoyant,
benefitting CPIL. However, CPIL is advancing towards an asset-heavy model by Offer Size: 37.1 lakh-38.98lakh Shares*

setting up a campus facility, which will dilute its return ratios. We recommend Post Eq. Paid up Capital*: Rs18.1cr -
Rs18.3cr
Subscribe on this IPO, for moderate listing gains.
Issue size (amount): Rs115cr
A mammoth target market: CPIL provides tutorial services to high school and
Price Band: Rs295-310
post-high school students for various competitive exams. Thus, the burgeoning
target market that comprises the below 25-year age group presents a huge Promoters holding Pre-Issue: 75.3%
enrollment potential to CPIL. The company also provides management services to Promoters holding Post-Issue: 59.4%-60%
the K12 and higher education segment under its education consultancy and No te:*at Lo wer and Upper price band respectively

management services (ECAMS) business segment. Services offered by this
segment include strategic planning, human resource management and
administrative services. CPIL also offers TechEdge Class, an innovative concept B o o k B u i ld in g
based on virtual classroom environment that replicates the model of a real QIBs 60%
classroom with the help of VSAT/VPN technology. Non-Institutional 10%
Erudite faculty and established delivery centres: CPIL has 231 faculty members, Retail 30%
with most of them being IIT and NIT graduates. The company has 17 owned
centres and 16 franchisees, primarily located in the northern and eastern regions
of India, which have buoyant demand for tutorial services. Po s t Is s u e Sh a reh o l d in g Pa ttern
Promoters Group 59.7%
Outlook and valuation: CPIL posted a 28% revenue CAGR over FY2007–10, with
MF/Banks/Indian
EBITDA and PAT registering CAGRs of 11% and 14%, respectively. Going
FIs/FIIs/Public & Others 40.3%
forward, although setting up of the campus facility will not aid CPIL’s profitability
in the near term, we believe CPIL will continue its growth momentum because of
higher enrollment, as witnessed in the first four months of FY2011.
At the higher end of the price band (Rs310/share), the stock’s implied P/E would
be ~25.1x FY2010 EPS. We recommend Subscribe on the IPO, for moderate
listing gains.
Key Financials
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010
Net Sales 29.0 38.0 45.1 61.6
% chg 30.8 18.7 36.6
Net Profit 12.0 15.3 15.0 17.8
% chg 27.1 (0.2) 18.7
EBITDA (%) 59.5 53.9 47.5 38.6
EPS (Rs) 23.7 12.7 12.4 12.3
P/E (x) 13.1 24.5 25.0 25.1 Srishti Anand
P/BV (x) 7.0 8.8 6.5 3.3 +91 22 4040 3800 Ext: 345
RoE (%) 53.5 35.8 26.0 13.3 Email: srishti.anand@angeltrade.com

RoCE (%) 77.0 48.1 36.7 17.5
Vibha Salvi
EV/Sales (x) 8.4 11.7 10.1 7.7
+91 22 4040 3800 Ext: 329
EV/EBITDA (x) 14.1 21.8 21.2 19.9 Vibha.salvi@angeltrade.com
Source: Company, Angel Research

Please refer to important disclosures at the end of this report 1

Career Point Infosystem | IPO Note

Company background

CPIL was setup in 2000 by Kota-based Maheshwari family. The company’s
Chairman, MD and CEO Mr. Pramod Maheshwari has a strong technology
background with a B. Tech Degree from IIT Delhi. He has rich experience of over
15 years in developing and implementing training methodologies.

The company’s business model is broadly dividend into two tutorial services and
ECAMS, as follows:

Tutorial services

CPIL is a tutorial service provider in India. The company provides tutorial services
to high school and post-high school students for various competitive entrance
examinations, including AIEEE, IIT-JEE, AIPMT and AIPDT. Tutorial services are
provided through classroom training programmes conducted via a network of
company-operated and franchised centres. As on July 31, 2010, the company had
17 company-operated training centres and 16 franchisee centres; and during the
four months period until July 31, 2010, the company had received 28,626
enrollments.

As on July 31, 2010, CPIL had a team of 231 faculty members (excluding faculty
members of franchisees), comprising engineering and science graduates, mainly
from IIT and NIT. The company also has an ongoing in-house faculty training
facility, which ensures that all its faculty members undergo training on the
company’s teaching methodologies and skills and subject matter of relevant
courses to keep them abreast of the changes in competitive entrance examination
trends and student needs.

Exhibit 1: Course delivery process

Career Point Infosystems
Limited

100% Subsidiary

Management
Provide fees
content, IT Career Point Infra Limited
and
management
services
Development of Lease
educational institution
infrastructure Rent

Source: RHP, Angel Research

Over the years, CPIL has built a repository of over 10,000 pages of text content
and over 12,000 minutes of video content for various tutorial services. For students
who are unable to attend regular classroom programmes, the company offers
distance learning programme comprising correspondence and test series courses
that have been systematically designed to provide effective and efficient education
to students in a simple and lucid manner.

September 18, 2010 2


ECAMS

CPIL has recently forayed into the ECAMS segment, catering to the K-12 and
higher education segments. Under ECAMS, the company assists in the
identification of appropriate locations for opening schools, universities and
institutes; preparation of strategies for new schools/universities/institutes; human
resource management services for teaching as well as non-teaching staff;
administrative services; IT-related services, including training of staff, marketing,
branding and education development activities; management and maintenance of
complete financial systems; advising and conducting cultural, social and sports
activities; and advisory services, including facilitation and assistance in securing
licenses, clearance and no objection certificates required for carrying on the
activities.

Exhibit 2: Revenue model for ECAMS and infrastructure support services

P h a s e 2 : Te stin g &
Re ctifica tio n
• S tud e n t P e r for m a n ce
• Co urs e D e liv e r y A n a lys is
• M o nitor in g P rog re s s • Co un s e lin g for
• S tud y M a te r ia l
• D o ub t re m ova l cla s s e s p e r for m a nce
im p ro v e m e n t

P h a s e 1 : I m pa r tin g of
P ha s e 3 : A na ly s is
Tu tor ia l S e r v ice s




IPO details

At the lower price band, CPIL is planning to raise Rs115cr by issuing nearly 0.37cr
shares in the price band of Rs295–310/share. The issue proceeds would be
utilised for the construction and development of an integrated campus facility,
expansion of classroom and office facilities and acquisition and strategic initiatives.

Exhibit 3: Shareholding pattern
Shareholder Pre issue (%) Post issue (%)
Promoter 75.3 59.9
Non-promoter 24.7 33.7
Public 0 7

Exhibit 4: Issue structure
Issue structure No.
Issue size 37,09,677
– Fresh issue 37,09,677
– Offer for sale Nil
Employee reservation 65000
Net issue 3644677
Face value (Rs) 10

Exhibit 5: Objects of the issue
Object of the issue Rs cr
Construction and development of an integrated campus facility 68.25
Expansion of classroom and office facilities 16.48
Acquisition and strategic initiatives 15



Industry overview

CPIL’s anchor business is to impart tutorial services to students appearing for
competitive exams such as AIEEE, IIT JEE, AIPMT and AIPDT. Following is the
dynamics about each of these competitive exams, outlining the target opportunity
for companies such as CPIL.

All India Engineering Entrance Examination (AIEEE)

Programme of Action 1992, under the National Policy on Education 1986,
envisaged conduct of a common entrance examination on all-India basis for
admission to professional and technical programmes in the country. For admission
to engineering and architecture/planning programmes, the Government of India
vide resolution dated October 18, 2001, laid down a Three–Exam Scheme (JEE
and AIEEE at the national level and SLEEE for state level institutions, with an option
to join AIEEE). This takes care of varying admission standards in these
programmes and helps in maintaining professional standards. This also solves
problems of overlaps and reduces physical, mental and financial burden on
students and their parents due to multiplicity of entrance examinations.

The first AIEEE was conducted in 2002. From 2005 to 2009, the number of
students appearing in this exam has increased at a 19.4% CAGR.

Exhibit 6: AIEEE statistics

1,200,000 30,000

1,000,000 25,000

800,000 20,000

600,000 15,000

400,000 10,000

200,000 5,000

0 0
2005 2006 2007 2008 2009
Students appeared (LHS) No of seats (RHS)




Indian Institute of Technology – Joint Entrance Exam (IIT-JEE)
IITs, institutions of national importance, were established through an act of
parliament for fostering excellence in education. IITs offer undergraduate
programmes in various branches of engineering and technology; postgraduate
programmes with specialisation and Ph.D. programmes in various engineering
and science disciplines, interdisciplinary areas; and conduct basic, applied and
sponsored research. At present, IITs offer B. Tech., M.Sc., M. Design, M.Phil.,
M.Tech, and Ph.D. degrees. There are 15 IITs at present. Admissions to the
undergraduate programmes at these institutions for all Indian and foreign students
are made through a joint entrance examination (JEE). From 2006 to 2010, the
number of students appearing for IIT-JEE increased at a 9.5% CAGR.

Exhibit 7: IIT-JEE statistics

500,000 10,000

400,000 8,000

300,000 6,000

200,000 4,000

100,000 2,000

0 0
2006 2007 2008 2009 2010
Students appeared (LHS) No of seats (RHS)


Growth drivers

Increasing population and lower literacy rate

India’s increasing population (1.3% CAGR) with 32.6% of the population aged
below 14 years presents a good opportunity for the development of schools,
colleges and universities.

Currently, India’s adult literacy rate (66%) is lower than that of countries such as
Malaysia (92%), China (93%), Burma (90%), Saudi Arabia (85%) and UAE (90%).
Therefore, to improve the country’s literacy rate, the government has introduced
various plans such as Sarva Shiksha Abhiyan and Mid-Day Meal Programme.
Public education spending as a percentage of the GDP and as a percentage of
overall government spending is 3.2% and 10.7%, respectively. To fund the basic
education of citizens, the government has levied an education cess at the rate of
2% on the payment of customs, excise and service tax. Apart from education cess,
additional 1% secondary and higher education cess have been imposed under the
Finance Act 2008 to fund expansion facilities for higher education.

Increasing per capita income

India’s per capita income is estimated to be Rs43,749 in FY2010 as compared to
Rs40,141 in FY2009, growth of 9%. Increasing per capita income reflects
improvement in the living standards of an average Indian. This may lead to higher
expenditure on education by people.



Investment rationale

Strong demand for professional courses to drive growth

CPIL posted a 28% revenue CAGR over FY2007–10, with EBITDA and PAT
registering CAGRs of 11% and 14%, respectively. This is evident from the surge in
enrollment for courses such as AIEEE. As highlighted in the industry overview
(Exhibit 6 and Exhibit 7), the number of students appearing for these competitive
exams is rising at a scorching pace despite poor increase in the number of seats.
Indeed, demand for these services will remain upbeat considering that India is
more of a services economy (53% of GDP) and population aged below 14 years
composes one-third of the total population.

Exhibit 8: Enrolment data (Course wise)
25,000

20,000
(No. of enrollments)

15,000

10,000

5,000

0
FY2008 FY2009 FY2010 4M FY2011
IIT-JEE AIEEE AIPMT Distance learning Programmes


In fact, in the first four months of FY2011, the enrollment in IIT-JEE, AIEEE and
AIPMT was high and almost comparable to the full year enrollment number in
FY2010. Hence, we expect the company to continue its growth momentum on the
back of higher enrollment.

TechEdge Class: A strategic initiative to aid growth

CPIL has launched an innovative solution, TechEdge Class, to aid growth. This
concept is based on virtual classroom environment, which replicates the model of
a real classroom with the help of VSAT/VPN technology. The concept is similar to
Everonn’s virtual and technology-enabled learning solution (VITELS), in which
students interact with instructors online using audio and video conferencing facility.
To ensure a smooth functioning of this model, TechEdge Classes are equipped
with computer systems, headphones and software to provide a synchronous
learning environment. Through this delivery platform, the company manages to
deliver lectures at multiple locations simultaneously. Thus, minimum human
interface enables the company to expand its offerings to remote locations, where
setting up a full-fledged training centre is not economically viable. This also
minimises the company’s time and cost in terms of resource deployment, as the
primary cost is related to content development.



Key concerns

Bargaining power with the faculty

The nature of the tutorial business is such that institute brands are
professor-centric. This entrusts higher bargaining power in the hands of the faculty
and can affect an institute’s enrollment and cost.

High geographical concentration

CPIL generates 60% of its revenue from Kota. Kota has more than 500
unorganised tutorial classes. Thus, further rise in competition in the same region
can lead to losses in revenue and market share for the company.

Highly localised market

The higher education tutorial space is highly localised. Students generally prefer
going to popular local institutes. Therefore, one has to have a strong brand
presence to enter a new market. This presents limited scope for new players, giving
an upper edge to established brands.

Cut-throat competition

Besides CPIL, there are many other established players such as Bansal Classes,
FIITJEE, Akash Institute, Resonance, Allen and Brilliant Tutorials in the country that
give cut-throat competition to each other. The high competition in the industry is
because of low entry barriers, as it is an unregulated space.



Outlook and valuation

CPIL posted a 28% revenue CAGR over FY2007–10, with EBITDA and PAT
registering CAGRs of 11% and 14%, respectively. Also, for the first four months of
FY2011, CPIL witnessed robust enrollment, almost comparable to the annual
enrollment number in FY2010 for courses such as AIEEE, IIT-JEE and AIPMT. This
envisages that CPIL will be able to maintain its growth momentum in the future.

CPIL’s niche lies in the tutorial-oriented education model, which is not exactly
comparable to the models of Educommp, Everonn, NIIT and Aptech. The company
majorly focuses on the informal education form (i.e., test preparations and
tuitions), whereas the others focus on the formal education form of K-12 as well as
informal education form of vocational training.

Going forward, the high concentration of almost one-third of the total population
in the below 14 years age group, lower literacy rate, rising per capita income,
increasing employment and dominance of the services industry will keep demand
for tutorial services buoyant, benefiting CPIL. However, due to the fragmented and
competitive nature of the market, incremental growth by each of the players will be
capped.

CPIL plans to utilise the net proceeds towards setting up an integrated campus
facility for 3,000 students, which will make its business model asset heavy, thereby
diluting the company’s return ratios. However, we believe CPIL will continue its
growth momentum because of higher enrollment, as witnessed in the first four
months of FY2011. At the higher end of the price band (Rs310/share), the stock’s
implied P/E would be ~25.1x FY2010 EPS. We recommend Subscribe on this IPO,
for moderate listing gains.



Profit & Loss Statement (Consolidated)
Y/E Mar (Rs cr) FY2007 FY2008 FY2009 FY2010
Income:
Education and training income 22.6 32.0 39.8 59.1
Centre Royalty 5.1 4.9 4.2 2.1
Sale of study material 1.4 1.1 1.2 0.5
Total sales 29.1 38.0 45.2 61.7
% chg 30.8 18.7 36.6
Total Expenditure
Administrative expenses 5.0 7.9 9.9 14.7
Manpower 4.6 7.2 11.9 20.9
Cost of study material consumed 2.1 2.4 1.8 2.2
Deferred revenue expenditure - 0.1 0.1 0.1
EBITDA 17.3 20.5 21.4 23.8
% chg 18.5 4.6 11.1
(% of Net Sales) 59.5 53.9 47.5 38.6
Depreciation& Amortisation 0.1 0.2 0.4 0.6
EBIT 17.2 20.3 21.0 23.2
Interest & finance charges 0.0 0.0 0.2 0.0
Other Income 0.9 3.0 2.7 4.2
Recurring PBT 18.1 23.3 23.5 27.2
(% of Total Income) 60.3 56.8 49.1 41.3
Provision for taxation
Current tax 6.0 7.9 8.4 9.6
Deferred tax 0.0 0.0 0.1 (0.1)
Fringe benefit tax 0.0 0.0 0.0 0.0
(% of PBT) 33.1 33.9 35.7 35.2
PAT (reported) 12.0 15.3 15.0 17.8
Add: Share of earnings of associate - - - -
Less: Minority interest (MI) - - - -
Prior period items - - - -
PAT after MI (reported) 12.0 15.3 15.0 17.8
Fully Diluted EPS (Rs) 23.7 12.7 12.4 12.3
% chg 27.1 (0.2) 18.7 27.1



Balance Sheet (Consolidated)
Y/E Mar(Rs cr) FY2007 FY2008 FY2009 FY2010
SOURCES OF FUNDS
Equity Share Capital 5.1 12.1 12.1 14.4
Share Application Money 0.5 0.0 0.0 0.0
Reserves& Surplus 16.9 30.4 45.4 119.6
Shareholders’ Funds 22.5 42.5 57.5 134.1
Minority Interest 0.0 0.1 0.1 0.0
Total Loans 2.9 0.0 5.1 0.1
Deferred Tax Liability (69) (89) (90) (90)
Total Liabilities 25.4 42.6 62.8 134.2
APPLICATION OF FUNDS
Gross Block 2.1 6.6 20.7 24.5
Less: Acc. Depreciation 0.2 0.3 0.7 1.2
Net Block 1.9 6.3 20.0 23.2
Capital Work-in-Progress 2.1 8.8 7.3 7.2
Intangible asset 3.8 3.6 7.3 17.7
Investments 3.0 1.4 2.2 38.2
Inventories 0.4 1.0 1.8 1.7
Sundry debtors 0.6 1.8 2.3 0.5
Cash & bank balances 11.9 17.2 13.3 22.7
Loans & Advances 9.2 10.7 18.5 32.1
Current liabilities 7.4 8.4 10.1 10.6
Net Current Assets 14.6 22.3 25.9 46.5
Preliminary expenses 0.1 0.4 0.4 1.6
Total Assets 25.4 42.6 62.8 134.2



Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

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