kpit_190210_01

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hibit1:KeyFinancialSummary

EMar(RsMn) Revenues YoY(%) EBITDA YoY(%) PAT(%) YoY(%) EPS(Rs)* RoE(%) Roce(%) P/

08A 6,005.0 29.5 922.4 30.3 512.3 1.5 6.0 22.4 20.0

09A 7,931.6 32.1 1,833.6 98.8 658.5 28.5 7.7 31.1 25.6

10E 7,323.0 7.7 1,671.6 8.8 905.2 37.2 10.6 34.5 29.0

11E 8,469.0 15.6 1,877.8 12.3 1,220.0 33.5 14.4 28.2 27.3

12E 9,675.0 14.2 2,263.4 20.5 1,385.6 13.7 16.3 24.4 27.3

rce:Company,NetworthResearch,*BasedondilutedequitycapitalofRs170mn.

nalyst:

njeevHota

[email protected]

223028

6407

ate:19th

February,2010

WemetthemanagementofKPITCumminsInfosystemsLtd(KPIT)

andreturnedpositiveabout its futureprospects.KPIT isaniche IT

companywithcorefocusonthemanufacturingverticals.

Wearepositiveonthecompanysstrategyoffocusingona)existing

keyindustryverticalswithdeeperclientsminingandextendinginto

newer verticals like energy and utilities b) Driving operational

excellence through higher offshore shift without compromising on

SG&A spend augurs well for margins and growth. c) Inorganic

growthinitiatives.

Manufacturing industry isonarecoverymode:ManufacturersacrosstheUnitedStatesandEuropehaveindicatedatimproved

businessprospectsin2010;howevertheoverallrecoverywillbe

gradual. KPITs management indicated at improving traction in

the manufacturing sector with growing number of client visits,

however growth acceleration will lag for at least another one

quarter

Bottom has reached on Cumminss revenues run rate:. In theprecedingsixquarters,topclientCumminssquarterly revenues

run rate has fallen sharply with CQGR of 8.7% at the end of

Q3FY10,. KPITs management expecting some stability in

quarterly revenues run rate from Cummins accounts in the

comingquarters,howevermajorgrowthisnotonthecardinthe

nearterm.

Drivingonproductivityandoperationalimprovement:Overthepreceding four quarters, KPITs EBITDA margins have seen a

hugeswingfromahighof29.4%inQ4FY09to21.2%inQ1FY10.

Going forward, management has indicated at maintaining

marginsatabove~20%levelinthecomingquarters,ontheback

ofstabilityintherevenuescoupledwithgradualimprovementin

marginsfrom

Sparta.

NonLinearinitiative,onanascentstage:Currently,KPITsnonlinearrevenuesarearound~2.5%ofthetotalrevenues.KPIThas

recentlylaunchedautomobilesoftware,CLICKSERVICESMILE.com

inPune, inassociationwithDSKMotors.Thenewsoftwarewill

allow the customers to view their cars andservicing process

online.

Valuations:Weexpectcompanysnetprofit toregisteraCAGRof24%overFY1012E(throughorganic).AtaCMPofRs110,thestocktradesataP/Eof10x,7.6xand6.7xonourEPSestimate

forFY10E,FY11E,andFY12Erespectively.WerecommendaBUY

witha12M targetpriceofRs154.Atour targetprice thestock

willbevaluedat11xFY11Eand9xFY12E.

Rating B

TargetPrice Rs

CMP Rs

Upside 4

Sensex 16

KeyData

BloombergCode KPIT

ReutersCode KPIT

NSECode K

CurrentShareo/s (mn) 7

DilutedShareo/s(mn) 8

MktCap(Rsbn/USDmn) 8.6/18

52

Wk

H

/

L

(Rs)

142.3DailyVol.(3MNSEAvg) 951

FaceValue(Rs)

Beta 1

1USD/INR 4

ShareholdingPattern

Promoters 3

FII

Others 6

PricePerformance(%)

1M 6M

KPIT 14.8 69.3 18

NIFTY 7.5 3.4 7

Source:Bloomberg;*Ason18thOct.2009

NDIA

nstitutionalResearch

T

VisitNo

KPITCumminsInfosystemsLtd(KPIT)

Onapathofrevival

NetworthResearchisalsoavailableonBloombergandThomsonReuters.

8/8/2019 kpit_190210_01

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Keytakeaways:

GlobalManufacturingindustryisonarecoverymode

We have tried to evaluate the state of manufacturing industry especially in US and Eur

whichthetwomainmarketforKPITtogetherconstitutingaround90%ofrevenues.Weareu

theindustry

data

and

pointers

together

with

industry

bodys

commentary

to

get

asense

on

revivalofmanufacturingindustry.

Recent datapoints suggests towards a revival in global manufacturing industry, after a

recessions,aspertherecentindustryreportsanddatapointsUSmanufacturingsectorisshow

signofrevivals.ManufacturingactivityhasexpandedforthesixthconsecutivemonthinJan

to58.4%. Priortothisrecentgrowthtrend,thePMI(PurchaseManagersManufacturingin

declined for 13 consecutive months. A reading above 50% indicates that the manufactu

economyisgenerallyexpanding;below50%indicatesthatitisgenerallycontracting.

Exhibit2:USPMIIndex

Source:IndustryOntheotherhand,PMIdataconfirmedthattheEurozonemanufacturingsectorstarted201

apositivefooting.Therecoveryinproductionandneworders,whichbeganattheendofQ3

year, gained further traction in January. The headline final Eurozone Manufacturing PMI

composite index based on measures of production, orders, employment, inventories

supplier performance posted 52.4% in January, its highest reading for two years. The in

valuewasaboveboth itsearlierflashestimateof52%andthefinalreadingof51.6%poste

December.

Manufacturingexpanded forthesixthstraightmonth in January,withtherateof increase

quickestsinceAugust2007.Countriesreportingan increase inoutput (Germany,France, I

AustriaandtheNetherlands)allsawstrongerratesofexpansionthaninDecember.Incont

Spain,Ireland

and

Greece

all

recorded

lower

output

and

faster

rates

of

contraction.

(Source:Industryresearch)

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Management View: KPITs management indicated at improving traction in the manufactu

sector with growing number of client visits, however growth acceleration will lag for atl

anotheronequarter.

Our View: Manufacturers across the United States and Europe have indicated at impro

business prospects in 2010; however the overall recovery will be gradual. Although in

indicationsare

pointing

towards

arecovery

in

the

manufacturing

sector,

we

believe

compa

willproceedcautiouslyontheirtechnologyspendingplans,afterawitnessingasharprecess

inthelastoneandhalfyears.Nevertheless,KPITwhosemajorityofbusinessisfocusontheo

sideofcorporatespending(around70%)isinarelativelybetterplacedtoleveragethereco

intheindustryenvironment.

BottomhasreachedinCumminssrevenuesrunrate.

In theprecedingsixquarters, Cumminssquarterly revenues run rate has fallensharplyw

CQGRof8.7%attheendofQ3FY10,atthesametimerevenuecontributionhasdeclinedf

42% inQ1FY09to30.6% inQ3FY10.KPITsmanagementhasindicatedatstabilityinquart

revenues runrate fromCumminsaccounts,howevermajorgrowth isnoton thecard in

nearterm.

Exhibit3:

Cummins

Quarterly

Revenues

run

rate

Source:Company,NetworthResearchCumminsQ4CY10Concallkeycommentaries:

WewillbedefinitelyinvestinginbothR&Dandcapitalinprogramsthatwethinkcangthecompanyin2011.

2010willbeanothersignificantyearofnewproductsforCumminsincludinglaunchof11.9literISXengineintheU.S.andasecondlightdutyengineinChina.

Weareveryproudofourperformancein2009.Butunfortunatelythedownturnisnotcompletely

behind

us.

In

fact,

we

expect

the

first

half

of

2010

to

be

at

least

as

challen

as the first six months of 2009. As a result of the large run up in engine sales in N

America late lastyear inadvanceoftheemissionschangeoverweexpectacorrespon

dropinenginedemandinthefirsthalfof2010.

Despite the challenges we expect this year our strong financial position will allow uincreaseourcapitalinvestmentandcriticaltechnologiesandnewgrowthopportunities

2010andbeyond.Ourcurrentplanscallforustoinvestapproximately30%morecapit

thebusinessthanwedidin2009.Wewillspend$400mnoncapitalexpendituresthisye

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xhibit4:NonCumminsStarCustomers

urce:Company,Networth

KeyClientsAgeof

relationships

HP 8+

HitachiRenesas 12+

DeutscheBank 15+

Unilever 12+

BNPParibas 7+

BusinessObjects 5+

StarCustomers(NonCummins),goingslowexpecttractiontoimprove

Non Cummins Star customers has shown resilience, which has reflected in relatively be

performance visvis Cummins in the last six preceding with a CQGR of 4.1% (Cummins

8.7%),excluding lastquarter,where itshownasequentialdegrowthof10.2%,onthebac

closure of onsite projects of large clients and big milestones of another large contract

postponed.KPITs

management

indicated

that

some

part

of

the

deferred

milestone

contr

willreflectinQ4FY10E.

Webelieve,improvetractionfromnonCumminsStarcustomersiskeytorevenuesstability

KPITinthecomingquarters.

Exhibit5:NonCumminsStarCustomersQuarterlyRevenuesrunrate

Source:Company,NetworthResearchSuccessfulexperienceinacquisitions,lookingforwardforfurtherinorganicgrowth

Inorganic

initiatives

have

always

been

the

key

aspects

KPITs

growth

strategy.

Since

2002,

hasmadeseven inorganic initiativesandmost recentacquisitionsbeing theSparta inOcto

2009,whichisbyfarthelargestintermofdealvalueat$38mn(CITbeingtheequitydeal).W

alltheseacquisitions,KPIThasaddednewcapabilitiesandclientstogetherwithenteringne

geographies, by which ithascreated a strong foothold for itself. On the other hand, KPIT

been successful in integration of all these companies and also able to extract substa

businessfromtheacquiredclients(HP,fromPanexacquisitions).Goingforward,webelieve

inorganic initiatives will continue to form a integral part of KPITs growth strategy. KP

management has indicated at moving towards a bigger deal size acquisitions in the com

years.

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hibit6:PastInorganicInitiatives

CumminsInfoTech(CIT) Panex SolvCentral Pivolis CGSmith HaritaTVSTechnologies SpartaConsulting

riod 2002 Late2003 Nov05 Nov05 Mar06 Jul08 Oct09

cation US US France India India US

tegrationInitiated Completed Completed Completed Completed Completed Completed Completed

tionalAutoElectronicsandBI

(AnchorclientsCummins)

Strengthene

dERPSpace

StrengthenedBusiness

Intelligence

Consulting

services

Advanced

technology

solutions

AutoElectronicsSAPSolution

(ERP)/Consulting

alSize EquityDeal USD1.7mn USD2.2mnEuro1.75

mnINR380mn Rs300mn

USD38mnincludingbo

of$4mn

venuesAtthe

meofacquisitions$1mn $7.20 $3.50 Euro2.5mn $6.25 $1mn $25mn

rrentRevenues $40mn $20mn $8mn $25mn $2mn Expect$3538mninFY

rce:Company,NetworthResearchNonlinearinitiativesatanascentstage

Currently, KPITs nonlinear revenues are around ~2.5% of the total revenues. Company

filed~14patentsattheendofQ3FY10.Inthelastquarterithasfiled6newpatentsintheare

Powertrain&

Hybrid

and

semiconductor

space.

KPIT

has

recently

launched

automobile

softw

CLICKSERVICESMILE.com inPune, inassociationwithDSKMotors.Thenewsoftwarewilla

thecustomerstoviewtheircarsandservicingprocessonline.Itwillalsobepossibletoview

carhistoriesandrecords,besidesfacilitatingthetransferofcars,purchasesofsecondhand

andbillpayments.KPITwillgetRs75100onthepercarservicingthroughthewebportalsf

thedealersandtherewillalsoa initialpaymentofRs175000fromthedealersforusing

solutions.KPITstargetingRs56mnofrevenuesfromthissolutioninFY10E.

DrivingProductivityandoperationalexcellence,helpstomaintainmargins

Overtheprecedingfourquarters,KPITsEBITDAmarginshaveseenahugeswingfromahig

29.4%inQ4FY09to21.2%inQ1FY10.Thehugevolatilityinthemarginsperformancewasla

on account of dwindling revenues performance from the top clients (from 41% Q3FY0

revenues

to

30.6%

at

the

end

of

Q3FY10)

coupled

with

external

headwinds

like

ruappreciationsandintegrationofSparta(marginsfarlowerthanblendedcompanysmargins

67%).Goingforward,managementhasindicatedatmaintainingmarginsatabove~20%

in the coming quarters, on the back of stability in the revenue coupled with gra

improvementinmarginsfromSparta.

Exhibit7:EBITDAmarginchart

Source:Company,NetworthResearch

Cummins revenues fall by

17.5%qoq

Spartaacquisitions

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Outlook

Webelievethat inthemediumterm,KPITsbiggestchallenge isto improveoratleastmain

the topline growth, which will reduce quarterly volatility in the financial performance. K

management admits at some projects delays from the clients side, nevertheless there

improvement in the clients visits and new RFP. KPITs management believes at uptick in

demandscenario

will

lag

for

atleast

another

quarter.

During

the

last

year,

KPIT

has

faced

sev

challengeswithanchorclientsrampdownofbusiness,globalrecessionsandmoreoverderiva

lossesattributedtoexoticderivatives instrumentshasplayeda instrumentalrole inshatte

investorsconfidenceinthecompany.

Nevertheless, inthe lastfewquarters,KPIThasbeenslowlybutsteadilybuildingthe inves

confidence with complete closure for exotic derivatives contracts and decent finan

performance,webelieveasamidsized ITcompanyperformancedelta isstillattachedtoK

GoingforwardintoFY11,webelieveKPITwillshow improvedfinancialperformancewith le

volatilityinthequarterlyperformance,whichwillactasatriggerforrerating.WeexpectKP

guidefor~1820%revenuegrowthinUSDtermforFY11E.

Valuation

WeexpectcompanysnetprofittoregisteraCAGRof24%overFY1012E(throughorganic).AtaCMRs110, the stock trades at a P/E of 10x, 7.6x and 6.7x on our EPS estimate for FY10E, FY11E, and F

respectively.WerecommendaBUYwitha12MtargetpriceofRs154, atourtargetpricethestockw

valuedat11xFY11Eand9xFY12E.Risktoourratingandtargetprice

DownsideRisks:

TheverticalmixofKPITCumminsismoretiltedtowardsmanufacturing,whichcontribmorethan80%torevenues,slowerthanexpectedrecoverycouldleadtofurtherimpac

thefinancials.

SignificantrupeeappreciationVisaVisUSdollar,EuroandPoundcouldleadtorevisioearning

growth.

Anysignificant US andEurope economyslowdown, would possibly lead to ITbudgetwhichinherentlydampenKPITsgrowth.

UpsideRisks:

SharpdepreciationofRupeevisvisUSD.Exhibit8:PERchart

Source:Bloomberg,NetworthResearch

Market meltdowncoupled with weaksector cues led tolowest trading PE

We expect 200-300 bpsPE re-rating to followthe quarterlyperformance; KPIT

expect to trades atforward PE range of ~10-11X (from current ~8x-

8/8/2019 kpit_190210_01

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CompanyDescription

KPITCumminsniche IT Company in the midcapspacewith over4900 employeeshaving

focus intheManufacturingvertical.KPIThas largeanchorclientsandeffectivelystrengthe

and broadening its services offering ranging from Auto electronics, Business Intellige

Semiconductor, GBS. On the other hand, with strong domain expertise in the core indu

verticaland

offering

has

enabled

the

company

to

add

value

and

increase

the

wallet

share

f

the clients IT budget. KPIT Cummins has built strong clients relationship with several glo

renowned companies like Cummins, HP, Renesas, Deutsche bank, Unilever, BNP Par

BusinessObjects,

SectorView

We remain positive on the Indian IT sector, on the back of offshore demand recovery th

There is already some visible indication of demand in the US regions; Europe is still lag

behind US. We expect Indian IT sector continues to be a favorite offshore destination for

comingyears.

RecentNewsflows

KPIThasrecentlylaunchedautomobilesoftware,CLICKSERVICESMILE.com inPune,inassocia

withDSKMotors.

Neartermtriggerstowatchout

Sector:

InfosysGuidanceforFY11E,commentaryondemandenvironmentandpricing. UpcomingITBudgetfor2010. USandEuropeeconomicdataandcorporateearnings. FiscalBudget201011,expectationforSTPIextensionsbeyond2011. Currencymovement,mostlikelytoremainrangeboundinthenearterm.

Company:

Q4FY10quarterlynumbers,mostlikelytobeatstreetexpectations.GuidanceforFY11E.Exhibit9:NIRVsConsensusestimates

KPIT FY10E FY11E FY12E

EPSConsensus 11.0 13.4 15.4

*NIR 10.6 14.4 16.3

Deviation(%) 3.1 7.5 5.8

ConsensusPriceTarget 144

*NIR 154

Deviation(%) 6.9

Source:Bloomberg,NetworthResearch,*NetworthInstitutionalResearch

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FinancialSummary Consolidated

ncomeStatement (Rs.mn)Y/EMarch FY08A FY09A FY10E FY11E FY12E

NetSales 6,005.0 7,931.6 7,323.0 8,469.0 9,675.0

%Growth 29.5 32.1 (7.7) 15.6 14.2

EBIDTA 922.4 1,833.6 1,671.6 1,877.8 2,263.4

%Growth 30.3 98.8 (8.8) 12.3 20.5

OtherIncome 8.9 (573.8) (236.9) (3.7) 6.3

nterest(net) 75.5 45.5 35.7 48.4 45.2

Depreciation 254.7 436.5 313.4 355.7 377.0

PBT 601.2 777.8 1,085.6 1,469.9 1,847.5

%Growth 8.3 29.4 39.6 35.4 25.7

Tax 76.1 119.7 180.4 249.9 461.9

AdjPAT 525.1 658.1 905.2 1,220.0 1,385.6

%Growth 4.4 25.3 37.5 34.8 13.6

MinorityInterest (1.0) (0.4) 0.0 0.0 0.0

ReportedPAT 512.3 658.5 905.2 1,220.0 1,385.6

%Growth 1.5 28.5 37.5 34.8 13.6

Dividend

(%)

35.0%

30.0%

93.0%

125.0%

142.0%

EPS(Rs)* 6.0 7.7 10.6 14.4 16.3

BVPS(Rs) 33.5 20.9 46.3 63.5 81.1*BasedondilutedequitycapitalofRs170mn.RatiosY/EMarch FY08A FY09A FY10E FY11E FY12E

EBITDAMargins% 15.4 23.1 22.8 22.2 23.4

NPM% 8.7 8.3 12.4 14.4 14.3

ROE% 22.4 31.1 34.5 28.5 24.6

ROCE% 20.0 25.6 29.1 27.5 27.6

D/E(x) 0.3 0.7 0.3 0.2 0.2

AssetTurnover(x) 1.7 2.8 1.5 1.4 1.3

DebtorsDays 85.8 80.6 72.0 72.0 72.0

Valuationratios

PE(x) 18.2 14.2 10.3 7.7 6.7

P/CFpershare(x) 11.2 7.8 7.0 5.4 4.9

EV/CashProfit(x) 11.3 7.9 6.6 4.8 3.7

EV/EBIDTA(x) 9.4 4.7 4.8 4.0 2.9

EV/Sales(x) 1.4 1.1 1.1 0.9 0.7

MktCap/Sales(x) 1.4 1.1 1.2 1.0 0.9

CEPS(Rs) 9.8 14.1 15.6 20.2 22.6

P/BV(x) 3.3 5.3 2.4 1.7 1.4

BalanceSheet (RY/EMarch FY08A FY09A FY10E FY11E

EquityCap 155.8 156.0 156.0 156.0

Reserves

2,454.2

3,105.7

3,926.2

5,032.0

6,Networth 2,609.9 1,630.7 3,612.2 4,953.0 6,

Securedloans 857.8 1,180.2 1,160.0 1,160.0 1,

Unsecuredloans 7.0 4.6 5.1 5.6

Totalloans 864.8 1,184.8 1,165.1 1,165.6 1,

DefferedTaxLiab 42.1 59.6 59.6 59.6

TotalLiability 3,550.0 2,878.3 4,841.3 6,182.7 7,

NetBlock 1,473.2 1,447.7 1,384.3 1,428.6 1,

Investments 1.0 0.3 600.0 750.0

Debtors 1,432.0 1,775.6 1,464.6 1,693.8 1,

Cashbalance 740.0 1,671.2 1,616.5 2,424.7 3,

OtherCA 529.6 742.3 1,165.1 1,226.2 1,

CurrentLiabilities 545.7 2,695.9 2,668.7 2,746.3 3,

Provisions 159.3 287.4 410.4 265.1

NCA 1,868.5 1,082.8 1,312.3 2,234.3 3,

TotalAssets 3,550.0 2,878.3 4,841.3 6,182.7 7,

CashFlowStatement (RY/EMarch FY08A FY09A FY10E FY11E

PAT 512.3 658.5 905.2 1,220.0 1,

Depreciation 254.7 436.5 313.4 355.7

ChangeinWC (346.8) 1,716.9 (284.2) (113.7)

OperatingCF 420.3 2,811.8 934.4 1,462.0 2,

Capex (158.5) (527.5) (284.9) (390.1) (3

InvestingCF 59.6 (2,357.6) (284.9) (390.1) (3

Dividends

(61.2)

(64.0)

(84.7)

(114.2)

(1Debt (358.2) 320.1 (19.7) 0.5

Equity 6.2 220.2 0.0 0.0

Investments 47.8 0.7 (599.7) (150.0) (1

FinancingCF (365.4) 477.0 (704.2) (263.7) (3

NetChange 114.5 931.2 (54.7) 808.2 1,

OpeningCash 625.5 740.0 1,671.2 1,616.5 2,

ClosingCash 740.0 1,671.2 1,616.5 2,424.7 3,

urce:Company,NetworthResearch,

8/8/2019 kpit_190210_01

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hibit10:OperatingMetrics

Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3

RevenueBreakdownbyGeography:USA 57.7% 56.6% 54.5% 55.3% 56.4% 53.9% 55.9% 54.7% 55.5% 56.6% 6

urope

30.6%

32.5%

33.1%

32.4%

35.0%

36.5%

34.5%

37.3%

36.4%

34.0%

2

RoW 11.8% 10.9% 12.4% 12.3% 8.6% 9.7% 9.5% 8.0% 8.1% 9.4% 1


RevenueBreakdownbyServicesLineManufacturing 78.4% 82.5% 82.5% 84.1% 88.0% 88.9% 87.2% 85.0% 82.7% 86.6% 8

DFS 9.7% 8.4% 8.4% 6.5% 6.0% 5.1% 5.6% 6.2% 7.6% 7.4%

Others 12.0% 9.2% 9.1% 9.4% 6.0% 6.1% 7.2% 8.7% 9.7% 6.0%


ClientsDetailsTopClient's Cummins 39.0% 39.1% 38.0% 41.3% 41.9% 40.4% 40.9% 33.3% 33.8% 32.1% 3

tarCustomersNonCummins 42.2% 41.5% 44.6% 42.8% 43.8% 42.6% 40.5% 46.5% 48.4% 49.8% 4

Top10clients 74.8% 72.3% 70.8% 72.2% 72.2% 67.2% 66.7% 65.8% 69.5% 67.7% 5

TotalClients 97 102 106 111 117 123 126 128 133 137

ClientsAdded 7 5 4 5 6 6 3 2 5 4

tarCustomers 18 21 23 25 25 26 26 26 26 26

tarCustomersAdded 1 3 2 2 0 1 0 0 0 0

RepeatBusiness 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 9


RevenueMixOnsite 48.7% 48.3% 45.4% 46.7% 47.7% 44.0% 44.9% 43.4% 41.9% 37.3% 3

Offshore 51.3% 51.7% 54.6% 53.3% 52.3% 56.0% 55.1% 56.6% 58.1% 62.7% 6

UtilizationRates

Onsite 89.0% 93.8% 90.3% 92.6% 91.3% 93.9% 94.5% 95.2% 93.0% 94.3% 8

Offshore 67.0% 70.5% 70.1% 73.0% 70.5% 71.4% 70.3% 71.4% 67.5% 72.8% 7

No.ofemployees 3601 3939 4152 4481 4802 4761 4,867 4,576 4,370 4,437 4

oftwareProfessionals 3256 3561 3764 4062 4391 4353 4,462 4,168 3,973 4,035 4

urce:Bloomberg,NetworthResearch,*NetworthInstitutionalResearch

8/8/2019 kpit_190210_01

10/10KPIT

NetworthResearch:Email [email protected]

SatishPasari Head InstitutionalBusiness [email protected] 02222823225/22840219

EquityResearch

AnandDama Banking&FinancialServices [email protected] 02230286391

SanjeevHota

IT

/Education

[email protected]

022

30286407

AshwaniSharma Power/CapitalGoods [email protected] 02239517600

KanikaBihanyDugar Engineering/CapitalGoods [email protected] 02239517618

ChintanMehta Metals/Mining [email protected] 02230281580

RupaliNambiar Economy [email protected] 02239517620

Derivatives&TechnicalResearch

AkshataDeshmukh Sr.Technical&DerivativesAnalyst [email protected] 02239517632

ManojKarnani Sr.ManagerDerivatives [email protected] 02222840219

AmolShrivastava DerivativesAnalyst [email protected] 02239517638

GauravSoni DerivativesAnalyst [email protected] 02239517638

AnkitBhat ResearchAssociate [email protected] 02239517638

QuantitativeResearch

ShubhaAggarwal ResearchAnalyst [email protected] 02230281580

RiteshJain ResearchAnalyst [email protected] 02230281580

Sales [email protected]

PrakashDiwan HeadInstitutionalSales&Strategy [email protected] 02230286403/30286389

Nilesh Sangani AVPInstitutionalSalesandDealing [email protected] 02239517635

RonakManiar Sr.Manager InstitutionalSales&Dealing [email protected] 02239517635

ShalakaJadhav Sr.Manager InstitutionalSales&Dealing [email protected] 02239517636/22840217

KeytoNETWORTHInvestmentRankingsBuy:Upsideby>15,Accumulate:Upsideby+5to15,Hold:Upside/Downsideby 5to+5,Reduce:Downsideby5to15,Sell:Downsideby>15

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