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1 BUY CMP Target Price GEOMETRIC LTD Result Update (CONSOLIDATED): Q2 FY16 DECEMBER 17 th 2015 ISIN: INE797A th h, 2013 Index Details Stock Data Sector IT Consulting & Software BSE Code Face Value wk. High / Low (Rs.) / Volume (2wk. Avg.) Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) As on Sep-15 As on June-15 PROMOTER FIIs DIIs OTHERS Year Comparative Graph GEOMETRIC LTD S&P BSE SENSEX SYNOPSIS Geometric Ltd is a specialist in the domain of engineering solutions, services and technologies. The company s net sales recorded at Rs mn from Rs mn over the corresponding quarter of previous year, grew by 10.25%. In Q2 FY16, Net profit increased by 41.31% and stood at Rs mn as against Rs mn in the corresponding quarter of previous year. The Company s EBITDA stood at Rs mn in Q2 FY16 as against Rs mn in Q2 FY15. During the quarter the company signed new deals worth US$ Mn. Geometric Ltd released CAMWorks 2016 software, the latest release of the company s suite of 3D CNC machining applications. The company had launched next generation collaboration solution, GeometricEDGE to enable design and engineering data exchange between OEMs, partners, and joint ventures for global engineering. Geometric Ltd signed a multi-million multi-year PLM engagement with a leading Oil & Gas technology company. The company has won manufacturing engineering deal with a key robotics and factory automation tools manufacturer. Geometric Ltd has signed an engineering services project with a leading North American Automotive OEM. Net Sales of the company is expected to grow at a CAGR of 7% over 2014 to 2017E. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Geometric Ltd Take Solutions Ltd Infinite Computer Solutions India Ltd Zensar Technologies Ltd

2 QUARTERLY HIGHLIGHTS (CONSOLIDATED) Results Updates- Q2 FY16 Months Sep-15 Sep -14 % Change Net Sales PAT EPS EBITDA The company s net profit stood to Rs million from Rs million in the corresponding quarter ending of previous year, an increase of 41.31%. Revenue for the quarter increased by 10.25% to Rs million from Rs million, when compared with the prior year period. Reported earnings per share of the company stood at Rs a share during the quarter as against Rs over previous year period. Profit before interest, depreciation and tax is Rs million as against Rs million in the corresponding period of the previous year. Break up of Expenditure Break up of Expenditure Q2 FY16 (Rs in millions) Q2 FY15 % CHNG Employee Benefit Expenses % Dep & Amortization Exp % Other Expenses %

3 Segment Revenue Latest Updates Geometric Ltd released CAMWorks 2016 software, the latest release of the company s suite of 3D CNC machining applications. Key wins The Company signed new deals worth USD Mn. Some of the significant wins in this quarter include: Signed a multi-million multi-year PLM engagement with a leading Oil & Gas technology company. Entered into a contract for next generation CAx solution for a manufacturer of orthodontic solutions in North America. Won a manufacturing engineering deal with a key robotics and factory automation tools manufacturer. Awarded a PLM services project with a leading Aerospace player in Europe. Signed an engineering services project with a leading North American Automotive OEM. Business Highlights Launched a next generation collaboration solution, GeometricEDGE to enable design and engineering data exchange between OEMs, partners, and joint ventures for global engineering. Alliance with PDTec, a leading provider of software and services for enterprise wide collaboration in product development.

4 COMPANY PROFILE Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle. The company recorded consolidated revenues of Rs billion (US Dollars million) for the year ended March Geometric employs over 4800 people across 13 global delivery locations in the US, France, Germany, Romania, India, and China. Geometric has been assessed at Maturity Level 3 for CMMI 1.3- Development and CMMI 1.3-Services for its Software and Engineering Services business units and is ISO 9001:2008 certified for engineering operations. The company s operations are also ISO 27001:2005 certified.

5 FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at March 31, E SOURCES OF FUNDS Shareholder's Funds FY14A FY15A FY16E FY17E Share Capital Reserves and Surplus Sub Total - Net worth Minority Interest Share app money pending allot Non Current Liabilities Deferred Tax Liabilities Other Long term Liabilities Long term Provisions Sub Total - Non Current Liabilities Current Liabilities Short term Borrowings Trade Payables Other Current Liabilities Short Term Provisions Sub Total - Current Liabilities Total Liabilities ( ) APPLICATION OF FUNDS Non-Current Assets Fixed Assets Tangible assets Intangible assets Capital Work in Progress a) Sub Total - Total Fixed Assets b) Goodwill on Consolidation c) Deferred Tax Assets (Net) d) Long Term loans and advances e) Other non-current assets Sub Total - Non Current Assets Current Assets Current Investment Trade receivables Cash and Bank Balances Short-terms loans & advances Other current assets Sub Total - Current Assets Total Assets (1+2)

6 Annual Profit & Loss Statement for the period of 2014 to 2017E Value(Rs.in.mn) FY14A FY15A FY16E FY17E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Minority Interest Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 31 st Mar, 2015 to 31 st Dec, 2015E Value(Rs.in.mn) 31-Mar Jun Sep Dec-15E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Minority Interest Net Profit Equity capital Face value EPS

7 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

8 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earnings per share (EPS) of the company for the earnings for FY16E and FY17E are seen at Rs and Rs respectively. Net Sales of the company is expected to grow at a CAGR of 7% over 2014 to 2017E. On the basis of EV/EBITDA, the stock trades at 5.67 x for FY16E and 5.12 x for FY17E. Price to Book Value of the stock is expected to be at 2.29 x and 1.98 x for FY16E and FY17E respectively. Hence, we recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment. INDUSTRY OVERVIEW India is the world's largest sourcing destination for the information technology (IT) industry, accounting for approximately 67 per cent of the US$ billion market. The industry employs about 10 million workforce. More importantly, the industry has led the economic transformation of the country and altered the perception of India in the global economy. India's cost competitiveness in providing IT services, which is approximately 3-4 times cheaper than the US, continues to be the mainstay of its unique selling proposition (USP) in the global sourcing market. However, India is also gaining prominence in terms of intellectual capital with several global IT firms setting up their innovation centres in India. The IT industry has also created significant demand in the Indian education sector, especially for engineering and computer science. The 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-BPM sector in India grew at a Compound Annual Growth rate (CAGR) of 15 per cent over , which is 3-4 times higher than the global IT-BPM spend, and is estimated to expand at a CAGR of 9.5 per cent to US$ 300 billion by India, the fourth largest base for new businesses in the world and home to over 3,100 tech start-ups, is set to increase its base to 11,500 tech start-ups by 2020, as per a report by Nasscom and Zinnov Management Consulting Pvt Ltd. India s internet economy is expected to touch Rs 10 trillion (US$ billion) by 2018, accounting for 5 per cent of the country s gross domestic product (GDP), according to a report by the Boston Consulting Group (BCG) and

9 Internet and Mobile Association of India (IAMAI). India s internet user base reached over 350 million by June 2015, the third largest in the world, while the number of social media users grew to 143 million by April 2015 and smartphones grew to 160 million. Public cloud services revenue in India is expected to reach US$ 838 million in 2015, growing by 33 per cent yearon-year (y-o-y), as per a report by Gartner Inc. In yet another Gartner report, the public cloud market alone in the country was estimated to treble to US$ 1.9 billion by 2018 from US$ 638 million in Increased penetration of internet (including in rural areas) and rapid emergence of e -commerce are the main drivers for continued growth of data centre co-location and hosting market in India. Outlook India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. Social, mobility, analytics and cloud (SMAC) are collectively expected to offer a US$ 1 trillion opportunity. Cloud represents the largest opportunity under SMAC, increasing at a CAGR of approximately 30 per cent to around US$ billion by The social media is the second most lucrative segment for IT firms, offering a US$ 250 billion market opportunity by The Indian e- commerce segment is US$ 12 billion in size and is witnessing strong growth and thereby offers another attractive avenue for IT companies to develop products and services to cater to the high growth consumer segment. Disclaimer: This document is prepared by our research analysts and it 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 we do not represent that it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its 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. Firstcall Research and/ or its affiliates and/or employees will not be liable for the recipients investment decision based on this document.

10 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma & Diversified U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified G. Amarender Diversified Firstcall Research Provides Industry Research on all the Sectors and Equity Research on Major Companies forming part of Listed and Unlisted Segments For Further Details Contact: Tel.: / / Telefax: /

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