JK Lakshmi Cement (JKCORP) 374

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1 Result Update Rating matrix Rating : Buy Target : 458 Target Period : months Potential Upside : 23% What s changed? Target Changed from 423 to 458 EPS FY15E Changed from 13.2 to 14.6 EPS FY16E Unchanged EPS FY17E Unchanged Rating Unchanged Quarterly performance Q2FY15 Q2FY14 YoY (%) Q1FY15 QoQ (%) Revenue EBITDA EBITDA (%) bps bps PAT Key financials Crore FY14 FY15E FY16E FY17E Net Sales EBITDA Net Profit EPS ( ) Valuation summary FY14 FY15E FY16E FY17E P/E Target P/E EV/EBITDA EV/Tonne($) P/BV RoNW (%) RoCE (%) Stock data Particular Amount Mcap 4437 crore Debt (FY14) 1446 crore Cash & Invest (FY14) 374 crore EV 559 crore 52 week H/L 66 / 153 Equity cap crore Face value 1 Price performance 1M 3M 6M 12M Heildelberg Cem India Cement JK Cement JK Lakshmi Cem Analyst Rashesh Shah rashes.shah@icicisecurities.com Beats estimates November 3, 214 JK Lakshmi Cement (JKCORP) 374 JK Lakshmi reported a robust set of Q2FY15 numbers. Sales volumes for the quarter remained ahead of our estimates at 1.46 MT (vs. I- direct estimate: 1.33 MT) while realisations of 3922/tonne were marginally lower than our estimates (I-direct estimate: 3971/tonne) The EBITDA margin of 15.6% (up 34 bps YoY) remained in line with estimates due to operating leverage benefits. In absolute terms, the company reported an EBITDA of 89.2 crore (up 58.5% YoY) and EBITDA/tonne of 62/tonne, which remained in line with our estimates ( 63/tonne) Better volume along with good margins led to 3x YoY jump in net profit to 3.8 crore against PAT of 1.3 crore in Q2FY14 One of the most efficient players in cement midcap space JK Lakshmi Cement is one of the most cost efficient players in the industry. It has been operating close to ~1% capacity utilisation for the last three years with healthy operating margins vs. industry. Its cost efficiency emanates from high usage of alternate fuel (pet coke), logistic advantage led by expansion strategy through split grinding unit and self sufficiency in power. Its per tonne power consumption remains best in the industry with usage of 72 Kwhr/tonne against industry norms of 9-95 Kwhr/tonne. Its fuel consumption is also lower at 76 kcal/kg for the company against industry norms of 8 kcal/kg. The company has also more than 1% low cost power availability for its plants. Due to this operational efficiency, P&F cost has remained lower for the company. Healthy expansion plans to fuel growth in future We expect JK Lakshmi to report healthy revenue CAGR of over 27.1% over the next three years led by capacity expansion and healthy demand in the northern region (to add 3.4 MT capacity i.e. 56% of its existing capacity over the next two years) coupled with operating efficiency leading to better volume growth and higher profitability. The company s ongoing greenfield project at Durg is expected to come on stream by Q3FY15E. Apart from this, the company is expanding grinding capacity by 7. lakh tonne per annum at Gujarat. Both projects are expected to be complete by the end of FY15E and FY16E, respectively, leading to total capacity of 9.3 MT in FY15E, 1. MT in FY16E and 1.8MT by FY17E from current capacity of 6.6 MT. Expect D/E to remain in comfort zone despite aggressive expansion We expect the net debt-equity ratio to remain in a comfortable zone (i.e. below 1.x) despite aggressive expansion undertaken by the company. As per our estimates, we expect the company to generate free operating cash flow of ~ 49 crore each over the next three years, which will be sufficient to fund the balance pending capex. Timely commissioning of new capacity remains key value driver On the back of expansions and improvement in demand, we expect volume CAGR of 2.6% (vs. ~9.3% during FY11-14) in FY14-17E to 9.8 MT. We expect cement EBITDA of 776/tonne in FY16E and 788/tonne in FY17E vs. 537/tonne in FY14 due to favourable demand-supply matrix in North India. Further, a strong balance sheet and better efficiency in terms of cost remain key positives for the company. Hence, we further upgrade our target price to 458/share with a BUY rating on the stock (i.e. at 8.5x FY16E EV/EBITDA, $1/tonne on FY17E capacity of 1.8 MT). ICICI Securities Ltd Retail Equity Research

2 Variance analysis Q2FY15 Q2FY15E Q2FY14 YoY (%) Q1FY15 QoQ (%) Comments Net Sales Healthy revenue growth for the quarter mainly led by high volume growth (up 13.3% YoY) supported by capacity expansion of 1.3 MT and coupled with improvement in realisations (up 12.6% YoY) Other Incomes Raw Material Expenses Raw material cost continued to remain higher during the quarter Employee Expenses Change in stock Power and fuel Higher fuel efficiency (76 K.Cal/kg v/s 729 K Cal/kg YoY) led to lower growth in power & fuel costs on per tonne basis Freight Others EBITDA EBITDA Margin (%) bps bps Better operating leverage along with lower cost of production led to 34 bps improvement in margins Interest Depreciation Less: Exceptional Items 5... NA PBT Total Tax PAT Better revenue growth along with margin expansion led to healthy growth in profitability Adjusted PAT Key Metrics Volume (MT) Volume increase led by capacity expansion as well as good demand in the northern region Realisation ( ) 3,922 3,971 3, , Price rise in north backed by recovery in demand led to better realisation growth during the quarter. On a QoQ basis, prices saw a healthy correction due to seasonality. However, the management expects average realisations to remain higher than Q2FY15 EBITDA per Tonne ( ) Increase in realisation led to substantial increase in EBITDA/tonne Change in estimates FY15E FY16E FY17E ( Crore) Old New % Change Old New % Change Old New % Change Comments Revenue 2, , , , NA 4,286. NA EBITDA NA NA EBITDA Margin (%) bps bps NA 18.1 NA PAT NA NA EPS ( ) NA 28.6 NA Given the strong recovery in demand supported by higher cement prices, we expect realisation growth to remain strong, going ahead. Hence, we increase our revenue expectations for FY15E and FY16E The company's continuous efforts on margin improvement has been refletced in the results. Going ahead, we expect this trend to continue. So we build in higher margin expansion Net EPS to remain higher than previous estimates due to better operating performance Assumptions Current Earlier Comments FY13 FY14 FY15E FY16E FY17E FY15E FY16E FY17E Volume (MT) NA No change Realisation ( ) 3,889 3,661 4,75 4,163 4,284 3,874 3,979 NA We expect realisation growth to remain healthy backed by strong demand in the coming quarters EBITDA per Tonne ( ) NA Higher realisation along with cost efficiencies is expected to lead to higher EBITDA/tonne. So we revise our assumption upwards ICICI Securities Ltd Retail Equity Research Page 2

3 North (excluding Rajasthan ) 35% Maharash tra 8% Capacity spread Gujarat 34% Rajasthan 23% Company Analysis Presence in better performing markets JK Lakshmi has a strong presence in North India with a dominant position in Rajasthan. Other states where the company has a presence include Haryana, Delhi, Punjab and Uttarakhand in north. In the west also, the company has a healthy presence in Gujarat and has made inroads in the Mumbai markets as well. Sales wise, Gujarat contributes highest at ~34% of sales while Rajasthan contributes 23% while contribution from the rest of the north region is at ~35%. Maharashtra contributes ~8% in topline. Cost effective operational efficiency JK Lakshmi has been one of the most cost effective players in the industry. The company has gradually shifted from coal usage to low cost pet-coke, which also avoids uncertainty about coal availability. As a result, fuel consumption has reduced gradually. The company has 1% captive power capacity with 54 MW of thermal power plant and 12 MW of waste heat recovery. Other than this, the company has an external arrangement with VS Lignite for sourcing 21 MW. Effectively, the company has captive power availability of 87 MW against current requirement of ~65 MW. The available surplus power can be sold in the open market by the company. Exhibit 1: Gradual reduction in power & fuel consumption KCal/Kg Kwh/MT 65 FY9 FY1 FY11 FY12 FY13 FY14 6 Fuel Consumption (Kcal/Kg of Clinker) Electricity (Kwh/T) Exhibit 2: Lower P&F costs than industry Due to the combined effect of a shift in fuel components and captive power plants, the P&F cost has been lower for the company / Tonne 1,2 1, FY9 FY1 FY11 FY12 FY13 FY14 JK Laxmi Cement Industry ICICI Securities Ltd Retail Equity Research Page 3

4 Operates at healthy utilisation in industry Due to the company s strong focus on the northern and western regions where demand is continuously rising, the company has been able to maintain higher utilisation even in a difficult business environment. During FY12 and FY13, the company reported over 9% capacity utilisation while in FY14 the company managed to maintain effective capacity utilisation of 85% despite a slowdown in the economy. Exhibit 3: Higher utilisation levels (%) FY9 FY1 FY11 FY12 FY13 FY14 JK Lakshmi Industry Strong balance sheet with manageable D/E ratio even after expansion In terms of D/E ratio, the company has consistently managed it below 1. in the recent years. We expect the net debt-equity ratio to remain in a comfortable zone (i.e. below 1.x) despite aggressive expansion undertaken by the company. As per our estimates, we expect it to generate free operating cash flow of ~ 49 crore each over the next two years, which will be sufficient to fund the balance pending capex. Exhibit 4: Manageable D/E ratio Exhibit 5: Capacity expansion plans (standalone) Crore FY8 FY9 FY1 FY11 FY12 FY13 FY14 FY15EFY16EFY17E Million Tonne FY7 FY8 FY9 FY1 FY11 FY12 FY13 FY14 FY15EFY16EFY17E Debt ( Crore) (LHS) D/E (RHS) Capacity(MT) ICICI Securities Ltd Retail Equity Research Page 4

5 Exhibit 6: Expect expansion led revenue CAGR of 27.1% during FY14-17E 5, 4, 3, 2, 1, Expect revenue CAGR of 27.1% in FY14-17E led by capacity expansion, better realisations The revenue has grown at 8.4% CAGR in FY1-14 led by realisation CAGR of 3.% and volume CAGR of 5.2% during the same period. Going forward, with an expected recovery in demand along with additional capacity of 3.4 MT, we expect revenue CAGR of 27.1% during FY14-17E. We expect volume to grow at a CAGR of 2.6% during FY14-17E while realisation is expected to grow at 5.4% on an annual basis FY1 FY11 FY12 FY13 FY14 FY15E FY16E FY17E Sales ( crore) Exhibit 7: Capacity addition plans Current Capacity State Region MT Rajasthan North 4.6 Gujarat West.7 Haryana North 1.3 Total Current Capacity 6.6 Addition Chhattisgarh East 2.7 Total Capacity by FY15E 9.3 Gujarat West.7 Rajasthan (Subsidiary) West 1.6 Total Consolidated Capacity by FY16E 11.6 Exhibit 8: Volume to grow at 2.6% CAGR during FY14-17E FY1 FY11 FY12 FY13 FY14 FY15E FY16E FY17E Exhibit 9: Realisation to pick up from FY15 led by recovery in demand FY11 FY12 FY13 FY14 FY15E FY16E FY17E -1 Source: Company, ICICIdirect.com, Research Sales Volumes Realisation ( /tonne) -LS Source: Company, ICICIdirect.com, Research Growth (%) -RS Exhibit 1: Q2FY15 revenue growth remains robust due to higher sales volume (up 13.3% YoY) In MT Q1FY Q2FY13 Q3FY Q4FY Q1FY14 Q2FY14 Sales volume -LHS 1.4 Q3FY Q4FY Q1FY15 Q2FY15 Growth (%) -RHS (%) Exhibit 11: Q2FY15 realisations up 12.6% YoY Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Realisation ( ) -LHS Growth (%) -RHS (%) ICICI Securities Ltd Retail Equity Research Page 5

6 Margins to improve but low utilisation of new capacity to limit expansion Exhibit 12: Expect EBITDA/tonne of 788 in FY17E Despite an expected recovery in demand, we expect the company s operating margins to improve progressively given the initial higher operating cost post commissioning of new capacity. Exhibit 13: Margins to improve led by improvement in realisation (%) FY1 FY11 FY12 FY13 FY14 FY15E FY16E FY17E FY1 FY11 FY12 FY13 FY14 FY15E FY16E FY17E EBITDA/Tonne EBITDA Margin (%) Exhibit 14: Q2FY15 EBITDA per tonne increases 42% YoY Exhibit 15: Margins increase 34 bps YoY Q1FY Q2FY Q3FY Q4FY13 Q1FY14 Q2FY14 Q3FY14 EBITDA/Tonne ( ) 663 Q4FY Q1FY15 62 Q2FY15 (%) Q1FY13 Q2FY13 Q3FY Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 EBITDA Margin Q1FY15 Q2FY15 Expect net profit CAGR of 54% during FY14-17E After witnessing a sharp decline in profit in FY14, we expect net margins to improve to 8.% in FY17E from 4.5% in FY14. Overall, we expect net profit to grow at a CAGR of 54% during FY14-17E. Exhibit 16: Profitability trend crore FY1 FY11 FY12 FY13 FY14 FY15E FY16E FY17E (%) Net profit - LS Net profit margin -RS ICICI Securities Ltd Retail Equity Research Page 6

7 Outlook and valuation With the commissioning of new capacity at Durg, Udaipur and Jhajjar, the company will have a total standalone cement capacity of over 1.8 MT by the end of FY17E. However, the full benefit of the Durg expansion would start accruing only from H2FY15E. Considering this, we expect cement volumes to grow at ~2.6% CAGR in FY14-17E to 9.8 MT in FY17E from 5.6 MT in FY14. At the CMP of 372, the stock is trading at 19.1x and 13.x its FY16E and FY17E earnings, respectively. The stock is trading at an EV/EBITDA of 9.7x and 7.1x FY16E and FY17E EBITDA, respectively, vs. average trailing multiple of 8.5x. This leaves scope for appreciation over the longer term despite a sharp rally in stock prices over the past two months. Given the upcoming new capacity from FY15E and strong Q2FY15E operating performance backed by sharp improvement in prices and operating efficiencies, we expect growth in profitability to remain healthy over the next three years. Hence, we remain positive on JK Lakshmi Cement and upgrade our target price to 458/share with a BUY rating on the stock (i.e. at 8.5x FY17E EV/EBITDA, $1/tonne on FY17E capacity of 1.8 MT). Exhibit 17: Assumptions per tonne FY12 FY13 FY14 FY15E FY16E FY17E Sales Volume (mtpa) Net Realisation Total Expenditure Stock Adjustment Raw material Power & Fuel Employees Freight Others EBITDA per Tonne ICICI Securities Ltd Retail Equity Research Page 7

8 Exhibit 18: One year forward EV/EBITDA 4 3 ( Crore) 2 1 Nov-6 Jul-7 Mar-8 Nov-8 Jul-9 Mar-1 Nov-1 Jul-11 Mar-12 Nov-12 Jul-13 Mar-14 Nov-14 EV 8.5x 7.5x 6.5x 5.5x 3.5x Exhibit 19: One year forward EV/Tonne 6 Million $ 4 2 Nov-6 Jul-7 Mar-8 Nov-8 Jul-9 Mar-1 Nov-1 Jul-11 Mar-12 Nov-12 Jul-13 Mar-14 Nov-14 EV $71 $62 $53 $44 $35 Exhibit 2: Valuations Sales Growth EPS Growth PE EV/EBITDA EV/Tonne RoNW RoCE ( cr) (%) ( ) (%) (x) (x) ($) (%) (%) FY FY15E FY16E FY17E ICICI Securities Ltd Retail Equity Research Page 8

9 Company snapshot 5 45 Target Price: Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: Bloomberg, Company, ICICIdirect.com Research Key events Date News/Event Jul-8 The company commences work on the 2.7 million tonne (MT) greenfield cement plant at Durg, Chhattisgarh at an investment of over 1,1 crore. The plant is scheduled to be commissioned by 211 Feb-9 Government announces excise duty cut of 2% to boost cement sales Mar-11 The company completes the setting up of 18 MW power plant and 12 MW green power project, through waste heat recovery Apr-11 The company registers de-growth of ~ 12% in sales and ~6% in volume due to subdued demand. However, capacity utilisation for the company stood at 91%, much higher than industry trend of ~75% Feb-12 Stock surges as board approves buyback of equity shares up to 97.5 crore at maximum price of 7/share (i.e 1.39 crore shares) Mar-12 The government proposes to raise excise duty on the building material from 1% to 12% against the expectations of a cut in the same Apr-12 The company reports one of the best quarterly results in recent times with 39% YoY increase in net sales due to a sharp increase in cement demand after the monsoon season. Net profit increased 1 times compared to the previous year on the back of a lower base and higher margin expansion Apr-13 Expansion plant at Durg gets delayed by four to six months to Q1FY15 from Q4FY14 as projected earlier due to damage caused to properties by local villagers. The expected loss from this damage works out to ~ 14 crore, which was fully covered by insurance Mar-14 The company increased its stake in Udaipur Cement Works (UCWL) from 27.72% to 75.46% with the allotment of fresh equity shares worth 78 crore, thereby making UCWL a subsidiary company Apr-14 Company increases its capacity from 5.3 MTPA in FY13 to 6.6 MTPA by FY14 via brownfield expansion and de-bottlenecking at existing plants May-14 With the commissioning of the 2.7 MTPA plant in eastern region, the company will have a standalone capacity of 9.3 MTPA by Q3FY15 Top 1 Shareholders Rank Name Latest Filing Date % O/S Position (m) Change (m) 1 Bengal & Assam Company Ltd 3-Jun JK Organisation 3-Jun HDFC Standard Life Insurance Company Limited 3-Jun Life Insurance Corporation of India 3-Jun Bansal (Sachin & Vivek) 3-Jun Franklin Templeton Asset Management (India) Pvt. Ltd. 31-May DNB Asset Management (Asia) Limited 3-Jun Bansal (Parveen Kumar & Vivek) 3-Jun DSP BlackRock Investment Managers Pvt. Ltd. 3-Jun Ashoka Pte. Ltd. 3-Jun Source: Reuters, ICICIdirect.com Research Recent Activity Shareholding Pattern (in %) Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Promoter FII DII Others Buys Sells Investor name Value Shares Investor name Value Shares GMO LLC 6.94m 1.2m Franklin Templeton Asset Management (India) Pvt. Ltd m -.34m Ashoka Pte. Ltd. 4.49m.78m HDFC Standard Life Insurance Company Limited -1.38m -.24m Tata Asset Management Limited 4.12m.72m IDFC Asset Management Company Private Limited -.71m -.21m DNB Asset Management (Asia) Limited 3.23m.56m The New India Assurance Co. Ltd. -.18m -.2m L&T Investment Management Limited 1.65m.29m Manulife Asset Management (Taiwan) Co., Ltd -.16m -.13m Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 9

10 Financial summary Profit and loss statement Crore (Year-end March) FY14 FY15E FY16E FY17E Total operating Income 2,56.6 2, ,271. 4,218. Growth (%) Raw material Power & Fuel Employees Freight Others Total Operating Exp. 1, ,29.7 2, ,442. EBITDA Growth (%) Depreciation Interest Other Income Exceptional items PBT Total Tax PAT Adjusted PAT Growth (%) Adjusted EPS ( ) Cash flow statement Crore (Year-end March) FY14 FY15E FY16E FY17E Profit after Tax Add: Depreciation (Inc)/dec in Current Assets Inc/(dec) in CL and Prov CF from operating activities (Inc)/dec in Investments (Inc)/dec in Fixed Assets Others CF from investing activities Issue/(Buy back) of Equity.... Inc/(dec) in loan funds Dividend paid Inc/(dec) in Sec. premium.... Others CF from financing activities Net Cash flow Opening Cash Closing Cash Balance sheet Crore (Year-end March) FY14 FY15E FY16E FY17E Liabilities Equity Capital Reserve and Surplus 1, , ,64.6 1,943.1 Total Shareholders funds 1,33.2 1,55.1 1, ,1.9 Total Debt 1, , , ,896.1 Deferred Tax Liability Minority Interest / Others.... Total Liabilities 2, , , ,44.6 Assets Gross Block 3,49. 4,199. 4,724. 4,974. Less: Acc Depreciation 1, , , ,931.1 Net Block 2,69.9 2, ,11.1 3,42.9 Capital WIP Total Fixed Assets 2, ,86.8 3, ,217.9 Investments Inventory Debtors Loans and Advances Non current Investments Cash Total Current Assets ,19.2 1,518.2 Creditors Provisions Total Current Liabilities ,3.3 Net Current Assets Application of Funds 2, , , ,44.6 Key ratios (Year-end March) FY14 FY15E FY16E FY17E Per share data ( ) Adjusted EPS Cash EPS BV DPS Cash Per Share Operating Ratios (%) EBITDA Margin PAT Margin Inventory days Debtor days Creditor days 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 Debt / Equity Current Ratio Quick Ratio ICICI Securities Ltd Retail Equity Research Page 1

11 ICICIdirect.com coverage universe (Cement) CMP M Cap EV/EBITDA (x) EV/Tonne ($) RoCE (%) RoE (%) Company ( ) TP( ) Rating ( Cr) FY14 FY15E FY16E FY17E FY14 FY15E FY16E FY17E FY14 FY15E FY16E FY17E FY14 FY15E FY16E FY17E ACC* 15 1,635 HOLD 28, Ambuja Cement* HOLD 35, UltraTech Cem 256 3,18 BUY 68, Shree Cement^ 99 8,6 HOLD 3, Heidelberg Cem* BUY 1, India Cement BUY 3, JK Cement BUY 3, JK Lakshmi Cem BUY 4, Mangalam Cem BUY 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%/2% for large caps/midcaps, respectively, with high conviction; Buy: >1%/15% for large caps/midcaps, respectively; Hold: Up to +/-1%; Sell: -1% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1 st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai 4 93 research@icicidirect.com ANALYST CERTIFICATION We /I, Rashesh Shah CA research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc. Disclosures: ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and employees ( ICICI Securities and affiliates ) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. It is confirmed that Rashesh Shah CA research analysts and the authors of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings from Investment Banking and other business. ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. It is confirmed that Rashesh Shah CA research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use of information contained in the report prior to the publication thereof. 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 ICICI Securities and 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. ICICI Securities Ltd Retail Equity Research Page 12

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