Eclerx Services Limited · NSE:ECLERX
Eclerx Services — FY2019 Earnings Presentation
15 slides from Eclerx Services's earnings presentation, May 23, 2019
Slide 1: Financial Performance – FY19
Data. Domain. Delivery. eClerx Financial Performance – FY19 23rd May, 2019 Presented to:
Slide 2: Financial Summary
Financial Summary Metrics FY19 Q4 Q-o-Q FY19 Y-o-Y OPG revenue (USD mm) 51.2 2.0% 200.7 1.1% Revenue OPG revenue (INR mm) 3,651 2.1% 14,306 4.8% Total revenue (INR mm) 3,747 5% 14,792 5% EBITDA (INR mm) 903 35% 3,562 -12% Operating EBITDA (INR mm) 808 21% 3,076 -16% Profit OPM (INR mm) 680 25% 2,629
Slide 3: Other Income – FY19 Q4 vs. FY19 Q3
Other Income – FY19 Q4 vs. FY19 Q3 Figures in INR millions. Other Income FY19 Q4 FY19 Q3 FY19 FY18 Investment Income 108.1 100.0 354.8 292.4 Revaluation and Realised Gain (15.9) (104.4) 99.7 59.8 Other Misc. Income 3.6 4.7 31.4 46.1 Total 95.7 0.2 485.9 398.3 • Increase in other income due to revalu
Slide 4: Hedge Updates
Hedge Updates Current Hedge Status • Total outstanding hedges now $143.4 mm at average INR 72.7/$; 100% forwards $ Contract Period Amount (mm) Avg. Rate (INR) FY19 Q1 $31.0 69.20 FY19 Q2 $30.4 68.70 Matured Forwards FY19 Q3 $32.7 69.00 FY19 Q4 $29.5 69.00 Total FY19 $123.5 68.96 FY20 Q1 $30.3 69.90
Slide 5: P&L Comparison: FY19 vs. FY18
P&L Comparison: FY19 vs. FY18 Figures in INR millions. Operating P&L FY19 OPR (%) FY18 OPR (%) Operating Revenue 14,306 13,651 Cost of Revenues Delivery and Support Employees Cost 7,062 49.4% 6,180 45.3% General and Administrative Expenses Facilities (Rent and Electricity) 734 5.1% 632 4.6% Technolo
Slide 6: OPM Bridging Analysis: Y-o-Y FY19 vs. FY18
OPM Bridging Analysis: Y-o-Y FY19 vs. FY18 0.6% 23.3% 0.4% 0.3% 1.4% 4.3% 18.4% 6.0% FY18 Depreciation S&D Fx & hedges G&A Delivery Cost FY19 • Delivery cost higher due to onshore revenue mix increase from 19% to 22% and onshore headcount ramp up • Higher G&A due to one off costs in Pune facilities
Slide 7: Balance Sheet & Other Updates
Balance Sheet & Other Updates • Total Cash and Cash equivalents of INR 7,398 mm vs INR 6,002 mm for FY’18 ̶ Equivalent to INR 195.8 per share vs INR 157.3 for FY’18 ̶ Net operating cash flow in FY’19 is INR 2,063 mm vs INR 2,982 mm in FY’18 ̶ Capex during FY’19 is INR 511.6 mm vs INR 288.2 mm in FY’
Slide 8: ESOP Trust
ESOP Trust • Set-up in FY’17 to meet stock demand from exercises under the ESOP Scheme 2015 (“the Trust”). • As on FY’19, the Trust holds 920,860 Equity shares; Average cost per share 1227.24 • Loan extended from company to Trust of INR 1,200 mm • The Trust will deliver shares for ESOP exercises fro
Slide 9: Key Business Metrics
Key Business Metrics FY 19 FY 19 FY 19 FY 19 FY 18 FY 18 FY 18 FY 18 FY 17 FY 17 FY 17 FY 17 Metrics Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 USD 80% 82% 82% 82% 79% 83% 82% 84% 84% 75% 73% 72% Currency Contribution EURO 10% 9% 10% 10% 13% 10% 10% 9% 10% 17% 19% 19% (%) * GBP 7% 7% 6% 6% 6% 6% 6% 6% 6% 7
Slide 10: Revenue Mix Trends ($mm)
Revenue Mix Trends ($mm) % % % % % % % % $5.3 % % % $4.4 % % % % % % $4.2 $5.0 $4.9 % % $4.9 % % % $4.1 $12.1 % $12.0 % % $3.7 % % % % % $10.5 $10.3 % % % $9.7 $10.0 % % $9.4 % % $8.7 % % % % % % % % % % % % % % -1.0% % % -1.4% 2.1% % % -2.7% % % % -4.0% 0.5% % % % -5.4% -4.9% % % % % % % % FY18 Q1
Slide 11: Human Resources Update
Human Resources Update Headcount 9,583 9,429 78 9,363 86 9,520 87 9,509 78 91 8,942 8,815 81 91 80 91 406 91 393 388 90 78 460 444 58 640 641 635 387 618 638 1,153 453 617 367 366 520 558 178 7,709 7,825 7,746 7,907 7,788 7,747 7,497 FY16 FY17 FY18 FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4 Offshore Delivery O
Slide 12: 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 13: Balance Sheet Abstract
Balance Sheet Abstract Figures in INR millions. Particulars March 31, 2019 March 31, 2018 % of Change Shareholder's Funds Capital 378 381 (1%) Minority Interest 6 5 9% Reserves and Surplus 13,435 11,666 15% Total Shareholder's Funds 13,819 12,053 15% Application of Funds Fixed Assets 3,481 3,435 1%
Slide 14: Financial Summary – Quarterly View
Financial Summary – Quarterly View Metrics FY19 Q4 FY19 Q3 FY19 Q2 FY19 Q1 FY18 Q4 FY18 Q3 OPG revenue (USD mm) 51.2 50.2 50.0 49.2 52.5 48.9 Revenue OPG revenue (INR mm) 3,651 3,576 3,559 3,519 3,611 3,399 Total revenue (INR mm) 3,747 3,577 3,751 3,717 3,781 3,405 OPM (INR mm) 680 544 729 676 676 7
Slide 15: P&L Comparison – Quarterly View
P&L Comparison – Quarterly View Figures in INR millions. FY19 OPR FY19 OPR FY19 OPR FY19 OPR FY18 OPR Operating P&L Q4 (%) Q3 (%) Q2 (%) Q1 (%) Q4 (%) Operating Revenue 3,651 3,576 3,559 3,519 3,611 Cost of Revenues Delivery and Support Employees Cost 1,777 48.7% 1,830 51.2% 1,730 49% 1,725 49% 1,71