Past 10 year's financial track record analysis by Moneyworks4me indicates that eClerx Services Ltd is a good quality company.
The key valuation ratios of eClerx Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of eClerx Services Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 45.8% | 50.9% | 37.8% | 31.4% | 24.1% | 22.4% | 28.6% | 38% | 41.1% | 36% | - |
| Value Creation Index ⓘ | 2.3 | 2.8 | 1.8 | 1.3 | 0.7 | 0.6 | 1.1 | 1.8 | 2.1 | 1.7 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 942 | 1,314 | 1,330 | 1,365 | 1,431 | 1,438 | 1,564 | 2,160 | 2,648 | 2,926 | 3,133 |
| Sales YoY Gr. | - | 39.5% | 1.2% | 2.6% | 4.8% | 0.5% | 8.8% | 38.1% | 22.6% | 10.5% | - |
| Adj EPS ⓘ | 36.5 | 52.9 | 60.5 | 47.4 | 39.1 | 37.2 | 54.5 | 82.2 | 95.2 | 104.2 | 109.3 |
| YoY Gr. | - | 44.7% | 14.5% | -21.7% | -17.6% | -4.8% | 46.7% | 50.6% | 15.8% | 9.5% | - |
| BVPS (₹) ⓘ | 117.7 | 175.7 | 201.5 | 207.3 | 240 | 237.8 | 291.4 | 313.6 | 353.9 | 459.6 | 430 |
| Adj Net Profit ⓘ | 222 | 323 | 361 | 271 | 221 | 201 | 278 | 408 | 457 | 502 | 521 |
| Cash Flow from Ops. ⓘ | 243 | 418 | 312 | 305 | 206 | 333 | 365 | 444 | 493 | 526 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 13.4% | 15.4% | 23.2% | 10.5% | ||||
| Adj EPS ⓘ | 12.4% | 21.7% | 24.1% | 9.5% | ||||
| BVPSⓘ | 16.4% | 13.9% | 16.4% | 29.9% | ||||
| Share Price | 18.2% | 56.5% | 29.1% | 34.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 34 | 35.8 | 31.2 | 22.4 | 17.1 | 15 | 19.8 | 26.6 | 27.9 | 25.4 | 24.6 |
| Op. Profit Mgn % ⓘ | 33.6 | 36.6 | 35.4 | 27 | 21.7 | 22.7 | 29.8 | 30.7 | 27.3 | 26.5 | 25.1 |
| Net Profit Mgn % ⓘ | 23.5 | 24.6 | 27.1 | 19.9 | 15.5 | 14 | 17.8 | 18.9 | 17.3 | 17.2 | 16.6 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 120 | 100 | 115 | 125 | 123 | 119 | 113 | 97 | 94 | 104 | 103 |
| Cash Conv. Cycle ⓘ | 43 | 39 | 48 | 52 | 54 | 56 | 55 | 47 | 49 | 55 | 83 |
Sales growth is growing at healthy rate in last 3 years 23.20%
Net Profit is growing at healthy rate in last 3 years 24.06%
Sales growth is good in last 4 quarters at 12.43%
Return on Equity has declined versus last 3 years average to 24.60%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 75.3 | 109.3 |
| TTM Sales (₹ Cr.) | 2,272 | 3,133 |
| BVPS (₹.) ⓘ | 252.3 | 430 |
| Reserves (₹ Cr.) ⓘ | 1,155 | 2,001 |
| P/BV ⓘ | 14.45 | 8.48 |
| PE ⓘ | 48.45 | 33.35 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 2116.00 / 3875.15 |
| All Time Low / High (₹) | 24.10 / 3875.15 |
| Market Cap (₹ Cr.) | 17,377 |
| Equity (₹ Cr.) | 47.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 82.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 942 | 1,314 | 1,330 | 1,365 | 1,431 | 1,438 | 1,564 | 2,160 | 2,648 | 2,926 |
| Operating Expenses ⓘ | 626 | 833 | 869 | 998 | 1,122 | 1,113 | 1,115 | 1,499 | 1,925 | 2,150 |
| Manufacturing Costs | 21 | 31 | 34 | 36 | 39 | 39 | 38 | 46 | 45 | 57 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 440 | 573 | 594 | 692 | 787 | 854 | 885 | 1,196 | 1,510 | 1,738 |
| Other Costs ⓘ | 165 | 229 | 242 | 269 | 295 | 220 | 192 | 257 | 370 | 354 |
| Operating Profit ⓘ | 316 | 481 | 461 | 367 | 309 | 325 | 449 | 662 | 723 | 776 |
| Operating Profit Margin (%) | 33.6% | 36.6% | 34.7% | 26.9% | 21.6% | 22.6% | 28.7% | 30.6% | 27.3% | 26.5% |
| Other Income ⓘ | 32 | 37 | 28 | 40 | 49 | 47 | 34 | 25 | 66 | 66 |
| Interest ⓘ | 1 | 1 | 2 | 1 | 1 | 20 | 21 | 23 | 22 | 24 |
| Depreciation ⓘ | 50 | 57 | 52 | 48 | 45 | 71 | 82 | 103 | 114 | 126 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 21 | 0 | 0 | 0 | 0 | 0 | -2 |
| Profit Before Tax ⓘ | 298 | 460 | 436 | 380 | 311 | 281 | 381 | 560 | 653 | 689 |
| Tax ⓘ | 68 | 118 | 82 | 90 | 83 | 72 | 98 | 143 | 164 | 178 |
| Profit After Tax | 230 | 342 | 354 | 290 | 228 | 209 | 283 | 418 | 489 | 512 |
| PAT Margin (%) | 24.4% | 26.0% | 26.6% | 21.2% | 16.0% | 14.5% | 18.1% | 19.3% | 18.5% | 17.5% |
| Adjusted EPS (₹) | 37.8 | 55.8 | 59.4 | 50.7 | 40.3 | 38.6 | 55.4 | 84.1 | 101.8 | 106.0 |
| Dividend Payout Ratio (%) | 46% | 1% | 1% | 1% | 2% | 2% | 1% | 1% | 1% | 1% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 714 | 1,075 | 1,200 | 1,186 | 1,360 | 1,288 | 1,486 | 1,557 | 1,700 | 2,217 |
| Share Capital ⓘ | 30 | 41 | 40 | 38 | 38 | 36 | 34 | 33 | 48 | 48 |
| Reserves ⓘ | 684 | 1,034 | 1,161 | 1,148 | 1,322 | 1,252 | 1,452 | 1,524 | 1,652 | 2,169 |
| Minority Interest | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Debt | 0 | 4 | 1 | 6 | 2 | 1 | 0 | 0 | 1 | 0 |
| Long Term Debt | 0 | 4 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 |
| Short Term Debt | 0 | 0 | 0 | 6 | 1 | 1 | 0 | 0 | 0 | 0 |
| Trade Payables | 2 | 14 | 13 | 20 | 12 | 14 | 23 | 17 | 18 | 19 |
| Others Liabilities ⓘ | 236 | 195 | 183 | 206 | 203 | 394 | 464 | 457 | 513 | 632 |
| Total Liabilities ⓘ | 952 | 1,288 | 1,398 | 1,419 | 1,577 | 1,698 | 1,974 | 2,032 | 2,234 | 2,870 |
Fixed Assets | ||||||||||
| Gross Block | 322 | 416 | 423 | 488 | 533 | 714 | 1,035 | 1,118 | 1,290 | 1,489 |
| Accumulated Depreciation | 155 | 51 | 98 | 145 | 185 | 234 | 307 | 405 | 518 | 646 |
| Net Fixed Assetsⓘ | 167 | 365 | 325 | 343 | 348 | 480 | 728 | 713 | 773 | 843 |
| CWIP ⓘ | 1 | 0 | 2 | 0 | 0 | 1 | 0 | 2 | 21 | 1 |
| Investmentsⓘ | 155 | 219 | 252 | 165 | 286 | 437 | 229 | 196 | 275 | 406 |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Trade Receivables | 126 | 186 | 214 | 233 | 243 | 238 | 293 | 329 | 440 | 496 |
| Cash Equivalents | 287 | 328 | 356 | 440 | 452 | 334 | 491 | 494 | 428 | 692 |
| Others Assetsⓘ | 216 | 189 | 250 | 237 | 248 | 208 | 233 | 298 | 297 | 431 |
| Total Assets ⓘ | 952 | 1,288 | 1,398 | 1,419 | 1,577 | 1,698 | 1,974 | 2,032 | 2,234 | 2,870 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 243 | 418 | 312 | 305 | 206 | 333 | 365 | 444 | 493 | 526 |
| PBT ⓘ | 298 | 460 | 436 | 380 | 311 | 281 | 381 | 560 | 653 | 689 |
| Adjustment ⓘ | 27 | 54 | 26 | 23 | 18 | 63 | 77 | 118 | 105 | 137 |
| Changes in Working Capital ⓘ | -15 | 16 | -47 | -3 | -30 | 49 | 7 | -70 | -87 | -128 |
| Tax Paid ⓘ | -68 | -113 | -103 | -95 | -93 | -59 | -100 | -164 | -178 | -172 |
| Cash Flow From Investing Activity ⓘ | -62 | -165 | -170 | 17 | -231 | 18 | -5 | 38 | -84 | -488 |
| Capex | -61 | -52 | -30 | -41 | -52 | -34 | 0 | -61 | -90 | -64 |
| Net Investments | -21 | -18 | -160 | 30 | -207 | 24 | 199 | 108 | -1 | -444 |
| Others ⓘ | 20 | -95 | 21 | 29 | 28 | 28 | -203 | -10 | 6 | 21 |
| Cash Flow From Financing Activityⓘ | -115 | -165 | -245 | -304 | -54 | -308 | -188 | -416 | -440 | -107 |
| Net Proceeds from Shares ⓘ | 8 | 14 | 8 | 9 | 5 | 1 | 0 | 28 | 22 | 15 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -19 | -20 | -22 | -21 | -23 |
| Dividend Paid ⓘ | -106 | 0 | -4 | -4 | -4 | -4 | -3 | -3 | -3 | -5 |
| Others ⓘ | -17 | -179 | -249 | -308 | -56 | -287 | -165 | -420 | -438 | -93 |
| Net Cash Flow ⓘ | 65 | 88 | -102 | 18 | -79 | 43 | 172 | 66 | -32 | -68 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 35.27 | 38.2 | 31.11 | 24.3 | 17.93 | 15.78 | 20.39 | 27.46 | 30.04 | 26.13 |
| ROCE (%) | 45.8 | 50.94 | 37.83 | 31.37 | 24.11 | 22.35 | 28.63 | 38.01 | 41.12 | 36.02 |
| Asset Turnover Ratio | 1.08 | 1.17 | 0.99 | 0.97 | 0.96 | 0.88 | 0.85 | 1.08 | 1.24 | 1.15 |
| PAT to CFO Conversion(x) | 1.06 | 1.22 | 0.88 | 1.05 | 0.9 | 1.59 | 1.29 | 1.06 | 1.01 | 1.03 | Working Capital Days |
| Receivable Days | 44 | 43 | 55 | 60 | 61 | 61 | 62 | 53 | 53 | 58 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
eClerx was founded in 2000 by Anjan Malik and PD Mundhra with the goal of transitioning, managing and transforming complex business processes. Following successful careers in investment banking, Anjan and PD, graduates of University of Pennsylvania’s Wharton School of Business, jointly identified significant opportunities for providing innovative services and solutions to large global companies undergoing rapid business transformation challenged by legacy systems, new technology, data inaccuracies, and ever-changing processes and workflows. Created from humble beginnings in a small office in Mumbai, today eClerx employs thousands of people with offices located in the US, UK, India, Italy, Ireland, Thailand, and Singapore.
The company provides critical business operations services to over fifty global Fortune 500 clients, including some of the world’s leading companies across financial services, cable & telecom, retail, fashion, media & entertainment, manufacturing, travel & leisure, software and high-tech.
Business area of the company
The company provides data analytics and customized process solutions to global enterprise clients from its offshore delivery centers in India. The portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services. It provides service solutions using a mix of custom designed data processes, delivery teams comprising generalists and domain specialists, and in-house software to automate processes. It currently offers services to clients in the financial services, and retail and manufacturing industries.
Divisions
Customer operations: eClerx Customer Operations specialises in providing operational expertise and process excellence throughout the customer journey. It creates solutions and services, utilising a blend of technology and domain knowledge that support its clients’ evolving needs. Its suite of offerings enhances the customer experience by providing quality monitoring/insights, advanced analytics, automation, superior technical operations support, and digital care services. It assists companies in developing, implementing, and operating multichannel customer interaction capabilities - transforming everyday touch-points into a superior customer experience.
Digital: eClerx Digital is the trusted partner of choice to the world’s largest global brands for creative production, eCommerce/web operations, and analytics & insights services. It improves profitability for their digital businesses. Its team of full-time digital delivery employees at its five production hubs in Mumbai, Pune, Chandigarh, Verona, and Phuket apply deep digital expertise to effectively support the most demanding global clients utilising a follow the sun delivery model. eClerx Digital’s innovative delivery model drives the “metrics that matter” for its clients: improved acquisition, conversion and retention, and overall lifetime value of its customer 24x7x365.
Financial markets: For financial organizations across the world, eClerx Markets offers consulting, technological innovation, and process management expertise to uniquely solve operational challenges. With nearly two decades of industry experience complemented by the application of smart automation and robotics, its team of experts delivers holistic solutions across the trade lifecycle, change management, settlements and clearing, asset servicing, data and analytics, as well as the client lifecycle.
Awards and recognitions
2017
2018
2019
2020
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