Company Update Rating matrix Rating : Sell Target : 5 Target Period : 12-18 months Potential Upside : -17% What s changed? Target Changes from 36 to 5 EPS FY17E Changed from 2.7 to 3.9 EPS FY18E Changed form 4. to 4.5 Rating Unchanged Key financials Crore FY15 FY16 FY17E FY18E Net Sales 341 311.6 321.6 395.2 EBITDA 4.5 19.1 41.9 57.3 Net Profit 9.3 (9.6) 1.4 12.3 EPS ( ) 3.4 NA 3.9 4.5 Valuation summary FY15 FY16 FY17E FY18E P/E 17.5-15.6 13.2 Target P/E 13.2-11.8 1. EV / EBITDA 7. 16.1 8.6 6.3 P/BV 1.4 1.5 1.4 1.2 RoNW 7.9 (8.9) 8.8 9.4 RoCE 9.7 1.4 8.4 1.8 Stock data Stock Data Market Capitalization 162 Crore Total Debt (FY16) 162.6 Crore Cash & Investments (FY16) 18.3 Crore EV 36.3 Crore 52 week H/L 65/ 26 Equity capital 13.5 Crore Face value 5 MF Holding (%) - FII Holding (%) 3.2 Research Analyst Chirag J Shah shah.chirag@icicisecurities.com Shashank Kanodia, CFA shashank.kanodia@icicisecurities.com November 1, 216 Pitti Laminations (PITLAM) 6 On recovery mode, heavy baggage, retain SELL Pitti Laminations (Pitti) performance in Q2FY17 was largely tracking the management guidance of muted Q2 and relatively good H2FY17 Net sales for the quarter declined 15% YoY to 66. crore, largely tracking 39% decline in export sales. The EBITDA margin, however, came in higher at 11.8% due to a better metal realisations and costs rationalisation measures being undertaken at Pitti In Q2FY17, EBITDA was at 7.9 crore while PAT was at 1.5 crore Rationalisation of operations to take place in FY17E In the past year, the performance has been subdued primarily on the back of a write-down of high cost inventory and a sharp decline in scrap prices - key contributor to EBITDA margins. Henceforth, FY16 was a washout year for Pitti with the company reporting a substantial loss at the PAT level ( 9.6 crore). Export volumes also declined sharply by 27% YoY to 5717 tonne in FY16 on account of a ramp down in volume offtake by it key customer i.e. GE. Going forward, as the raw material and scrap prices stabilise we expect profitability to return for Pitti in FY17E. Product profile; basic necessity of any process engineering Pitti Laminations (Pitti) is a leading manufacturer of electrical steel laminations, motor cores, sub-assemblies, die-cast rotors and press tools. These products find application in basic capital goods products viz. motors and alternators, which are the quintessential products used in process engineering. It manufactures laminations from 5 mm to 1,25 mm outer diameter. It is one of the few suppliers with tooling, laminations, casting and machining all under one roof. Pitti is a pioneer in the manufacture of traction motor sub-assemblies in India and possesses an indigenously developed tool room with a portfolio of over 3,4 tools. Pitti executing aggressive capex plan; leverage to further increase! The company is executing an aggressive plan and is currently executing two projects. Firstly, it intends to consolidate its lamination manufacturing capacity from Pune & Hyderabad to Aurangabad (Maharashtra) with a capacity of 26 tonne. The total capex spend for this will be 5 crore. It will help reduce logistics costs and, at the same time, push more volumes domestically. This is expected to be operational by the end of Q1FY18E. Secondly, the company plans to develop a machine shop at Hyderabad with a capex of 3 crore with expected commissioning in early FY18E. Thus, Pitti intends to incur a total capex of 8 crore this fiscal year with promoters extending interest free loans of 26 crore while the rest be funded through term loans. This is expected to further increase leverage with consequent debt: equity increasing from 1.5x as of FY16 to 1.8x in FY17E, which is beyond our comfort levels. Good revenue visibility but lacks balance sheet strength & return ratios! Pitti has a good track record of supplying products to GE Group and also bagged a 1 year contract from GE India for supplying laminations for locomotives to be manufactured by GE for Indian Railways (218-3). All this provides good revenue visibility in FY16-18E. However, the company lacks balance sheet strength and return ratios. As of FY16, Pitti has a debt of 163 crore with elongated working capital cycle of 17 days. Pitti has dismal return ratios with RoE & RoCE at ~1%. Going forward, in FY16-18E, we expect sales to grow at a CAGR of 12.6% to 395.2 crore in FY18E. On the PAT front, we expect Pitti to report PAT of 12.3 crore in FY18E vs. loss of 9.6 crore in FY16. We have valued Pitti at 5 i.e. 11x P/E on FY18E EPS of 4.5/share and assign a SELL rating to the stock. ICICI Securities Ltd Retail Equity Research
Exhibit 1: Pictorial description of main product of Pitti Lamination Basic Motor Company Analysis Pitti Laminations (Pitti) is a leading manufacturer of electrical steel lamination, motor cores, sub-assemblies, die-cast rotors and press tools domestically. These products find application in basic capital goods products, viz. motors and alternators, which are quintessentially used in any process engineering. The company was founded in 1983 by Sharad B Pitti. Pitti s main product i.e. laminations are sold both domestically as well as globally while motor housings are meant only for exports. The company is a pioneer of the manufacture of traction motor subassemblies in India and possesses an indigenously developed tool room with a portfolio of over 3,4 tools. Pitti also has a 47% stake in Pitti Castings Pvt Ltd, which manufactures castings. Main product: Electrical steel laminations Stator; around which electrical field is generated and copper coil wounded. It is the most critical component of a motor This stack is made of electrical steel and is of various forms ; It is the main product being manufactured by Pitti Laminations Single lamination Sheet This can either be sold in the form of single sheet or a stack of electrical sheets welded together Stack of lamination sheets Product being manufactures by Pitti Definition: Laminations are steel portions of the stator and rotor consisting of thin lamination sheets stacked together. These laminations can be stacked "loose", welded, or bonded together depending upon application. ICICI Securities Ltd Retail Equity Research Page 2
Electrical steel laminations business - main revenue driver Sales can be broadly classified under four business heads viz. sale of electrical stampings, sale of scrap (bi-product of stamping), sale of tools & job work charges. Exhibit 2: Revenue break-up Sales Bifurcation Units FY11 FY12 FY13 FY14 FY15 FY16 Sale of Stampings crore 231.3 369.1 284.3 219.7 38.6 298.6 Sale of Scrap crore 25. 44.8 39. 32.1 42.2 3.8 Sale of tools crore 2.8 3.5 1.9 4.9 3.1 5. Job Work Charges crore 7.4 6.5 5.1 7.6 6.1 3.6 Total Gross Sales crore 266.5 424. 33.3 264.3 36. 338. Total Net Sales crore 251.8 43.9 37.3 243.4 336.8 39. As of FY16, electrical laminations/stampings constitute a healthy ~88% of its total gross sales followed by scrap (~9%), job work (~1%) and tools (~2%). Stamping business: Volume led growth to prevail Pitti has an installed capacity of 36 tonne per annum (TPA) of electrical stampings/laminations and 3 motor housing/stator frames. Exhibit 3: Stampings volume & realisation trend In FY16, Pitti recorded sales of 19654 tonne of laminations while blended realisations were at 157724/tonne. Export sales in FY16 were at 5717 tonne with corresponding realisations at 246913/tonne. Domestic sales in FY16 were at 13937 tonne with corresponding realisations at 121138/tonne tonne 3 25 2 15 1 5 14752 144366 145932 2522 19693 1555 157278 157724 16882 164465 21413 19654 216 221 2 15 1 5 /tonne FY12 FY13 FY14 FY15 FY16 FY17E FY18E Going forward, total sales volumes are expected to grow at a CAGR of 6.% in FY16-18E to 221 tonne in FY18E. Domestic sales volumes are expected to grow at a CAGR of 1.5% in FY16-18E to 1717 tonne in FY18E while export sales volume are expected to de-grow at a CAGR of 5.7% in FY16-18E to 583 tonne in FY18E Total Volume Blended Realization Domestic vs. export sales volume & realisation Exhibit 4: Domestic sales volume to grow @ 1.5% CAGR in FY16-18E Exhibit 5: Export sales volume to de-grow @ 5.7% CAGR in FY16-18E tonne 2 15 1 5 8563 13194 126464 1211381924 18588 1166 96791 12 1356 1747 13528 13937 15624 1717 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Domestic Volume 16 8 4 Domestic Realization /tonne tonne 14 12 1 8 6 4 2 11828 1816218639 19257221146 6637 438 344598 33955 246913 7885 5717 4536 583 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Export Volume Export Realization 4 35 3 25 2 15 1 5 /tonne ICICI Securities Ltd Retail Equity Research Page 3
Strong clientele both domestically and globally!! By virtue of supplying specialised custom made quality product, Pitti has a very strong clientele with most clients sticking with Pitti for a fairly long time. Domestically, in the laminations segment Pitti s client include ABB, Alstom, Ritz Hydro, Bhel, Crompton Greaves, Cummins, L&T, ReGen Powertech, Siemens and Voith among others. On the global front, GE group entities mainly GE Transportation Systems (GETS) and GE Consumer and Industrial (GECI) constitute the major chunk of its exports. Pitti s customers find application of their products in power generation, transportation, mining, industrial motors, locomotives, aerospace, automobile, oil & gas, earth moving and mining. Stretched working capital: here to stay By virtue of importing raw material for orders from GE group companies and shipping the final product to GE entities through sea, the company has elongated working capital needs with net working capital days (NWCD) at 146 days as of FY14. However, with weak domestic demand coupled with ramp down of offtake by GE group companies, the working capital got further elongated in FY16, with NWCD coming in at 17 days. Going forward, with minimal scope for improvement, we have built in the NWCD at 17 days in FY17E. Exhibit 6: Net working capital days (NWCD) However, on the back of commissioning of new facility in Aurangabad in early FY18E and being close to its raw material source and customers, we have built in working capital improvement at Pitti with consequent NWC days modelled at 155 days for FY18E days 18 16 14 12 1 8 6 4 2 123 167 146 121 17 17 155 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Net WC days Debt to remain at elevated levels, capex execution to weigh on leverage! By virtue of having a stretched working capital cycle, Pitti has considerable amount of debt on its books (FY16 total debt at 163 crore, debt: equity 1.5x). Going forward, debt is expected to remain at elevated levels on the back of executing an aggressive capex plans with consequent debt to equity expected at ~1.7x over FY16-18E. Exhibit 7: Equity, debt, debt: equity crore 25 2 15 1 5 11 153 1.5 19 15 1.4 112 121 1.1 117 136 1.2 17 163 1.5 118 213 1.8 13 218 1.7 2. 1.5 1..5 x FY12 FY13 FY14 FY15 FY16 FY17E FY18E Equity (LHS) Debt (LHS) Debt:Equity (RHS). ICICI Securities Ltd Retail Equity Research Page 4
Exhibit 8: Revenue trend Revenues to grow at 12.6% CAGR in FY16-18E We expect Pitti to clock revenue growth of 12.6% CAGR in FY16-18E to 395.2 crore in FY18E ( 312 crore in FY16) primarily on the back of the management s focus on sustainable profitable growth. Pitti is expected to witness de-growth in export sales volume in FY16-18E while domestic volumes are expected to pick up in the aforesaid period. On the whole, lamination sales volume is expected to grow at a CAGR of 6.% in FY16-18E to 221 tonne in FY18E while blended realisations are expected to grow at a CAGR of 2.% over FY16-18E to 1.64 lakh/tonne in FY18E. Exhibit 9: Revenue break-up - Domestic vs. exports 5 25 217 crore 4 3 2 247.8 341.1 311.6 321.6 395.2 crore 2 15 1 149 158 14 13 171166 168 164 154 141 175 1 5 - FY14 FY15 FY16 FY17E FY18E FY13 FY14 FY15 FY16 FY17E FY18E Domestic Exports In FY18E, apart from lamination business, we have modelled ~ 3 core revenue from the new machining facility being executed by Pitti and due to be commissioned by early FY18E. The same is being accounted as domestic sales. This segment is intended to realise greater EBITDA margins compared to the standalone lamination business Exhibit 1: EBITDA & EBITDA margins trend Domestic sales turnover is expected to grow at a CAGR of 13.7% in FY16-18E to 217 crore in FY18E while exports turnover is expected to grow at a CAGR of 11.4% in FY16-18E to 175 crore in FY18E. EBITDA to grow at 73.4% CAGR in FY16-18E, albeit on lower base We expect EBITDA to grow at a CAGR of 73.4% in FY16-18E to 57.3 crore in FY18E ( 19.1 crore in FY16) primarily on the back of stabilised scrap prices, write-down of high cost inventory and cost savings initiatives undertaken by the company. Consequent EBITDA margins are expected to improve ~85 bps in FY16-18E with FY18E EBITDA margins expected at 14.5% vs. 6.1% in FY16. Exhibit 11: PAT trend crore 7 6 5 4 3 2 1-13.2 13. 11.9 6.1 32.7 4.5 19.1 41.9 57.3 FY14 FY15 FY16 FY17E FY18E 14.5 16 14 12 1 8 6 4 2 - % crore 16 12 8 4 - (4) (8) (12) 12.3 9.3 1.4 4.2 FY14 FY15 FY16 FY17E FY18E (9.6) EBITDA EBITDA Margin Robust EBITDA growth will not lead to robust PAT growth due to increase incidence of depreciation and interest as new capex gets executed and commissioned in FY18E We expect PAT to turn positive in FY17E at 1.4 crore vs. a loss of 9.6 crore in FY16. In FY18E, we expect Pitti to clock PAT of 12.3 crore. Corresponding EPS in FY17E & FY18E is expected at 3.9 & 4.5/share. ICICI Securities Ltd Retail Equity Research Page 5
Outlook and valuation The company is executing an aggressive plan and is currently executing two projects. Firstly, it intends to consolidate its lamination manufacturing capacity from Pune & Hyderabad to Aurangabad (Maharashtra) with a capacity of 26 tonne. The total capex spend for this will be 5 crore. It will help reduce logistics costs and, at the same time, push more volumes domestically. This is expected to be operational by the end of Q1FY18E. Secondly, the company plans to develop a machine shop at Hyderabad with a capex of 3 crore with expected commissioning in early FY18E. Thus, Pitti intends to incur a total capex of 8 crore this fiscal year with promoters extending interest free loans of 26 crore while the rest be funded through term loans. This is expected to further increase leverage with consequent debt: equity increasing from 1.5x as of FY16 to 1.8x in FY17E, which is beyond our comfort levels. Pitti has a good track record of supplying products to GE Group and also bagged a 1 year contract from GE India for supplying laminations for locomotives to be manufactured by GE for Indian Railways (218-3). All this provides good revenue visibility in FY16-18E. However, the company lacks balance sheet strength and return ratios. As of FY16, Pitti has a debt of 163 crore with elongated working capital cycle of 17 days. Pitti has dismal return ratios with RoE & RoCE at ~1%. Going forward, in FY16-18E, we expect sales to grow at a CAGR of 12.6% to 395.2 crore in FY18E. On the PAT front, we expect Pitti to report PAT of 12.3 crore in FY18E vs. loss of 9.6 crore in FY16. We have valued Pitti at 5 i.e. 11x P/E on FY18E EPS of 4.5/share and assign a SELL rating to the stock. Exhibit 12: What s changed Particulars FY17E FY18E Old New % Change Old New % Change Revenue 299.2 321.6 7.5 343.1 395.2 15.2 EBITDA 38.9 41.9 7.7 45.5 57.3 26. EBITDA Margin % 13. 13. 3 bps 13.3 14.5 124 bps PAT 7.3 1.4 42.5 1.9 12.3 12.4 EPS 2.7 3.9 42.5 4. 4.5 12.4 Exhibit 13: Valuation Matrix Sales Growth EPS Growth PE EV/EBITDA RoNW RoCE ( cr) (%) ( ) (%) (x) (x) (%) (%) FY15 336.8-2.8 3.4 57.1 17.5 7. 7.9 9.7 FY16 39. -8.3-3.5 PL. 16.1-8.9 1.4 FY17E 318. 2.9 3.9 LP 15.6 8.6 8.8 8.4 FY18E 392. 23.3 4.5 NM 13.2 6.3 9.4 1.8 PL: Profit to Loss LP: loss to Profit NM: Not meaningful ICICI Securities Ltd Retail Equity Research Page 6
Recommendation history vs. consensus estimate 1 1 8 8 ( ) 6 4 6 4 (%) 2 2 Jun-15 Aug-15 Nov-15 Jan-16 Mar-16 Jun-16 Aug-16 Nov-16 Price Idirect target Consensus Target Mean % Consensus with Hold Source: Bloomberg, Company, ICICIdirect.com Research; *I-direct coverage on Pitti Laminations was initiated on March 215 Key events Date/Year Event 28 Records capacity utilisation of 68% on its new expanded capacity of 25 tonne (production volume at 1785 tonne) 29 Promoters pledge 25.9% of their stake in the company 211 Appoints G Vijay Kumar as Chief Financial Officer (CFO) 212 Expands its capacity from 25 tonne to 32 tonne (production in FY12; 2522 tonne, capacity utilisation 78%) 212 Buys assets of Andhra foundry unit 214 Gets awarded a firm three year contract from GE group companies for supplying laminations worth 6 crore over CY15-17E 215 Board of directors of company approve stock split of company's shares in the ratio of 1:2 215 Sets April 17, 215 as the record date of stock split 215 Company reports muted Q2FY16 results on the back of sharp fall in metal scrap prices and write down of high cost inventory. Pitti reports EBITDA margins of 5.% with PAT at negative 2.8 crore 216 Dismal performance continues at Pitti with Q4FY15 PAT loss of 4.2 crore. For full year FY16, sales stood at 39 crore, EBITDA at 19.1 crore (EBITDA margins 6.1%) and PAT at negative 9.6 crore. Debt: Equity as of FY16 was at 1.5x Top 1 Shareholders Rank Name Latest Filing Date % O/S Position (m) Position Change (m) 1 Pitti Electrical Equipment Pvt. Ltd. 3-Sep-16 25.9 7.. 2 Pitti (Sharad B) 3-Sep-16 15.9 4.3. 3 Pitti (Akshay S) 3-Sep-16 11.7 3.2. 4 Pitti (Madhuri S) 3-Sep-16 6.5 1.8. 5 Arcstone Capital LLC 3-Sep-16 3.2.9. 6 Barclays Wealth 3-Sep-16 1.7.4. 7 Shah (Dhiren Shevantilal) 3-Sep-16 1.1.3 -.4 Shareholding Pattern (in %) Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Promoter 6. 6. 6. 6. 6. FII 2.9 2.9 2.9 3.1 3.2 DII..... Others 37.1 37.1 37.1 36.9 36.8 Source: Reuters, ICICIdirect.com Research Recent Activity Buys Sells Investor name Value (US $ M) Shares (M) Investor name Value (US $ M) Shares (M) Arcstone Capital LLC.2.35 Shah (Dhiren Shevantilal) -.25 -.35 Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 7
Financial summary Profit and loss statement Crore (Year-end March) FY15 FY16 FY17E FY18E Net Sales 336.8 39. 318. 392. Other Operating Income 4.3 2.6 3.6 3.3 Total Operating Income 341.1 311.6 321.6 395.2 Growth (%) 37.6-8.6 3.2 22.9 Raw Material Expenses 223.3 23.2 188.8 235.2 Employee Expenses 31.2 41.3 4.6 47.4 Other Operating Expense 46.2 48. 5.4 55.3 Total Operating Expenditure 3.6 292.5 279.7 337.9 EBITDA 4.5 19.1 41.9 57.3 Growth (%) 23.6-52.9 119.8 36.8 Depreciation 15.8 15.4 14.3 19.6 Interest 11.3 17.1 15.9 21.5 Other Income 1.7 2. 2. 2.1 PBT 15.1-11.4 13.7 18.3 Exceptional Item.... Total Tax 5.8-1.8 3.3 6. PAT 9.3-9.6 1.4 12.3 Growth (%) NM NM NM NM EPS ( ) 3.4-3.5 3.9 4.5 Cash flow statement Crore (Year-end March) FY15 FY16 FY17E FY18E Profit after Tax 9.3-9.6 1.4 12.3 Add: Depreciation 15.8 15.4 14.3 19.6 (Inc)/dec in Current Assets -37.7.2-1.2-4.8 Inc/(dec) in CL and Provisions 39. -19.8 1.3 2.9 Others 11.3 17.1 15.9 21.5 CF from operating activities 37.7 3.3 31.7 33.5 (Inc)/dec in Investments -12.3... (Inc)/dec in Fixed Assets -19.2-6.9-72. -12. Others -1.4-1.9.. CF from investing activities -32.9-8.8-72. -12. Issue/(Buy back) of Equity.... Inc/(dec) in loan funds 15.9 26.2 5. 5. Dividend paid & dividend tax -3.2... Inc/(dec) in Share Cap -.3 -.7.5. Interest Paid -11.3-17.1-15.9-21.5 CF from financing activities 1.1 8.4 34.6-16.5 Net Cash flow 5.9 2.9-5.7 5. Opening Cash 9.5 15.3 18.3 12.5 Closing Cash 15.3 18.3 12.5 17.5 Balance sheet Crore (Year-end March) FY15 FY16 FY17E FY18E Liabilities Equity Capital 13.5 13.5 13.5 13.5 Reserve and Surplus 13.8 93.5 14.4 116.7 Total Shareholders funds 117.3 17. 117.9 13.2 Total Debt 136.5 162.6 212.6 217.6 Deferred Tax Liability 5.8 4. 4. 4. Minority Interest / Others.... Total Liabilities 259.5 273.6 334.5 351.7 Assets Gross Block 162.4 169.3 177.1 259.1 Less: Acc Depreciation 71.7 87.1 11.4 121. Net Block 9.7 82.2 75.7 138.1 Capital WIP 5.8 5.8 7.. Total Fixed Assets 96.5 88. 145.7 138.1 Investments 16.4 16.4 16.4 16.4 Inventory 15.9 117.6 122. 139.6 Debtors 12.6 112. 113.2 134.2 Loans and Advances 26.6 7.4 11.1 12.5 Other Current Assets 4.3 2.4 3.2 3.9 Cash 15.3 18.3 12.5 17.5 Total Current Assets 254.8 257.6 262.1 37.8 Current Liabilities 97. 86. 87.1 17.4 Provisions 11.2 2.4 2.6 3.2 Current Liabilities & Prov 18.2 88.4 89.7 11.6 Net Current Assets 146.6 169.1 172.3 197.2 Others Assets.... Application of Funds 259.5 273.6 334.5 351.7 Key ratios (Year-end March) FY15 FY16 FY17E FY18E Per share data ( ) EPS 3.4-3.5 3.9 4.5 Cash EPS 9.3 2.2 9.1 11.8 BV 43.4 39.6 43.7 48.2 DPS 1.2... Cash Per Share (Incl Invst) 11.8 12.8 1.7 12.6 Operating Ratios (%) EBITDA Margin 11.9 6.1 13. 14.5 PAT Margin 2.7-3.1 3.2 3.1 Inventory days 114.8 138.9 14. 13. Debtor days 111.2 132.3 13. 125. Creditor days 15.1 11.6 1. 1. Return Ratios (%) RoE 7.9-8.9 8.8 9.4 RoCE 9.7 1.4 8.4 1.8 RoIC 1.4 1.5 11. 11.3 Valuation Ratios (x) P/E 17.5 NM 15.6 13.2 EV / EBITDA 7. 16.1 8.6 6.3 EV / Net Sales.8 1. 1.1.9 Market Cap / Sales.5.5.5.4 Price to Book Value 1.4 1.5 1.4 1.2 Solvency Ratios Debt/EBITDA 3.4 8.5 5.1 3.8 Debt / Equity 1.2 1.5 1.8 1.7 Current Ratio 2.4 2.9 2.9 2.8 Quick Ratio 1.4 1.6 1.6 1.5 ICICI Securities Ltd Retail Equity Research Page 8
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, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai 4 93 research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 9
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