Emami is a niche category player in the health, beauty and personal care since last 35 years. Company s

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1 Emami is a niche category player in the health, beauty and personal care since last 35 years. Company s products are based on Ayurveda platform with strong entry barriers. Some of its key brands are market leaders in their respective categories. Strong R & D has developed power brands like Navratna, BoroPlus, Menthoplus, Fast Relief, Sona Chandi Chyawanprash, & Fair and Handsome. Company introduced India s first fairness cream for men. With acquisition of Zandu, it now has one of the strongest Ayurvedic brand in its portfolio. Revenue reported CAGR of 23.7% in the last 5 years, while EBITDA and net profit grew by CAGR of 29.5% & 28.4% respectively. Company has spent about 16-19% of its revenues in adverting & promotional activities in the last 5 years, with CAGR of 17.4%. Domestic revenues have been impacted in the 9 months ended Dec. 13, with only 8.5% growth. Domestic sales constitute 84% of revenues, while Canteen Stores Department (CSD) and international division contribute 5% and 11% respectively. Company assigns lower growth to short summer and winter seasons, which is the main deciding factor in the demand for its products. However, profitability has been improved by reducing ad expenses and lower input costs as well as some price increases. Lower growth in sales revenues have been a cause of concern. However, management is guiding for 15% revenue growth from FY 15 onwards for foreseeable future, out of which at least 10% should be volume growth, with new launches contributing 3-3.5% to revenue growth.

2 BSE SENSEX/S & P NIFTY 21810/6504 Sector FMCG Market Cap./Free Float (` Crs.) 10016/3004 Market Price as on 14/3/14 `(FV `1/-) Week High/Low ` 539/380 Equity Shares Outstanding (in Crs.) 22.7 P/E Ratio (Times) (for FY 13)* 31.3 P/B (Times) (for FY ' 13)* EV/EBITDA (Times) (for FY '13)* ROE (%) (for FY '13) 41.2 * All ratios on post bonus issue basis - 1:2 June '13 Shareholding Pattern as on Dec 13 (%) Highlights u Emami has created strong brand portfolio with eight of its brands enjoying presence in top three, in their respective categories. In four categories - balm, cooling oil, antiseptic cream & men s fairness its products enjoy more than 50% market share. 60% of its revenues are derived from relatively underpenetrated categories in FMCG sector, like fairness, antiseptic and cold cream as well as cool talcum powder. u Company promotes its products aggressively through celebrities for brand building. The strategy for growth includes continuous expansion of distribution network including rural markets & entering new categories through product innovations & brand extensions Promoters FIIs MFs Others PE Band u As a policy, Company has invested in market leading power brands, strengthening their revenues to 72% of turnover in FY 13. It also invested in the Zandu health care division with the conviction that revenues were incompatible with the brand s deep strengths, resulting in to the brand revenue growing by 27% as against 16.9% revenue growth for the Company in FY 13. u Company is well placed for acquisitions since there is no debt on net basis. It is holding about ` 500 Crs. cash at present. u The dividend payout ratio works out to 45%. u Winter brands, which generally contribute 50% of sales in December quarter, did not do well in Dec. 13 quarter, due to shorter winter. Boroplus and Boroplus lotions degrew by 2

3 5% & 6% y-o-y in volumes respectively with 3% value degrowth. Boroplus had a high base of 30% growth in the previous year. However, Sona Chandi Chyawanprash and Zandu Kesari Jivan grew by 17% and 26% in the quarter. Fair and Handsome grew by 12% (volume 2%), balms by 9% (volume 4%), and Navratna Oil by 6% (volume 1%). u During the Dec. 13 quarter, Company increased its market shares marginally in its key categories. Navratna Oil gained 2% market share and reached 57%. Fair and Handsome gained 4% market share to reach 62%. Boroplus Antiseptic Cream market share improved to 77% from 76%. Zandu balm lost 1.5% market share. Overall balms market share was at 57%. However, domestic business reported only 1.5% volume growth. u Modern trade which constitutes about 4.5% of sales grew by 29% in Dec. 13 quarter, while direct rural business grew by 13% and urban sales remained almost flat. International business grew by 37%. Canteen stores department sales at ` 30.6 Crs. degrew by 14% during Dec. 13 quarter, against growth of 1.7% during 9 months ended Dec. 13. This was mainly due to product registration issues for Chyawanprash. Background Emami started in 1974, with its first manufacturing unit in Kolkata. Today it has seven factories spread over five states - West Bengal, Uttarakhand, Maharashtra, Gujarat & Assam. Company also commenced its first greenfield international unit in Dhaka, Bangladesh. Research & development units are located in Kolkata and Mumbai The Company has created a strong portfolio of more than 250 products & 30 brands across the skin care, hair care, rubificients, ayurvedic medicines and ayurvedic health segments, among others. It has market presence across 60 countries with subsidiaries in UAE, Bangladesh, Egypt, and the UK. Recently, Company has forayed into the face wash category by launching Fair and Handsome Instant Fairness Face wash. Emami aims to capture 8% market share of men s face wash in the next one year. 3

4 Sales Promotion & Brand build up Portfolio comprises around 250 products. Strong brand recall is built around power brands Boroplus, Navratna, Zandu Balm & Mentho Plus Balm and Fair and Handsome, which are market leaders in their respective segments. Sona Chandi Chyawanprash, Kesari Jivan, Fast Relief, Malai Kesar cold cream and Vasocare petroleum jelly are other prominent brands. Zandu healthcare portfolio comprises Zandu Pancharista, Vigorex, Rhumasyl, Lalima, Sudarshan, Trifala and Nityam Churna among others. Company generally spends 16-19% of its revenues on advertising and sales promotions, one of the highest in the industry. In FY 13, it spent ` 279 Crs., amounting to 16.4% of sales on A & P. In the last five years it has made over ` 1000 Crs. brand investments. Generally, it engages celebrities to endorse its products, on both national & regional level, with over 60 celebrities endorsing its products since early 1970s. In the process, it has created strong brands that have emerged as domestic market leaders, and have generally outperformed sectoral growth. Introduction of small affordable sachets also aided brand sales and widened the market. Distribution strength Company has four regional offices, 32 depots & 33 warehouses with a strong distribution network of 3000 distributors & 5600 sub-distributors with direct reach to over 6 lacs retail outlets, and products available at more than 40 lacs outlets. It has pan India presence in 28 states and 7 union territories. It has a team of over 2000 front line sales force to support the distribution efforts. All domestic sales are undertaken on cash basis. Currently, the Company derives ~52% of domestic revenue from rural markets (~26% of the domestic revenue comes from direct rural initiatives). Company increased its direct rural revenues by 31% in FY 13 by capitalizing on strong distribution network. It increased its direct rural reach, covering more than 8200 villages under Project Swadesh, which took company s distribution Advt. & Promotional Exp. (% to sales) FY '09 FY '10 FY '11 FY '12 FY '13 June '13 Sept. '13 Dec. '13 4

5 network down to rural and isolated population clusters of up to 10,000. Modern trade reported 40% revenue growth in FY 13 and contributed about 3% of total revenue. Company has an ambitious target of adding further 2 lacs retail outlets by FY 15 and increase the share of direct distribution reach from ~26% to 35% in the next 18 months. Broplus Boroplus was launched in With time, it evolved into a multi-purpose antiseptic solution for all skin problems. Boroplus presently is the leader in the antiseptic cream segment with 74% market share (FY 13). The market size is ` 466 Crs. Revenues have grown at CAGR of 16% for 3 years ended FY 13. Besides India, it is the largest selling antiseptic cream in Russia, Ukraine and Nepal. Boroplus has diversified its portfolio to Boroplus Advanced Moisturizing Lotion and Boroplus Prickly Heat Powder. Overall, the brand recorded 32% growth in FY 13 over previous year. Antiseptic cream de grew by 3% during Dec. 13 quarter. Market share grew by 1% q-o-q to 77.4% during the quarter. Moisturizing Body lotion grew by 3%. Company launched a new variant of Body Lotion with ingredients like Grapes & Olive Oil. New Extension BoroPlus Anti Pollution Face wash performed well. Vasocare petroleum Jelly grew by 31% on small base. Navratna Oil Emami launched its flagship brand in 1989 amidst unorganized regional players. Against the conventional amla or coconut oil, Navratna is a therapeutic oil, a unique combination of nine ayurvedic herbs with multiple benefits. Navratna carved out its own cool oil segment and is the first in this category with a pan India presence. The Company extended its mother brand with the launch of Navratna Extra, oil with enhanced cooling factors in COMPLETE HEALTH AND PERSONAL CARE SOLUTION Skin Care Pain Managemnt Lip Care Boroplus Antiseptic Cream Zandu Balm Vasocare Lip Balm Health care and Wellness Zandu OTC Cooling Oil Navratna Oil Fair and Handsome Mentho Plus Balm Zandu ethical range Navratna Extra Thanda Boroplus Advanced Fast Relief Zandu generic Moisturising Lotion Navratna Cool Talc Boroplus Ice Cool Talc Emami Malai Kesar Cold Cream Vasocare Petroleum Jelly 5

6 The revenues have grown at 22% CAGR in last 3 years. The segment registered a growth of 16% in FY 13 y-o-y, which enhanced its market share to 55% in the market size of ` 803 Crs. Cool Oil grew by 6% during Dec. 13 quarter. It grew its market share by 2% to 57% during the quarter. Fair & Handsome Fair and Handsome is the first fairness cream for men in the country. Company has the largest market share of 56% in Men s fairness segment, with a market size of ` 330 Crs. Company has lost more than 25% market share in last 3 years, due to stiff competition. It has grown its revenues by 17% CAGR in last 3 years, and reported a growth of 13% in FY 13 y-o-y. quarter. Fair and Handsome grew by 12% during Dec. 13 quarter, and had market share of 62% with a gain of 4% during the Zandu Balm & Mentho Plus Balm Emami has the largest market share of 58% in Balm category, with a market size of ` 699 Crs. It has grown its revenues in the category at a CAGR of 20% in last 3 years. Balm sales have improved 9% in Dec. 13 quarter over the previous quarter. However, revenue growth was mainly due to price rise and volume growth was only 4%. Company lost market share in the balm category by about 1.5% during the quarter. It expects balm category to report 7-8% volume growth going forward. Category Market Size (Rs. Crs.) Leading Brands (FY 13) Revenue Share (%) Market Share (%) 3 years CAGR Brand Position Brands Cooling Oil Navratna Cooling Oil Balms Zandu & Mentho Plus Balm Anticeptic Cream Boroplus Anticeptic Cream Men s Fairness Fair & Handsom Cool Talc } } } } 3 Navratna Cool Talc Prickly Heat Powder } 423 } 5 } 18 } 48 Boroplus Powder Ointment & Gel Fast Relief Ayurvedic Health Supplement Above figures are derived from Company communications Chyawanprash 6

7 Zandu Balm Zandu balm is country s largest selling balm with a market share of 43.2%. It is an ayurvedic remedy for headache, body ache and cold. It has been trusted household solution for pain relief since 100 years. Since acquisition in 2008, Emami s better marketing inputs and distribution strength helped the brand grow at breakneck speed over last few years. Mentho Plus Balm Emami entered the balm segment with the launch of Mentho Plus in The brand recorded strong growth and is presently the third largest player in the category with a 14.4% market share. It is also one of the biggest LUP players in the segment, selling around 40 Crs. units in a year. The brand recorded overall growth of 14% in FY 13 over FY 12. Navratna Cool Talc Emami entered the cool talc segment, a niche segment in the talcum powder category with its flagship product Navratna Cool Talc in the year While overall talcum powder category is stagnant, cool talc segment is growing, led by Emami. Company recorded a stupendous growth of 81% in FY 13 y-o-y. Emami enjoys third largest 18% market share in the prickly heat powder and cool talc category, with a market size of ` 423 Crs. It reported 48% CAGR in the last 3 years. Fast Relief Company has only 4% share in Ointment and Gel category and has 5th position in ` 1,030 Crs. market. It has grown its revenues in the category at 9% CAGR in the last 3 years. The brand registered a growth of 9% in FY 13 over the previous year. Other Brands Vasocare is the second largest brand in the petroleum jelly category. The brand has created a unique offering with the goodness of herbal elements in traditional petroleum jelly. It registered a growth of 38% in FY 13. Vasocare has also entered the lip care segment with Vasocare lip balm and has been promoting the same since FY 12. Petroleum jelly registered a growth of 31% in Dec. 13 quarter. Although the cold cream category is degrowing, Malai Kesar Cold Cream has been able to hold on to its market share of 5%. Boroplus Advanced Moisturizing Lotion was launched in 2005 as an ayurvedic lotion. The brand grew at 39% in FY 13 and currently enjoys a 6% market share in the winter lotion category. 7

8 Chyawanprash Emami Chyawanprash portfolio consists of three variants- Sona Chandi Chyawanprash, Zandu Kesari Jivan and Zandu Chyawanprash. The Company intends to bring all three products in this category under one common banner of Zandu and explore new options in this field. Zandu Kesari Jivan grew by 29% in FY 13. In Dec. 13 quarter it grew by 26%. Sona Chandi Chyawanprash grew by 17% in the quarter. Both chyawanprash category contributed 6-7% of sales in the quarter. Zandu Health Care Division Zandu health care division reported significant growth in the OTC and ethical business segment in FY 13 & the revenues grew by 27% in FY 13 y-o-y. The growth was largely driven by the robust growth of Zandu Pancharishta and Lalima, which grew 68% and 60% respectively. Zandu Nityam, an ayurvedic laxative grew by 50% in FY 13. Zandu Vigorex, an Ayurvedic Energiser, was launched in June 2012 and has already been quite successful. Zandu has an enviable portfolio of 139 health solutions for the key health needs. The entire Generic range has been renewed, with a more contemporary modern outlook. The Ethical range boasts of a host of highly efficacious products with multiple benefits. The Flagship Brand Rhumasyl, a topical pain reliever for the pain associated with osteoarthritis, rheumatoid arthritis, musculoskeletal pain, frozen shoulder, spondylitis, lumbago is the undisputed market leader in the ayurvedic topical pain management category. The entire portfolio grew by an impressive 20% in FY 13. Zandu Health Care Division, comprising of OTC, ethical and other generic products, grew by 30.8% in Dec. 13 quarter. Pancharishta led the growth with increase of 77% and the new launch Vigorex also performed well. International Business The international marketing division was set up in Over the last two decades, the division has been growing significant market shares across countries. Internationally, the Company has a strong presence in over 60 countries (SAARC, CIS, South East Asia, Gulf and Africa). During the last three years exports were relatively flat due to various headwinds in the markets catered by the Company and discontinuation of certain low margin products. The international business scenario remained challenging. While the SAARC and GCC (Gulf Cooperation Council) regions continued to grow, African, Russian and CIS regions remained difficult in FY 13. Revenue from the international business segment decreased by 5.4% to ` 180 Crs. 8

9 Navratna is the highest selling brand in Bangladesh, the UAE and Kingdom of Saudi Arabia in its respective category. Fair and Handsome is the largest brand in Nepal and UAE in the men s fairness and men s face whitening segments respectively. Boroplus Antiseptic Cream is a leading brand in Russian antiseptic and wound healing space. Bangladesh plant is operational now, from which the Company expects significant revenue growth, and a possibility to explore new avenues. Bangladesh constitutes 45% of exports, and is an important market for the Company. With the commissioning of the plant, Company will save import duty and its products will become competitive. Going ahead, the Company will focus on the SAARC, GCC, Russia and CIS regions with key brands - Boroplus, Navratna, Fair and Handsome and Zandu. International business at ` 65.2 Crs. grew by 37.3% during the quarter. Regionwise, GCC grew by 212%, SAARC grew by 17% and Bangladesh degrew by 5%. International Business - FY 13 International Business - quarter ended Dec. 13 9% SAARC 6% 4% SAARC 13% GCC 6% GCC 13% 45% CIS 14% 43% Africa Others Others Australasia 20% Africa 27% CIS GCC - Gulf Cooperation Council SAARC - South Asian Association for Regional Cooperation 9

10 Markets Rural & Urban Rural India comprises around 70% of the total Indian population, 40% of the country s FMCG market and few organized players. With changing lifestyles and increasing consumer demand, India s FMCG market is expected to grow to US $ 80 billion by 2016 in towns with population of less than 10 lacs [Source: Dinodia Research]. Rural spending was significantly higher at ` 3, 75, 000 Crs. than urban consumption levels which stood at ` 2,99, 400 Crs. between FY 10 & FY 12. Rural consumption per person outpaced that of its urban counterpart by 2% (Source: National Sample Survey Organization). About 30% of India is urban, accounting for about 11% of the world s urban population. India s urban population is projected to be 60 Crs. in the next few years and an estimated 70 Crs. by 2030, growing the market for FMCG companies in India. [Source: IBEF] India s FMCG penetration is low compared to other countries, and its rural penetration even lower than urban, even as the rural population is higher, resulting in a large untapped FMCG potential. Government s agricultural support will drive long-term consumption growth and as a result, the FMCG industry is expected to report 18% growth annually over the next few years. It is expected that this sector will grow to a projected US $ 33 billion by 2015 and US $ 100 billion by 2025, emerging as the biggest consumer expenditure component by the end of the Twelfth Five Year Plan (source: ASSOCHAM). Raw materials Menthol, Light Liquid Paraffin(LLP) and Polypropylene are the 3 major raw materials for Emami.LLP being petroleum based, tracks crude oil prices. Other raw material includes camphor, waxes, mercury and metals like Gold & Silver. Raw material continued to be one of the key areas of concern as prices of principal raw materials remained volatile during FY 13. These materials include menthol, LLP, zinc oxide and others including packaging materials. To control raw material costs, Company undertakes bulk purchases, and procures materials during lean season between July and September. It is also planning to manufacture mentha as backward integration. Materials are procured from multiple vendors and from tax exempt zones in North East India & Uttarakhand to save costs. Company also tried to diversify product mix by utilizing vegetable oil without impacting quality. It has also tried imports of key ingredients like microcrystalline wax, methyl salicylates, soap noodles, paraffin waxes, ozokerite wax etc. 10

11 Financials FY 13 Standalone revenues grew 17.1% to ` 1,627 Crs. PAT increased 26.1% to ` 324 Crs., despite surge in key input costs. Consolidated turnover increased 16.9% to ` 1699 Crs., while consolidated EBITDA and PAT increased by 17% & 21.6% to ` 347 Crs. & ` 315 Crs. respectively y-o-y. All power brands Boroplus, Zandu Balm & Mentho Plus Balm, Navratna and Fair & Handsome - increased market shares in FY 13. Company s international business was marginally down due to lower off take in the CIS, Russian and flat African markets coupled with inventory correction among distributors. Domestic business is on a cash-and-carry basis, resulting in a strong overall receivables cycle of 24 days of turnover equivalent. Payable cycle was 22 days as of March 13. Subsidiary performance for FY 13 Name of Subsidiary/Details ` In Lacs Emami UK Ltd Emami Bangladesh Ltd Emami International FZE Emami Overseas FZE Pharma Derm S A E Co, Egypt Stake (%) Capital Reserves Total Assests Total Liabilities Turnover NIL NIL Profit/(Loss) after Tax The above profit/loss has not been dealt with in holding company accounts. 11

12 9 mths ended Dec. 13 Revenues went up by 10.2% y-o-y to `1, Crs. EBITDA went up by 30.7% to ` Crs., while net profit went up by 32% to ` Crs. Company reported 10% value growth and 5% volume growth. Cost of goods sold stood at 37.2%, reduction of 3.6% y-o-y, on account of reduction in input prices and selective price increases. Staff costs at ` Crs. increased from 7% in the last year to 7.7% of sales. Advertisement and promotional expenses, stood at ` Crs. and decreased by 1.8% to 16.6% of sales. Other expenses at ` Crs., increased by 1% at 15% of sales. Forex gain amounted to ` 3.9 Crs. against loss of ` 5.04 Crs. last year. Dec. 13 quarter Dec. 13 quarter revenues went up by 6.6% to ` Crs., while EBITDA went up by 29.1% to ` Crs. y-o-y. Net profit for the quarter went up by 31.1% to ` Crs. y-o-y. Delayed and erratic winter has affected off takes in domestic market in this quarter. It grew by 5% in value terms with 1.5% volume growth. Value growth has been flat for winter brands, which contributes to almost 50% of the revenue in Dec. quarter. Rest of the brands grew by 10% in the quarter with volume growth of 5%. However, easing of input prices and judicious price hikes have helped improve the margins and report higher profits. Staff cost and other expenses, however, increased by 40 bps (basis points) and 100 bps y-o-y respectively, whereas advertisement expenses decreased by 360 basis points in this quarter. Company expects to maintain margins at gross level as it expects menthol prices to remain stable. In Dec. 13 quarter, International business grew by 37.3%, and was led by GCC and SAARC. CIS continued to degrow and Africa was more or less flat. Bangladesh is an important market for the Company and it degrew by 4% in Dec. 13 quarter due to elections and Company hopes to do well now post elections. Other markets have done very well like Nepal, Sri Lanka etc. Capex C ompany is scaling up its production capacity in Assam by setting up a new manufacturing unit at a cost of ` Crs. Majority of expense will be undertaken in FY 15 and the plant will be ready for commissioning in FY 16. Company plans to spend ` Crs. on capex in FY 14 and FY 15 including maintenance expenditure. 12

13 Comments u In spite of not so normal summer and winter season in FY 14, which saw volume degrowth in brands like Boroplus, Company has gained market shares in all its key categories except Balms, where it effected price increase, which was not followed by competitors. u Emami derives its growth from three pronged strategy ayurvedic pedigree, significant investment in brand building and reaching out to new demographic groups - to reach consumers across economic segments, geographies, markets and formats. u The historically low FMCG penetration is correcting especially in rural India with consumer aspirations rising and incomes growing. We expect the industry to grow robustly over the next five years, accounting for a larger share of consumer spending. u Advertisement expenses amounted to 16.6% of sales in first nine months of FY 14. Company expects it to remain in the range of % for full year FY 14. It plans to get aggressive with new launches and ad expenses in the next year. Ad expenses may rise to 18% of sales in FY 15. u Company is expecting 15% growth of revenues and net profit for FY 15, with new launches and some price increases. Out of this volume growth can be minimum 10% including new launches. New launches itself will contribute about 3-3.5% to the revenue growth. Revenue growth is more dependent on normal seasons in the country, as compared to any other factor. However, net margin as a % of sales may not expand due to ad spend increase, some raw material price increases and not so exciting demand environment. Company plans to increase its market share in power brands by about 2-3%. u International business which is expected to grow by more than 25% in FY 14, is expected to see growth of more than 20% in next 2-3 years. u For next five years Company expects revenues to grow in the range of 15-17%, where Zandu products will take a lead. u Company has been reporting robust ROE as a result of lower networth, due to write off of goodwill from general reserve to the extent of ` Crs. every year, since FY 10. Company had outstanding amount of only ` Crs. as goodwill, as of March 13. We expect company to report ROE of about 40% in FY 14. The stock has been trading between x forward P/E during last 3 years. At present it is available at about x P/E on FY 14E earnings, on post bonus issue capital. 13

14 Consolidated Financial Results Period Ended (` Crs.) FY '10 FY '11 FY '12 FY '13 June '13 Sept. '13 Dec. '13 Turnover (Inc)/Dec in stock Raw Materials Purchase of traded goods Staff Cost Advt. & Sales promotion Other Expenditure Total Expenditure EBITDA EBITDA Margin (%) Depreciation Interest Tax Other Income Foreign Exch loss/(gain) Exc. Items Net Profit Minority Interest Net Profit Net Profit Margin (%) Equity Capital (FV ` 1/-) Equity Shares (in Crs.) Reserves EPS (`) Book Value (`) ROE(%) Net Profit after Forex (Gain)/Loss Net profit Margin (%) EPS (`) after Forex (Gain)/Loss Note: 1) Company is writing off goodwill amount in P & L through transfer from general reserves. Dep. & amortisation amount shown is net of transfer from general reserves of ` Crs. per annum. 2) Reserves has been increasing at a slower pace because of transfer from general reserves for goodwill write off. This has resulted in higher ROE. 3) Bouns issue in the ratio of 1:2 alloted on 27/6/13. EPS & Book Value after that date on increased capital. 14

15 DISCLAIMER This document has been prepared by Balance Equity Broking (India) Pvt. Ltd (Balance). This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Though disseminated to all simultaneously, not all may receive this report at the same time. Balance will not treat recipients as customers by virtue of their receiving this report. The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on reasonable basis, Balance, its subsidiaries and 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 Balance and its affiliates from doing so. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of Balance may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed 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, regulation or which would subject Balance and its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Balance and/or its affiliates may have used the information set forth herein before publication and may have positions in, may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities. Balance may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall Balance, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of Balance. Please send us your feedback on research@balance-equity.co.in or feedback@balance-equity.co.in Balance Equity Broking (India) Pvt. Ltd 209/10 Mittal Commercia, C Wing off Andheri Kurla Road (M.V.Road) Marol Andheri (E) - Mumbai-59.

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