CMP: INR6,548 TP: INR8,204 (25%) Impressive performance in feminine hygiene segment

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1 BSE SENSEX S&P CNX 25,765 7, November 2016 Update Sector: Consumer P&G Hygiene and Health CMP: INR6,548 TP: INR8,204 (25%) Impressive performance in feminine hygiene segment Good performance in prevailing weak environment Buy Stock Info Bloomberg PG IN Equity Shares (m) 32.5 M.Cap.(INR b)/(usd b) / Week Range (INR) 7280 / , 6, 12 Rel. Per (%) 2/2/12 Avg Val, (INR m) 49 Free float (%) 29.4 Financials Snapshot (INR b) Y/E June E 2018E Net Sales EBITDA PAT EPS (INR) Gr. (%) BV/Sh (INR) RoE (%) RoCE (%) P/E (x) P/BV (x) Shareholding pattern (%) As On Sep-16 Jun-16 Sep-15 Promoter DII FII Others FII Includes depository receipts Stock Performance (1-year) 7,400 6,800 6,200 5,600 5,000 Nov-15 Jan-16 P & G Hygiene Mar-16 May-16 Jul-16 Sep-16 Nov-16 Key takeaways from P&G Hygiene and Health s (P&GHH) FY16 annual report: Feminine hygiene revenues have continued to grow strongly (+14% YoY) in FY16 as well (note that segment-wise details are not disclosed in the interim results). The recent launch, Whisper Ultra Clean, has performed impressively. Healthcare segment slowed down (flat revenues) in FY16 due to weak winter and monsoon in FY16, but Vicks market share is reportedly at all-time high. Traded goods proportion rose in healthcare, but fell in feminine hygiene. Inter-group lending declined sharply, boosting free cash generation. Low dividend payout for FY16, however, was a big disappointment. We retain Buy with a target price of INR 8204, implying 25% upside to CMP based on 45x September 2018 EPS. Gross sales in healthcare and feminine hygiene exceed estimates, while Old Spice revenues disappoint: Feminine hygiene FY16 sales grew 14.1% YoY (v/s +13.8% in FY15) to INR17.48b (68.5% of total sales), exceeding our estimate of +12%, despite a weakening consumer environment. This, however, was below 20%+ growth recorded from FY11-FY14. The company launched Whisper Ultra Clean in the premium segment, which helped it to somewhat arrest the recent market share decline in this sub-segment. Healthcare sales (29.3% of total) rose 0.5% YoY, as against our estimate of a 5% decline. The segment not only suffered from a relatively high base (16.8% YoY growth in FY15), but also from poor rain and mild winter in FY16. Key ointments and creams (Vicks VapoRub, Vicks Inhaler and new Vicks pain gel, which together accounted 54% of healthcare sales in FY16) grew 3% YoY (v/s +20% in FY15). Management commentary in the annual report indicated that market share of Vicks touched all-time high during the course of the year. The cough drop segment had reported six consecutive years of double-digit sales growth until last year grew 0.7% YoY in FY16. This sub-segment accounted for 35.9% of healthcare sales in FY16. The small tablets segment (Vicks Action 500), however, reported 11.4% YoY decline in sales. This segment contributed 9.9% of healthcare sales in FY16 and, barring some growth in FY15, has been largely dormant for many years now. Gross margin expanded 270bp YoY to 63.2%. Material costs increased 2.2% YoY in FY16, mainly led by pulp, chemicals, waxes and oils (+7.6% YoY in FY16), which formed 76.9% of raw and packing material consumed in FY16. However, costs of other key materials cartons & boxes (16.9% of materials consumed) and sugar & liquid glucose (2.4%) declined 2.7% and 54.5% YoY, respectively. Consequently, increase in cost of materials consumed was limited to 2.2% YoY. In fact, material cost increase YoY was also very modest at 6.2% and 10.4% in the previous two years. Krishnan Sambamoorthy (Krishnan.Sambamoorthy@MotilalOswal.com); Vishal Punmiya (Vishal.Punmiya@MotilalOswal.com); Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P

2 EBITDA margin expanded 350bp YoY to 24.3% and EBITDA rose 24.8% YoY to INR6.05b. Staff cost declined 10bp YoY to 4.8%, while A&P cost (including trade incentives) fell 130bp YoY to 13.1%. However, we do not think this decline in A&P cost is sustainable and expect 14.5% A&P to sales in FY17. Inter-group lending down remarkably, leading to sharp rise in cash balance: Due to healthy OCF and FCF (aided by healthy operating performance and decline in group lending), cash balance increased sharply from INR2.7b at end- FY14 to INR6.2b at end-fy15 and INR10.7b at end-fy16. Related party lending (as proportion of total cash and cash equivalents) declined from 72% in FY13 to 18% in FY16 (was 64% in FY14, 43% in FY15). Low dividend payout a big disappointment: Amid good news on operating performance and a sharp reduction in inter-group lending, we note that dividend payout continues to be disappointing. Dividend payout (before dividend tax) continues to hover around 28-29%, which is disappointing given tremendous operating and free cash generation. As a result, cash balance rose sharply, depressing RoE and RoCE to around 31% (no improvement YoY), whereas core business RoIC is over 100%. Valuation and view: P&GHH s feminine hygiene business continues to show resilience in a difficult operating environment for consumer companies. Healthcare segment was affected by a high base and weak winter/monsoon, but it is now well on track with market share at all-time high. With access to superior products from the parent, better-than-peers distribution reach and dedicated focus on category with unique development efforts, the company is well positioned to exploit opportunities in India s feminine hygiene market, where penetration is low at ~16%. Valuations have corrected to 37.8x FY18E EPS. We maintain target multiple of 45x (premium justified by the sheer scale of opportunity as well as barriers to entry) to arrive at a September 2018E target price of INR8,204, implying 25% upside to CMP. 21 November

3 Better-than-expected growth in feminine hygiene; Old Spice disappoints Since the company does not disclose segment-wise details on a quarterly basis, the annual report is the sole source of this information. Gross sales in healthcare and feminine hygiene were ahead of expectations, while Old Spice revenues disappointed. Exhibit 1: Feminine hygiene segment leads growth; Old Spice segment declines INR m FY11 FY12 FY13 FY14 FY15 FY16 Gross sales 10,374 13,011 16,967 20,636 23,584 25,527 Growth (%) Healthcare Business 4,139 4,890 5,735 6,359 7,427 7,468 Growth (%) Feminine Hygiene 6,235 8,122 10,883 13,462 15,327 17,486 Growth (%) Old Spice Growth (%) Proportion of gross sales (%) Healthcare Business Feminine Hygiene Old Spice Healthcare revenues are provided under sales breakdown. However, the company combines Old Spice and feminine hygiene into a single category. Products are broadly classified under Personal Products, Toilet Preparation, etc. While further segmental breakdown was not provided, the company has mentioned in Annexure II (Extract of annual return) of the FY16 annual report that sanitary napkin sales formed 69% of its turnover. While this is likely to be a rounding off to the nearest whole number, it does enable us to approximately gauge feminine hygiene and Old Spice sales. We have assumed feminine hygiene to be 68.5% of total gross sales. Healthcare segment affected by seasonality and high base Healthcare segment sales (29.3% of total) growth was flat at 0.5% YoY, as against our estimate of a 5% decline, due to a relatively high base (+16.8% in FY15) and poor rains/mild winter in FY16. The key ointments and creams segment (Vicks VapoRub, Vicks Inhaler and the new Vicks pain gel, which together accounted for 54% of healthcare sales in FY16) grew 3% YoY (v/s +20% last year). Management commentary in the annual report indicates that market share of Vicks touched all-time high during the course of the year. Vicks Inhaler was reportedly the fastest-growing segment in the Vicks franchise in FY16 the company considers it as part of ointments and cream, and we suspect is not very large in terms of market size. The cough drop segment which had reported six consecutive years of double-digit sales growth until last year reported 0.7% growth in FY16. This sub-segment contributed 35.9% of healthcare in FY16. The small tablets segment (Vicks Action 500) reported 11.4% decline in sales YoY in FY16. This segment 21 November

4 contributed 9.9% of healthcare sales in FY16 and, barring a spike in growth in FY15, has been largely dormant for many years now. Exhibit 2: Muted sales in healthcare due to weak winter and monsoon INR m FY11 FY12 FY13 FY14 FY15 FY16 Ointments and Creams 1,878 2,357 2,962 3,276 3,932 4,050 Cough Drops 1,561 1,804 2,042 2,420 2,663 2,681 Tablets Total 4,135 4,890 5,735 6,359 7,427 7,468 Growth (%) Ointments and Creams Cough Drops Tablets Total Proportion of healthcare sales (%) Ointments and Creams Cough Drops Tablets Total The company reports traded goods and manufactured goods separately. Unlike earlier years, it has traded goods in ointment and creams as well as cough drops. For both these sub-segments, the proportion of traded goods was high at 50% and 47%, respectively, in FY16 (v/s 1.4% and 5.9% in FY15). Growth remains strong in feminine hygiene Feminine hygiene sales (assumed 68.5% of total sales) grew 14.1% YoY to INR17.48b in FY16. This was higher than our estimate of 12% growth. While there has been some slowdown compared to 20%+ annual growth from FY11- FY14, the company s performance was slightly better than last year (+13.8% in FY15) despite a weakening consumer environment. FY16 was the 13 th consecutive year of double-digit sales growth in feminine hygiene, where Whisper continues to be the market leader despite stiff competition. Whisper also likely commands more than double the market share of the next largest brand Stayfree (Johnson and Johnson). Its distribution, product portfolio, global experience and category development efforts are much superior to peers. In FY16, the Whisper School Program reached nearly 4m girls across the country. In a category where overall penetration is around 16% and rural penetration is in single-digits, the benefits of such efforts are massive. P&G has gained nearly 800bp market share over the second largest player J&J in the preceding five years. We do not have access to J&J s FY16 annual report yet. The company launched Whisper Ultra Clean in the premium segment. After the launch, the company was reportedly able to arrest some share decline in this sub-segment. There was also emphasis on the Whisper Ultra Nights line-up. Old Spice revenues decline While feminine hygiene and healthcare sales were ahead of expectations, the smallest segment, Old Spice, disappointed (2.2% of sales in FY16). Management had previously highlighted that FY15 was a year of consolidating gains in FY14. In 21 November

5 its FY16 annual report, management stated that it has been consciously holding back investments and reviewing the right business model to support its strategies for the brand in a highly dynamic category that has seen multiple new launches over the past year. This may possibly be because of underperformance of its deodorant product in a crowded segment. Material costs gross margin expands sharply by 270bp YoY Proportion of traded goods to sales in segments such as personal products and toilet preparation declined from 36.9% in FY15 to 25.7% in FY16, indicating greater in-house manufacture of feminine hygiene products, a trend different from that in the healthcare segment. Overall proportion of traded goods to products sold declined from 30.4% in FY15 to 26.1% in FY16. Gross sales were up 8.2% YoY to INR25.53b, while net sales grew at a slower pace of 6.4% YoY to INR24.82b. Excise increased from 1.1% of sales in FY15 to 2.8% in FY16. Net sales, including operating income, were up 6.5% YoY to INR24.84b. Gross margin expanded 270bp YoY to 63.2%. Material costs increased 2.2% YoY in FY16, mainly led by pulp, chemicals, waxes and oils (+7.6% YoY in FY16), which formed 76.9% of raw and packing material consumed in FY16. Costs of other key materials cartons & boxes (16.9% of materials consumed) and sugar & liquid glucose (2.4%) declined 2.7% and 54.5% YoY, respectively. Consequently, the increase in cost of material consumed was limited to 2.2% YoY. In fact, material cost increase YoY was also very modest at 6.2% and 10.4% in the previous two years. Exhibit 3: Material costs to sales decline for fourth consecutive year Raw and Packaging Materials FY11 FY12 FY13 FY14 FY15 FY16 Pulp, Chemicals, Waxes and Oils 1,841 2,546 3,364 3,687 4,226 4,548 Sugar and Liquid Glucose Foils Containers, cartons, boxes ,100 1,065 1,028 1,001 Total 2,997 3,959 4,941 5,245 5,789 5,916 % of RM Pulp, Chemicals, Waxes and Oils Sugar and Liquid Glucose Foils Containers, cartons, boxes Total % of sales Pulp, Chemicals, Waxes and Oils Sugar and Liquid Glucose Foils Containers, cartons, boxes Total Unlike FY15, the proportion of traded goods declined in FY16. Change in inventory was also favorable. Out of gross margin expansion of 270bp YoY in FY16, 100bp came from materials consumed, 130bp from lower proportion of traded goods (up in case of healthcare but down significantly in feminine hygiene) and 40bp from favorable change in inventory. 21 November

6 There was a slight increase in the proportion of imports in materials consumed from 33.5% of material cost in FY15 to 35.9% in FY16. Absolute increase was INR184m, up 10% YoY. Exhibit 4: Proportion of imported materials increases slightly Raw and Packing Materials (INR m) FY11 FY12 FY13 FY14 FY15 FY16 Indigenous 1,689 2,417 3,497 3,648 3,849 3,793 Imported at landed cost 1,308 1,542 1,445 1,597 1,939 2,124 Total 2,997 3,959 4,941 5,245 5,789 5,916 Proportion of RM (%) Indigenous Imported at landed cost Total Exports in foreign currency (barring rupee exports to Nepal and Bhutan) increased slightly from INR86.5m (0.4% of sales) in FY15 to INR88.3m (0.4% of sales) in FY16. Net forex expense (including imports and exports but excluding royalty) was 12.4% of sales in FY16, as against 12.0% in FY15. Savings in other costs as well, EBITDA margin performance better than gross margin EBITDA margin expanded 350bp YoY to 24.3% (ahead of gross margin expansion of 270bp YoY) and EBITDA was up 24.8% YoY to INR6.05b. Staff costs declined 10bp YoY to 4.8%, while A&P costs (including trade incentives) fell 130bp YoY to 13.1%. We do not think this decline in A&P is sustainable, and expect 14.5% A&P to sales in FY17. Average percentage increase in salaries of employees other than management was 8.5%, and managerial remuneration average increased 10.5% in FY16. This compares to increase of 8.75% and 11%, respectively, in FY15. Median employee remuneration increased 9% YoY in FY16. Other expenses increased 10bp YoY to 16.0% of sales. 21 November

7 Exhibit 5: Other expenses increased YoY led by Others INR m FY11 FY12 FY13 FY14 FY15 FY16 Freight, transport, warehousing and distribution charges (INR m) , % of Sales Royalty (INR m) ,114 1,234 % of Sales Business process outsourcing expenses (INR m) % of Sales Professional and legal services (INR m) % of Sales Distributor Coverage Expenses (INR m) % of Sales Other expenses (INR m) % of Sales Total-Other expenses (INR m) 1,747 2,257 2,747 3,351 4,017 4,340 % of Sales Royalty as percentage of sales increased marginally from 4.8% in FY15 to 5.0% in FY16. Barring FY10, the royalty rate has been fluctuating from 4.7% to 5.4% in the past 10 years. The company spent INR84.5m on CSR in FY16, 2% of average of past three years profits, as required. Managing Director Mr. Al Rajwani received total remuneration of INR89.7m. This was 0.4% of sales and 1.4% of PBT. In FY15, Shantanu Khosla received remuneration of INR140.1m, which was 0.6% of sales and 2.8% of PBT. Shantanu Khosla was replaced by Al Rajwani as MD for a period of five years with effect from August 28, Hence, the above figure does not include nearly two months of his salary. There was no spending on R&D either capital or recurring in FY16. This compares to INR0.54m recurring R&D expenditure in FY15. Fixed asset turns as well as NWC days improve marginally, free cash flows impressive Capex was INR526m for the year and FATR increased from 6.7x in FY15 to 7.1x in FY16. Net working capital days were negative 14 days at end-fy16, compared to negative 13 days at end-fy15. There has been a gradual decrease in debtor days over the years and a decrease in inventory days from earlier levels. Account payable days had slipped in FY14 before recovering back to 47 days at end-fy15 and 51 days at end-fy16. Exhibit 6: Net working capital days improve, led by higher creditor days Particulars FY11 FY12 FY13 FY14 FY15 FY16 Inventory (Days) Debtor (Days) Creditor (Days) Net Working Capital (Days) November

8 Net operating cash flows were extremely healthy at INR3,533m in FY16, continuing the good performance of past few years. Free cash flow as per the company s cash flow statement was INR3b v/s INR3.47b in the previous year. Other assets declined steeply by 39% YoY to INR4.53b. Other assets to total assets have reduced from 46% in FY14 to 38% in FY15 and 21% in FY16. The largest component of other assets as has been the case in earlier years has been lending to fellow subsidiaries of P&G. This was 53% of other assets in FY16, compared to 62% in FY15 and 70% in FY14. In absolute terms too, this component has come down sharply in past few years from INR4.83b in FY14 to INR4.64b in FY15 and INR2.42b in FY16. Advance income tax has also come down from INR1.74b in FY15 to INR1.07b in FY16. Loans to related parties were 46.3% of total loans and advances, compared to 55.8% in FY15 and 65.2% in FY14. While loans to P&G Home Products remained at INR2b in FY16, there are no more loans outstanding to Wella and Others. Even the component of loans to the unlisted P&G Home Products has come down over the years. This is perhaps because this entity started making profits at the net level in FY15 for the first time since FY10. Due to healthy OCF and FCF (aided by healthy operating performance and a decline in group lending), cash balance has increased sharply from INR2.7b at end-fy14 to INR6.2b at end-fy15 and INR10.7b at end-fy16. Related party lending as proportion of total cash and cash equivalents has declined from 72% in FY13 to 64% in FY14, 43% in FY15 and 18% in FY16. Related party lending declines sharply While we would prefer that the company does not lend to group entities, they are transparent about this (share interest earned on these loans separately) and effective rate of interest on such loans has been consistently higher than prevalent FD rates of that year. Interest earned on related party loans at 7.6% appears lower than usual based on our calculation method of average of beginning and end of the year related party loans. However, if we account for the fact that related party transaction had already come down sharply in the 1HFY16 balance sheet (nearly 40% decline on other assets in December 2015 over June 2015), the full-year interest rate would be ~8.6% (well above prevalent FD rates for the period offered by the State Bank of India). Business with related parties on sales and purchases of materials remained low at 0.4% and 20.5%, respectively. Interestingly, credit period enjoyed on materials purchased from related parties remains high at around 200 days, while debtors are also higher than the usual average. As proportion of total trade receivables, related party receivables remain low at 1.3%. On the other hand, related party payables as proportion of total is around 29%. All related party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval is obtained for related party transactions that are repetitive in nature and entered in the ordinary course of business and at arm s length. All related party transactions are subjected to independent review by external chartered accountancy firm to confirm compliance with the requirements under Companies Act 2013 and the Listing Agreement. 21 November

9 Other items Depreciation declined 1.6% YoY in FY16. In FY15, it had increased steeply by 49% YoY due to the impact of the new Companies Act. Depreciation as percentage of average gross block had increased to 10.3% in FY15 from 7.4% in FY14; it was 8.8% of average gross block in FY16. PAT rose 22.3% YoY to INR4.23b in FY16, and EPS increased from INR106.5 in FY15 to INR Per employee sales/ebitda and PAT impressive The number of permanent employees on rolls was only 354 at end-fy16, down from 377 at end-fy15. Per employee sales, EBITDA and PAT were thus impressive at INR70.2m, INR17.1m and INR12m, respectively, in FY16. Low dividend payout a big disappointment Amid good news on operating performance and a sharp reduction in inter-group lending, we note that dividend payout continues to be disappointing. Dividend payout (before dividend tax) continues to hover around 28-29%, which is disappointing given tremendous operating and free cash generation. As a result, cash balance rose sharply, depressing RoE and RoCE to around 31% (no improvement YoY), whereas core business RoIC is over 100%. While EPS increased from INR55.8 in FY12 to INR130.2 in FY16, we note that DPS (albeit up in absolute terms) only grew from INR22.5 to INR36. Dividend payout thus declined from 40.3% in FY12 to 27.6% in FY16. Exhibit 7: DPS growth disappointingly lags EPS growth Particulars FY11 FY12 FY13 FY14 FY15 FY16 EPS (INR) Growth (%) DPS (INR) Growth (%) Payout (%) Contingent liabilities Contingent liabilities at end-fy16 were INR362m on account of sales tax and VAT, INR0.1m due to central excise, INR1.9m on account of Customs Act, INR122.5m on account of service tax and INR400.3m on account of Income Tax Act. Total contingent liabilities thus were INR887.2m. 21 November

10 Financials and Valuations Standalone - Income Statement Y/E June FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Income from Operations 10,400 13,038 16,986 20,673 23,599 25,554 30,122 36,363 Less: Excise Duty ,054 1,345 Total Income from Operations 10,032 12,974 16,868 20,509 23,338 24,843 29,068 35,018 Change (%) Total Expenditure 8,394 10,972 14,362 16,303 18,494 18,797 22,324 26,754 % of Sales EBITDA 1,639 2,002 2,506 4,207 4,844 6,046 6,744 8,264 Margin (%) Depreciation EBIT 1,417 1,721 2,192 3,855 4,319 5,530 6,103 7,510 Int. and Finance Charges Other Income ,000 PBT bef. EO Exp. 1,771 2,230 2,862 4,603 5,008 6,365 7,017 8,475 PBT after EO Exp. 1,771 2,230 2,862 4,603 5,008 6,365 7,017 8,475 Total Tax ,583 1,547 2,134 2,351 2,839 Tax Rate (%) Reported PAT 1,512 1,813 2,032 3,020 3,461 4,232 4,666 5,636 Adjusted PAT 1,512 1,813 2,032 3,020 3,461 4,232 4,666 5,636 Change (%) Margin (%) Standalone - Balance Sheet (INR Million) Y/E June FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Equity Share Capital Total Reserves 5,682 6,646 7,729 9,704 11,962 14,788 17,095 19,882 Net Worth 6,006 6,970 8,053 10,029 12,287 15,112 17,420 20,206 Deferred Tax Liabilities Total Loans Capital Employed 6,034 6,955 8,024 9,957 12,247 15,033 17,333 20,111 Gross Block 3,129 3,459 3,775 4,281 5,237 5,759 6,872 7,984 Less: Accum. Deprn. 1,225 1,475 1,626 1,886 2,149 2,591 3,232 3,986 Net Fixed Assets 1,904 1,984 2,149 2,395 3,088 3,169 3,641 3,999 Capital WIP Total Investments Curr. Assets, Loans&Adv. 6,797 8,697 9,903 11,631 15,960 18,051 21,568 25,585 Inventory ,189 1,185 1,191 1,275 1,354 1,631 Account Receivables ,139 1,496 1,274 1,535 Cash and Bank Balance 1,300 1,824 1,660 2,691 6,186 10,749 14,387 17,092 Loans and Advances 4,534 5,469 6,245 6,894 7,444 4,532 4,553 5,327 Curr. Liability & Prov. 2,742 4,015 4,440 5,050 7,190 6,534 8,310 9,895 Account Payables 1,828 3,097 2,895 2,934 4,570 4,239 5,047 6,051 Provisions ,545 2,117 2,621 2,295 3,263 3,843 Net Current Assets 4,054 4,682 5,463 6,581 8,770 11,518 13,258 15,691 Appl. of Funds 6,034 6,955 8,024 9,957 12,247 15,033 17,333 20,111 E: MOSL Estimates 21 November

11 Financials and Valuations Ratios Y/E June FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Basic (INR) EPS Cash EPS BV/Share DPS Payout (%) Valuation (x) P/E Cash P/E P/BV EV/Sales EV/EBITDA Dividend Yield (%) FCF per share Return Ratios (%) RoE RoCE ROIC Working Capital Ratios Asset Turnover (x) Inventory (Days) Debtor (Days) Creditor (Days) Leverage Ratio (x) Debt/Equity Standalone - Cash Flow Statement (INR Million) Y/E June FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Reported profit after tax 1,512 1,813 2,032 3,020 3,461 4,232 4,666 5,636 Depreciation Provisions Deferred Taxes (Inc)/Dec in WC -1, , , CF from Operations -60 1,916 1,225 3,150 5,063 6,449 7,197 6,654 Others CF from Operating incl EO -64 1,916 1,225 3,150 5,041 6,449 7,197 6,654 (Inc)/Dec in FA , ,200-1,100 Free Cash Flow , ,075 4,677 5,969 5,997 5,554 (Pur)/Sale of Investments Others CF from Investments , ,200-1,100 Issue of Shares Inc/(Dec) in Debt Dividend Paid ,044-1,182-1,407-2,359-2,849 Others CF from Fin. Activity ,044-1,182-1,407-2,359-2,849 Inc/Dec of Cash -1, ,031 3,495 4,563 3,638 2,705 Opening Balance 2,324 1,300 1,824 1,661 2,691 6,186 10,749 14,387 Closing Balance 1,300 1,824 1,661 2,691 6,186 10,749 14,387 17,093 E: MOSL Estimates 21 November

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