The company's net profit grew by 75.53% at Rs. 85.57 mn in current June quarter compared to Rs. 48.75 mn in the corresponding quarter of the previous year. Net Sales and PAT of the company are expected to grow at a CAGR of 17% and 26% over 2012 to 2015E respectively.
Buy this burgeoning IT scrip for target of 290, 6 new product orders won in Q...IndiaNotes.com
The document provides a quarterly financial report for Nucleus Software Exports Ltd for the quarter ending March 31, 2015. It details that revenue increased 15.07% year-over-year to Rs. 1009 million for Q4 FY15. Net profit grew 9.55% to Rs. 206.43 million and EBIDTA increased 16.28% to Rs. 322.15 million over the same period last year. The report recommends buying shares of Nucleus Software with a target price of Rs. 290 based on projected financial growth and industry outlook.
Tata Elxsi: Q4FY15 net profit up 26.04% YoY to INR298.36m; BuyIndiaNotes.com
The document provides a quarterly financial update for Tata Elxsi Limited for Q4 FY15. It reports that the company's net sales increased 9.34% year-over-year to Rs. 2312.76 million for Q4 FY15. Net profit grew 26.04% to Rs. 298.36 million. The company is expected to see continued growth, with net sales and profit estimated to have a compound annual growth rate of 9% and 20% from FY14 to FY17 respectively.
The document provides a summary of key results and developments for Cálidda in the third quarter of 2013. Some highlights include:
- The construction of a main grid expansion project was completed, increasing Cálidda's natural gas distribution capacity.
- Cálidda submitted its five-year investment plan and new tariff scheme proposal to the regulator for approval.
- A new thermoelectric power plant was connected, becoming a major new client.
- Over 16,000 new residential and commercial clients were added in the quarter.
- Overall revenues and adjusted EBITDA increased compared to the same period last year.
Wipro is an Indian IT services company founded in 1945. It has over 1.6 million employees worldwide and serves customers globally. The company reported revenue of $8.48 billion in 2017, up from $469510 million the previous year. While profits increased to $89597 million in the current year, the profit margin decreased slightly. Overall the financial analysis shows that Wipro is profitable and growing its revenues, though management will seek to improve efficiency to increase profits further.
The key points are:
1) Bharti Airtel saw growth in customer base, revenues, and EBITDA but declines in profit during fiscal year 2011-2012.
2) The company made major investments by rolling out 3G networks across India and in seven African markets, and launching 4G services in India.
3) Airtel Money mobile payment service was launched in India and eight African countries.
4) The company restructured its business into B2C and B2B verticals to
The document provides an overview of Cálidda's results and significant developments in 2013. Some key points:
- Cálidda expanded its natural gas distribution network by over 850 km and increased capacity from 255 MMCFD to 420 MMCFD.
- It issued $320 million in bonds and increased equity by $87.2 million.
- The customer base grew 58% to over 163,000 customers, with record monthly connections in November.
- Financial performance was strong with revenues up 25%, EBITDA up 12%, and adjusted EBITDA margin at 49.3%.
Far EasTone Telecommunications Co., Ltd. (the "Company") annual report 2013Mr Nyak
This document provides an overview of Far EasTone Telecommunications Co., Ltd., including its history, corporate governance structure, operations, and financial performance. Some key points:
- FET was incorporated in 1997 and has since grown to become Taiwan's largest private telecom operator through mergers and acquisitions as well as launching innovative services.
- It has a board of directors and supervisory board that oversee corporate governance.
- In 2012, FET's total revenues were NT$86.745 billion with an EBITDA of NT$24.36 billion and after-tax profits of NT$10.6 billion.
- FET continues to invest in its network infrastructure to support
Buy this burgeoning IT scrip for target of 290, 6 new product orders won in Q...IndiaNotes.com
The document provides a quarterly financial report for Nucleus Software Exports Ltd for the quarter ending March 31, 2015. It details that revenue increased 15.07% year-over-year to Rs. 1009 million for Q4 FY15. Net profit grew 9.55% to Rs. 206.43 million and EBIDTA increased 16.28% to Rs. 322.15 million over the same period last year. The report recommends buying shares of Nucleus Software with a target price of Rs. 290 based on projected financial growth and industry outlook.
Tata Elxsi: Q4FY15 net profit up 26.04% YoY to INR298.36m; BuyIndiaNotes.com
The document provides a quarterly financial update for Tata Elxsi Limited for Q4 FY15. It reports that the company's net sales increased 9.34% year-over-year to Rs. 2312.76 million for Q4 FY15. Net profit grew 26.04% to Rs. 298.36 million. The company is expected to see continued growth, with net sales and profit estimated to have a compound annual growth rate of 9% and 20% from FY14 to FY17 respectively.
The document provides a summary of key results and developments for Cálidda in the third quarter of 2013. Some highlights include:
- The construction of a main grid expansion project was completed, increasing Cálidda's natural gas distribution capacity.
- Cálidda submitted its five-year investment plan and new tariff scheme proposal to the regulator for approval.
- A new thermoelectric power plant was connected, becoming a major new client.
- Over 16,000 new residential and commercial clients were added in the quarter.
- Overall revenues and adjusted EBITDA increased compared to the same period last year.
Wipro is an Indian IT services company founded in 1945. It has over 1.6 million employees worldwide and serves customers globally. The company reported revenue of $8.48 billion in 2017, up from $469510 million the previous year. While profits increased to $89597 million in the current year, the profit margin decreased slightly. Overall the financial analysis shows that Wipro is profitable and growing its revenues, though management will seek to improve efficiency to increase profits further.
The key points are:
1) Bharti Airtel saw growth in customer base, revenues, and EBITDA but declines in profit during fiscal year 2011-2012.
2) The company made major investments by rolling out 3G networks across India and in seven African markets, and launching 4G services in India.
3) Airtel Money mobile payment service was launched in India and eight African countries.
4) The company restructured its business into B2C and B2B verticals to
The document provides an overview of Cálidda's results and significant developments in 2013. Some key points:
- Cálidda expanded its natural gas distribution network by over 850 km and increased capacity from 255 MMCFD to 420 MMCFD.
- It issued $320 million in bonds and increased equity by $87.2 million.
- The customer base grew 58% to over 163,000 customers, with record monthly connections in November.
- Financial performance was strong with revenues up 25%, EBITDA up 12%, and adjusted EBITDA margin at 49.3%.
Far EasTone Telecommunications Co., Ltd. (the "Company") annual report 2013Mr Nyak
This document provides an overview of Far EasTone Telecommunications Co., Ltd., including its history, corporate governance structure, operations, and financial performance. Some key points:
- FET was incorporated in 1997 and has since grown to become Taiwan's largest private telecom operator through mergers and acquisitions as well as launching innovative services.
- It has a board of directors and supervisory board that oversee corporate governance.
- In 2012, FET's total revenues were NT$86.745 billion with an EBITDA of NT$24.36 billion and after-tax profits of NT$10.6 billion.
- FET continues to invest in its network infrastructure to support
H O L I S T I C M E D I C I N E & L A W D Rsanjaykhanke
1) The laws regarding the practice of medicine differ around the world and restrict holistic treatment, making it impossible for doctors and patients to benefit from holistic approaches.
2) It is necessary to evolve non-restrictive laws to allow for holistic training and practice.
3) Namasmaran, or remembering the name of God, gurus, or holy figures, helps to reunify one's physiological being with their true self and is a form of yoga that can benefit everyone.
El documento contiene varias conversaciones sin contexto entre amigos sobre temas variados como una victoria, amigos, drogas y una reunión. Se mencionan nombres como "Coco" y "Simpson".
Prestige Lakeside Habitat is a new residential development located near a lake. The development will include single-family homes ranging in size from 1,500 to 2,500 square feet. Homes will be priced between $300,000 to $500,000 and will feature lakeside or wooded views.
Post 4 - External Group Music Video Analysisvcolquhoun12
The document provides an analysis of the music video "We The Wild - You Lost My Mind" in 3 paragraphs. It summarizes that the video begins with a record being played, featuring small animated lines that represent the music. Throughout the video, these illustrations link to the lyrics being sung. The video primarily features the two male band members and creates a female gaze on them, with few other elements to make it interesting. It lacks live footage of the band that could make it more engaging.
I took an 8-day vacation tour along the Colombian coast with school friends, visiting several cities and locations including Medellín, Coveñas, Cartagena, Barranquilla, Santa Martha, and San Gil, where I explored new places and had some beautiful days.
The Grand Canyon is located in northern Arizona, about 80 miles northwest of Flagstaff. It has an average annual precipitation of 16.5 inches and varies in elevation from 7,000 to 8,000 feet above sea level. Temperatures within the canyon can range from 50-120 degrees F depending on the season and location. Several plant and animal species are present in the canyon, including the green algae Cladophora, the shrubs arrowweed and seep willow, mountain lions, deer, and squirrels. The Grand Canyon offers adventure activities and tourism opportunities relevant to Venina Chan Deveza's course on fashion industry.
This document is a form for employees to request settlement of their Provident Fund Account. It requests information such as the employee's name, father's name, account number, date of leaving service, reason for leaving, address, and preferred method of payment. The employer section confirms contribution details. Once completed, it is submitted to the Regional Provident Fund Commissioner to process the account settlement.
El artículo habla sobre la importancia de promover los productos elaborados en Canarias para impulsar la economía regional y crear empleo. Señala que todos los sectores (productivos, comerciales, de servicios e instituciones) deben trabajar juntos para posicionar estos productos y hacer que la marca "Elaborado en Canarias" sea reconocida globalmente. Solo creando una identidad única para estos productos basada en su calidad y en los beneficios que generan para Canarias, se podrá aprovechar este activo de manera s
The document is a props list for photographing a DJ. It includes an amp and speakers to show equipment used by EDM DJs. A snapback and sunglasses are included to make the model look fashionable and like a typical DJ. A bandanna is listed to make the model look creepy, as DJs want to stand out, and headphones are added because most DJs use them when producing music.
Buy D-Link (India) as rollout of 4G services drives demand for networkingIndiaNotes.com
D-Link (India) Limited reported financial results for the quarter ended March 31, 2015. Net profit jumped 65.91% to Rs. 53.09 million compared to Rs. 32 million in the prior year quarter. Revenue rose 29.91% to Rs. 1728.90 million. Earnings per share stood at Rs. 1.50, up 40.21% year-over-year. Profit before tax increased 68.98% to Rs. 82.65 million. For the full fiscal year 2015, net profit grew 57% to Rs. 213.29 million on net sales growth of 28% to Rs. 6253.23 million. The company is expected to grow net sales and profit at
Saksoft Limited reported financial results for the quarter ended March 31, 2015. Net profit increased 32.98% to Rs. 49.84 million compared to the same quarter last year. Revenue rose 10.07% to Rs. 592.27 million. Earnings per share was Rs. 4.81, up from Rs. 3.66 in the prior year period. The company recommended a final dividend of 25%, or Rs. 2.50 per share. Analysts estimate sales and profit will grow at a CAGR of 14% and 19% from 2014-2017.
H O L I S T I C M E D I C I N E & L A W D Rsanjaykhanke
1) The laws regarding the practice of medicine differ around the world and restrict holistic treatment, making it impossible for doctors and patients to benefit from holistic approaches.
2) It is necessary to evolve non-restrictive laws to allow for holistic training and practice.
3) Namasmaran, or remembering the name of God, gurus, or holy figures, helps to reunify one's physiological being with their true self and is a form of yoga that can benefit everyone.
El documento contiene varias conversaciones sin contexto entre amigos sobre temas variados como una victoria, amigos, drogas y una reunión. Se mencionan nombres como "Coco" y "Simpson".
Prestige Lakeside Habitat is a new residential development located near a lake. The development will include single-family homes ranging in size from 1,500 to 2,500 square feet. Homes will be priced between $300,000 to $500,000 and will feature lakeside or wooded views.
Post 4 - External Group Music Video Analysisvcolquhoun12
The document provides an analysis of the music video "We The Wild - You Lost My Mind" in 3 paragraphs. It summarizes that the video begins with a record being played, featuring small animated lines that represent the music. Throughout the video, these illustrations link to the lyrics being sung. The video primarily features the two male band members and creates a female gaze on them, with few other elements to make it interesting. It lacks live footage of the band that could make it more engaging.
I took an 8-day vacation tour along the Colombian coast with school friends, visiting several cities and locations including Medellín, Coveñas, Cartagena, Barranquilla, Santa Martha, and San Gil, where I explored new places and had some beautiful days.
The Grand Canyon is located in northern Arizona, about 80 miles northwest of Flagstaff. It has an average annual precipitation of 16.5 inches and varies in elevation from 7,000 to 8,000 feet above sea level. Temperatures within the canyon can range from 50-120 degrees F depending on the season and location. Several plant and animal species are present in the canyon, including the green algae Cladophora, the shrubs arrowweed and seep willow, mountain lions, deer, and squirrels. The Grand Canyon offers adventure activities and tourism opportunities relevant to Venina Chan Deveza's course on fashion industry.
This document is a form for employees to request settlement of their Provident Fund Account. It requests information such as the employee's name, father's name, account number, date of leaving service, reason for leaving, address, and preferred method of payment. The employer section confirms contribution details. Once completed, it is submitted to the Regional Provident Fund Commissioner to process the account settlement.
El artículo habla sobre la importancia de promover los productos elaborados en Canarias para impulsar la economía regional y crear empleo. Señala que todos los sectores (productivos, comerciales, de servicios e instituciones) deben trabajar juntos para posicionar estos productos y hacer que la marca "Elaborado en Canarias" sea reconocida globalmente. Solo creando una identidad única para estos productos basada en su calidad y en los beneficios que generan para Canarias, se podrá aprovechar este activo de manera s
The document is a props list for photographing a DJ. It includes an amp and speakers to show equipment used by EDM DJs. A snapback and sunglasses are included to make the model look fashionable and like a typical DJ. A bandanna is listed to make the model look creepy, as DJs want to stand out, and headphones are added because most DJs use them when producing music.
Buy D-Link (India) as rollout of 4G services drives demand for networkingIndiaNotes.com
D-Link (India) Limited reported financial results for the quarter ended March 31, 2015. Net profit jumped 65.91% to Rs. 53.09 million compared to Rs. 32 million in the prior year quarter. Revenue rose 29.91% to Rs. 1728.90 million. Earnings per share stood at Rs. 1.50, up 40.21% year-over-year. Profit before tax increased 68.98% to Rs. 82.65 million. For the full fiscal year 2015, net profit grew 57% to Rs. 213.29 million on net sales growth of 28% to Rs. 6253.23 million. The company is expected to grow net sales and profit at
Saksoft Limited reported financial results for the quarter ended March 31, 2015. Net profit increased 32.98% to Rs. 49.84 million compared to the same quarter last year. Revenue rose 10.07% to Rs. 592.27 million. Earnings per share was Rs. 4.81, up from Rs. 3.66 in the prior year period. The company recommended a final dividend of 25%, or Rs. 2.50 per share. Analysts estimate sales and profit will grow at a CAGR of 14% and 19% from 2014-2017.
SKS Microfinance: Q4 net profit grows a whopping 49.50%; BuyIndiaNotes.com
SKS Microfinance Limited reported its financial results for the quarter ended March 31, 2015. The company's net profit increased 49.5% to Rs. 405.36 million compared to Rs. 271.15 million in the same quarter of the previous year. Revenue for the quarter rose 42.9% to Rs. 1976.19 million. Earnings per share stood at Rs. 3.21, up 28.1% from the previous year. Loan disbursements increased 58% year-over-year to Rs. 24940 million. As of March 31, 2015, the company had a net worth of Rs. 10460 million and a capital adequacy ratio of 31.7%.
The document provides a quarterly financial update for Tata Elxsi Limited for Q4 FY15. Some key highlights include:
- Net sales increased 9.34% YoY to Rs. 2312.76 million in Q4 FY15.
- Net profit grew 26.04% YoY to Rs. 298.36 million in Q4 FY15.
- EBITDA decreased 4.34% to Rs. 468.88 million in Q4 FY15 compared to the prior year.
- For FY16E and FY17E, net sales and PAT are expected to grow at a CAGR of 9% and 20% respectively.
Intellect announced its second-quarter results for FY 2021-22 on 28th October 2021. The highlights of the results included the total revenue for Q2 FY22 standing at INR 4521 Mn marking a 22% YoY growth. In dollar terms, the company recorded a revenue of $ 61.03 Mn marking a 22% YoY growth. Licence Revenue for Q2 FY22 is INR 869 Mn while Q2 FY22 AMC Revenue is INR 814 Mn. Saas/Cloud revenue of Q2 FY22 registered a 156% YoY growth at INR 879 Mn.
Taiwan Mobile Co., Ltd. 4Q13 Results Summary Mr Nyak
Taiwan Mobile Co., Ltd. released its 4Q13 results summary on January 28, 2014. The summary showed healthy mobile revenue growth of 5% year-over-year for Taiwan Mobile, with mobile service revenue increasing and voice revenue decreasing but VAS revenue increasing. Taiwan Mobile is focusing on its CATV and smartphone strategies. Financially, Taiwan Mobile achieved its revenue and EBITDA forecasts for FY2013 and provided 1Q14 guidance projecting continued revenue growth and stable EBITDA. Taiwan Mobile also updated on regulatory approvals, capex plans, and awards.
Firstcall solar industries_india_ltd_6_july15IndiaNotes.com
- Solar Industries India Ltd is one of India's largest manufacturers of industrial explosives and explosive initiating systems.
- In Q4 FY15, the company's net sales rose 14.61% year-over-year to Rs. 3896.36 million, while net profit grew 1.52% to Rs. 401.01 million.
- For the full year FY15, the company's net sales were Rs. 13518.95 million and net profit was Rs. 1474.08 million, up 24% from FY14. Net sales and profit are expected to continue growing over the next few years.
Deepak Nitrite Ltd reported financial results for Q1 FY16, with net profit increasing 38.11% to Rs. 133.58 million. Revenue grew 4.21% to Rs. 3383.22 million. EBITDA increased 35.39% to Rs. 381.75 million. EPS stood at Rs. 1.28, up from Rs. 0.93 the previous year. Domestic revenue grew marginally while export revenue increased 12%. The company expects net sales and PAT to grow at a CAGR of 11% and 15% from FY14 to FY17. At Rs. 72.05, Deepak Nitrite is recommended as a buy.
WE Presentation tELECOM company in Egypt about sectionmarooka232516
Telecom Egypt is Egypt's primary telephone company, providing landline, retail, and wholesale telecommunication services. It has several subsidiaries operating in related industries. According to the financial analysis, Telecom Egypt has high liquidity risk due to low current ratios. Profitability increased in 2022 due to high other operating income. The company has a high debt ratio but maintains strong interest coverage. Non-current assets constitute the majority of Telecom Egypt's assets due to significant fixed assets and investments required in the telecom industry.
This document provides an overview of Upohan, a management consulting firm, and discusses business planning. It includes:
1. An introduction to Upohan, which provides strategic consulting services using a balanced scorecard approach and has worked with clients in over 15 countries.
2. A section on business planning that defines what a business plan is, dispels common myths, and outlines the typical components of a business plan including mission/vision, company description, market analysis, management team, and financial projections.
3. Tips for updating an existing business plan when market conditions change, additional funding is needed, or new products/services are introduced.
The document emphasizes that business plans come in different versions
Zicom Electronic Security Systems Ltd reported results for the quarter ending March 31, 2015. Revenue grew 8.22% year-over-year to Rs. 3307.15 million. Net profit increased 30.65% to Rs. 183.75 million and EPS grew 13.83% to Rs. 9.10. For the full year, net sales are expected to grow at a 20% CAGR from 2014-2017 while net profit is expected to increase at a 15% CAGR over the same period. The stock currently trades at price to earnings ratios of 5.40x for FY2016 estimates and 4.87x for FY2017 estimates.
SKS Microfinance Q1FY15: NII up 41% to Rs890 mn; BuyIndiaNotes.com
In Q1FY15, SKS Microfinance's Net profit jumps to Rs. 493.21 mn an increase of 892.37%. Net interest income grew by 41% to Rs. 890 mn in Q1FY15 from Rs. 630 mn in Q1FY14. Maintain buy
TCS reported financial results for the first quarter of fiscal year 2015, ending June 30, 2014. Revenue grew 2.6% quarter-over-quarter and 22.9% year-over-year in Indian Rupees. Operating margin was 26.3% and net income margin was 22.9%. Key highlights included strong growth in telecom, retail, and life sciences industries as well as an increase in large clients with over $50 million in annual revenues from TCS. The company added over 15,000 employees during the quarter.
Similar to R Systems International: Net Profit grows a whopping 75.53%; buy (20)
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
The document provides a technical analysis recommendation for buying Lupin stock. It recommends buying between price levels of 1790 and 1820 with a stop-loss of 1660. The analysis notes that shorter term moving averages have converged and the RSI oscillator is showing a positive signal in the mid-range, indicating buy signals on both technical indicators.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Thermax Limited is a leading energy and environment solutions provider operating globally. In Q1 FY2016, the company's net sales increased 19.27% to Rs. 10011.90 million and net profit increased 48.96% to Rs. 616.78 million compared to the same period last year. The order balance on June 30, 2015 stood at Rs. 42750 million, down 18% from the previous year. The company plans to set up new manufacturing facilities. Analysts recommend buying the stock with a target price of Rs. 1145, citing expected growth in earnings.
Agro Tech Foods: Demonstrates continued strong growth in tough environment; BuyIndiaNotes.com
The document provides a quarterly financial results update for Agro Tech Foods Ltd for the quarter ending June 30, 2015. Key highlights include:
- Net sales grew 1.34% to Rs. 1818.40 million compared to Rs. 1794.30 million in the same quarter last year.
- Net profit was Rs. 45.80 million, down from Rs. 53.50 million in the same quarter last year.
- EBITDA grew 12.20% to Rs. 111.30 million from Rs. 99.20 million in the same quarter last year.
- EPS for the quarter was Rs. 1.88, down 14.39% from Rs. 2.20 in
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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R Systems International: Net Profit grows a whopping 75.53%; buy
1. CMP 53.70
Target Price 67.00
ISIN: INE411H01032
JULY 30th
2014
R SYSTEMS INTERNATIONAL LTD
Result Update(PARENT BASIS): Q2 CY14
BUYBUYBUYBUY
Index Details
Stock Data
Sector IT
BSE Code 532735
Face Value 1.00
52wk. High / Low (Rs.) 68.30/20.00
Volume (2wk. Avg.) 17000
Market Cap (Rs. in mn.) 6761.90
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS CY13A CY14E CY15E
Net Sales 2701.22 3133.42 3634.76
EBITDA 592.10 732.87 683.95
Net Profit 365.52 440.32 411.26
EPS 2.90 3.50 3.27
P/E 18.50 15.36 16.44
Shareholding Pattern (%)
1 Year Comparative Graph
R SYSTEMS INTERNATIONAL LTD BSE SENSEX
SYNOPSIS
R Systems International Ltd founded in 1993, is one
of the leading provider of outsourced product
development and customer support services.
Net profit grew by 75.53% at Rs. 85.57 million in
current June quarter compared to Rs. 48.75 million
in the corresponding quarter of the previous year.
Revenue for the quarter rose by 10.41% to Rs.
718.25 million from Rs. 650.53 million, when
compared with the prior year period.
Profit before interest, depreciation and tax is Rs.
148.18 millions as against Rs. 94.54 millions,
registered a growth of 56.74%.
Consolidated revenue from operations for Q2 CY14
was Rs. 1606.7 million compared to Rs.
1452.2million in Q2 CY13, an increase of 10.64%.
Total Consolidated Cash and bank balance as at June
30, 2014 was Rs. 995.1 mn compared to Rs. 1239.0
mn as on March 31, 2014.
One of the leading providers of cloud-based
products for health insurers and state health
agencies based in USA has engaged R Systems for
various cloud based J2EE initiatives using spring
and Hibernate technologies.
The Company has incorporated a wholly owned
subsidiary R Systems Products & Technologies Ltd
and has approved the transfer of Indus IT Product
and Service business operated out of Pune and
Chennai locations to this subsidiary company.
Net Sales and PAT of the company are expected to
grow at a CAGR of 17% and 26% 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 (%)
R Systems International Ltd. 53.70 6761.90 2.90 18.50 3.60 145.00
Accelya Kale Solutions Ltd. 711.80 10624.5 59.39 11.99 13.93 0.00
Sasken Communication Technologies Ltd. 310.00 6632.3 23.59 13.21 1.55 45.00
Financial Technologies Ltd. 329.50 15199.0 0.00 0.00 0.62 100.00
2. QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q2 CY14,
R Systems is an integrated Product Lifecycle
Management (iPLM) company offering valued
outsourcing services to Fortune 1000, Government
and Mid-sized organizations, reported its financial
results for the quarter ended 30th Jun, 2014.
Months Jun-14 Jun-13 % Change
Net Sales 718.25 650.53 10.41
PAT 85.57 48.75 75.53
EPS 0.68 3.88 (82.59)
EBITDA 148.18 94.54 56.74
The company’s net profit jumps to Rs. 85.57 million against Rs. 48.75 million in the corresponding quarter
ending of previous year, an increase of 75.53%. Revenue for the quarter rose by 10.41% to Rs. 718.25 million
from Rs. 650.53 million, when compared with the prior year period. The company has reported an EPS of Rs. 0.68
for the 2nd quarter as against an EPS of Rs. 3.88 in the corresponding quarter of the previous year. Profit before
interest, depreciation and tax is Rs. 148.18 millions as against Rs. 94.54 millions in the corresponding period of
the previous year.
Break up of Expenditure
Break up of Expenditure
Rs. Millions
Q2 CY14 Q2 CY13
Travelling & Conveyance
Expenses
56.26 51.38
Depreciation & Amortisation
expenses
16.91 12.12
Employees Benefit Expenses 442.32 409.41
Legal & Professional
Expenses
12.75 9.44
Other Expenditure 52.19 79.38
Communication Costs 14.5 12.64
3. Segment Revenue
Latest Updates
• The Company has incorporated a wholly owned subsidiary R Systems Products & Technologies Ltd and has
approved the transfer of Indus IT Product and Service business operated out of Pune and Chennai locations
to this subsidiary company.
• One of the leading providers of cloud-based products for health insurers and state health agencies based in
USA has engaged R Systems for various cloud based J2EE initiatives using spring and Hibernate technologies.
• One of the leading Accounting and Consulting firm in USA has selected R Systems for IT services covering a
suite of Microsoft applications along with handling significant database migration.
• The Company has issued 712,600 equity shares of Rs. 1 each at an exercise price of Rs.12.07 per share,
pursuant to exercise of employee stock options.
Highlights (Consolidated)
• Consolidated revenue from operations for Q2 CY14 was Rs. 1606.7 million compared to Rs. 1452.2million in
Q2 CY13, an increase of 10.64%.
• Profit before interest, depreciation and tax is Rs. 224.3 millions as against Rs. 156.5 millions, registered a
growth of 43.27% YoY.
• During the quarter, Net profit after taxes was Rs. 139.3 million compared to Rs. 76.8 million, grew by 81.38%
YoY.
4. COMPANY PROFILE
R Systems was incorporated in 1993 as a consulting firm in the United States. With a focus on delivering quality
to all customers, the company started its India operations in 1997, opened headquarters in Noida, and started
offshore software development services.
The Company had received strategic investments by Intel Capital and GE Capital in 2001 and 2002, and with a
backdrop of success response obtained from ISVs, R Systems had undergone a massive transformation by the
year 2006. From offshore software Development Company to global outsourced product Development Company,
R Systems sharpened its business focus. Remarkable acquisitions including Pune based Indus Software, and
Singapore based ECnet, were carried out.
R Systems rapidly growing customer list includes a variety of Fortune 1000, government and mid-sized
organizations across a wide range of industry verticals including Banking and Finance, High Technology,
Independent Software Vendors, Telecom and Digital Media, Government, HealthCare, Manufacturing and Logistic
Industries. To further strengthen the Telecom Vertical, R Systems acquired UK based Computaris. The company
also continued its focus on quality and got the certification, SEI CMMi Level 5 v 1.2. R Systems maintains thirteen
development and service centres and serve customers in the US, Europe, South America, the Far East, the Middle
East and Africa.
Business Area
• Telecom & Media
• Banking & Financials
• Healthcare
• Manufacturing & Logistics
Services
• OPD-iPLM
• Application Services
• Testing Services
• BPO & KPO Services
• Packaged Services
Geographical Presence:
• India
o Noida
o Pune
5. o Chennai
• Singapore
• United States of America
o El Dorado Hills
o Salt Lake City
o Atlanta
• Europe
o Enschede, Netherlands
o Metz, France
o Bucharest, Romania
o Warsaw, Poland
o London, United Kingdom
o Moldova
6. FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at December 31, 2012-2015E
CY12A CY13A CY14E CY15E
EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 124.47 125.92 125.92 125.92
Reserves and Surplus 1677.92 1754.62 1877.44 2065.19
1) Sub Total - Net worth 1802.39 1880.54 2003.36 2191.11
Non Current Liabilities
Long-term borrowings 3.45 4.40 4.93 5.22
Other Long Term Liabilities 6.57 3.83 4.44 4.80
Long Term Provisions 71.24 73.44 84.46 92.06
2) Sub Total - Non Current Liabilities 81.26 81.67 93.83 102.08
Current Liabilities
Trade Payables 118.80 152.85 146.74 151.14
Other Current Liabilities 130.17 113.27 265.50 300.02
Short Term Provisions 266.68 322.89 203.42 183.08
3) Sub Total - Current Liabilities 515.65 589.01 615.66 634.23
TOTAL EQUITY AND LIABILITIES (1+2+3) 2399.30 2551.22 2712.85 2927.42
ASSETS
Fixed Assets:
i. Tangible Assets 278.22 308.53 333.21 353.21
ii. Intangible Assets 14.09 23.40 28.55 33.69
iii. Intangible assets under development 12.32 14.13 16.11 17.88
a) Sub Total - Fixed Assets 304.63 346.06 377.87 404.77
b) Non Current Investments 767.02 793.61 833.29 866.62
c) Deferred Tax Assets 48.79 51.38 46.76 49.09
d) Long Term Loans and Advances 89.48 68.61 59.00 63.72
e) other non-current assets 71.33 79.71 75.72 80.27
1) Sub Total - Non Current Assets 1281.25 1339.37 1392.64 1464.48
Current Assets
Current Investments 0.00 10.00 19.50 23.01
Trade receivables 462.87 579.53 685.84 781.69
Cash and Bank Balances 548.16 441.55 423.89 440.84
Short-terms loans & advances 43.45 67.86 91.61 108.10
Other Current Assets 63.57 112.91 99.36 109.30
2) Sub Total - Current Assets 1118.05 1211.85 1320.20 1462.94
TOTAL ASSETS (1+2) 2399.30 2551.22 2712.85 2927.42
7. Annual Profit & Loss Statement for the period of 2012 to 2015E
Value(Rs.in.mn) CY12A CY13A CY14E CY15E
Description 12m 12m 12m 12m
Net Sales 2291.36 2701.22 3133.42 3634.76
Other Income 40.13 38.51 43.52 47.87
Total Income 2331.49 2739.73 3176.93 3682.63
Expenditure -1959.09 -2147.63 -2444.06 -2998.68
Operating Profit 372.40 592.10 732.87 683.95
Interest -2.73 -2.80 -2.91 -3.20
Gross profit 369.67 589.30 729.96 680.75
Depreciation -62.40 -47.81 -59.76 -66.93
Profit Before Tax 307.27 541.49 670.19 613.81
Tax -101.98 -175.97 -229.88 -202.56
Net Profit 205.29 365.52 440.32 411.26
Equity capital 124.47 125.92 125.92 125.92
Reserves 1677.92 1754.62 1877.44 2065.19
Face value 10.00 1.00 1.00 1.00
EPS 16.49 2.90 3.50 3.27
Quarterly Profit & Loss Statement for the period of 31st Dec, 2013 to 30th Sep, 2014E
Value(Rs.in.mn) 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14E
Description 3m 3m 3m 3m
Net sales 737.72 704.26 718.25 811.62
Other income 9.57 10.95 10.15 10.56
Total Income 747.29 715.21 728.40 822.18
Expenditure -510.60 -558.01 -580.22 -620.08
Operating profit 236.69 157.20 148.18 202.10
Interest -0.87 -0.85 -0.67 -0.70
Gross profit 235.82 156.35 147.51 201.40
Depreciation -12.46 -15.54 -16.91 -16.57
Profit Before Tax 223.36 140.81 130.60 184.82
Tax -77.03 -48.36 -45.03 -62.99
Net Profit 146.33 92.45 85.57 121.84
Equity capital 125.92 126.63 126.63 126.63
Face value 1.00 1.00 1.00 1.00
EPS 1.16 0.73 0.68 0.96
9. OUTLOOK AND CONCLUSION
At the current market price of Rs.53.70, the stock P/E ratio is at 15.36 x CY14E and 16.44 x CY15E
respectively.
Earning per share (EPS) of the company for the earnings for CY14E and CY15E is seen at Rs.3.50 and Rs.3.27
respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 17% and 26% over 2012 to 2015E
respectively.
On the basis of EV/EBITDA, the stock trades at 8.63 x for CY14E and 9.22 x for CY15E.
Price to Book Value of the stock is expected to be at 3.38 x and 3.09 x respectively for CY14E and CY15E.
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 67.00 for Medium to Long term
investment.
INDUSTRY OVERVIEW
Information Technology (IT) has made possible information access at gigabit speeds. It has created a level
playing field among nations and created has a positive impact on the lives of millions.
Today, a country’s IT potential is paramount for its march towards global competitiveness, healthy gross
domestic product (GDP) and meeting up the energy and environmental challenges.
The Indian IT and Information Technology enabled Services (ITeS) sectors go hand-in-hand in every aspect. The
industry has not only transformed India’s image on the global platform, but also fuelled economic growth by
energising the higher education sector (especially in engineering and computer science). The industry has
employed almost 10 million Indians and, hence, has contributed significantly to social transformation in the
country.
India is one of the fastest-growing IT services markets in the world. It is also the world’s largest sourcing
destination, accounting for approximately 52 per cent of the US$ 124–130 billion market. The country’s cost
competitiveness in providing IT services continues to be its USP in the global sourcing market.
The Department of Electronics and Information Technology is coordinating strategic activities, promoting skill
development programmes, enhancing infrastructure capabilities and supporting research and development
(R&D) for India’s leadership position in IT and ITeS.
10. Market Size
Indian IT and ITeS industry is divided into four major segments – IT services, business process management
(BPM), software products and engineering services, and hardware. The IT services sector accounted for the
largest share of the IT and ITeS industry, with a total market size of US$ 56.3 billion during FY13, followed by
BPM sector (US$ 20.9 billion), and software products and engineering services (US$ 17.9 billion); the market size
for hardware was US$ 13.3 billion during FY12.
The Indian IT-BPM industry is expected to add revenues of US$ 13–14 billion to the existing revenues by FY15,
according to National Association of Software and Services Companies (NASSCOM).
The industry grew at a compound annual growth rate (CAGR) of 13.1 per cent during FY08–13.Total exports
from the IT-BPM sector (excluding hardware) were estimated at US$ 76 billion during FY13, Export of IT services
has been the major contributor, accounting for 57.9 per cent of total IT exports (excluding hardware) in FY13.
BPM accounted for 23.5 per cent of total IT exports during the same fiscal. The IT outsourcing sector is expected
to see exports growing by 13–15 per cent during FY15.
Investments
Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments
from major countries.
According to the Department of Industrial Policy and Promotion (DIPP), the computer software and hardware
sector attracted foreign direct investment (FDI) worth Rs 59,381.64 crore (US$ 9.89 billion) between April 2000
and February 2014.
Some of the major investments in Indian IT and ITeS sector are as follows:
• Tata Consultancy Services (TCS) plans to merge its two units in Japan with Mitsubishi Corp’s IT
subsidiary to create a joint venture (JV) company with a revenue base of US$ 600 million in the world’s
second-largest market for software services.
• Private equity (PE) firm TPG Growth and India's Smile Group will jointly invest US$ 100 million to help
internet and e-commerce companies build and scale their businesses across the Asia–Pacific region and
West Asia.
• Synechron plans to invest US$ 30–35 million on the expansion of its Hyderabad and Bengaluru facilities.
• Bharti Airtel, India's largest telecom operator, has renewed its technology outsourcing contract with
software major IBM for a period of five years.
11. • Infosys has partnered with telecom company Orange to provide Internet TV to its customers. Infosys will
deliver a portfolio of interactive TV apps on the Orange Livebox Play. The TV apps will be powered by
Infosys DigitizeEdge, a digital asset and experience platform for TV operators, media companies,
advertisers and content publishers.
Government Initiatives
The Government of India played a key role with public funding of a large, well trained pool of engineers and
management personnel who could forge the Indian IT industry.
The Central Government and the respective State Governments are expected to collectively spend US$ 6.4 billion
on IT products and services in 2014, an increase of 4.3 per cent over 2013, according to a study by Gartner.
Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are as follows:
• The Government of Bihar has unveiled 20 km free Wi-Fi zone in Patna, the longest across the planet,
making a strong impression on the world's infotech map.
• The Government of India has given an in-principle approval for setting up of the first electronic system
design and manufacturing (ESDM) cluster development in Electronics City, Bengaluru. The ESDM project
will come up on a 1.16 acre of land at an investment of approximately Rs 85 crore (US$ 14.16 million).
• More than 20 small and medium enterprises (SMEs) in the IT sector have recently received land
allotment letters from the Government of Punjab to set up their units with an investment of Rs 500 crore
(US$ 83.24 million).
• The Governments of Maharashtra and Tamil Nadu are in talks with NASSCOM to set up ‘start-up
warehouses’ for incubation of start-ups. The centres are expected to come up in Mumbai and Chennai and
are likely to be operational by December 2014.
Road Ahead
India’s IT sector is gradually moving from linear models (rising headcount to increase revenue) to non-linear
ones.
In line with this, IT companies in the country are focusing on new models such as platform-based BPM services
and creation of intellectual property.
Tier II and III cities are increasingly gaining traction among IT companies aiming to establish business in India.
Cheap labour, affordable real estate, favourable government regulations, tax breaks and special economic zone
(SEZ) schemes are facilitating their emergence as new IT destinations.
12. Indian insurance companies also plan to spend Rs 12,100 crore (US$ 2.01 billion) on IT products and services in
2014, a 12 per cent rise over 2013. This forecast includes spending by insurers on internal IT (including
personnel), software, hardware, external IT services and telecommunications.
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.
13. Firstcall India Equity Research: Email – info@firstcallindia.com
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