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1 | P A G E

SECTOR: IT - SOFTWARE REPORTING DATE: 1ST JUNE, 2016

ZYLOG SYSTEMS LTD. www.zsl.com

Zylog Systems Ltd 1st June, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - ZYLOG NSE Market Price (₹) 3.75 NSE Market Cap. (₹ Cr.) 22.89

Sector - IT-Software Face Value (₹) 5.00 Equity (₹ Cr.) 29.50

52-week High/Low (₹) 7.60/2.55 Net worth (₹ Cr.) -729.12

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 5,528

Year of Incorporation - 1995 TTM P/BV N.A. Traded Volume (lacs) 0.21

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

155, Thiruvalluvar Salai, Zylog Systems Limited provides onshore, offshore, and near shore technology solutions and

services to enterprises and technology companies worldwide. The company’s IT and

consulting services include development and testing services, such as desktop application

development, legacy modernization, application migration, Web application development,

and mobile and wireless application development services; enterprise computing services;

data warehousing, business intelligence and data warehousing consulting, and reporting and

analysis services; and healthcare information technology solutions and services. It also offers

mobile computing services, including custom mobile application development services;

configuration, synchronization, and integration services; post implementation, support, and

maintenance services; and mobile power suite for CRM and ERP products. In addition, the

company provides Microsoft Dynamics products, such as Microsoft Dynamics CRM,

Microsoft Dynamics CRM Add-ons, Microsoft Dynamics GP (Great Plains), Microsoft

Dynamics GP Add-ons, Microsoft Dynamics NAV (Navision), Microsoft Dynamics NAV Add-

ons, Microsoft Dynamics NAV Add-ons, Microsoft Dynamics AX (Axapta), Microsoft Dynamics

RMS (Retail Management System), and Microsoft Dynamics RMS Add-ons. Further, it offers

services for Microsoft Dynamics comprising customized CRM, ERP, and RMS solutions;

custom application and report development; installation, configuration, and integration;

data and application migration; post implementation support and maintenance; add-on

components development; and mobile CRM solutions. Zylog Systems Limited was founded in

1995 and is headquartered in Chennai, India.

Kumaran Nagar, Sholinganallur,

Chennai - 600 119, Tamil Nadu

Company Website:

www.zsl.com

TABLE 2 - PRICE PERFORMANCE

31st May, 2016 29th May, 2015 30th May, 2014

% Change CAGR for

2 years 2016 vs 2015 2015 vs 2014

Price (₹) 3.85 4.05 14.05 -4.94% -71.17% -47.65%

Trading Volume (Shares)

(yearly avg.) 1,34,745 3,01,368 3,03,589 -55.29% -0.73% -

NSE Market Cap. (in₹ Cr.) 22.72 23.90 82.90 -4.94% -71.17% -47.65%

Source - Money Control

http://www.zsl.com/

http://www.zsl.com/



2 | P A G E



TABLE 3 - FINANCIALS

(₹Cr.) 2015 2014 2013 % Change CAGR for 2

years 2015 vs 2014 2014 vs 2013

Net Worth -115.43 512.98 819.53 -122.50% -37.41% N.A.

Current Assets 501.40 943.63 1,016.51 -46.86% -7.17% -29.77%

Non-Current Assets 507.01 684.52 780.23 -25.93% -12.27% -19.39%

Total Assets 1,008.41 1,628.15 1,796.75 -38.06% -9.38% -25.08%

Investments 524.29 527.47 488.67 -0.60% 7.94% 3.58%

Finance Cost 4.43 29.12 73.60 -84.79% -60.43% -75.47%

Long Term Liabilities 104.11 301.04 162.96 -65.42% 84.73% -20.07%

Current Liabilities 1,019.73 814.14 814.26 25.25% -0.01% 11.91%

Turnover 313.08 1,088.32 1,532.62 -71.23% -28.99% -54.80%

Profit After Tax (PAT, ₹Cr.) -628.41 -437.91 -8.09 N.A. N.A. N.A.

EPS (₹) -107.00 -74.00 -2.00 N.A. N.A. N.A.

Source - Money Control/Annual Report

Discussion as per Company:

In the Annual Report for FY 2014-15 the Company has mentioned that During FY 2014-15, the company has posted a muted

financial performance, both at the standalone and consolidated level. Net Loss at the consolidated level has increased from `

559.17 crores in the previous year to a net loss of ` 637.29 crores.

During the year under review, the Canadian subsidiary was sold by ICICI Bank Limited. Due to this there is steep reduction in

turnover. The turnover of the Canadian subsidiary for the accounting year 2013-14 was ` 478.84 Crores. Charges to the extent

of ` 174.07 crores, which constitutes 42.4% of the revenue from operations at standalone level, our loss after tax amounted to

` 628.41 crores as against the previous year loss of ` 437.91 crores.

This is principally due to four factors. (1) Increase in Depreciation/Amortization compared to the previous year’s 14.90%. (2)

Employee benefit expenses forms 36.40% of the operating revenue as against 51.80% in the previous year. (3) Project related

expenses stands at 45.40% on the revenue from operations compared to the previous year’s ratio of 37.40%. (4) The cost

escalation 8 on Operations and other expense rose to 20.10% on operating revenue compared to the previous year’s recorded

ratio of 30.40%. This is primarily due to the provision of doubtful debts amount on account receivables amounting to ` 468.94

crores. The net worth of the company at the standalone level has decreased to ` -115.43 crores from ` 512.98 crores and the

group net worth has decreased to ` -181.33 crores from ` 411.09 crores.

Problems Faced by the Company

1. Outstanding debts The company along with its subsidiaries is presently engulfed in debts and accounts payable. Most of the

problems stem from the fact that the company is not in a position to address its liabilities at this present juncture.

Restructuring all possible debts is the need of the hour.

2. Legal battles faced by the company The company is caught in legal tangles in more than one sphere. Brief outline is as

follows. - Virtually every financial institution has filed a case against the company in DRT and other forums.

- Unsecured loan creditors have filed cases against the Company.

- Based on the application filed by IFIN the company is placed under provisional winding up by the Honorable High Court of

Madras. Seeing the merit in the company’s functioning, the Honorable Division Bench of High Court of Madras deemed it fit

not to disrupt the functioning of the company, but to seek approval from the Office of the Official Liquidator, Chennai on

matters relating to administration and finance.

- There is a SEBI investigation pending against the promoters and a few others.

3. Credibility and Trust Deficit in the eyes of the stakeholders, the problems faced by the company were probably much

concerning to them and this resulted in substantial impact on the business performance. This saw the company’s sales dipping

substantially to ` 370 crores from the peak level of ` 2500 crores. The exodus of employees and customers eroded both the

top line and bottom line.

http://www.zsl.com/



3 | P A G E



AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Auditors have not given any qualified opinion in their Report. However, they have

drawn attention to the following in Annual report for FY 2013-14 and FY 2014-15;

1) non-compliance of Section 205 A of the companies Act, 2013 in respect of unpaid dividend for the financial year 2011-12 of `

14.09 crores. (including promoters share) has not been deposited in any scheduled bank as mentioned in para 2.37 of Notes on

accounts.

2) Form 2 has not been filed for the allotment of shares during the year to the tune of 131.36 crores in respect of GDR issue

(refer notes Para 2).

3) The Auditors are not satisfied with the evidence providing during the year regarding GDR Shares’ receipts and utilization.

4) The minutes books of the company were not available for our verification.

Management Response: The Company did not respond to the matters raised/pointed out by the Auditors in their Audit

Report.

However, in Annual Report for FY 2013-14, the Directors have Reply to the Auditor’s Remarks as follows;

A substantial loss of ₹ 200 Crores due to appreciation of US Dollar Vs the Indian rupee created shrinkage in working capital

limits as the Loans were in dollar denomination but limit was set in INR. Further the company couldn’t tie up additional

sanctioned working capital limit in the subsequent year creating a deficit of additional ₹ 130 crores. This happened during the

period when Zylog was in parallel investing in expansion plans across different regions most of which were highly capital

intensive in nature, but had the capability to provide solid& consistent returns after couple of years. Naturally the holding

capacity of the company got deteriorated due to the losses suffered during the period & hence it had to abandon some plans

mid-way which created further losses.

This mismatch in cash flow resulted in slippage in pay roll processing, vendor payment & payments related to statutory dues like

Dividend, TDS etc. The management is taking several measures on the operational front, lots of optimization/consolidation

measures was put across all projects across the globe to manage and improve the cash flow, the results of which will naturally

take some time to fructify but the management is confident of steering the company back on track in another few quarters.

The Company shall take necessary initiative to file Form-2 for the allotment of shares during the year to the tune of ₹ 131.36

crores in respect of GDR issue.

The Board of Directors of the Company wish to state that the Company has duly obtained all the necessary approvals for

issuance of GDR and has all sufficient evidences towards the utilization of funds. The Company shall take all necessary initiatives

to produce all the evidences to the satisfaction of the Auditors.

The Board of Directors of the Company has duly met and has minuted the events of the Meetings of the Company. The

Company shall make necessary arrangements to produce the copy of the minutes for the verification of the Auditors.

Response Comment

Frequency of Qualifications The Auditors have not given any qualified opinion in last three years.

Have the auditors made any adverse

remark in last 3 years? No The auditors have not given adverse remark in last 3 years.

Are the material accounts audited by the

Principal Auditors? Yes -

Do the financial statements include

material unaudited financial statements? No

The Auditors have mentioned in their Report on Consolidated

accounts for FY 2014-15 that the unaudited financial statements

provided to them and their opinion on the consolidated financial

statement to the extent that they relate to branch and subsidiaries

is based solely on such unaudited financial statements furnished to

them.

http://www.zsl.com/



4 | P A G E



TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 66.67%

% of Promoter Directors on the Board - 33.33%

Number of Women Directors on the Board At least 1 None

Classification of Chairman of the Board - Not Disclosed

Is the post of Chairman and MD/CEO held by the same person? - Not ascertainable

Average attendance of Directors in the Board meetings (%) - 70.00%

Source - Money Control/Annual Report

Composition of Board: As per Regulation 17(i)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Company has not disclosed the Chairman of the Board. The Company currently has 66.67% of

Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 3 directors and all are male. The Company does not have a single woman Director on the

Board. The Company is non-compliant as per Clause 17 of the Listing Regulations, 2015. regarding the requirement of at least

one-woman director.

Holding of position of MD/ CEO & Chairman by same person: Mr. Sudarshan Venkatraman, Chairman & CEO has been ousted

by the Shareholders by passing Special Resolution in the AGM held on 19th November 2014. The Company has not disclosed the

name of chairman of the Board post removal of Mr. Sudarshan Venkatraman in the Annual Report 2015. Further, Mr.

Ramanujam Sesharathnam designated Managing Director and COO of the Company was removed from the Company in the

AGM held on 14th November, 2015.

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover - - 4,789.44 - -

Debtors Turnover 6.50 2.27 3.02 186.06% -24.77%

Fixed asset Turnover 0.62 1.59 1.96 -61.16% -19.06%

Current Asset Turnover 0.62 1.15 1.51 -45.86% -23.51%

Ret

urn

Rat

ios Operating Profit Margin -54.16% -38.95% 4.48% N.A. -968.72%

Net Profit Margin -200.72% -40.24% -0.53% N.A. N.A.

Return on Assets (ROA) -62.32% -26.90% -0.45% N.A. N.A.

Return on Equity (ROE) N.A. -85.37% -0.99% N.A. N.A.

Return on Capital Employed (ROCE) N.A. N.A. 20.20% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.49 1.16 1.25 -57.58% -7.16%

Quick Ratio 0.49 1.16 1.25 -57.58% -7.13%

Cash Ratio 0.44 0.57 0.63 -22.15% -8.66%

Working Capital Turnover ratio N.A. 8.40 7.58 N.A. 10.91%

Solv

ency

Rat

ios Debt to equity ratio N.A. 1.61 0.84 N.A. 92.25%

Interest Coverage Ratio N.A. N.A. 1.93 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.07 0.02 0.01 247.62% 40.82%

Market Cap/ Net Worth N.A. 0.04 0.03 N.A. 59.76%

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Trading Volume (shares) (avg. of 1 year) 1,38,665 4,17,868 1,98,732 -66.82% 110.27%

Trading Volume (shares) (high in 1 year) 20,70,709 83,82,165 20,02,787 -75.30% 318.53%

Trading Volume (shares) (low in 1 year) 5,370 18,173 7,340 -70.45% 147.59%

Ratio - High/low trading volume 385.61 461.24 272.86 -16.40% 69.04%

Ratio - High/average trading volume 14.93 20.06 10.08 -25.56% 99.04%

Source - Money Control

http://www.zsl.com/

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf

http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/Zylog_Systems_Ltd_201114.pdf

http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/D1D63B1C_F8EB_45D7_AB9D_5728FD37569B_155239.pdf



5 | P A G E



TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Sep' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 2.81% 2.81% 3.92%

No new equity shares were issued during the period

from Dec’13 to Dec’ 15. The promoter shareholding

decreased from 3.92% as on to 2.81%during the

aforesaid period. The shareholding of public

institution increased from 6.76%to 14.08% and that of

public others increased from 51.84% to 83.11% during

the said period. The shareholding of non-promoter

non-public decreased from 13.35% to 0.00% during

the period from Sept’14 to Dec’ 15 due to

reclassification of the shareholders as per the SEBI

circular dated 30th November, 2015. The promoters

have pledged 81.88% of their shareholding.

Public - Institutional

shareholding 14.08% 12.57% 6.76%

Public - Others

shareholding 83.11% 71.27% 51.84%

Non Promoter Non Public

Shareholding 0.00% 13.35% 44.24%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters There is no increase / decrease in Promoters Holdings in FY 2014 -15.

Preferential issue to promoters No preferential issue of shares was made to the promoters in last three years.

Preferential issue to others No preferential issue of shares was made to other shareholders during last three

years.

GDRs issued by the Company

The Company has issued GDRs during FY 2012-13. The Auditors have raised concern

in their Audit Report for FY 2013-14 and FY 2014-15 regarding not satisfied with the

evidence providing during the year regarding GDR Shares’ receipts and utilization.

Issue of ESOPs/Issue of shares other

than Preferential allotment

The Company did not issue any shares to the employees under its ESOP Scheme in

last three years.

Source - Annual Report

http://www.zsl.com/

http://www.bseindia.com/downloads1/Regulation_31_Shareholding_Pattern.pdf

http://www.bseindia.com/downloads1/Regulation_31_Shareholding_Pattern.pdf



6 | P A G E



Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the

future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced over

a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

http://www.zsl.com/



7 | P A G E



Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover

Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates a

Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

http://www.zsl.com/

http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp



8 | P A G E



Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated

by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-share stock price by

the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year

http://www.zsl.com/

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



9 | P A G E



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This factsheet in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES, which is a not-for-profit Initiative or its staff, has no financial interest in the companies covered in this factsheet except what is disclosed on its website. The factsheet is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this factsheet; SES shall not be responsible for any such violation.

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Stakeholders Empowerment Services

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Stakeholders Empowerment Services

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Upper Govind Nagar,

Malad East,

Mumbai – 400 097

Tel +91 22 4022 0322

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[email protected]

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Research Analyst: Sumit Tank

http://www.zsl.com/

mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/

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