Sector Update | Technology
Sector Update | 29 June 2016
Technology
IT Digital Day: Key Takeaways
How vendors are trying to differentiate themselves in Digital
We hosted IT Digital day in Bangalore, and met with management of Infosys, Mindtree
and Wipro to understand their strategies and strengths in Digital.
In an effort to distinguish themselves in the market, the companies are emphasizing
on design, consultative approach and co-innovation.
Deal sizes continue to inch up in Digital, but majority of demand comes from existing
clients. End-to-end transformation deals, including new and traditional, are sporadic.
Customers still opt for Digital solutions as a separate deal in many cases.
Some common themes across companies include: [1] investments in the form of
training, [2] engaging (and at times investing) in collaborative client-vendor spaces
and acquisitions and [3] embracing the onsite-centricity of the business.
As a result, with small scale, just premium pricing may not be enough to ensure
profitability. Size is imperative for Digital to come more in tandem with company-
average margins.
Majority of deals still separating Digital and SI:
Deal sizes in Digital continue to
increase encouragingly, but they are still not in the multi-million-dollar range. While
this can be attributed to the maturity of the industry, most customers are still
segregating Digital from plain old SI. Amid such a trend, pure Digital work often ends
up in the hands of perceived specialists, at the expense of Indian IT companies.
Large transformation deals combining front-end Digital-oriented work with back-
end SI are only visible in select instances, where customers are early adopters of
Digital. This may become a mainstream going forward. That said, overall growth
could remain curbed as much of the growth in Digital would replace and not add to
spending in traditional services, in our view.
Digital helping mine existing clients:
Majority of demand in the Digital space comes
from existing customers. While capabilities are the obvious criteria in the decision-
making process for Digital services, the scale of operations is not counting for much,
unlike traditional services. Vendors are increasingly looking at Digital distinctly by
either separating the unit within the company, or by appointing dedicated Digital
resources for customer-facing roles. Some common themes across companies
include: [1] investments in the form of training, [2] engaging (and at times investing)
in collaborative client-vendor spaces and acquisitions, and [3] embracing the onsite-
centricity of the business.
Margins will come with scale:
Investments in the form of training, co-innovation
centers and acquisitions have been scaling up. Onsite centricity, upfront
investments and gestation period in new solutions/software mean Digital margins
are lower today at the current scale, but the realization rates are strong. We believe
with scale, margins in Digital should converge to company-average margins.
Companies’ comments on what differentiates them in Digital
INFO:
It has adopted a Design Thinking approach to solving clients’ problems
and taking a lead compared to peers. Its workshops in this area have received
encouraging feedback.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Sagar Lele
(Sagar.Lele@MotilalOswal.com); +91 22 3982 5585
29 June 2016
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
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Sector Update | Technology
MTCL:
MTCL’s projects in the earlier part of their lifecycle were mainly centered
on eCommerce and web-based applications, which facilitated seamless
transformation of offerings to Digital.
WPRO:
WPRO’s Digital offerings approach is a combination of strategy, design
and technology. DesignIt’s acquisition puts WPRO on the map with the best in
terms of well-rounded capabilities.
Exhibit 1:
Digital will account for a larger pie
Exhibit 2:
Market share in Digital could more than triple
Indian IT industry's size (USD b)
Traditional
Digital
133
52
5
113
CY14
173
CY20E
217
4.6
1.7
CY14
Indian IT's market share
Traditional
Digital
Total
13.6
8.8
6.4
4.2
5.5
7.6
4.3
CY25E
Source: NASSCOM, MOSL
CY20E
CY25E
Source: NASSCOM, MOSL
Exhibit 3:
Shift away from ‘lights on’ is accelerating
Keep lights on' spend
New projects / Discretionary
Exhibit 4:
Need to up-skill also becoming more grave
IOP market share (2015)
60%
24%
26%
31%
33%
15%
10%
20%
76%
74%
69%
67%
Source: Offshore Insights, MOSL
Source: Offshore Insights, MOSL
29 June 2016
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Sector Update | Technology
INFO – Differentiating through Design Thinking
Pravin Rao – Chief Operating Officer
Takeaways from the meeting
Play in Digital:
INFO’s focus on Digital spans across: [1] user experience, [2]
integration with legacy systems and [3] digitization of the value chain. There are
opportunities to exploit in all these three areas. INFO has been targeting the
market through partnerships and by building capabilities.
Design Thinking – a differentiator:
While capabilities, services and credentials
are important in determining the strength of vendors in Digital, INFO has been
using Design Thinking as a tool to lead the market in Digital and differentiate
itself from competitors.
Automation:
Customers have been showing some resistance in the
implementation of automation platforms. Clients prefer to use their own tools
rather than migrating work processes to third-party platforms. However, they
are more forthcoming in areas like ADM and IMS.
Buying decisions going beyond pricing:
While pricing is important in traditional
services, customers have also been considering several other factors in their
decision-making process. Factors that make a difference beyond pricing are: [1]
quality of solutions, [2] credibility of vendor, [3] overall solution and [4] thought
leadership within the organization.
Margin management tools:
INFO is confident of being able to maintain margins.
It has some strategies in place to mitigate margin pressure. There is a limit to
the quantum of tailwind traditional lever can provide, and thus automation will
be a driver of margins over the medium term – extensive use of machine
learning and cognitive intelligence is likely to support the margin trajectory.
However, the path is not expected to be linear, and most benefits are likely to
be back-ended in the company’s 2020 vision.
Infosys’ annualized revenue run-rate from the PPS segment increased to
USD508m in 4QFY16 from USD432m in 4QFY15, indicating a turnaround under
its former head, Michael Reh.
To date, INFO has had more than 220 client engagements where the Infosys
Information Platform (IIP) was used. There is a significant traction in adoption,
as evident from the rise in client engagements to 200 in 3QFY16, from 160 in
2QFY16 and 117 in 1QFY16.
The Infosys Automation Platform is being used in 125 engagements. Overall,
automation has been able to free up ~3,900 FTEs in FY16.
The total number of Design Thinking workshops conducted was 225. The
company has trained 90,000 people on Design Thinking.
INFO has made several acquisitions/investments post the leadership change,
including Panaya (automation technology), Skava (digital experience solutions),
CloudEndure (cloud migration and disaster recovery), Waterline Data Science
(data discovery) and Trifacta (data wrangling software).
3
Digital metrics
29 June 2016

Sector Update | Technology
It recently hired Scott Sorokin, the former chief strategy officer of digital ad firm
Razorfish (part of French advertising firm Publicis), to head its Digital business.
Exhibit 5:
Improved product revenues
Revenues from products (USD m)
127
117
111
107
102
108
101
102
111
120
Source: MOSL, Company
Exhibit 6:
Increase in spend on acquisitions
Acquisition spend (FY12-16) INR b
34.8
8.8
TCS
INFO
Source: MOSL, Company
WPRO – Intersection of strategy, design and technology
Rajan Kohli – Sr. Vice President, Wipro Digital
Takeaways from the meeting
Velocity is the key:
WPRO’s strategy in Digital is focused on the value at the
intersection of Strategy, Design and Technology. The differentiating factors for
WPRO are [1] Experience-led, [2] High velocity, and [3] Operating at Global
scale. Velocity has been more crucial for customers than price because of the
criticality around being early. This requirement is being matched by WPRO by
bringing about agility in the organization
CXO decisions are increasingly getting bundled:
The buying approach is
changing with Digital transformation. Earlier, buyers would approach
consultants for laying the roadmap, develop products internally and IT decision
would be taken by the CIO. Now, CXO-level decisions are coming together,
where consultant, designers and engineers have to work together. WPRO Digital
4
29 June 2016

Sector Update | Technology
has been positioned across the continuum of Think it, Design it , Build it , and
Run it.
Multi-dimensional investments in Digital:
WPRO has made several investments
in Digital – digital pods, digital academy, digital change agents and ecosystem
outreach (through WPRO Ventures and M&A investments). Digital engineers
need to be full-stack developers, and should be able to operate with designers
and product managers. WPRO identifies internal talent and then invests in them
to develop hardcore engineering capabilities. WPRO’s training program is
immersive and comprehensive, and extends over three months
Edge over competition from capabilities like Designit:
Without the element of
design, Digital is incomplete, and not every company in the industry is
necessarily aligned with that thought process at present. Digital is about solving
problems, and not technology implementation or beautification. WPRO believes
its acquisition of Designit has put it at the forefront of Digital, and has given it an
edge compared to its Indian peers.
Higher pricing, higher cost:
Growth in Digital does not have to come at the cost
of margins because of onsite centricity. While clients are going beyond the rate-
card in making decisions, the cost associated with delivering Digital solutions is
also higher. This offsets any amount of pricing premium in Digital offerings.
Experience in disruption takes lead:
In Digital, domain is important, but at the
same time customers have been increasingly requiring resources that have
worked towards disruption before, and that may be from a vertical that’s
different from their operations. That said, domain experts are still necessary for
a consultative-led approach, and for enabling better understanding of
customers’ needs.
Digital evolution differs across industries:
The maturity of Digital across
verticals differs and is aligned to the level of disruption in the respective
industry. For example, media is highly disrupted, BFSI is just about getting there
and manufacturing is still at the nascent stage of disruption. WPRO Digital aligns
its operations with this cycle.
Distinct focus on WPRO Digital:
WPRO Digital is carved out as a separate unit
within Digital, which operates differently from the rest of the organization.
Performance within WPRO Digital is measured on metrics that are different
from traditional outsourcing. Revenue mix/cost per employee are not the
performance parameters in this unit.
Sales rigor across organization:
All Business Units have a thrust on selling
Digital, and senior leaders in BUs have been given goals that involve the selling
of Digital. WPRO Digital’s involvement in deals is based on the clients’ problem
statements, and is not linked with the size of the deal.
Digital metrics
Acquisitions have been well integrated with the Digital unit, and are seeing a
number of synergy deals. Good traction has been witnessed by the synergy
teams, and WPRO won seven deals in Digital in 4QFY16.
The company has trained over 10,000 people in Digital in FY16, and plans to
train another 20,000 who can execute on Digital technologies in FY17.
Opened Digital pods in London, New York and other cities where WPRO is
defining customer journeys and driving innovation along with clients.
29 June 2016
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Sector Update | Technology
Acquired DesignIt in July 2015, which gives WPRO capability in strategic design,
user experience, interaction design, and product innovation.
Apart from Digital, hyper-automation is another area of focus. HOLMES has seen
18 engagements. In hyper automation, WPRO had 42 pilots in FY16. It was able
to free up 4,500 people though automation.
Exhibit 7:
Elements of Digitization: WPRO
Source: MOSL, Company
Exhibit 8:
Customer profile showcased on DesignIt’s website
Source: Company
MTCL – Co-innovate, Co-develop
Jana Reddy – Program Director, The Digital Pumpkin
Takeaways from the meeting
A combination of four themes:
Digital at MTCL is a combination of the following
four themes:
[1] Creating digital customer experience:
The service delivery focus is centered
on customers’ customers. MTCL has been driving digital marketing programs for
customers, as well as development across channels, platforms and devices with
speed and its rich experience.
[2] Digitizing value chain:
This involves connecting back-end systems to bring
forth the ability to deliver front-end digital solutions.
[3] Developing sense and respond systems:
Enables greater ability to deliver
predictive insights, which go beyond data analytics of existing data.
29 June 2016
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Sector Update | Technology
[4] Shaping innovative business models and partnerships:
Born-in-the-cloud
startups are challenging the status quo in multiple industries. This compels
existing leaders to transform their business models using technology to remain
competitive.
Deal sizes getting bigger:
Average deal size in Digital has grown to USD300,000
in 4QFY16, from USD220,000 in the previous year. MTCL expects this trend to
continue as its engagements get deeper and further into maturity. Moreover,
the increasing need for legacy/core transformation to cope with front-end
requirements tends to result in increased business. While the number of Digital
deals which can be classified as large has been less, the trend is likely to improve
in the future.
Shorter timelines:
Time-to-market is crucial in Digital projects, and thus delivery
methodology and time differ from those in traditional projects. While the
process of educating customers on the business case can take anywhere
between four to six weeks, the building cycle takes only about 45-90 days.
Targeting smaller customers…:
While most of the traction in Digital for MTCL
has been stemming from large accounts, smaller companies provide good
opportunity in Digital because tier-I service vendors are usually focused on
mining/selling to their top accounts. Smaller customers (also because of smaller
deal sizes) hence tend to receive less attention from the larger service providers.
…but Digital is still largely a driver of further client mining in existing accounts:
Demand for Digital currently mainly comes from existing customers. MTCL has
started appointing front-end Digital managers for certain accounts. At the
moment, it has such 6-8 managers. However, the number is expected to rise
with an increase in engagements and their maturity.
Digital metrics
In FY16, Digital revenue for MTCL grew by 37.6% YoY, including acquisitions, and
27.5% YoY on an organic basis. As of 4QFY16, Digital accounted for 38.6% of
total revenue (from over 32% a year ago).
MTCL has made four acquisitions in the past year – P&C insurance
(Discoverture), SAP HANA (Bluefin), CPG analytics (Relational) and Salesforce
(Magnet360) – to improvise on its early-mover advantage.
MTCL’s book-to-bill ratio in FY16 was 1.24, with total bookings TCV of USD886m.
37% of the bookings were in Digital.
Average deal size in Digital has grown to USD300,000 in 4QFY16, from
USD220,000 a year earlier.
MTCL’s win rate in Digital improved to 32% in 4QFY16, from 22% last year.
The Digital Pumpkin is an innovation hub that invites clients to a free,
collaborative environment for creating digital solutions.
29 June 2016
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Sector Update | Technology
Exhibit 9:
Revenue contribution from Digital well above industry average for MTCL
Digital Revenues
In USD m
32
33
33
32
34.7
% of Revenues
36.6
36.1
38.6
45.2
48.5
48.7
47.3
53.8
66.0
66.6
71.2
Source: MOSL, Company
Exhibit 10:
…which helped sustain deal win momentum
Deal Wins (USDm)
300
250
200
150
100
133
133
165
141
165
147
152
148
164
148
155
208
193
180
204
184
196
Revenue (USDm)
281
Source: MOSL, Company
29 June 2016
8

IT GALLERY
SECTOR UPDATE
SECTOR UPDATE
SECTOR UPDATES

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