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Š  !"#$%&"$' ($!(') $'(*( ""+"( 
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ͻ Expertise that helps our customers to out serve their customers
ͻ Expertise that helps our customers reach their goals better &
faster.

ͻ Expertise that helps our employees satisfy their desire to add


value and make a difference.

ͻ Expertise that helps our shareholders derive more returns from


their investments and
ͻ Expertise that helps to build more experts in the society.
Ô   



   

 !"#$% '&


&!!

Ô ('&)
$ ())!!!
$ (')()!
*+ &!!!
*+ '(!(
Ô
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Ô *+ '&!&!
$ Ô !'(!
V  V  

  ,

120690000 &&!((& ()(

 !
"#$%&!! 790 ( 

Ô 53.63 &'& !)')(


$
278128800000 &!!!!!! &(!!!!!!!
$
 2304.489187 '!& '&&)
*+
134462500000 &!!!!!!! !!!!!!!!
*+
1114.114674 ))'&() )&'))
Ô

14.73056125 )')!&( '))(


Ô *+
0.709083202 !') ('&))
$ 
Ô 0.342809159 !') &'()(
Infosys, Wipro and TCS VS Polaris software
à     

 V 

'( 6.6654

 *+ &'(!) 1.127020976

$ Ô (')& 0.631968029


Conclusion
Š Polaris has a great
upside from here.
Š It is underpriced.
Š One can expect the
price of stock to go as
high as 140, even if we
assume a modest
increase in PE from 6.66
to 10 which is still less
as compared to average
of 15.
IDFC
Š 8= # (,1"$'((?544:(
-$((2

Š "#  $"+1("-$$,&&$('"(!"-$
@91$"`+1( &&$,3"(!
(! "+,"+$1A$," B2

Š " ($#11,-(''$("!$'"-$($$'!
 1$,3$'!((,("$&$'/!
(! "+,"+$2

Š 8= - 110$'!((,  "(,$"


1A$," **$*"(*0$ 25?5??&(2
IDFC
Š 8= - %'$($'" ("!,+ (
' 51#$51" ('
"$$,&&+(,"( 2

Š "- %+'!&$#.!$($*/5
("$*"$'"( 1"5(!&"(
$,-(*/5+%((! "+,"+$5
$"-
,$+('$"-$,-&( -1!82 .$ -
-(2

Š ("  $," !$(**$&$("


"- %$$(#'$' $'(*$
&('"$ ('.$/'0 /
 *(&$(" 2
IDFC

No of shares of RS 10 each

'&
Market price as on 10th july 2009
EPS ('&)

Sales ())!!!

BV (')()!

BV per share &!!!

Sales per share '(!(

PE ')

Price to BV '&!&!

Sales to Price !'(!


IDBI IFCI
  
! 724763834 762410000

 
!"#$%&!! 87.3 39.8

Ô 10.58 4.61
$ 133468500000 14322200000
$
74443000000 26749200000
*+ 102.7134585 35.08505922
*+
184.1544704 18.78543041
Ô
8.251417769 8.63340564
Ô *+ 0.8499 1.134386
$ Ô
0.474058543 2.11866
IDBI, IFCI vs IDFC
à   

Ô
8.442411705 21.92906574

Ô *+ 0.9922 2.658343892

$ Ô 1.29636 4.51429193


Conclusion
Š It is a overpriced stock

Š We would recommend
sale on IDFC.

Š It is overpriced on every
aspect that is PE, BV to
Price and Sales to Price