HCL Infosystems Limited · NSE:HCL_INSYS
HCL Infosystems — Investor Presentation (2009)
79 slides from HCL Infosystems's investor presentation, 2009
Slide 1: Enabling Growth, Customer Doing Best Practices in System Integration
nabling Growth.. Customer Doig. ing Best Practices in System Integration...
Slide 2: Disclaimer
Disclaimer This may contain "forward-looking" information including statements concerning HCL's outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The forward-loo
Slide 3: HCL Standing Taller, HCL Growing Stronger
HCL Standing Taller HCL Growing stronger The 2nd Largest ICT Co. in terms In the World‟s Fastest Growing of “India Facing Revenue” ICT Market INR CR. India Revenue Indian IT CAGR – 16.4% (IDC/Gartner) ~ 50% growth HP 12923 expected in next 3 years HCL 12378 Wipro 6448 Steep Growth Sectors: TCS 2
Slide 4: Portfolio of Growth Opportunities
Portfolio of Growth Opportunities Products & System Training & Distribution Security Services Integration Education & Marketing Indian Domestic Strong Growth in Learning Solution Security IT market is Verticals for market is expected business in growing at a System Integration to grow 5 times in nex
Slide 5: With a commitment for a Green Tomorrow
With a commitment for a Green Tomorrow First IT company in India to have ISO14001 Compliance First company in India to have a comprehensive take back policy for WEEE recovery and recycling First company in India to launch complete range of RoHS compliant Range of PCs HCL Best Assured Campaig
Slide 6: Enterprise Products, System Integration & Services
Enterprise Products, System Integration & Services Rajeev Asija Executive Vice President
Slide 7: Overall IT Market in India
Overall IT Market in India INFRASTRUCTURE BUILD-UP INFRASTRUCTURE CONSOLIDATION INFRASTRUCTURE LEVERAGE 200000 50.00% 180000 45.00% IT Domestic Revenue (INR Crore) 160000 40.00% 140000 35.00% Y-o-Y Growth Rate 120000 30.00% 100000 25.00% 80000 20.00% 60000 15.00% 40000 10.00% 20000 5.00% 0 0.00% 200
Slide 8: Enterprise Products, SI & Services Spectrum
Enterprise Products, SI & Services Spectrum Products Services 1. Desktops, Notebooks & mobile 1. IT Infrastructure services computing a. AMC 2. S4N – b. FM (Servers, Storage, Security, Software c. Managed Services & Network) 2. Strategic Outsourcing Enterprise products & Services Exports System Inte
Slide 9: Domestic IT Market Projections - Granular Analysis
Domestic IT Market Projections - Granular Analysis INR Cr. 2006 2007 2008 2009 CAGR 08-13 Hardware 26705.5 31292.6 32411.4 31694.9 8.2% Software 6828.3 8421.0 9863.4 11110.2 15.6% Services 17069.9 20919.8 24322.4 27872.6 16.4% Others 4928.8 5957.0 6934.7 7702.6 13.1% Total IT Market 55532.4 66590.4
Slide 10: Indian PC Market – 2009 and beyond
Indian PC Market – 2009 and beyond Total PC Market 14 13 Millions 12 11 9 10 8 8 7 8 6 4 2 0 2008 2009 2010 2011 2012 2013 Total Computing Market The Growth Ahead @ 9.7% CAGR Source: IDC Q209 report
Slide 11: HCL Leadership
HCL Leadership Total PC Market Commercial Desktops 17.8% 14.2% 41.4% 41.9% 9.8% 13.2% 9.8% 8.2% 8.7% 7.8% 5.0% 4.8% 5.6% 0.7% 1.1% 0.0% 0.7% 2.5% 2.3% 0.3% 2.1% 1.8% Hewlett-Packard HCL Dell HCL Hewlett-Packard Acer Dell Acer Lenovo Zenith Wipro Sony Toshiba Wipro Lenovo Zenith PCS PCS Others Apple
Slide 12: PC Market spread across Verticals
PC Market spread across Verticals 100% 6% 6% 7% 8% 9% 10% 4% 6% 5% 5% 5% 90% 4% 9% 7% 7% 7% 7% 6% 7% 4% 5% 80% 5% 4% 4% 9% 8% 9% 9% 8% 8% 70% 12% 11% 11% 11% 10% 12% 60% 17% 15% 14% 50% 15% 15% 17% 40% 30% 40% 40% 40% 41% 43% 20% 36% 10% 0% 2008 2009 2010 2011 2012 2013 Home Small Office (1-9) Small
Slide 13: New Products Launched
New Products Launched HCL Leaptop 38 Series HCL Leaptop MTV Edition Series 39 Made for India HCL Leaptop 39 Series product HCL Power House- 8GB RAM & 500 GB HDD CBIB HCL Hyosung Core banking ATMs reaching to all over India
Slide 14: HCL has state-of-the-art Manufacturing Facilities
HCL has state-of-the-art Manufacturing Facilities Uttarakhand Pondicherry Chennai Products Manufactured: Notebooks, Personal Computers, Business Servers, Workstations, LCD Monitors, Colour Monitors, Keyboards, Thin Clients, Terminals, Active Networking products& Passive Networking products, Medical
Slide 15: System Integration
System Integration BFSI & BFSi Coop E-Gov Defence Education Homeland Healthcare Security Telecom Infrastructure Media & Entertainment Retail & POS Power Railways
Slide 16: SI Telecom – Bringing Mobility to Life
SI Telecom – Bringing Mobility to Life Total IT Spending : Value in INR Cr The Growth (Hardware + Services + Pkg. Software) HCL Focus Areas & Offerings 25000 21,685 20000 • WIRELESS TELEPHONY 14,480 12,809 • WIMAX 15000 11,248 INFRASTRUCTURE • NMS, VAS 10000 • OPTICAL NETWORKS 5000 • ACTIVE / PASSIV
Slide 17: Large Projects – Implementation Underway
Large Projects – Implementation Underway Some Wins Telecom Network ERP Solution Management for Telco Solution Billing & Customer Wimax Rollouts Care solution for GSM expansions GEPON IP/MPLS & Giga Enet Passive Broadband Multi- Optical N/W play Expansion 17
Slide 18: SI BFSI – Expert Solutions for Financial Growth
SI BFSI – Expert Solutions for Financial Growth Total IT Spending : HCL Focus Areas & Offerings The Growth (Hardware + Services + PkgSoftware) BFSI + BFSI Co-operative Value in INR Cr 28,626 30000 •Financial Inclusion, Handheld 25000 17,101 17,583 19,328 Terminals, Smart card based 20000 solutions,
Slide 19: SI for a Leading Life Insurance Venture
SI for a Leading Life Insurance Venture “Large SI Project rollout in 116 calendar days.” Operations Deliverables: End-to-End IT Project Core Insurance Solution Enterprise Portal Sales Force Automation Agent Portal Human Resource Management Solution Customer Relationship Management Call
Slide 20: SI BFSI Co-operative – The last mile Financial Connection
SI BFSI Co-operative – The last mile Financial Connection Total IT Spending : (Hardware + Services + PkgSoftware) The Growth BFSI + BFSI Co-operative Value in INR Cr HCL Focus Areas & Offerings 28,626 30000 Bilingual Total Branch Automation package 17,583 19,328 17,101 20000 10000 Core Banking Solut
Slide 21: HCL Co-operative Banking Solution
HCL Co-operative Banking Solution Features HCL Co-operative Banking Solution Multilingual Solution Taking banking to the doorsteps OS & Database Independent 3 Tier Web based Solution Making Financial Inclusion Happen Supports Interface to Bank‟s existing solution Using low cost Delivery c
Slide 22: SI E-Governance – Empowering the Common Man
SI E-Governance – Empowering the Common Man Total IT Spending : The Growth (Hardware + Services + PkgSoftware) Value in INR Cr HCL Focus Areas & Offerings 21,975 25000 20000 Central & State MMPs & Smart Card 14,561 12,750 Projects 15000 11,291 Integrated MMPs Components 10000 • NREGA 5000 • Income t
Slide 23: SI E-Governance – Automating Large Municipal Corporations
SI E-Governance – Automating Large Municipal Corporations 1. COMPUTER SECTION 2. OCTROI DEPARTMENT 3. TAX ASSESSMENT AND RECOVERY DEPARTMENT 4. LICENCE DEPARTMENT (MARKET AND FOOD) 5. FOOD LICENSE 6. CITY WATER SUPPLY DEPARTMENT 7. ESTATE DEPARTMENT 8. OFFICE OF PUBLIC RELATION OFFICER 9. ACCOUNTS D
Slide 24: SI Power – Powering Growth
SI Power – Powering Growth Total IT Spending : The Growth (Hardware + Services + PkgSoftware) HCL Focus Areas & Offerings Value in INR Cr 2,711 3000 2000 1,255 1,373 1,589 Field • CIS, EMS, Billing/Revenue Automation Management 1000 0 2008 2009 2010 2013 • Advanced Metering Infrastructure Smart • Th
Slide 25: Large Projects Under Implementation
Large Projects Under Implementation 100+ locations to cater over 2 million Centralized architecture with integrated ERP Field IT consumers & FITA for a Leading Discom in North India Automation and ERP Solution Three years support for Managed services & AMC Working on joint IPR for CRM, ENMS & Energy
Slide 26: Services Spectrum
Services Spectrum Network & IT Security Complete stack Physical Security Data Center –IT Servers, Storage, Net. Sec - Cisco, CA, Symantec, HP cluster software, DR, ILM, VTL, Storage - EMC, HDS D2D2T, Cloud Computing, GREEN DC Server - HP, IBM, Sun Non-IT – DC Infrastructure Software - MS, Oracle, IB
Slide 27: Indian IT Market – Services
Indian IT Market – Services Source: Springboard Research Breakup (Apr08-Mar09) Domestic Services H/W AMC H/W AMC 21% 6480 Application Integration 21% Application Integration 16% 4937 35% Managed Services Managed Services 17% 5246 Apps Hosting Apps Hosting 8% 2468 16% IT Consulting IT Consulting 3% 9
Slide 28: IDC CSA Trend – 2006-2009
IDC CSA Trend – 2006-2009 IT Services: Vendor Ranks Brands Rank '07 Rank '06 Change HCL Comnet 1 4 s Wipro 2 5 s HP Services 3 3 n HCL Infosystem 4 6 s TCS/CMC 5 1 t Sify 6 – New IBM Global 7 2 t CMS 8 7 t s Up t Down n Unchanged Source: DQ-IDC CSA 2007 28
Slide 29: Services Strategies
Services Strategies Managed Services SI Services Scope of services enriched to include middleware, application One time implementation/rollout software services Sustenance of SI solution FM cases enhanced into Managed Operations & Management services for delivery from RIM Back to back se
Slide 30: Strategic Outsourcing – Focus Areas
Strategic Outsourcing – Focus Areas Replication of past wins Other Segments being • ULBs/Municipal Pursued Corporations • Healthcare (TOS) • Network Outsourcing • Co-Operative Segment • Cooperative – CTS for Core Banking • TOS of medium sized • E-Governance Boot corporate projects • Transaction proc
Slide 31: HCL Touch – Touching lives
HCL Touch – Touching lives 24 x 7 x 365 - 1st & only- Always with you- International Warranty 1860 1800 425 Real Time Remote Troubleshoot Lifetime Response SMS based support Nation Wide- 4000 towns within 1 hr drive Email based support On Site Support Service Data Recovery Region
Slide 32: Office Automation & Education
Office Automation & Education M. Chandrasekaran Sr. Vice President
Slide 33: Office Automation Spectrum
Office Automation Spectrum Imaging Products & Solutions • Digital Copiers & Multifunction Devices System Integration • Digital Duplicators • Media & Entertainment • Production Printers • Education • Projectors • Display & Signage Solutions Solutions • Audio Visual System • Dial 100 solution for Poli
Slide 34: Office Automation Media & Entertainment
Office Automation Media & Entertainment
Slide 35: Media & Entertainment: Moving up the value chain
Media & Entertainment : Moving up the value chain Operations Facility & Operations Media management Technology Media Technology Engineering, Consultancy, Digital Broadcast Delivery Digital Acquisition, Production, Post Production, Playout Delivery Platforms, DRM,MAM, Automation, Storage Conventional
Slide 36: Office Automation Infinet Spectrum
Office Automation Infinet Spectrum
Slide 37: Infinet Spectrum of Services
Infinet Spectrum of Services Managed Internet Services Virtual Private Network Managed Internet Telephony MPLS VPN Managed Collocation Services Managed Messaging Services IP VPN FR VPN Managed Network Services Network Consultancy Services Network Management Services Facility Management Services
Slide 38: Office Automation Education & Training
Office Automation Education & Training
Slide 39: Education & Training market - Around US$40 Bn
Education & Training market - Around US$40 Bn Multimedia In Schools 2008 Market Size – 30m US$ 2012 Market Size - 405m US$ CAGR – Projected – 68% ICT @ Schools 2008 Market Size – 96m US$ 2012 Market Size – 936m US$
Slide 40: Education & Training
Education & Training Private Schools Education Projects • Multimedia Based Education • ICT @ Govt. Schools • HCL K-12 Education S/w • ERP solution • BOOT Contracts (3y/5y) • State Education Dept. / Universities • HW Content Bundling • Language Labs • Language Labs • Schools / Colleges • Mini ERP eLe
Slide 41: Market Landscape K-12 School
Market Landscape K-12 School Addressable Market Size Pvt. Schools (CAL Education) is 12000 +Schools Govt. Schools (ICT Education) – 80000+ Schools SCHOOLS HCL is the leading ICT supplier to most of the leading players in the market. HCL as a growth K-12 strategy is entering into Education Services M
Slide 42: HCL DigiSchool Technology - Differentiator
HCL DigiSchool Technology - Differentiator
Slide 43: HCL Career Development Centers
HCL Career Development Centers Born: 100+ Career Development Centers August 11th , 2006 across India
Slide 44: Consumer Business
Consumer Business Hari Bhaskaran Executive Vice President
Slide 45: Computing Business - Consumer
Computing Business - Consumer Growth Rate CAGR : 3.2% for Desktop and 21.2% Laptop respectively Brand-building & positioning notebooks basis lifestyle needs Strengthening marketing and product teams to drive business strategy Clear focus on retail marketing and enablement Grow the Branded
Slide 46: Partners in the B2C Space
Partners in the B2C Space India‟s Largest Distribution & Retail Network • 700+ RDS • 750+ MD • 93K+ Retail outlets & a PAN India chain of Digital Lifestyle stores
Slide 47: The HCL Advantage
The HCL Advantage Distribution Excellence Managerial Expertise Proven Ability to scale up Business • Retail Models Billing upto 3,50,000 units / day Ability to micro-manage inventory & 3 Tier Distribution Model for enhanced reach obsolesce over 1500 SKUs daily Rural Penetration of all towns
Slide 48: Scope of Channel Coverage
Scope of Channel Coverage Channels Organized Alternate General DigiLife Trade “Internet & Trade Stores (LFR) Telesales” Product Categories IT HCL Desktops/Notebooks Consumer Electronics Net books Apple iPod Telecom HCL LCD Monitors, UPS Nintendo Nokia GSM Mobile HCL PC Essentials Kodak Digital Camer
Slide 49: IT Accessories & Mobile Accessories
IT Accessories & Components Mobile Accessories Overall Market Size of INR 10,625 Cr * • Market size of around INR 3000 Cr Constituent elements are • Market dominated by grey and low cost processors, mother boards, TFT monitors, hard disc drives, memory modules, UPS, Networking alternatives produ
Slide 50: New Opportunities
New Opportunities LCD TVs Gaming Devices 2007 2008 2009 2010 Global CAGR 17% Indian Market Size 846 1,506 2,680 4,771 Indian CAGR 78% Segment Split: Mobile Gaming 56% 474 843 1501 2672 Console Gaming 30% 254 452 804 1431 PC Gaming 14% 118 211 375 668 Addressable Market (Mobile+Console) 728 1295 2305
Slide 51: Branded Retail
Branded Retail 3 Formats of stores envisaged Digilife Store : Multi category , 500 sq ft , High Street, COCO + Franchised HCL Brand Shop : Computers + Computer Complements, 250 sq ft, High Street , COCO + Franchised Modular Shop in Shop : Multi category , 75 sq ft , High traffic indoors, Franc
Slide 52: HCL Security: Technology that Secures Lives
HCL Security “Technology that Secures lives” Rothin Bhattacharyya CEO HCL Security Limited
Slide 53: Key Elements of Strategy
Key Elements of Strategy Focused Dominance Product & In Indian Portfolio Markets Management Own IPR Global Markets Customer RESULTS BUSINESS 53
Slide 54: HCL Security Solutions Portfolio
HCL Security Solutions Portfolio • Control Room Solution • Surveillance Solutions • Access Control Solutions • Aerial Surveillance Solutions • Asset Management Solutions • Millimeter wave Man Portals • Baggage Screening Solutions • Building Management Solutions • Under Vehicle Surveillance Solutions
Slide 55: Product Development – Own IPR
Product Development – Own IPR HCL Security developing an integrated Command and Control Center Version 1 release to be out by Q4‟09, multiple market oriented version releases SOA oriented, Scalable, Flexible and Modular, easily integrated with “Best in Class” devices The product aims to provide acti
Slide 56: Key Customers Verticals
Key Customers Verticals Police Strategic Installations like courts Airports Railways Corporate Entities Banks Hotels Hospitals Religious Establishments 56
Slide 57: Branding
Branding George Paul Executive Vice President
Slide 58: Communication: Heartbeat Mass Media Activities
Heartbeat: Mass Media Activities Heartbeat Heartbeat Heartbeat Heartbeat Phase 1 Phase 2 Phase 3 Phase 4 Communication Brand FEARless Talking Numbers Touch Technology Touch Technology campaign Campaign Campaign Campaign – The Sequel launched April 2005 January 2006 May 2007 April 2008 58
Slide 59: HCL refreshes the brand campaign
HCL refreshes the brand campaign Technology that Touches Lives HCL emerged as No. 1 in “Top Current campaign is based on How HCL‟s technology of Mind Awareness” among touches peoples lives Indian ICT companies in a Widespread examples across diverse fields Focuses on a strong youth/emotional con
Slide 60: Integrated Marketing Plan – Campaign Heartbeat
Integrated Marketing Plan – Campaign “Heartbeat” TV Internet Magazines • Covering leading national and international (Indian subcontinent) magazines • Campaign across various • e.g. - Business channels World, Business Today, India • Campaign continues • Cricket and regional reach has • Websites – be
Slide 61: The New HCL Laptop Campaign
S| she's pooia.. ‘a loves flowers ,
Slide 62: Awards & Accolades
Awards & Accolades HCL ranks No. 1 company in IT services, among top 3 in Desktops as per DQ CSA 2009 HCL recognized as Server Leader Account by Intel Corporation HCL wins Best Desktop PC Category award by Computer Active HCL ranks No.1 in the Dataquest – IDC Best Employer Survey 2009
Slide 63: Awards & Accolades
Awards & Accolades HCL was honoured with the Gold Certification Merit Award for India Manufacturing Excellence 2008 from Frost and Sullivan HCL wins the prestigious Dun & Bradstreet Rolta corporate Award 2008 for being leader in Computer Hardware & Peripherals category HCL Ranks Third Among th
Slide 64: Our People Metrics Today
Our People Metrics Today Total Employee Strength Across India 5921 in 360+ locations Senior Managers 104 with avg 19.52 year in HCL Middle Managers 292 with avg 12.43 yrs in HCL Established Management Capability & Leadership Pipeline Young Managers 958 with avg 6.84 years in HCL Passionate Wor
Slide 65: Best Employer: HCL Infosystems
BEST EMPLOYER : HCL Infosystems Ranked No.1 BEST EMPLOYER SURVEY By IDC- Dataquest 2009 & amongst Top 3 for four years consecutively Ranked TOP 3 Best Companies to Work For in India Survey 2008 by TNS, Mercer & BT 65
Slide 66: Leadership Pipeline - Develop Competency
Leadership Pipeline - Develop Competency Capacity Development - Action Learning Teams/ Forums -Seminars & Professional Associations Senior -IDP and Executive Assessments -Mentoring & Workplace Coaching Management 104 with avg 19.52 years in HCL Business Leadership - Competency Development Trainings
Slide 67: The HCL Infosystems of Today
The HCL Infosystems of Today System Integration, Roll Out & Infrastructure Management Telecom E-Gov Power Railway Health Security Media & Ent Airport/Ports Defence Education BFSI +Co- op* Power Complete ICT Solutions from HCL B2C B2B Computer Systems : PCs; Laptops; Workstations; Thin Client; Periph
Slide 68: Financial Trends: Current & Historical
FINANCIAL TRENDS : CURRENT & HISTORICAL Sandeep Kanwar Chief Financial Officer
Slide 69: Q4 & FY09 Results Highlights
Q4 & FY 09 Results Highlights Quarterly Results Consolidated Revenue 3098 3129 3133 3018 Revenue at Rs. 3133 crores. PBT at Rs. 85 crores. PAT at Rs. 60 crores. Rs. crores 75% dividend declared. 24thconsecutive quarterly dividend JAS 08 OND 08 JFM 09 AMJ 09 Annual Results Profit before Tax 9
Slide 70: Segment Highlights: Computer Systems
Segment Highlights Computer Systems Quarterly Results Revenues 971 876 875 818 Revenue at Rs. 971 crores, Rs. crores PBIT at Rs. 52 crores. JAS 08 OND 08 JFM 09 AMJ 09 Annual Results PBIT 52 Revenue at Rs. 3540 crores. 48 41 37 PBIT at Rs. 177 crores. Rs. crores Capital Employed at Rs. 876
Slide 71: Segment Highlights: Telecommunication & Office Automation
Telecommunication Segment Highlights & Office Automation Quarterly Results Revenues 2314 2230 2153 2178 Revenue at Rs. 2178 crores. PBIT at Rs. 54 crores. Rs. crores JAS 08 OND 08 JFM 09 AMJ 09 Annual Results PBIT 68 Revenue at Rs. 8874 crores. 63 61 Rs. crores 54 PBIT at Rs. 246 crores. JAS
Slide 72: Balance Sheet
Balance Sheet Rs crores Audited Unaudited Audited Particulars 30.06.09 31.03.09 30.6.08 Net Worth 1121.9 1095.7 1016.2 Loans 226.8 272.4 354.5 Deferred Tax Liability (Net) (5.6) 4.1 6.7 Net Fixed Assets 185.2 181.9 169.8 Investments and Cash & Bank Balances 470.1 315.7 534.8 Inventory 889.1 1050.9 8
Slide 73: Balance Sheet Ratios
Balance Sheet Ratios Key Ratios FY 09 FY 08 Return on Capital Employed % 29% 35% Return on Net Worth % 21% 30% Debt / Debt+Equity 0.17 0.26 Debtors Collection period (days) {annualised} 44 37 Inventory turnover (annualised) 14 14 Current ratio 1.4 1.6 73
Slide 74: Consolidated Profitability
Consolidated Profitability Rs crores CONSOLIDATED PROFIT & LOSS Unaudited Audited ACCOUNT Q4 FY 09 Q4 FY 08 FY 09 FY 08 Gross Sales / Income from Operations 3,132.9 3,131.0 12,378.5 12,402.6 Less: Excise Duty 26.6 40.7 126.1 158.0 1a. Net Sales / Income from Operations 3,106.3 3,090.3 12,252.4 12,24
Slide 75: Consolidated Segments
Consolidated Segments Rs crores Unaudited Audited Particulars Q4 FY 09 Q4 FY 08 FY 09 FY 08 1. Segment Revenue a) Products and Related Services - Computer Systems & Other Related Products (Gross) 971.0 876.6 3,540.0 3,388.9 Less: Excise Duty 26.6 40.7 126.1 157.8 - Computer Systems & Other Related P
Slide 76: Historical Financial Trends
Historical Financial Trends 76
Slide 77: Financial Trends
Financial Trends Consolidated Revenue Services Revenue 12,403 12,378 654 11,855 CAGR 12% 11,455 CAGR 29% 458 7,787 Rs crores 360 Rs crores 274 237 FY 05 FY 06 FY 07 FY 08 FY 09 FY 05 FY 06 FY 07 FY 08 FY 09 PBT Dividend 429 430 400% 400% 400% 385 351 310% 325% 296 Rs crores Rs crores FY 05 FY 06 FY
Slide 78: Segment Growth Trends
Segment Growth Trends Computer Systems Telecommunication & Office Automation Revenue 3,540 Revenue 3,389 9,050 9,049 9,020 8,874 CAGR 16% 2,785 CAGR 11% 2,381 1,971 5,779 Rs crores Rs crores FY 05 FY 06 FY 07 FY 08 FY 09 FY 05 FY 06 FY 07 FY 08 FY 09 PBIT PBIT 200 285 177 267 CAGR 6% 174 CAGR 14% 24
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