Visit us at www.sharekhan.comJune 24, 2015Info Edge (India)Reco: BuyPlay on India’s Internet edgeKey pointsCompany detailsPrice target:Rs1,103Market cap:Rs10,194 cr52-week high/low:Rs1,015/640NSE volume:(No of shares)CMP: Rs8481.4 lakhBSE code:532777NSE code:NAUKRISharekhan code:NAUKRIFree float:(No of shares)6.8 crShareholding pattern Naukri, the moat: Info Edge’s flagship Internet property, www.naukri.com (Naukri), isnot only a dominant player in the fast growing online recruitment space but among thefew profitable and free cash flow generating online businesses in India. Naukri is aquality play on the improving macro environment and is directly related to the GDPgrowth and Internet/mobile penetration. Thus, it can grow consistently at over 20% forthe next few years. It has the competitive advantage to sustain its leadership andmargin profile in spite of the emerging competition from players like www.linkedin.com. 99acres, the dark horse, though competition intensifies: www.99acres.com (99acres),the online realty classified business, is another strong brand of Info Edge and has beengrowing strongly at a 42% CAGR over FY2011-15. It is very strong in terms of brand recalland leadership in its sector with a traffic share of 31%. However, rising competition isincreasing the customer’s acquisition cost (the online realty segment sees a quarterlyspending of Rs250 crore on advertising) which has led to higher cash burn in the business.The current online realty classified market is pegged at Rs300 crore out of a totalRs6,000 crore of realty advertising market. That leaves immense scope for growth inthe coming years. Zomato, the wild card, and other investments to gain from e-commerce boom: InfoEdge has a number of investments in start-up ventures that are together worth aroundRs700 crore. Among these the online restaurant classified business, www.zomato.com(Zomato; accounts for 70% of the total investment), has been the biggest investment,with the revenues growing at a CAGR of 190% over FY2013-15 to Rs96.7 crore in FY2015.As per the latest funding round in April 2015, Zomato is valued at around 750 million.We expect its growth to extend in the coming years, with a better integration of servicesand increasing monetisation opportunities. Going ahead, other investee ventures, likewww.meritnation.com, www.policybazaar.com, www.mydala.com andwww.canvera.com, are also likely to gain from the ongoing e-commerce boom in India. Valuation: a quality play on improving macro environment and e-commerce boom:India’s e-commerce sector is on the cusp of an exponential growth that will take placeover the coming years led by increasing Internet and mobile penetration. Info Edge witha strong online presence through various ventures, Naukri, 99acres, Zomato andwww.mydala.com, is our preferred play on both the e-commerce and online shift, andthe recovery in the macro-economy. We have adopted the SOTP valuation methodology(refer to price target derivation table for detailed valuation) to value Info Edge. Wehave individually valued the in-house businesses and the company’s investments invarious ventures. We initiate coverage on Info Edge with a Buy rating and a 12-monthprice target of Rs1,103.Price chartValuations (stand-alone)ParticularsPrice performance(%)1m3m6m 12mAbsolute1.22.6-0.524.7Relative1.2to Sensex3.4-2.410.6Total revenueEBITDA margin (%)Adjusted net profitAdjusted EPS (Rs)PER (x)P/BVEV/EBITDARoE (%)RoCE (%)Dividend yield (%)Source: Sharekhan ResearchFY2013FY2014FY2015FY2016 (P)FY2017 10.3
stock ideaInfo Edge (India)Investment argumentsNaukri, the moatBusiness background: The business of online recruitment comprises the online recruitment classified business andIndia’s leading job site (Naukri), www.naukrigulf.com a job site focused on the job market in the Middle-East) and theoffline executive search business (www.quadranglesearch.com). Related sites in this business include a professionalnetworking site (www.brijj.com) and a fresher hiring site (www.firstnaukri.com). As of March 31, 2015 Naukri has adatabase of about 41 million registered job seekers and an average of about 11,000 resumes were added daily whileabout 128,000 resumes were modified daily during FY2015. In the same fiscal, 57,000 corporate customers (includinghiring consultants and firms) paid Naukri for services like database access, advertising and listing on the site amongstothers.Qualitative and quantitative metrics Consistently maintaining its market leadership position with a traffic share of over 60% in the last three years,Naukri registered a 70% traffic share in April 2015. It boasts of more than 150,000 jobs and 41 million resumes onthe site. It has seen reasonable gains in the Middle-Eastern markets like Dubai, Abu Dhabi and Oman over the lastcouple of years Its business-to-business (B2B) revenues stand at about 90% (from recruiters) and offers services like (1) resumedatabase access; (2) job listing (response management); (3) employer branding (visibility); (4) career site manager;and (5) others. The resume short-listing and screening, campus recruitment and business-to-consumer (B2C)businesses together account for about 10% of the revenues. It had 57,500 clients on its register in FY2015 vs 51,000 clients in FY2014 while its average realisation improvedby 7% year on year (YoY) to Rs61,000 in FY2015. It has made a successful transition from Internet to mobile, with over 50% of the traffic now on phone. It also has career site management and referral hiring platforms for which it has already over 1,500 customersand which taps into new revenue streams.Earnings/growth outlook Growth of Naukri is expected to pick up further to around 20% YoY on account of (1) a strong growth in recruitmentsin the information technology (IT) and non-IT sectors led by the banking and manufacturing sectors owing to apick-up in the gross domestic product (GDP) growth; (2) a ramp-up in new products like career site management(CSM) and referral hiring platforms (which already have 1,500 customers); and (3) an improvement in the pricerealisation because of lower discounts and package upgrade. Naukri’s revenues have grown at a compounded annual growth rate (CAGR) of 16.4% over FY2011-15. In FY2015its revenues grew by 19.6% YoY. Its management aspires to deliver a 20% growth in the coming two years, if theeconomy continues to improve. It is a solid cash flow business, with margins in the upward of 50%. We have modeled a revenue CAGR of 18.7% forthe period FY2015-17 with an operating profit margin (OPM) of 51-52.5%. We see Naukri as a credible play on the booming e-commerce sector in India and expect it to maintain itsleadership position and margin profile. We do not expect any major disruption from competitors likewww.linkedin.com.Sharekhan2June 2015
stock ideaInfo Edge (India)Operating metricsParticularsNumber of resumes on Naukri (in million)Added during quarter/year in millionY-o-Y growth %Average number of resumes added daily in '000Y-o-Y growth %Average number of resumes modified daily in '000Y-o-Y growth %Number of unique customersAdded during quarter/yearY-o-Y growth %Avg. ,00056,00057,00061,0009.817.85.71.87.0Y-o-Y growth %Source: CompanyStrong margin profileRevenue CAGR of 16.4% over FY2011-15Source: CompanySource: Company99acres, the dark horse, though competition intensifiesBusiness background: The online real estate classified business comprises 99acres and a real estate brokerage business(www.allcheckdeals.com) housed in a subsidiary named Allcheckdeals.com India Pvt Ltd. Property listings were over3.4 million during 2014-15.Qualitative and quantitative metrics 99acres poses great strength in terms of brand recall and leadership in the online real estate classified spacewith a traffic share of 31% as compared with www.magicbricks.com (28-29%), www.housing.com (15%) andwww.commonfloor.com (10%) as of April 2015. Mobile traffic stood at around 35% in Q4FY2015. Real estate is estimated to be the largest advertising category in the print medium, with the spending on onlinereal estate portals estimated at Rs300 crore in FY2015. As of May 27, 2015, the total real estate listings were 8.40 lakh of which owner listings were 2.60 lakh. 99acreshas 17,700 builders and 6,600 brokers as clients. Revenue-wise, about 52% of the revenues comes from builders and 46% from agents and brokers. Currentely, mobile traffic forms around 43-44% of its total revenues while paid listings have increased by 19.2%YoY in FY2015 to 24.6 lakh. The revenues of the business grew at 24.6% CAGR over FY2013-15. Competitive intensity is very high in this space, with the presence of other players like www.magicbricks.com,www.housing.com and www.commonfloor.com.Sharekhan3June 2015
stock ideaInfo Edge (India)Earnings/growth outlook The market potential is very large, as currently around 60-70% of the revenues still come from the top eightcities. Higher Internet penetration and increasing mobile traffic coupled with an overall recovery in the macroenvironment will lead to higher business activity in this space. 99acres has delivered a revenue growth of 42% (CAGR) over FY2011-15. However, owing to high competitiveintensity and softness in business activity, we expect the growth to taper off. We have modeled a 24.4% revenueCAGR to Rs155.3 crore for FY2015-17. Cash burn is high in the business. In the last five years, total cash burn in 99acres was at Rs42.5 crore. Accordingto the management, on account of increasing competitive intensity and rising customer acquisition cost, thesector is spending close to Rs250 crore per quarter on advertisements, brand building etc. The management has indicated the cash burn in the business will increase and already has a war chest of 125million recently raised through a qualified institutional placement (QIP). In our estimates, we have modeled cash burn of Rs100 crore over FY2016 and FY2017.Operating metricsParticulars2010Number of listings in '000 (free paid)Y-o-Y growth 40.147.025.429.4Number of paid listings in '000Y-o-Y growth %2011Number of paid transactions in '000Y-o-Y growth %Source: CompanyGrowth tapers off owing to competitive intensityCash burn increases over the yearsSource: CompanySource: CompanyJeevansathiBusiness background: This business comprises the online matrimony classified business (www.jeevansathi.com),which was acquired by Info Edge in September 2004. The company has also set up 14 offline Jeevansathi Match Points.As of March 31, 2015 it had 6.8 million profiles (ever loaded) on its site.Sharekhan4June 2015
stock ideaInfo Edge (India)Qualitative and quantitative metrics The online matrimonial classified market was estimated at Rs500 crore in FY2015, with three main players,www.bharatmatrimony.com, www.shaadi.com and www.jeevansathi.com (Jeevansathi). Jeevansathi leads in certain north Indian communities and states while www.bharatmatrimony.com dominatesin south India and among the non-resident Indians from these states. Mobile forms an important source of traffic with about 62% sessions in Q4FY2015. The revenue model is based on pay to get contact details, otherwise the services are free. Competition is not high as the market is largely controlled by three players; www.bharatmatrimony.com is theleader, followed by www.shaadi.com at the second position and Jeevansathi at the third position.Earnings/growth outlook Over FY2012-15, Jeevansathi has delivered a revenue growth of 15.7% CAGR to Rs39.3 crore. We have modeleda revenue CAGR of 13.9% to Rs50.9 crore for FY2015-17. In the last five years, the total cash burn in the business was at Rs27.6 crore. The management has now shifted focus to get the business to break even with minimal cash burn and hasindicated that it is trying out a new strategy to reduce the losses.Operating metricsParticularsNumber of profiles ever loaded in millionAdded during quarter/year in millionY-o-Y growth %Average number of profiles acquired dailyY-o-Y growth %Number of unique paid customersAdded during quarter/yearY-o-Y growth %Average amount realised in RsY-o-Y growth 16.512.87.2Source: CompanyCash burn has decline over the yearsRevenue CAGR of 15.7% over FY2012-15Source: CompanySharekhanSource: Company5June 2015
stock ideaInfo Edge (India)Zomato, the wild cardBusiness background: www.zomato.com (Zomato) is an online restaurant search and discovery service company,providing information on home delivery, dining-out, cafés and nightlife in cities of India and 21 other countries. Thesite has an Alexa rank of 1,210 in the world and is ranked 146th in India as of June 2015. Info Edge has a 50% stake inZomato after the latest funding round in April 2015.Qualitative and quantitative metrics The business has a presence in 22 countries including India, the UK, Canada, Czech Republic, Slovakia, Poland,Portugal, the UAE, New Zealand, South Africa, Turkey, the Philippines, Indonesia, Italy, Brazil, Ireland, Qatar, SriLanka, Chile, Australia, the USA and Lebanon. It monetises through advertising on the web and mobile app. It introduced a subscription product in FY2015. Itenables restaurants to upload promos, daily menus and create rich listings. It has launched online ordering service (April to May) in National Capital Region, Mumbai and Bengaluru. It is in the process of integrating NexTable to launch table reservation service in India and Dubai. Its competitors include www.foodpanda.com and www.justeat.com in India and www.yelp.com andwww.timeout.com at the global level.Earnings/growth outlook In the last three years, Zomato’s revenues have grown 8.5x from Rs11.4 crore to Rs96.7 crore in FY2015. Cash burn in the business stood at Rs187 crore over FY2013-15. We expect Zomato to remain in the investment mode, with focus on getting more listings and covering moregeographies. As per the latest round of funding of 50 million in April 2015, Zomato is valued at around 750 million.Others investee companiesEtechaces Marketing and Consulting Pvt Ltd (www.policybazaar.com): The online insurance comparison portal hassince its inception in June 2008 earned over 5 million customers seeking both life and non-life insurance. It helpscustomers to find the insurance plan that best suits their needs, after factoring in the features and benefits they wishto avail of, at a price they can afford. As of May 15, 2015, the total amount invested by Info Edge in the business isRs32.5 crore with a total stake of 18% in www.policybazaar.com.Kinobeo Software Pvt Ltd (www.mydala.com): This is a deal and couponing site. It provides deals and offers onrestaurants, grocery, entertainment, travel, body art, spas, salons and many more. Its deals are available in over 190cities in India. It has evolved into a merchant marketing platform on the web and mobile platforms. The majority ofits revenues is generated through the mobile platform. As of May 15, 2015, the total amount invested by Info Edge inthe business is Rs27 crore with a stake of 45%.Canvera Digital Technologies Pvt Ltd (www.canvera.com): The online photography company primarily focused onthe needs of professional photographers through a platform that tightly integrates lead generation, web hosting, ecommerce, online collaboration, print and design services. Canvera’s founders were recognised as amongst the top 10most influential people in photography in India by the Asian Photography magazine. As of May 15, 2015, the totalamount invested by Info Edge in the business is Rs67.1 crore with a stake of 36%.Happily Unmarried Marketing Pvt Ltd (www.happilyunmarried.com): Established in 2003 it makes fun products,organises music festivals, works with corporates when they want to do interesting work and lately has been doing a lotof projects involving branding, communication, interiors, marketing all rolled in one. As of May 15, 2015, the totalamount invested by Info Edge in the business is Rs9.4 crore with a stake of 34%.Sharekhan6June 2015
stock ideaInfo Edge (India)Investee companies(Rs cr)CompanyTotal Approx.amount shareinvested holdingWebsite(%)Operating revenues2012 201320142015Operating EBITDA2012201320142015Partly Owned SubsidiaryZomato Media Pvt ct Learning Systems Pvt ecahces Marketing andConsulting Pvt Ltdwww.policybazaar.com3318Kinobeo Software Pvt vera Digital Technologies Pvt Ltdwww.canvera.com6736Happily Unmarried Marketing Pvt 116)(234)AssociateTotal692Source: CompanyStand-alone financialsRevenue CAGR of 20% over FY2011-15Stable margin profileSource: CompanySource: CompanyNet income CAGR of 20% over FY2011-15Strong RoICSource: CompanySharekhanSource: Company7June 2015
stock ideaInfo Edge (India)Valuation: a quality play on improving macro environment and e-commerce boomOutlook: India’s e-commerce sector is on the cusp of an exponential growth that is expected to take place over thecoming years led by increasing internet and mobile penetration. Info Edge with a strong online presence through variousventures, recruitment (Naukri), real estate (99acres), restaurant listing (Zomato) and coupons (www.mydala.com) is apreferred play on both the e-commerce and online shift and the recovery in the macro-economy.Valuation: We have adopted the sum-of-the-parts (SOTP) valuation methodology to value Info Edge. We have individuallyvalued the in-house businesses like Naukri, 99acres and Jeevansathi as well as the company’s investments in variousventures like Zomato, www.meritnation.com, www.policybazaar.com, www.mydala.com and www.canvera.com. Wehave arrived at a price target of Rs1,103. At the current market price of Rs845 the price target implies an upside of31%. We initiate coverage on Info Edge with a Buy rating and a 12-month price target of Rs1,103.Price target derivationBusiness r sharemultiplein crorevaluerational% of total(Rs)Recruitment tal of own 2.30.24850202.018.3Partly owned subsidiariesZomato Media Pvt Ltd50%Based on latest funding, raised 60mn at valuation of 600mnin November 2014 and 50mnin April 2015, we value it at 750bnApplect Learning Systems56%Info Edge till now has investedaround R96.5 crore acrossvarious funding rounds inwww.meritnation.com,increased stake to 56% from 54%Pvt LtdTotal of own businessInvestee companies(Policy bazaar) EtecahcesMarketing and ConsultingPvt Ltd18%Based on latest round offunding of 20mn in mid 20146409.60.9Kinobeo Software Pvt Ltd(www.mydala.com)45%Multiple on amount invested,company turned profitablewith Rs75 crore in revenuesand Rs45 lakh profit inFY2014, revenues growing at300% every year27010.10.9Canvera Digital Technologies36%Based on latest round offunding of Rs10 crore , stakeincrease from 33% to 36%valued at Rs250 crore2507.50.734%Based on latest round offunding of Rs10 crore , stakeincrease from 25% to 34%valued at Rs104 crore1042.90.3Total1264.030.12.7Cash and cash equivalents1198.1Pvt LtdHappily UnmarriedMarketing Pvt LtdTotal of associates investeeTotal value per shareSharekhan899.79.01103.0100.0June 2015
stock ideaInfo Edge (India)Peer valuations *NameMCapEV/EBITDAP/EEV/Sales( mn)FY15FY16EFY17EFY15FY16EFY17EFY15Info Edge India * (Rs cr) 6,76549.442.832.161.949.740.1Just Dial (Rs 19.217.015.226.323.9Homeaway Inc2,99035.820.516.7157.54065.96.35.0Rea Group4,09019.917.9Rightmove .417.415.7Soufun Holdings3,75013.040.324.017.137.821.45.24.53.4Yelp Inc3,44096.030.119.1486.864.741.37.45.44.0Zillow Group Inc5,480NA63.424.8NANA56.013.17.75.8Source: Bloomberg consensus estimates, *Sharekhan Research estimatesPER band *P/BV band *607506405304253Source: BloombergSource: BloombergEV/EBITDA band *5545352515Source: Bloomberg*based on stand-alone financialRisks(1) A delay in macro recovery could lower the growth of the recruitment business; (2) higher than expected competitiveintensity could lead to higher cash burn in 99acres; and (3) a delay in the macro recovery could restrict business activity.Sharekhan9June 2015
stock ideaInfo Edge (India)FinancialsProfit & loss AccountParticularsRs crFY13Total Operating Income 437.3% GrowthTotal Expenses% GrowthEBITDA% GrowthFY14505.9FY15611.6FY16E734.5Cash flow 09.5277.1Rs 4.1Depreciation9.417.417.318.421.5Change in WC57.150.4(9.0)41.449.1Operating 15.0)(15.0)Misc ExpInvesting CFFY16E .5Investments(124.5) (140.8) (131.4)(100.0) (100.0)370.9Financing CF(82.4) (166.3) (154.3)(124.0) (129.7)Net Change(14.6)9.811.6125.7179.9Opening Cash28.714.224.035.6161.3Closing Cash14.224.035.6161.3341.2Other IncomePBT% .624.424.029.32.6(29.2)--Reported PAT102.2128.5193.9204.9254.1% Growth(16.6)25.750.95.724.0TaxAdj PAT% GrowthExpectional itemBalance sheetFY13FY14FY15FY16EFY17EEquity Cap109.2109.2120.2120.2120.2Reserves556.3653.0 1,542.21,723.1 1,947.5Networth665.4762.2 1,662.41,843.4 2,067.7Capital EmployedDebtEquityKey ratiosParticularsRs crParticularsBorrowingsDividends0.5665.9Net Block100.6Total Investments424.70.40.30.393.5615.2 1,438.390.1FY14FY1534.333.029.8FY16E FY17E28.531.7PBIT Margin32.129.527.026.029.2PBT Margin42.237.639.040.742.4Adjusted PAT Margin30.125.926.927.929.019.2Growth Ratio 3Adjusted Net Profit7.0(0.3)25.624.424.0Return Ratio (%)0.3762.6 1,662.7 1,843.6 2,068.095.1FY13EBITDA 2.3ROIC52.853.735.530.833.5Turnover Ratio83.71,538.3 1,638.3Average collection period(days) 44666Average payment period (days) 4546373737Deffered Tax Assets4.56.46.46.46.4Trade Receivable4.55.09.812.114.4Dividend Payout (%)12.424.97.311.711.7Cash and cash equivalent 14.224.035.6161.3341.2Dividend Yield (%)0.120.290.120.200.25Per Share (Rs)Adjusted EPS12.012.013.717.021.1Reported EPS9.411.816.117.021.1Cash profit12.913.615.118.622.9Book 12.210.2Mkt Cap/Sales21.218.316.713.911.6P/ BV13.912.16.15.54.9Othe Bank Balance256.8207.1265.2265.2265.2Loans and Advances26.122.326.832.338.5Other Current al Assets665.9Current LiabilitiesProvisionsSharekhanDividendValuation ratios (x)762.6 1,662.7 1,843.6 2,068.010June 2015
stock ideaInfo Edge (India)AnnexureIndustryOnline classified market in India: The online classified market is divided into two segments, verticals and horizontals.The vertical companies are focused on individual segments like real estate, cars and matrimony with players likeNaukri, Jeevansathi and www.cardekho.com. The horizontal players follow a market place model (players likewww.quikr.com and www.olx.com). The key factors that are driving the online classified market are a favourabledemographic profile coupled with higher penetration of smart phones and Internet connectivity.Online classifieds marketCategoriesRecruitmentReal estateMatrimonyFood and entertainmentStrategic segmentsVertical B2C classifiedsVertical B2C classifiedsVertical C2C classifiedsVertical B2C classifiedsKey ww.foodpanda.comRevenue model1. Charges for job listingand employer branding1. Subscription fees fromdevelopers, builders andbrokers for property listings1. Subscription feesfrom customers1. Generate ratings andreviews and enable pictureuploads from users2. Charges for resumedatabase access2. Advertising fees2. Advertising fees2. Monetise throughadvertising on the weband mobile app3. Charges for job seekervalue-added services4. Advertising feesSource: Industry and company reportsOnline classifieds appears to be mostly a jobs marketSource: IndustryIndia’s Internet ageSizeable population accessing Internet on mobile in 2020As per industry reports, it is estimated that more than 600 million people will be using mobile Internet and thatbroadband will connect 200 million computing devices by 2020. This growth will be spurred by a sharp rise in theadoption of smart phones and is expected to reach 50% penetration by 2020. It is likely to have a seminal impact onthe Indian society, corporations and governance in a multitude of ways.Internet usersThe 2018 Internet population will be older, more rural, more gender balanced, more mobile and more vernacularOlderRuralGender balancesMobileMobile201360% under 2529% Rural2.6 men online for everywoman online60 - 70%of Users45% of users use vernacular content201854% over 2540 - 50% Rural1.9 men online for every womanamong18 -24 olds70 - 80%of Users1.62% print media market vernacular in2013.2.70-90% Indians do not speak English, lessthan 1% speak English as primary languageSource: IndustrySharekhan11June 2015
stock ideaInfo Edge (India)Internet aided growth in different sectorsCAGR 2013 - 2018%211959253116161119Source: IndustryIndia’s Internet contribution to GDP leads major developing countriesConnected computing devices (mn)4XSource: IndustrySource: IndustryMobile Internet users (mn)Smartphone penetration (%)4X-5X5XSource: IndustrySharekhanSource: Industry12June 2015
stock ideaInfo Edge (India)Company background: Info Edge was incorporated on May 1, 1995 and has six subsidiaries and four associate companies(which form the Info Edge group) as of March 31, 2014. Info Edge is India’s premier online classified company in therecruitment, matrimony, real estate, education and related service sectors.The company, with a view to tapping the growing and vibrant Indian Internet market, undertakes investments inearly-stage companies and start-up ventures. As of March 31, 2014, the company has investments in Zomato Media PvtLtd (www.zomato.com); Applect Learning Systems Pvt Ltd (www.meritnation.com); Etechaces Marketing and ConsultingPvt 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).As of March 31, 2014 the company has a network of 56 offices located in 42 cities throughout India. These officesprimarily engage in sales, marketing and payment collection activities for their businesses. To cater to the Gulfmarket it has set up two offices in Dubai and one each in Bahrain, Riyadh and Abu Dhabi. As of March 31, 2015 theemployee strength is about 3,817 employees.Promoters and key management personalsNameDesignationDetailsSanjeev BikhchandaniFounder and executivevice-chairmanSanjeev Bikhchandani is the founder of Info Edge, he obtained a Bachelor of Arts degree inEconomics from St. Stephen’s College, Delhi University, in 1984 and a Post-GraduateDiploma in Management from IIM, Ahmedabad, in 1989; prior to that he had worked atLintas (advertising), HMM (marketing) and CMYK Pintech (senior management)Hitesh OberoiManaging director & CEOHitesh Oberoi obtained a Bachelor of Technology degree in Computer Science from IndianInstitute of Technology, Delhi, in 1994 and completed his MBA from IIM, Bangalore, in1996; at IIM he featured in the Director's Merit List; he joined Info Edge in 2000Chintan ThakkarChief financial officerChintan Thakkar joined Info Edge in 2014; he is a chartered accountant and prior tojoining the company had worked with Computer AssociatesSource: CompanySharekhan13June 2015
stock ideaInfo Edge (India)For Private Circulation onlyREGISTRATION DETAILS Regd Add: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station,Kanjurmarg (East), Mumbai – 400042, Maharashtra. Tel: 022 - 61150000. Fax: 67481899; E-mail: publishing@sharekhan.com; Website: www.sharekhan.com;CIN: U99999MH1995PLC087498. Sharekhan Ltd.: SEBI Regn. Nos. BSE- INB/INF011073351 ; CD-INE011073351; NSE– INB/INF231073330 ; CD-INE231073330; MCXStock Exchange- INB/INF261073333 ; CD-INE261073330; DP-NSDL-IN-DP-NSDL-233-2003 ; CDSL-IN-DP-CDSL-271-2004 ; PMS-INP000000662 ; Mutual Fund-ARN20669 ; Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080 ; (MCX/TCM/CORP/0425)
Sharekhan 2 June 2015 stock idea Info Edge (India) Investment arguments Naukri, the moat Business background: The business of online recruitment comprises the online recruitment classified business and India’s leading job s
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