Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

KPIT Tech: Analysis and Impact of the New Compensation Scheme

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/birlasoft-ltd" target="_blank" data-smartkarma-citation="entities:14709:1" rel="noopener">Kpit Technologies (KPIT IN)</a> is an Engineering R&amp;D services provider with a focus on the automobile sector. It is a small-cap company with a market cap of ~$200mm. Despite being a small player, KPIT has established a strong footing in the automotive technology segment with its focus on software and electronics domain - both of which are among the fastest growing segments in the space.
KPIT Technologies earlier was part of the larger KPIT group (which had both an IT services arm and an engineering R&amp;D services arm). Last year in 2019, the IT services business was acquired by a peer, Birlasoft, via a reverse merger while the Engineering R&amp;D services business was spun off as a separate listed entity keeping the original name KPIT Technologies.
This insight focuses on the new KPIT Technologies (KPIT Tech), the Engineering R&amp;D services business.
Insight Flow:
<ul>
<li>Q4FY20 Earnings Update</li>
<li>Business Background</li>
<li>Investment Thesis</li>
<li>Key Risks</li>
<li>Valuation</li>
<li>Conclusion</li>
</ul>

Kpit Technologies (KPIT IN) is an Engineering R&amp;D services provider with a focus on the automobile sector. It is a small-cap company with a market cap of ~$200mm. Despite being a small player, KPIT has established a strong footing in the automotive technology segment with its focus on software and electronics domain - both of which are among the fastest growing segments in the space.
KPIT Technologies earlier was part of the larger KPIT group (which had both an IT services arm and an engineering R&amp;D services arm). Last year in 2019, the IT services business was acquired by a peer, Birlasoft, via a reverse merger while the Engineering R&amp;D services business was spun off as a separate listed entity keeping the original name KPIT Technologies.
This insight focuses on the new KPIT Technologies (KPIT Tech), the Engineering R&amp;D services business.
Insight Flow:

Q4FY20 Earnings Update
Business Background
Investment Thesis
Key Risks
Valuation
Conclusion


KPIT Technologies: A Pure Play on Automotive Technology