zensar ltd initiating coverage 310315 - gepl have strong solution base which provide a different it...

Equity | India | IT Services

Zensar technologies Ltd.(Zensar)

Zensar the growth…… October 30 ,2015

BUY

Analyst Omkar Tanksale

+91-22- 6614 2692 [email protected] Institutional Research 1

Initiating Coverage

CMP (`) Target (`)

960 1,166

Potential Upside Absolute Rating

21% BUY

Market Info (as on October 30, 2015)

BSE Sensex 26,656.83

Nifty S&P 8,065.80

Stock Detail

BSE Group B

BSE Code 504067

NSE Code ZENSARTECH

Bloomberg Code ZENT.IN

Market Cap (`bn) 43.92

Free Float (%) 29%

52wk Hi/Lo 1020 / 563.90

Avg. Daily Volume (NSE) 156503

Face Value / Div. per share (`) 10.00 / 6.50

Shares Outstanding (mn) 44.4

Shareholding Pattern (in %)

Promoters FIIs DII Others

48.03 13.93 0.59 37.45

Financial Snapshot (`mn)

Y/E Mar FY14 FY15 FY16E FY17E

Net Sales 23,349 26,557 29,361 33,471

EBITDA 3,580 3,917 4,446 4,778

PAT 2,375 2,646 2,961 3,126

EPS 52.9 59.0 65.7 69.4

ROE (%) 25% 23% 21% 20%

ROCE (%) 33% 31% 30% 29%

P/E 17.45 15.86 14.61 13.83

EV/EBITDA 10.16 9.57 7.53 6.68 Share Price Performance

Rel. Perf. 1Mth 3 Mths 6Mths 1Yr

Zensar (%) 26.7 12.6 44.0 60.8

Sensex (%) 4.1 (2.6) (1.4) (1.0)

Source: Company data, Institutional Research

Company Snapshot

Zensar Technologies Ltd. (Zensar) is the part of the RPG group of companies. The RPG group is one of the largest groups of companies in India. Zensar is a midsized IT company for global organizations looking to strategically transform, grow, and lead in today’s challenging business environment. The Company has a services portfolio that ranges from the traditional to the transformational - across service lines of Management Consulting, Business Application Services, Enterprise Solutions, Enterprise Collaboration Services, Testing and Assurance Services, BPM and Infrastructure Management Services. Investment Rationale

Robust Services portfolio makes company strong player in Digital services

Wide range of vertical coverage like e-commerce, Enterprise Application, custom application,

infrastructure management, product engineering etc. This also helps to improve the productivity of the business which helps to empower people with right information at right

time. Digital space is the key revenue driver for the zensar. The company has developed

strong resources and specializing applications. Zensar help their clients to improve e-

commerce, helping them to manage their recourses, also help to manage their infrastructure. This provides edge to Zensar over other IT services company and makes more lucrative

company in terms of robust business structure.

Industry focus solutions makes business structure more robust

Zensar have strong solution base which provide a different IT solution for their business. This

niche business structure provides an edge to zensar which makes them more lucrative for longer run horizon. This also makes company a different IT company from the other IT

companies. Zensar have specialized business solutions among different sector. The company

provides IT solutions among different business process which makes their client to refine the

business process and makes its business more efficient. The company has different process solution in the manufacturing sector like service opportunity management, customer

experience management, connected shop floor etc.

Strong business strategy to attain the top line

Zensar has strong domain focus among the sectors like manufacturing, retail and insurance sector. The company has larger revenue coming from these sectors. This niche segmentation

of the revenue makes zensar a different IT service company than other traditional IT

companies. Zensar has also a strategy to focus on three different areas of business viz. Digital Enterprise, Infrastructure management and Application management. However now company

is now focusing on high realization service offerings like digital services. Long term contracts

gives the guarantee to the revenue over longer run horizon makes Zensar more sustainable in

the adverse conditions or economic slowdown.

Valuation

At the CMP of `960, Zensar is trading at 14.6x, and 13.6x its FY16E, and FY17E EPS of `65.7

and `69.4. Compared to its peers; Zensar is trading at a discount P/E multiple, although its margins are better than or comparable to peers. We initiate coverage on Zensar Technologies

Ltd with a BUY rating and attach a multiple of 16.8 xs to Zensars’ FY17E earnings (EPS) to

arrive at the target price of `1,166, indicating a potential upside of 21%.

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Zensar Technologies Ltd BSE SENSEX


Zensar Technologies Ltd. October30 ,2015

Institutional Research | Initiating Coverage 2

Index & Content

Sr. No. Topic Page No.

1 Company Background......................................... 3

2 Business Model................................................. 4

3 Key Management Personnel.................................. 5

4 Investment Rationale......................................... 6

5 Financial Overview........................................... 10

6 Key Risks........................................................ 14

7 SWOT Analysis.................................................. 15

8 Michael Porter’s Five Force Analysis........................ 16

9 Valuation & Outlook........................................... 17

10 Financials........................................................ 18

11 Disclaimer....................................................... 19




Company Background

Zensar Technologies Ltd. is the part of the RPG group of companies. The RPG group is one of the largest group of companies in India. RPG group has presence over 100 companies. They

hold one of the biggest brands like CEAT, KEC Infrastructure, and also have strong presence in the field of the pharmaceutical, power etc.

Zensar Technologies is a midsized IT company for global organizations looking to strategically transform, grow, and lead in today’s challenging business environment. The Company has a

services portfolio that ranges from the traditional to the transformational - across service lines of Management Consulting, Business Application Services, Enterprise Solutions, Enterprise

Collaboration Services, Testing and Assurance Services, BPM and Infrastructure Management

Services. Zensar’s experience across industries of Retail, Manufacturing, Insurance, Banking, Healthcare and others translate into a differentiated value proposition and faster time-to-

market for clients. Company capability in infrastructure-oriented services ranges from remote

infrastructure management to end user computing to data centre services and security and

compliance. Zensar is now leading the way in powering next-generation enterprises with its cloud, mobility and social media solutions. Zensar is the world's first enterprise-wide SEI CMM

Level 5 Company. Zensar operates in the US, Europe, Africa, Middle East, Singapore and

Australia regions and has delivery centers in India (Pune, Hyderabad and Bangalore), China, UK, Amsterdam and US (Westborough) Company is backed by a strong track-record of

innovation, over 8000 associates and footprint in 29 global locations, comprehensive range of

software services and solutions enable its 400+ forward-looking customer to cross new

threshold of business performance.




Business Model

Zensar tech operates under the three main verticalsof IT services, Application Management services, Infrastructure Management & Digital Enterprise.

IT services is the segment from which major revenue come from. Company has rich experience

in the application management. The company provides variety of services to its clients and makes its client more efficient in its business. Zensar specialized in Business application

services, Enterprise solutions, process consulting, product engineering, Cloud services,

Business intelligent and data warehousing etc. These specialized services make Zensar a

strong player in the field of IT enabled services. The contribution from Application management revenue has increased from 63% in FY12 to 71% in FY15.

Infrastructure Management is another segment from which company is having decent amount

of revenue. Company has the capability of onsite as well as remote IT infrastructure management & technical support for the companies. IT infrastructure services include data

center management, Multivendor support services, Network infrastructure etc. However,

revenue contribution has declined from 37% in FY12 to 20% in FY15. We believe that in the

upcoming period contribution from the segment will likely to improve.

Company has entered into a new segment i.e. Digital enterprise solution in last couple of years. Revenue from this business has grown from 5% in FY14 to 13% in FY15. Company expects

contribution from this business to touch 20% by FY17 end.

The Company has a services portfolio that ranges from the traditional to the transformational across service lines of Management Consulting, Business Application Services, Enterprise

Solutions, Enterprise Collaboration Services, Testing and Assurance Services, BPM and

Infrastructure Management Services. Zensar’s experience across industries of Retail, Manufacturing, Insurance, Banking, Healthcare and others translate into a differentiated value

proposition and faster time-to-market for clients.




Key Management Personnel

Zensar Tech has sound management personnel which helps company to attain desire growth

over the period of time

Dr. Ganesh Natarajan: Dr. Ganesh Natarajan is Vice Chairman & CEO of Zensar Technologies,

a leading firm that optimises technology and processes for Fortune 500 companies. He was

Chairman of NASSCOM in 2008 and is a member of the Chairmen’s Council of NASSCOM. He is also a fellow of the Computer Society of India.

Vivek Gupta: Vivek has a B.Tech degree from India's premier engineering college, the Indian

Institute of Technology, Delhi. He joined Zensar in 1984 as a management trainee and holds the unique distinction of being the longest serving campus recruit in the company. Vivek has

performed a number of roles around the globe, including heading all delivery operations,

before taking over his current role as Chief Executive and Head, Global Infrastructure Management Services

Nitin Parab : Nitin is the Chief Executive and global head of Zensar’s Manufacturing, Retail,

Insurance, Banking and Health care Industry vertical businesses. Whilst based in US for almost 2 decades, Nitin has deep experience in managing operations (Business Development,

Marketing, Solution Design, Service Delivery, Technology Practices, Alliances and Partnerships)

in several countries across all continents.

Pinak Kar: Pinaki Kar who joined Zensar as the Infrastructure Business Unit Head. In his last

role, Pinaki was CEO & President of Wipro Infocossing. His responsibilities included

transformation of the business to a higher growth path, incubating Cloud Computing, expanding into Europe and APAC.




Investment Rationale Robust Services portfolio makes company strong player in Digital services

Service portfolio


The company has technical expertise that also understands business and makes company more

efficient in its business. Wide range of vertical coverage like e-commerce, Enterprise

Application, custom application, infrastructure management, product engineering etc. This also helps to improve the productivity of the business which helps to empower people with

right information at right time. Digital space is the key revenue driver for the zensar . The

company has developed strong resources and specializing applications. This enables zensar a

key player in the digital space. Majority of the companies from different verticals are now focus on digital infrastructure which makes them more efficient in the business. Zensar help

their clients to improve e-commerce, helping them to manage their recourses, also help to

manage their infrastructure. This provides edge to Zensar over other IT services company and makes more lucrative company in terms of robust business structure.

We believe that digital services will likely to improve with the greater momentum than other

services. This will also help to improve their man hour billing charges in the upcoming period.

Improvement in the realization will likely to impact on the operating margins positively. This also makes Zensar a more efficient company.

Digital Enterprise

Custom Applications

Infrastructure Management Product

EngineeringE-Commerce

EnterpriseApplications




Industry focus solutions makes business structure more robust

Zensar have strong solution base which provide a different IT solution for their business. This niche business structure provides an edge to zensar which makes them more lucrative for

longer run horizon. This also makes company a different IT company from the other IT

companies.

Industry focus solutions


Zensar have specialized business solutions among different sector. The company provides IT

solutions among different business process which makes their client to refine the business

process and makes its business more efficient. The company has different process solution in the manufacturing sector like service opportunity management, customer experience

management, connected shop floor etc. These process solutions are more clients. The

company also help manufacturing companies to manage and improve supply chain agility to sustain in the global competitive market. Zensar's business benefit driven framework coupled

with its deep domain expertise, service offerings, business & edge solutions, and strong IT

capabilities helps customers in addressing specific requirements, gaps and challenges and

enable them to achieve targeted business performance while keeping total cost of ownership at optimum level. Zensar’s business benefit driven service and solution.

Distribution strategy and value chain dynamics are becoming integrated with existing

capabilities to drive business growth. By enabling the most trustworthy, efficient, and effective processes, company help retailers achieve higher service levels while reducing costs,

thereby growing customer loyalty and brand strength.

Industry Focused Solutions

Manufacturing

• Service Opportunity

Management

• Customer Experience

Management

• Connected Shop Floor

Retail

• Omni-Channel Consumer

Experience

• Omni-Present

Commerce

• Flexible Supply Chain

Insurance

• Social Listening

• Reinsurance

• Predictive Analytics

• Modernization

Banking

• Omni-channel Banking

and Analytics

• Lending and Payments

• Online Banking and

Mobile Banking




Strong business strategy to attain the top line

Zensar has strong domain focus among the sectors like manufacturing, retail and insurance

sector. The company has larger revenue coming from these sectors. This niche segmentation

of the revenue makes zensar a different IT service company than other traditional IT companies. Zensar has also a strategy to focus on three different areas of business viz. Digital

Enterprise, Infrastructure management and Application management.

3X3X3 Focus


More than 70% of its revenue coming from manufacturing industry. Strong process driven

solutions and unique tools make company more efficient in its business. Majority of large cap

IT services companies in India have banking and NBFC’s as a majority of revenue contributors. This also can create a Zensar a great business opportunity and will make Zensar a strong

player in longer run. Retail and Insurance sector are also among top revenue generating

sectors for the the company. This unique business strategy makes company more robust in

terms of business structure.

North America remains the major revenue contributor to the top line even in the case of

Zensar. More than 75% of the revenue coming from the same region, Europe contributes around 10% and Africa contributes around 8%. The company has more dependence on the

American region which also provides a advantage to grow with the higher momentum.

Slowdown in the European region will not affect significantly on the top line of the company

as lesser dependence on the region.

Majority of the revenue coming from the application maintenance and services (AMS). Around

70% of the revenue comes from the services. These are services consider to be low realization services. However now company is now focusing on high realization service offerings like

digital services. Long term contracts gives the guarantee to the revenue over longer run

horizon makes Zensar more sustainable in the adverse conditions or economic slowdown.

Industry Manufacturing

Geographical Segment

Service Offering

USA

ApplicationManagement

Retail

Europe

Insurance

Africa

Infrastructure Management

DigitalEnterprise




Consistent employee addition help company to maintain higher efficiency

Strong employee support makes IT service company stronger. Higher the employees higher the projects can IT company can take. Employee addition increases the efficiency of the company.

This will ultimately help to attain higher top line growth and also help company to grow.

As shown in the above chart, Zensar has consistent employee addition which ensures timely

completion of the project. Higher efficiency ensures lower operating cost which will help Zensar to produce better operating margins. Moderate addition in the employees also helps to

add active clients. This will also help to attain desire top line growth. From the above chart

we can see that, Zensar has stable utilization levels also show the efficient use of its

manpower to generate revenue. This enables company to acquire new projects easily as compared to its peers, and also ensures the timeline based delivery of the project.

Employee Addition


As we can see from the above chart that consistent employee addition makes company more efficient in terms of the new contracts to be taken. Currently company has around 8050

employees and have utilization rate of 79% .This consider being higher as compared to its peers. Higher utilization rate signifies higher pretax margins and greater operational

efficiency. We believe that continuous employee addition with sustainable utilization rate

makes company more robust. Lower attrition rate will also help to improve the efficiency of

the human resource and makes a operational functions more smooth.

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Financial Overview Pretax Margin

EBITDA Margins As shown in the graph below, Zensar has shown consistent EBITDA growth over the past few

quarters. This shows that Zensar has been successful in managing the operating expenses

efficiently with the rise in the top line. After the slight decline in the EBITDA margins in

4QFY14 company has started regaining the desire operating efficiency over last two quarters and will also likely to continue in the upcoming period.

EBITDA Margins


Operating Margins As shown in the graph below, Zensar has become successful in increasing the operating margins over past few years. Consistent rise in the operating profit indicates that, Zensar has

become successful in transferring the operating cost to its customers. This also indicates rising

efficiency in the business. We believe that Zensar will deliver better operating margins as they focus more on the segments where they have higher realizations.

Operating Margins


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Net Profit Margin

Zensar has become successful in delivering consistent and high growth in the net profit and also margins are showing consistent growth. This shows that the business of the company has

become more robust over the period of time. Large multiyear contracts, strong client addition

makes company more lucrative. We believe that Zensar will likely to report higher bottom line

growth in the upcoming future. This also makes Zensar a safer bet.

NPAT Margin


Return Margin

ROE performance

As shown in the diagram below, we can see that ROE of the company has increasing consistently over last four years. This shows that Zensar has produced better results on the

invested equity. This also shows that, Zensar is a better investment opportunity and can produce better return in the future.

RoE


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Return on the capital Employed (ROCE)

Return on the capital employed (ROCE) is also one of the major important aspect while investing. Zensar has zero or marginal debt on their balances sheet. So that the company has produce the strong growth in terms of ROCE as net profit is growing. We believe that Zensar

will show a strong growth for the upcoming period.

RoCE


Payout Ratio

Dividend Payout Ratio

Zensar is one of the highly dividend paying company. As shown in the graph below Zensar has strong payout ratio. This also makes stock very lucrative. We believe that in the upcoming

period Zensar will likely to maintain the payout ratio of 20% in the upcoming period.

Dividend Payout Ratio


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Net Profit to Payout Ratio

Zensar has history of paying dividend to its share holder. As shown in the diagram below we can see that company had given dividends as proportion to the net profit. We believe that

payout ratio to net profit ratio will likely to remain same. This also makes stock more lucrative. Investor can also take privilege of higher payout ratio.

Net Profit to Payout Ratio


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Key Risks

Investment Risk :

Fluctuations in the US$-INR and GBP-INR and GBP-US$. As majority of the revenue comes

from international territories. Fluctuation in the currencies will impact the revenue of the company

Change in the economic climate / legislation against Indian offshore development in the countries where the company provides its services. Fluctuation in world’s largest economy

will affect the IT services business on substantial front.

Increase in Visa fees will increase the cost. Rise in the visa fees will lead to rise in the operating cost (Employee expenses) to IT industry. So it plays a major role in the IT

industry.

Salary hikes i.e. wage inflation may cause a spoil sport. Rising economic growth will create more jobs in the country. This will ultimately give rise to wages hikes. Wage hikes

will affect the operating margins of the company. So fluctuation in the wages is considered to be significant risk in IT service Industry.




SWOT Analysis

Source: Institutional Research

Strengths• Strong domain focus

• Diversification of business.

• North America is the main area

of operations

• Strong management and

Employee workforce

Opportunities• Further penetration in US

• Mining the existing and the new

clients

Weaknesses• High client concentration

• High geography concentration

• Single domain dependence

Threats• Slowdown in the European

economy

• Slowdown in the IT spending

• Loss of top client

• INR appreciates vis-a-vis

Zensar Technologies

Ltd.




Michael Porter’s Five Force Analysis

Source: Institutional Research

Inter-firm Rivalry–High

Lower Entry barriers in the industry have led to high concentration in

the industry.

Threat of new entrants –

Increasing

• MNCs are entering the ‘offshore’

business heavily.

Bargaining Power of Suppliers – High• Intense competition in the

recruitment market puts higher

wage pressure and increasing

trend of attrition is witnessed.

Bargaining Power of Buyers –

Increasing

• With availability of multiple

vendors, Buyers have a lot of

choice and this has led to

pressures on the billing rates.

Threat from Substitutes -Increasing• Emerging economies like China,

Brazil and Russia can be the

substitute places for ‘offshoring’

taking away the India advantage

to certain extent.




Valuation & Outlook

At the CMP of `960, Zensar is trading at 14.9x, and 14.1x its FY16E, and FY17E EPS of `65.7

and `69.4. Compared to its peers; Zensar is trading at a discount P/E multiple, although its

margins are better than or comparable to peers. We initiate coverage on Zensar technologies

Ltd with a BUY rating and attach a multiple of 16.8 xs to Zensars’ FY17E earnings (EPS) to

arrive at the target price of `1,166, indicating a potential upside of 21%.

1 year forward P/E Chart

Source: Capitaline, Institutional Research

1 year forward P/ BV Chart

Source: Capitaline, Institutional Research

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Income Statement

Y/E Mar (`mn) FY13 FY14 FY15E FY16E FY17E

Net revenues 21,145 23,155 26,276 29,115 33,177

Other Oper. Income 140 194 281 246 294

Total Oper. income 21,285 23,349 26,557 29,361 33,471

Employee Cost 11,778 13,003 16,252 18,449 21,071

EBITDA 2,952 3,580 3,917 4,446 4,778

EBITDA Margin (%) 14% 15% 15% 15% 14%

Depreciation 331 378 415 451 480

Other Income 86 304 268 434 400

Interest (Net) 100 103 112 107 100

PBT 2,607 3,403 3,658 4,322 4,598

PBT Margin (%) 12% 15% 14% 15% 14%

Tax 861 1028 1,012 1,359 1,471

Adjusted PAT 1,746 2,375 2,646 2,963 3,126

Extraordinary Items 0 0 0 2 0

Reported PAT 1,746 2,375 2,646 2,961 3,126

Balance Sheet


Equity capital 436 438 443 443 443

Reserves & Surplus 6853 9017 11127 13773 15233

Net worth 7,289 9,455 11,570 14,216 15,677

Total debt 1701 1099 424 405 360

Total Liabilities & Equity 12,572 14,859 17,345 20,421 22,037

Tangible Assets 978 890 872 1,200 1,320

Total fixed assets 3,993 4,236 5,488 6,016 6,341

Investments 8 7 8 10 15

Goodwill 2,990 3,326 4,601 4,800 5,000

Other Fixed Assets 294 297 467 750 800

Total Non-Current Assets 8,263 8,755 11,436 12,776 13,476

Debtors 3,354 3,581 4,539 5,500 6,000

Cash & bank 1,420 1,458 1,972 2,395 2,181

Loans & advances 856 817 867 1,000 1,000

Other Current Assets 937 1,392 1,704 2,000 2,500

Total Current Assets 8,035 10,015 11,240 13,495 14,681

Creditors 3,267 3,825 4,702 5,400 5,600

Provisions 315 468 637 400 400

Current Liab. & Prov. 3,582 4,294 5,339 5,800 6,000

Total Assets 12,572 14,859 17,345 20,421 22,037

Key Ratio


Per Share Ratios

Fully diluted E P S 41.34 52.93 58.99 65.68 69.36

Book Value 172.57 210.73 257.95 315.37 347.77

Dividend per share 2.51 4.49 5.01 6.44 7.92

Valuation Ratio

P/E 14.61 17.45 15.86 14.61 13.83

P/BV 1.44 1.45 2.25 3.26 2.76

EV/EBITDA 10.88 10.16 9.57 7.53 6.68

EV/Sales 0.82 0.78 1.33 1.94 1.59

Growth Ratios

Sales Growth 31% 21% 18% 22% 16%

EBITDA Growth 50% 27% 20% 8% 37%

Net Profit Growth 15% 43% 15% 36% 23%

EPS Growth 16% 43% 15% 36% 23%

Common size Ratios

EBITDA Margin 14% 15% 15% 15% 14%

EBIT margin 13% 15% 14% 15% 14%

PAT margin 8% 10% 10% 10% 9%

Employee cost 56% 56% 62% 63% 64%

Return ratios

RoNW 24% 25% 23% 21% 20%

RoCE 30% 33% 31% 30% 29%

Solvency Ratios

Total Debt/Equity 23% 12% 4% 3% 2%


Cash Flow


PBT 2,606 3,399 3,659 4,322 4,598

Add: Depreciation 331.6 383 415 451 480

Other Adjustments (61) (94) (354) (102) (115)

Chg. in working capital 1,810 3,146 4,194 (769) (868)

Taxes paid (861) (1,028) (1,012) (1,359) (1,471)

Extra Ordinary Items - - - - -

CF from operations 949 2,333 918 1,391 1,417

Change in fixed assets (336) (332) (338) (380) (350)

Purchase of investment (336) (332) (338) (380) (350)

Proceeds from Invest. Sale 2,813 2,695 5,797 100 (150)

Other Adjustments 35 84 66 38 38

CF from Investing acti. (247) (1,284) (1,820) (660) (850)

Chg. in debt (652) (516) (754) 204 150

Chg. in Equity capital (163) - (229) - -

Chg. in Pref. capital - - - - -

Dividend & dividend tax (379) (411) (542) (500) (300)

CF from Financing acti. (231) (282) (813) (296) (150)

Chg. in cash (326) 36 512 435 417

Opening cash 834 1,506 1,651 1,960 2,395

Closing cash 1,420 1,458 1,972 2,395 2,181

Du-Pont Analysis (%) FY12 FY13 FY14 FY15E FY16E

PAT/ PBT 67% 70% 72% 69% 68%

PBT/ PBIT 96% 97% 97% 98% 98%

PBIT / Sales 13% 15% 14% 15% 14%

Sales / Assets 235% 219% 219% 199% 207%

Assets/ Equity 123% 112% 104% 103% 102%

ROE 24% 25% 23% 21% 20%




NOTES

Recommendation Rationale

Recommendation Expected Absolute Return (%) over 12 months

BUY >15%

ACCUMULATE <10% and >15%

NEUTRAL <-10% and <10%

REDUCE >-10% and <-20%

SELL >-10

Expected absolute returns are based on share price at market close unless otherwise stated. Stock recommendations are based on absolute upside (downside) and have a 12-month

horizon. Our target price represents the fair value of the stock based upon the analyst’s discretion. We note that future price fluctuations could lead to a temporary mismatch between upside/downside for stock and our recommendation.

GEPL CAPITAL Pvt Ltd

Reg Office: D-21 Dhanraj mahal, CSM Marg, Colaba, Mumbai 400001

Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or

indirect compensation in exchange for expressing specific recommendations or views in this report:

Name : Omkar Tanksale

Sector : IT Services

Disclaimer:

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