Orient Cement SELL. A bad quarter gone by; return ratios to remain subdued INDIA. Cement. Rating Revision 11 November 2016

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1 INDIA SELL Rating Revision 11 November 2016 Cement A bad quarter gone by; return ratios to remain subdued We downgrade ORCMNT to SELL from HOLD with a revised TP of Rs100 (earlier TP Rs180). Its Q2FY17 EBITDA declined 57% YoY due to weak pricing YoY along with op cost spike up (higher energy and fly-ash cost). Going forward, while we expect ORCMNT s H2FY17 profitability to be significantly better, the JPA s acquisition would keep ORCMNT s consolidated return ratios subdued owning to (1) 2x acquisition cost (vs its existing capital cost), (2) lower utilisation and profit contribution from the JPA assets during FY18-19 (vs existing operations), (3) elevated leverage despite factoring in 10% equity dilution. Free cash flow can remain supressed if company continues to pursue its aggressive expansion towards 15mn MT by 2020 (implying another 40-50% expansion). Q2FY17 hit hard led by spike in input costs amid weak pricing: ORCMNT s Q2FY17 EBITDA declined 57% YoY led by 3% YoY op cost increase amid poor pricing driving 4% lower NSR YoY (even though late recovery in cement prices in most of its markets led to 5% QoQ NSR improvement). Management highlighted surge in fuel cost as its raw materials got wet during monsoon and as it incurred spike in fly-ash cost in Maharashtra. These led to 8%/7% YoY/QoQ increase in unitary input costs. Lower utilisation at 64% vs 81% YoY further added to negative operating leverage. Thus EBITDA/MT declined 63% YoY to Rs141/MT (vs our est of Rs388) one of its worst ever performances. JPA assets acquisition accelerates expansion plan and enhances market diversification : ORCMNT recently announced acquisition of 74% stake of JPA in Bhilai Jaypee Cement Limited (BJCL 2.2 mn MT grinding capacity and 1.1 mn MT clinker capacity) for an EV of Rs14.5bn and 100% acquisition of Nigrie Cement Grinding unit (2 mn MT capacity) for Rs5bn. The deal is expected to be completed by end of FY17. While this acquisition will increase ORCMNT s consolidated capacity to 12mn MT closer to the company s ambition to become a 15 mn MT entity by 2020 and would also diversify its presence into eastern and central markets, in addition to its current presence in south and Maharashtra markets. However, profitability to remain subdued amid ramp-up challenges: JPA asset acquisitions at ~USD100/MT comes at almost 2x its current capital cost which would lead to higher leverage and interest costs. Further, JPA asset is expected to operate at below 60% utilisation during FY18-19 (vs 75-80% at existing operations) and would yield at least Rs200/MT lower EBITDA/MT vs existing operations (JPA assets do not have any meaningful state incentives and/or accumulated tax losses to benefit ORCMNT). These would moderate the overall profit recovery, resulting in subdued return ratios of 7-8% RoCE in FY17/18E below its peers. We have modelled in the consolidation of the acquisition from start of FY18. We also model in ~Rs4.5bn of equity infusion (15% equity dilution at ~Rs150/share) and the rest as debt to fund the acquisition. We trim our FY17E EBITDA estimates by 34% factoring in op cost inflation during Q2-Q3FY17. Our FY18E estimates reduction of 15% is lower as we incorporate the JPA assets profitability. We also introduce FY19 estimates. Downgrade to SELL: We downgrade to SELL with a lower TP of Rs100, valuing it at USD70/MT (FY18E basis) which implies expensive 9.8x FY18 EV/EBITDA and 7.2x FY19E EV/EBITDA. We expect ORCMNT s consolidated net D:E to remain high at 1.4x/1.1x during FY18/19 and can remain elevated if it continues capex towards its 15mn MT by 2020 ambition. We factor in 2x recovery in H2FY17 EBITDA vs H1FY17 and Rs275/MT expansion in total EBITDA/MT during FY Despite this, ORCMNT s return ratios would significantly lag its similar sized peers, restricting valuation rerating. East region being a new market (also flushed with new expansions) can further drag sales and profitability ramp-up. Y/E Mar (Rsmn) Q2FY17 Q2FY16 YoY (%) Q1FY17 QoQ (%) Q2FY17E Variance % Net Sales 3,848 3, ,371 (12.0) 4,254 (9.5) Op. cost 3,683 3, ,967 (7.2) 3,744 (1.7) EBITDA (56.7) 404 (59.0) 509 (67.4) EBITDA margin (%) (678)bps 9.3 (494bps) 12.0 (766)bps Depreciation Interest Other Income (40.0) PBT (488) 228 (145) (26) Taxes Paid (194) (52) (69) 3 PAT (294) 280 (76) (28) Source: Company, Centrum Research Target Price Rs100 Key Data CMP* Rs151 Bloomberg Code ORCMNT IN Downside 38% Curr Shares O/S (mn) Previous Target Rs180 Diluted Shares O/S(mn) Previous Rating Hold Mkt Cap (Rsbn/USDmn) 30.9/464.3 Price Performance (%)* 52 Wk H / L (Rs) 241/127 1M 6M 1Yr 5 Year H / L (Rs) 241/28.5 ORCMNT IN (26.0) 0.5 (7.0) Daily Vol. (3M NSE Avg.) NIFTY (2.1) *as on 10 November 2016; Source: Bloomberg, Centrum Research Shareholding pattern (%)* Sep-16 Jun-16 Mar-16 Dec-15 Promoter FIIs Dom. Inst Public & Other s Source: BSE, *as on 10 November 2016 Operational performance trend Q2FY17 Q2FY16 YoY (%) Q1FY17 QoQ (%) Sales vol (mn MT) (15.7) Rs/ MT trends NSR 3,278 3,423 (4.2) 3, Raw materials (5.0) Power & fuel 1, Freight (3.1) Employee Other Exp (4.5) Opex 3,137 3, , EBITDA (62.8) 290 (51.3) Source: Company, Centrum Research Earning Revisions summary Particulars (Rs bn) FY17E FY18E New Old Chg (%) New Old Chg (%) Sales (4.7) EBITDA (34.2) (15.1) Ebitda margin (%) Adj PAT (0.0) 1.0 (104.6) (78.8) Source: Centrum Research Estimates Centrum vs. Bloomberg Consensus* Particulars (Rs bn) FY17E FY18E Centrum BBG Var (%) Centrum BBG Var (%) Net Sales (10.4) EBITDA (29.0) (13.1) PAT (0.0) 8.1 (100.6) (76.0) Bloomberg Consensus* BUY SELL HOLD Target Price (Rs) Centrum Target Price (Rs) Variance (%) (50) *as on 10 November 2016; Source: Bloomberg, Centrum Research Estimates Rajesh Kumar Ravi, rajesh.ravi@centrum.co.in; Y/E Mar (Rs mn) Revenue YoY (%) EBITDA EBITDA (%) APAT YoY (%) DEPS Rs. RoE (%) RoCE (%) P/E (x) EV/EBITDA (x) FY15 15, , , FY16 14,876 (3.8) 1, (60.9) FY17E 18, , (45) (107.1) (0.2) (0.4) 1.3 n/m 19.8 FY18E 28, , n/m FY19E 33, , , In the interest of timeliness, this document is not edited. Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

2 JPA asset acquisition a medium term drag Grinding capacity to increase 53% to 12 mnmt, a step closer to 15 mn MT target by 2020: Orient Cement (ORCMNT) on 6 th Oct 2016 announced acquisition of 74% stake of JPA in Bhilai Jaypee Cement Limited (BJCL 2.2 mn MT grinding capacity and 1.1 mn MT clinker capacity) for an EV of Rs14.5bn and 100% acquisition of Nigrie Cement Grinding unit (2 mn MT capacity) for Rs5bn. The deal is expected to be completed by end of FY17. This inorganic acquisition of 1.1 mn MT of clinker capacity and 4.2 mn MT of grinding capacity is part of ORCMNT s vision of becoming a 15 mn MT company by Post this expansion, ORCMNT s consolidated clinker/cement capacity would increase by ~19%/53% to 6.8mn MT/12.2 mn MT respectively. The acquisition will diversify sales market: ORCMNT sales until FY16 was largely contained in AP/Telangana and Maharashtra regions. With the production ramp-up from its 3 mn MT green-field plant in Karnataka (commissioned in Q3FY16), ORCMNT started to expand to other south markets of Karnataka and Tamil Nadu. With the two inorganic acquisitions in MP and Chhattisgarh regions (to be incorporporated by end of FY17), ORMCNT aspires to expand its sales presence in central and eastern regions, thereby further enhancing its regional sales diversification. The target plants are strategically located to service both the central and eastern markets. Attractive acquisition cost but at 2x capital cost of ORCMNT s current capacity: The implied acquisition cost stands at USD 100/MT for the 74% stake in BJCL and USD 38/MT for the Nigrie grinding unit implying attractive acquisition costs from the industry perspective. Bhillai plant is just six year old and the Nigrie one year old. Both slag and fly-ash is abundantly available at close vicinity to the plant. However, this 50% capacity addition is almost at double cost vs its current capital employed of ~USD45/MT, thereby suppressing return ratio expansion. Lower utilisation and profitability at new units vs existing operation during FY18-19: We model in the consolidation of JPA assets from start of FY18. We expect these plants to operate at 50%/60% utilisation during FY18/19 respectively (vs 74%/78% at existing south/west plants) as ORCMNT streamlines production and sales. Further, eastern region and (partly central region) is a new market for ORCMNT which would entail additional efforts in establishing its brand and distribution network. The eastern market is already seeing large expansion by existing and new entrants (Shree Cement, Emami Cement, Nirma Cement, JK Lakshmi Cement, JSW Cement, etc, which has supressed price recovery in the region. The acquired units also do not have any meaningful state incentives and/or accumulated tax losses to benefit ORCMNT. Even power cost is higher in MP/CTG region at Rs6-7/unit (grid supply) vs Rs4-5/unit of captive power cost in its south operations. ORMCNT expects close availability of slag and flyash, redistribution of clinker logistics between the existing and target plants to partly offset overall impact of higher operating costs at the new units. Hence, we expect unitary EBITDA/Mt of the new assets to be lower by Rs200/MT vs existing operations during FY The deal to keep leverage to elevated levels: ORCMNT is already leveraged (FY16/FY17 net D:E at 1.2x), the recent acquisition will further stress the balance sheet. As per the deal, ORCMNT will assume all the existing debt on the books of BJCL and Nigrie which amounts to ~Rs5.5bn on proportionate consolidation basis and payoff the remaining amount Rs10 bn to JPA in cash. As this deal is expected to be completed by end of FY17, ORCMNT will have not have sufficient internal accruals to pay the deal cash. In this case, ORMCNT will use mix of both incremental borrowings as well as equity dilution. In our view, we expect equity share dilution eminent as the management intends to restrict its D:E at below x. We model in 15% equity dilution at Rs150/share leading to Rs4.5bn of equity infusion (either through fresh equity infusion in the company either solely by the promoters or through rights issue led all shareholder participation). This would lead to net D:E at 1.4x at end of FY18E. Our Net D:E at end of FY19E stands at 1.1x as we do not factor in major capex in FY19 and hence there is an upside risk to the leverage estimates if ORCMNT infuses further cash towards its 15mn MT target. 2

3 Valuation & Assumptions Exhibit 1: 1 yr forward EV/EBITDA chart Exhibit 2: 1 yr forward EV/MT chart Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Daily EV/EBITDA Mean Daily EV/mt (USD) RHS Mean Mean +Std Dev Mean -Std Dev Mean +Std Dev Mean -Std Dev Source: Bloomberg, Company, Centrum Research Estimates Source: Bloomberg, Company, Centrum Research Estimates Exhibit 3: Comparative Valuations Company Mkt Cap (Rs bn) CAGR FY16-18E (%) EBITDA margin (%) RoCE (%) RoE (%) EV/EBITDA (x) EV/MT(USD) Rev. EBITDA PAT FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E (16.6) (0.4) Ramco Cements JK Cements JK Lakshmi We have factored in the JPA asset consolidation from start of FY18. We estimate ORCMNT s current plant utilisation at 67%/74%/78% during FY17/18/19. We factor in 50%/60% utilisation for the JPA assets. We estimate standalone EBITDA/MT at Rs437/651/750 during FY17/18/19 and Rs450/550 EBITDA/MT for the JPA assets in FY18/19. For EV/MT calculation, we take 8mn MT capacity in FY17 and 10.2 mn MT for FY18/19 (standalone 8mn MT, BJCL 1.6 mn MT (=2.2*74% stake of ORCMNT), Nigrie grinding unit 0.6 mn MT (one thirds of 2 mn MT grinding capacity). Exhibit 4: Key Operational Assumptions Particulars FY14 FY15 FY16 FY17E FY18E FY19E Installed Cement capacity (mn MT) Total Sales Volume (mn MT) YoY change (%) 2.9 (2.9) (Rs/ MT trend) Blended NSR (1) 3,422 3,788 3,366 3,403 3,614 3,795 YoY change (%) (6.9) 10.7 (11.1) Raw Materials (2) Power & Fuel (3) Freight costs (4) Employee cost (5) Other expense (6) Total Opex (7)= sum (2 thru 6) 2,911 3,037 2,948 2,967 3,016 3,102 YoY change (%) (2.9) Ex plant NSR (1-4) 2,677 3,010 2,645 2,693 2,904 3,072 Input cost (2+3) 1,469 1,443 1,374 1,415 1,420 1,482 Variable cost (2+3+4) 2,213 2,221 2,096 2,125 2,130 2,205 Fixed cost (5+6) Blended EBITDA per MT (1-7) YoY change (%) (34.5) 47.0 (44.2)

4 Exhibit 5: Quarterly financials trend Y/E Mar (Rs mn) Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Net Sales 3,841 3,943 3,392 3,454 3,537 4,493 4,371 3,848 Total Expenditure 3,228 2,944 2,780 3,071 3,298 3,876 3,967 3,683 Raw Materials Power and Fuel ,025 1,105 1,287 1,227 Employee Transport Others EBITDA Depreciation EBIT (4) (146) Interest Other Income PBT (199) 107 (145) (488) Taxes (52) (68) (87) (69) (194) Exceptional expense/ (income) (1) - - (1) (1) Reported PAT (131) 194 (77) (295) Adjusted PAT (131) 194 (76) (294) Adj EPS (Rs) (0.6) 0.9 (0.4) (1.4) YoY Growth (%) Sales volume 3.3 (16.7) (9.8) Cement NSR (1.7) (12.6) (9.9) (18.6) (10.1) (4.2) Revenue 12.6 (1.8) (11.4) (10.5) (7.9) EBITDA (7.8) (51.6) (61.1) (38.3) (33.9) (56.7) PBT (9.3) (65.2) n/m (87.4) n/m n/m Adj PAT (17.4) (35.4) n/m (64.2) n/m n/m Margins (%) EBITDA EBIT (0.1) (3.8) PBT (5.6) 2.4 (3.3) (12.7) Adj PAT (3.7) 4.3 (1.7) (7.6) Operational Trend Cement & clinker Sales Vol (mn MT) Trends (Rs/mt) NSR 3,740 3,983 3,490 3,423 3,369 3,242 3,138 3,278 Raw material cost Power and fuel cost ,045 Transport cost Employee cost Other expenses Operating cost 3,143 2,974 2,860 3,044 3,141 2,797 2,848 3,137 EBITDA per MT 597 1, Source: Company, Centrum Research 4

5 Financials Exhibit 6: Income Statement Y/E Mar(Rs mn) FY15 FY16 FY17E FY18E FY19E Net Sales 15,470 14,876 18,276 28,879 33,321 Raw Materials 1,885 2,088 2,563 3,755 4,250 as % of sales Power & Fuel 4,009 3,984 5,036 7,591 8,758 as % of sales Staff Cost ,220 1,803 2,074 as % of sales EBITDA 3,067 1,851 2,345 4,777 6,083 EBITDA margin (%) Depreciation ,235 1,800 1,900 EBIT 2,594 1,087 1,110 2,977 4,183 Interest ,375 2,461 2,192 Other income PBT 2, (165) 556 2,031 PBT margin (%) (0.9) Tax 877 (20) (120) Tax rate (%) 34.9 (3.3) Minority Int Adj PAT post minority 1, (45) 569 1,679 PAT margin (%) (0.2) EO items Rep. PAT post minority 1, (45) 569 1,679 Exhibit 7: Key Ratios Y/E Mar(Rs mn) FY14 FY15 FY16 FY17E FY18E Growth Metrics (%) Net Sales 7.5 (3.8) EBITDA 42.8 (39.7) Adj PAT 61.9 (60.9) (107.1) n/m Profitability Metrics (%) EBIT margin PBT margin (0.9) Adj PAT margin (0.2) Return Ratios (%) RoE (0.4) RoCE RoIC Turnover ratios (No of days) Inventory period Collection period Creditors period Net WC days (excluding cash) Solvency Ratio (x) D/E Net D/E Interest coverage Current ratio Dividend DPS (Rs) Dividend yield (%) Dividend pay-out (%) Per share (Rs) Basic EPS- reported Basis EPS- adjusted FDEPS- reported FDEPS- adjusted CEPS BVPS Valuations Metrics (x) P/E n/m Price/Cash earnings Price/BV EV/Sales EV/EBITDA EV/ton (USD $) Exhibit 8: Balance Sheet Y/E Mar(Rs mn) FY15 FY16 FY17E FY18E FY19E Sources of Funds: Share Capital Reserves 9,551 9,958 9,913 14,968 16,451 Shareholders Fund 9,755 10,163 10,118 15,204 16,686 Debt 11,057 12,898 12,887 23,877 20,877 Net deferred tax 1,250 1,228 1,228 1,228 1,228 Minority Interest ,916 1,862 Total Liabilities 22,063 24,289 24,232 42,224 40,652 Application of Funds: Gross Block 13,174 27,453 30,953 50,453 51,453 Accumulated Depn 5,192 5,956 7,191 8,991 10,891 Net Fixed Assets 7,981 21,497 23,762 41,462 40,562 Capital WIP 13,186 2, Investments Current Assets Inventories 1,099 1,410 1,645 2,541 2,932 Sundry Debtors ,097 2,310 2,666 Cash & Liquid Investments Loans & Advances 1,811 1,771 1,553 2,022 2,332 Other Current Assets Total Current Assets 4,490 4,744 5,470 7,827 8,818 Sundry creditors 1,103 1,943 2,285 3,610 4,232 Other liabilities & provisions 2,491 2,401 3,007 3,746 4,787 Total Current Liabilities 3,594 4,344 5,292 7,356 9,019 Net Current Assets Total Assets 22,063 24,289 24,232 42,224 40,652 Exhibit 9: Cash Flow Y/E Mar(Rs mn) FY15 FY16 FY17E FY18E FY19E PBT & extraord. Items 2, (165) 680 2,085 Add: Depreciation ,235 1,800 1,900 Add: Interest ,375 2,461 2,192 Add: Others (29) (23) (100) (40) (40) Operating profit before WC changes 3,099 1,886 2,345 4,901 6,137 Trade & other receivables (996) 15 (59) (1,894) (755) Inventories (386) (311) (235) (896) (391) Trade payables 377 1, ,064 1,663 Net change - WC (1,005) (726) 517 Direct taxes (534) (134) 120 (111) (406) Net cash from operating activities 1,560 2,576 3,119 4,064 6,247 Capital expenditure (9,222) (3,697) (1,400) (12,500) (1,000) Others (2) Net Cash from investing activities (9,224) (3,691) (1,300) (12,460) (960) Net free cash flows (7,664) (1,115) 1,819 (8,396) 5,287 Issue of share capital ,584 - Debt change 7,771 1,841 (11) 3,990 (3,000) Dividend paid (362) (246) - (67) (196) Interest paid (142) (530) (1,375) (2,461) (2,192) ,916 (54) Net cash from financing activities 7,266 1,065 (1,386) 7,962 (5,442) Net change in cash (398) (50) 432 (434) (155) 5

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7 The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by them, Mr. Rajesh Kumar Ravi, research analyst and and/or any of his family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the above companies in the preceding twelve months. He does not hold any shares by him or through his relatives or in case if holds the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. price chart Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 Ltd Source: Bloomberg, Centrum Research 7

8 1 Business activities of Centrum Broking Limited (CBL) Disclosure of Interest Statement Centrum Broking Limited (hereinafter referred to as CBL ) is a registered member of NSE (Cash, F&O and Currency Derivatives Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered Portfolio Manager. 2 Details of Disciplinary History of CBL CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market. 3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH ) 4 Whether Research analyst s or relatives have any financial interest in the subject company and nature of such financial interest 5 Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of the subject company at the end of the month immediately preceding the date of publication of the document. Orient Cement JK Cements JK Lakshmi Ramco Cements 6 Whether the research analyst or his relatives has any other material conflict of interest 7 Whether research analyst has received any compensation from the subject company in the past 12 months and nature of products / services for which such compensation is received 8 Whether the Research Analyst has received any compensation or any other benefits from the subject company or third party in connection with the research report 9 Whether Research Analysts has served as an officer, director or employee of the subject company 10 Whether the Research Analyst has been engaged in market making activity of the subject company. Rating Criteria Rating Market cap < Rs20bn Market cap > Rs20bn but < 100bn Market cap > Rs100bn Buy Upside > 20% Upside > 15% Upside > 10% Hold Upside between -20% to +20% Upside between -15% to +15% Upside between -10% to +10% Sell Downside > 20% Downside > 15% Downside > 10% Member (NSE and BSE) Regn No.: CAPITAL MARKET SEBI REGN. NO.: BSE: INB CAPITAL MARKET SEBI REGN. NO.: NSE: INB DERIVATIVES SEBI REGN. NO.: NSE: INF (TRADING & CLEARING MEMBER) CURRENCY DERIVATIVES: MCX-SX INE CURRENCY DERIVATIVES:NSE (TM & SCM) NSE Depository Participant (DP) CDSL DP ID: SEBI REGD NO. : CDSL : IN-DP-CDSL PORTFOLIO MANAGER SEBI REGN NO.: INP Website: Investor Grievance ID: investor.grievances@centrum.co.in Compliance Officer Details: Kavita Ravichandran (022) ; ID: compliance@centrum.co.in Centrum Broking Ltd. (CIN :U67120MH1994PLC078125) Registered Office Address Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Fort, Mumbai Corporate Office & Correspondence Address Centrum House 6th Floor, CST Road, Near Vidya Nagari Marg, Kalina, Santacruz (E), Mumbai Tel: (022)