Eclerx Services Limited · NSE:ECLERX
Eclerx Services — H1 FY2019 Earnings Presentation
14 slides from Eclerx Services's earnings presentation, Nov 1, 2018
Slide 1: Financial Performance - FY19 H1
Data. Domain. Delivery. eClerx Financial Performance - FY19 H1 1st November, 2018 0
Slide 2: Financial Summary
Financial Summary Metrics FY19 Q2 Q-o-Q FY19 H1 Y-o-Y OPG revenue (USD mm) 50.0 2% 99.3 2% Revenue OPG revenue (INR mm) 3,559 1% 7,078 7% Total revenue (INR mm) 3,752 1% 7,456 9% EBITDA (INR mm) 1,024 6% 1,992 -9% Operating EBITDA (INR mm) 831 6% 1,614 -18% Profit OPM (INR mm) 728 6% 1,418 -18% Net
Slide 3: Other Income – FY19 Q2 vs. FY19 Q1
Other Income – FY19 Q2 vs. FY19 Q1 Figures in INR millions. Other Income FY19 Q2 FY19 Q1 FY18 Q4 FY18 Q3 FY18 Q2 Investment Income 79.3 67.5 82.7 69.9 70.3 Revaluation and Realised Gain 109.3 98.3 57.8 (70.8) 55.9 Other Misc. Income 4.1 19.1 29.1 7.1 14.8 Total 192.7 184.9 169.6 6.2 141.0 • Increase
Slide 4: Hedge Updates
Hedge Updates Current Hedge Status • Total outstanding hedges now $150.7 mm at average INR 70.5/$; 100% forwards - Q1 Hedge matured at INR 69.20 and Q2 Hedge matured at INR 68.70 Contract Year Amount (mn) Avg. Rate (INR) Total FY19 H2 $62.1 69.0 Total FY19 $62.1 69.0 Total FY20 H1 $52.7 70.4 Total F
Slide 5: P&L Comparison: FY19 Q2 vs. FY19 Q1
P&L Comparison: FY19 Q2 vs. FY19 Q1 Figures in INR millions. Operating P&L FY19 Q2 OPR (%) FY19 Q1 OPR (%) Operating Revenue 3,559 3,519 Cost of Revenues Delivery and Support Employees Cost 1,730 48.6% 1,725 49.0% General and Administrative Expenses Facilities (Rent and Electricity) 130 3.6% 168 4.8
Slide 6: OPM Bridging Analysis: Q-o-Q FY19 Q2 vs. FY19 Q1
OPM Bridging Analysis: Q-o-Q FY19 Q2 vs. FY19 Q1 1.2% 0.2% 0.2% 20.5% 19.6% 0.3% 0.5% Q1FY19 S&D Delivery Cost G&A Depreciation Q2FY19 • S&D lower due to lower travelling cost in the quarter • Positive Fx. impact offset by hedges; hence not shown above • Higher G&A due to one off costs in Pune facil
Slide 7: Balance Sheet & Other Updates
Balance Sheet & Other Updates • Total Cash and Cash equivalents of INR 6,531 mm vs INR 6,067 mm for FY’19 Q1; ̶ Equivalent to INR 172.0 per share vs INR 159.2 for FY’19 Q1 ̶ Net operating cash flow in Q2FY’19 is INR 937.0 mm vs INR (225.9) mm in Q1FY19 ̶ Capex during FY’19 Q2 is INR 64.4 mm vs INR 4
Slide 8: Key Business Metrics
Key Business Metrics FY 19 FY 19 FY 18 FY 18 FY 18 FY 18 FY 17 FY 17 FY 17 FY 17 Metrics Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 USD 1.6% -6.2% 7.4% 1.2% -0.9% 1.9% 1.5% -3.5% -2.6% -1.1% Revenue Growth (%) Constant Currency 2.2% -5.7% 6.5% 1.1% -1.8% 1.4% 1.6% -2.6% 0.8% -1.6% USD 82% 82% 79% 83% 82% 84% 84%
Slide 9: Revenue Mix Trends – Consol
Revenue Mix Trends – Consol 50% 41.9% 40% $5.3 30% 28.2% $12.1 $4.2 $5.0 $4.1 $4.9 $10.5 $3.7 $10.3 20% $9.7 $9.4 $8.7 11.1% 18.1% 10% 11% 0.5% -1.4% 0% -3% -4.0% -4.9% -5.4% -2.7% -10% FY18 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY19 Q1 FY19 Q2 Emerging (others) Emerging ($ 0.5 mm) Strategic (Top 10 %) Emergin
Slide 10: Human Resources Update
Human Resources Update Headcount 9,583 9,164 9,223 9,429 78 9,363 86 8,942 8,815 78 78 91 82 81 406 80 60 64 460 91 8,189 78 463 444 58 423 640 89 387 618 638 1,153 601 615 617 367 453 240 259 366 1,005 178 7,709 7,762 7,740 7,825 7,746 7,907 7,497 7,095 FY15 FY16 FY17 FY18 Q1 FY18 Q2 FY18 FY19 Q1 F
Slide 11: Forward-looking statements disclaimer
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 Sept 30, 2018 March 31, 2018 % of Change Shareholder's Funds Capital 380 381 (0.4%) Minority Interest 6 5 3% Reserves and Surplus 12,305 11,666 5% Total Shareholder's Funds 12,690 12,053 5% Application of Funds Fixed Assets 3,478 3,435 (1%)
Slide 13: Financial Summary – Quarterly View
Financial Summary – Quarterly View Metrics FY19 Q2 FY19 Q1 FY18 Q4 FY18 Q3 FY18 Q2 FY18 Q1 OPG revenue (USD mm) 50.2 49.2 52.5 48.9 48.3 48.8 Revenue OPG revenue (INR mm) 3,559 3,519 3,611 3,399 3,309 3,332 Total revenue (INR mm) 3,752 3,704 3,781 3,405 3,450 3,413 OPM (INR mm) 728 690 676 778 835 8
Slide 14: P&L Comparison – Quarterly View
P&L Comparison – Quarterly View Figures in INR millions. FY19 OPR FY19 OPR FY18 OPR FY18 OPR FY18 OPR Operating P&L Q2 (%) Q1 (%) Q4 (%) Q3 (%) Q2 (%) Operating Revenue 3,559 3,519 3,611 3,399 3,309 Cost of Revenues Delivery and Support Employees Cost 1,730 49% 1,725 49% 1,712 47% 1,547 46% 1,490 45