28 July 2015
1QFY16 Results Update | Sector: Technology
Info Edge (India)
BSE SENSEX
27,561
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
S&P CNX
8,361
INFOE IN
120.2
97.3/1.6
1015 / 689
2/20/23
139/168
56.3
CMP: INR887
TP: INR1,050 (+19%)
Buy
Burn in 99acres.com drives sharp miss in profitability
Competitive intensity in online real estate portals take toll:
INFOE’s advertising
expenses in 1QFY16 shot up to INR461m, or 27% of revenues (v/s estimate of
15.5%), compared to 13.8% in FY15, driving plummet in EBITDA margin to 14%,
compared to estimate of 27.6%. Consequently, standalone PAT came at
INR287.5m, drop of 28% YoY, sharply below our estimate of INR491m.
Real estate remains soft, momentum in other segments intact:
INFOE’s 1QFY16
revenue at INR1.72b grew 18.5% YoY, in line with our estimate of INR1.74b.
Revenues in recruitment segment (naukri.com) grew 20% YoY to INR1.25b,
marginally below our estimate of INR1.275b. 99acres.com posted revenues of
INR252.8m, +10% YoY, below our estimate of INR282.6m
Outlook on businesses:
Growth in
recruitment
portal may have been impacted
by higher collections in the previous quarter. That, and pick up in non-IT
segments could drive improvement in recruitment segment’s revenue growth.
99acres.com
revenues are impacted mainly in the Delhi/NCR region, while other
regions continue to grow. Ad spends will remain responsive to competitive
intensity. Intensity has been lower in June.
Zomato’s
early results from pilot in
food ordering are encouraging.
Valuation view:
We have cut our standalone earnings in FY16 by 16% on the
back of higher ad spends in 99acres.com. INFOE’s strategy of matching
aggression to sustain traffic and listings share is the imperative in our view. We
see Naukri.com, 99acres.com and Zomato.com as the key drivers of valuation at
INFO. Our SOTP price target of INR1050 implies 18% upside. Maintain
Buy.
Financials & valuation (INR b) SA
Y/E Mar
Sales
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh.INR
RoE (%)
RoCE (%)
P/E (x)
EV/EBITDA
( )
EV/Sales (x)
2015 2016E 2017E
6.1
7.3
8.7
1.9
13.7
16.4
13.6
13.6
59.6
49.2
14.7
1.7
13.8
1.0
9.8
8.6
59.1
52.8
12.1
2.3
19.3
39.7
12.7
12.5
42.3
33.9
10.0
138.3 146.1 158.9
Estimate change (%)
16/4
TP change
Rating change
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Info Edge
1QFY16 Standalone revenues: In line with recruitment traction in tact
INFOE’s 1QFY16 revenue at INR1.72b grew 18.5% YoY, in line with our estimate
of INR1.74b.
Revenues in recruitment segment (naukri.com) grew 20% YoY to INR1.25b,
marginally below our estimate of INR1.275b.
99acres.com posted revenues of INR252.8m, +10% YoY, below our estimate of
INR282.6m.
Other segments, including Jeevansathi.com posted INR218m, above our
estimate of INR187m.
Exhibit 1: Standalone revenue in line with recruitment traction intact
Revenue (INR m)
22.3
18.3
15.7
8.1
1,060 1,078 1,064 1,161 1,208 1,236 1,234 1,380 1,449 1,476 1,457 1,731 1,718
13.9
14.6
15.9
Revenue Growth - YoY (%)
25.4
18.9
20.0
19.4
18.1
18.5
Source: Company, MOSL
Profitability: Burn in 99acres.com drives sharp miss
Advertising expenses shot up to INR461m, or 27% of revenues, compared to
13.8% in FY15, driving plummet in EBITDA margin to 14%, compared to estimate
of 27.6%. Our estimate for advertising expenses was 15.5%.
The spend seems to have been primarily been directed towards 99acres.com,
where EBITDA loss during the quarter increased to INR361.4m, compared to loss
of INR51m in 1QFY15 and loss of INR123m in 4QFY15.
Consequently, standalone PAT came at INR287.5m, drop of 28% YoY, sharply
below our estimate of INR491m.
Exhibit 2: EBITDA margin plummeted on sharp uptick in advertising costs
EBITDA (INR m)
35.3
34.3
33.5
34.2
35.8
30.5
34.3
EBITDA Margin (%)
31.5
34.0
28.6
24.9
13.9
238
31.4
374
370
357
397
369
442
423
434
493
422
363
544
Source: Company, MOSL
28 July 2015
2

Info Edge
Exhibit 3: PAT decline in line with the sharp drop in profitability
PAT (INR m)
YoY (%)
35.4
24.1
18.0
6.7
-11.5
318
333
308
356
-7.5
294
-0.2
333
4.6
-5.7
336
398
-0.1
332
386
530
19.9
-27.8
287
57.8
322
Source: MOSL, Company
Takeaways from management commentary
99acres.com
Growth in 99acres.com suffered due to depressed Real Estate physical markets.
New home demand is very weak, with unsold inventory between 3-4 years. New
launches are down as much as 80% in certain regions. Delhi/NCR is the most
impacted, which is ~30% of 99acres.com’s revenues. Mumbai, Pune and
Bangalore markets have been growing well, on the contrary
Ad spends on the segment remain in line with the competitive intensity. While
the intensity lowered in July, it remains uncertain how the behavior will pan out
in 2-3 months time. So INFOE continues to spend for now.
Horizontals such as Quikr.com and OLX.com are not real competition just yet.
Their focus is more the smaller category and mainly in the rentals space,
Exhibit 4: revenue growth at 99acres.com was 30% in a weak environment due to
incremental sales and investments in the business
99acres.com (INR m)
59.5
47.6
37.1
46.0
48.4
32.4
21.1
155
185
190
230
230
245
230
30.0
9.9
253
YoY (%)
299
Source: Company, MOSL
Naukri.com
Bangalore market has grown ~30% while the other markets like Mumbai and
Delhi are growing at 16-17%. This suggests that the pickup in hiring in non-IT
segments will potentially drive even better growth
The margins in the business will improve further if the growth rates sustain
above 20%
1500 live customers are live on career site manager. INFOE has witnessed lot of
success with mid-sized customers, but not so much with very large customers.
28 July 2015
3

Info Edge
Exhibit 5: Healthy outlook for revenue growth at Naukri.com, supported by new products
Recruitment (INR m)
18.7
YoY (%)
19.0
24.6
19.8
8.0
901
8.3
903
10.8
911
13.6
15.5
1005
1041
1072
1084
1252
1247.17
Source: Company, MOSL
Zomato.com
Zomato.com continues to grow at a very high rate. While the food delivery pilot
has been encouraging, it continues to try and add revenues through the
traditional monetizing model of listings in markets where it is the leader but has
not yet monetized.
INFOE’s holding in Zomato.com may go below 50% if next round of funding is
significant size (currently at 50.1%).
Jeevansathi.com
Mobile experience of Jeevansathi.com is probably the best in business. If INFOE sees
the game changing in the segment, it will up the investments. It has made
reasonable progress as far as the recent marketing experiments on the website go.
Exhibit 6: Strategy to breakeven in Jeevansaathi.com by reducing headcount did not work,
growth faltered
Jeevansathi.com (INR m)
93
75
81
75
44.9
87
93
85
95
YoY (%)
95
95
97
106
109
25.0
15.0
23.0
17.0
16.0
13.0
1.5
8.9
1.1
14.6 11.5
14.7
Source: Company, MOSL
Change in estimates: Cutting earnings 16%/4%
On the back of assuming higher ad spends in 99acres.com, we have downgraded
our EBITDA margin estimate for FY16, driving 16% earnings cut. We are
currently assuming Ad spends at 20% of revenues in FY16 and 16% of revenues
in FY17. Consequently, the impact on our Standalone earnings estimate for FY17
is 4%
28 July 2015
4

Info Edge
Exhibit 7: Change in estimates
Standalone business
Revenue (INR m)
YoY (%)
EBITDA (%)
EPS (INR)
Revised
FY16E
FY17E
7286
8666
19.2
18.9
23.0
29.4
13.8
19.3
Earlier
FY16E
FY17E
7290
8676
19.2
19.0
27.8
29.8
16.5
20.1
Change
FY16E
FY17E
-0.1
-0.1
-10bp
-10bp
-480bp
-40bp
-16.0
-3.8
Source: MOSL, Company
Valuation and view
Direct and high quality play on exploding e-commerce opportunity:
With all
enablers falling in place, the ecommerce industry is set to witness exponential
growth over the next decade. INFOE is our preferred play on the explosive
internet story in India. While it is not directly involved in the exponentially
growing segment of E-Tailing, the growing market for online commerce should
aid in parallel growth of online classifieds / listings and information businesses
like 99acres.com and Zomato.com; and also coupons industry (mydala.com).
Success driven by integration of two critical factors
INFOE has been using technology to provide superior online experience.
Leading market shares in Naukri.com and 99acres.com are testimony to its
technological capabilities. This, in our opinion, is a strong foundation for
many of its portals that are still in the incubation/development phase.
INFOE is able to bring about a migration of offline transactions and
communities to the internet. Not only has that manifested in INFOE’s in-
house
businesses
(Naukri.com,
99acres.com,
Jeevansathi.com,
Shiksha.com), but also in prudent stake buys in other businesses.
Revival of GDP growth to help flagship recruitment segment:
Naukri.com
should directly and disproportionately benefit from the pick-up in GDP growth.
This should be compounded by pickup in demand for IT resources . We expect
revenue CAGR of 19% over FY15-17 in flagship Naukri.com’s revenues. We
expect 99acres.com to continue doing well too, and expect revenue CAGR of
22.6% over FY15-17 on a small base, despite the intense competition.
QIP states intent to match competition and sustain leadership:
Fast changing
customer expectations and intense competition make it imperative to
continuously invest to upgrade existing offerings and develop new ones,
warranting a constant stream of internal investments. The unparalleled pace at
which start-ups in this business are raising money has necessitated competition
to match investments or lose out on share. INFOE’s QIP to raise the funds
highlights the very fact – providing it with a war chest, if needed, in the future. It
has followed that up with matching the ad spend aggression in the online real
estate portals segment, taking a hit on the standalone profitability.
SOTP-based price target of INR1,050:
We adopt sum-of-the-parts (SOTP)
methodology to value INFOE. We separately value the in-house business –
Naukri.com, 99acres.com, Jeevansathi.com and also INFOE’s share in its
investee companies – Zomato.com, Meritnation.com, Policybazaar.com,
Mydala.com, and Canvera.com. While the recruitment business remains the
cash cow, 99acres.com, along with holdings in Zomato.com, driving significant
value for the company, going forward. While higher revenues outlook at
recruitment drives some uptick to our SOTP contribution, we are incrementally
more cautious on our estimates for 99acres.com. Our change in SOTP target
5
28 July 2015

Info Edge
price of INR1,050 remains unchanged. We see INFOE as a direct and preferred
play on the fast expanding e-commerce opportunity. Maintain a
Buy
.
Exhibit 8: SOTP valuation
Segment
Naukri
Methodology
30x recruitment
NOPLAT
Methodology description
We value Naukri.com's post tax operating profits at 30x. Historically,
INFOE trades at 30x+ when recruitment segment dominated and all
others were insignificantly small (INR20 per share of investments).
INFOE's valuation on overall company's profits (including yield on cash)
was 30x+
99acres.com
10x forward sales
Median sales multiple of peers such as rightmove.co.uk,
realestate.com.au, zillow.com, zoopla.co.uk
All trade in a tight sales band of 10-13x
Growth in 99acres.com is expected to be higher than peers
Zomato.com
Valuation ascribed in After raising USD60m at pre-money valuation of USD600m in November
the latest round of 2014, Zomato raised another USD50m at a higher valuation - we
funding
estimate USD800m
Meritnation
Valuation ascribed in Meritnation raised INR100m from INFOE, which increased the
the latest round of company's stake in FY13 from 54% to 55.81%
funding
This implies valuation of INR6b, of which 55.81% is ascribed to INFOE
Mydala.com
3x forward sales
Based on strong growth prospects, and already INR3b monthly GMV, we
estimate Mydala's revenue at USD40m by FY17
While the company could easily enjoy a multiple on the higher side, we
ascribe 3x forward sales.
INFOE's 46% ownership in the same implies valuation contribution of
INR3.3b
Policybazaar.com
Valuation ascribed in Policybazaar had raised USD20m in May 2014, valuing it at ~USD100m.
the latest round of INFOE holds 23% in the company
funding
Jeevansathi.com
3x forward sales
JS is the 3rd biggest player in the online matrimony market.
We assume 15% CAGR in revenues and value the franchise at 3x forward
revenues
Canvera
Valuation ascribed in Canvera raised INR100m from INFOE in latest round of funding (October
the latest round of 2014), on the back of INR135m in 2014, which increased INFOE's stake
funding
from 32% to36%, effectively pegging the company's value at INR2700m
Cash On books
Total
Valuation Contribution
(INR b)
(INR /sh)
64.5
532
13.1
108
25.5
210
3.1
25
5.8
48
1.4
11
1.5
12
1.0
8
10.8
89
1050
Source: MOSL
Exhibit 9: 1-year forward PE band
85
70
55
40
25
10
19.1
35.2
PE (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
67.7
49.2
Exhibit 10: 1-year forward PB band
16.0
11.0
6.0
30.5
1.0
5.4
3.0
5.7
5.6
PB (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
12.9
28 July 2015
6

Info Edge
Story in charts
Exhibit 11: Recruitment segment dominated the standalone Exhibit 12: … and is the only profit making business in the
business…
group
Standalone business revenue mix (%)
Real
Estate, 16
Others, 4
Standalone business EBITDA (INR m)
2279
Matrimonial,
6
Recruitment,
73
-44
Recruitment
Matrimonial
-374
Real Estate
-68
Others
Source: Company, MOSL
Source: Company, MOSL
Exhibit 13: Recruitment business is closely linked to GDP Exhibit 14: … but leadership position to sustain on network
growth…
effect
Recruitment revenue growth (%)
8.6
6.7
7.8
-7.7
8.9
24.1
25.4
11.3
6.7
9.8
4.5
4.7
GDP Growth (%)
19.6
7.2
Exhibit 15: Investee company details
Amt. Invested
Company
Zomato.com
Meritnation.com
Policybazaar.com
Mydala.com
Canvera.com
Happily Unmarried.com
Total
Written off / provisioned for
Studyplaces.com
99labels.com
Floost.com
45
285
26
13
47
31
Source: MOSL, Company
(INR m)
3,283
718
325
270
671
94
5,361
Holding
%
50
56
18
45
32
27
3,301
-2,332
2,118
-745.2
FY15 summary (INR m)
Revenue
967.3
215.9
EBITDA
-1360
-227.2
28 July 2015
7

Info Edge
Exhibit 16: Operating Metrics
2QFY14
Naukri.com
Number of Resumes (m)
Avg Resumes added daily (000s)
Average no. of Resumes Modified Daily (000s)
Number of Unique Customers (000s)
Vertical breakup of Naukri.com (%)
IT/ITeS
BFSI
Infrastructure
Jeevansathi.com
Number of profiles ever loaded (m)
Avg profiles acquired daily
Number of unique paid customers
Avg amount realised in INR
99acres.com
Number of listings
Number of paid listings
Number of paid transactions
Segmantal Revenues
Net Sales (INR m)
Recruitment Solutions (INR m)
Other Verticals (INR m)
Jeevansathi
99acres
OtheINR
PBT (INR m)
Recruitment Solutions (INR m)
99acres
Other
Headcount
-22
2,722
-32
2,798
-46
3,168
458
449
519
538
-48
-3
3,406
538
-105
-29
3,681
534
-150
-41
695
-76
-36
639
-361
-35
1,236
903
333
93
185
55
1,234
911
323
85
190
48
1,382
1005
377
95
230
52
1,449
1041
408
95
230
83
1,476
1072
404
95
245
65
1,457
1084
373
97
230
46
1,733
1252
481
106
299
77
1,718
1247
471
109
253
109
685
561
17.1
671
546
14.0
673
532
17.2
772
603
18.2
834
609
21.0
852
588
19.2
964
663
20.7
900
623
17.6
5.9
1,411
24,000
3,632
6
1,574
24,700
3,535
6.1
1,553
26,030
3,555
6.3
1,486
23,922
3,758
6.5
1,849
23,599
3,897
6.6
1,872
27,556
3,679
6.8
2,050
30,692
3,586
7
2,131
29,734
3,583
27
5
18
27
5
18
28
5
18
28
5
17
29
5
17
28
5
17
31
5
16
29
5
16
35
11
139
27
36
10
121
27
37
10
127
29
38
12
116
31
39
13
135
31
40
9
124
31
41
10
133
33
42
13
166
34
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
3,701
3,817
4,049
Source: MOSL, Company
28 July 2015
8

Info Edge
Financials and valuations
Income Statement - Standalone
Y/E March
Sales
Change (%)
Employee benefit expense
Advertising and promotion cost
Other expense
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Extraordinary Items
Adjusted PAT
Change (%)
Balance Sheet - Standalone
Y/E March
Share Capital
Reserves
Net Worth
Loans
Capital Employed
Gross Block
Less : Depreciation
Net Block
CWIP
Investments
Curr. Assets
Current Investments
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov
Current Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
2,337
-4.7
871
374
411
681
29.1
61
38
306
887
317
35.8
570
0
570
-4.6
2011
2,940
25.8
1,132
380
447
981
33.4
71
-51
279
1,240
400
32.3
840
0
840
47.4
2012
3,771
28.3
1,370
516
442
1,442
38.3
77
20
395
1,740
511
29.3
1,230
0
1,230
46.4
2013
4,372
16.0
1,672
577
626
1,498
34.3
94
25
465
1,844
528
28.7
1,315
-293
1,022
-16.9
2014
5,059
15.7
1,968
662
761
1,668
33.0
174
51
432
1,876
591
31.5
1,285
0
1,285
25.7
2015
6,116
20.9
2,520
842
931
1,822
29.8
173
30
764
2,383
736
30.9
1,647
292
1,939
50.9
2016E
7,286
19.1
3,079
1,459
1,073
1,675
23.0
194
0
943
2,424
746
30.8
1,678
0
1,678
-13.4
(INR Million)
2017E
8,666
18.9
3,504
1,387
1,224
2,552
29.4
233
0
1,082
3,400
1,057
31.1
2,343
0
2,343
39.7
2010
273
3,547
3,820
6
3,826
571
283
288
69
1,296
3,053
60
2,777
183
34
880
792
88
2,173
3,826
2011
546
4,084
4,630
7
4,637
856
318
539
154
2,982
2,319
39
2,037
131
111
1,121
979
142
1,197
4,872
2012
546
5,198
5,744
2.8
5,747
908
376
531
94
3,666
3,183
0
36
2,985
62
99
1,728
1,496
231
1,456
5,747
2013
1,092
5,563
6,654
4.8
6,659
1,378
471
908
98
3,233
4,267
1,293
45
2,710
103
117
1,847
1,606
241
2,420
6,659
2014
1,092
6,530
7,622
4.4
7,626
1,501
645
857
95
3,775
5,088
2,531
50
2,311
69
127
2,189
1,865
324
2,899
7,626
2015
1,202
15,422
16,624
2.8
16,627
1,494
700
793
0
5,578
12,907
8,973
98
3,007
155
673
2,794
2,341
452
10,114
16,485
(INR Million)
2016E
2017E
1,204
1,204
16,521
18,070
17,726
19,274
2.8
2.8
17,728
19,277
1,781
2,121
865
1,098
916
1,023
95
95
7,448
7,448
12,889
14,989
8,063
8,063
89
108
3,196
5,098
923
1,116
618
604
3,620
4,278
3,149
3,808
470
470
9,270
10,711
17,728
19,277
28 July 2015
9

Info Edge
Financials and valuations
Ratios - Standalone
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
2010
5.2
5.8
35.0
0.2
4.2
2011
7.7
8.3
42.4
0.4
5.7
2012
11.3
12.0
52.6
1.0
10.4
2013
12.0
12.9
60.9
1.0
9.7
2014
11.8
13.4
69.8
2.5
23.4
69.4
61.2
49.8
16.4
11.7
0.0
16.1
17.5
9
6.5
19.8
21.4
5
4.2
23.7
26.3
3
6.0
21.2
22.6
4
4.3
18.0
20.9
4
5.3
2015
13.7
15.1
138.3
3.0
26.4
59.6
54.0
49.2
14.7
5.9
0.0
13.6
13.6
6
7.7
2016E
13.8
15.4
146.1
4.0
34.5
59.1
52.9
52.8
12.1
5.6
0.0
9.8
8.6
4
7.2
2017E
19.3
21.2
158.9
5.5
33.9
42.3
38.5
33.9
10.0
5.1
0.0
12.7
12.5
5
7.8
Cash Flow Statement - Standalone
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Free Cash Flow
Net Purchase of Invest.
Net Cash from Invest.
Proceeds from Equity
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Net Cash Flow
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
E: MOSL Estimates
2010
424
53
477
-155
322
-741
-896
0
2
-24
-22
-441
3,218
-441
2,778
2011
655
446
1,101
-585
516
-1,232
-1,817
0
0
-24
-24
-739
2,778
-739
2,038
2012
1,197
385
1,582
-1,103
479
517
-586
0
-1
-48
-49
947
2,038
947
2,986
2013
1,077
-187
890
-2,012
-1,122
988
-1,024
-18
2
-127
-143
-276
2,986
-276
2,709
2014
1,334
-425
908
-1,024
-115
9
-1,015
-36
0
-255
-291
-398
2,709
-398
2,311
2015
1,968
2
1,970
-2,151
-181
-6,279
-8,430
7,497
-4
-337
7,156
696
2,311
696
3,007
(INR Million)
2016E
2017E
1,978
125
2,102
-382
1,720
-952
-1,334
0
0
-579
-580
189
3,007
189
3,196
1,495
460
1,955
-340
1,615
1,082
742
0
0
-795
-795
1,902
3,196
1,902
5,098
28 July 2015
10

Info Edge
Corporate profile
Company description
Info Edge (India) Limited (Info Edge) is India’s
premier on-line classifieds company in recruitment
(naukri.com), matrimony (jeevansaathi.com), real
estate
(www.99acres.com),
education
(shiksha.com) and related services.
The company, with a view to tap into the growing
and vibrant Indian internet market, undertakes
investments in early stage companies / start-up
ventures. As of March 31, 2014, the company had
investments in Zomato Media Pvt Ltd
(www.zomato.com); Applect Learning Systems Pvt
Ltd (www.meritnation.com); Etechaces Marketing
and Consulting Pvt Ltd (www.policybazaar.com);
Kinobeo Software Pvt Ltd (www.mydala.com);
Canvera
Digital
Technologies
Pvt
Ltd
(www.canvera.com) and Happily Unmarried
Marketing Pvt Ltd (www.happilyunmarried.com).
Exhibit 18: Sensex rebased
1,050
950
850
750
650
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Info Edg.(India)
Sensex - Rebased
Exhibit 18: Shareholding pattern (%)
Jun-15
Promoter
DII
FII
Others
43.7
9.6
29.2
17.4
Mar-15
43.8
10.2
29.3
16.7
Jun-14
50.2
12.1
28.0
9.8
Exhibit 19: Top holders
Holder Name
HDFC Trustee Company Limited - HDFC Equity
Nalanda India Equity Fund Ltd
Kapil Kapoor
Aranda Investments (Mauritius )Pte. Ltd
Anil Lall
% Holding
3.3
3.2
2.7
2.7
2.6
Note: FII Includes depository receipts
Exhibit 20: Top management
Name
Sanjeev Bikhchandani
Hitesh Oberoi
Chintan Arvind Thakkar
Amit Kumar Singh
Designation
Founder & Exec. Vice Chairman
CEO & MD
CFO
SVP, Product Head – 99acres
Exhibit 21: Directors
Name
Kapil Kapoor
Sanjeev Bikhchandani
Hitesh Oberoi
Arun Duggal*
Ashish Gupta
*Independent
Name
Saurabh Srivastava*
Bala Deshpande*
Dr. Naresh Gupta*
Sharad Malik*
Exhibit 22: Auditors
Name
Price Waterhouse & Co
Type
Statutory
Exhibit 23: MOSL forecast v/s consensus
EPS (INR)
FY16
FY17
MOSL forecast
13.8
19.3
Consensus
forecast
17.3
21.8
Variation (%)
-20.0
-11.3
28 July 2015
11

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