ARICENT TECHNOLOGIES (HOLDINGS) LIMITED

Aricent is a global design and Engineering Company. It is the successor to Hughes Software Systems, that was established in 1991, a subsidiary to Hughes Electronics and Sequoia Capital. Established as Hughes Software Systems (HSS) in 1991 by KV Ramani in Nehru Place, New Delhi developing software solutions in the areas of VSAT-based networks for voice and data, cellular wireless telephony, packet switching, and multi-protocol routing. Pioneering in the development of Protocol Stacks. It acquired Frog Design for approximately $25 million.

Engineering the Future

Aricent is a global design and engineering company with creative aspects for their customers in the digital era. They always ready to help our clients lead into the future by solving their most complex and mission critical issues through customized solutions. Aricent always support our clients and companies do new things and scale with new intention. We always bring differentiated value and capability in focused industries to help transform products, brands and companies.

Services

Aricent, an engineering and global designing company. It's has orientation since 1991 and currently, offering a wide range of services to its customers across the World.

• Digital Design Services
• Software Product Development
• System and Silicon Development
• Testing Services
• support-services Product Services and Support
• Product Sustenance and Maintenance

Shareholding Pattern:

Shareholding pattern as on 31.03.2020

Shareholder Name(Promoters) No of shares % of total shares  % of shares pledged  Aricent Holdings Mauritius India Ltd 2,34,76,578 17.89 17.89 Aricent Holding 10,54,29,478 80.36 80.36 Financials of Aricent Technologies (Holdings) Limited Unlisted Shares:

(Figures in Millions)

Year Revenue EBITDA EBITDA Margins PAT PAT Margins Equity FV EPS 2016 21106 4331 20.52% 1920 9.1% 1312 10 14.63 2017 20965 4442 21.19% 2023 9.6% 1312 10 15.41 2018 21885 4500 20.56% 2043 9.3% 1312 10 15.57 2019 22764 4182 18.37% 2046 9.0% 1312 10 15.59 2020 25409 5077 19.99% 7027 13.27% 1312 10 54.00 2021 26100 4662 17.86% 1960 7.51% 1312 10 15.00

FY19-20 Analysis 1. The company has shown a growth of 11.61% in the FY19-20 as compared to last year. 2. The EBITDA margins have improved from 18.37% to 19.99% as compared to last year. 3. The PAT for FY19-20 is 702 Crores as compared to mere 204 Crores last year. This has nothing to do with any operational excellence but it has increased due to the addition of deferred tax amounting 354 Crores this year. 4. The company has generated 150 Crores of positive cash flows from operation in FY19-20. 5. The company is debt-free.

Comparison With Peers:

The company is an IT Solutions provider, so its nearest peers can be taken as Infosys and Wipro. The Price of Infosys and Wipro is taken on 31.08.2019 for comparison.

Particulars Infosys Wipro Aricent P/E 22 16.56 12 P/B 5.44 2.71 1.39 Mcap(cr) 3,49,874 1,53,509 2361

Conclusion: If we give a P/E of 15 to Aricent Technologies, the fair value should be above 200.

• Aricent Technologies (Holding) Ltd Annual Report 2020-21
• Aricent Technologies (Holding) Ltd Annual Report 2019-20
• Aricent Technologies (Holding) Ltd Annual Report 2018-19
• Aricent Technologies (Holding) Ltd Annual Report 2016-17

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