SUBSCRIBE to H.G. Infra Engineering Ltd. Strong player in government s renewed focus sector

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1 SUBSCRIBE to H.G. Infra Engineering Ltd. Strong player in government s renewed focus sector

2 19 th Feb Salient features of the IPO: H.G. Infra Engineering Ltd. (HGIEL) is an infrastructure construction, Recommendation SUBSCRIBE development and management company with extensive experience Price Band (Rs.) Rs per Share in road projects, including highways, bridges and flyovers. Face Value (Rs.) Rs. 10 The issue is a combination of fresh and OFS. The company will not receive any proceeds from the OFS. Of the net proceeds, around Rs. Shares for Fresh Issue mn Shares 1,156mn would be utilized to prepay and/or repayment of the debts (mn) availed by the company. Another, Rs. 900mn would be utilized for the Shares for OFS (mn) 6mn Shares purchase of capital equipment and rest for general corporate Fresh Issue Size (Rs. mn) Rs. 3,000mn purposes. OFS Issue Size (Rs. mn) Rs. 1,578-1,620mn Key competitive strengths: Total Issue Size (Rs. mn) Rs. 4,578-4,620mn Established roads & highways sector focused construction developer Bidding Date 26 Efficient business model th Feb th Feb Strong project management and execution capabilities MCAP at Higher Price Rs. 17,596mn Visible growth through its growing order book and improved prequalification credentials Enterprise Value at Higher Band Experienced management team Rs. 16,105mn Price Band Risk and concerns: Book Running Lead SBI Capital Markets Ltd. and Slow down in the economic activities Manager HDFC Bank Ltd. Changes in government policies and budgetary allocations for Registrar Link Intime India Pvt. Ltd. investments in road infrastructure Sector/Industry Roads & Highways Inability to win road tenders and delay in project execution Rise in the material and employee cost Mr. Harendra Singh, Mr. Deterioration in the working capital cycle Promoters Vijendra Singh and Mr. Girish Pal Singh Valuation & recommendation: Pre and Post - Issue Shareholding Pattern At the higher price band of Rs. 270 per share, HGIEL s share is valued at a P/E multiple of 33x (to its restated FY17 EPS of Rs. 8.2), which is in-line to Pre Issue Post - Issue the peer average of 33.8x. Promoter and Promoter % 73.74% Group Below are few key observations of the issue: (For detailed valuation, refer to Public 0.00% 26.26% page 9 of the report) HGIEL is a road infrastructure construction company, mainly involved Total % % into the execution of EPC contracts. In the last five years, it has Retail Application Money at Higher Cut-Off Price per Lot completed 13 projects in the roads & highways sector aggregating to Number of Shares per Lot 55 a total contract value of Rs. 16,749mn. As on 30 th Nov. 2017, the company had 21 ongoing projects in the Application Money Rs. 14,850 per Lot roads & highways sector amounting to Rs. 35,853mn, which formed Analyst 96.7% of the total order book of Rs. 37,078mn. Apart from road & Rajnath Yadav highway projects, the company has four civil construction projects and two water supply projects under execution. Research Analyst ( ; Ext: 912) As on 31 st Mar. 2017, HGIEL had a total order book of Rs. 40bn, i.e. rajnath.yadav@choiceindia.com 3.8 times the FY17 revenue. In the current fiscal, it has received fresh Note: Choice Equity Broking Pvt. Ltd. (publisher of this orders of around Rs. 5bn. According to the management, these report) and Choice Capital Advisors Pvt. Ltd. (advisor to orders are expected to be completed by Nov. 2019, thereby providing a certainty in revenue generation over years. this issue) are the group companies. HGIEL is one of the few players in India to have an owned large fleet of modern construction equipment and transportation vehicles. In the last three years, the company has invested around Rs. 1.7bn towards the procurement of plant & machineries. In H1 FY18, the investment over the plant & machinery formed around 90% of the gross block of Rs. 4.3bn. This bodes well for the company, as the availability of modern construction equipment reduces its dependence on third party suppliers for execution of a project, which in turn enables it to control the cost of the project, and minimizes occurrence of events resulting in stoppage of work due to non-availability or breakdown of machinery. This also ensures that the company is able to offer high quality construction work in the required time period. On financial performance front, HGIEL has demonstrated solid and impressive results over FY During the period with the execution of the projects, the company has reported a 30.8% and 33.2% CAGR rise in the operating revenue and EBITDA. EBITDA margin expanded by 60bps over FY14-17 to 11.4% in FY17. Reported PAT increased by 69.8% CAGR with expansion in PAT margin by over 2.7ppts over FY14-17 to 5.1% in FY17. Average RoIC and RoE stood at 28.5% and 19.6%, respectively, over FY The company business is seasonal in nature. It generates around 30-35% of the business in the first half of the fiscal, while the rest in second half. In H1 FY18, HGIEL has generated a top-line and EBITDA of Rs. 5,673.4mn and Rs mn. As per our quick estimate, we are forecasting a top-line and EBITDA of Rs. 14,410.7mn and Rs. 2,019.1mn, respectively for FY18E. In FY19E, the same is estimated to Rs. 19,686.1mn and Rs. 2,758.2mn, respectively. EPS is likely to increase from Rs. 8.2 per share in FY17 to Rs and Rs. 21.2in FY18E and FY19E, respectively. On valuation front, at higher price band, the company is demanding a P/E valuation of 33x (to its restated FY17 EPS of Rs. 8.2) as compared to peer average of 33.8x. Though the issue seems to be fairly priced with respect to FY17 earnings, it look attractive considering the FY18E and FY19E earnings. (The company is asking a P/E multiple of 19.6x and 12.7x, respectively, for FY18E and FY19E, as compared to peer average of 21.5x and 18.4x). On other valuation metric front too, the company is demanding a discounted valuation with respect to FY18E and FY19E financials. Thus considering the above observations, we assign a SUBSCRIBE rating for the issue. 1

3 About the issue: HGIEL is coming up with an initial public offering (IPO) with mn shares (fresh issue: mn Shares; OFS shares: 6mn shares) in offering. The offer represents around 26.3% of its post issue paid-up equity shares of the company. Total IPO size is Rs. 4,578-4,620mn. The issue will open on 26 th Feb and close on 28 th Feb The issue is book building with a price band of Rs per share. 50% of the issue shall be allocated on a proportionate basis to qualified institutional buyers, while rest 15% and 35% is reserved for non-institutional bidders and retail investors, respectively. The issue is a combination of fresh and OFS. The company will not receive any proceeds from the OFS. Of the net proceeds, around Rs. 1,156mn would be utilized to prepay and/or repayment of the debts availed by the company. Another, Rs. 900mn would be utilized for the purchase of capital equipment and rest for general corporate purposes. Its promoter holds 100% stake in the company and post IPO this will come down to 73.74%. Public holding will increase from current nil to 26.26%. Pre and Post Issue Shareholding Pattern (%) Pre Issue Post Issue (at higher price band) Promoter & Promoter Group (%) % 73.74% Public (%) 0.00% 26.26% Source: Company RHP Indicative IPO Process Time Line: Offer Closes on 28-Feb-2018 Unblocking of ASBA Account 07-Mar-2018 Listing on Stock Exchanges 09-Mar-2018 Offer Opens on 26-Feb-2018 Finalization of Basis of Allotment 06-Mar-2018 Credit to Demat Accounts 08-Mar

4 Company Introduction: HGIEL is an infrastructure construction, development and management company with extensive experience in road projects, including highways, bridges and flyovers. The company s main business operations include (i) providing EPC services on a fixed-sum turnkey basis and (ii) undertaking civil construction and related infrastructure projects on item rate and lump sum basis, primarily in the roads & highway sector. It also forayed into executing water pipeline projects and is currently undertaking two water supply projects in Rajasthan on turnkey basis, which includes the designing, construction, operation and maintenance of the project. HGIEL has executed or is executing projects across various states in India covering Rajasthan, Uttar Pradesh, Haryana, Uttarakhand, Maharashtra and Arunachal Pradesh. Over the last five years, it has completed 13 projects above the contract value of Rs. 400mn in the roads and highways sector aggregating to a total contract value of Rs. 16,748.9mn, which included construction, improving, widening, strengthening of two and four lane highways, construction of high level bridge and construction of earthen embankment, culverts and cart track underpasses. Source: Company RHP 3

5 Company Introduction (Contd ): As on 30 th Nov. 2017, the company had 21 ongoing projects in the roads & highways sector which includes construction, improving, widening, strengthening, upgradation and rehabilitation of two, four and six lane highways construction of high level bridge and construction of road network. Its order book for these ongoing projects in the roads & highways sector amounted to Rs. 35,853.1mn, accounting for 96.7% of the total order book. The total order book of Rs. 37,078.1mn, consisting of 21 projects in the roads and highways sector, four civil construction projects and two water supply projects. As of 31 st Mar. 2017, based on its technical and financial capacity the company is pre-qualified to bid independently on an annual basis for bids by NHAI and MoRTH for contract values of up to Rs. 8,066.6mn. While HGIEL independently execute the projects where it is pre-qualified to bid on an independent basis, while forms a project specific joint ventures and consortiums with other infrastructure and construction companies, where it is not pre-qualified to bid independently. Source: Company RHP 3

6 Company Introduction (Contd ): HGIEL has a track record of executing projects of different sizes particularly in the roads & highways sector and over the years it has become an established construction developer in the roads & highways sector with strong execution capabilities and with a reputation of delivering quality projects. Public sector clients include NHAI, PWD, MES and Jaipur Development Authority. HGIEL has also executed road construction contracts as a sub-contractor for some of the private sector clients such as Tata Projects Ltd. and IRB-Modern Road Makers Pvt. Ltd. Over the years, HGIEL has added a fleet of modern construction equipment and employed manpower to supplement the growth of its construction business. As of 30 th Nov. 2017, its equipment base comprised of 1,064 construction equipment. Source: Company RHP 3

7 Company Introduction (Contd ): Financial performance: Over FY14-17, HGIEL reported a 30.8% CAGR rise in consolidated operating revenue to Rs. 10,548.9mn in FY17. This was mainly due to the increase in the execution of construction contracts. For the half year ended Sept. 2017, top-line stood at Rs. 5,673.4mn. Total operating expenses increased in-line with top-line. Cost of material consumed and contract & site expenses increased by 18.8% and 46.1% CAGR, respectively, over FY Employee expenses increased by 25.1%, mainly on account of higher employee base. As a result, consolidated EBITDA increased by 33.2% CAGR to Rs. 1,201.8mn in FY17. EBITDA margin expanded by 60bps over FY14-17 to 11.4% in FY17. For H1 FY18, EBITDA stood at Rs mn with margin of 14.1%. Depreciation charges and financial expenses increased with the expansion in the business and increased by 24.1% and 12.4% CAGR, respectively. Consequently, reported PAT increased by 69.8% CAGR to Rs mn in FY17. PAT margin expanded by over 2.7ppts over FY14-17 to 5.1% in FY17. In H1 FY18, reported PAT stood at Rs mn with a margin of 5.2%. Given below is the snapshot of the consolidated financial performance: FY14 FY15 FY16 FY17 H1 FY18 CAGR (%) Y-o-Y (%) Revenue from Operations 4, , , , , % 42.4% EBITDA , % 53.8% Reported PAT % 50.9% Cash Flow from Operating Activities % 118.5% NOPLAT % 51.1% RoIC (%) 38.2% 22.1% 29.3% 24.2% 12.2% (1,392) bps (509) bps Revenue Growth Rate (%) -22.5% 102.9% 42.4% EBITDA Growth Rate (%) -13.5% 77.7% 53.8% EBITDA Margin (%) 10.8% 12.0% 10.5% 11.4% 14.1% 60 bps 85 bps EBIT Growth Rate (%) -28.4% 123.0% 58.2% EBIT Margin (%) 7.9% 7.3% 8.1% 9.0% 10.2% 102 bps 89 bps Reported PAT Growth Rate (%) -57.4% 662.2% 50.9% Reported PAT Margin (%) 2.3% 1.3% 4.8% 5.1% 5.2% 274 bps 28 bps Order Book (Rs. mn) 10, , , , % 178% Inventories Turnover Ratio (x) % 0.3% Trade Receivable Turnover Ratio (x) % -6.6% Accounts Payable Turnover Ratio (x) % -9.5% Fixed Asset Turnover Ratio (x) % -16.0% Total Asset Turnover Ratio (x) % -0.6% Current Ratio (x) % 7.3% Debt to Equity (x) % 24.9% Net Debt to EBITDA (x) % 9.3% RoE (%) 13.7% 5.5% 28.8% 30.3% 14.3% 1,666 bps 148 bps RoA (%) 4.9% 1.9% 8.9% 9.4% 3.5% 444 bps 48 bps RoCE (%) 42.9% 24.6% 37.3% 35.1% 16.3% (786) bps (220) bps Note: All data are pre-issue; Source: Company RHP 3

8 Competitive Strengths: Established roads and highways sector focused construction developer Efficient business model Strong project management and execution capabilities Visible growth through its growing order book and improved prequalification credentials Experienced management team Business Strategy: Continued focus on EPC business and improve the execution efficiency Expansion in the geographical footprint Explore opportunities in the hybrid annuity based model to optimize the project portfolio Diversify beyond roads and highways projects Risk and Concerns: Slow down in the economic activities Changes in government policies and budgetary allocations for investments in road infrastructure Inability to win road tenders and delay in project execution Rise in the material and employee cost Deterioration in the working capital cycle CHOICE INSTITUTIONAL RESEARCH 6

9 Peer Comparison and Valuation: Company Name Face Value (Rs.) CMP (Rs.) MCAP (Rs. mn) EV (Rs. mn) Stock Return (%) 1M 3M 6M 1Y Total Operating Revenue (Rs. mn) EBITDA (Rs. mn) PAT (Rs. mn) EBITDA Margin (%) PAT Margin (%) H.G. Infra Engineering Ltd ,596 16,105 10, , % 5.1% Dilip Buildcon Ltd , , % 13.0% 81.0% 265.1% 53, , , % 6.7% KNR Constructions Ltd ,182 49, % 20.5% 42.4% 74.0% 16, , , % 6.8% PNC Infratech Ltd ,548 44, % -4.8% 21.3% 67.8% 22, , , % 5.3% J Kumar Infraprojects Ltd ,845 24, % 28.5% 60.3% 46.7% 15, , , % 6.7% Sadbhav Engineering Ltd , , % 26.6% 48.8% 43.8% 45, , % -1.2% Ashoka Buildcon Ltd ,809 86, % 10.1% 17.2% 18.0% 29, , % -0.3% Average 23.3% 4.0% Company Name EPS (Rs.) BVPS (Rs.) DPS (Rs.) Debt Equity Ratio Fixed Asset Turnover Ratio RoE (%) RoCE (%) P / E (x) P / B (x) EV / Sales (x) EV / EBITDA (x) MCAP / Sales (x) Order Book / Sales (x) Earnings Yield (%) H.G. Infra Engineering Ltd % 15.6% % Dilip Buildcon Ltd % 16.0% % KNR Constructions Ltd % 9.2% % PNC Infratech Ltd % 20.3% % J Kumar Infraprojects Ltd % 10.6% % Sadbhav Engineering Ltd. (3.1) % 7.6% (126.5) % Ashoka Buildcon Ltd. (0.5) % 6.5% (419.6) % Average % 11.7% % Note: FY17 financials; Source: Choice Broking Research At the higher price band of Rs. 270 per share, HGIEL s share is valued at a P/E multiple of 33x (to its restated FY17 EPS of Rs. 8.2), which is in-line to the peer average of 33.8x. Below are few key observations of the issue: The current government has continued its focus on improving the road & highway infrastructure. In the recent Union Budget 2018, the budget allotted for the highways has increased from Rs. 580bn in FY17 to Rs. 650bn for the FY18. For overall infrastructure creation, it has increased the allocation by 21% to Rs. 5.97lakh crore. Also the government is confident of completing national highways exceeding 9000 kilometers length in FY18. The ambitious Bharatmala Pariyojana has been approved to develop about 35000kms in Phase-I at an estimated cost of Rs. 5.4tn. According to CRISIL, the investment in the road projects is expected to double to Rs. 10.7tn over next five years, implying a bright outlook for the road infrastructure company. Further, with continued poor financial position of build-operatetransfer players, it expects the share of EPC contract projects to increase (especially in low-traffic-volume projects), over the next five years. HGIEL is a road infrastructure construction company, mainly involved into the execution of EPC contracts. In the last five years, it has completed 13 projects above the contract value of Rs. 400mn in the roads & highways sector aggregating to a total contract value of Rs. 16,749mn, which included construction, improving, widening, strengthening of two and four lane highways, construction of high level bridge etc. As on 30 th Nov. 2017, the company had 21 ongoing projects in the roads & highways sector which includes construction, improving, widening, strengthening, upgradation and rehabilitation of two, four and six lane highways construction of high level bridge and construction of road network. Its order book for these ongoing projects in the roads & highways sector amounted to Rs. 35,853mn, which formed 96.7% of the total order book of Rs. 37,078mn. Apart from road & highway projects, the company has four civil construction projects and two water supply projects under execution. HGIEL is one of the few players in India to have an owned large fleet of modern construction equipment and transportation vehicles. In the last three years, the company has invested around Rs. 1.7bn towards the procurement of plant & machineries. In H1 FY18, the investment over the plant & machinery formed around 90% of the gross block of Rs. 4.3bn. This bodes well for the company, as the availability of modern construction equipment reduces its dependence on third party suppliers for execution of a project, which in turn enables it to control the cost of the project, and minimizes occurrence of events resulting in stoppage of work due to non-availability or breakdown of machinery. This also ensures that the company is able to offer high quality construction work in the required time period. CHOICE INSTITUTIONAL RESEARCH 7

10 Peer Comparison and Valuation (Contd ): As on 31 st Mar. 2017, the company had a total order book of Rs. 40bn, i.e. 3.8 times the FY17 revenue. In the current fiscal till Jan. 2018, it has received fresh orders of around Rs. 5bn. According to the management, these orders are expected to be completed by Nov. 2019, thereby providing a certainty in revenue generation over years. On financial performance front, HGIEL has demonstrated solid and impressive results over FY During the period, with the execution of the projects the company has reported a 30.8% CAGR rise in the operating revenue. Total operating expenses increased in-line with top-line. As a result, consolidated EBITDA increased by 33.2% CAGR to Rs. 1,201.8mn in FY17. EBITDA margin expanded by 60bps over FY14-17 to 11.4% in FY17. Depreciation charges and financial expenses too increased with the expansion in the business. Consequently, reported PAT increased by 69.8% CAGR to Rs mn in FY17 and margin expanded by over 2.7ppts over FY14-17 to 5.1% in FY17. Average RoIC and RoE stood at 28.5% and 19.6%, respectively, over FY Additionally, the company has maintained an average working capital cycle of around 29 days, which is better than the peer average of around 50 days. This can be mainly attributed to its tight operational cost control management and timely execution of the projects. HGIEL is looking to raise around Rs. 3bn from the fresh issue. Of the net proceeds, around Rs. 1.1bn would be utilized to prepay and/or repayment of the debts availed by the company. Another, Rs. 900mn would be utilized for the purchase of capital equipment. We are forecasting a debt equity ratio of x post the repayment as against the ratio of 0.9x in FY17. Majority of the benefit of lower debt would be realized in FY19 fiscal. The company business is seasonal in nature. It generates around 30-35% of the business in the first half of the fiscal, while the rest in second half. In H1 FY18, HGIEL has generated a top-line and EBITDA of Rs. 5,673.4mn and Rs mn. As per our quick estimate, we are forecasting a top-line and EBITDA of Rs. 14,410.7mn and Rs. 2,019.1mn, respectively for FY18E. In FY19E, the same is estimated to Rs. 19,686.1mn and Rs. 2,758.2mn, respectively. EPS is likely to increase from Rs. 8.2 per share in FY17 to Rs and Rs. 21.2in FY18E and FY19E, respectively. On valuation front, at higher price band, the company is demanding a P/E valuation of 33x (to its restated FY17 EPS of Rs. 8.2) as compared to peer average of 33.8x. Though the issue seems to be fairly priced with respect to FY17 earnings, it look attractive considering the FY18E and FY19E earnings. (The company is asking a P/E multiple of 19.6x and 12.7x, respectively, for FY18E and FY19E, as compared to peer average of 21.5x and 18.4x). On other valuation metric front too, the company is demanding a discounted valuation with respect to FY18E and FY19E financials. Thus considering the above observations, we assign a SUBSCRIBE rating for the issue 7 CHOICE INSTITUTIONAL RESEARCH

11 Financial Statements: Consolidated Profit and Loss Statement (Rs. mn) FY14 FY15 FY16 FY17 H1 FY18 CAGR over FY14-17 (%) Annual Growth over FY16 (%) Revenue from Operations 4, , , , , % 42.4% Cost of Material Consumed (2,437.5) (1,196.7) (2,830.9) (4,088.7) (2,464.5) 18.8% 44.4% Contract and Site Expenses (1,519.7) (1,768.3) (3,335.1) (4,735.6) (2,020.1) 46.1% 42.0% Employee Benefits Expense (213.0) (207.3) (299.6) (416.6) (326.1) 25.1% 39.1% Other Expenses (32.0) (38.8) (162.0) (106.3) (64.4) 49.2% -34.4% EBITDA , % 53.8% Depreciation and Amortization Expenses (133.9) (171.5) (183.4) (256.0) (217.2) 24.1% 39.6% EBIT % 58.2% Finance Costs (135.6) (158.2) (159.9) (192.7) (152.0) 12.4% 20.5% Other Income % 53.5% PBT % 71.0% Tax Expenses (86.2) (42.9) (160.2) (297.0) (158.3) 51.0% 85.4% PAT Before Restatement Adjustments % 63.3% Net Adjustments (62.7) (45.8) % -21.9% Reported PAT % 50.9% Source: Company RHP Consolidated Balance Sheet Statement (Rs. mn) FY14 FY15 FY16 FY17 H1 FY18 CAGR over FY14-17 (%) Annual Growth over FY16 (%) Equity Share Capital % 0.0% Reserves and Surplus , , , % 51.0% Long Term Borrowings , % 123.1% Other Long Term Liabilities % 233.9% Long Term Provisions % 33.0% Deferred Tax Liabilities (Net) 12.8 Short Term Borrowings , % 58.2% Trade Payables , % 45.4% Other Current Liabilities , , , % -0.4% Short Term Provisions % % Total Liabilities 2, , , , , % 43.2% Tangible Assets , , , % 75.8% Intangible Assets % 198.8% Capital Work in Progress % Deferred Tax Assets (Net) % Long Term Loans and Advances % -5.8% Other Non Current Assets % -15.7% Inventories % 13.0% Trade Receivables , % 21.7% Cash and Bank Balances % 291.4% Short Term Loans and Advances , % 44.9% Other Current Assets , % 48.4% Total Assets 2, , , , , % 43.2% CHOICE INSTITUTIONAL RESEARCH 7

12 Financial Statements (Contd ): Consolidated Cash Flow Statement (Rs. mn) Particulars (Rs. mn) FY14 FY15 FY16 FY17 H1 FY18 CAGR over Annual Growth over FY14-17 (%) FY16 (%) Cash Flow from Operations % 118.5% Cash Flow from Investing Activities (34.4) (170.2) (661.9) (1,137.2) (1,510.3) 220.9% 71.8% Cash Flow from Financing Activities (336.9) (149.2) , % 70.6% Net Cash Flow (3.7) (136.4) 114.5% % Opening Balance of Cash and Bank Balances % -7.9% Closing Balance of Cash and Bank Balances % 291.4% Source: Company RHP Consolidated Financial Ratios Particulars (Rs. mn) FY14 FY15 FY16 FY17 H1 FY18 Revenue Growth Rate (%) -22.5% 102.9% 42.4% EBITDA Growth Rate (%) -13.5% 77.7% 53.8% EBITDA Margin (%) 10.8% 12.0% 10.5% 11.4% 14.1% EBIT Growth Rate (%) -28.4% 123.0% 58.2% EBIT Margin (%) 7.9% 7.3% 8.1% 9.0% 10.2% Reported PAT Growth Rate (%) -57.4% 662.2% 50.9% Reported PAT Margin (%) 2.3% 1.3% 4.8% 5.1% 5.2% Liquidity Ratios Current Ratio Debt Equity Ratio Net Debt to EBITDA Turnover Ratios Inventories Days Trade Receivable Days Accounts Payable Days Cash Conversion Cycle Days Fixed Asset Turnover Ratio (x) Total Asset Turnover Ratio (x) Return Ratios RoE (%) 13.7% 5.5% 28.8% 30.3% 14.3% RoA (%) 4.9% 1.9% 8.9% 9.4% 3.5% RoCE (%) 42.9% 24.6% 37.3% 35.1% 16.3% Per Share Data Restated Adjusted EPS (Rs.) Restated DPS (Rs.) BVPS (Rs.) Restated Operating Cash Flow Per Share (Rs.) Restated Free Cash Flow Per Share (Rs.) (0.8) (2.8) (8.7) Note: Pre-issue data; Source: Company RHP CHOICE INSTITUTIONAL RESEARCH 7