Redington Limited · NSE:REDINGTON
Redington — Investor Presentation (June 2019)
82 slides from Redington's investor presentation, Jun 27, 2019
Slide 1: Letter to NSE: Presentation to Investor/Analyst Meet
Cor nrate Office ‘ R e In ton Redington [India] Limited I Redingtun House Centre Point. SEAMLESS PARTNERSHIPS Thiru.Vi.Ka Industrial Estate. Guindy, Chennai- 600032. INDIA Tel : +91 1.4 4221» 3353 Fax: +91 44 2225 3779 CIN : L52599TNI961PLCUZE758 www.redingtongroup.com 27‘hJune 2019 The National Sto
Slide 2: Investor & Analyst Meet 2019
| Redington SEAMLESS PARTNERSHIPS INVESTOR & ANALYST MEET 2019
Slide 3: India Distribution Presentation
Investor & Analyst Meet 2019 India Distribution Presentation
Slide 4: Technology Distribution – Key to Industry Growth
TECHNOLOGY DISTRIBUTION – KEY TO INDUSTRY GROWTH 70% Aided the explosive growth of IT products & services in India Contribution of Distribution to IT Industry biz* UNIQUE STRENGTHS VENDORS Best in class Execution CHANNEL PARTNERS Efficiency • Order planning & Stocking • Product Bouquet • Channel & G
Slide 5: Changing Distribution Landscape
CHANGING DISTRIBUTION LANDSCAPE RESELLER IT VENDOR DISTRIBUTOR RETAILER CUSTOMER Consumer ECOMMERCE PLAYER Business 3.5% - 5% 5.0%-6.0% RESELLER Mobility VENDOR DISTRIBUTOR RETAILER CUSTOMER business ECOMMERCE PLAYER 2.0%-2.5% 4.0%-5.0% SYSTEM INTEGRATOR IT VENDOR DISTRIBUTOR VALUE ADDED RESELLER CU
Slide 6: Changing GTM Landscape
CHANGING GTM LANDSCAPE IT Consumer & Mobility IT Enterprise 1993 2004 2013…. 2002 2007 2015…. Corporate Corporate Corporate General Trade General Trade General Trade Resellers Resellers Resellers National SIs & National SIs & LFR LFR Regional SIs Regional SIs Organized Organized Infrastructure Retai
Slide 7: SWOT Analysis
SWOT ANALYSIS S Completeness of W O Large Govt. T WEAKNESSES Rigid process T H R E AT S OPPORTUNITIES Earning depletion product bouquet projects STRENGTHS adherence in traditional biz reduces agility Highly efficient Cloud & other Over-distribution : Consumer Sales new tech areas Lim
Slide 8: IT Distribution Performance
IT DISTRIBUTION PERFORMANCE PCs Printers Servers & Storage Networking Software Security IT Consumer – 48% IT Enterprise – 52% 10 yr Revenue CAGR of 11% 7
Slide 9: Growth Outlook
GROWTH OUTLOOK ENTERPRISE IT MOBILITY CONSUMER IT Industry Outlook • Govt. / PSU projects • Market share gains • Strong growth in existing • Investments by BFSI / Telcos portfolio • Focus new categories : Redington • Investments in Cyber • Incremental growth through Gaming Growth Security Solutions
Slide 10: Key Initiatives
KEY INITIATIVES • Transactions on an Integrated Digital Platform • Transition to a Solution Oriented Distributor • Cost efficiency through Centre of Excellence
Slide 11: Integrated Digital Platform: Low Touch Biz
INTEGRATED DIGITAL PLATFORM : “LOW TOUCH” BIZ Services Uberzation Enabling Digital Transformation Contractual Customer Payment Solutions & non- White through Focused Options Suite Contractual Labelling Collaboration Social Mobile Analytics RIL Website offerings Enterprise & Cloud SME/SOHO Customers
Slide 12: Transition to a Solution Oriented Distributor
TRANSITION TO A SOLUTION ORIENTED DISTRIBUTOR • Investment : ~ Rs 15 Cr Expand Margins • Margin Increase : by 2-3% for Overall Enterprise Biz by 2022 • Targeted Service Attach : ~ 20% by 2022 Large Enterprise – Fulfillment SME & Mid Market – Competency & Solution Redington • Cybersecurity Autonomous
Slide 13: Invest in a Centre of Excellence
INVEST IN A CENTRE OF EXCELLENCE Agility Revenue Collaboration Customer Satisfaction Compliance Process Organization through Centre of Excellence 1 2 3 Straight Through Heads Down Production Collaborative Human Structured Process Adaptive Case Management Process Process Processes Enabling Digital Tr
Slide 14: Our Objectives
OUR OBJECTIVES • Drive CapitalEfficiency Drive Capital Efficiency Deliver Free Cash Flow • Drive Growth Double digit Revenue & Earnings growth Increase Operating Leverage through Reduce Opex by 20 bps I Digital Platform & COE Working capital Management Increase ROCE to 20% by 2022 • Transform to a S
Slide 15: ProConnect Presentation
Investor & Analyst Meet 2019 ProConnect presentation
Slide 16: Who are we?
Who are we? Certified ISO 9001:2015 by TUV Nord Parentage Experience Established in 2012 as wholly Integrated Logistics player with owned subsidiary of Redington 20+ years of Logistics experience Presence Clientele Pan India Presence, directly & End to End supply chain through subsidiaries solutions
Slide 17: Our Growth Story
Our Growth Story 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 CUSTOMERS 33 53 74 124 166 205 WAREHOUSES 74 74 80 150 173 181 WAREHOUSING 0.9 mn 1.2 mn 2.5 mn 4.8 mn 6.3 mn 6.8 mn SPACE (in sq. ft.) 16
Slide 18: Our Operations
Our Operations VERTICALS MIX IT 18% Consumer Durables 30% E-Com 17% Telcom & Infra 8% Food Products Transactions Units Handled No. of Invoices 11% 17% Others 14.5mn 13mn 6.7mn SERVICE OFFERINGS MIX 17% Warehousing 50% Transportation Employees Pin codes Industries 33% Others 549* 19800+ 12+ *Onroll o
Slide 19: Philosophy of ProConnect
Philosophy of ProConnect Leadership Passion Quality High level Best in class Empowerment throughout the as Intrapreneurs service levels organisation Commitment Capability to Customer Agility “Speed Boat” Tech enabled solutions Customer Satisfaction Initiative to simplifying complex through Operation
Slide 20: Board led since incorporation
Board led since incorporation A Chartered & Cost Accountant A Logistics Management Professional with 26 yrs Professor & Head of Strategy in IIM Bangalore of Experience in various Logistics domain Chairman in Redington Board An Industry veteran in Transportation His research in Strategic & Organizati
Slide 21: Strategy so far & Learnings
Strategy so far & Learnings Past Approach What went well Learnings • 2007 ~ 2012 • Redington Captive business gave a • Narrow down to few verticals to • In house Anchor Customer platform become a niche player Redington + Few 3PL Clients • Gained IT Hardware & Telecom • Continue to focus on high marg
Slide 22: Our Performance
Our Performance Rs in Crs REVENUE PAT After MI Net Worth 30 450 403 30 26 CAGR 44% CAGR 46% 400 321 Rs.122 Crs 25 20 350 300 20 250 184 15 10 200 150 112 10 6 65 77 4 100 50 Debit 5 0 Equity 0.8 0 2013- 2014- 2015- 2016- 2017- 2018- 2013- 2014- 2015- 2016- 2017- 2018- 14 15 16 17 18 19 14 15 16 17 1
Slide 23: High Adversity Quotient
High Adversity Quotient Chennai ‘Vardah’ challenge Jaipur Warehouse Kolkatta ADC Mumbai Warehouse Challenge Labour Union Strike issue • Warehouse • Court locked the hypothecated to a • Unreasonable premises as the bank by Landlord demand – Workers stocks were went on a strike handled by an • Due to
Slide 24: Our Competitive Advantage
Our Competitive Advantage Expertise Niche verticals Ability to leverage 20+ years of Expertise in Mission Critical service Logistics experience deliveries Tech Enabled Adherence to SLAs Tech enabled service offerings as a Strong SLA commitments serious differentiator PAN India presence People PAN In
Slide 25: Way Forward
Way Forward Short Term Medium Term Long Term • Focused M&A strategy – Tech based, Specific • A preferred specialized logistics service • Achieve Customer SLA of 98% capability, Niche vertical provider • Customer Satisfaction & Retention @100% • Operate in focused verticals • Great place to work amon
Slide 26: Our commitment
Our commitment ANALYST MEET 2017 COMMITMENT ANALYST MEET 2019 COMMITMENT 25
Slide 27: Middle East & Africa (MEA) Presentation
Investor & Analyst Meet 2019 Middle East & Africa (MEA) presentation
Slide 28: Middle East & Africa Journey so far…
Middle East & Africa Journey so far…
Slide 29: Our Presence
OUR PRESENCE 27+ countries addressed 19+ years regional presence ALGERIA BOTSWANA ETHIOPIA KENYA LIBYA NAMIBIA QATAR SENEGAL TUNISIA ZAMBIA COTE D’IVORE GHANA KUWAIT MOROCCO NIGERIA RWANDA SOUTH AFRICA UAE BAHRAIN EGYPT JORDAN LEBANON MOZAMBIQUE OMAN SAUDI ARABIA TANZANIA UGANDA 28 Map is Representa
Slide 30: Middle East and Africa - Operating in Adversity
MIDDLE EAST AND AFRICA - OPERATING IN ADVERSITY arab spring multiple currencies credit risk economic slowdown income disparity geo-political risk nationalization religious sensitivity war 29
Slide 31: Middle East & Africa - Opportunity in Adversity
MIDDLE EAST & AFRICA - OPPORTUNITY IN ADVERSITY arab spring geo-political risk nationalization religious sensitivity currency fluctuation credit risk economic slowdown income disparity war USD 47.9 billion Technology opportunity Source: IDC Middle East and Africa IT Spending, Devices and Software 20
Slide 32: Middle East & Africa – Redington Growth
MIDDLE EAST & AFRICA – REDINGTON GROWTH currency fluctuation credit risk economic slowdown income disparity war arab spring geo-political risk nationalization religious sensitivity No. 1 Technology Distributor for 14 consecutive years* 13% CAGR 13 % -2% USD in mn Industry+ Redington Middle East Afri
Slide 33: Middle East & Africa - Core Factors for Growth
MIDDLE EAST & AFRICA - CORE FACTORS FOR GROWTH Adjacent business addition Market share increase Market expansion Brand acquisition 32
Slide 34: Middle East & Africa - Presence FY'07 vs FY'19
MIDDLE EAST & AFRICA - PRESENCE FY’07 VS FY’19 16 132 10 27 10 45 7 30 Brands Markets Entities Warehouses 984 7797 16 41 210 1696 Center of Partners Service Centers Employees Excellence 33
Slide 35: Middle East & Africa - People
MIDDLE EAST & AFRICA - PEOPLE Stable Leadership 13+ Avg years 1,696 of Employees experience Multi-cultural Team 36 Nationalities in UAE for CY 2016, 2017 34
Slide 36: Middle East & Africa - Redington Differentiators
MIDDLE EAST & AFRICA - REDINGTON DIFFERENTIATORS Value Creation Model COE, IT Systems ( SAP, etc) Adversity Management In-country presence Brands and businesses People 35
Slide 37: Middle East & Africa – Regional Growth
MIDDLE EAST & AFRICA – REGIONAL GROWTH MIDDLE EAST CAGR : 12% AFRICA CAGR : 16% 9 Markets 18 Markets FY '15 FY '16 FY '17 FY '18 FY '19 FY '15 FY '16 FY '17 FY '18 FY '19 36
Slide 38: Market Share
MARKET SHARE UAE 2 KSA 3 Nigeria 2 Kenya 2 Qatar 2 2 Senegal Original Logo copyrights with copyright holders 37
Slide 39: Middle East & Africa – Capital & Risk Management
MIDDLE EAST & AFRICA – CAPITAL & RISK MANAGEMENT Geo-political risk Economic risk Capital deployment Industry risk Decision to deploy Requirement Forex risk Inventory risk capital Collection risk Capital Deployment is a function of risk adjusted reward WORKING CAPITAL DAYS PROVISIONS : DOUBTFUL DEBT
Slide 40: Middle East & Africa – Redington Growth
MIDDLE EAST & AFRICA – REDINGTON GROWTH 2007 2019 Revenue 4x Profit 4x Net worth 12x Debt : Equity 0.26 ( March 19) 39
Slide 41: Way Forward
Way Forward
Slide 42: Middle East and Africa – Value Creation Model
MIDDLE EAST AND AFRICA – VALUE CREATION MODEL Shaping Customer Preferences Logistics Assist in Deliver Services Support Making a Digitally Financial Marketing choice Offer Provide Solutions Services Credit Logistics Aggregate solutions Vendors Partners Core + Vendors Core Partners Service Product Ve
Slide 43: Middle East & Africa - Initiatives
MIDDLE EAST & AFRICA - INITIATIVES Automation Van Sales 42
Slide 44: Middle East & Africa - Opportunity
MIDDLE EAST & AFRICA - OPPORTUNITY USD 56.3 billion Technology opportunity by 2022 REDINGTON PLANS Double Double Artificial Revenues Earnings* Intelligence in 6 years in 5 years *Focus on Services 43
Slide 45: Arena (Turkey) Presentation
Investor & Analyst Meet 2019 Arena (Turkey) Presentation
Slide 46: Turkey - Opportunities & Risks
TURKEY - OPPORTUNITIES & RISKS • Population: 80 Mn • GDP: 800 Bn • Customs Union with EU • Democratic System • Political Risks • Fragile Economy 45
Slide 47: Key Milestones
KEY MILESTONES Establishment of Arena by 4 promoter 49,40% First B2B websites in shareholders Turkish IT Market pencere.com and tencere.com 1991 1992 1995-96 1997 2000 2001 2004 2005 2007 2010 2013 2014 2015 2016 2017 2018 First Credit Card Collection 46
Slide 48: Lines of Business
LINES OF BUSINESS 2017 2004 B2C E-Com website 2016 Online retail web site 1991 Payment Facilitation First B2B payment solution provider licensed by BDDK Technology Distributor Main Company for IT Hardware/Software Distribution 47
Slide 49: Arena at a Glance
ARENA AT A GLANCE 35+ 10K sqm Brands Warehouses 2,200+ $200 mio Channel Partners Bank Line 3 450K Transactions Sales Offices 20% 290+ Market share Employees 48
Slide 50: A History of Crisis Management
A HISTORY OF CRISIS MANAGEMENT Economic Turkey Currency crisis Coup & Debt crisis Survival Strategy Collection Banking & Political crisis 3C Capital Costs USD in mn 49
Slide 51: Our Associations
OUR ASSOCIATIOS QRedington arena acer RADATA ol erocane => brother. Canon comodo @crverech D@LLEMC GIGABYTE @ M2 Ed Lexmark §=LITEC@ iI" EE Microsoft “Optoma PHILIPS plantronics PROMISE PSnmsunad Samisk SVS Seagate(©’ solarwinds > SAPPHIRE sonicwal SONY Synology Fenda TOSHIBA —_ Deosink Bree Cer xnP
Slide 52: Our Value Proposition
OUR VALUE PROPOSITION Unique secure payment Offline : Focus system to enable the Financial partner programs vendor and distributor to GTM Solutions Online: B2B portal reach to end users directly Channel development Market 24 hours delivery Logistics activities & Technical & Development 48 hours for
Slide 53: Our Achievements
OUR ACHIEVEMENTS Redington —“ | arena DALLEMC DISTRIBUTOR OF THE YEAR Yiln Distribiitina ® ' I I I I I I I I I I I I I I THE MOST | CHANNEL NETWORK ' COMMON | DISTRIBUTION NETWORK 1 I I I I I I I I I I I I I I I I EN YAYGIN KANAL — ar@nd HUAWEI THE BEST SALES PERFORMING DISTRIBUTOR BE Microsoft 1 !
Slide 54: Industry vs Arena
INDUSTRY VS ARENA (USD in Mn) Industry Arena 2,466 27% 1,808 9% 500 457 2017 2018 Arena de-grew much less than Industry Note: Industry - PC’s, Print, Server & Storage 53
Slide 55: Revenue: Arena vs Competition
REVENUE: ARENA VS COMPETITON No.2 Distributor CY 13 CY 14 CY 15 CY 16 CY 17 CY 18 Index Arena Armada 54
Slide 56: Turkey: IT Market Projections
TURKEY: IT MARKET PROJECTIONS USD in mn 9,187 9,160 11% 14% 74% 69% 15% 17% 2018 2022 Services Devices/Hardware Software Opportunity to grow market share & focus on services *All HW Categories Inc. * Source: IDC 55
Slide 57: Way Forward
WAY FORWARD CORE BUSINESS FUTURE STRATEGIES Improve efficiency by • Box moving to content centric • Speed of execution • Build services platform & solution • Cost optimization alliances OPPORTUNITIES BULUTUM.COM • Expand Paynet • A platform to • Grow enterprise products, provide end to end Cloud dis
Slide 58: Singapore & South Asia (SSA) Presentation
Investor & Analyst Meet 2019 Singapore & South Asia (SSA) Presentation
Slide 59: Overview of SSA Operations
OVERVIEW OF SSA OPERATIONS RDPL – 100% subsidiary of Catering to India customers Operations since 2005 Redington India Ltd availing import duty benefit PAT* 42+ 4 28 % Brands Warehouses EBIDTA* Revenue* 25 690+ 780+ % Channel Partners Customers 13 % 6 1 Sales Offices Service Centers Strong double di
Slide 60: SSA Business Model
SSA BUSINESS MODEL INDIA BANGALADESH & NEPAL SRILANKA & MALDIVES • Local Billing to • Bill to end Customers Partners • Bill to Partners • Bill to Partners • Bill to Partners from Singapore 59
Slide 61: Performance by Market Share
PERFORMANCE BY MARKET SHARE Comp 4 Others Comp 3 3% 8% 8% 88 Comp 2 76 81 9% 63 64 RDPL 52 48 55 53% 41 Comp 1 Palo Alto Dell EMC 19% Nutanix NetApp Lenovo Apple Citrix Cisco HPE 60
Slide 62: Disruptions Experienced
DISRUPTIONS EXPERIENCED Interest rate Post GST, tax Rupee difference Competition Vendors prefer arbitrage depreciation between USD intensity in-country billing advantage made import & INR increased model reduced more expensive narrowed 61
Slide 63: Financial Performance
FINANCIAL PERFORMANCE REVENUE EBITDA PAT CAGR CAGR CAGR 12% 18% 17% FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 Rs in crs Rs in crs Rs in crs 62
Slide 64: Way Forward
WAY FORWARD Implement Partner enablement and Training for VAD • Partner enablement/ training program • Develop partner eco system and partner collaboration Expand presence in tier II cities in India • Ahmedabad • Surat • Cochin • Trivandrum Expand in-country business in Sri Lanka • Increase SOW in c
Slide 65: MD Presentation
Investor & Analyst Meet 2019 MD presentation
Slide 66: Analyst Meet 2017 Takeaways
ANALYST MEET 2017 TAKEAWAYS •Services business to contribute to 20% of PAT by India Services : FY18 -20%, FY19 – 28% 2020 •Positive free cash flow generation FCF in FY19 : Rs.732 crores •Foray into new Emerging businesses – to drive profitable growth “Re-think” – Changed environment •Monetization of
Slide 67: 25 Years of Redington
25 YEARS OF REDINGTON Listing of ADC in Expansion into Redington Chennai & Non-IT & in India Jebel Ali Inorganic entry Consumer into Turkey Durables Value Added Hived off Distribution in Logistics India division Hived off Entry into Support MEA Services division Brands New acquired; initiatives – Pr
Slide 68: 25 Years of Creating Value
25 YEARS OF CREATING VALUE Revenue Rs.in Crs 50,000 PAT Rs.in Crs 45,000 500 40,000 400 35,000 30,000 Turkey 300 25,000 20,000 200 SSA 15,000 10,000 MEA India 100 5,000 - - 1994 1999 2004 2009 2014 2019 67
Slide 69: Explore, Evolve, Innovate
25 YEARS OF CREATING VALUE Explore Evolve Innovate 68
Slide 70: 25 Years of Delivering Value
25 YEARS OF DELIVERING VALUE Crossed Rs.40,000 crs Crossed 50,000 46% 48% Rs.30,000 crs 500 45,000 Revenue PAT Crossed 40,000 CAGR CAGR Rs.20,000 crs 35,000 400 Crossed 30,000 Rs.10,000 crs 300 25,000 Crossed Crossed 20,000 Rs.1,000 crs Rs.100 crs 200 15,000 10,000 100 5,000 - - 2013 2016 2019 1994
Slide 71: Complex Business Simplified
COMPLEX BUSINESS SIMPLIFIED 15%* 14%* 14%* No.1 No.2 Redington growth Revenue EBITDA PAT CAGR CAGR CAGR In MEA In India > Industry growth Competition pressure 220+ 39,800+ Change in business models Brands Partners Technological disruptions Geo-political tensions; Industry wide issues 37 45,000 Marke
Slide 72: FY19 Performance
FY19 PERFORMANCE Revenue growth WC days 12% YoY 37 days or 9.9 turns EBITDA growth Provisions 12% YoY Bad debts: 0.14%; Inventory:0.12% PAT growth ROCE/ROE 5% YoY (Ex-Impairment 15% YoY) ROCE: 16.5%; ROE: 13.7% Free cash flow Net Debt to Equity Rs.732 crs 0.1 71
Slide 73: Professionally Managed…
PROFESSIONALLY MANAGED… Raj Shankar Managing Director P S Neogi S V Krishnan Ramesh Natarajan J K Senapati, E H Kasturi Dr. R. Arunachalam S V Rao Chief CFO & Whole Joint COO & Chief Joint COO, India Rangan CEO, ProConnect CEO, Ensure Development & Time Director Sales Officer, India MD, ProConnect L
Slide 74: …Board Led Company
…BOARD LED COMPANY Independent Directors CHAIRMAN Prof. Ramachandran V. S. Hariharan Keith WF Bradley B Ramaratnam Anita P Belani Professor, Corporate Ex. Vice President, Ex.President, Professional Sr Business & Human Capital Policy & Strategy Hewlett-Packard, Ingram Micro, Director Leader, Operatin
Slide 75: Marquee Investor Base
MARQUEE INVESTOR BASE HDFC Mutual Fund Others, Synnex Fidelity Management & Research 12.2% Mauritius (FMR) Mutual Ltd, 24.2% Franklin Templeton Investments Funds, 14.1% ICICIPru Life Insurance Standard Chartered Fidelity International Foreign Private Institutional Equity, 15.8% Dimensional Fund Advi
Slide 76: Returns to Shareholders
RETURNS TO SHAREHOLDERS EPS BOOK VALUE/SHARE DIVIDEND In ₹ In ₹ 165% 12.0 12.8 11.6 100 215% 10.6 13% 16% 88 9.7 120% 79 8.4 105% 8.1 67 7.4 95% 58 5.7 49 4.7 40 4.1 55% 33 3.5 32 50% 3.1 45% 27 26 40% 35% 19 16 25% 20% 20% FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY F
Slide 77: Returns to Shareholders
RETURNS TO SHAREHOLDERS 5 year Since listing Shareholders 10 year Shareholders Buyback to the ’ returns Shareholders ’ returns tune of ’ returns 56% 202% Rs.139 crs 134% 76
Slide 78: Advantage Redington
ADVANTAGE REDINGTON Net Debt to Equity 1 2 4 3 5 yr Avg ROE 1 4 2 3 5 yr Avg ROCE 1 3 4 2 5 yr Avg WC days 3 2 4 1 5 yr PAT CAGR 2 4 3 1 5 yr Gross Profit CAGR 1 4 3 2 5 yr Rev CAGR 1 3 4 2 Redington Global Comp 1 Global Comp 2 Global Comp 3 77
Slide 79: Trends in Distribution Landscape
TRENDS IN DISTRIBUTION LANDSCAPE From From “Traditional From “Working Capital Ability to From “Supply From “Own” to “Products” to biz” to “Digital driven” to “Intellectual interpret & Chain” to “Supply “Collaborative” biz “Products + Platform biz” Capital” driven utilize “Data” Network” models Servi
Slide 80: Key Business Segments Driving Growth
KEY BUSINESS SEGMENTS DRIVING GROWTH IT Enterprise Logistics Cloud Services Mobility GROWTH DRIVERS GROWTH DRIVERS GROWTH DRIVERS GROWTH DRIVERS • Govt spends • Inherent Industry • Cloud adoption • Smartphone • Corporate Capex demand for 3PL picking up penetration levels • Value for ‘Solutioning’ •
Slide 81: Analyst Meet 2019 Takeaways
ANALYST MEET 2019 TAKEAWAYS •Continue to grow faster than the industry •Quality of Earnings to improve – Earnings growth faster than Revenue growth •Services to contribute ~20% of PAT by 2022 •Strategic acquisitions to propel growth •ROCE to improve by ~3% by 2022 •To become fully digitalized compan
Slide 82: Thank You
THANK YOU