Hexaware, 12th February, 2013
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Transcript of Hexaware, 12th February, 2013
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7/29/2019 Hexaware, 12th February, 2013
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Please refer to important disclosures at the end of this report 1
EBITDA 85 110 (22.9) 99 (14.8)
EBITDA margin (%) 16.9 21.6 (477)bp 23.0 (615)bp
Source:Company, Angel Research; Note: *Excluding exceptional item
For 4QCY2012, Hexaware Technologies (Hexaware) reported broadly in-line set
of results. Overall volume of the company declined by 1.1% qoq due to sudden
project closure of one of the companys top clients. The company cited that work
from its top account remains intact outside of the project cancellation impacting
revenues in 4QCY2012 and 1QCY2013. The Management has guided for a
double digit revenue growth in CY2013 and expects revenue to grow by 1.7-2.4%
qoq in 1QCY2013.
For 4QCY2012, Hexaware reported USD revenue of
US$92.4mn, down 0.4% qoq. In INR terms, revenue came in at `502cr, down
1.0% qoq. The company witnessed a 477bp and 481bp qoq decline in its EBITDA
and EBIT margins to 16.9% and 15.1%, respectively, impacted majorly because of
challenges faced at one of its top clients. PAT came in at `66cr, down 21.2% qoq.
The Management indicated that the company remains
confident of growing in double digits in CY2013 and cited that work from its top
account remains intact outside of the project cancellation impacting revenues in
4QCY2012 and 1QCY2013. Also, the account should grow on a yoy basis in
CY2013. For 1QCY2013, the company has given revenue guidance of US$94-
95mn, which translates to sequential growth of 1.7-2.8%. To achieve full year
guidance of double digit growth (assuming 1QCY2013 revenues remain in the
middle of the guidance range), the company needs to clock ~4% CQGR for the
rest three quarters which looks a bit stretched. We expect the company to grow by
8.5% in CY2013; and post a USD and INR revenue CAGR of 9.3% and 9.8% over
CY201214E, respectively. The Management expects margins to improve by
~150-200bp qoq in 1QCY2013. The margin slide during 4QCY2012 is
expected to be recovered only gradually, however, as utilization picks up and
growth improves, we expect margins to improve going forward.
% chg 1.5 37.6 34.3 9.6 10.0
% chg (36.4) 212.9 22.8 (7.5) 17.7
EBITDA margin (%) 8.9 18.2 20.9 18.3 19.6
P/E (x) 29.2 9.4 7.7 8.3 7.1
P/BV (x) 2.5 2.4 2.0 1.7 1.5
RoE (%) 11.2 26.3 27.2 21.2 21.8
RoCE (%) 7.1 23.6 31.2 24.8 25.6
EV/Sales (x) 1.9 1.4 1.0 0.8 0.7
EV/EBITDA (x) 21.3 7.6 4.9 4.6 3.6
Source: Company, Angel Research; Note: *Excluding exceptional item
CMP `84
Target Price `113
Investment Period 12 Months
Stock Info
Sector
Net debt (`cr) (447)
Bloomberg Code HEXW@IN
Shareholding Pattern (%)
Promoters 28.1
MF / Banks / Indian Fls 6.5
FII / NRIs / OCBs 39.6
Indian Public / Others 25.8
Abs. (%) 3m 1yr 3yr
Sensex 4.2 9.6 20.5
Hexaware (25.4) (23.2) 123.2
19,461
5,898
HEXT.BO
307,530
BSE Sensex
Nifty
Reuters Code
Face Value (`)
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
2,454
1.1
2
142/73
+91 22 39357800 Ext: 6819
Performance highlights
4QCY2012 Result Update | IT
February 11, 2013
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Hexaware | 4QCY2012 Result Update
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Exhibit 1:4QCY2012 performance (Indian GAAP, Consolidated)
Direct costs 321 307 4.7 256 25.3 1,185 894 32.5Gross profit 181 201 (9.7) 176 3.2 764 557 37.2
SG&A expenses 97 91 6.2 76 26.6 356 292 22.0
Dep. and amortization 9 9 1.1 6 41.3 32 25 30.8
EBIT 76 101 (25.0) 93 (18.6) 375 240 56.4
Other income 9 9 12 40 43
Forex gain (5) (4) (5) (11) 25
PBT 81 107 (24.3) 99 (18.8) 404 308 31.4
Tax 14 23 (36.0) 11 29.7 76 41 87.7
Exceptional item - - - - -
Final PAT 66 84 (21.2) 88 328 267 22.8
Gross margin (%) 36.1 39.6 (347)bp 40.7 (459)bp 39.2 38.4 82bp
EBITDA margin (%) 16.9 21.6 (477)bp 23.0 (615)bp 20.9 18.2 267bp
EBIT margin (%) 15.1 19.9 (481)bp 21.6 (647)bp 19.2 16.5 271bp
PAT margin (%) 13.1 16.4 (332)bp 20.1 (708)bp 16.6 17.6 (101)bp
Source: Company, Angel Research; Note: * Excluding exceptional item
Exhibit 2:Actual vs Angel estimates
Net revenue 502 496 1.3
EBITDA margin (%) 16.9 16.4 46bp
PAT 66 61 8.5
Source: Company, Angel Research
In-line performance
For 4QCY2012, Hexaware reported USD revenue of US$92.4, down 0.4% qoq,
majorly because of 1.1% qoq volume decline. This was because the company
witnessed change in project scope and deliverables from a large client, which isamongst the companys top-10 clients. The Management indicated that the decline
in revenue of this large client (by 21.3% qoq to US$10.8mn) in 4QCY2012 is a
temporary blip and expects this account to grow on a yoy basis in CY2013. In INR
terms, the revenue came in at `502cr, down 1.0% qoq.
During the quarter, the company reported a slight improvement of ~1% in its
onsite and offshore bill rates to US$74.3/hour and US$23.2/hour. The
Management indicated that on a broader basis the company expects billing rates
to remain stable. Increase in bill rates aided the companys revenues by 36bp qoq.
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Exhibit 3:Trend in revenue growth (qoq)
Source: Company, Angel Research
Exhibit 4:Trend in billing rates
Source: Company, Angel Research
Service vertical wise, the companys growth was led by testing (contributed 11.6%
to revenue) and business intelligence (BI) & analytics (contributed 12.8% to
revenue), revenue of which grew by a whopping 17.9% and 9.9% qoq,
respectively. This was followed by infrastructure management services (IMS), therevenue of which grew by 7.1% qoq. Hexawares anchor service vertical,
application development and maintenance (ADM; contributed 35.8% to revenue)
reported a 7.2% qoq decline in its revenue, majorly because of pressure seen at
one of its top client. Revenue from BPO and enterprise solutions declined by 7.4%
and 2.1% qoq, respectively. Enterprise services cooled off following a very strong
2QCY2012 in which it grew by 15.8% qoq, while BPO has now declined in four
out of the last five quarters. Going forward, the Management indicated that it is
witnessing strong traction for services such as enterprise solutions, BI and IMS.
84.1
88.0
91.292.8 92.4
6.7
4.7
3.6
1.7(0.4)
4.8
6.6
4.2
1.7
(1.1)(2)
0
2
4
6
8
60
65
70
75
80
85
90
95
4QCY11 1QCY12 2QCY12 3QCY12 4QCY12
(%)
(US$mn)
Revenue (US$ mn) Revenue grow th -qoq (%) Volume growth - qoq (%)
73.01 73.90 73.50 73.54 74.27
23.00 22.90 22.85 22.97 23.16
10
20
30
40
50
60
70
80
4QCY11 1QCY12 2QCY12 3QCY12 4QCY12
(US$/hr)
Onsite Offshore
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Exhibit 5:Growth trend in service verticals
ADM 35.8 (7.2) (0.9)
Enterprise solutions 30.1 (2.1) 11.0Testing 11.6 17.9 18.0
BI and analytics 12.8 9.9 33.9
BPO 4.0 (7.4) (13.8)
IMS 5.7 7.1 52.7
Source: Company, Angel Research
Industry segment wise, once again banking and capital markets posted modest
growth with the segments revenue growth coming in at 3.9% qoq. The company
expects this segment to grow at a higher rate than the companys average growth
rate in CY2013. Healthcare and insurance led the companys growth by posting
6.8% qoq revenue growth. Revenue growth from travel and transportation againstood muted at 0.1% qoq. Hexaware added two new clients each in banking &
capital markets and healthcare & insurance industry segments and one client in
the travel and transportation industry segment.
Exhibit 6:Growth trend in industry segments
Banking and capital market 33.7 3.9 29.9
Healthcare and insurance 16.3 6.8 9.2
Travel and transportation 20.2 0.1 7.2
Emerging segments 29.8 (8.4) (4.8)
Source: Company, Angel Research
Geography wise, growth was again led by America, the revenue from where grew
by 5.8% qoq while revenues from Europe declined by 15.7% qoq. The company,
however, maintained that Europe remains stable.
Exhibit 7:Growth trend in geographies
Americas 69.2 5.8 18.1
Europe 23.2 (15.7) (11.2)
Asia Pacific 7.6 0.9 21.0Source: Company, Angel Research
Hiring and utilization
During 4QCY2012, Hexaware reported net reduction of 74 employees, taking its
total employee base to 9,069. Out of the total reduction, 68 employees were
reduced from its technical employee base, taking the total technical employee base
to 8,371. Attrition rate during 4QCY2012 inched up slightly to 8.7% from 8.4% in
3QCY2012. The Management indicated that the companys current focus is to
improve utilization level, thus implying that hiring will be demand based in the
near-term.
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Exhibit 8:Employee metrics
Technical
Onsite 1,564 1,595 1,624 1,728 1,750Offshore 6,063 6,330 6,419 6,711 6,620
Net technical emp. addition 140 299 118 396 (68)
Net addition (overall) 153 307 109 410 (74)
Attrition (%) 13.9 11.0 9.6 8.4 8.7
Source: Company, Angel Research
Utilization level, including trainees, declined by 370bp qoq to 63.9% (lowest level
in last five years) in 4QCY2012 from 67.6% in 3QCY2012. Improving utilization
from current levels will be an important margin level for the company going
ahead.
Exhibit 9:Utilization trend
Source: Company, Angel Research
Margins decline
During 3QCY2012, the company witnessed a 477bp and 481bp qoq decline in itsEBITDA and EBIT margins to 16.9% and 15.1%, respectively, impacted majorly
because of challenges faced at one of its top clients. The margin movement was
because of following factors: 1) 216bp qoq negative impact due to decline in
utilization level, 2) 49bp qoq negative impact due to onsite effort shift, 3) 22bp
qoq positive impact from increase in bill rates, 4) 130bp negative impact due to
increase in SG&A costs, and 5) 90bp negative impact from some other costs.
Hexaware has guided for 150-200bp qoq increase in margins in 1QFY2013 by
using levers such as increasing utilization level and shifting the revenue mix
offshore.
70.6
69.7
68.6
70.0
67.6
63.9
62
63
64
6566
67
68
69
70
71
72
3QCY11 4QCY11 1QCY12 2QCY12 3QCY12 4QCY12
(%)
Utilization - incl. trainees (%)
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Exhibit 10:Margin profile
Source: Company, Angel Research
Client pyramid
During 4QCY2012, Hexaware added 11 new clients three from America, two
from Europe and six from the APAC region. From a service vertical perspective, five
clients were added in enterprise solutions, three in testing and one in BI and
analytics. The company added one client in the US$10mn-20mn revenue bracket.
The active client base of the company increased to 218 in 4QCY2012 from 217 in
3QCY2012. The revenue from the companys top client declined by 21.3% qoq
(impacted adversely by cancellation of a large engagement within that client),
while revenues from top 2-5 clients grew by 12.5% qoq. Revenue from non top-10clients declined by 0.8% qoq.
Exhibit 11:Client metrics
US$1mn5mn 40 42 44 43 40
US$5mn10mn 7 7 7 7 7
US$10mn20mn 2 3 3 4 5
US$20mn plus 3 3 3 3 3
Total clients billed 192 201 210 217 218
Clients added 15 12 12 12 11
Source: Company, Angel Research
Outlook and valuation
The Management indicated that the company remains confident of growing in
double digits in CY2013 and intends to retain ~50% dividend payout policy going
ahead. The company cited that work from its top account remains intact outside of
the project cancellation impacting revenues in 4QCY2012 and 1QCY2013. Also,
the account should grow on a yoy basis, despite US$3mn revenue loss in
4QCY2013. The company expects top-10 clients to continue contributing over
50% of overall revenues and new customers to contribute between 5-7% of
revenues. The company is currently chasing 2-3 large deals in the pipeline and is
currently in advanced stage of discussion in one of them. In addition, Oracle is
expected to release its new version of Peoplesoft in CY2013. While this is expected
40.7 41.3
40.1 39.636.1
23.0 22.4 22.9 21.6
16.921.6
20.8 21.4 19.9
15.1
5
10
15
20
25
30
35
40
45
4QCY11 1QCY12 2QCY12 3QCY12 4QCY12
(%)
Gross margin EBITDA margin EBIT margin
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to drive upgrade-driven revenues for Hexaware, the same are anticipated accruing
largely in CY2014 and some revenue may accrue towards the end of CY2013.
For 1QCY2013, the company has given revenue guidance of US$94-95mn which
translates to sequential growth of 1.7-2.8%. To achieve full year guidance of
double digit growth (assuming 1QCY2013 revenues remain in the middle of the
guidance range), the company needs to clock ~4% CQGR for the rest three
quarters which looks a bit stretched as this will require large deal wins. We expect
the company to grow by 8.5% in CY2013. We expect the company to post a USD
and INR revenue CAGR of 9.3% and 9.8% over CY201214E, respectively.
On the margin front, the Management expects margins to improve by ~150-
200bp qoq in 1QCY2013. The margin slide during 4QCY2012 is expected to be
recovered only gradually, however, as utilization picks up and growth improves
(aided by Peoplesoft upgrades), we expect margins to improve going forward. We
expect EBITDA and PAT to post a CAGR of 6.2% and 4.3%, respectively. At the
current market price, the stock is trading at a PE of 7.1x CY2014E EPS of `12.0.
Exhibit 12:Key assumptions
Revenue growth USD terms (%) 8.5 10.0
USD-INR rate 54.0 54.0
Revenue growth INR terms (%) 9.6 10.0
EBITDA margin (%) 18.3 19.6Tax rate (%) 21.0 22.0
EPS growth (%) (7.6) 17.7
Source: Company, Angel Research
Exhibit 13:Change in estimates
Net revenue 2,118 2,136 0.9 2,350 2,350 -
EBITDA 403 392 (2.7) 460 460 -Other income 41 44 8.9 54 54 -
PBT 406 384 (5.6) 457 457 -
Tax 85 81 (5.6) 101 101 -
PAT 321 303 (5.6) 357 357 -
Source: Company, Angel Research
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Hexaware | 4QCY2012 Result Update
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Exhibit 14:One-year forward PE(x) chart
Source: Company, Angel Research
Exhibit 15:Recommendation summary
HCL Tech Accumulate 669 765 14.4 20.7 12.7 13.6 1.5 22.9
Infosys Neutral 2,791 - - 28.8 16.1 5.9 2.9 21.3
Infotech Enterprises Accumulate 163 184 12.8 17.4 8.4 10.3 0.5 13.6
KPIT Cummins Buy 110 140 27.8 15.2 8.6 16.9 0.7 20.5
Mahindra Satyam Accumulate 119 126 5.7 19.8 10.5 3.7 1.2 23.7MindTree Accumulate 783 868 10.9 19.3 9.0 17.4 0.9 21.7
Mphasis Accumulate 348 396 13.7 17.5 9.2 0.0 0.7 13.5
NIIT^ Buy 26 36 39.5 10.9 4.2 (2.7) 0.1 14.1
Persistent Neutral 534 - - 24.1 9.9 15.1 1.1 18.0
TCS Neutral 1,414 - - 28.9 17.9 13.3 3.7 29.7
Tech Mahindra Accumulate 996 1,105 10.9 19.6 9.0 7.9 1.7 22.3
Wipro Neutral 410 - - 19.4 14.8 6.8 1.7 17.9
Source: Company, Angel Research; Note: Valued on SOTP basis
Company Background
Hexaware is a mid-cap Indian IT company and is the 18th largest Indian software
exporter according to Nasscom 2010 rankings. Under the leadership of Chairman
Mr Atul Nishar and Vice Chairman and CEO Mr Chandrashekar (ex-Wipro
Technologies), Hexaware has differentiated itself from its peers and built a niche
position in the airlines vertical and in PeopleSoft implementation. Hexaware offers
its services to clients mainly in the BFSI and travel and transportation industries.
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Hexaware | 4QCY2012 Result Update
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Profit and loss statement (Indian GAAP, Consolidated)
Direct costs 692 894 1,185 1,355 1,468Gross profit 363 557 764 781 883
% to revenues 34.4 38.4 39.2 36.5 37.6
SG&A expenses 269 292 356 389 423
% to revenues 25.5 20.1 18.3 18.2 18.0
% to revenues 8.9 18.2 20.9 18.3 19.6
Depreciation and amort. 24 25 32 37 41
% to revenues 2.3 1.7 1.7 1.8 1.8
EBIT 70 240 375 354 419
% to revenues 6.6 16.5 19.2 16.6 17.8
Other income 50 43 40 44 54
Forex gain (25) 25 (11) (15) (15)
PBT 95 308 404 384 457
Tax 9 41 76 81 101
% of PBT 9.8 13.2 18.9 21.0 22.0
PAT 85 267 328 303 357
Exceptional item 22 - - - -
EPS (`) - diluted 2.9 8.9 10.9 10.1 11.9
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Balance sheet (Indian GAAP, Consolidated)
Share capital 29 59 59 59 59
Reserves 934 1,061 1,221 1,371 1,574
Forex MTM 26 (104) (76) - -
Borrowings 11 - - - -
Gross fixed assets 560 648 719 769 829
Less: Accumulated depreciation 152 170 199 237 278
Net fixed assets 408 479 520 533 551
Cash and cash equivalent 475 461 447 666 788
Debtors 192 299 365 404 444
Current assets - forex MTM 21 - - - -
Others 142 195 226 256 282
Current liability - forex MTM - 88 22 46 20
Other current liabilities 255 345 339 390 422
Deferred tax 17 16 7 7 10
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Cash flow statement (Indian GAAP, Consolidated)
Pre-tax profit from operations 70 240 375 354 419
Depreciation 24 25 32 37 41
Pre tax cash from operations 94 265 407 392 460
Other income/prior period ad 25 68 29 29 39
Net cash from operations 119 332 436 421 498
Tax 9 41 76 81 101
Cash profits 109 292 360 340 398
(Inc)/dec in current assets (91) (139) (97) (69) (66)
Inc/(dec) in current liabilities (16) 155 (71) 74 6
Net trade working capital (107) 16 (168) 5 (60)
(Inc)/dec in fixed assets 4 (95) (74) (50) (60)
(Inc)/dec in deferred tax asset (6) 1 9 - (3)
Inc/(dec) in other non-current liabilities 67 (130) 28 76 -
Inc/(dec) in debt (5) (11) - - -
Inc/(dec) in equity/premium 39 50 16 - -
Dividends (51) (136) (184) (153) (153)
Cash generated/(utilized) 49 (15) (13) 219 122
Cash at start of the year 426 475 461 447 666
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Key ratios
P/E 29.2 9.4 7.7 8.3 7.1
P/CEPS 18.6 8.4 6.8 7.2 6.2
P/BVPS 2.5 2.4 2.0 1.7 1.5
Dividend yield (%) 1.8 5.5 7.5 6.2 6.2
EV/Sales 1.9 1.4 1.0 0.8 0.7
EV/EBITDA 21.3 7.6 4.9 4.6 3.6
EV/Total assets 2.0 2.0 1.7 1.3 1.0
EPS 2.9 8.9 10.9 10.1 11.9
Cash EPS 4.5 10.0 12.3 11.6 13.6
Dividend 1.5 4.7 6.3 5.2 5.2
Book value 33.0 34.7 41.2 48.9 55.8
Tax retention ratio (PAT/PBT) 0.9 0.9 0.8 0.8 0.8
Cost of debt (PBT/EBIT) 1.4 1.3 1.1 1.1 1.1
EBIT margin (EBIT/Sales) 0.1 0.2 0.2 0.2 0.2
Asset turnover ratio (Sales/Assets) 1.1 1.4 1.6 1.5 1.4
Leverage ratio (Assets/equity) 1.0 0.9 0.9 1.0 1.0
Operating ROE 9.1 23.8 25.6 21.2 21.8
RoCE (pre-tax) 7.1 23.6 31.2 24.8 25.6
Angel RoIC 13.9 43.2 49.6 46.4 49.5RoE 11.2 26.3 27.2 21.2 21.8
Asset turnover (fixed assets) 2.6 3.0 3.7 4.0 4.1
Debtor days 66 75 68 69 69
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Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement Hexaware
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors