On the Move. INITIATING COVERAGE

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1 On the Move. INITIATING COVERAGE Industry Mr.Vardhan Dharkar Chief Finance Officer / Stock metrics Bloomberg code KEC:IN Reuters code KECL :BO BSE Group B BSE Code NSE Symbol KEC Face Value Rs10 Market Data Market Cap (Rs cr) WeekHigh/Low /108 Sensex Nifty Average volume Shareholding Pattern : Shareholding pattern Promtoers FIIs MFs, UTI & Insurance Others Research Analyst Mitesh Shah mitesh.shah@inventuregrowth.com Manoj Jethva manoj.jethva@inventuregrowth.com th July 2009 Power Transmission KEC International I N V E N T U R E. Current Price Rs Potential Upside 42.85% Target Price Rs Time Frame 24 Months KEC International (KEC), is among the leading transmission EPC and tower manufacturing company, The company has leveraged its strong project management skills in T&D and replicated it via diversification in other growing areas of Railways and Telecom.RPG transmission and NITEL, both owned by the same promoter group, which were merged into KEC in Oct 2007 would benefit KEC in a big way and help it in growing its business dimensions which is mainly in Power T&D and Telecom infrastructure markets. KEC International generates about 69% of its revenue from international market including 25% from the Middle East region. Robust Book Order to drive growth KEC order book stood at Rs 5160Cr which is mainly contributed by the transmission sector. The company is L1 for 5000Cr Telecom Order from BSNL is expected to confirmed by next two months.. The company recently received huge orders from Egypt, Australia, Afghanistan & India. As the company has a strong presence in international market with 74% of its order coming from the international market. Improving Efficiency through merger: The merger of RPG Transmission and NITL will lead to higher efficiency and will enhance operational and financial capability of KEC.. Further the reduction of subcontracting expenditure with respect to net sales has reduced the overall business risk of the company. Valuation: We have valued the company using P/E methodology; the stock is trading at P/E of 16.12x FY09 earnings. The current stock price is We have arrived at the target price of Rs , considering time frame of 24 months. The stock is trading at 16.12x and 10.50x of FY09 and FY10 earnings. We rate the stock as a Market Ouperformer and have huge potential to move upward by %. Key Financials Year Ended March F Y 07 F Y 08 F Y 09 F Y 10E Net Sales (Rs in crore) EBIDTA PBT Net Profit (Rs in crore) EBIDTA Margins (%) Net Profit Margins (%) EPS ROCE (%) ROE (%) Source IGSL Research

2 TABLE OF CONTENT Serial No. Particulars Page No. 1. Company Profile 3 2. Segment wise Revenue 4 3. Order Book Investment Rationale 7 5. Industry Overview 9 6. Investment Concerns Financial Summary Income Statement Balance Sheet Cash Flow & Ratios 20-21

3 Back Ground of RPG Group Business Segment Transmission Power Tyres Source: Company Management Team Name Designation R P Goenka Harsh Goenka Sanjiv Goenka Ramesh Chandak Vardhan Dharkar Source: Company Companies KEC Int, RPG cables CESC,Noida Power CEAT, Philips carbon, Harrison Malayalam Retail Spencer Hypermarket, Music World, Spencer s Technology Entertainment Zensar, RPG life science, Raychem RPG Saregama, Hamara CD Group Chairman Emeritus Group Chairman Group Vice Chairman MD & CEO CFO Company Background KEC is, a part of the USD 3 billion RPG group, carries vast experience and expertise in the Engineering Procurement Construction (EPC) business in power transmission, distribution, sub-station, railways and telecom having presence both in India and overseas. With present employee strength of about 2,500, spread over 18 countries and footprints in over 40 countries, the company has emerged as one of the leading power transmission EPC companies in the world providing end to end solution in Transmission, Distribution and Sub-station projects. Over the years, the company has demonstrated its capabilities in crosscountry project management by meeting challenging requirements with regards to cost, quality and time with the support of prequalifications and an extremely valuable human capital in all the areas of its business Power Transmission Networks, Power Distribution Networks, sub stations, Railway Electrification projects, Optical Fiber Cable Installations, Telecom Infrastructure Services and strengthen itself in services of Designing and Engineering, Tower Testing, Satellite and GPRS Surveys and Hotline Stringing. KEC International is a leading engineering, procurement and construction player in the power transmission and distribution space, which generates about 69% of its revenue from international market including 25% from the Middle East region. KEC has successfully executed contracts from 33Kv to 800Kv in India and abroad. Till date, KEC has laid down more than kms of transmission lines of 400 kv which is 1.5 times the circumference of the earth (40000 kms).kec has gone from strength to strength successfully exporting its EPC services to over 40 countries and widening its client base across the world. The company has an increasingly strong presence in South Asia, Middle East, Central Asia and Africa. Recently, it also made a mark in North America and seeks to serve more opportunities in that region. During its six decades of existence, KEC has helped transmit power to various countries that include Argentina, Australia, Brazil, Canada, Egypt, Ethiopia, Ghana, India, Indonesia, Iran, Iraq, Kenya, Kuwait, Lebanon, Malaysia, New Zealand, Nepal, Nigeria, Philippines, South Africa, Sri Lanka, Saudi Arabia, Sudan, Syria, Tajikistan, Thailand, Tunisia, USA, UAE and Vietnam.. The company s manufacturing facilities are at strategically advantageous locations of Jaipur in Rajasthan, Nagpur in Maharshtra & Jabalpur in Madhya Pradesh. Besides, it also has three modern tower testing services at Mumbai, Jaipur and Jabalpur Which are capable of testing towers up to 1000KV.

4 Revenue Model The Revenue Model which is mainly contributed by the International market.almost 60% of the revenue comes from the international market and the rest from the domestic side. Revenue Break up FY05 FY06 FY07 FY08 FY09E International Domestic Source: Company Region wise Revenue Mix Revenue MIx 27% 31% 18% 24% South Asia M iddel East Central Asia Africa Source: Company

5 SWOT ANALYSIS SRENGHTS Aggressive in Foreign bidding and good exposure in the international markets which help the company to generate good revenue. WEAKNESS Commodities prices have fallen significantly which has resulted in order flow from the foreign clients Good Scope for expanding through diversification and with the recent JV s would help to the business going forward. OPPORTUNITY Due to the worsening global scenario the overall credit requirement of the company have fallen which may effect the company financials THREATS RECENT ORDER ORDER DATE CLIENT VALUE( Cr) DETAILS Tower supply June-23 Peru (South America)&Ch hattisgarh. 110 Tower Supply order From Peru of 33 cr and 77Crrest from Chhattisgarh Turnkey Construction Of 110KV April-23 Mozambia& Nambia 95 Turnkey Construction Of 110KV and installation. Rural Electrification project in West Bengal (255Cr), PGCIL (67Cr) &Transmission Corporation of Andhra Pradesh Ltd, (43Cr). Design, supply and construction of 500 kv double circuit lines Turnkey Rural Electrification project in Keonjhar, Orissa Source: Company Feb-18 Dec-12 Sept-08 West Bengal State Electricity Distribution Company Egyptian Electricity Transmission company NTPC Electric Supply Company Ltd. (NESCL) 365 Electrification new/ augmentation Substations/ PGCIL in Bihar, covering electrification in 16 blocks& Commissioning of 400 KV line in transmission in AP. 636 Largest ever order for KEC in value terms 120 Electrification of 2,195 villages -Construction of eight 33/11KV new new/augmentation substations

6 ORDER BOOK Order Book(RsCr) FY06 FY07 FY08 FY09 Source: Company KEC ORDER BOOK BREAK UP KEC order book break up 22% 1% 77% Tranmission Line Distrubution Others Source:Company

7 Investment Rationale I N V E N T U R E. The merger has increased the total tower manufacturing capacity of the company to 161,000 tons per annum. The merger would enable KEC to utilize the surplus capacity of RPG Transmissions effectively and to reduce costs substantially Merger of RPG Transmissions and NITEL beneficial to KEC The merger of RPG Transmissions and NITEL with the company has made KEC one of the largest transmission companies across the globe. The merger has increased the total tower manufacturing capacity of the company to 161,000 tons per annum. The merger would enable KEC to utilize the surplus capacity of RPG Transmissions effectively and to reduce costs substantially. The company would extend its operational areas to telecom, railways power transmission and rural electrification. Robust Order Book KEC Order book Stands at Rs 5163Cr which is 1.50x FY09 sales. The company is L1 for 5000Cr Telecom Order from BSNL is expected to confirm by next two months. The company recently received orders from Egypt, Australia, Afghanistan and Power Grid in India. T&D Demand Robust with focus on international market KEC is a strong transmission EPC player globally due to: i) strong project management skills, a key requirement in transmission EPC, developed the over years through projects executed in various countries and terrains, ii) strong pre-qualification status in various countries, iii) with the largest manufacturing facilities in India and iv) strong designing and testing towers (up to 1,000KV). Besides, the company has strong client base spread over 40 countries with noticeable presence in India, South Asia, the Middle East, Africa and Central Asia. The company is also exploring opportunities in key developed markets such as North America, where no major investment was planned in Power in the past decade; significant investments has been planned in T&D now New markets to Grow KEC has strong client base spread over 40 countries with impressive presence in the Middle East, Africa and Central Asia. The company is also exploring opportunities in key developed markets such as North America, where no major investment was planned in Power in the past decade; significant investments has been planned in T&D now. Opportunity in Railways KEC, which has already bagged various orders for railway electrification project, now plans to further profit from growing opportunity in other infrastructure development projects for the Railways such as laying cross-country railway tracks etc. During XI Plan, the Railways plan to spend Rs2,500bn on strengthening and upgrading railway system to address rising passenger and freight traffic, which is growing at 6% and 8-9% annually. Besides opportunities for EPC players for electrification of 3,500kms, dedicated rail freight corridor has also been planned initially, western and eastern routes covering ~2,700kms track with an investment of Rs220bn mainly through EPC. KEC is believed to be have submitted all required documents for the forthcoming tenders that are expected to be floated by end-2009.

8 KEC planning to make a big entry here we expect the growth in revenue in Telecom Towers for the company would remain at 40% CAGR during FY08-FY10E Telecom Tower Business to grow at 35-40% The government is planning to go for tendering of telecom towers under USO fund to role out telecom network in the rural areas. With KEC planning to make a big entry here we expect the growth in revenue in Telecom Towers for the company would remain at 40% CAGR during FY08-FY10E. Company providing full range In FY09, KEC has under taken a BOO project under the USO fund. Under this the company will execute 400 towers in the rural and class C telecom areas with a subsidized cost of Rs 100 crore. These towers will be owned by the company and will be rented out to the telecom operators in those areas. Till FY13E the company cannot go for commercialization these towers and the expenses made for the operation of these towers will be reimbursed by the operators. From FY14E the company can rent out these towers at market rates. The company expects 4 operators each for each tower with a monthly rental of Rs per operators. Lower Commodities prices and falling Interest rates beneficial The recently fall in the commodities prices and the interest rate would help the company to improve its margins. For instance, the falling interest rates, lower commodity prices and the likely increase in domestic inflow of power transmission orders in H2, FY09 augurs well for the company. The company s cost of borrowing is in the range of per cent, which should gradually come down going forward. KEC has strong tower design and testing towers capabilities, thus providing end-to-end solutions. Strong in designing and manufacturing KEC has strong tower design and testing towers capabilities, thus providing end-to-end solutions. Besides, its manufacturing facilities with 180,000MT capacity (including70, 000MT contracted) are located in Jabalpur, Jaipur and Nagpur for transmission &telecom towers, giving the company significant cost advantages over its overseas peers. KEC Capex Plans Company had incurred a capex of 200 Cr, of which 120Cr is in NITL only. The ongoing capex would see the company adding 30,000 tonnes of tower making capacity to 200,000 tonnes a year by December. The company has reduced its capex plans on account of the economic turmoil and wants to preserve the cash to be on the safer side.

9 Industry Analysis Source: PGCIL Yearly Investment by PGCIL IN 11TH PLAN FY08 FY09E FY10E FY11E FY12R The government has revived the APDRP (Accelerated Power Development & Reform Programme) scheme, entailing a capex of Rs515.7 bn for the T&D sector in FY09-12E Power grid set to double its capacity PGCIL and Ministry of Power (MoP) have targeted nearly double transformation capacity addition (9,000 MVA) in FY10 over FY09 (5,655 MVA) in draft performance MOU for PGCIL (see Exhibit 3). Historically, PGCIL has overshot the Very Good target by 15-16%, notching the Excellent target. Having achieved <50% in 220/765 kv and <75% in 400 kv segments for April-October 2008 period, we believe that some part of the capacity may slip in FY10. This, apart from the planned ~2x addition would enhance visibility for transformer industry growth mainly in the 765/400/220 kv segment. Inter-Regional transmission capacity to increase from 17,000 MW to 37,000 MW by FY12 Current inter-regional power transfer capacity stands at around 17,000 MW. The 11th FYP period entails huge capacity built-up (see Exhibit 5&6) required for evacuating and supplying power across the nation. Thus the unprecedented demand for substations and transformers. PGCIL has increased ordering and finalizing projects after sortingout sovereign guarantee schemes last year and internal issues in FY large size (765 kv transformer, reactor and substation package) tenders are up for bidding and most of them have to be awarded in next 3-4 months. PGCIL achieved lower than expected capacities in the first 1-1/2 year for the 11th FYP, with no large generation capacity additions planned in the period.considering the under achievement and other internal problems sorted out a PGCIL, we expect the business of high voltage segment to pick up in the near future. APDRP-II, National Electricity Fund to plug state funding gaps The government has revived the APDRP (Accelerated Power Development & Reform Programme) scheme, entailing a capex of Rs515.7 bn for the T&D sector in FY09-12E. The programme would focus on establishment of base line data and fixation of accountability, and reduction of AT&C losses through strengthening and up-gradation of sub-transmission and distribution network and adoption of information technology. The program would be taken up in two parts viz. Part A and Part B.

10 ADDITION IN TRANSMISSION NETWORK(CKM) FY08 FY09E FY10E FY11E FY12R Rural Electricity Corporation to spend Rs1200bn in next five year Rural Electricity Corporation (REC) plans to invest over Rs1200bn in the next five years of the total estimated requirement of over Rs3070bn, largely in T&D and rural electrification under various projects for capacity building in distribution systems. RGGVY aims to have sound and reliable rural electricity infrastructure via setting up sub-stations, distribution transformers and decentralized distribution generation systems in areas where grid supply is not feasible. RGGVY has identified ~112,400 villages and over 56% rural households that need electrification and require investment in distribution network. Source: CEA CTU STU National Electricity Fund has been proposed with a large corpus of Rs900 bn, announced by the Finance Minister in Budget About Rs720 bn is expected to be mobilized by the States from their own resources as well as counterpart funding from banks and financial institutions. The funding gap is planned to be bridged through divestments and use of forex reserves suggested by Member (Power) kw PER CAPITA CONSUMPTION OF ELECTRICITY 8366 OECD 2980 MIDDLE EAST LATIN CHINA Source: Key world Energy Statistics (2007) ASIA AFRICA INDIA 2596 WORLD AVERAGE Fund Mobilization for NEF Amount(Rs bn) Line of Credit 400 Disinvestment(CPSE) 500 Concession fund mobilization for REC and PFC --utilizing foreign reserve for rupee depreciation Grant of satutary liquidity status to long term 200 bonds issued by PFC and REC --Limit for 50lakhs per investor for capital gain 150 bonds --Modification ECB guidelines in respect of 150 REC and PFC TOTAL 1800 Source: Planning Commission Per-capita consumption of electricity to increase significantly Per-capita consumption of electricity in India is only 660 units. This is lower than the worldwide average of 2,400 units. The Indian government plans to increase per-capita consumption to 1,000 units by the end of the Eleventh Plan, which is lower than the world average. Hence, the power generation sector is set on a long-term growth path, in our view.

11 Mw Inter Regioanl Transmission Capacity I N V E N T U R E. Ambitious plans for the Indian power sector The power sector is a priority for the Indian government. India suffers from chronic power shortages with a peak power deficit as high as 14%. Per-capita consumption is only 660 units compared to a worldwide average of 2,400 units and 14,000 units in the US. The Indian government has embarked upon an ambitious target of Power for All by We believe this has led to a spurt in activity in the sector with huge investments planned in the near future. The government envisions an addition of approximately 78,000MW in the Eleventh Five-Year Plan. We expect this to be supplemented by similar investments in power T&D. Power capacity addition targets (Eleventh Plan) (in MW) Eastt- South East Source: CEA North East West East- North East North - East North West Xth Plan X1th Plan X11th Plan West- South North East- North West Sector Hydro Thermal Nuclear Total %share Central State Private ` Total %Share Source: Economic Survey Two projects - Sasan UMPP and Mundra UMPP - have already been awarded to developers. Tariffs quoted in the bidding of these two projects were extraordinarily low and the success of these projects could open up doors to a large amount of private participation in the sector, in our view We estimate a huge market for power equipment We expect a US$50 bn market for power generation equipment and a US$45 bn market for power T&D equipment over FY08E-FY12E. Companies set to benefit from these investments include generation equipment makers such as Bharat Heavy Electrical Ltd,), and T&D equipment makers such as ABB India,Crompton Greaves and Areva T&D India).Planned investments in the power sector in the Eleventh plan are a four-fold increase on the10th five-year plan. Hence, high growth rates demonstrated by companies over the past three to four years should be sustainable. Ultra-mega power projects Besides the projects planned under the Eleventh Plan, the government has also initiated the concept of ultra mega power projects (UMPPs). These projects are estimated to be very large projects of 4,000MW each to be awarded on a tariff-based bidding process. Two projects Sasan UMPP and Mundra UMPP have already been awarded to developers. Tariffs quoted in the bidding of these two projects were extraordinarily low and the success of these projects could open up doors to a large amount of private participation in the sector, in our view. The government has planned an additional five projects, and their benefits would only be realized in the Twelfth Plan.

12 Long-term Growth Story While the thumb rule says that every megawatt of new power generation capacity requires an investment of Rs Cr, another Rs 1.5 Cr is required as investment in T&D infrastructure if the power generated has to efficiently reach the point of consumption (household, industry, etc). In this light and given that India have plans to add 78,000 mw in the 11th five-year plan ( ) and 80,000 mw in the 12th plan ( ), there is enough growth visibility for companies in the T&D infrastructure space. The government s focus to electrify every village and the huge investments being made in setting up the ultra mega power plants (4,000 mw each) provide further comfort in terms of growth potential. According to industry estimates, government owned, Power Grid Corporation has capital expenditure plans of Rs 55,000 Cr on T&D during the 11th five-year plan. Out of this, Power Grid will spend about Rs 8,500Cr in FY09 and about Rs 9,000-10,000Cr in FY10. Importantly, a similar amount will be spent by various State Electricity Boards and under schemes like rural electrification and APDRP. Planned augmentation of inter-regional transmission capacity Planned augmentation of inter-regional transmission capacity Year (MW) FY02 FY05 FY07 FY10E FY12E 765KV KV HVDC KV TOTAL Source: CEA, Infraline energy research Planned investment in transmission Since various new generating initiatives have been outlined in the Eleventh Plan, investments will have to be made in T&D for the proper evacuation of power. This along with investment in interregional transmission will drive investments in T&D in the eleventh plan. Investment in T&D Sub sector (INR bn) (INR bn) Inter-state transmission 750 Intra-state transmission 650 TOTAL 1400 Source: CEA

13 Power Reforms National Electricity Policy, 2005 Electricity Act, 2003 Ahulwalia Committee (FY03) Accelerated Power Reforms Development Program, FY03 (APDRP) Objective Financial turn around and commercial viability of the Recommendation Open access to T&D Transmission opened to private lenders with over 19 traders wheeling power electricity sector Control cost of generation Introduced captive coal block allocation and competitive bidding for controlling power costs Open up electricity to private sector Restructure financial conditions of State Electricity board Accelerate distribution reforms and initiate financial turnaround Source: Ministry of Power and Central Electricity Authority Except Hydro Power Delicense distribution in rural areas Allow open access to captive generation Secure payment of State Electricity Boards (SEB) through bond issuance Up gradation of transmission and distribution network thereby reducing aggregate technical and commercial (AT&C) losses Power generation has been delicensed since 2003 Distribution and generation has been delicensed in rural areas since June 2003 Open access allowed for captive players to carry electricity from generating plant to destination of use since June % of (interest due) payments were waived and the balance of dues (including the principle amount) was securitised through bonds issued by respective state governments AT&C losses reduced to 34% in FY05 from 37% in FY02 Commercial losses of state electricity boards reduced by 33% from Rs.293bn in FY02 to Rs.197bn in FY04

14 Risks The company is significantly exposed to rising commodities prices.any further increase in the prices would hamper the company profit and the margin will further fall. Raw material prices KEC s 70% order book consists of the international revenue and all the export orders have a price variation contract with no price variation clause. The company is significantly exposed to rising commodities prices.any further increase in the prices would hamper the company profit and the margin will further fall. Focused on single client As large part of the domestic orders come from the single client it posses huge risk to the business, the orders may be distributed according the company requirement and could be evenly distributed and may also disappoint expectation. Interest rate scenario The recent surge in the global crude prices has lead to tightening of the interest rate this has lead to higher borrowing cost which KEC requires for strengthening its capital working requirement which know the company would have to buy at a higher price. Foreign exchange Fluctuations The company is widely exposed to the international markets so to match the currency fluctuation the company is trying to match it by the expenses wherever possible. Delays in Government spending There are delays in the execution of order by the government which has resulted in slowing of the projects There are delays in the execution of order by the government which has resulted in slowing of the projects.

15 The company made a higher capex in FY09 which resulted in low Asset turnover of the company HIGHER CAPEX IN FY09 RESULTING FALL IN ASSET TURNOVER FY07 FY08 FY09E FY10E ` Net sales Asset turnover The EBIDTA margin of the companies in the transmission tower sector has been showing an improvement due to the increase in order flows and projects with higher margins. The net margin of these companies have also been increasing due to better working capital management, leading to a decline in interest costs across the sector EBDITA & EBDITA MARGIN(%) FY07 FY08 FY09E FY10E EBDITA EBITA MARGIN(%)

16 Average Debt to Net Sales We estimate the merged entity would be having a total debt of Rs 620Cr during thefy09. We expect appreciable improvement in operating cash flow due to efficiency gained through merger would improvise the company to not to take additional debt to finance its envisaged growth. Thus we hope there would be appreciable improvement in RoCE for the company FY07 FY08 FY09 FY10E Net Sales %Avg Debt PAT Margin to Net sales(%) We Expect the Net Sales and PAT margin to be maintained and grow at 20% CAGR for FY09-FY11.An improvement in the EPC contracts from US would lead to better pricing in the coming years and a huge improvement for growth prospect `` FY07 FY08 FY09 FY10E Net Sales PAT margin

17 Profit and Loss Account Rs. Cr FY06 FY07 FY08 FY09 FY10E Net Sales % Growth Other Income Total Income Raw Material Expns % Sales Employee Expenses % Sales Other Expenses % Sales TOTAL EXPENDITURE % Sales PBIDT % Growth Interest % Avg Debt PBDT Depreciation % Gross Block PBT % PBT Reported Profit After Tax % Growth Source: IGSL

18 Balance Sheet Rs. Cr SOURCES OF FUNDS : FY06 FY07 FY08 FY09 FY10E Share Capital Reserves Total Total Shareholders Funds Netwoth Total Debt Total Liabilities APPLICATION OF FUNDS Gross Block Less : Accumulated Depreciation Net Block Capital Work in Progress Investments Sundry Debtors Cash and Bank Loans and Advances Other Current Assets Total Current Assets Total Current Liabilities Net Current Assets Total Assets Source: IGSL

19 Ratio Analysis Rs.Cr Ratio Analysis Turnover Ratios FY06 FY07 FY08 FY09 FY10E Net sales to total assets Net sales to Fixed assets Net sales to net working capital Net Working Capital Days Net sales to inventory Net sales to debtors Liquidity ratios Current ratio Inventory Days Debtors Days Valuation Ratios (x) PE P/BV EV/EBIDTA EV/SALES Market Cap/Sales Return Ratios (%) ROCE ROE Margins (%) EBIDTA EBIT PAT EPS Source: IGSL

20 CASH FLOW Cash Flow Summary Rs Cr FY06 FY07 FY08 FY09 FY10E Cash and Cash Equivalents at Beginning of the year Op. Profit before Working Capital Changes Total (OP before Working Capital Changes) Cash Flow before Extraordinary Items Net Cash from Operating Activities Net Cash Used in Investing Activities Cash Flow From Financing Activities Net Cash Used in Financing Activities Net Inc/(Dec) in Cash and Cash Equivalent Cash and Cash Equivalents at End of the year Source: IGSL

21 Names Designation Id. Contact Number Nagji Rita CMD *531 SALES Ravinder Kasliwal Head Institutional Sales /66 Dealing Vinit Rita Institutional Dealer /66 Rashda Ainapore Institutional Dealer /66 Amit Rita Institutional Dealer /66 Research Neha Kakade Senior Research Analyst *583 Ashish Pandey Research Analyst *582 Manoj Jethva Research Analyst *579 Mitesh Shah Research Analyst *581 Denil Savla Research Analyst *580 Sanjeev Haria Research Analyst Sibayan Banerjee Technical Analyst Ashok Patel Technical Analyst Madhu Patel Technical Analyst Disclaimer This Document has been prepared by Inventure Growth & Securities Ltd. The information, analysis and estimates contained herein are based on Inventure s assessment and have been obtained from sources believed to be reliable. Neither Inventure Growth & Securities Ltd nor any of its employees or associates accepts any liability whatsoever direct or indirect that may arise from the use of information herein and shall not be responsible for its completeness and accuracy. It is not an offer to sell or a solicitation to buy securities. This document is for circulation only Visit us at Please send your Feed Back to igslresearch@inventuregrowth.com Inventure Growth & Securities Ltd Corporate Office: - Viraj Tower, 2 nd Floor, Near Landmark, Western Express Highway, Andheri East, Mumbai Tel.: , Fax: