4QFY2017 Result Update | IT
April 24, 2017
Tata Consultancy Services (TCS)
BUY
CMP
`2,311
Performance highlights
Target Price
`2,651
(` cr)
4QFY17 3QFY17
% chg (qoq) 4QFY16
% chg (yoy)
Investment Period
12 Months
Net revenue
29,642
29,735
(0.3)
28,449
4.2
Adj. EBITDA
7,065
8,233
(14.2)
7,738
(8.7)
Stock Info
Adj. EBITDA margin (%)
27.5
27.7
(20.3)
27.2
(22.5)
Sector
IT
Adj. PAT
6,608
6,778
(2.5)
6,341
4.2
Market Cap (` cr)
455,405
Source: Company, Angel Research
Net Debt (` cr)
(45,288)
For 4QFY2017, TCS posted revenue of US$4,452mn v/s US$4,470mn expected, with
Beta
0.6
1.5% qoq growth mostly volume led, which was 1.7% qoq. Revenue in Constant Currency
52 Week High / Low
2,740/2,055
(CC) terms came in at 1.0% qoq. In Rupee terms, revenues de-grew by 0.3% qoq to
Avg. Daily Volume
96,418
`29,642cr v/s `29,996cr expected, led by Rupee appreciation. On the operating front,
Face Value (`)
1
EBIT came in at 25.7% v/s 26.0% expected, a 28bps qoq dip. PAT came in at `6,608cr v/s
BSE Sensex
29,365
`6,855cr expected, down 2.5% sequentially. We maintain our buy rating with target price
Nifty
9,119
of `2,651.
Reuters Code
TCS.BO
Bloomberg Code
[email protected]
Quarterly highlights: TCS posted revenue of US$4,452mn V/s US$4,470mn expected,
with 1.5% qoq growth mostly volume led, which was 1.7% qoq. Revenue in Constant
Currency terms (CC) came in at 1.0% qoq. In terms of verticals, on CC basis the growth
Shareholding Pattern (%)
registered by the company in respective segments was, BFSI (-0.4% qoq), Retail & CPG
Promoters
73.3
(-3.0% qoq), Communication & Media (7.4% qoq), Manufacturing (1.7% qoq), Life
MF / Banks / Indian Fls
5.4
Sciences & Healthcare (3.1% qoq), Hi-Tech (5.2% qoq), Energy Utilities (1.4% qoq), Travel
FII / NRIs / OCBs
16.9
& Hospitality (3.6% qoq). In terms of geography, on CC basis, qoq (de-growth)/growth
Indian Public / Others
4.4
was North America (-1.8 qoq), Latin America (-7.3 qoq), UK (4.1% qoq), Continental Europe
(7.1 qoq), India (9.3% qoq), Asia Pacific (1.9% qoq), MEA (2.1% qoq). Overall attrition rate
came in at 11.5%. On the operating front, EBIT came in at 25.7% v/s 26.0% expected, a
Abs.(%)
3m 1yr
3yr
28bps qoq dip. PAT came in at `6,608cr v/s `6,855cr expected, down 2.5% qoq.
Sensex
8.6
13.7
29.0
TCS
1.0
(4.4)
4.1
Outlook and valuation: The Company has been cautiously optimistic regarding its
outlook for FY2018, with key verticals like BFSI and Hi-Tech expected to post a recovery.
Also, on the EBIT front the company is confident of managing the EBIT margins in the
3-Year Daily Price Chart
range of 26-28%. We expect TCS to post revenue CAGR of 8.5% in USD as well as INR
3,000
terms over FY2017-19E. Hence, maintain our BUY recommendation.
2,500
Key financials (Consolidated, IFRS)
2,000
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
1,500
Net sales
1,08,646
1,17,966
1,27,403
1,38,870
1,000
% chg
14.8
8.6
8.0
9.0
500
Net profit
24,215
26,289
28,272
30,524
0
% chg
11.6
8.6
7.5
8.0
EBITDA margin (%)
28.3
27.5
27.6
27.6
EPS (`)
123.7
134.3
144.5
156.0
Source: Company, Angel Research
P/E (x)
18.7
17.2
16.0
14.8
P/BV (x)
6.2
5.1
4.8
4.4
RoE (%)
33.1
29.8
29.7
29.8
RoCE (%)
31.6
28.8
28.9
29.2
Sarabjit kour Nangra
EV/Sales (x)
3.9
3.5
3.2
2.9
+91 22 3935 7800 Ext: 6806
EV/EBITDA (x)
13.8
12.6
11.7
10.5
sarabjit @angelbroking.com
Source: Company, Angel Research; Note: CMP as of April 22, 2017
Please refer to important disclosures at the end of this report
1
TCS | 4QFY2017 Result Update
Exhibit 1: 4QFY2017 performance (Consolidated, IFRS)
(` cr)
4QFY2017
3QFY2017
% chg (qoq) 4QFY2016
% chg (yoy)
FY2017
FY2016
% chg(yoy)
Net revenue
29,642
29,735
(0.3)
28,449
4.2
1,17,966
1,08,646
8.6
Cost of revenue
16,153
16,378
(1.4)
15,591
3.6
65,381
59,459
10.0
Gross profit
13,489
13,357
1.0
12,857
4.9
52,585
49,187
6.9
SG&A expense
5,342
5,124
4.3
4,975
7.4
20,755
18,956
9.5
EBITDA
8,147
8,233
(1.0)
7,883
3.4
31,830
30,231
5.3
Dep. and amortisation
520
500
4.0
471
10.4
1,506
1,441
4.5
EBIT
7,627
7,733
(1.4)
7,412
2.9
30,324
28,790
5.3
Other income
989
1,185
(16.5)
905
9.3
4,189
3,050
37.3
PBT
8,616
8,918
(3.4)
8,317
3.6
34,513
31,840
8.4
Income tax
1,994
2,104
(5.2)
1,970
1.2
8,156
7,503
8.7
PAT
6,622
6,814
(2.8)
6,347
4.3
26,357
24,337
8.3
Earnings in affiliates
-
-
-
-
-
-
-
Minority interest
14
36
6
-
68
123
Reported PAT
6,608
6,778
(2.5)
6,341
4.2
26,289
24,215
8.6
Adj. PAT
6,608
6,778
(2.5)
6,341
4.2
26,289
24,215
8.6
EPS
33.5
34.4
(2.6)
32.2
4.2
133.4
123.2
8.3
Gross margin (%)
45.5
44.9
59)bp
45.2
31bp
44.6
45.3
(70)bp
EBITDA margin (%)
27.5
27.7
(20)bp
27.7
(22)bp
27.0
27.8
(84)bp
EBIT margin (%)
25.7
26.0
(28)bp
26.1
(32bp
25.7
26.5
(79)bp
Source: Company, Angel Research
Exhibit 2: Actual v/s Angel estimates
(` cr)
Actual
Estimate
Var. (%)
Net revenue
29,642
29,996
(1.2)
EBIT margin (%)
25.7
26.0
(27)bps
Adj. PAT
6,608
6,855
(3.6)
Source: Company, Angel Research
Numbers lower than expectations
The company posted revenue of US$4,452mn V/s US$4,470mn expected, with 1.5% qoq
growth, mostly volume led, which was 1.7% qoq. Revenue in Constant Currency terms (CC)
came in at 1.0% qoq. In Rupee terms, revenues de-grew by 0.3% qoq to `29,642cr v/s
`29,996cr expected, led by Rupee appreciation.
In terms of verticals, on CC basis the (de-growth)/growth registered by the company in
respective segments was, BFSI (-0.4% qoq), Retail & CPG (-3.0% qoq), Communication &
Media (7.4% qoq), Manufacturing (1.7% qoq), Life Sciences & Healthcare (3.1% qoq),
Hi-Tech (5.2% qoq), Energy Utilities (1.4% qoq), Travel & Hospitality (3.6% qoq).
In terms of geography, on CC basis, qoq (de-growth)/growth was North America (-1.8 qoq),
Latin America (-7.3 qoq), UK (4.1% qoq), Continental Europe (7.1 qoq), India (9.3% qoq),
Asia Pacific (1.9% qoq), MEA (2.1% qoq).
April 24, 2017
2
TCS | 4QFY2017 Result Update
Exhibit 3: Trend in volume and revenue growth (qoq)
8.0
7.0
6.0
5.0
4.0
3.4
3.0
1.7
.5
3.7
31.2
2.0
1.3
1.0
1.5
1.0
0.0
0.3
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
(1.0)
Volume growth
Revenue growth (USD terms)
Source: Company, Angel Research
Exhibit 4: Revenue drivers for 4QFY2017
2
1.7
1.5
1
0.5
0
(0.7)
(1)
Volume
Currency impact
CC realization
Total revenue growth
Source: Company, Angel Research
In Communication, weakness was seen in UK, Europe and Asia Pacific, while in
Healthcare, US slowed down. However, both these factors are one-offs. Revenue
from Digital grew by 7.6% qoq, and it now constitutes to 17.9% of total revenue.
Exhibit 5: Revenue growth (Industry wise on CC basis)
% to revenue
% chg (CC qoq)
% chg (yoy)
BFSI
39.8
(0.4)
4.8
Manufacturing
10.6
1.7
9.9
Telecom & Media
11.3
7.4
11.6
Life sciences and healthcare
7.6
3.1
11.5
Retail and distribution
12.9
(3.0)
(1.3)
Transportation & Hospitality
3.9
3.6
15.7
Energy and utilities
4.5
1.4
19.8
Hi-tech
5.6
5.2
8.0
Others
3.7
(2.1)
25.7
Source: Company, Angel Research
April 24, 2017
3
TCS | 4QFY2017 Result Update
Service line wise, Engg and Industrial services reported a sequential growth of
4.8% on CC basis. In the company’s anchor service line i.e. IT Solutions and
Services - ADM grew by 2.1% qoq on CC basis, Enterprise Solutions grew by 0.1%
qoq and Assurance Services grew by 1.3% qoq on a CC basis respectively. The
BPO segment grew by 4.2% qoq on a CC basis during the quarter. Asset
Leveraged Solutions (2.9% of sales) de-grew by 5.0% qoq on CC basis, while the
Infrastructure services posted a 2.8% qoq dip.
Exhibit 6: Revenue growth (Service wise on CC basis)
% to revenue
% chg (CC qoq)
% chg (yoy)
IT solutions and services
ADM
37.7
2.1
2.3
Enterprise solutions
17.3
0.1
8.9
Assurance services
9.0
1.3
10.0
Engg. and industrial services
5.0
4.8
17.2
Infrastructure services
16.2
(2.8)
14.7
Asset-leveraged solutions
2.9
(5.0)
(6.1)
BPO
11.6
4.2
11.7
Source: Company, Angel Research
Geography wise growth in INR sales in key geographies was as follows: USA (-
1.8% qoq on CC basis), Latin America (-7.3% qoq on CC basis), UK (4.1% qoq on
CC basis), India (9.3% qoq on CC basis), and MEA (2.1% qoq on CC basis).
However, Continental Europe and Asia Pacific posted growth of 7.1% qoq and 1.9%
qoq on CC basis, respectively.
Exhibit 7: Revenue growth (Geography wise in INR terms)
% of revenue
% chg (CC qoq)
% chg (yoy)
U.S.
53.3
(1.8)
4.3
Latin America
2.1
(7.3)
4.8
U.K.
13.7
4.1
9.7
Continental Europe
11.8
7.1
15.1
India
6.8
9.3
20.9
Asia Pacific
9.7
1.9
4.7
MEA
2.6
2.1
11.4
Source: Company, Angel Research
Attrition rate declines
In 4QFY2017, TCS witnessed a gross addition of 20,093 employees and net
addition of 8,726 employees, taking its total employee base to 3,87,223. During
the quarter, the attrition rate (last twelve month [LTM] basis) for the company
decreased to 11.5% from 12.2% in 3QFY2017.
April 24, 2017
4
TCS | 4QFY2017 Result Update
Exhibit 8: Hiring and attrition trend
Particulars
4QFY16 1QFY17
2QFY17
3QFY17
4QFY17
Gross addition
22,576
17,792
22,665
18,362
20,093
Net addition
9,152
8,236
9,440
6,978
8,726
Total employee base
3,53,843
3,62,079
3,71,519
3,78,497
3,87,223
Attrition (%) - LTM basis
14.7
13.6
12.9
12.2
11.5
Source: Company, Angel Research
Margin dips
On the operating front, the company reported EBITDA and EBIT margins at 27.5%
and 25.7%, i.e. a contraction of 20 bps and 28 bps qoq respectively. The EBIT
margins were impacted by changing business mix, stability in Diligenta, Japan, etc.
However, for FY2018, the company has guided the EBIT margins to be in the
range of 26-28%.
Exhibit 9: Adj. Margin profile
32
29
27.7
27.7
27.5
27.2
26.7
26
26.1
26.0
26.0
25.7
25.1
23
20
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
EBITDA margin
EBIT margin
Source: Company, Angel Research
Client metrics
The client pyramid during the quarter witnessed a qualitative improvement with
client additions seen in the higher revenue brackets. The clients in US$50mn+
revenue band increased by 3, in US$10mn+ revenue band increased by 6 and in
US$100mn+ revenue band increased by 1.
Exhibit 10: Client pyramid
4QFY16 1QFY17 2QFY17 3QFY17 4QFY17
US$1mn-5mn
400
408
410
426
438
US$5mn-10mn
131
141
154
154
149
US$10mn-20mn
125
119
110
114
120
US$20mn-50mn
100
102
107
106
106
US$50mn-100mn
36
40
42
46
49
US$100mn plus
37
37
36
34
35
Source: Company, Angel Research
April 24, 2017
5
TCS | 4QFY2017 Result Update
Investment Argument
Guidance - Cautious optimism: The management refrained from giving any
guidance for FY2018, however it expects a bounce back of the key verticals like
BFSI, Communications and Hi-Tech. Digital also continues to see a good traction.
On EBIT front, the company expects to manage its margins in 26-28% range. We
expect the company to post a US$ revenue CAGR of 8.5% over FY2017-19E.
Management Reggie: With Mr. Natarajan Chandrasekaran set to be the chairman
of Tata Sons starting February 21, 2017, CFO Mr. Rajesh Gopinathan will take
charge as the CEO of the company. He started his professional career with TCS in
2001 and was appointed as the CFO in February 2013. TCS also announced N G
Subramanian as the COO of the company. Thus, the new targets under the new
CEO will have a bearing on the performance of the company.
Growth fundamentals intact: Despite the near term, uncertainty arising out of Brexit
and new macro dynamics in US, TCS remains optimist to make a comeback after
current cyclical headwinds are behind. Long term drivers of tech spending will
remain intact and new growth areas are emerging. Strength in Digital bounced
back after seeing some weakness in 2QFY2017. Revenue from Digital grew by
7.6% qoq and it now constitutes to 17.9% of total revenue. Thus, the company has
invested well to reap the benefits over long term.
Outlook and valuation
Over FY2017-19E, we expect TCS to post revenue CAGR of
8.5% in
USD and INR terms. The company highlighted that it stands comfortable of
sustaining the EBIT margin in the range of 26-28%. On the EBIT and PAT fronts,
we expect the company to post 8.7% and 7.8% CAGR over FY2017-19E,
respectively. The stock is trading at 14.8x FY2019E EPS of `156.0.We maintain our
Buy recommendation.
Exhibit 11: Key assumptions
FY2018E
FY2019E
Revenue growth (USD)
8.0
9.0
USD-INR rate (realized)
67.1
67.1
Revenue growth (`)
8.0
9.0
EBITDA margin (%)
27.6
27.6
Tax rate (%)
23.5
23.5
EPS growth (%)
7.5
8.0
Source: Company, Angel Research
April 24, 2017
6
TCS | 4QFY2017 Result Update
Exhibit 12: One-year forward PE chart
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Price
25x
21x
16x
11x
6x
Source: Company, Angel Research
Exhibit 13: Recommendation summary
Company
Reco
CMP Tgt. price
Upside
FY2018E FY2018E
FY2016-18E
FY2018E FY2018E
(`)
(`)
(%)
EBITDA (%)
P/E (x)
EPS CAGR (%)
EV/Sales (x)
RoE (%)
HCL Tech
Buy
816
1,000
22.6
20.5
12.7
9.6
1.8
17.9
Infosys
Buy
928
1,179
27.1
26.0
14.5
4.4
2.4
19.7
TCS
Buy
2,328
2,651
13.9
27.6
16.1
8.1
3.3
29.7
Tech Mahindra
Buy
421
600
42.6
17.0
10.5
11.4
0.9
20.7
Wipro
Buy
500
583
16.6
18.1
12.9
4.0
1.7
17.6
Source: Company, Angel Research
April 24, 2017
7
TCS | 4QFY2017 Result Update
Company background
TCS is Asia's largest IT services provider and is amongst the top 10 technology
firms in the world. The company has a global footprint with an employee base of
over 3lakh professionals, offering services to more than 1,000 clients across
various industry segments. The company has one of the widest portfolios of service
offerings, spanning across the entire IT service value chain - from traditional
application development and maintenance to consulting and package
implementation to products and platforms.
April 24, 2017
8
TCS | 4QFY2017 Result Update
Profit & Loss statement (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E FY2019E
Net sales
94,648
1,08,646
1,17,966
1,27,403
1,38,870
Cost of revenue
50,599
58,952
64,764
68,798
74,990
Gross profit
44,049
49,695
53,202
58,606
63,880
% of net sales
46.5
45.7
45.1
46.0
46.0
SGA expenses
17,353
18,956
20,755
23,442
25,552
% of net sales
18.3
17.4
17.6
18.4
18.4
EBITDA
26,696
30,738
32,447
35,163
38,328
% of net sales
28.2
28.3
27.5
27.6
27.6
Dep. and amortization
1272
1948
2123
2293
2500
% of net sales
1.3
1.8
1.8
1.8
1.8
EBIT
25,424
28,790
30,324
32,870
35,828
% of net sales
26.9
26.5
25.7
25.8
25.8
Other income, net
3140
3050
4189
4189
4189
Profit before tax
28,564
31,840
34,513
37,059
40,017
Provision for tax
6,083
7,503
8,156
8,709
9,404
% of PBT
21.3
23.6
23.6
23.5
23.5
PAT
22,481
24,338
26,357
28,350
30,613
Minority interest
205
123
68
78
89
Extra-ordinary (Exp.)/ Inc.
(2628)
Reported PAT
19,648
24,215
26,289
28,272
30,524
Adj. PAT
21,696
24,215
26,289
28,272
30,524
Diluted EPS (`)
110.9
123.7
134.3
144.5
156.0
April 24, 2017
9
TCS | 4QFY2017 Result Update
Balance sheet (Consolidated, IFRS)
Y/E March (` cr)
FY2015 FY2016
FY2017 FY2018E FY2019E
Assets
Cash and cash equivalents
1,862
1,862
3,597.0
4,500.0
5,000.0
Other current financial assets
16,383
4,833
-
-
-
Accounts receivable
20,440
24,073
22,684
31,694
31,695
Unbilled revenues
3,827
3,992
5,351
5,348
5,349
Other current assets
6,414
5,975
7,258
7,258
7,258
Property and equipment
11,572
11,790
11,741
12,741
13,741
Intangible assets and goodwill
3,931
3,946
3,768
3,768
3,768
Investments
9,619
22,822
41,980
39,267
46,761
Other non current assets
906
11,919
8,974
8,974
8,974
Total assets
74,954
91,212
1,05,353
1,13,550
1,22,545
Liabilities
Current liabilities
14,428
15,407
14,294
15,288
16,664
Short term borrowings
243
162
218
218
218
Redeemable preference shares
-
(0)
-
1
2
Long term debt
114
83
71
71
71
Other non current liabilities
1,778
2,017
2,089
2,442
2,662
Minority interest
914
354
366
444
533
Shareholders funds
57,477
73,190
88,315
95,086
1,02,397
Total liabilities
74,954
91,212
1,05,353
1,13,550
1,22,545
April 24, 2017
10
TCS | 4QFY2017 Result Update
Cash flow statement (Consolidated, IFRS)
Y/E March (` cr)
FY2015
FY2016
FY2017
FY2018E
FY2019E
Pre-tax profit from oper.
22,481
24,338
26,357
28,350
30,613
Depreciation
1,272
1,948
2,123
2,293
2,500
Exp. (deferred)/written off
160
174
-
-
-
Pre tax cash from oper
23,913
26,460
28,480
30,643
33,113
Other inc./prior period ad
1,272
1,948
2,123
2,293
2,500
Net cash from operations
25,185
28,408
30,604
32,937
35,613
Tax
6,083
7,503
8,156
8,709
9,404
Cash profits
19,102
20,905
22,448
24,228
26,209
(Inc)/dec in acc. recv.
(2,210)
(3,633)
1,389
(9,010)
(1)
(Inc)/dec in unbilled rev.
179
(165)
(1,359)
3
(1)
(Inc)/dec in oth. current asst.
(6,414)
439
(1,283)
-
-
Inc/(dec) in current liab.
(1,207)
(218)
49
(1,000)
(1,000)
Net trade working capital
(9,652)
(3,577)
(1,204)
(10,007)
(1,002)
Cash flow from opert. actv.
9,450
17,328
21,243
14,221
25,207
(Inc)/dec in fixed assets
(1,207)
(218)
49
(1,000)
(1,000)
(Inc)/dec in investments
(4,446)
(1,653)
(14,325)
2,713
(7,494)
(Inc)/dec in intangible asst.
(226)
16
(178)
-
-
(Inc)/dec in non-cur.asst.
(906)
(11,013)
2,945
-
-
Cash flow from invt. actv.
(6,786)
(12,869)
(11,509)
1,713
(8,494)
Inc/(dec) in debt
61
(113)
44
-
-
Inc/(dec) in equity
223
(559)
12
78
89
Inc/(dec) in minority int.
(19,923)
(18,415)
(19,993)
(21,501)
(23,213)
Dividends
16,976
14,629
10,202
5,489
6,411
Cash flow from finan. actv.
(2,664)
(4,459)
(9,735)
(15,934)
(16,713)
Cash generated/(utilized)
393
-
1,735
903
500
Cash at start of the year
1,469
1,862
1,862
3,597
4,500
Cash at end of the year
1,862
1,862
3,597
4,500
5,000
April 24, 2017
11
TCS | 4QFY2017 Result Update
Key ratios
Y/E March
FY2015
FY2016
FY2017
FY2018E
FY2019E
Valuation ratio(x)
P/E (on FDEPS)
20.8
18.7
17.2
16.0
14.8
P/CEPS
21.6
17.3
15.9
14.8
13.7
P/BVPS
7.9
6.2
5.1
4.8
4.4
Dividend yield (%)
1.9
1.7
1.9
2.0
2.2
EV/Sales
4.5
3.9
3.5
3.2
2.9
EV/EBITDA
16.0
13.8
12.6
11.7
10.5
EV/Total assets
5.7
4.7
3.9
3.6
3.3
Per share data (`)
EPS
110.9
123.7
134.3
144.5
156.0
Cash EPS
106.8
133.6
145.1
156.0
168.6
Dividend
43.5
40.2
43.6
46.9
50.6
Book value
294
374
451
486
523
Dupont analysis
Tax retention ratio (PAT/PBT)
0.8
0.8
0.8
0.8
0.8
Cost of debt (PBT/EBIT)
1.1
1.1
1.1
1.1
1.1
EBIT margin (EBIT/Sales)
0.3
0.3
0.3
0.3
0.3
Asset turnover ratio (Sales/Assets)
1.3
1.2
1.1
1.1
1.1
Leverage ratio (Assets/Equity)
1.3
1.2
1.2
1.2
1.2
Operating ROE
39.1
33.3
29.8
29.8
29.9
Return ratios (%)
RoCE (pre-tax)
33.9
31.6
28.8
28.9
29.2
Angel RoIC
54.0
46.7
50.7
47.1
50.6
RoE
34.2
33.1
29.8
29.7
29.8
Turnover ratios(x)
Asset turnover (fixed assets)
8.2
9.2
10.0
10.0
10.1
Receivables days
79
81
70
91
83
April 24, 2017
12
TCS | 4QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
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the merits and risks of such an investment.
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trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
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sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
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Disclosure of Interest Statement
TCS
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
April 24, 2017
13