Issue Opens 14-Jun-17 Issue Closes 16-Jun-17 IPO Review...

June 9, 2017

IPO Review

ICICI Securities Ltd | Retail Equity Research

Tejas Networks (Tejas) is an optical and data networking products

company with customers in over 60 countries. The company designs,

develops and sells software enabled networking equipment products to

telecommunications service providers, internet service providers, utility

companies, defence companies and government entities. Tejas has 15%

market share in the Indian optical networking equipment market. The

company is the second largest and only Indian company present in top 10

in India in a segment that is dominated by global giants like Huawei,

Nokia, ECI Telecom, ZTE, etc. Tejas’ operating revenues and EBITDA have

grown at 24.2% and 40.9% CAGR over FY13-17 to | 878.2 crore and

| 174.2 crore, respectively. It is coming with a fresh issue of | 450 crore

(1.75-1.8 crore shares) and offer for sale (OFS) of ~| 317.8-326.7 crore.

Investment Rationale

Leading Indian player in optical networking equipment market…

Tejas has 15% market share in the Indian optical networking equipment

market. The company is the second largest and only Indian company

present in Top 10 in India in a segment, which is dominated by global

giants like Huawei, Nokia, ECI Telecom, ZTE, etc. The key clientele for

Tejas includes BBNL, BSNL, PGCIL & RailTel among Indian PSUs.

Similarly, it also serves private telcos like Airtel, Idea and Aircel among

others. The company has a sticky clientele base and generated 88% of

FY17 revenues from repeat business. In terms of contribution of top five

customers, ~58% of revenues were contributed by them in FY17.

Currently, India is the largest geographic segment (in terms of revenue -

~65% of revenues in FY17). The company is banking on growth

opportunities arising out of Digital India and the Make-in-India

programmes of the Indian Government along with demand from the

private telcos as they expand their 4G network.

Strong revenue and margins expansion in last four years…

Tejas’ operating revenues and EBITDA has grown at a 24.2% and 40.9%

CAGR respectively over FY13-17 to | 878.2 crore and | 174.2 crore

respectively. Given the sharp growth in topline, the company has

benefited from the operating leverage and the margins have expanded

from 12% in FY13 to 19.8% in FY17.

Key risks and concerns

Client concentration risk: 58% of its revenue (FY17) is generated

from top five customers who exercise substantial negotiating

leverage. The loss of one or more of significant clients could have an

adverse effect on the business

Technology risk: The company’s future performance will depend on

the successful development, introduction and market acceptance of

new and enhanced products that address technological changes

outstanding litigation pursuant to the grant of compulsory licenses

Competition risk: The networking equipment market is highly

competitive, rapidly evolving and is characterised by large MNCs who

have a bigger bandwidth

Priced at FY17 PE multiple of 36.4x on higher band…

At the IPO price band of | 250-257, the stock is available at a multiple of

35.6-36.4x FY17 EPS.

Tejas Networks Ltd

Price band | 250-257

Rating matrix

Rating : Unrated

Issue Details

Issue Opens 14-Jun-17

Issue Closes 16-Jun-17

Issue Size (| Crore) 768-777

Fresh Issue (| crore) 450

Offer for Sale (| crore) 318-327

Price Band (|) 250-257

No of Shares on Offer (crore) 1.75-1.8

QIB (%) 75%

Non-Institutional (%) 15%

Retail (%) 10%

Minimum lot size (No. of shares) 55

Objects of the issue

Objects of the Issue Amount

a) Capital expenditure towards payment of

salaries and wages of R&D team (| 45.3 crore)

b) Working capital requirement (| 303 crore) c)

General corporate purposes d) Offer for sale | 768-777 crore

Shareholding Pattern

Pre-Issue Post-Issue

Promoter & promoter group 0.0% 0.0%

Public 100.0% 100.0%

Financial Summary

| CroreFY14 FY15 FY16 FY17

Net Sales423.1 386.8 627.5 878.2

EBITDA95.0 68.5 113.0 174.2

EBITDA Margin (%)22.4 17.7 18.0 19.8

PAT2.8 (17.9) 29.0 63.2

Valuation Summary (at upper price band: | 257)

(x) FY14 FY15 FY16 FY17

P/E NM NM 79.3 36.4

EV/EBITDA 26.8 36.5 22.0 14.3

P/BV 7.1 6.9 6.4 4.6

RoCE 8.2 5.0 12.6 16.7

RoNW 0.9 (5.4) 8.0 12.6

Research Analyst

Bhupendra Tiwary

[email protected]

Sneha Agarwal

[email protected]

Page 2 ICICI Securities Ltd | Retail Equity Research

Company Background

Tejas Networks is an India-based optical & data networking products

company with customers in over 60 countries. The company designs,

develops & sells high-performance and cost-competitive products to

telecommunications service providers, internet service providers, utility

companies, defence companies and government entities (collectively,

communication service providers). Products are used to build high-speed

communication networks that carry voice, data & video traffic from fixed

line, mobile & broadband networks over optical fibre. The products utilise

programmable software-defined hardware architecture with a common

software code-base that delivers an app-like ease of development and

upgrades of new features and technology standards. Currently, India is

the largest geographic segment (in terms of revenue - ~65% of the

revenues in FY17) and the company is banking on growth opportunities

arising out of the Digital India and the Make-in-India programmes of the

Government of India. The company has also entered into OEM

agreements with Ciena, NEC and RAD, pursuant to which they can sell

their products under their respective brand names to their customers.

The current product portfolio targets access (i.e., the outer perimeter of a

telecommunications network that connects to end consumers), metro (i.e.

networks that aggregate and distribute traffic collected from access

networks within a large city or region) and long-haul (i.e. networks that

interconnect metro networks using high bandwidth transmission)

networks. The hardware is modular and the software-defined architecture

allows the company to remotely upgrade its hardware with new

capabilities and features. This enables the customers to adopt a “pay as-

you-grow” approach (i.e., purchase the products/services incrementally

as needed) while adopting new services, and also enables them to extend

the life of installed systems through regular feature upgrades without

having to invest in new hardware purchases. The software-defined

hardware architecture also enables the company to deploy the same

products across multiple hardware platforms in multiple geographies by

making country specific adaptations, thus allowing it to save costs and

realise economies of scale.

Exhibit 1: Tejas’ product offering for telecom network

Source: DRHP, Roadshow Presentation ICICIdirect.com Research


The key clientele for Tejas includes BBNL, BSNL, PGCIL & RailTel among

Indian PSUs. Similarly, it also serves private telcos such as Airtel, Idea

and Aircel among others. It also has an international clientele base in the

form of OEMs such as Ciena, NEC and Sacofa (direct).

Exhibit 2: Clientele

Source: DRHP, Roadshow Presentation ICICIdirect.com Research

The company has a sticky clientele base and generated 88% of the FY17

revenues from repeat business. In terms of contribution of top five

customers, ~58% of revenues were contributed by them in FY17.

Exhibit 3: Top five clients and their contribution

FY15 FY16 FY17

Bharti, Bharti, BBNL

BSNL BSNL BSNL

Ciena Ciena Ciena

Railtel Sacofa Sacofa

Tata Communication Tata Communication Tata Communication

Contributed 55.7% of revenues Contributed 67.4% of revenues Contributed 58.2% of revenues

Source: DRHP, ICICIdirect.com Research

Exhibit 4: Domestic and international revenues

FY15 Revenues Break-up

Domestic

57%

Internatio

nal

43%


Internatio

nal

28%

Domestic

72%


Domestic

65%

Internatio

nal

35%



Financials

As mentioned above, Tejas earns ~65% of its revenues from the

domestic market. Operating revenues and EBITDA have grown at 24.2%

and 40.9% CAGR, respectively, in FY13-17 to | 878.2 crore and | 174.2

crore, respectively.

Given the sharp growth in topline, the company has benefited from the

operating leverage while margins have expanded from 12% in FY13 to

19.8% in FY17.

Exhibit 5: Revenue and EBITDA trajectory

369.3

423.1386.8

627.5

878.2

-

100

200

300

400

500

600

700

800

900

1,000

FY13 FY14 FY15 FY16 FY17

(|

crore)

-

5

10

15

20

25

(%

)

Total Revenue EBITDA EBITDA Margin (RHS)


Exhibit 6: PAT and PAT margins trend

(79.0)

2.8

(17.9)

29.0

63.2

(100)

(80)

(60)

(40)

(20)

-

20

40

60

80


(|

crore)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

-

5.0

10.0

(%

)

PAT PAT Margin (RHS)


The company, however, has an elongated working capital cycle given the

nature of the industry as well as the clientele that it serves. The company’

net working capital ex cash at ~235 days (debtor days of ~149 days and

inventory of ~76 days) indicates that cash generation despite higher

profitability in the business would be under stress.


Industry Overview

In India, investment in optical networking infrastructure has grown in

recent years, including growth in data centre construction. According to

Ovum, Indian telecommunications operators allocated an estimated 7.2%

of their entire capital expenditure in 2015 for the development of optical

networking infrastructure.

Ovum estimates the Indian optical networking market revenue at ~US$

594 million in 2016 and expects it to grow to US$869 million in 2020.

Exhibit 7: India optical equipment industry

India Optical Equipment Capital Expenditure

391

516

594

653

718

790

869

0

100

200

300

400

500

600

700

800

900

1000

2014 2015 2016 2017 2018 2019 2020

US

D M

n


Tejas has 15% market share in the Indian optical networking equipment

market. The company is the second largest and only Indian company

present in Top 10 in India in a segment, which is dominated by global

giants like Huawei, Nokia, ECI Telecom, ZTE, etc.

Exhibit 8: Market share

India Optical Networking market share 2Q2015 to 1Q2016 (US$ 0.6 billion)

Others

10%

Fiberhome

3%

ZTE

5%

Ciena

9%

ECI Telecom

10%

Nokia

12%

Tejas

15%

Huawei

36%


Growth drivers in optical networking segment globally

The optical networking market has grown in three fundamental ways:

geographic extension, capacity expansion and interconnection among

communication service providers (CSPs) & others. Network investment

has continued despite uneven macroeconomic and geopolitical

conditions. The global optical network market is projected to grow at a

4.1% CAGR, in 2014-20. India has exhibited strong growth prospects due


to renewed mobile network growth and data centre construction. India's

optical networking market is expected to grow at a 14.2% CAGR, from

2014 to 2020. China, with growth been driven by Smart Cities, FTTx,

mobile and long-haul DCI, is projected to grow at 5.7% CAGR, from 2014

to 2020. The Asia and Oceania region, driven by growth in India and

China, is projected to grow at 5.2% CAGR, in 2014-20. North America's

optical networking market is projected to grow at 3.0% CAGR, from 2014

to 2020 based on a renewed focus on high-performance business

services, cloud adoption and DCI.

Growth drivers in Indian telecommunications equipment market

Increased use of smart phones and mobile data usage

Ovum expects total mobile broadband subscriptions in India to

cross one billion by 2021 and the total mobile broadband

penetration to reach 75.47% of the country’s population by 2021.

Fiberisation of backhaul network

According to Deloitte, in India, less than 20% sites are fiberised

compared to 70-80% sites in a developed country. The

Department of Telecommunications (DoT), Government of India,

has introduced Indian Telegraph Right of Way Rules, 2016 (the

RoW Rules) to speed up the approval process for over ground

(mobile towers) and underground optical fibre infrastructure.

Government Initiatives

Some of the key government initiatives generally affecting the

Indian telecommunications industry are Digital India, National

Optical Fibre Network (Bharatnet), Make in India, National

Knowledge Network and Smart Cities. The key government

initiatives promoting domestic manufacturing in the

telecommunications industry in India are the Preferential Market

Access Policy, Modified Special Incentive Package Scheme,

Merchandise Exports from India Scheme, Defence Procurement

Policy, Support for International Patent Protection in Electronics

and Information Technology, Electronic System Design and

Manufacturing (ESDM) promotion policies of various Indian states

such as the Karnataka ESDM Policy 2013, anti-dumping duties on

synchronous digital hierarchy transmission equipment, customs

duty on products not covered by the Information Technology

Agreement enforced by the World Trade Organisation and the

Indian Telegraph Right of Way Rules, 2016.

CPO, 100G, greater-than 100G, OTN and ROADM technologies driving

product segment growth

From a product perspective, CPO, 100G, greater-than 100G, OTN and

ROADM technologies are key growth drivers for optical networking

products. According to Ovum, each of CPO, 100G, OTN and ROADM

product segments have are growing at a CAGR 7.8%, 9.2%, 14.6% and

11.1%, respectively, from 2014 to 2020.


Objects of issue

The offer consists of a fresh issue and an offer for sale (OFS) by existing

shareholders with the total issue size ranging from | 767.8 crore to

| 776.7 crore. Through the fresh issue of 1.8-1.75 crore shares, the

company intends to raise | 450 crore at a price band of | 250-257.

Objects of fresh issue:

The details of the proceeds of the fresh issue are summarised below:

a) Capital expenditure towards payment of salaries and wages of research

and development team (| 45.3 crore)

b) Working capital requirement (| 303 crore)

c) General corporate purposes (remaining)

Offer for sale:

Selling shareholders will be entitled to the proceeds of the offer for sale

after deducting their portion of the offer related expenses and relevant

taxes thereon and Tejas would not receive any proceeds from the offer

for sale.

In addition to the aforementioned objects, Tejas expects to achieve the

benefits of listing of equity shares on stock exchanges, which will result in

the enhancement of the company’s brand and creation of a public market

for its equity shares in India.


Key risks and concerns

Client concentration

A significant portion of its revenue is generated from limited number of

large customers. If the company is unable to maintain relationship with

such customers, business, results of operations and financial condition

will be materially and adversely affected. Furthermore, these large

customers exercise substantial negotiating leverage with the company,

which could adversely impact its results of operations. For FY15, FY16

and FY17, gross revenue from the sale of products and services

(excluding sales to EMS vendors on a pass-through basis) to its top five

customers amounted to 56.6%, 67.8% and 58.8%, respectively of the

consolidated revenue from operations (gross).

Technology risk

The networking equipment market is characterised by rapid technological

changes, with new product introductions, technology enhancements and

evolving industry standards with respect to the protocols used in data

communication and telecommunication networks. The company’s future

performance will depend on the successful development, introduction

and market acceptance of new and enhanced products that address these

changes as well as current and potential customer requirements. New

products based on new or improved technologies may render existing

products obsolete. The introduction of new and enhanced products may

also cause the existing customers to defer or cancel orders for existing

products. In addition, a slowdown in demand for existing products ahead

of a new product introduction could result in a write-down in the value of

inventory on hand related to existing products and/or a charge for the

impairment of long-lived assets related to such products.

The company in the past has experienced a slowdown in demand for

existing products and delays in new product development

Highly competitive market

The networking equipment market is highly competitive, rapidly evolving

and is characterised by frequent introductions of new and improved

solutions, applications and technologies. Furthermore, competitors

include large global companies such as Huawei Technologies Company, ,

Nokia Corporation, ZTE Corporation, and Ericsson, specialised optical

network equipment providers such as Ciena, Coriant, Fiberhome, Adtran,

Adva, ECI and Infinera and Ethernet switches and IP router providers such

as Cisco, Juniper, Huawei and HP. Thus, there would also be risk of

competitive pricing as well as higher bargaining power of its clientele.

Legal Proceedings

There are outstanding legal proceedings against the company that are

incidental to its business and operations, including tax proceedings.

These proceedings are pending at different levels of adjudication before

various courts, tribunals and appellate tribunals. The company has 40 tax

litigations against it wherein total amount involved is | 158.2 crore. An

adverse judgment in any of these proceedings, individually or in the

aggregate could adversely affect the business


Financial Summary

Exhibit 9: Profit and Loss Statement

(| Crore) FY13 FY14 FY15 FY16 FY17

Gross Sales 386.4 440.3 407.1 674.5 936.1

Less: Excise Duty 17.2 17.3 20.3 47.0 57.9

Net Revenue 369.3 423.1 386.8 627.5 878.2

Consumption of Raw Materials 225.8 208.5 198.1 350.7 514.1

Employee Cost 45.1 44.9 49.5 66.5 76.3

Other expenses 54.2 74.7 70.7 97.2 113.6

Total Operating Expenditure 325.1 328.1 318.3 514.4 704.0

EBITDA 44.2 95.0 68.5 113.0 174.2

Other Income 9.5 9.6 9.1 3.5 8.7

Interest 35.6 46.0 47.0 49.3 31.5

Depreciation 48.0 55.9 48.6 38.2 56.4

Exceptional Items 48.8 (30.5)

PBT (78.8) 2.8 (17.9) 29.0 64.5

Total Tax 0.2 1.3

Net Profit / (Loss) for the year (79.0) 2.8 (17.9) 29.0 63.2

Exhibit 10: Balance Sheet

(| Crore) FY13 FY14 FY15 FY16 FY17

Equity Capital 61.5 61.5 61.5 66.5 70.7

Preference Capital 39.4 39.4 64.0

Forfeited shares 3.3

Reserve and Surplus 220.2 223.5 205.6 294.0 426.7

Total Shareholders funds 321.2 324.5 331.2 360.5 500.7

Total Debt 222.4 267.6 250.5 259.0 254.9

Liability side total 543.6 592.0 581.6 619.5 755.6

Net Block 76.7 64.6 50.9 94.3 92.1

Capital WIP 71.3 83.7 87.8 51.8 18.6

Investments 0.0 0.0 0.0

Inventories 214.1 208.6 220.9 231.7 181.7

Debtors 137.9 223.3 207.6 254.2 358.0

Cash 58.4 22.9 49.9 69.4 70.9

Loans & Advances 92.3 91.9 86.3 90.2 70.7

Other Current Assets 5.6 50.3 24.6 46.7 124.1

Total Current Assets 508.3 597.0 589.4 692.2 805.5

Creditors 103.5 137.2 137.6 199.6 140.0

Provisions 3.6 3.6 3.4 4.8 7.4

Other Current Liabilities 5.7 12.4 5.4 14.3 13.2

Total Current Liabilities 112.7 153.2 146.4 218.8 160.6

Net Current Assets 395.6 443.8 443.0 473.4 644.9

Assets side total 543.6 592.0 581.6 619.5 755.6



Exhibit 11: Key Ratios


Per Share Data (|)

EPS - Diluted (8.8) 0.3 (2.0) 3.2 7.1

Operating Ratios (%)

EBITDA / Net Sales 12.0 22.4 17.7 18.0 19.8

PAT / Net Sales (21.4) 0.7 (4.6) 4.6 7.2

Inventory Days 211.7 179.9 208.4 134.8 75.5

Debtor Days 136.3 192.7 195.9 147.9 148.8

Creditor Days 102.3 118.4 129.9 116.1 58.2

Return Ratios (%)

RoE (24.6) 0.9 (5.4) 8.0 12.6

RoCE 1.0 8.2 5.0 12.6 16.7

RoIC (0.9) 8.1 4.5 15.0 17.7

EV / EBITDA 55.8 26.8 36.5 22.0 14.3

Market Cap / Sales 6.2 5.4 5.9 3.7 2.6

Price to Book Value 7.2 7.1 6.9 6.4 4.6

Solvency Ratios (x)

Net Debt / Equity 0.5 0.8 0.6 0.5 0.4

Debt / EBITDA 5.0 2.8 3.7 2.3 1.5

Current Ratio 4.0 3.7 3.7 2.8 4.6

Quick Ratio 2.1 2.4 2.2 1.8 3.4



RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them

as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional

target price is defined as the analysts' valuation for a stock.

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;

Buy: >10%/15% for large caps/midcaps, respectively;

Hold: Up to +/-10%;

Sell: -10% or more;

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]


ANALYST CERTIFICATION

We /I, Bhupendra Tiwary MBA, Sneha Agarwal, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately

reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this

report.

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