Eclerx Services Limited · NSE:ECLERX
Eclerx Services — eClerx — Q1 FY2019 Earnings Presentation
15 slides from Eclerx Services's earnings presentation, Aug 7, 2018
Slide 1: Financial Performance - FY19 Q1
Data. Domain. Delivery. eClerx Financial Performance - FY19 Q1 7th August, 2018 0
Slide 2: Financial Summary
Financial Summary Metrics FY19 Q1 Q-o-Q Y-o-Y OPG revenue (USD mm) 49.2 (6%) 1% Revenue OPG revenue (INR mm) 3,519 (3%) 6% Total revenue (INR mm) 3,704 (2%) 9% OPM (INR mm) 690 2% (23%) EBITDA (INR mm) 968 (1%) (11%) Profit Operating EBITDA (INR mm) 783 (3%) (22%) Net profit (INR mm) 602 (7%) (24%)
Slide 3: Other Income – FY19 Q1 vs. FY18 Q4
Other Income – FY19 Q1 vs. FY18 Q4 Figures in INR millions. Other Income FY19 Q1 FY18 Q4 FY18 Q3 FY18 Q2 FY18 Q1 Investment Income 67.5 82.7 69.9 70.3 69.6 Revaluation and Realised Gain 98.3 57.8 (70.8) 55.9 16.9 Other Misc. Income 19.1 29.1 7.1 14.8 (4.9) Total 184.9 169.6 6.2 141.0 81.6 • Increase
Slide 4: Hedge Updates
Hedge Updates Current Hedge Status • Total outstanding hedges now $147.8 mm at average INR 69.3/$; 100% forwards - 3.0 times quarterly revenue vs. average of 2.9 times in preceding 4 quarters Contract Year Amount (mn) Avg. Rate (INR) Total FY19 Q2 $30.39 68.7 Total FY19 H2 $57.21 68.7 Total FY19 $87
Slide 5: P&L Comparison: FY19 Q1 vs. FY18 Q4
P&L Comparison: FY19 Q1 vs. FY18 Q4 Figures in INR millions. Operating P&L FY19 Q1 OPR (%) FY18 Q4 OPR (%) Operating Revenue 3,519.4 3,611.3 Cost of Revenues Delivery and Support Employees Cost 1,721.7 48.9% 1,711.6 47.4% General and Administrative Expenses Facilities (Rent and Electricity) 168.3 4.
Slide 6: OPM Bridging Analysis: Q-o-Q FY19 Q1 vs. FY18 Q4
OPM Bridging Analysis: Q-o-Q FY19 Q1 vs. FY18 Q4 1.1% 0.7% 0.9% 1.7% 0.1% 19.6% 18.7% 1.8% Q4FY18 Depreciation G&A S&D Delivery Cost Fx Q1FY19 • Wage increase impact of ~200 bps fully baked in Q1 • Delivery cost optimisation improvement efforts in progress • Depreciation reduction due to annual WDV
Slide 7: Balance Sheet & Other Updates
Balance Sheet & Other Updates • Total Cash and Cash equivalents of INR 6,067 mm vs INR 6,002 mm for FY’18 Q4; ̶ Equivalent to INR 159.2 per share vs INR 157.3 for FY’18 Q4 ̶ Net operating cash flow in Q1FY’19 is INR (225.9) mm vs INR 664.6 mm in Q4FY18 ̶ Capex during FY’19 Q1 is INR 47.8 mm vs INR 6
Slide 8: Key Business Metrics
Key Business Metrics Metrics FY 19 Q1 FY 18 Q4 FY 18 Q3 FY 18 Q2 FY 18 Q1 FY 17 Q4 FY 17 Q3 FY 17 Q2 FY 17 Q1 USD 82% 79% 83% 82% 84% 84% 75% 73% 72% EURO 10% 13% 10% 10% 9% 10% 17% 19% 19% Currency Contribution* (%) GBP 5% 6% 6% 6% 6% 6% 7% 8% 9% Others 2% 2% 1% 2% 1% 0% 1% 0% 0% North America 64%
Slide 9: Revenue Mix Trends – Consol
Revenue Mix Trends – Consol 0% 41.9% 0% $5.3 28.2% 0% 25% $4.2 $4.1 $4.9 $3.7 $3.2 18% 0% $3.7 $3.5 $4.4 11% 0% 3% 0% -1% -3% -1.4% 0% -5.4% -4.0% -4.9% -8% -4% -2.7% 0% -7.2% -9.4% $9.2 $9.2 $7.7 $7.9 $8.7 $9.7 $9.4 $12.1 $10.5 0% FY17 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY18 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY19
Slide 10: Human Resources Update
Human Resources Update Headcount 9,164 9,223 9,091 9,429 78 9,363 8,942 8,815 78 78 82 81 91 80 60 64 85 460 8,189 78 463 86 444 58 423 431 89 387 618 638 1,153 601 615 613 617 240 259 367 366 1,005 178 284 7,709 7,762 7,740 7,592 7,825 7,746 7,497 7,095 FY15 FY16 FY17 FY18 Q1 FY18 Q2 FY18 Q3 FY18 Q
Slide 11: Thank You
This presentation contains forward-looking statements, inter-alia, to enable investors to comprehend company’s prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make, contain forward-looking statements that set out anticipate
Slide 12: Balance Sheet Abstract
Balance Sheet Abstract Figures in INR millions. Particulars June 30, 2018 March 31, 2018 % of Change Shareholder's Funds Capital 381 381 (0.1%) Minority Interest 4 5 (16.7%) Reserves and Surplus 11,928 11,666 2% Total Shareholder's Funds 12,313 12,053 2% Application of Funds Fixed Assets 3,403 3,435
Slide 13: Financial Summary – Quarterly View
Financial Summary – Quarterly View Metrics FY19 Q1 FY18 Q4 FY18 Q3 FY18 Q2 FY18 Q1 FY17 Q4 FY17 Q3 OPG revenue (USD mm) 49.2 52.5 48.9 48.3 48.8 47.9 47.2 Revenue OPG revenue (INR mm) 3,519 3,611 3,399 3,309 3,332 3,315 3,247 Total revenue (INR mm) 3,704 3,781 3,405 3,450 3,413 3,243 3,359 OPM (INR
Slide 14: P&L Comparison – Quarterly View
P&L Comparison – Quarterly View Figures in INR millions. FY19 OPR FY18 OPR FY18 OPR FY18 OPR FY18 OPR Operating P&L Q1 (%) Q4 (%) Q3 (%) Q2 (%) Q1 (%) Operating Revenue 3,519 3,611 3,399 3,309 3,332 Cost of Revenues Delivery and Support Employees Cost 1,722 49% 1,712 47% 1,547 46% 1,490 45% 1,432 43
Slide 15: Key Business Metrics – Quarterly View
Key Business Metrics – Quarterly View Metrics FY19 Q1 FY 18 Q4 FY 18 Q3 FY 18 Q2 FY 18 Q1 FY 17 Q4 FY 17 Q3 FY 17 Q2 FY 17 Q1 USD -6.2% 7.4% 1.2% -0.9% 1.9% 1.5% -3.5% -2.6% -1.1% Revenue Growth (%) Constant Currency -5.7% 6.5% 1.1% -1.8% 1.4% 1.6% -2.6% -1.7% -1.6% USD 82% 79% 83% 82% 84% 84% 75% 7