BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP Target Price JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

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1 BUY CMP Target Price KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code Face Value wk. High / Low (Rs.) /30.00 Volume (2wk. Avg. Q.) 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 KELLTON TECH SOLUTIONS LTD BSE SENSEX SYNOPSIS Kellton Tech Solutions Ltd is a global IT company with a portfolio comprising an exhaustive list of IT services in the web, mobile, security, ERP and cloud Space. In Q1 FY16, the company has achieved a turnover of Rs mn for the 1 st quarter of FY as against Rs mn in the corresponding quarter of the previous year, up by %. In Q1 FY16, EBITDA stood at Rs mn as against Rs mn over the corresponding period of last year, an increase of %. During the Q1 FY16, net profit was Rs mn against Rs mn in the corresponding quarter of the previous year. Profit before tax (PBT) at Rs mn in Q1 FY16 compared to Rs mn in Q1 FY15, registered a growth of %. The company has reported an EPS of Rs for the 1 st quarter as against an EPS of Rs in the corresponding quarter of the previous year. On December 10, 2015, Kellton Tech announced its expansion into Europe with a new office in Ireland. Net Sales and PAT of the company are expected to grow at a CAGR of 80% and 83% over 2014 to 2017E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Kellton Tech Solutions Ltd Elnet Technologies Ltd Polaris Consulting & Services Ltd Mindteck (India) Ltd

2 QUARTERLY HIGHLIGHTS (CONSOLIDATED) Results updates- Q1 FY16, Kellton Tech Solutions Ltd. is a global IT company with a portfolio comprising an exhaustive list of IT services in the web, mobile, security, ERP and cloud Space has reported its financial results for the quarter ended 30 th September, Rs. In million Sep-15 Sep-14 % Change Net Sales Net Profit EPS EBITDA The company has achieved a turnover of Rs million for the 1 st quarter of the current year as against Rs million in the corresponding quarter of the previous year, up by %. EBITDA of Rs million in Q1 FY16 as against Rs million over the corresponding period of last year, an increase of %. In Q1 FY16, net profit was Rs million against Rs million in the corresponding quarter of the previous year. The company has reported an EPS of Rs for the 1 st quarter as against an EPS of Rs in the corresponding quarter of the previous year. Break up of Expenditure Break up of Expenditure (Rs. In millions) Q1 FY16 Q1 FY15 % Chng Employee benefits expenses Dep and amortization exp Other Expenses

3 Latest Updates On December 10, 2015, Kellton Tech announced its expansion into Europe with a new office in Ireland. Kellton Tech s plans to gain foothold in Europe receive a boost with this development as it prepares to bring its full range of IT offerings to European market. COMPANY PROFILE Kellton Tech Solutions Limited is a CMMi Level 3 and ISO 9001:2008 certified global IT services organization. It is headquartered in Hyderabad, India and has development centers in the United States and India. For two innovative decades, Kellton Tech has put into practice the vision upon which it was founded viz. "to offer infinite possibilities with technology". The company is committed to providing end-to-end IT solutions, strategic technology consulting, and offshore product development services. Kellton Tech serves the full gamut of customers including startups, SMBs, enterprises, and Fortune 500 businesses. The organization has serviced customers representing a wide range of verticals including retail, travel, e-commerce, education, hospitality, advertising, market research, manufacturing, consumer goods, logistics, SCM, and non-profits. Kellton Tech is also a global leader in providing Enterprise Mobility Solutions, Mobile Application Development & Internet of Things.

4 FINANCIAL HIGHLIGHT (CONSOLIDATED) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at June 30, E I. EQUITY AND LIABILITIES: A. Shareholders Funds FY14A FY15A FY16E FY17E a) Share Capital b) Reserves and Surplus c) Money received against share warrants Sub-Total-Net worth B. Non-Current Liabilities: a) Long-term borrowings b) Deferred Tax Liabilities [Net] c) Other Long Term Liabilities d) Long Term Provisions Sub-Total-Long term liabilities C. Current Liabilities: a) Short-term borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions Sub-Total-Current Liabilities TOTAL-EQUITY AND LIABILITIES (A+B+C) II. ASSETS: D. Non-Current Assets: Fixed Assets Tangible assets Intangible assets Capital Work in Progress a) Sub Total - Fixed Assets b) Non Current Investments c) Long Term Loans and Advances d) Other non-current assets Sub-Total-Non-Current Assets E. Current Assets: a) Inventories b) Trade Receivables c) Cash and Bank Balances d) Short Term Loans and Advances e) Other Current Assets Sub-Total-Current Assets TOTAL-ASSETS (D+E)

5 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 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 Net Profit Equity capital Face value EPS

6 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) 9.94% 14.42% 14.27% 14.04% PBT Margin (%) 5.70% 10.76% 11.17% 11.06% PAT Margin (%) 4.77% 9.28% 8.60% 8.46% P/E Ratio (x) ROE (%) 21.19% 50.32% 45.63% 41.68% ROCE (%) 28.00% 29.45% 37.45% 37.69% Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

7 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.8.47 and Rs respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 80% and 83% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at x for FY16E and x for FY17E. Price to Book Value of the stock is expected to be at x and 9.44 x for FY16E and FY17E respectively. Hence 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 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.

8 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 The Indian Information Technology (IT) sector is expected to grow 11 per cent per annum and triple its current annual revenue to reach US$ 350 billion by FY 2025, as per National Association of Software and Services Companies (NASSCOM). 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 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). Indian IT's core competencies and strengths have attracted significant investments from major countries. The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflows worth US$ billion between April 2000 and September 2015, according to data released by the Department of Industrial Policy and Promotion (DIPP). 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.

9 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: Mobile.No:

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