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30SUNIDHI 13Th Novem Healthy Q1FY15 Results BUY VAKRANGEE LIMITED B AN K ING O N R ET AI L R EVOLUTION Retail Desk 13 November 2014 Company Description: Rating Buy Vakrangee Limited (VL) was formerly known as Vakrangee Softwares Ltd (VSL) CMP (`) 133 originally incorporated in 1990 and changed its name in October 2013. VL is one of the few leading e-Governance Service Provider in India well equipped with Target Price (`) 185 cutting edge infrastructure, Highly experience professionals, strong investment Upside (%) 40 and technological breakthrough on a continual basis in order to maintain strict Sector Specialty Retail time bond completion of mission critical and socially relevant projects. Key Data Vakrangee has two subsidiaries; one in India as Vakrangee Finserve Ltd and the BSE Code 511431 other in Philippines namely Vakrangee e-Solution Inc. Both are 100% subsidiary of NSE Code VAKRANSOFT Vakrangee Lid. Reuters code VAKR.BO Vakrangee is led by Promoter Mr. Dinesh Nandwana, Chairman & Managing Bloomberg Code VKI IN Director who has a Bachelor’s degree in Commerce from Rajasthan University Sensex 27868 and is a certified Chartered Accountant from the Institute of Chartered Accountants of India. He has about 25 years of business experience. Face Value (`) 1 Mcap (` Cr.) 6783 Vakrangee commenced e-Governance business in 1994 with a mandate to computerize electoral records for the Election Commission of India, initially in 52 weekCORP H/L (`) 146/78 . Mumbai in Maharashtra and thereafter in other states, including Gujarat, Madhya 2 Wk Avg Qty 829000 Pradesh, Uttar Pradesh, Rajasthan and Chhattisgarh. Share holding, Sept’14 Holding % VL began executing projects of national importance under the “National e- Promoters 38.8 Governance Plan” of the country, including MCA-21 for the Ministry of Corporate Corporates 34.2 Affairs and Rashtriya Swasthya Bima Yojana ("RSBY") for the Ministry of Labour and Employment (a scheme that provides health insurance to persons below the FIIs 3.0 poverty line in India), under the Government of India's National e-Governance DIs 6.5 Action Plan of 2003. Public 17.5 Performance Vakrangee is one of India's leading enrolment agencies for the Unique (%) 3M 6M 12M Identification Development Authority of India ("UIDAI") to provide biometric- enabled unique identification numbers to Indian residents. Stock-VL 2.3 30.4 66.3 BSE 200 10.4 23.7 38.0 Key Financial: (Consolidated) (` crore) BSE 500 10.4 24.7 41.1 Year-March Q1(GMDV)FY15A Q1FY14A FY13A FY14A FY15E FY16E Sales 681.9 399.9 1552.4 1958.1 2772.4 4020.0 Price Chart:LTD (One-Year) PBIDT 156.9 112.8 386.7 540.8 698.8 924.6 Interest 20.5 21.6 86.0 77.9 49.2 20.8 PBDT 136.4 91.2 300.7 462.9 649.6 903.8 Depreciation 40.7 41.5 157.1 180.9 220.8 252.4 PBT 95.7 49.7 143.6 282.0 428.8 651.4 Tax 19.5 18.7 39.3 107.0 149.9 228.0 PAT 76.2 31.0 104.3 175.0 278.9 423.4 Equity 50.3 50.3 50.3 50.4 50.4 50.4 Reserves 663.1 495.7 463.6 627.0 905.9 1329.3 Book Value (`) 14.2 10.9 10.2 13.4 18.9 27.3 EPS (`) 1.51 0.6 2.1 3.5 5.5 8.4 http://www.vakrangee.in OP Margin (%) 23.0 28.2 24.9 27.6 25.2 23.0 PAT Margin (%) 11.2 7.7 6.7 8.9 10.1 10.5 Vijay Dave P/E 24.2 15.8 [email protected] Ph: 91-22-6760 7700 Vakrangee Ltd Over the years, VL has moved up the value chain – from being a sub- contracted IT enabler in e-governance projects into a prime bidder that is focused on mission-mode projects as per the e-Governance plan of India and transformed into an organized “RURBAN Retail House” offering Banking, Insurance and G2C&B2C services at more than 6,000 delivery points under its outlets that are branded as “Vakrangee Marts”. As of June 30, 2014, Vakrangee had 725 employees across India. Approximately 67% of employees are technically qualified. It has been innovative in internal organization and has introduced industry leading practices in hiring, resource planning and knowledge sharing. Most of technical employees are based on-site at customers' offices, and are recruited locally. Q1FY15 & FY14 Results During Q1FY15, consolidated net profit grew 145.8% to `76.2 crore on 70.5% increased revenue of `681.9 crore. In Q1FY15, OPM and NPM stood at 23.0% and 11.2% as against 28.2% and 7.7% respectively in Q1FY14. Consolidated EPS for Q1FY15 stands at `1.51. During FY14, consolidated net profit went up by 68% to `175 crore on 26% higher sales of `1958 crore. EPS stood at `3.5. A dividend of 25% was paid. Vakrangee Presence Sr No. Presence Across 14 States in India 1 Bihar 2 Chandigarh (UT) 3 Chattisgarh 4 Goa 5 Gujarat 6 Haryana 7 Himachal Pradesh 8 Jharkhand 9 Madhya Pradesh 10 Maharashtra 11 Punjab 12 Rajasthan 13 Uttar Pradesh 14 Uttarakhand Vakrangee Milestone Year Key Milestone 1990 Year of Incorporation 1993 Computerization of Election Commission 2005 MCA-21 project- Ministry of Corporate Affairs Land Record Digitization in Uttar Pradesh and RSBY – 2007 Smart Card Project Integrated land record digitization for Govt. of 2009 Philippines Passport Seva Kendra Project & CSC in Punjab and Sarva 2010 Shiksha Abhiyan 2011 UID Enrollment and UID Linked Haryana PDS Financial Inclusion projects signing with 33 banks to set up and run 50,000 Ultra Small Bank Branches at the Panchayat level in Rural India and Ward level at Urban 2013 India White Label ATMs License from RBI and De-Congestion 2014 Branches for Banks Sunidhi Research | 2 Vakrangee Ltd Strong Project Execution VL has established itself as a end-to-end systems integrator and implementer Capabilities of several standalone e-Governance projects through its strong back-end for software/hardware/networking/data centre &data processing expertise, last mile infrastructure & grass root level connectivity to deliver Mission Mode Projects (MMPs), experience of on-ground complexities in rural regions like flexible timings, power & connectivity issues, manpower training, and deep understanding of rural consumer mindset. Robust Infrastructure VL has built up an extensive last mile infrastructure with a retail outlet having all the paraphernalia like laptop, micro ATM/full-fledged ATM, comprehensive technology platform having banking application/ insurance application/ G2C/B2C application with 24*7 power back up through DG SET/UPS and connectivity through V-SAT. Similarly, the back-end infrastructure with a switch which is situated in a tier-IV Data Centre in MHAPE and connected to the back-end of Banks through dedicated lease line to undertake real time, inter-operable and paper-less banking which is happening for the first time in the last mile banking in India as well as across the globe. Business Transformation Vakrangee’s business model is now set for a long term transformation through its Vakrangee-Mart business which started with new evolved financial inclusion initiative in India. Vakrangee was awarded with a five-year contract in 2012 to establish and manage up to 18,265 ultra-small branches of public sector banks acting as common business correspondent in the states of Maharashtra, Rajasthan and Delhi. Subsequently, Vakrangee has been permitted by banks to also setup more branches in twelve other states. Vakrangee now targets to open around 50,000 Vakrangee Marts in 15 states by March 2017, out of which 15,000 will be in urban and semi-urban areas and the remaining 35,000 in rural areas. Vakrangee has also won license from RBI (“Reserve Bank of India”) to open minimum 15,000 White Label ATMs over three years across India. RURBAN Retail Business The company’s strategy is now to grow retail Vakrangee Mart business by increasing the number of services and products offered through network of these outlets so that VL’s customers gain access to an array of products and services at the click of a button. As the technology and necessary infrastructure is already in place at both back end and front end with skilled resources, it is now making marketing alliance with Automotive, Agri-Input, Consumer durable and FMCG companies for access of their products to the target consumers at most efficient price points through it supply chain till the gram panchayat level. VL has built up an extensive last mile infrastructure with a retail outlet to offer last mile delivery of various services and products. VL intends to grow its revenues and business by cross-selling various products and services through its network of ultra-small branches of banks by operating these delivery points as "Vakrangee Marts", wherein in addition to banking activities, customers can also benefit from various G2C and B2C services. The existing G2C services through Vakrangee Marts include enrolment for the UIDAI project, National Rural Employment Guarantee Act ("NREGA") services and electoral services, land record digitalization, payment of utilities bills, railway tickets, certificates and hall tickets for examinations and examination fee payments, among others. Sunidhi Research | 3 Vakrangee Ltd The existing B2C services through Vakrangee Marts include prepaid mobile telephone recharge services and direct-to-home (DTH) television recharge services. More and more B2C products shall be added to this platform relevant to the customer segment, particularly mobile phones & its accessories, automotive & auto-ancillaries; electronic appliances, FMCG, Agri Inputs etc. Through its definite approach in the B2C segment, VL aims to revamp the consumer landscape, place the customer at the centre and deliver a unique experience that meets his expectations.
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