RESULTS REVIEW 2QFY18 10 NOV 2017

Intellect Design Arena

BUY
INDUSTRY IT PRODUCTS Design’d to step up
Intellect Design Arena (INDA) posted robust top-line improving margins. Maintain BUY with a TP of Rs 190,
CMP (as on 9 Nov 2017) Rs 146
growth in 2QFY18, with margins expanding for the based on 2.0x Sep-19 EV/rev multiple (~70% discount
Target Price Rs 190 third consecutive quarter. Revenue stood at USD to Temenos multiple).
41.8mn (vs our est. of USD 38mn), up 11.6% QoQ and
Nifty 10,309
21.0% YoY. This was led by 16 go-lives and
Highlights of the quarter
Sensex 33,251 contribution of new deal wins (Bangkok Bank, LIC and ▪ Gross margin stood at 49.7%, up 47bps QoQ, and will
KEY STOCK DATA Utkarsh). EBITDA margin stood at 8.1%, +144bps QoQ, remain in the range of 48-52%. SG&A/R&D expenses
Bloomberg INDA IN led by revenue growth, stable SG&A and higher were up 4.6/34.5% QoQ to 34.4/7.1% of rev. iGTB has
No. of Shares (mn) 125 margin licence revenue. a deal funnel size of ~USD 210mn, and has ~6%
Deal wins have improved significantly in the last two penetration in the GTB space. INDA aims to reach
MCap (Rs bn) / ($ mn) 18/281
quarters, which signifies better acceptance of the ~20% penetration in the next two to three years.
6m avg traded value (Rs mn) 77
Intellect product suite. The company has won three ▪ Licence + AMC (39.5% of rev) were up 28% QoQ at Rs
STOCK PERFORMANCE (%)
large transformational deals in the quarter (total 12 1.06bn, led by large deal wins. The company was
52 Week high / low Rs 165/97 deal wins). The deal funnel remains impressive at USD burning cash till FY17, but has reduced this
3M 6M 12M 433mn (vs USD 420mn in the last quarter), with 213 significantly in the last two quarters. Net cash stands
Absolute (%) 39.1 20.6 6.4 opportunities. The deal size is increasing (now at USD at Rs (205mn) in 1HFY18 vs Rs (540) in FY17. DSO
Relative (%) 34.5 9.5 (15.6) 3-8mn), and the win ratio is at ~25-30%. days have reduced to 158 days vs 186 days YoY.
SHAREHOLDING PATTERN (%) We maintain our positive stance based on (1) Huge ▪ Near-term outlook: We expect quarterly swings in
addressable market opportunity (2) Highly-rated and revenue (3Q will be soft), top-line growth will be
Promoters 31.15
digital-ready product portfolio, (3) Robust deal funnel fuelled by deal wins, and margins will increase with
FIs & Local MFs 7.04 operating leverage. The stock is up 38% in the last
(4) Recovery in large deal wins (GeM & LIC), (5) Only
FPIs 12.04 ~25% of the current product portfolio is in the three months, and we expect the momentum to
Public & Others 49.77 monetisation stage, and (6) Increased focus on continue.
Source : BSE Financial Summary (Consolidated)
YE Mar (Rs mn) 2QFY18 2QFY17 YoY (%) 1QFY18 QoQ (%) FY16 FY17 FY18E FY19E FY20E
Net Revenue 2,685 2,310 16.2 2,412 11.3 8,107 9,136 10,398 11,948 13,750
Amit Chandra EBITDA 218 (99) NM 161 35.2 (272) (250) 661 1,295 1,647
amit.chandra@hdfcsec.com APAT 80 (138) NM 7 NM (168) (209) 148 690 987
+91-22-6171-7345 Adjusted EPS (Rs) 0.6 (1.1) NM 0.1 NM (1.4) (1.7) 1.2 5.6 7.9
P/E (x) NM NM 122.2 26.3 18.4
Apurva Prasad EV / Revenue (x) 2.2 2.1 1.7 1.6 1.4
apurva.prasad@hdfcsec.com RoE (%) (2.7) (3.4) 2.1 8.2 10.6
+91-22-6171-7327 Source: Company, HDFC sec Inst Research # Consolidated
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Quarterly Consolidated Financials Snapshot

Particulars (Rs mn) 2QFY18 2QFY17 YoY (%) 1QFY18 QoQ (%)
Revenue growth was led by Net Revenue US$ mn 41.8 34.5 21.0 37.4 11.6
high licence revenue received Net Revenue 2,685 2,310 16.2 2,412 11.3
from one large Software development expenses (SDE) 1,352 1,154 17.1 1,226 10.3
transformational deal SG&A 923 1,056 (12.6) 882 4.6
(Bangkok Bank) signed in the R&D 192 199 (3.6) 142 34.5
quarter EBITDA 218 (99) NM 161 35.2
Depreciation 59 61 (2.8) 59 0.7
EBIT 159 (160) NM 103 55.0
Other Income 33 37 NM 30 10.8
Margins improved, owing to Interest Cost 39 24 63.7 42 (5.8)
stringent cost control and top- PBT 153 (147) NM 91 68.5
line growth Tax 18 27 (31.9) 36 (49.4)
Minority Interest 55 (36) NM 47 16.4
RPAT 80 (138) NM 7 984.6
EO Items (Adj For Tax) 0 0 NM 0 NM
The company’s main focus APAT 80 (138) NM 7 984.6
Source: Company, HDFC sec Inst Research
area is Global Transaction
Banking (iGTB) and Insurance Margin Analysis
(iSEC) MARGIN ANALYSIS % 2QFY18 2QFY17 YoY (%) 1QFY18 QoQ (%)
Employee Expenses % Net Revenue 50.3 50.0 39 50.8 (47)
SG&A Expenses % Net Revenue 34.4 45.7 (1,133) 36.6 (220)
R&D Expenses % Net Revenue 7.1 8.6 (147) 5.9 123
Gross Margin % 49.7 50.0 (39) 49.2 47
R&D and sales investments
EBITDA Margin (%) 8.1 (4.3) 1,240 6.7 144
are almost complete, and will
EBIT Margin (%) 5.9 (6.9) 1,284 4.3 167
provide operative leverage
Tax Rate (%) 12.0 (18.4) NM 40.1 NM
with growth
APAT Margin (%) 3.0 (6.0) 895 0.3 266
Source: Company, HDFC sec Inst Research

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Intellect USD Revenue Trend USD Revenue YoY Growth Rate

Revenue (US$ mn) QoQ growth (RHS) (%, YoY)
(US$ mn) (%, QoQ) 30.0
Clocked highest revenue 15 24.0
25.0
growth in the last six quarters 40 21.7 21.0
10 20.0
35 16.5
5 13.8 14.3
15.0
30
0 10.0 8.0
25

20 (5) 5.0

31.9

29.4

32.1

30.7

34.5

33.6

37.4

37.4

41.8
1.2
15 (10) 0.0
SG&A investment has been

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18
2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18
almost completed, and will
remain at current levels
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

SG&A Trend R&D Expense Trend

SG&A Expenses % of Revenue (RHS) R&D Expenses % of Revenue (RHS)
(Rs mn) (Rs mn)
R&D capitalisation stood at 1,200 60% 400 20%
Rs 260mn in the quarter 350 18%
1,000 50% 16%
300
800 40% 14%
250 12%
600 30% 200 10%
150 8%
400 20% 6%
100
1,013

1,056

1,032

200 10% 4%
820

803

983

933

882

923

338

336

156

199

198

167

142

192
50

93
2%
0 0% 0 0%
2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

R&D And SG&A Investment Burning Cash License & Implementation Fee As % Of Revenue
Total R&D expenses (including R&D Expenses (including cap.) % of Revenue (RHS)
Licence +AMC % Implemention %
(Rs mn)
capitalisation) increased 6.9%
80%
QoQ to Rs 451.5mn (16.8% of 500 25% 70%
65% 64% 65% 67% 67% 66% 66%
revenue) 70%
400 20% 61%
57%
60%
300 15%
50% 43%
40%
200 10% 40% 35% 36% 35% 33% 33% 34% 34%
30%
Middle-East, Africa and India 100 5% 30%

338

336

321

416

421

428

447

422

452
are the key focus markets 20%
0 0%

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18
2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research; TTM basis

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Change In Estimates
Particulars Earlier estimates Revised estimates % change
FY18E
Revenue (USD mn) 154 161 4.6
Revenue (Rs mn) 9,943 10,398 4.6
EBITDA (Rs mn) 579 661 14.1
EBITDA margin (%) 5.8 6.4 53
APAT 186 148 (20.3)
FY19E
Revenue (USD mn) 176 184 4.3
Revenue (Rs mn) 11,451 11,948 4.3
EBITDA (Rs mn) 1,236 1,295 4.7
EBITDA margin (%) 10.8 10.8 4
APAT 767 690 (10.0)
Source: Company, HDFC sec Inst Research

Assumptions
Particulars FY16 FY17 FY18E FY19E FY20E
Total License & AMC Growth (%) 30.2 16.2 24.1 21.8 18.8
Total System Integration Growth (%) 21.7 6.8 14.6 9.8 12.6
Total USD Revenue Growth (%) 24.4 10.0 18.0 14.4 15.1
USD/INR Rate 65.5 67.1 64.7 65.0 65.0
EBITDA Margin (%) (3.4) (2.7) 6.4 10.8 11.0
Source: Company, HDFC sec Inst Research

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Peer Valuation
Mcap Revenue (USD mn) EBITDA (Rs bn) EBITDA Margin % EV/revenue (x) EV/EBITDA (x)
Relative 17-20E
YE (Rs
Valuation FY17 FY18E FY19E FY20E CAGR % FY17 FY18E FY19E FY20E FY17 FY18E FY19E FY20E FY17 FY18E FY19E FY20E FY17 FY18E FY19E FY20E
bn)
Majesco Mar 12.6 121.8 127.3 153.5 185.8 15.0 0.3 0.3 0.8 1.3 3.9 4.2 8.0 10.5 1.4 1.4 1.2 0.9 35.7 33.4 14.4 8.6
Intellect Mar 18.3 136.2 160.7 183.8 211.5 15.6 (0.2) 0.7 1.3 1.6 (2.7) 6.4 10.8 12.0 2.1 1.7 1.6 1.4 (77.4) 27.5 14.5 11.9
Source: Company, Bloomberg, HDFC sec Inst Research

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Income Statement (Consolidated) Balance Sheet (Consolidated)

YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E
Net Revenues (US $mn) 124 136 161 184 212 SOURCES OF FUNDS
Growth (%) 24.5% 10.0% 18.0% 14.4% 15.1% Share Capital - Equity 504 509 509 509 509
Net Revenues (Rs mn) 8,107 9,136 10,398 11,948 13,750 Reserves 5,687 5,475 7,613 8,303 9,290
Growth (%) 33.2% 12.7% 13.8% 14.9% 15.1% Total Shareholders Funds 6,190 5,983 8,122 8,812 9,799
Software development expenses (SDE) 3,913 4,633 5,295 5,860 6,584 Total Debt 229 2,324 1,824 1,824 1,824
SG&A 3,403 4,034 3,708 3,939 4,523 Net Deferred Taxes (66) (113) (113) (113) (113)
R&D 1,063 719 734 854 995 Long Term Provisions & Others 33 1 1 1 1
EBITDA (272) (250) 661 1,295 1,647 TOTAL SOURCES OF FUNDS 6,387 8,195 10,028 10,903 12,085
EBITDA Margin (%) -3.4% -2.7% 6.4% 10.8% 12.0% APPLICATION OF FUNDS
EBITDA Growth (%) NM NM NM 70.5% 10.6% Net Block 1,948 2,005 2,082 2,179 2,341
Depreciation 208 241 235 261 251 CWIP 655 1,383 2,424 3,542 4,902
EBIT (480) (491) 426 1,033 1,397 Goodwill 778 773 773 773 773
Other Income (Including EO Items) 227 358 132 143 165 Investments 310 222 222 222 222
Interest 12 113 121 84 84 LT Loans & Advances 887 976 1,092 1,255 1,444
PBT (264) (246) 437 1,093 1,478 Total Non-current Assets 4,579 5,359 6,592 7,971 9,681
Tax (Incl Deferred) (91) 28 93 219 296 Debtors 1,604 2,048 2,279 2,455 2,825
Minority Interest (5) (66) 195 184 196 Other Current Assets 2,527 2,790 2,901 3,333 3,836
RPAT (168) (209) 148 690 987 Cash & Equivalents 846 1,532 2,144 1,523 757
EO (Loss) / Profit (Net Of Tax) 0 0 0 0 0 Total Current Assets 4,977 6,371 7,324 7,312 7,418
APAT (168) (209) 148 690 987 Creditors 1,821 1,441 1,601 1,751 1,990
APAT Growth (%) NM NM NM 11.3% 11.3% Other Current Liabilities & Provns 1,348 2,094 2,288 2,629 3,025
Adjusted EPS (Rs) -1.4 -1.7 1.2 5.6 7.9 Total Current Liabilities 3,169 3,535 3,888 4,380 5,015
EPS Growth (%) NM NM NM 11.3% 11.3% Net Current Assets 1,808 2,836 3,436 2,932 2,404
Source: Company, HDFC sec Inst Research TOTAL APPLICATION OF FUNDS 6,387 8,195 10,028 10,903 12,085
Source: Company, HDFC sec Inst Research

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

Cash Flow Statement (Consolidated) Key Ratios (Consolidated)

YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E FY16 FY17 FY18E FY19E FY20E
Reported PBT (264) (246) 437 1,093 1,478 PROFITABILITY (%)
Non-operating & EO items 26 (358) (132) (143) (165) GPM 51.7 49.3 49.1 51.0 52.1
Interest expenses 12 113 121 84 84 EBITDA Margin (3.4) (2.7) 6.4 10.8 12.0
Depreciation 208 241 235 261 251 APAT Margin (2.1) (2.3) 1.4 5.8 7.2
Working Capital Change (884) (463) (103) (280) (428) RoE (2.7) (3.4) 2.1 8.2 10.6
Tax Paid (199) (28) (93) (219) (296) RoIC (or Core RoCE) (3.8) (5.7) 3.0 6.3 7.3
OPERATING CASH FLOW ( a ) (1,102) (741) 464 796 924 RoCE (1.7) (0.8) 1.9 5.2 6.5
Capex (832) (1,026) (1,353) (1,477) (1,772) EFFICIENCY
Free cash flow (FCF) (1,934) (1,767) (888) (681) (848) Tax Rate (%) 34.3 (11.5) 21.4 20.0 20.0
Investments (51) (77) 0 0 0 Fixed Asset Turnover (x) 1.9 2.0 2.1 2.3 2.4
Non-operating Income 84 358 132 143 165 Debtors (days) 72.2 81.8 80.0 75.0 75.0
INVESTING CASH FLOW ( b ) (799) (745) (1,221) (1,334) (1,607) Other Current Assets (days) 113.8 111.5 101.8 101.8 101.8
Debt Issuance/(Repaid) 152 2,095 (500) 0 0 Payables (days) 79.3 56.0 60.0 60.0 60.0
Interest Expenses (12) (113) (121) (84) (84) Other Current Liab & Provns (days) 60.7 83.7 80.3 80.3 80.3
FCFE (1,793) 215 (1,509) (764) (932) Cash Conversion Cycle (days) 46.0 53.6 41.5 36.5 36.5
Share Capital Issuance/Rights Issue 41 5 1,990 0 0 Debt/EBITDA (x) (0.8) (9.3) 2.8 1.4 1.1
Dividend 0 0 0 0 0 Net D/E (x) (0.1) 0.2 0.0 0.1 0.1
FINANCING CASH FLOW ( c ) 181 1,986 1,369 (84) (84) Interest Coverage (x) (22.8) (2.2) 5.5 15.5 19.7
NET CASH FLOW (a+b+c) (1,719) 500 612 (621) (767) PER SHARE DATA (Rs)
EO Items, Others (11) (186) 0 0 0 EPS (1.4) (1.7) 1.2 5.6 7.9
Closing Cash & Equivalents 846 1,532 2,144 1,523 757 CEPS 0.3 0.3 3.1 7.7 10.0
Source: Company, HDFC sec Inst Research Dividend 0.0 0.0 0.0 0.0 0.0
Book Value 49.8 48.2 65.4 70.9 78.9
VALUATION
P/E (x) NM NM 122.2 26.3 18.4
P/BV (x) 2.9 3.0 2.2 2.1 1.9
EV/EBITDA (x) (65.6) (77.4) 27.5 14.5 11.9
EV/Revenues (x) 2.2 2.1 1.7 1.6 1.4
OCF/EV (%) (6.2) (3.8) 2.6 4.2 4.7
FCF/EV (%) (10.9) (9.2) (4.9) (3.6) (4.3)
FCFE/Mkt Cap (%) (9.9) 1.2 (8.3) (4.2) (5.1)
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0
Source: Company, HDFC sec Inst Research; N.A – Not Applicable, NM – Not Meaningful

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

RECOMMENDATION HISTORY
Date CMP Reco Target
Intellect Design Arena TP
5-Nov-16 140 BUY 223
240 13-Feb-17 114 BUY 199
220 11-Apr-17 106 BUY 201
200 4-May-17 123 BUY 205
180 15-Aug-17 103 BUY 180
160
4-Oct-17 119 BUY 184
140
10-Nov-17 146 BUY 190
120
100
80
Rating Definitions
60
BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
Aug-17

Oct-17
Jan-17

Apr-17

Jul-17

Sep-17

Nov-17
Mar-17
Dec-16

May-17
Nov-16

Feb-17

Jun-17

NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

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Any holding in stock –No
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 INTELLECT DESIGN ARENA : RESULTS REVIEW 2QFY18

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Institutional Equities
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Board : +91-22-6171 7330 www.hdfcsec.com
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