ITCONS E-Solutions Limited IPO

Apply 0
Avoid 0

i. ITCONS E-Solutions Limited, is in the business of providing human resource services to both public and private organizations mostly in organized sector in diverse roles and responsibilities since 2007, having its Registered office situated at New Delhi and Corporate Office at Noida. Their services primarily include 1) Manpower Supply/Recruitment Services; and 2) Manpower Sourcing/Staffing Services.

ii. Incorporated in 2007, they have grown to 800+ staff team (including contractual employees). They have well-known and reputed clients from the Information Technology, Staffing & Recruitment, Food, FMCG space amongst others, which include MNCs as their clients. Presently their Manpower Supply Services account for a majority of its revenues, and Manpower Souring Services contributes to rest of its revenues. Both the business lines broadly fall within the scope of staffing services and accordingly, audited segment-wise breakup is not required.

iii. Company’s range of Services are briefly explained below:

i. IT Staffing
ii. General Staffing
iii. Re-badging

Our Re-badging types include:
• Shared services buyouts
• Joint ventures
• Captive support
• Third-party outsourcing models

iv. Recruitment Process Outsourcing (RPO)
v. Pass through Services
vi. Payroll Services
vii. Managed IT Services

i. Permanent Hiring


i. Strong Management Team and Human Capital
ii. Diverse range of service offerings
iii. Cost competitive solutions
iv. Strong customer relations with top clients




Objects of the ITCONS E-Solutions Limited IPO:

The Issue includes a fresh Issue of 17,00,000 Equity Shares of the Company having face value of Rs. 10/- each at an Issue Price of ₹51/- per Equity Share aggregating to ₹867.00 Lakhs. The Objects of the Issue are: A. To meet the working capital requirements B. To meet the Issue Expenses C. General Corporate Purposes  

ITCONS E-Solutions Limited IPO Details:

Open Date: Feb 28 2023
Close Date: Mar 02 2023
Total Shares: 1,700,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 8.67 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 51 Per Equity Share
Listing At: BSE SME
Listing Date: Mar 13 2023

Promoters And Management:

i. Mr. Gaurav Mittal, aged about 48 years, is the Promoter and Managing Director of the company. He has been on the Board of Directors since inception. He holds Bachelor’s Degree in Electrical Engineering from Dr. Ram Manohar Lohia Avadh University, Uttar Pradesh; Doctorate Degree in Ayurveda Astrology & Vastu Science from Good News International University, USA; Post Graduate Diploma in Business Administration from Hindu Institute of Management, Sonepat; Microsoft Certified Professional as Solution Developer from Microsoft; Project Management Professional from Project Management Institute. He has more than 22 years of experience in in IT industry and also worked in various capacities like Chief Technology Officer, Project Manager, Program Manager, Ops Manager and Manager Transition carry good hands-on experience not only in Technology but in business financial/ sales marketing specially Cash flow management, financial planning and Client relationship management etc. ii. Mr. Chetan Prakash Mittal, aged about 86 years, is the Executive Director cum Chief Financial Officer the Company. He has been on the Board of Directors since inception. He holds a Bachelor’s Degree in Commerce from Chowdhary Charan Singh. He has also cleared Departmental SAS (Subordinate Audit/Account Services). He has 34 years of experience in the field of finance, accounts and auditing for Controller General of Defence Accounts, Government of India. As Chief financial officer of ITCONS, he is responsible for planning, taking significant decisions relating to investment, making strategies, and managing financial activities, including budgeting, forecasting expenses, mitigating financial risks for sustainable growth with overall supervision of finance and accounts team the employees. The primary responsibilities include presenting and reporting accurate and timely company financial information. It includes working on annual financial reporting, corporate revenue/expense reporting, press releases, development, and monitoring contract/grant and organizational budgets. iii. Mrs. Prem Lata Mittal, aged about 78 years, is the Executive Director of the company. She has been on the Board of Directors since inception. She holds a Bachelor’s Degree in Arts from Delhi University. She has more than 15 years of experience in the field of marketing and branding with ITCONS E-Solutions Limited.  

Financials of ITCONS E-Solutions Limited IPO:

Particulars ( In Lakhs ) 9MFY23 2022 2021 2020
Revenue from Operations 1605 1805 832 834
Other Income - 15 10 0.8
Total Revenue 1605 1820 842 834
Cost of Materials Consumed - - - -
Purchase of Stock-in-Trade - - - -
Changes in inventories - - - -
Employee Benefits Expense 1112 1157 726 633
Other Expenses 331 483 92 162
EBITDA 161 179 23 38
Depreciation & Amortisation 3 3 4 5
Finance Cost 8 11 8 10
EBIT 157 176 18 33
OPM (%) 10.07% 9.88% 2.75% 4.63%
PBT 149 165 10 23
Taxes 43 46 2 12
PAT 106 119 7 10
NPM (%) 6.61% 6.54% 0.89% 1.27%
No.of Shares 50 50 50 50
EPS 2.11 2.36 0.14 0.21
P/E 24.16 21.53 340.59 242.63

Comparison With Peers:

Name of the Company Revenue (Cr) Profit (Cr) P/E EPS CMP Mcap (Cr)
ITCONS E-Solutions Limited 18 1 12.26 4.16 51 25
ANI Integrated Services Limited 143 5 8.85 5.64 54.00 52
Integrated Personnel Services Limited 170 4 7.43 7.94 74 53

Recommendation on ITCONS E-Solutions Limited IPO:

Review and Recommendation of ITCONS E-solution by IZ team is 5/10 a) ITCONS E-Solutions Limited, founded in 2007, has 800+ workers (including contractual employees). Their clients include MNCs in the IT, staffing, food, FMCG, and other industries. b) Main services: I) Manpower Supply/Recruitment Services. II) Manpower Sourcing/Staffing Services. c) MANPOWER SUPPLY SERVICES :- a) IT Staffing b) General Staffing c) Re-badging :- Shared services buyouts, Joint ventures, Captive support, Third-party outsourcing models. d) Recruitment Process Outsourcing e) Pass through Services f)  Payroll Services g) Managed IT Services h) Product Installation & Servicing Solutions. d) The market for Manpower Services is both highly competitive and rapidly evolving. Indian IT services firms and broad-based foreign technology services corporations are their main competitors. As demand for these services rises, they expect more companies to enter the Indian market, increasing competition. e) The Revenue has Increased from Rs 8 Crore in FY20 to Rs 18 Crore in FY22. f) The EBITDA has Increased from 38 Lakhs in FY20 to 1.79 Crore in FY22. g) The PAT has Increased from 10 Lakhs in FY20 to 1.19 Crore in FY22. h) As per FY22, CFO/EBITDA is just 15% and Debtors Days is 56. i) As per FY23, EPS is 4.16 ,  Market Capitalization is 25 Crore & P/E is 12x, the IPO is on higher side. 

Lead Manager of ITCONS E-Solutions Limited IPO:

  1. Finshore Management Services Limited

Registrar of ITCONS E-Solutions Limited IPO:

  1. Cameo Corporate Services Limited

Company Address:

ITCONS E-Solutions Limited Regus Elegance 2F, Elegance Jasola District Centre Old Mathura Road, New Delhi, South Delhi – 110025 Phone: +91 120 4149563 Email: Website

Discussion on ITCONS E-Solutions Limited IPO:

Leave a Reply