Tech Mahindra (TECMAH) 410

Transcription

1 Result Update Rating matrix Rating : Hold Target : 450 Target Period : 12 months Potential Upside : 10% What s changed? Target Changed from 490 to 450 EPS FY18E Changed from 33.9 to 32.4 EPS FY19E Changed from 40.9 to 38.2 Rating Changed from Buy to Hold Quarterly performance Q1FY18 Q1FY17 YoY (%) Q4FY17 QoQ (%) Revenue 7,336 6, ,495 (2.1) EBITDA 935 1,029 (9.2) EBITDA (%) bps bps PAT Key financials Crore FY16 FY17 FY18E FY19E Net Sales 26,494 29,140 30,945 34,166 EBITDA 4,271 4,184 4,332 4,954 Net Profit 2,993 2,812 2,875 3,390 EPS ( ) Valuation summary FY16 FY17 FY18E FY19E P/E Target P/E EV / EBITDA P/BV RoNW (%) RoCE (%) Stock data Particular Amount Market Capitalization ( Crore) 40,290.9 Total Debt ( Crore) 1,219.5 Cash and Investments ( Crore) 5,614.1 EV ( Crore) 36, week H/L 515 / 358 Equity capital Face value 5 Price performance 1M 3M 6M 12M TechMahindra (0.0) (4.8) (19.3) (21.2) MindTree (1.2) (16.4) KPIT Tech (8.1) (6.8) NIIT Tech (3.9) Research Analysts Deepak Purswani, CFA deepak.purswani@icicisecurities.com Deepti Tayal deepti.tayal@icicisecurities.com August 1, 2017 Tech Mahindra (TECMAH) 410 Good margin execution; recovery to be watched Tech Mahindra (TechM) reported its Q1FY18 earnings wherein revenue growth was in line with our estimates while EBITDA margins were better than our estimate on the back of lower cost of services US$ revenues grew 0.6% QoQ to $ million and were in line with our expectation of 0.6% growth and $1,138.5 million Rupee revenues declined 2.1 % QoQ to 7,336 crore and were in line with our 7,339 crore estimate At 12.7%, EBITDA margins expanded 70 bps QoQ and were above our 12.3% estimate. Higher-than-expected margin expansion was on account of lower cost of services (down 3.6% QoQ) Reported PAT of crore was above our crore estimate led by margin beat and higher other income ( 411 crore vs. 238 crore in Q4FY17) Enterprise segment going steady, communication weak TechM s dollar revenues grew 0.6% QoQ to US$ million aided by two month consolidation (US$17 million) of acquired US-based healthcare CJS Solutions, LLC (The HCI Group). Organically, dollar revenues declined 0.9% QoQ. Of the company s two major segmentsenterprise (54.8% of revenues) led quarterly growth for the ninth straight quarter and grew 2.7% QoQ while communication segment declined 1.8% QoQ owing to restructuring in LCC business. We expect the company to grow at 9.1% CAGR in dollar terms supported by ~3% contribution from acquisitions. Good execution on EBITDA margin front EBITDA margin witnessed an up-tick of 70 bps QoQ to 12.7% despite seasonal headwinds of visa cost and Comviva seasonality offset by lower cost of services (down 3.6% QoQ), lower LCC losses and aided by operational efficiency. Q2FY18E margins could be impacted by a wage hike for people with 0-6 years work experience (30-40 bps impact) offset by operational efficiency and employee pyramid correction as indicated by management. Gradual path of recovery Observing the steady growth in the enterprise segment for the past several quarters, the management expects it to continue its momentum, going ahead. Although restructuring in the LCC business could lead to softness in communication for a quarter or two, the management expects a gradual recovery, going ahead. On the margin front, margins are expected to improve gradually in coming quarters due to the absence of visa cost, better Comviva seasonality and employee pyramid correction. Going ahead, we build in EBITDA margin of 14.0% and 14.5% in FY18E and FY19E, respectively. Revival path on various fronts to be watched Although TechM reported better-than-expected quarterly numbers in terms of margin performance and is hopeful of a gradual recovery in margin profile, going ahead, a lot needs to be done on the same front. Moreover, slower-than-expected growth in the enterprise segment, flat deal TCV and consistent weakness in communication vertical are key areas for improvement to be watched for, going ahead. We expect TechM to report rupee revenue, PAT CAGR of 8.3%, 9.8% in FY17-19E with average 14.3% EBITDA margins. We change our stance on TechM to HOLD with a revised target price of 450 based on FY19E EPS of ICICI Securities Ltd Retail Equity Research

2 Variance analysis Q1FY18 Q2FY18E Q1FY17 YoY (%) Q4FY17 QoQ (%) Comments Revenue 7, , , , Revenue growth was in-line with our estimates Employee expenses 5, , , , Gross Margin 2, , , , Gross margin (%) bps bps SG&A expenses 1, , , , EBITDA , EBITDA Margin (%) bps bps EBITDA margin was above our expectation due to lower cost of services Depreciation & amortisation EBIT EBIT Margin (%) bps bps Other income (less interest) PBT 1, , Tax paid PAT PAT was above our estimates due to margin beat and higher other income Key Metrics Closing employees 115, , , , IT attrition (%) bps bps Utilisation ex trainees (%) bps bps Average $/ Change in estimates FY18E FY19E ( Crore) Old New % Change Old New % Change Comments Revenue 30,603 30, ,765 34, EBITDA 4,437 4, ,132 4, EBITDA Margin (%) bps bps PAT 3,009 2, ,628 3, We have revised our estimates taking into account Q1FY18 margin EPS ( ) performance and outlook ahead Assumptions Current Current Earlier Current Earlier FY15 FY16 FY17 FY18E FY18E FY19E FY19E Comments Closing employees 103, , , , , , ,917 IT attrition (%) Utilisation ex trainees (%) Average $/ Tweaked our FY18E exchange rate assumption ICICI Securities Ltd Retail Equity Research Page 2

3 Company Analysis Earnings call highlights Revenue Performance: US$ revenues grew 0.6% in the quarter driven by the enterprise segment (54.8% of revenue) for the ninth straight quarter, which grew 2.7% QoQ while communication segment (45.2% of revenue) segment declined 1.8% QoQ, for a second consecutive quarter. Enterprise growth in the quarter was impacted owing to completion of certain transformational integrated project. Acquisition of US-based healthcare CJS Solutions, LLC (The HCI Group) was completed on May 4, 2017 and it contributed ~$17 million to topline in this quarter Margin snapshot: Good margin execution was witnessed in the quarter with expansion of 70 bps to 12.7% despite Comviva seasonality and visa cost playing out in Q1. Margin expansion was on account of lower cost of services (down 3.6% QoQ), lower LCC losses aided by operational efficiency. In Q4FY17, there was a one-time hit of 180 bps due to company s exit from the networking business contract. Q2FY18E margins could be impacted by wage hike for people with 0-6 years work experience (30-40 bps impact) offset by operational efficiency and employee pyramid correction as indicated by management Outlook: The management continue to focus on three areas of people reskilling, restructuring for part of its LCC business and improving operating metrics and stated that signs of improvement are visible on the same front. It sounded optimistic about the growth momentum in enterprise division while is hopeful of gradual recovery in communication segment in the coming quarters TCV: TCV during the quarter was constant on sequential basis at US$325 million while grew 8.3% YoY Employee update: TechM saw 735 employees joining from the acquired HCI group in this quarter. Employee headcount is now at 115,980 with net reduction of 1713 employees during the quarter mainly led by reduction of 3407 employees in software professionals. Attrition and utilisation (excluding trainees) remained constant on a QoQ basis at 17% and 81%, respectively. The management expects an improvement in utilisation to be an important lever for an up-tick in margins, going ahead Capex and cash position: Capex for the quarter was at crore (total capex crore). DSO days were at 102 days vs. 106 days in Q1FY17 leading to improved cash generation position. Cash and cash equivalent was at crore (vs crore in Q1FY17) ICICI Securities Ltd Retail Equity Research Page 3

4 Enterprise leads quarterly growth for ninth straight quarter TechM s revenues grew 0.6% in dollar terms and were in-line with our expectations. The company has two major segments- enterprise (54.8% of revenues) and communication (45.2% of revenues) wherein the enterprise segment led the quarterly growth for the ninth straight quarter and grew 2.7% QoQ while communication segment declined 1.8% QoQ. Enterprise growth was mainly led by retail, transport and logistics (6.8% of revenues), which grew 5.3% on top of sharp decline of 13.3% in quarter gone by. BFSI (14.4% of revenues) and manufacturing (19.3% of revenues) followed growth with 2.8% and 1.1%, respectively. Communication segment quarterly decline was on the back of Comviva seasonality. Going ahead, the enterprise segment is expected to continue its momentum while the management expects a gradual recovery in communication in coming quarters. Overall, we expect TechM s dollar revenues to grow at a CAGR 9.1% in FY17E-19E. Exhibit 1: Dollar revenue may grow at 9.1% CAGR in FY17-19E $ million % FY12 FY13 FY14 FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17 Q1FY18 FY18E FY19E Dollar revenue Growth, YoY Exhibit 2: TechM vs. Nasscom guidance 40 % FY10 FY12 FY13 FY14 FY15 FY16 FY17 FY18E Growth, YoY NASSCOM guidance EBITDA margins expand 70 bps to 12.7%; beats expectations EBITDA margin witnessed an up-tick of 70 bps QoQ to 12.7% ahead of our expectations despite seasonal headwinds of visa cost and Comviva seasonality offset by lower cost of services (down 3.6% QoQ), lower LCC losses aided by operational efficiency. Q2FY18E margins could be impacted by wage hike for people with 0-6 years work experience (30-40 ICICI Securities Ltd Retail Equity Research Page 4

5 bps impact) offset by operational efficiency and employee pyramid correction as indicated by the management. Going ahead, margins are expected to improve gradually in coming quarters due to absence of visa cost, better Comviva seasonality and employee pyramid correction. Going ahead, we build in EBITDA margin of 14.0% and 14.5% in FY18E and FY19E, respectively. Exhibit 3: EBITDA margins expand 70 bps QoQ to 12.7% 25.0% 20.0% 15.0% 20.5% 16.8% 22.2% 18.5% 14.4% 16.5% 16.8% 16.7% 16.1% 14.9% 14.9% 15.7% 14.4% 14.0% 14.5% 12.0% 12.7% 10.0% 5.0% 0.0% FY12 FY13 FY14 FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17 Q1FY18 FY18E FY19E ource: Company, ICICIdirect.com Research EBITDA margin S Exhibit 4: Utilisation (ex-trainees) remain constant QoQ at 81% % FY12 FY13 FY14 FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17 Q1FY18 FY18E FY19E Utilisation (ex- trainees) US witness growth, RoW declines Among geographies, US (46.8% of revenue) led the sequential growth with 4.4% followed by Europe (29.8% of revenue), which grew 1.3% QoQ. As observed for the past many years, Q1 is weak for RoW (23.4% of revenue), which witnessed a decline of 6.9% QoQ (vs. decline of 6.9%, 7.2%, 6.1% and 4.8% in Q1FY17, Q1FY16, Q1FY15 and Q1FY14 respectively). ICICI Securities Ltd Retail Equity Research Page 5

6 Top five customer revenue declines for second straight quarter Top five customer (25.9% of revenue) declined 2% QoQ, a decline for the second consecutive quarter. Top 6-10 customer s revenues declined 4.9% on top of 5.2% growth in the quarter gone by while top customer led the sequential growth with 7.7% vs. a decline of 4.5% in Q4FY17. As observed, non-top 20 accounts slowed their growth momentum in Q1 and grew 1.6% compared to 4.4% QoQ growth in Q4FY17. Client metrics healthy during quarter Client metrics were healthy during the quarter with active clients increasing by 21 sequentially to 864. Across categories, clients contributing >$50 million in revenues remained flat QoQ in the last seven quarters to 14, >$20 million after declining for three consecutive quarters rose by five to 41 while >$10 million and >$5 million increased by three and five, respectively, on a QoQ basis. Clients contributing >$1 million are now at 377 vs. 317 in Q1FY17. New business contribution was lowest in the past six quarters and was at US$31.9 million, a sequential decline of 56.7% while repeat business registered growth of 4.6% QoQ to US$ million. Exhibit 5: $1 million+ clients now at 377, increase of 60 clients YoY FY12 FY13 FY14 FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 FY17 Q1FY18 $1 million+ clients ICICI Securities Ltd Retail Equity Research Page 6

7 Annual report key takeaways: The company chose Connected World. Connected Experiences as the theme of the annual report for FY17, characterised by connectedness at its core, connected services, connected products, connected devices and is blurring the lines between physical, digital and biological worlds. According to the company, by 2020, 25% of traditional spend on legacy IT will be saved by going digital and 80% of the new investments will be around digital technologies TechM stated FY18 to be the year of re-aligning and re-calibrating business focus, across technologies, domains and locations along with primary focus on margin profile improvement. Another important focus area is re-skilling its human capital with more than 60,000 associates currently trained on digital in the areas of Design Thinking, DevOps, automation and business networking skills In order to be future ready in Digital transformation, TechM has defined six characteristics of a Digital Enterprise as a) Mobile, Cloud, BYOD (Bring Your Own Device) - Anytime, Anywhere & with Any device b) Big Data & Analytics - Collective Intelligence + Predictability across Supply Chain c) Internet of Things Digitally Intelligent Products/Machines/Services/Solutions d) Social Media Aligning with Gen Y Culture e) Social Media-Real-time Customer Engagement and Superior Experience f) Network, Security The company continues to augment its portfolio with acquisitions in digital space. However, synergies from these acquisitions are not clearly visible. TechM has made three acquisitions in the year a) The BIO Agency (UK)- Digital transformation and innovation for customer centric business b) Target Group (UK)- Financial services outsourcing and software provider c) CJS Solutions (HCL Group) (US)- Healthcare provider Rounding up its FY17 financial performance, TechM reported growth of 7.8% YoY to US$4,351 million and 10% YoY to 29,140 in rupee terms. Growth was led by the enterprise segment that grew 17% YoY partly aided by acquisitions while telecom vertical declined 0.9% dragged by LCC weakness. EBITDA margin declined 176 bps to 14.4%. PAT declined 6% YoY to 2,812 crore. Operating cash flow registered a growth of 30% YoY to 4,073 crore. FCF was at 3,312 crore, 117.8% of PAT ICICI Securities Ltd Retail Equity Research Page 7

8 Outlook and valuation Tech Mahindra (TechM) reported its Q1FY18 earnings wherein revenue growth was in line with our estimates while EBITDA margins were better than our expectations on the back of lower cost of services. Among geographies, US grew (4.4% QoQ) while RoW declined (-6.9% QoQ) while vertical-wise, the enterprise segment grew 2.7% QoQ and telecom declined for another straight quarter by 1.8%. Although TechM reported a better-than-expected quarter in terms of margin performance and is hopeful of a gradual recovery in its margin profile, going ahead, a lot needs to be done on the same front. Moreover, slower-than-expected growth in the enterprise segment, flat deal TCV and consistent weakness in communication vertical are key areas for improvement to be watched, going ahead. We expect TechM to report rupee revenue, PAT CAGR of 8.3%, 9.8% in FY17-19E with average 14.3% EBITDA margins. We change our stance to HOLD on TechM with a revised target price of 450 based on FY19E EPS of Exhibit 6: One year forward rolling PE Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Price Exhibit 7: Valuations Sales Growth EPS Growth PE EV/EBITDA RoNW RoCE ( cr) (%) ( ) (%) (x) (x) (%) (%) FY16 26, FY17 29, FY18E 30, FY19E 34, ICICI Securities Ltd Retail Equity Research Page 8

9 Recommendation History vs. Consensus ( ) Jul-15 Oct-15 Dec-15 Feb-16 May-16 Jul-16 Oct-16 Dec-16 Mar-17 May Jul-17 (%) Price Idirect target Consensus Target Mean % Consensus with BUY Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Event Jan-15 May-15 Jul-15 Nov-15 Aug-16 Jun-16 Oct-16 Jan-17 Jan-17 Mar-17 Jun-17 Jun-17 Acquires Geneva based SOFGEN holdings, a consulting company with presence in private wealth, commercial and retail banking solutions, for $30 million Reports disappointing Q4FY15 results as organic revenues declined sequentially led by weakness in telecom while margins declined 500 bps QoQ Reports generally better Q1FY16 earnings as US$ revenues grew 0.5% QoQ to $989 million vs. our $974.4 million estimate Reports encouraging set of Q2FY16 earnings with both revenue and margins ahead of our estimates. Constant currency revenues grew 3% QoQ Tech Mahindra got the approval by FCA for the acquisiton of UK based Target group, the financial services outsourcing and software provider. As per the media sources, the value of the acquisition is GBP 112 million( 1,100 crore) Tech Mahindra acquires leading Digital company "The BIO Agency", UK company. Government of Jharkhand inks strategic MoU with Tech Mahindra for its Digital Jharkhand program Tech Mahindra forms JV with Saudi Arabia based Midad holdings Tech Mahindra refreshes its brand philosophy to align with the changing needs of increasing connected and digital world. From 'Connected World, Connected Solutions, it is moving towards 'Connected World, Connected Experiences' Signs a definitive aggrement to acquire US-based healthcare provider CJS Solutions Group for an enterprise value of $110 million Tech Mahindra one of step down subsidiary LCC Middle East FZ LLC agrees to sell 100% shareholding in LCC Pakistan Pvt Ltd for a consideration worth $5.2 million. The transaction is likely to be completed by October 31, 2017 According to media sources, Tech Mahindra gets a high court notice for illegal layoffs amid taped conversation between its human resource management staff and an employee who was handed a pink slip Top 10 Shareholders Rank Name Latest Filing Date % O/S Position (m) Change (m) 1 Mahindra Group 31-Mar % TML Benefit Trust 31-Mar % Stewart Investors 31-May % LIC Mutual Fund Asset Management Company Ltd. 31-Mar % ICICI Prudential Asset Management Co. Ltd. 30-Jun % Norges Bank Investment Management (NBIM) 31-Dec % BlackRock Institutional Trust Company, N.A. 30-Jun % The Vanguard Group, Inc. 30-Jun % Birla Sun Life Asset Management Company Ltd. 30-Jun % Franklin Templeton Asset Management (India) Pvt. Ltd. 30-Jun % Shareholding Pattern (in %) Dec-16 Mar-17 Jun-17 Promoter Public Others Total Source: Reuters, ICICIdirect.com Research Recent Activity Buys Sells Investor name Value ($m) Shares Investor name Value ($m) Shares APG Asset Management 25.10m 3.55m Capital World Investors m m Anuradha Mahindra Family Trust 3.75m 0.64m Nayyar (Vineet) m -3.42m Nuveen LLC 3.54m 0.59m Unigestion m -2.21m Gurnani (Chander Prakash) 2.36m 0.40m Lyxor Asset Management m -1.65m Franklin Templeton Asset Management (India) Pvt. Ltd. 1.47m 0.25m L&T Investment Management Limited -4.40m -0.68m Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 9

10 Financial summary Profit and loss statement Crore FY16 FY17 FY18E FY19E Net sales 26,494 29,140 30,945 34,166 Growth (%) COGS (employee expenses) 18,329 20,566 21,971 24,292 Gross profit 8,165 8,574 8,974 9,874 S,G&A expenses 3,895 4,390 4,642 4,920 Total Operating Expenditure 22,224 24,957 26,613 29,212 EBITDA 4,271 4,184 4,332 4,954 Growth (%) 2 (2) 4 14 Depreciation ,039 1,147 Interest Other Income PBT 3,854 3,854 3,782 4,469 Total Tax 830 1, ,117 Exceptional item PAT 2,993 2,812 2,875 3,390 Growth (%) 14 (6) 2 18 EPS ( ) Cash flow statement Crore (Year-end March) FY16 FY17 FY18E FY19E Profit before Tax 3,856 3,854 3,782 4,469 Add: Depreciation ,039 1,147 (Inc)/dec in Current Assets (880) (84) (357) (640) Inc/(dec) in CL and Provisions Taxes paid (1,315) (1,080) (946) (1,117) CF from operating activities 3,136 4,073 4,509 5,393 (Inc)/dec in Investments (278) (1,063) - - (Inc)/dec in Fixed Assets (872) (760) (1,716) (901) Others (517) (791) CF from investing activities (1,460) (3,051) (1,333) (1,691) Issue/(Buy back) of Equity Inc/(dec) in loan funds 115 (255) - - Dividend paid & dividend tax (555) (1,239) (799) (976) Inc/(dec) in debentures Finance charges (93) (111) (129) (129) CF from financing activities (496) (1,571) (927) (1,105) Net Cash flow 1,180 (549) 2,248 2,596 Cash by acquisition Opening Cash 2,405 4,018 3,219 5,467 Cash carried to B/S 4,018 3,219 5,467 8,063 Balance sheet Crore (Year-end March) FY16 FY17 FY18E FY19E Liabilities Equity Capital Share application money Reserve and Surplus 14,155 15,998 18,075 20,488 Total Shareholders funds 14,591 16,437 18,513 20,927 Minority Interest Total Debt 1,002 1,220 1,220 1,220 Other long term liabilities 1,909 2,387 2,387 2,387 Total Liabilities 17,695 20,508 22,546 24,922 Assets Net Block 2,380 3,072 2,849 2,603 Capital WIP Investments 1,243 2,396 2,396 2,396 Deferred tax assets Goodwill on consolidation 1,833 2,628 2,628 2,628 Debtors 5,771 5,353 5,685 6,277 Loans and Advances (short) Other non-current assets 1,895 2,392 2,392 2,392 Cash 4,018 3,219 5,467 8,063 Other current assets 4,033 5,116 5,116 5,116 Total Current Assets 14,986 16,342 18,948 22,184 Trade payables 2,276 2,312 2,455 2,710 Current liabilities 2,200 2,860 3,037 3,353 Provisions Total Current Liabilities 4,830 5,559 5,903 6,517 Application of Funds 17,696 20,508 22,546 24,922. Key ratios (Year-end March) FY16 FY17 FY18E FY19E Per share data ( ) EPS Cash EPS BV DPS Cash Per Share Operating Ratios (%) EBITDA Margin PAT Margin Return Ratios (%) RoE RoCE RoIC Valuation Ratios (x) P/E EV / EBITDA EV / Net Sales Market Cap / Sales Price to Book Value Solvency Ratios Debt/EBITDA Current Ratio Quick Ratio ICICI Securities Ltd Retail Equity Research Page 10

11 ICICIdirect.com coverage universe (IT) CMP M Cap EPS ( ) P/E (x) EV/EBITDA (x) RoCE (%) RoE(%) Sector / Company ( ) TP( ) Rating ( Cr) FY16 FY17P FY18E FY16 FY17P FY18E FY16 FY17P FY18E FY16 FY17P FY18E FY16 FY17P FY18E Cyient (INFENT) Hold 5, Eclerx (ECLSER) 1,290 1,145 Sell 5, Firstsource (FIRSOU) Buy 2, HCL Tech (HCLTEC) Hold 125, Infosys (INFTEC) 972 1,040 Hold 222, KPIT Tech (KPISYS) Hold 2, Mindtree (MINCON) Hold 8, NIIT Technologies (NIITEC) Hold 1, Persistent (PSYS) Buy 5, TCS (TCS) 2,399 2,400 Hold 469, Tech Mahindra (TECMAH) Hold 40, Wipro (WIPRO) Hold 66, ICICI Securities Ltd Retail Equity Research Page 11

12 RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 12

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