Take Solutions Ltd

- TAKE Solutions currently has credit lines available to support growth for the next several quarters. - They have maintained options to raise credit but have not specified any immediate new fundraises. - The acquisition of $52 million for DataCeutics and KAI Research was funded out of internal accruals and previous capital infusion. - The company currently holds a limited war chest of cash but has access to credit lines if needed. - No explicit mention of plans for fresh equity fundraising or additional debt issuance was made for the near term. - The focus appears to be on utilizing existing resources and credit facilities to support ongoing business and acquisitions.

- Internal capex requirements for FY2020 and FY2021 are generally manageable; the company feels fairly okay with current plans. - Several work-in-progress intellectual properties (IPs) are at an interesting stage, expected to be capitalized and go to market soon. - DataCeutics (DC) may not require much capex. - KAI Research (KAI) is expected to require some investment; originally planned in the budget. - Investment in KAI capex is anticipated to begin in one to two quarters from the discussion date (May 2019), not immediately. - Overall, FY2020 capex is expected to be between Rs.120 Crores to Rs.150 Crores or possibly less.

- Company achieved a revenue of Rs. 2,039 Cr in FY2019, a 28.5% YoY growth in rupee terms and 19% in dollar terms, indicating strong growth momentum (Page 3). - Order book for Life Sciences as of March 2019 stood at $245.12 million, up 36.6% YoY, reflecting robust sales pipeline (Page 4). - Company expects continued strong growth aided by expansion in North America through recent acquisitions, enhancing full-service CRO capabilities (Page 8). - Growth driven by differentiated technology platforms like OneClinical, expanded predictive modeling, workflow enablement, and expanded services across therapeutic areas (Pages 7-8). - Expects to maintain EBITDA margins with some improvement from offshore delivery and operational efficiencies (Pages 14-15). - Anticipates steady-state unbilled receivables around 15 days; working capital cycle expected to improve from ~120-130 days to about 90 days over two years (Page 17). - Growth supported by continuing investments in IP, technology, and sales enablement assets (Pages 7, 15).

- TAKE Solutions achieved strong revenue growth: 28.5% YoY in rupee terms and 19% in dollar terms in FY2019. - EBITDA margin maintained around 18.81% (unadjusted) and 20.46% (adjusted) for FY2019. - Adjusted EBITDA grew by 11.4% in Q4 FY2019. - Expectation to maintain EBITDA margins around 12-13% excluding acquisitions. - Acquisitions (DataCeutics and KAI Research) are expected to deliver EBITDA around 16%. - Synergies from acquisitions will likely improve EBITDA over 6-12 months, with DataCeutics showing earlier margin improvement. - Capex planned between Rs.120 Crores to Rs.150 Crores for FY2020, supporting growth and IP development. - Order book grew 36.6% YoY in Life Sciences, indicating strong future revenue visibility. - Management confident about controlled EBIT/EBITDA with modest fluctuations. - Overall, growth trajectory and profitability outlook remain positive given strong order book, acquisitions, and operational efficiencies.

- Closing order book as of March 2019: $251.70 million, with $245.12 million pertaining to Life Sciences. - Order book increased from $189.36 million in FY2018, with Life Sciences order book at $179.46 million. - Year-on-year growth in Life Sciences order book: 36.6%, better than expected. - The order book does not include DataCeutics and KAI Research acquisitions, which add approximately $30 million. - Company starts FY2020 on a strong footing with a robust and growing order book.