INFOSYS LIMITED

CONSOLIDATED Result Update: Q2 FY14 CMP 3313.00 3650.00 OCTOBER 14th 2013
ISIN: INE009A01021

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Index Details

Target Price

Stock Data Sector BSE Code Face Value 52wk. High / Low (Rs.) Volume (2wk. Avg.) Market Cap (Rs. in mn.) YEARS Net Sales EBITDA Net Profit EPS P/E FY13A

SYNOPSIS
IT 500209 5.00 3360.00/2190.00 212000 1898420.00 FY14E FY15E 510614.21 152398.20 111403.08 194.76 13.70
Infosys Ltd. is a global leader company in the "next generation" of IT and consulting Services & is recognized for its world-class management practices and work ethics. During the quarter, the robust growth of Net Sales is increased by 31.52% to Rs. 129650.00 million. Total Income has increased from Rs. 105640 million for the quarter ended September 30, 2012 to Rs. 134750 million for the quarter ended September 30, 2013. Infosys Ltd has declared an interim dividend of Rs. 20/- per equity share. During the quarter, 68 new clients were added by Infosys and its subsidiaries. Infosys Ltd. has signed a four year contract with Toyota Motor Europe for the provision of its PanEuropean application support. Infosys BPO has been selected by AkzoNobel to transform their finance and accounting processes to deliver higher operational efficiencies, performance.

Annual Estimated Results (A*: Actual / E*: Estimated)

403520.00 460012.80 127880.00 139135.72 94210.00 103656.11 164.70 181.22 16.20 14.72

Shareholding Pattern (%)

1 Year Comparative Graph

Finacle had 18 new wins across South Asia, South East Asia, the Middle East, Europe, and Australia, New Zealand this quarter. Infosys topped the 2013 Institutional Investor Rankings among all Indian companies across sectors. Infosys launched Finacle 11E, the enterprise edition of Finacle universal banking solution. Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 10% over 2012 to 2015E respectively.

BSE SENSEX

INFOSYS LTD.

PEER GROUPS Company Name

CMP (Rs.) 3313.00 2163.30 1163.00 504.10

MARKET CAP Rs. in mn. 1898420.00 4225640.10 811566.90 1245513.30

EPS (Rs.) 164.70 67.71 53.06 24.30

P/E (X) Ratio 16.20 31.89 21.91 20.79

P/BV(X) Ratio 4.02 17.07 7.87 5.11

DIVIDEND (%) 840.00 2500.00 600.00 300.00

Infosys Ltd. TCS Ltd. HCL Technologies Ltd. Wipro Ltd.

QUARTERLY HIGHLIGHTS (CONSOLIDATED) Results Updates- Q2 FY14 (30th SEPTEMBER 2013)

MONTHS Net Sales PAT EPS EBITDA

SEP-13 129650.00 24070.00 42.08 134750.00

SEP-12 98580.00 23690.00 41.42 105640.00

% Change 31.52% 1.60% 1.60% 27.56%

Infosys Ltd. achieved a turnover of Rs. 129650.00 million for the 2nd quarter of the current year 2013-14 as against Rs. 98580.00 millions in the corresponding quarter of the previous year. The company has reported an EBITDA of Rs. 134750.00 millions and a net profit of Rs. 24070.00 million against Rs. 23690.00 million reported respectively in the corresponding quarter of the previous year. The company has reported an EPS of Rs. 42.08 for the 2nd quarter as against an EPS of Rs. 41.42 in the corresponding quarter of the previous year.

Segment Revenue Particulars (Value in Rs. Millions) Financial Services & Insurance (FSI) Retail, Logistics, Consumer Product Group, Life Sciences & Health Care Enterprises (RCL) Energy, Utilities & Telecommunication Services (ECS) Manufacturing enterprises (MFG) Q2 FY14 43330.00 31320.00 24950.00 30050.00 Q2 FY13 33170.00 23690.00 19940.00 21780.00

Latest Updates Infosys Ltd has declared an interim dividend of Rs. 20/- per equity share. The interim dividend will be paid on October 21, 2013. The interim dividend declared in the previous year was Rs. 15/- per equity share. Infosys Ltd. has signed a four year contract with Toyota Motor Europe for the provision of its Pan-European application support. The 4-year engagement will see Infosys deploy a managed service model, covering applications across a variety of Toyotas operational areas in Europe, including core automotive processes and corporate functions. Zinnov, a leading independent management consulting firm, has positioned Infosys Engineering Services as a leader in its Global Service Provider Ratings (GSPR) 2013. Infosys has been positioned as a leader in Gartners Magic Quadrant for Oracle Application Management Service Providers, Worldwide, 2013. Infosys has been awarded the Leadership in Energy and Environmental Design (LEED) India Platinum rating by the Indian Green Building Council for its Software Development Block (SDB) 3 in Mangalore and SDB 6 in Mysore, India. With this, Infosys now has a total of seven buildings that have garnered the prestigious Platinum rating, the highest ranking given by LEED for sustainable building design. Infosys BPO has been selected by AkzoNobel to transform their finance and accounting (F&A) processes to deliver higher operational efficiencies and performance. Infosys BPO will play a key role in accelerating AkzoNobels finance transformation program and streamline accompanying operations for AkzoNobels decorative business in over 30 countries across Europe, the Middle East and Africa. Finacle, the universal banking solution from Infosys, was awarded the Best Core Banking Technology award for the second time in a row by a panel of 20 technology leaders from global banks. Finacle had 18 new wins across South Asia, South East Asia, the Middle East, Europe, and Australia, New Zealand this quarter. Infosys launched Finacle 11E, the enterprise edition of Finacle universal banking solution. Finacle 11E is designed to simplify banking transformation with enterprise-class components. During the quarter, the company began over 25 different engagements in various areas such as Mobile strategy consulting, Mobile field service, customer engagement, and enterprise productivity, among others. Infosys topped the 2013 Institutional Investor Rankings among all Indian companies across sectors. Infosys China was recognized among the 2013 Top 10 Global Services Providers in China at the 5th Annual China Sourcing Summit.

Graphical Representation Revenue by Service Offering (Q2 FY14)

Revenue Mix

Geography Revenue Concentration (Q2 FY14)

Client Contribution to Revenue

Utilisation

Revenue by Industry (Q2 FY14)

COMPANY PROFILE
Infosys Limited, formerly known as Infosys Technologies Limited is a global technology Services Company headquartered in Bangalore, India. It is the second largest IT exporter in India. Today, Infosys is a global leader in the "next generation" of IT and consulting with revenues of US$ 7.4 billion. Infosys takes pride in building strategic long-term client relationships. 98% of revenues come from existing customers (FY13). Infosys defines designs and delivers technology-enabled business solutions for Global 2000 companies. Infosys provides a complete range of services by leveraging its domain and business expertise and strategic alliances with leading technology providers. Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, with the least amount of acceptable risk. Global presence Infosys has a global footprint with 73 offices and 90 development centers in US, India, China, Australia, Japan, Middle East, UK, Germany, France, Switzerland, Poland, Netherlands, Canada and many other countries. Infosys and its subsidiaries have 160,227 employees as on September 30, 2013. Products and Services offered by the company: The Companys offerings span business & technology consulting, services, systems, product engineering, custom software development, maintenance, re-engineering, independent testing & validation services, IT infrastructure services & BPO. IT Services Application Services Architecture Services Enterprise Quality Services Independent Validation Services Information Mgt. Services Infrastructure Services Packaged Application Services SOA Services Systems Integration Services Engineering Services Mechanical Product Development

Electronics/ Hardware Development Software Product Development Embedded Systems Value Analysis/ Engineering & Benchmarking Manufacturing Engineering & Digital Manufacturing Industrial Automation & Controls Tooling & Commodity Management Professional Services Product Ownership & End of Life Product Lifecycle Management (PLM) Knowledge-based Engineering Manufacturing Execution Systems Contact Center & Unified Communications Engineering Consulting Engineering Segments Aerospace Automotive Industrial Manufacturing High-Tech Software Energy Utilities Communication Services Retail Consumer Packaged Goods Life Sciences Financial Services BPO Services Business Platforms Customer Service Outsourcing Finance and Accounting Human Resource Outsourcing Knowledge Services Legal Services Order Management Sourcing and Procurement Outsourcing

Product and Platforms Finacle Flypp Infosys Edge Infosys CommerceEdge Infosys SocialEdge Infosys TalentEdge

Infosys HIMI Infosys iProwe Infosys MaskIT Infosys mConnect Infosys Research on Demand iTransform Supply Chain Visibility Infosys Unified Communications and Collaboration (UC) Subsidiaries of the company: Infosys Lodestone, Zurich, Switzerland Infosys Technologies (Australia) Pty. Limited Infosys BPO Limited Infosys Tecnologia do Brasil Ltda Infosys Technologies (China) Co. Limited Infosys Technologies (Shanghai) Co. Limited Infosys Technologies S. de R. L. de C. V. Mexico Infosys Public Services Inc. Alliances Global Alliance Partners The partnership focuses on developing solutions that incorporate Infosys IP and the alliance partners' technology and services. The company jointly deliver and market Infosys' solutions to clients across multiple industries and geographies. Microsoft Oracle SAP

Alliance Partners CA Technologies Hewlett-Packard (HP) IBM Infor Informatica Salesforce.com Cloud Cloud adoption is a complex process and the multiplicity of available options has led to confusion over how to embark on a viable Cloud Journey. IT and business teams follow different approaches to Cloud adoption. It continues to strengthen Cloud ecosystem, with over 30 partners delivering a trusted system for its clients. A large hi-tech client has selected Infosys to develop a Cloud-based monitoring solution, using technologies such as Hadoop and Exadata, to manage and meter its enterprise infrastructure. The company is working with a large railroad client in North America on its strategy to move mainframe-based legacy applications to the Cloud. A leading healthcare provider has selected Infosys as a partner to migrate its existing workload to Microsoft Office 365 as its primary messaging and collaboration platform. This provides the client productivity improvement and high asset optimization. The company is building momentum in the market with its Cloud and Big Data offerings. Last quarter, it won over 15 new projects with clients in these segments. Infosys is a leader in Cloud services with more than 4,500 Cloud experts, 200 engagements and 35 partners. This was validated by IDCs recognition of Infosys as a Major Player in its IDC MarketScape for Cloud Professional Services. Finacle Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products & service, enhance customer experience and achieve greater operational efficiency. Finacle solutions address the core banking, wealth management, CRM, Islamic banking & treasury requirements of retail, corporate and universal banks worldwide. Finacle solutions also empower banks with multiple sales, service & marketing channels including e-banking, mobile banking and call centers. Finacle is the chosen solution in over 168 banks across 81 countries. During Q2 FY14, Infosys launched Finacle 11E, the enterprise edition of Finacle universal banking solution. Finacle 11E is designed to simplify banking transformation with enterprise-class components. Finacle had 18 new wins across South Asia, South East Asia, the Middle East, Europe, and Australia, New Zealand this quarter. Siemens TIBCO Software Inc. Autonomy Corporation Sterling Commerce Pegasystems Xerox OSIsoft NetApp Global System Hitachi Data Systems (HDS)

FINANCIAL HIGHLIGHTS (CONSOLIDATED)

Balance Sheet as at March31, 2012 -2015E INFOSYS LIMITED EQUITY AND LIABILITIES: Shareholders Funds: Share Capital Reserves and Surplus a) Net worth Non-Current Liabilities: Deferred Tax Liabilities [Net] Other Long Term Liabilities b) Long term liabilities Current Liabilities: Trade Payables Other Current Liabilities Short Term Provisions c) Current Liabilities Total (a+b+c) ASSETS: Non-Current Assets: Tangible Assets Intangible Assets Capital work-in-progress Deferred tax assets Other non-current assets Non Current Investments Long Term Loans and Advances d) Non-Current Assets Current Assets: Current Investments Trade Receivables Cash and Bank Balances Short Term Loans and Advances e) Current Assets Total (d+e) 2860.00 310460.00 313320.00 0.00 1230.00 1230.00 230.00 30590.00 38200.00 69020.00 383570.00 FY12A

(A*- Actual, E* -Estimations & Rs. In Millions)

FY13A

FY14E

FY15E

2860.00 377080.00 379940.00 560.00 1820.00 2380.00 1890.00 39410.00 39690.00 80990.00 463310.00

2860.00 452496.00 455356.00 0.00 2366.00 2366.00 2646.00 47292.00 40880.00 90818.00 548540.00

2860.00 538470.24 541330.24 0.00 2839.20 2839.20 3307.50 54385.06 41902.00 99594.56 643764.00

43750.00 11800.00 5900.00 2650.00 150.00 40.00 16670.00 19510.00 3680.00 58820.00 205910.00 34200.00 302610.00 383570.00

48070.00 23320.00 11400.00 4690.00 310.00 3770.00 18320.00 27090.00 17390.00 70830.00 218320.00 46890.00 353430.00 463310.00

53357.70 33814.00 16872.00 6800.50 480.50 7125.30 20225.28 34631.58 30692.04 83579.40 232291.78 63301.50 409864.72 548540.00

58906.90 46325.18 22608.48 8976.66 648.68 10687.95 22328.71 42641.99 45117.30 96952.10 247157.74 84054.30 473281.44 643764.00

Annual Profit & Loss Statement for the period of 2012 to 2015E Value(Rs.in.mn)
Description

FY12A 12m 337340.00 19040.00 356380.00 -239550.00 116830.00 0.00 116830.00 0.00 116830.00 -33670.00 83160.00 0.00 0.00 83160.00 2860.00 310460.00 5.00 145.38

FY13A 12m 403520.00 23590.00 427110.00 -299230.00 127880.00 0.00 127880.00 0.00 127880.00 -33670.00 94210.00 0.00 0.00 94210.00 2860.00 377080.00 5.00 164.70

FY14E 12m 460012.80 26892.60 486905.40 -347769.68 139135.72 0.00 139135.72 0.00 139135.72 -35479.61 103656.11 0.00 0.00 103656.11 2860.00 452496.00 5.00 181.22

FY15E 12m 510614.21 29850.79 540464.99 -388066.80 152398.20 0.00 152398.20 0.00 152398.20 -40995.11 111403.08 0.00 0.00 111403.08 2860.00 538470.24 5.00 194.76

Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Minority Interest Share of Profit & Loss of Asso. Net Profit Equity capital Reserves & Surplus Face value EPS

Quarterly Profit & Loss Statement for the period of 31 MARCH, 2013 to 31 DEC, 2013E Value(Rs.in.mn) Description Net Sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Profit After Tax Minority Interest Share of Profit & Loss of Asso. Net Profit Equity capital Face value EPS 31-Mar-13 3m 104540.00 6740.00 111280.00 -79920.00 31360.00 0.00 31360.00 0.00 31360.00 -7420.00 23940.00 0.00 0.00 23940.00 2860.00 5.00 41.85 30-June-13 3m 112670.00 5770.00 118440.00 -86030.00 32410.00 0.00 32410.00 0.00 32410.00 -8670.00 23740.00 0.00 0.00 23740.00 2860.00 5.00 41.50 30-Sep-13 3m 129650.00 5100.00 134750.00 -101280.00 33470.00 0.00 33470.00 0.00 33470.00 -9400.00 24070.00 0.00 0.00 24070.00 2860.00 5.00 42.08 31-Dec-13E 3m 138725.50 4590.00 143315.50 -107983.93 35331.57 0.00 35331.57 0.00 35331.57 -9822.18 25509.39 0.00 0.00 25509.39 2860.00 5.00 44.60

Ratio Analysis Particulars

EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) EV/EBITDA (x) Book Value (Rs.) P/BV

FY12A 145.38 34.63% 34.63% 24.65% 18.35 26.54% 37.29% 13.06 547.76 4.87

FY13A 164.70 31.69% 31.69% 23.35% 16.20 24.80% 33.66% 11.93 664.23 4.02

FY14E 181.22 30.25% 30.25% 22.53% 14.72 22.76% 30.56% 10.97 796.08 3.35

FY15E 194.76 29.85% 29.85% 21.82% 13.70 20.58% 28.15% 10.01 946.38 2.82

Charts

OUTLOOK AND CONCLUSION

At the current market price of Rs.3313.00, the stock P/E ratio is at 14.72 x FY14E and 13.70 x FY15E respectively. Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.181.22 and Rs.194.76 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 10% over 2012 to 2015E respectively. On the basis of EV/EBITDA, the stock trades at 10.97 x for FY14E and 10.01 x for FY15E. Price to Book Value of the stock is expected to be at 3.35 x and 2.82 x respectively for FY14E and FY15E. We recommend BUY in this particular scrip with a target price of Rs. 3650.00 for Medium to Long term investment.

INDUSTRY OVERVIEW
The IT&ITeS industry in India has today become a growth engine for the economy, contributing substantially to increases in the GDP, urban employment and exports, to achieve the vision of a powerful and resilient India. Indian firms, across all other sectors, largely depend on the IT & ITeS service providers to make their business processes efficient and streamlined. Indian manufacturing sector has the highest IT spending followed by automotive, chemicals and consumer products industries. Nasscom expects the IT services sector in India to grow by 13-14 per cent in 2013-14 and to touch US$ 225 billion by 2020. Market Size Indias total IT industrys (including hardware) share in the global market stands at 7 per cent; in the IT segment the share is 4 per cent while in the ITeS space the share is 2 per cent. The industry is dominated by large integrated players consisting of both Indian and international service providers. During the year, the share of Indian providers went up to 65 per cent-70 per cent due to the emerging trend of monetisation of captives. India's IT and BPO sector exports are expected to grow by 12-14 per cent in FY14 to touch US$ 84 billion - US$ 87 billion, according to Nasscom. IT spending in India is projected to reach US$ 71.5 billion in 2013, an increase of 7.7 per cent as compared to US$ 6.4 billion projected for 2012, as per a report by Gartner.

The enterprise software market in India is expected to reach US$ 3.92 billion in 2013, registering a growth of 13.9 per cent over 2012 revenue of US$ 3.45 billion, according to Gartner. Investments Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments from major countries. Between April 2000 and June 2013, the computer software and hardware sector attracted cumulative foreign direct investment (FDI) of Rs 53,757.60 crore (US$ 7.97 billion), according to data released by the Department of Industrial Policy and Promotion (DIPP). More recently, online retailing, cloud computing and e-commerce are the major driving forces behind the rapidly increasing growth in the IT industry. Online shopping has increased with the emergence of internet retailing and e-commerce. Some of the major investments in Indian IT and ITeS sector:

Baring Private Equity Partners Asia plans to buy IT services firm Hexaware Technologies in a deal estimated at about US$ 400 million

Cognizant has been selected by the Saudi Electricity Company (SEC) to develop a comprehensive billing and revenue management solution based on SAP utilities enterprise software to meet the functional, technical, and operational requirements of SEC's rapid growth

Prisma Global has acquired majority stake in German technology venture Prisma Gmbh for about Rs 27 crore (US$ 4.00 million). The company will now own the Intellectual Property (IP) of technologies developed by the German firm

Wipro Ltd have secured a large IT outsourcing contract worth US$ 500 million from the US-based financial services company Citigroup. Wipro will be responsible for application development and maintenance, as well as providing infrastructure management services, for Citi's global operations

Tech Mahindra has signed a five-year agreement with UBS Fund Services (Luxembourg) (UBS FSL) for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The companys Brazilian subsidiary Complex IT has also signed two deals to deliver enterprise solutions for oil and gas, and banking sector

Government Initiatives As a part of the National Electronics Policy, the Government of India is planning to set-up 15 new laboratories under public-private-partnership (PPP) model for hardware and software testing. The labs will facilitate registration and testing of IT products before they are launched in the market. FDI upto 100 per cent under the automatic route is allowed in Data processing, software development and computer consultancy services; software supply services; business and management consultancy services, market research services, technical testing & analysis services. In the 12th Five Year Plan (2012-17), the Department of Information Technology proposes to strengthen and extend the existing core infrastructure projects to provide more horizontal connectivity, build redundancy connectivity, undertake energy audits of State Data Centers (SDCs) etc. The core infrastructure including fibre optic based connectivity will be leveraged and additional 150,000 Common Service Centers (CSCs) will be setup to create the right Governance and service delivery ecosystem at the Panchayats. Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are:

The Government of India has fast tracked the process of setting up of centers of National Institute of Electronics and Information Technology (NIELIT) in Northeast India

The Government of Brazil has liberalised the issue of short term work visas, a move which will make it easier for Indian IT professionals to take up assignments in Brazil

India and Vietnam have signed two memorandums of understanding (MoU) for partnership in the field of information, communications and technology (ICT)

The Cabinet has recently approved the National Policy on Information Technology 2012. The policy aims to increase revenues of IT and ITES industry from US$ 100 billion to US$ 300 billion by 2020 and expand exports from US$ 69 billion to US$ 200 billion by 2020

The Government of India plans to set up 15 new laboratories for testing hardware and software products under public-private partnership (PPP) model

Road Ahead As IT is increasingly gaining traction in small and medium business activities, the sector offers impressive growth opportunities and is estimated at approximately US$ 230 billionUS$ 250 billion by 2020. In a bid to reduce cost, governments across the world are exploring outsourcing and global sourcing options. Technologies, such as telemedicine, mHealth, remote monitoring solutions and clinical information systems, would continue to boost demand for IT service across the globe. IT sophistication in the utilities segment and the need for standardisation of the process are expected to drive demand.

Digitisation of content and increased connectivity is leading to a rise in IT adoption by media. Emerging technologies present an entire new gamut of opportunities for IT firms in India. Social, mobility, analytics and cloud (SMAC) provide US$ 1 trillion opportunity. Cloud represents the largest opportunity under SMAC, increasing at a CAGR of approximately 30 per cent to around US$ 650 billionUS$ 700 billion by 2020. Social media is the second most lucrative segment for IT firms, offering a US$ 250 billion market opportunity by 2020.

Disclaimer: This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of its affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provide for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email info@firstcallindia.com C.V.S.L.Kameswari Pharma U. Janaki Rao Capital Goods Ashish Kushwaha IT, Consumer Durable & Banking Anil Kumar Diversified Suhani Adilabadkar Diversified M. Vinayak Rao Diversified Firstcall India also provides Firstcall India Equity Advisors Pvt.Ltd focuses on, IPOs, QIPs, F.P.Os,Takeover Offers, Offer for Sale and Buy Back Offerings. Corporate Finance Offerings include Foreign Currency Loan Syndications, Placement of Equity / Debt with multilateral organizations, Short Term Funds Management Debt & Equity, Working Capital Limits, Equity & Debt Syndications and Structured Deals. Corporate Advisory Offerings include Mergers & Acquisitions(domestic and cross-border), divestitures, spin-offs, valuation of business, corporate restructuring-Capital and Debt, Turnkey Corporate Revival Planning & Execution, Project Financing, Venture capital, Private Equity and Financial Joint Ventures Firstcall India also provides Financial Advisory services with respect to raising of capital through FCCBs, GDRs, ADRs and listing of the same on International Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and other international stock exchanges. For Further Details Contact: 3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071 Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089 E-mail: info@firstcallindiaequity.com www.firstcallindiaequity.com