Man Impact Analysis (HPCL, IOC, BOB,Clutch Auto & BHEL)

* HPCL Q2FY07 Results – Better than our expectations
* IOC Q2FY07 Results – Below our expectations
* Bank of Baroda – Q2FY07 Results Update
* Clutch Auto – Q2FY07 Results – Mixed
* BHEL – Q2FY07 Results

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Strong growth in core operating profits

State Bank of India''s Q2FY2007 stand-alone net profit at Rs1,184.5 crore was down 2.5% yoy.

Result highlights

• State Bank of India''s (SBI) Q2FY2007 stand-alone net profit at Rs1,184.5 crore was down 2.5% year on year (yoy), but above our expectations of a fall of 11.4% largely due to the lower-than-expected operating expenses reported by the bank and on account of lower provisions.
• The net interest income (NII) grew by 8.1% yoy to Rs3,898.7 crore, above our expectations of a 6.9% growth. The improved yield on the advances (up by 67 basis points) to 8.48% over a 21.2% advances growth coupled with the lower cost of deposits (down 15 basis points) to 4.64% mainly resulted in a better NII growth. The reported core net interest margin (NIM; adjusted for a one-time interest income) for H1FY2007 has improved by 40 basis points to 3.32%.
• Most other PSU banks have reported an increase in the cost of deposits, while SBI has reported a fall mainly due to the improvement in its CASA ratio to 42.6% from 39.5% and the lowering of the bulk deposit rates to discourage high-cost deposits in its books.
• The other income increased by 10.7% yoy to Rs1,433.8 crore, restricted mainly due to a drop of 96.9% in the trading income during Q2FY2007 to Rs7.7 crore from Rs246.7 crore in Q2FY2006. The other income excluding the treasury income reported a very strong growth of 36.1%.
• With the net income up by 8.8% yoy and a decrease of 2% in the operating expenses, the operating profit increased by a healthy 24.7% yoy. The operating profit excluding the treasury income was up 42% yoy.
• The provisions were down 16.7% yoy mainly on account of the absence of investment depreciation during the quarter. However the tax outflow at Rs606 crore with an effective tax rate of 33.9% was much above our expectations.
• At the current market price of Rs1,095, the stock is quoting at 9.6x its FY2008E earnings per share (EPS), 4.5x its pre-provision profits (PPP), 1.6x its stand-alone book value and 1.3x its consolidated book value. The bank is definitely a proxy investment for the Indian economy and the improved operating performance post the redemption of India Millennium Deposits (IMDs) could still provide some upside from the current levels. We maintain our Buy call on the stock with a price target of Rs1,116.
  

NII up 8.1%, strong 37.1% y-o-y increase in interest on advances
The NII has grown yoy by 8.1%, which is above our estimates of a growth of 6.9%. The improved NII was achieved due to a strong 37.1% year-on-year (y-o-y) increase in the interest on advances. The strong growth in the interest on advances was a result of a higher yield on the advances (up 67 basis points yoy) coupled with a 21.2% advances growth.

Improved CASA ratio helps in lowering deposit costs
The deposit costs have decreased by 15 basis points during the quarter on a y-o-y basis and by 17 basis points on a q-o-q basis. Most other PSU banks have reported an increase in the cost of deposits, while SBI has reported a fall mainly due to the increase in its CASA ratio to 42.6% from 39.5% and the lowering of the bulk deposit rates to discourage high-cost deposits in its books. The CASA ratio improvement was supported by its vast ATM network and the focus on new salary accounts.

Advances up 21% yoy with retail advances up 26.1% yoy
The advances growth of 21.2% yoy for the bank has been below the industry average of ~30%; however the bank has reported a strong growth of 26.1% yoy in the retail segment which constitutes 25.8% of the bank''s gross domestic advances at the end of September 2006. The housing loans constitute 52.5% of the bank''s retail advances as on September 2006.

Fee income reports robust growth of 36.1% yoy
The other income increased by 10.7% yoy to Rs1,433.8 crore and was restricted mainly due to a sudden drop of 96.9% in the trading income during Q2FY2007 to Rs7.7 crore from Rs246.7 crore in Q2FY2006. The almost 100% y-o-y sudden drop in the trading income during Q2FY2007 despite the bond market activities remaining healthy with the benchmark yields having retraced by almost 50 basis points qoq raises some doubt on the bank''s treasury management. However, the same has been taken care of post-September 2006; hence Q3FY2007 numbers would reflect the same.

The other income excluding the treasury income reported a very strong growth of 36.1%. The loan processing fees and the locker and ATM related fees have largely contributed to the robust growth in the fee income.

Operating expenses down 2%
The operating expenses reported a fall of 2% yoy to Rs2,859.9 crore with the staff costs reporting a y-o-y fall of 4.2% to Rs1,954.7 crore. The staff costs would have been much lower, in absence of the ongoing payments to the staff opting for an early exit.

Asset quality remains steady
The gross NPAs reduced to Rs10,306.5 crore (3.57%) at the end of September 2006 from Rs12,531.8 crore (5.26%) at the end of September 2005 due to higher upgradations and recoveries. However on a sequential basis the gross NPAs stood at Rs10,386 crore (3.88%) at the end of June 2006. The net NPAs reduced to 1.67% of the net advances at the end of September 2006 from 2.27% at the end of September 2005; however on a q-o-q basis the net NPAs stood at 1.69% at the end of June 2006.

Capital adequacy remains comfortable
The capital adequacy ratio of the bank as on September 2006 stood at 12.63% with the Tier-I ratio at 8.74%. The bank has eligibility to raise further Tier-I hybrid debt of over Rs4,000 crore. The operational risk impact on the implementation of the Basel-II norms is estimated at 105 basis points.

Clarity provided on pension and AS15 impact
The management provided clarity on the key issues relating to the pension liabilities and the liabilities arising out of the implementation of the revised accounting standard (AS) 15. SBI had earlier indicated that almost Rs800 crore of the additional provision would have to be made to meet the increased pension requirements under the renegotiated agreement with the employees in FY2006. However, the management has now indicated that the same would not be required, as it has excess provisions to meet the liability.

The management has also indicated that its liability under the new AS15 (see our note ''Change in pension norms negative for PSBs'' dated august 18, 2006) could be to the tune of Rs5,000 crore, much higher than our estimates of Rs3,200 crore. While this will have a huge impact on SBI''s book value, a great reprieve would come if the Institute of Chartered Accountants of India (ICAI) and the Reserve Bank of India allow it to be written off over period of five years. SBI would be biggest beneficiary of such a reprieve.

Valuation and view
At the current market price of Rs1,095, the stock is quoting at 9.6x its FY2008E EPS, 4.5x its pre-provision profits (PPP), 1.6x its stand-alone book value and 1.3x its consolidated book value. The bank is definitely a proxy investment for the Indian economy and the improved operating performance with the busy season ahead could still provide some upside from the current levels. We maintain our Buy call on the stock with a price target of Rs1,116

Sensex enters 13000 club, but market breadth weak

The Sensex breached the milestone level of 13000 for the first time and ended at a new closing high at 13024 amid strong buying in heavyweight, banking, oil and tech stocks.

The Sensex achieved the feat of surpassing the 13000 mark in the first half of the trading session and traded above the psychological level for the better part of the day.
After missing the 13000 level in the last few sessions amid profit taking, the Sensex showed strong optimism and rebounded from the intra-day low of 12845 touched in early trades. Shrugging off the weak trend in Asian and US indices, the Sensex picked up momentum by mid-morning and touched a new intra-day high of 13039 following substantial buying in heavyweight, banking and oil stocks. The Sensex finally ended the day at a new closing high of 13024, up 117 points, while the Nifty advanced 30 points at 3769. The other indices that are trading above the 13000 mark are the Nikkei and the Hang Seng.

Among the gainers, ICICI Bank advanced 3.63% at Rs785, Bharti Airtel rose 2.78% at Rs542, Infosys added 1.27% at Rs2,124, Dr Reddy's jumped 2.88% at Rs751, Reliance Communications added 2.30% at Rs394, ONGC gained 1.94% at Rs805 and HLL was up 1% at Rs229. However, Tata Motors dropped 3.86% at Rs852, Wipro lost 1.24% at Rs555 and BHEL declined 1.41% at Rs2,440.

On the sectoral front, the BSE Bankex was the star performer and rose 1.86% at 6518 while the BSE Oil & Gas index added 1.15% at 6050. Although most of the sectoral indices ended with decent gains, the BSE CD index shed 1.62% at 3204 while the BSE Metal index and the BSE Auto index inched marginally lower. However, the market breadth was negative. Of the 2,597 stocks traded on the BSE, 1,406 stocks declined, 1,133 stocks advanced and 58 stocks ended unchanged.

Among the banking stocks, Allahabad Bank surged 4.16% at Rs93, Kotak Bank gained 1.86% at Rs343 and UTI Bank added 1.83% at Rs426. Oil PSU stocks also firmed up on sustained buying interest. Chennai Petroleum soared 5.60% at Rs201, HPCL advanced 4.31% at Rs321, BPCL added 2.44% at Rs401 and Gujarat Gas gained 1.17% at Rs1,214.

Over 1.04 crore Nandan Exim shares changed hands on the BSE followed by Development Credit Bank (69.89 lakh shares), Silverline Technologies (63.10 lakh shares), IFCI (59.40 lakh shares) and SAIL (38.27 lakh shares).

Value-wise Tech Mahindra registered a turnover of Rs210 crore on the BSE followed by Reliance Communications (Rs129 crore), Hindustan Zinc (Rs109 crore), Reliance Industries (Rs92 crore) and Alstom Projects (Rs80 crore).

Results for Oct 31 2006

A B C Gas (International) Ltd, Aarey Drugs & Pharmaceuticals Ltd, Aaswa Trading and Exports Ltd, ABC India Ltd, Abee Info Consumables Ltd, ABG Heavy Industries Ltd, ABG Shipyard Ltd, Abirami Financial Services (India) Ltd, Acrow India Ltd, Action Financial Services (I) Ltd, Adarsh Derivatives Ltd, ADS Diagnostic Ltd, Advanced Micronic Devices Ltd, Aegis Logistics Ltd, Aeonian Investments Company Ltd, AIA Engineering Ltd, Ajanta Soya Ltd, Ajcon Global Services Ltd, Albert David Ltd, Albright & Wilson Chemicals India Ltd, Alfa Ica (India) Ltd, Alfa Transformers Ltd, Alfavision Overseas Ltd, Alkyl Amines Chemicals Ltd, Alna Trading & Exports Ltd, Alpine Housing Development Corporation Ltd, Alufluoride Ltd, Amani Trading & Exports Ltd, Ambalal Sarabhai Enterprises Ltd, Ambika Cotton Mills Ltd, Amforge Industries Ltd, Amines & Plasticizers Ltd, Amit Securities Ltd, Amradeep Industries Ltd, Amrapali Industries Ltd, Amrapali Spinning Mills Ltd, Amraworld Agrico Ltd, Amrit Banaspati Company Ltd, Amtek India Ltd, Ancent Software International Ltd, Andhra Pradesh Paper Mills Ltd, Andhra Pradesh Tanneries Ltd, Anik Industries Ltd, Anil Chemicals & Industries Ltd, Anil Modi Oil Industries Ltd, Anjani Finance Ltd, Ankur Drugs & Pharma Ltd, Ansal Buildwell Ltd, Anshuni Commercials Ltd, Antarctica Ltd, Anukaran Commercial Enterprises Ltd, APM Industries Ltd, Apollo Finvest (I) Ltd, Apollo Sindhoori Capital Investments Ltd, Arex Industries Ltd, Arihant Tournesol Ltd, Arihants Securities Ltd, Aristocrat Luggage Ltd, Arman Lease & Finance Ltd, Aroni Chemical Industries Ltd, Arrow Coated Products Ltd, Arvind Remedies Ltd, Asahi Infrastructure & Projects Ltd, Ashco Industries Ltd, Ashirwad Capital Ltd, Ashnoor Textile Mills Ltd, Ashram Online.com Ltd, Asia Fab Ltd, Asia HR Technologies Ltd, Asian Tea & Exports Ltd, Assam Company Ltd, Associated Profiles & Aluminium Ltd, Associated Stone Industries (Kotah) Ltd, Aunde Faze Three Autofab Ltd, Autoriders Finance Ltd, Autoriders International Ltd, Avon Mercantile Ltd, Avon Organics Ltd, Axis IT&T Ltd, B.L.Kashyap & Sons Ltd, Baba Arts Ltd, Bacil Pharma Ltd, BAG Films Ltd, Bagalkot Udyog Ltd, Baid Leasing & Finance Co Ltd, Bajrang Finance Ltd, Balaji Distilleries Ltd, Balmer Lawrie Vanleer Ltd, Banas Finance Ltd, Bansisons Tea Industries Ltd, Bartronics India Ltd, BCC Finance Ltd, Beckons Industries Ltd, Beeyu Overseas Ltd, Belapur Industries Ltd, Benzo Petro International Ltd, Best & Crompton Engineering Ltd, Best Eastern Hotels Ltd, Bhagwati Autocast Ltd, Bhagyodaya Marketing Company Ltd, Bhatinda Chemicals Ltd, Bhuwalka Steel Industries Ltd, Bihar Sponge Iron Ltd, Biofil Chemicals & Pharmaceuticals Ltd, Bisleri Gujarat Ltd, Blow Plast Ltd, Blue Blends Finance Ltd, Blue Chip India Ltd, Blue Star Infotech Ltd, Bombay Oxygen Corporation Ltd, Bombay Potteries & Tiles Ltd, Bombay Rayon Fashions Ltd, Borax Morarji Ltd, Bright Brothers Ltd, Brindaban Holdings and Trading Ltd, BSL Ltd, C.G. Impex Ltd, Calcom Vision Ltd, Caplin Point Laboratories Ltd, Capricon Systems Global Solutions Ltd, Carnation Industries Ltd, CCS Infotech Ltd, CEAT Ltd, Ceejay Finance Ltd, Ceenik Exports (India) Ltd, Centenial Surgical Suture Ltd, Centrum Capital Ltd, Cera Sanitaryware Ltd, CFL Capital Financial Services Ltd, Chandni Textiles Ltd, Chandra Prabhu International Ltd, Chartered Carriers Ltd, Cheslind Textiles Ltd, Chirawa Cements Ltd, Choice International Ltd, Choksh Infotech Ltd, Chordia Food Products Ltd, Cil Securities Ltd, Citurgia Biochemicals Ltd, Ckoramaandel Cements Ltd, Classic Electricals Ltd, Cochin Minerals & Rutile Ltd, Colinz Laboratories Ltd, Compuage Infocom Ltd, Compulink Systems Ltd, Computerskill Ltd, Conart Engineers Ltd, Confidence Petroleum India Ltd, Consolidated Fibres & Chemicals Ltd, Consolidated Finvest & Holdings Ltd, Continental Controls Ltd, Coral Laboratories Ltd, Cosboard Industries Ltd, COSCO (India) Ltd, Coventry Coil-O-Matic (Haryana) Ltd, Cranex Ltd, Cravatex Ltd, Crazy Infotech Ltd, Cressanda Solutions Ltd, Crest Animation Studios Ltd, Cubical Financial Services Ltd, Cupid Trades & Finance Ltd, Cybermate Infotek Ltd, D & H Welding Electrodes (I) Ltd, Dai-ichi Karkaria Ltd, Daikaffil Chemicals India Ltd, Datanet Systems Ltd, Deccan Bearings Ltd, Deco-Mica Ltd, Devine Impex Ltd, Dhampure Speciality Sugars Ltd, Dhanalakshmi Bank Ltd, Dhanalaxmi Roto Spinners Ltd, Dhanlaxmi Cotex Ltd, Dhanprayog Investments Company Ltd, Dhoot Industrial Finance Ltd, Diamines & Chemicals Ltd, Dil Vikas Finance Ltd, Divya Jyoti Industries Ltd, DJS Stock & Shares Ltd, DMC Vaults Ltd, Dolat Investments Ltd, Dollex Industries Ltd, Dolphin Medical Services Ltd, Dolphin Offshore Enterprises (India) Ltd, Donear Industries Ltd, Dunlop India Ltd, Dutron Polymers Ltd, Dynamic Industries Ltd, Dynavision Ltd, e.star Infotech Ltd, Ecoboard Industries Ltd, Educomp Solutions Ltd, EIH Associated Hotels Ltd, Eimco Elecon (India) Ltd, EL Forge Ltd, Elcid Investments Ltd, Elecon Engineering Company Ltd, Electra Financial Services Ltd, Elque Polyesters Ltd, Emgee Cables & Communication Ltd, Empower Industries India Ltd, Emtex Industries (India) Ltd, Ennore Coke Ltd, Enterprise International Ltd, Entertainment Network (India) Ltd, Era Constructions (India) Ltd, Escorts Finance Ltd, Essen Supplements (India) Ltd, ETP Corporation Ltd, Everlon Synthetics Ltd, Excel Glasses Ltd, Fairdeal Filaments Ltd, Faze Three Ltd, FDC Ltd, Federal-Mogul Goetze (India) Ltd, Ficom Organics Ltd, Financial Technologies (India) Ltd, Flex Industries Ltd, Fluidomat Ltd, Fortune Financial Services (India) Ltd, Fortune Informatics Ltd, Frontier Information Technologies Ltd, Frontline Corporation Ltd, Futura Polyesters Ltd, G G Automotive Gears Ltd, G M Breweries Ltd, G S Auto International Ltd, G V Films Ltd, Gajra Bevel Gears Ltd, Galaxy Bearings Ltd, Gallantt Metal Ltd, Galore Prints Industries Ltd, Gammon India Ltd, Gangotri Iron and Steel Company Ltd, Garg Furnace Ltd, Garnet International Ltd, Garware Polyester Ltd, Genesys International Corporation Ltd, Gillanders Arbuthnot & Company Ltd, Ginni Filaments Ltd, GIVO Ltd, Glenmark Pharmaceuticals Ltd, Global Capital Market Ltd, Global Stone India Ltd, Godawari Power & Ispat Ltd, Goldcrest Finance (India) Ltd, Golden Carpets Ltd, Golden Securities Ltd, Goodyear India Ltd, Govind Rubber Ltd, Grabal Alok Impex Ltd, Gravity (India) Ltd, GSAL (India) Ltd, GSB Finance Ltd, GSL Securities Ltd, Gufic BioSciences Ltd, Gujarat Apollo Equipments Ltd, Gujarat Fiscon Ltd, Gujarat Intrux Ltd, Gujarat Petrosynthese Ltd, Gujarat Poly-Avx Electronics Ltd, Gujarat Raffia Industries Ltd, Gulshan Chemfill Ltd, Gummadi Industries Ltd, H. S. India Ltd, Haldyn Glass Gujarat Ltd, Hanil Era Textiles Ltd, Hardcastle & Waud Mfg Co Ltd, Haria Exports Ltd, Harrisons Malayalam Ltd, Haryana Fibres Ltd, Haryana Texprints (Overseas) Ltd, Hatsun Agro Product Ltd, HEG Ltd, Hester Pharmaceuticals Ltd, HFCL Infotel Ltd, Hikal Ltd, Himachal Futuristic Communications Ltd, Himalaya Granites Ltd, Hindustan Appliances Ltd, Hindustan Composites Ltd, Hindustan Sanitaryware & Industries Ltd, Hira Automobile Ltd, Hiran Orgochem Ltd, Hisar Metal Industries Ltd, Hittco Tools Ltd, Honda Siel Power Products Ltd, Hydro S&S Industries Ltd, I K F Finance Ltd, IFB Industries Ltd, IFGL Refractories Ltd, IFSL Ltd, Inani Securities Ltd, Inca Finlease Ltd, Ind-Agiv Commerce Ltd, India Lease Development Ltd, Indian Polyfins Ltd, Indian Sucrose Ltd, Indian Toners & Developers Ltd, Indo Asian Finance Ltd, Indo Asian Fusegear Ltd, Indo Borax & Chemicals Ltd, Indo Green Projects Ltd, Indokem Ltd, Industrial Organics Ltd, Infotrek Syscom Ltd, Infra Industries Ltd, Integrated Financial Services Ltd, Intensive Air Systems Ltd, Inter State Oil Carriers Ltd, Interface Financial Services Ltd, Interfit Techno Products Ltd, International Hometex Ltd, Ishwarshakti Holdings & Traders Ltd, ISMT Ltd, IST Ltd, J J Finance Corporation Ltd, J L Morison (India) Ltd, J R Foods Ltd, J.K.Investo Trade (India) Ltd, Jagson Airlines Ltd, Jagsonpal Finance & Leasing Ltd, Jai Corp Ltd, Jainex Aamcol Ltd, Jaipan Industries Ltd, Jalpac India Ltd, Jayabharat Credit Ltd, Jayaswals Neco Ltd, JCT Electronics Ltd, Jetking Infotrain Ltd, Jhaveri Weldflux Ltd, Jhunjhunwala Vanaspati Ltd, JIK Industries Ltd, Jindal Photo Ltd, JMC Projects (India) Ltd, JMD Telefilms Industries Ltd, Joindre Capital Services Ltd, Jolly Board Ltd, Josts Engineering Company Ltd, JPT Securities Ltd, Jyoti Cosmetics (Exim) Ltd, Jyoti Resins and Adhesives Ltd, K Dhandapani & Co Ltd, K E C Infrastructure Ltd, K E C International Ltd, K Sera Sera Productions Ltd, K.B.Steel Ltd, Kadamb Constructions Ltd, Kadvani Securities Ltd, Kaira Can Company Ltd, Kaiser Press Ltd, Kajal Synthetics & Silk Mills Ltd, Kakatiya Cements Sugar & Industries Ltd, Kamadgiri Synthetics Ltd, Kamla Dials & Devices Ltd, Kamron Laboratories Ltd, Kanishk Steel Industries Ltd, Kanohar Electricals Ltd, Kanoi Paper & Industries Ltd, Kanoria Chemicals & Industries Ltd, Kansai Nerolac Paints Ltd, Kansal Fibres Ltd, Kanumanek Trading Company Ltd, Kapil Cotex Ltd, Karur KCP Packkagings Ltd, Karur Vysya Bank Ltd, KDL Biotech Ltd, Kennametal India Ltd, Khaitan Chemicals & Fertilizers Ltd, Khaitan Electricals Ltd, Khandelwal Extractions Ltd, Khator Fibre & Fabrics Ltd, Khoday India Ltd, Kilpest India Ltd, Kiran Print Pack Ltd, Kirti Finvest Ltd, KJMC Financial Services Ltd, KJMC Global Market (India) Ltd, KND Engineering Technologies Ltd, Konark Synthetic Ltd, Kosian Industries Ltd, Kovai Medical Center & Hospital Ltd, Kovalam Investment & Trading Co. Ltd, Krishna Engineering Works Ltd, Krypton Industries Ltd, KSE Ltd, Kuberkamal Industrial Investments Ltd, Kusam Electrical Industries Ltd, Kushagra Software Ltd, Kutch Salt & Allied Industries Ltd, Kuvam International Fashions Ltd, Kwality Dairy (India) Ltd, La Opala RG Ltd, Ladderup Finance Ltd, Lakeland Hotels Ltd, Lanco Industries Ltd, Lancor Holdings Ltd, Laser Diamonds Ltd, Ledo Tea Company Ltd, Liberty Phosphate Ltd, Lime Chemicals Ltd, Linc Pen & Plastics Ltd, Lincoln Pharmaceuticals Ltd, Lippi Systems Ltd, Lyka Labs Ltd, M B Parikh Finstock Ltd, Maars Software International Ltd, Madhav Marbles & Granities Ltd, Madhusudan Industries Ltd, Madhya Desh Paper Ltd, Mafatlal Industries Ltd, Mahaan Foods Ltd, Mahanivesh (India) Ltd, Maharashtra Overseas Ltd, Mahashree Trading Ltd, Malwa Cotton Spinning Mills Ltd, Man Industries (India) Ltd, Mangalam Cement Ltd, Mangalore Chemicals & Fertilizers Ltd, Manraj Housing Finance Ltd, Mansi Finance (Chennai) Ltd, Mansoon Trading Company Ltd, Manugraph India Ltd, Marigold Glass Industries Ltd, Market Creators Ltd, Marmagoa Steel Ltd, Martin Burn Ltd, Marvel Industries Ltd, Marvel Web Solutions Ltd, Matrix Laboratories Ltd, Maxwell Industries Ltd, Mayur Leather Products Ltd, Mayur Uniquoters Ltd, McNally Bharat Engineering Company Ltd, MCS Ltd, Media Matrix Worldwide Ltd, Medicamen Biotech Ltd, Medinova Diagnostic Services Ltd, Meenakshi Steel Industries Ltd, Megasoft Ltd, Melstar Information Technologies Ltd, Menon Pistons Ltd, Metal Coatings (India) Ltd, Mewar Industries Ltd, Mid-Day Multimedia Ltd, Midas Pharmasec Ltd, Midland Plastics Ltd, Milkfood Ltd, Milton Plastics Ltd, Minaxi Textiles Ltd, Mobile Telecommunications Ltd, Modern Dairies Ltd, Modern Steels Ltd, Modison Metals Ltd, Mohit Paper Mills Ltd, Monnet Industries Ltd, Monnet Sugar Ltd, Moongipa Capital Finance Ltd, Morgan Industries Ltd, Motor & General Finance Ltd, Motor Industries Company Ltd, Mount Everest Trading & Investment Ltd, Mrugesh Trading Ltd, MSP Steel & Power Ltd, Mukand Ltd, Mukesh Steels Ltd, Mukesh Strips Ltd, Munoth Communication Ltd, Munoth Financial Services Ltd, Muskan Ferro Silicons Ltd, My Fair Lady Ltd, Mysore Petro Chemicals Ltd, N D Metal Industries Ltd, N R Agarwal Industries Ltd, Nagreeka Exports Ltd, Naina Semiconductor Ltd, Nalwa Sons Investments Ltd, Nam Credit & Investment Consultants Ltd, Namaste Exports Ltd, Nath Pulp & Paper Mills Ltd, National Flask Industries Ltd, National General Industries Ltd, National Mineral Development Corporation Ltd, National Peroxide Ltd, Naval Technoplast Industries Ltd, NB Footwear Ltd, Neemtek Organic Products Ltd, Neena Consultants Ltd, Neo Sack Ltd, Netlink Solutions (India) Ltd, Network Ltd, Nicco Corporation Ltd, Nidhi Granites Ltd, Nidhi Polyester Ltd, Nikhil Adhesives Ltd, Nikki Global Finance Ltd, NILE Ltd, Nilkanth Engineering Ltd, Nirav Commercials Ltd, Norben Tea & Exports Ltd, Nouveau Multimedia Ltd, Novopan Industries Ltd, NPR Finance Ltd, Nutech Global Ltd, Nutraplus Products (India) Ltd, Octagon Industries Ltd, Olympia Capitals Ltd, Omkar Pharmachem Ltd, Omnitex Industries (India) Ltd, Ontrack Systems Ltd, Opto Circuits (India) Ltd, Oregon Commercials Ltd, Orient Abrasives Ltd, Orient Beverages Ltd, Orient Information Technology Ltd, Orient Press Ltd, Oriental Veneer Products Ltd, Oscar Global Ltd, Oscar Investments Ltd, Oseaspre Consultants Ltd, Oswal Leasing Ltd, Otco International Ltd, Oxford Industries Ltd, Pace Electronics & Textiles Ltd, Padmalaya Telefilms Ltd, Panchmahal Steel Ltd, Panchsheel Organics Ltd, Panjon Ltd, Paragon Finance Ltd, Parekh Aluminex Ltd, Parekh Platinum Ltd, Parijat Trading Ltd, Parker Agrochem Exports Ltd, Pasupati Acrylon Ltd, Patels Airtemp (India) Ltd, Peerless Abasan Finance Ltd, Peeti Securities Ltd, Pennar Aluminium Company Ltd, Pennar Industries Ltd, Petron Engineering Construction Ltd, PG Foils Ltd, PHIL Corporation Ltd, Phoenix Lamps Ltd, Phoenix Mills Ltd, Photoquip India Ltd, Phyto Chem (India) Ltd, Polylink Polymers (India) Ltd, Polymechplast Machines Ltd, Polyplex Corporation Ltd, Polyspin Exports Ltd, Polytex India Ltd, Poonam Corporation Ltd, Prakash Industries Ltd, Pratik Panels Ltd, Precision Containeurs Ltd, Premier Capital Services Ltd, Premier Explosives Ltd, Premier Industries (India) Ltd, Premier Polyfilm Ltd, Premier Proteins Ltd, Pressure Sensitive Systems (India) Ltd, PRICOL Ltd, Prima Agro Ltd, Prima Plastics Ltd, Prime Focus Ltd, Principal Pharmaceuticals and Chemicals Ltd, Prithvi Information Solutions Ltd, Priya Ltd, Procal Electronics India Ltd, Professional Diamonds Ltd, Promact Plastics Ltd, Prudential Pharmaceuticals Ltd, Prudential Sugar Corporation Ltd, Punctual Trading Ltd, R J Shah & Company Ltd, Raasi Refractories Ltd, Radhe Developers (India) Ltd, Radico Khaitan Ltd, Raghunath International Ltd, Rainbow Denim Ltd, Rainbow Papers Ltd, Raj Rayon Ltd, Rajath Finance Ltd, Rajendra Electrical Industries Ltd, Rajvir Industries Ltd, Ram Informatics Ltd, Rama Paper Mills Ltd, Rama Petrochemicals Ltd, Ramgopal Polytex Ltd, Ramsarup Industries Ltd, Rapicut Carbides Ltd, Ras Propack Lamipack Ltd, Rasandik Engineering Industries India Ltd, Rashel Agrotech Ltd, Rasi Electrodes Ltd, Ratan Glitter Industries Ltd, Rathi Udyog Ltd, Ratnamani Metals & Tubes Ltd, Raunaq Automotive Components Ltd, Ravalgaon Sugar Farm Ltd, Ravinay Trading Company Ltd, Rayban Sun Optics India Ltd, RDB Industries Ltd, Refnol Resins & Chemicals Ltd, Regal Entertainment & Consultants Ltd, Regency Trust Ltd, REI Agro Ltd, Relic Technologies Ltd, Remi Metals Gujarat Ltd, Remi Process Plant & Machinery Ltd, Remi Sales & Engineering Ltd, Remi Securities Ltd, Remsons Industries Ltd, Repro India Ltd, Resonance Specialities Ltd, Rexnord Electronics & Controls Ltd, RFL International Ltd, Rich Capital & Financial Services Ltd, Rico Auto Industries Ltd, Ridhi Synthetics Ltd, Rock Hard Petro Chemical Industries Ltd, Rollatainers Ltd, Rotam Commercial Ltd, Royal Cushion Vinyl Products Ltd, Ruchi Infrastructure Ltd, S G Global Exports, S I Capital & Financial Services Ltd, S.A.L Steel Ltd, SAARC Net Ltd, Sabero Organics Gujarat Ltd, Sacheta Metals Ltd, Sah Petroleums Ltd, Sahil Financial Services Ltd, Sakthi Finance Ltd, Salona Cotspin Ltd, Salora International Ltd, Sampre Nutritions Ltd, Samrat Pharmachem Ltd, Samtel (India) Ltd, Samtex Fashions Ltd, Sandu Pharmaceuticals Ltd, Sandur Manganese & Iron Ores Ltd, Sangam (India) Ltd, Sanket International Ltd, Sanmitra Commercial Ltd, Sanra Software Ltd, Santaram Spinners Ltd, Santosh Fine Fab Ltd, Sanyei Corporation Ltd, Saraswati Commercial (India) Ltd, Saregama India Ltd, Sarthak Industries Ltd, Sarup Tanneries Ltd, Sathavahana Ispat Ltd, Saurashtra Cement Ltd, Saven Technologies Ltd, Sayaji Hotels Ltd, SBEC Sugar Ltd, SBEC Systems (India) Ltd, Scanet Exports Ltd, Scanpoint Graphics Ltd, Schlafhorst Engineering (India) Ltd, Schrader Duncan Ltd, Scindia Steam Navigation Co. Ltd, Seasons Furnishings Ltd, Seasons Textiles Ltd, Securities Capital Investments (I) Ltd, Sellaids Publication (India) Ltd, Shah Alloys Ltd, Shakti Met-dor Ltd, Shakti Press Ltd, Shaktiman Mercantile Co Ltd, Shalimar Paints Ltd, Sharyans Resources Ltd, Shikhar Leasing & Trading Ltd, Shirpur Gold Refinery Ltd, Shiva Cement Ltd, Shiva Fertilizers Ltd, Shiva Suitings Ltd, Shivagrico Implements Ltd, Shivalik Global Ltd, Shloka Infotech Ltd, Shrachi Infrastructure Finance Ltd, Shree Ganesh Forgings Ltd, Shree Global Tradefin Ltd, Shree Krishna Paper Mills & Industries Ltd, Shree Pacetronix Ltd, Shree Steel Wire Ropes Ltd, Shree Vindhya Paper Mills Ltd, Shreenath Investment Company Ltd, Shri Bajarang Alloys Ltd, Shri Chlochem Ltd, Shri Ramrupai Balaji Steels Ltd, Shyam Software Industries Ltd, Siel Financial Services Ltd, Siel Ltd, Simplex Infrastructures Ltd, Simran Farms Ltd, SNS Textiles Ltd, Sobhagya Mercantile Ltd, Softsol India Ltd, Solix Technologies Ltd, Som Datt Finance Corporation Ltd, Som Distilleries & Breweries Ltd, Soma Textiles & Industries Ltd, South East Asia Marine Engg & Construction Ltd, Southern Iron & Steel Company Ltd, Sovereign Diamonds Ltd, SPBL Ltd, Spectra Industries Ltd, Spenta International Ltd, Spentex Industries Ltd, Sree Rayalaseema Alkalies & Allied Chemicals Ltd, Sree Sakthi Paper Mills Ltd, SRHHL Industries Ltd, Sri Adhikari Brothers Television Network Ltd, Sri Chakra Cements Ltd, Sri Jayalakshmi Spinning Mills Ltd, Stanpacks (India) Ltd, Steelcast Ltd, Step Two Corporation Ltd, Sterling Biotech Ltd, Sterling Guaranty & Finance Ltd, Stewarts & Lloyds of India Ltd, Su-Raj Diamonds & Jewellery Ltd, Suashish Diamonds Ltd, Subhash Projects & Marketing Ltd, Suditi Industries Ltd, Sulzer India Ltd, Sunil Industries Ltd, Sunraj Diamond Exports Ltd, Sunshield Chemicals Ltd, Super Bakers (India) Ltd, Super Forgings & Steels Ltd, Surya Funcity Ltd, Sutlej Industries Ltd, Svam Software Ltd, SVC Superchem Ltd, Swaraj Engines Ltd, Swaraj Mazda Ltd, Swasti Vinayaka Gems Corporation Ltd, Swasti Vinayaka Synthetics Ltd, Swastik Safe Deposit & Investments Ltd, Switching Technologies Gunther Ltd, Symphony Comfort Systems Ltd, Syncom Formulations (India) Ltd, Synergy Log-In Systems Ltd, Synergy Multibase Ltd, Systematix Securities Ltd, T & I Global Ltd, T T Ltd, Tainwala Chemicals & Plastics (India) Ltd, Talbros Automotive Components Ltd, Tamil Nadu Telecommunications Ltd, Taneja Aerospace & Aviation Ltd, Taparia Tools Ltd, Tarrif Cine & Finance Ltd, Tatia Financial Services Ltd, Tatia Intimate Exports Ltd, Technojet Consultants Ltd, Teesta Agro Industries Ltd, Texplast Industries Ltd, Thakkers Developers Ltd, Thana Electric Supply Company Ltd, Timex Watches Ltd, Tirupati Sarjan Ltd, Titagarh Industries Ltd, Tokyo Finance Ltd, Tokyo Plast International Ltd, Tonira Pharma Ltd, Trans Freight Containers Ltd, Transgene Biotek Ltd, Trishakti Electronics & Industries Ltd, Triumph International Finance Ltd, Tube Investments of India Ltd, Tudor India Ltd, Tulsyan NEC Ltd, Tuni Textile Mills Ltd, TVS Srichakra Ltd, Twin Roses Trades & Agencies Ltd, Twinstar Software Exports Ltd, Tyche Peripheral Systems Ltd, U G Hotels and Resorts Ltd, U P Hotels Ltd, Uni Abex Alloy Products Ltd, Uniphos Enterprises Ltd, Unisys Software and Holding Industries Ltd, Unitech Ltd, Uniworth International Ltd, Uniworth Ltd, Uniworth Textiles Ltd, Ushdev International Ltd, Uttam Galva Steels Ltd, V I P Industries Ltd, Vaibhav Gems Ltd, Valecha Engineering Ltd, Vallabh Steels Ltd, Vanasthali Textile Industries Ltd, Vardhman Holdings Ltd, Vardhman Industries Ltd, Vardhman Textiles Ltd, Varun Mercantile Ltd, Vas Animations and Entertainment Ltd, VBC Finance & Leasing Ltd, VBC Industries Ltd, Veejay Lakshmi Engineering Works Ltd, Veena Textiles Ltd, Venlon Enterprises Ltd, Ventura Textiles Ltd, Vertex Spinning Ltd, Victoria Enterprises Ltd, Victoria Mills Ltd, Videocon Appliances Ltd, Videocon Communications Ltd, Videocon Industries Ltd, Videsh Sanchar Nigam Ltd, Vidhi Dyestuffs Manufacturing Ltd, Vijay Shanthi Builders Ltd, Vijay Solvex Ltd, Vikas Wsp Ltd, Viksit Engineering Ltd, Vinaditya Trading Company Ltd, Vinay Cements Ltd, Vipul Dye Chem Ltd, Virat Crane Industries Ltd, Virat Industries Ltd, Vishal Exports Overseas Ltd, Vishnu Sugar Mills Ltd, Vishvprabha Trading Ltd, Vista Pharmaceuticals Ltd, Visu International Ltd, Vital Communications Ltd, VJIL Consulting Ltd, VMF Soft Tech Ltd, Volant Textile Mills Ltd, Vora Constructions Ltd, Vyapar Industries Ltd, Wall Street Finance Ltd, Warner Multimedia Ltd, Watson Software Ltd, Webel Communication Industries Ltd, Weizmann Fincorp Ltd, Weizmann Ltd, Wellworth Overseas Ltd, West Coast Paper Mills Ltd, Winro Commercial (India) Ltd, Women Networks Ltd, Woolite Mercantile Company Ltd, Yarn Syndicate Ltd, Yashraj Containeurs Ltd, Yashraj Securities Ltd, Yogi Sungwon (India) Ltd, York Exports Ltd, Z F Steering Gear (India) Ltd, Zenith Birla (India) Ltd, Zenith Exports Ltd, Zenotech Laboratories Ltd, Zenu Infotech Ltd, Zodiac Clothing Company Ltd, Zuari Forex Ltd

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Info Edge (India) IPO

Info Edge (India), promoted by Sanjeev Bikhchandani, Hitesh Oberoi and Ambarish Raghuvanshi, is a leading provider of online recruitment and matrimonial classified and related services in India. It launched Naukri.com, an online recruitment classified website, in March 1997; acquired Jeevansathi.com, an online matrimonial classified website, in September 2004; launched 99acres.com, an online real estate classified website, in September 2005; and acquired Quandrangle, an offline executive search engine, in November 2000.

With a network of 45 offices in 30 cities in India as well as an office in Dubai, which primarily engage in sales, marketing and payment collection activities, Info Edge (India) has two subsidiaries, Naukri Internet Services Pvt Ltd and Jeevansathi Internet Services Pvt Ltd, which own internet domain names and related trademarks used in the business.

From the net proceeds of the issue Rs 20 crore are to be used for diversification and expansion into new markets, Rs 25 crore on enhancing its products, Rs 25 crore on developing alternate delivery models for its products, Rs 30 crore to purchase/lease real estate for its offices, Rs 30 crore on acquiring other companies and businesses, and Rs 25 crore to develop 99acres.com and Jeevansathi.com.

Strengths

• As per a study by Businessworld, about 10% of the job market has already moved online. The size of the online recruitment industry is estimated to be Rs 135 crore with a 35% growth rate last year. The service sector has a significantly higher employee turnover. Nasscom has estimated telecom, media, retail and IT&ITES to grow at a CAGR of 11.4%, 16.7%, 30% and 23.1% in FY 2005, FY 2006, FY 2007, FY 2008, respectively, generating recruitment requirements at much higher multiple. Moreover these sectors are more receptive to online recruiting.

• India has one of the lowest Internet penetration in the world. Internet users have grown at a CAGR of 68%, from 6.67 million in 2001 to 52.88 million in 2005. Despite the tremendous growth seen over the years, there is still a lot of potential to grow. Also, India has witnessed increase in urbanisation and literacy rates, and this trend is likely to continue.

• The online advertising market has grown from Rs 42 crore in FY 2004 to Rs 107 crore in FY 2005. This is expected to grow to Rs 162 crore in FY 2006 and reach Rs 218 crore in FY 2007 (Source: Internet and Mobile Association of India, IAMAI). The share of online advertising is still only about 2% of media advertising industry.

• Info Edge (India) has well-recognized and strong brand names. Naukri.com is currently India’s number one website for online recruitment services and Jeevansathi.com is presently India’s number three website for online matrimonial classified services in terms of number of unique visitors to the website, as per data provided by Comscore.

Weaknesses

• The online classified industry in India is highly competitive and the competition in this industry will continue to increase. The key competitors for Naukri.com and Quandrangle will be Monsterindia.com, Jobsahead.com and Timesjobs.com. Similarly, for Jeevansathi.com, the competition will be from Bharatmatrimony.com and Shaadi.com and the more traditional brick and mortar marriage bureaus and match making services. 99acres.com faces competition from the print media and some other Internet-based providers. Info Edge (India) competes indirectly with Yahoo and Google.

• Info Edge (India) is currently over-dependant on only recruitment services. Naukri.com contributed 93.47% (94.6% in FY 2006) of the operating revenue in the quarter ended June 2006. Other services and the planned entry into new businesses will require substantial investment of money and management time with the attendant risks of losses and failures.

Valuation

From FY 2003 to FY 2006, the operating revenue of Info Edge (India) has grown at a CAGR of 110%, though a significant profit was made only in FY 2006.

The quarterly annualised EPS in the quarter ended June 2006 on post-issue equity works out to be Rs 7.7. At the price band of Rs 290 – 320, PE is 37.6 to 41.5.

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