India Midcaps

RESULT UPDATE

CRISIL
All round strong performance
India Equity Research| Credit Rating

CRISILs Q1CY14 top line at 21% YoY and PAT at 39% YoY surpassed our
estimates by 8% and 15%, respectively. Key positives were: (1) ratings
segment revenue rebounded with 16% YoY growth and research revenue
surged 26% YoY; (2) overall EBIDTA grew 35% YoY; and (3) ratings EBIT
margin grew a robust 174bps alongwith 400bps expansion in research
EBIT margin to 30%, which led to overall EBITDA margin catapulting
322bps to 33.2%. Led by strong performance in ratings and research, we
are revising our CY14E and CY15E earnings up 4.0% and 6.5% to ~14.3%
and ~18.3% growth, respectively. However, we maintain HOLD on rich
valuations.

EDELWEISS RATINGS
Absolute Rating

HOLD

Investment Characteristics

Growth

MARKET DATA (R: CRSL.BO, B: CRISIL IN)

CMP

: INR 1,246

Target Price

: INR 1,347

52-week range (INR)

: 1,289 / 884

Share in issue (mn)

: 70.7

M cap (INR bn/USD mn)

: 88 / 1,460

Avg. Daily Vol. BSE/NSE (000) : 46.4

Strong rebound in ratings, uptick in research

CRISIL reported a better-than-expected Q1CY14 with revenue growth of 21% YoY led
by 16% YoY surge in ratings and 26% YoY rise in research segment. Ratings segment
grew 5% QoQ led by pick up in bank loan ratings and SME ratings segment. Favourable
client additions in financial research, analytics & model validation, strong performance
by Coalition and launch of new products and services led to strong growth in research
segment. Advisory segment also rebounded with 11% YoY growth as CRISIL won its
largest mandates and built a strong order book.

SHARE HOLDING PATTERN (%)

Current

Q2FY14

Q1FY14

67.7
10.4

67.8
10.2

52.8
16.1

Promoters *
MF's, FI's & BKs
FII's

8.0

8.3

10.4

Others

13.9

13.7

20.7

NIL

BSE Midcap
Stock
Index

Stock over
Index

* Promoters pledged shares

(% of share in issue)

Robust ratings and research spurs EBIT margin

The companys operating profit jumped 35% YoY due to 21% growth in ratings EBIT,
45.5% surge in research EBIT and 3.4% rise in advisory EBIT. Ratings EBIT margin
increased 174bps to 40.6%, research EBIT margin catapulted 402bps to 30% and
advisory EBIT margin was flat at 10.8%. As a result, overall EBITDA margin jumped
322bps YoY to 33.2%.

PRICE PERFORMANCE (%)

1 month

6.8

9.1

2.3

3 months

3.7

3.7

0.0

12 months

14.1

32.7

18.6

Outlook and valuations: Maintain HOLD

Led by strong rebound in ratings segment to 16% YoY from ~6.4% in CY13 and robust
surge of 26% YoY in research segment, we are revising up our earnings for CY14E and
CY15E by ~4.0% and ~6.5%, respectively. Due to rich valuation we maintain HOLD
with a revised target price of INR1,347 (INR1,265 earlier) valuing it at 28x CY15E.

Finanacials
Year to Dec.

(INR mn)
Q1CY14 Q1CY13 Growth %

Q4CY13 Growth %

CY13

CY14E

CY15E

Revenue

3,092

2,550

21.3

3,051

1.4

11,123

12,778

14,733

EBITDA

1,028

766

34.3

1,073

(4.2)

3,579

4,205

4,920

Adj. Net profit

687

496

38.5

709

(3.1)

2,516

2,876

3,402

Adj. Dil. EPS (INR)

9.7

7.1

35.6

40.7

48.1

Diluted P/E (x)

34.9

30.5

25.8

EV/EBITDA (x)

23.3

19.5

16.4

ROAE (%)

41.8

39.1

39.0

10.0

Edelweiss Research is also available on www.edelresearch.com,

Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset.

Shradha Sheth
+91 22 6623 3308
shradha.sheth@edelweissfin.com

Manoj Bahety, CFA

+91 22 6623 3362
manoj.bahety@edelweissfin.com

April 21, 2014

Edelweiss Securities Limited

Credit Rating
Table 1: Segment wise performance

(INR mn)

Segment wise performance

Segment revenue
Rating Services
Advisory Services
Research Services
Segment EBIT
Rating Services
Advisory Services
Research Services
Segment EBIT margin (%)
Rating Services
Advisory Services
Research Services

Q1CY13

% YoY

Q4CY13

%QoQ

1153.3
139.5
1797

994
125
1426

16.0
11.3
26.1

1094.5
170.4
1778.4

5.4
(18.1)
1.0

4,139
557
6,411

3,891
553
5,260

6.4
0.6
21.9

467.9
15.1
539.1

386
15
370

21.2
3.4
45.5

437.7
27.1
583.8

6.9
(44.3)
-7.7

1,639
76
2,054

1,638
99.70
1,588

0.1
(24.3)
29.3

1.74
(0.83)
4.02

40.0
15.9
32.8

0.58
(5.08)
(2.83)

39.6
13.6
32.0

42.1
18.0
30.2

(2.5)
(4.5)
1.8

40.6
10.8
30.0

38.8
11.7
26.0

CY13

CY12

(INR mn)
% YoY

Q1CY14

Source: Company

Other highlights

Dividend: During the quarter, the company declared dividend of INR3 per share (same
as last year).
Company reported forex loss of INR30mn in Q1CY14 versus gain of INR0.47mn for
Q1CY13.

Annual report CY13 takeaways

Ratings

Announced 3,106 new bank loan ratings (BLRs; decline of 14% YoY); total BLRs
outstanding exceed 12,100.

Assigned 12,857 SME ratings during the year (up 29% YoY).

Global Analytical Centre (GAC) S&P

Increased support to Standard & Poors through the Global Analytical Centre (GAC), adding
more groups and complex analytical requirements on a larger scale.
GAC continues to be closely integrated with Standard & Poors Ratings Services, extending
the scope of its support into areas such as risk and rating operations, deepening the
engagement in structured finance ratings and broadening the scope of support in Europe
and the Asia-Pacific.

Research
Added large and marquee clients including a number of buy-side and private equity firms,
Investments in the Risk & Analytics vertical and a product-based go-to-market strategy in
Corporate Research are providing impetus to new client addition.
A mid year launch of web-based products using CRISILs proprietary framework resulted in
positive client responses and additions to the client base.

Edelweiss Securities Limited

Crisil
In the Risk & Analytics vertical, CRISIL built scale of operations in model validation and
stress-testing by hiring a number of subject experts, developing robust training modules and
putting in place strong process and quality measures. These steps have resulted in positive
client feedback and opened new avenues of engagement.
In Corporate Research, the company took steps to productise the institutional knowledge
built over the years by serving global Fortune 500 companies in Key Account Management
and Competitive Intelligence. It launched two new products in the market - COMPASS, a key
account management product, and CI 360, a competitive intelligence tool. Both products
are built on strong analytical frameworks that provide actionable insights to clients. The
feedback from clients on these has been positive.
CRISILs global research centres continue to scale up. The China research centre grew rapidly
in 2013 and crossed the 50-people mark. CRISIL has expanded its client roster in Argentina
and moved into a larger facility to accommodate growth plans.

Coalition research
Coalition grew strongly by adding new global investment banks as clients and successfully
launching new products.
In 2013, it delivered a strong performance driven by its core Competitor and Client
Analytics, which reported solid growth. It recently launched RWA (Risk Weighted Assets)
Analytics, which enjoyed a strong start. A comprehensive media strategy in each region has
delivered results, leading to significant improvement in its reach among prospective clients.
Coalition added new clients among the top 20 global investment banks and renewed its
exclusive relationship with a leading consulting firm.

Infrastructure advisory
Continued focus on international business and working with multilateral agencies resulted
in execution of a number of high-profile assignments.
Worked with central and state government departments in formulating, advising and
implementing plan and policies in urban development, coal, food and power. There was
sharper focus on Africa and Southeast Asia, which got a boost from long-term multilateral
spending programmes this year.

Risk solutions
Maintained focus on both consulting and software solutions and won 22 mandates in 2013.
CRISILs risk solutions reached out to newer markets across EMEA and Southeast Asia, got
new mandates and built a strong pipeline for future growth.

Achievements
Ratings: CRISIL Ratings instituted several innovations aimed at development of the
corporate bond market in 2013. It rated Indias first Basel III-compliant Tier-II bond,
inflation-indexed debenture, infrastructure debt fund NBFC.
Research & Analytics: CRISIL GR&A launched Collateral Management and Portfolio
Reconciliation to offer end-to-end solutions in the collateral management space.

Edelweiss Securities Limited

Credit Rating
CRISIL GR&A (Coalition) won mandate from a Swiss Investment bank, which is one of the top
15 globally .
CRISIL GR&A won mandate from a large Europe-based buy-side firm to support its portfolio
managers in building an emerging market fund.
CRISIL GR&A (Coalition) won a mandate from one of the top 15 global investment banks in
the US.
CRISIL GR&A won mandates from two global investment banks for Model Validation.
CRISIL GR&A won mandate from a large US-based asset management company to assist in
writing investment commentaries.
CRISIL GR&A won mandates from a large global investment bank for portfolio optimisation,
a cutting-edge quant analytics work stream a Latin American wealth management and
financial services firm.
Infrastructure Advisory: The company won large and prestigious mandates in Indonesia,
Laos and Vietnam in Southeast Asia, and Tanzania, Malawi and Namibia in Africa.

CRISIL provides offshore rating services to S&P under the Global Analytical Center (GAC)
segment, which contributed ~12% (14% last year) to CRISILs overall revenue and ~32%
(36% last year) to rating revenue. In the interim, there has was a decline of 5% YoY in
CY13. This we assume should be since S&P was consolidating its position since stake
increase to 67.7% last year.

Geographically as on CY13, company has a well diversified portfolio with 35% of sales
from India, 30% of sales from Europe, 29% from North America and 6% from rest of the
world.

Outlook and valuations: Rich valuations; maintain HOLD

CRISIL, being a market leader, will be beneficiary of the under penetration in bond markets
and the governments initiatives to deepen the corporate bond market over the long term.
Given the tough economic conditions, its rating business had been impacted by the
tightening liquidity scenario with growth of mere 6.4% YoY in CY13. However, there has
been a strong rebound with 16% YoY growth in ratings. Research also surprised with 26%
YoY surge led by benefits from cost cuts by financial institutions. In the research segment,
Global Research & Analytics (GR&A), the company added marquee clients in financial
research, analytics and model validation. Also, Coalition delivered a strong performance by
growing its key client accounts and expanding product offerings.
At current valuation, CRISIL is trading at a premium to domestic peers on account of its
diversified model with strong return ratios (~39% plus RoE). Factoring in rebound in the
ratings business at 16% YoY growth (6.4% YoY for CY13), we have revised up our earnings by
4% and 6.5% in CY14E and CY15E, respectively. We continue to maintain HOLD valuing it
at P/E of 28x CY15E, which yields a target price of INR1,347 (INR1,265 earlier).

Edelweiss Securities Limited

Crisil
Financial snapshot - (Consolidated)
Year to March
Revenues
Employee cost
Other expenses
Total expenditure

Q1CY14A
3,092
1,399
666
2,064

Q1CY13
2,550
1,211
573
1,784

% change
21
15
16
16

Q4CY13
3,051
1,348
631
1,978

% change
1
4
5
4

CY13
11,123
5,155
2,390
7,545

CY14E
12,778
5,861
2,712
8,573

(INR mn)
CY15E
14,733
6,725
3,088
9,814

1,028

766

34

1,073

(4)

3,579

4,205

4,920

Depreciation
Other income
PBT
Tax
Adjusted net profit
Extraordinary items
Net profit after extraordinary items
Minority interest
Net Profit after minority interest
Equity capital (FV INR 1)
No. of shares (mn)
Adj. Core EPS (INR)
Diluted P/E (x)
EV/EBITDA (x)
Market cap / Revenues (x)
ROAE (%)

87
29
970
283
687
0
687
0
687
71
71
9.7

87
32
711
215
496
0
496
0
496
70
70
7.1

0
(10)
36
31
39
(100)
38

91
34
1,016
307
709
0
709
0
709
71
71
10.0

(4)
(15)
(5)
(8)
(3)

379
393
3,593
1,076
2,516
462
2,978
0
2,978
71
71
35.6
34.9
23.3
7.9
41.8

450
353
4,108
1,232
2,876
0
2,876
0
2,876
71
71
40.7
30.5
19.5
6.9
39.1

481
457
4,895
1,493
3,402
0
3,402
0
3,402
71
71
48.1
25.8
16.4
6.0
39.0

as % of net revenues
Staff expenses
Other expenses
EBITDA
Net profit

0.1
45.2
21.5
33.2
22.2

0.1
47.5
22.5
30.0
19.5

0.1

1.1
46.3
21.5
32.2
26.8

1.1
45.9
21.2
32.9
22.5

45.6
21.0
33.4
23.1

EBITDA

39

38

(3)
(3)

(3)

0.1
44.2
20.7
35.2
23.2

0.1

Change in Estimates

Net Revenue

New
12,778

CY14E
Old
12,510

% change
2.1

New
14,733

CY15E
Old
14,226

% change Comments
3.6 Due to 13% YoY growth in ratings
versus 11% earlier assumed in
CY14. Due to 17% YoY growth in
ratings in CY14E and 18% YoY in
CY15E versus 15% and 16% YoY
earlier assumed.

EBITDA

4,205

4,054

3.7

4,920

4,634

6.2 Due to change in ratings and

research topline assumptions

EBITDA Margin
Core profit

32.9

32.4

2,876

2,768

3.9

33.4

32.6

3,402

3,193

6.5 Due to change in ratings and

research topline assumptions

PAT Margin

22.5

22.1

Capex

450

450

0.0

23.1

22.4

450

450

0.0

Edelweiss Securities Limited

Credit Rating
Company Description
CRISIL is Indias leading credit rating, research, risk & policy advisory company having
pioneered the concept of credit rating in India in 1987. S&P, the worlds leading credit rating
agency by market share, is its major shareholder (67.7%) after the recent open offer. CRISIL
is a globally diversified analytical company having ratings, research and advisory services
under its fold. With market leadership in corporate bonds, bank loan ratings and SME
ratings, company is strongly poised to gain from cyclical and structural uptick in domestic
ratings segment. With increased interest from parent, strong growth in off shoring services
to S&P will continue which will drive its offshore ratings segment (Global Analytic Center).
Being a global research analytics company providing off shoring services to several large
global clients like 12 of top 15 global investment banks, two of the top 10 global consulting
groups, three of the top 15 global insurance companies and 37 Fortune 500 companies,
company is expected to continue its strong momentum in research revenues.

Investment Theme
CRISIL is Indias leading credit rating company having a ~35% market share, and a strong
parentageStandard & Poor (S&P), worlds leading credit rating agency by market share.
The domestic ratings segment is estimated to grow at 13% CAGR over CY13-15E. We have
estimated off shoring to parent to grow at 11% CAGR over the same period. Going forward
there is a greater scope with increased interest from parent with parent having increased
stake to ~68% now. Research posted robust revenue CAGR of 23% over CY08-13. We believe
CRISILs strategy to offer differentiated solutions with strong association with global
investment banks will propel growth at 17% CAGR over CY13-15E.

Key Risks
Adverse macro economy
Ratings agencies are vulnerable to downturns in the economy when capital raising activities
fall. Last year, fund raising activities dipped due to weakness in the economy and corporate
level stress, which in turn led to reduced bond issuances and bonds rating businesses.
Migration to internal ratings based approach by banks
If banks whose clients avail credit rating services under the Basel II framework migrate to
the internal rating based approach for credit risk (the IRB Approach), it could have an
adverse effect on CRISIL's rating business.
Pricing transience to fixed fee structure
Limited bond issuance and lower bank loan rating volumes pose a threat as issuances have
transcended to a fixed fee cap structure. However, this is more so pronounced only in the
BLR market and less in the CDR segment which is more profitable.
Risk of defaults
Any rating default by a client would hamper the credibility of the rating agency. However
SEBIs mandatory disclosures of default rates would keep the rating agency under control of
the watch guard.

Edelweiss Securities Limited

Crisil

Financial Statements
Key Assumptions
Year to December

Income statement
CY12

CY13 CY14E CY15E

Macro
GDP(Y-o-Y %)
Inflation (Avg)

5.0
7.4

4.8
6.2

5.4
5.5

6.3
6.0

Repo rate (exit rate)

7.5

8.0

7.5

7.0

54.5

62.0

60.0

58.0

USD/INR (Avg)
Sector

CY12

CY13

CY14E

CY15E

Net revenue
Gross profit

9,793
5,403

11,123
5,969

12,778
6,917

14,733
8,008

Employee costs

4,390

5,155

5,861

6,725

Other Expenses

2,207

2,390

2,712

3,088

EBITDA

3,196

3,579

4,205

4,920

343

379

450

481

2,853

3,200

3,755

4,438

Depreciation & Amortization

Corporate debt market issuances growth (%)

30.7

5.0

21.0

27.0

EBIT

Banking credit growth (%)

14.7

15.0

16.0

16.0

Other income

Company

Profit before tax

Volume of debt rated (INR bn)

4,599 4,704 5,574 6,793

Provision for tax

Number of new assigments

3,600 3,106 3,354 3,656

Net profit

Nos

10,000 12,857 16,071 18,482

(INR mn)

Year to December

Extraordinary income/ (loss)

284

393

353

457

3,137

3,593

4,108

4,895

933

1,076

1,232

1,493

2,204

2,516

2,876

3,402

462

2,204

2,978

2,876

3,402

Rating revenues (INR mn)

3,891 4,139 4,666 5,270

Profit After Tax

Domestic Ratings

2,500 2,817 3,212 3,641

Adj. Core EPS (INR)

31.4

35.6

40.7

48.1

Corp. debt ratings inc. (INR mn)

1,275 1,308 1,421 1,637

CEPS (INR)

36.3

41.0

47.0

54.9

Dividend per share (INR)

16.0

19.0

20.0

23.1

Year to December

CY12

CY13

CY14E

CY15E

Operating expenses
Depreciation

67.4
3.5

67.8
3.4

67.1
3.5

66.6
3.3

EBITDA margins

32.6

32.2

32.9

33.4

Net profit margins

22.5

22.6

22.5

23.1

Year to December

CY12

CY13

CY14E

CY15E

Revenues
EBITDA

21.4
21.9

13.6
12.0

14.9
17.5

15.3
17.0

PBT

Bank loan ratings inc. (INR mn)

800

922 1,056 1,160

SME

425

587

S&P Ratings

734

844

1,390 1,322 1,455 1,629

Advisory services

553

557

584

614

Research revenues (INR mn)

4,871 4,696 5,366 6,151

Irevna

3,684 4,327 4,976 5,722

Pipal Research

326

327

343

377

India Research

861

43

47

52

Coalition Development

389 1,715 2,143 2,679

Total Revenues (INR mn)

9,315 9,392 10,616 12,035

Rating revenues (%)

41.8

44.1

44.0

43.8

Domestic Ratings

26.8

30.0

30.3

30.3

S&P Ratings

14.9

14.1

13.7

13.5

Advisory services

Common size metrics

Growth ratios (%)

5.9

5.9

5.5

5.1

14.0

14.5

14.4

19.2

Research revenues (%)

52.3

50.0

50.5

51.1

Net profit

6.8

14.2

14.3

18.3

Irevna

39.5

46.1

46.9

47.5

EPS

6.6

13.4

14.3

18.3

Pipal Research

3.5

3.5

3.2

3.1

India Research

9.2

0.5

0.4

0.4

Coalition Development

4.2

18.3

20.2

22.3

Edelweiss Securities Limited

Credit Rating

Balance sheet

(INR mn)

Cash flow metrics

As on 31st December

CY12

CY13

CY14E

CY15E

Year to December

CY12

CY13

CY14E

CY15E

Equity capital
Reserves & surplus

70
5,220

71
6,674

71
7,910

71
9,418

Operating cash flow

Investing cash flow

2,233
(1,182)

3,065
(204)

3,489
(450)

3,912
(450)

Shareholders funds

5,290

6,745

7,981

9,488

Financing cash flow

(1,108)

(1,558)

(1,640)

(1,894)

Deferred tax liability

(175)

(229)

(229)

(229)

Net cash flow

(57)

1,303

1,399

1,568

Sources of funds

5,115

6,516

7,752

9,260

Capex

(430)

(204)

(450)

(450)

Tangible assets
Intangible assets

1,065
3,603

1,342
3,150

1,342
3,150

1,311
3,150

Dividends paid

(1,203)

(1,558)

(1,640)

(1,894)

Total net fixed assets

4,668

4,493

4,493

4,462

Profitability & efficiency ratios

66

56

56

56

Year to December

CY12

CY13

CY14E

CY15E

Current Investments

1,084

2,387

2,387

2,387

Cash and equivalents

1,528

1,900

3,299

4,867

ROAE (%)
ROACE (%)

46.6
95.2

41.8
85.6

39.1
101.7

39.0
118.4

Sundry debtors

ROA

48.1

43.3

40.3

36.7

Total debt / Capital employed (%)

85.4

68.9

62.3

54.7

Non current investments

1,172

1,195

1,365

1,574

Loans and advances

703

691

691

691

Other current assets

434

516

516

516

Total current assets (ex cash)

2,309

2,402

2,572

2,781

Operating ratios

Trade payable

1,300

1,280

1,614

1,851

Year to December

CY12

CY13

CY14E

CY15E

Others current liabilities

3,240

3,442

3,442

3,442

Total current liabilities &

4,541

4,721

5,055

5,293

Total asset turnover

Fixed asset turnover

2.1
2.8

1.9
2.4

1.8
2.8

1.7
3.3

(2,232)

(2,319)

(2,483)

(2,512)

Equity turnover

2.1

1.8

1.7

1.7

5,115

6,516

7,752

9,260

75.3

95.4

112.9

134.2

Year to December

CY12

CY13

CY14E

CY15E

Adj. Core EPS (INR)

Y-o-Y growth (%)

31.4
6.6

35.6
13.4

40.7
14.3

48.1
18.3

CEPS (INR)

36.3

41.0

47.0

54.9

Diluted PE (x)

39.6

29.5

30.5

25.8
9.3

Net current assets (ex cash)

Uses of funds
Book value per share (INR)
Free cash flow

(INR mn)

Valuation parameters

Year to December

CY12

CY13

CY14E

CY15E

Net profit
Depreciation

2,204
343

2,516
379

2,876
450

3,402
481

Others

(583)

339

327

58

Price/BV (x)

16.5

13.0

11.0

Gross cash flow

1,965

3,235

3,653

3,941

EV/Sales (x)

8.6

7.5

6.4

5.5

Less: Changes in WC

(268)

170

164

29

26.5

23.3

19.5

16.4

Operating cash flow

2,233

3,065

3,489

3,912

430

204

450

450

1.3
87,277

1.5
87,848

1.6
87,848

1.9
87,848

1,803

2,861

3,039

3,462

Less: Capex
Free cash flow

EV/EBITDA (x)
Dividend yield (%)
Market Capitalisation

Peer comparison valuation

Market cap
Name

Diluted PE (X)

Price/BV (X)

ROAE (%)

(USD mn)

CY14E

CY15E

CY14E

CY15E

CY14E

CY15E

1,460

30.5

25.8

11.0

9.3

39.1

39.0

Credit Analysis and Research

386

15.8

13.4

4.4

4.0

29.6

31.4

ICRA

312

23.0

19.0

4.4

3.9

20.7

22.1

Median

386

23.0

19.0

4.4

4.0

29.6

31.4

AVERAGE

719

23.1

19.4

6.6

5.7

29.8

30.8

Crisil

Source: Edelweiss research

Edelweiss Securities Limited

Crisil

Additional Data
Directors Data
Roopa Kudva
H.N Sinor
Douglas Peterson
David Pearce

Managing Director & Chief Executive Officer

Independent - Non-Executive Director
Non-Executive Chairman
Non-Independent - Non-Executive Director

M. Damodaran
Ms. Vinita Bali
Dr.Nachiket Mor
Yann Le Pallec

Independent Non Executive Director

Independent - Non-Executive Director
Independent - Non-Executive Director
Non-Independent - Non-Executive Director

Auditors - S. R. Batliboi & Co

*as per last available data

Holding Top10
Perc. Holding
44.17
8.49
4.01
2.56
2.43

S & p india llc

S & p international
General insurance co
Unit trust of india
Ruane cunniff & gold

Perc. Holding
15.04
5.66
2.69
2.56
2.43

Mcgraw-hill asian ho
Jhunjhunwal rakesh r
Jhunjhunwala rekha
Uti asset management
Acacia partners lp

*as per last available data

Bulk Deals
Data
14 Jun 2013

Acquired / Seller
Jhunjhunwala Rekha R

B/S
Sell

Qty Traded
400000

Price
1158.60

*as per last available data

Insider Trades
Reporting Data
29 Aug 2013
29 Jul 2013

Acquired / Seller
Roopa Kudva
Roopa Kudva

B/S
Sell
Sell

Qty Traded
160000.00
160000.00

*as per last available data

Edelweiss Securities Limited

Credit Rating
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai 400 098.
Board: (91-22) 4009 4400, Email: research@edelweissfin.com
Vikas Khemani

Head Institutional Equities

vikas.khemani@edelweissfin.com

+91 22 2286 4206

Nischal Maheshwari

Co-Head Institutional Equities & Head Research

nischal.maheshwari@edelweissfin.com

+91 22 4063 5476

Nirav Sheth

Head Sales

nirav.sheth@edelweissfin.com

+91 22 4040 7499

Coverage group(s) of stocks by primary analyst(s): Credit Rating

Credit Analysis and Research, Crisil, ICRA

Recent Research
Date

Company

Title

Price (INR)

Recos

21-Feb-14

ICRA

Moodys offer to hike stake a

positive;
EdelFlash

1,588

Buy

17-Feb-14

CRISIL

Slight improvement in ratings,

research rebounds;
Result Update

1,120

Hold

27-Jan-14

ICRA

Margin uptick in ratings;

Result Update

1,543

Buy

Distribution of Ratings / Market Cap

Rating Interpretation

Edelweiss Research Coverage Universe

Rating Distribution*
* 1 stocks under review
> 50bn
Market Cap (INR)

126

Buy

Hold

133

40

Reduce

Total

16

190

Between 10bn and 50 bn

< 10bn

55

10

Rating

Expected to

Buy

appreciate more than 15% over a 12-month period

Hold

appreciate up to 15% over a 12-month period

Reduce

depreciate more than 5% over a 12-month period

Edelweiss Securities Limited

Crisil
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