Enser Communications Limited was incorporated with the main objects to carry on activities in the communications field with regards to call centers, outsourcing, database management, web services, information systems, software and hardware selling and maintenance & knowledge based projects in the communications field; and to carry on the activities in the field of trading, exporting, importing, processing, buying, selling, marketing of various types communication equipment’s or instruments or products or to provide facilitate of networking, mobiles services, computer programming, data processing, business outsourcing, e-commerce facilities, web site, portal, internet service units, systems analyzing and to provide services of establishing Management Information Systems, maintenance and applications, customer contract development resources, training and certification of any products and design and to provide training and education facilities for employees or to customers and others. Enser Communications was established and commenced its business in May 2008, Enser is in the business of the 'Business Process Management Platform'. Enser's BPM technology enabled platform that integrates with voice, chat, email, IVRS, and other social media engagements for customer acquisition as well as customer service strategies, specializing in Client Interaction Management. Enser provides and facilitates to the clients, thereby fostering mutual growth. Enser's comprehensive service offerings span across Business Analytics, Customer Relationship Management (CRM), Interactive Voice Response Systems (IVRS), and Customer Interaction Management solutions. Enser helps its clients manage their Customer Life cycle using its Business Process Management Platform. Enser facilitate rich consumer engagement and understanding by crafting end-to-end consumer interaction solutions that are flexible and customized to deliver for the client's business objectives. They take keen interest in the client's business context and conceptualize and implement a customer interaction program that will fit in with their objectives. Recently the company has expanded the service providing capacity of business activity the company by setting up following service facilitating offices: a) 31A, Udyog Vihar in August, 2022 with a workstation capacity of 701 seats. b) Arihant Aura, Navi Mumbai in September, 2022 with a workstation capacity of 216 seats. c) Set up New Office Space at Bangalore in November, 2022. d) EFC Tower, Navi Mumbai in May, 2023 with a workstation capacity of 221 seats. As per financial performance, Enser Communications Limited has posted total income / net profits of Rs 9.61 Cr / Rs (0.12) Cr (FY21), Rs 16.86 Cr / Rs 0.78 Cr (FY22), Rs 25.91 Cr / Rs 1.60 Cr (FY23) and Rs 18.16 Cr / Rs 2.14 Cr (upto Q2 FY24). So as per previous financials data, company has shown good growth. Company has posted an average EPS of Rs 1.73 and average RoNW of 0.41% for last three fiscals. Issue is priced at a P/BV of 2.79 as per NAV of 25.1 as on post issue. If we attribute latest earnings of FY22, FY23 and annualised FY24 on fully diluted equity post issue, then asking price is at a P/E of around 78.32, 38.11 and 14.26 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Fast Track Finsec Private Limited is associated with this SME IPO and handled 5 SME IPOs in last 3 year. From last 5 SME IPOs, all opened above issue price or at par on the day of listing. As of now from last 5 SME IPOs, one is trading below issue price and remaining are trading above or at par issue price. ( As on 13.03.24 ) As per financials, Enser Communications Limited has shown good results, RoNW is 0.41% and P/E is respectively 78.32, 38.11 and 14.26 as per FY22, FY23 and annualised FY24 earnings. So, issue looks fully priced. Company is in business of the Business Process Management Platform, which is highly competitive and fragmented segment. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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