3QFY18 Result Update Institutional Equities Thermax 8 February 2018 Reuters: THMX.BO; Bloomberg: TMX IN Healthy Execution, But Margins Disappoint Thermax posted healthy execution in 3QFY18 with standalone revenues rising 25% YoY to Rs9.8bn, while consolidated sales grew 18% YoY to Rs11.2bn. However, margins were under pressure as gross margin was down 270bps YoY at 45.1% while EBITDA margin fell 90bps YoY to 9.4% on a standalone basis, below our/consensus estimate of 9.7%/9.9%, respectively. On a consolidated basis, gross margin declined 590bps YoY to 47.4% while EBITDA margin fell 80bps YoY to 8.5%. Consequently, PAT grew by a moderate 7% YoY to Rs586mn. The consolidated order inflow in 3QFY18 was healthy at Rs14.1bn, up 19% YoY. Consequently, the consolidated order backlog is up 6% sequentially at Rs55.6bn. Thermax is focusing on ramping up its presence in overseas markets as well as scaling up new manufacturing plants of chillers, chemicals and at Indonesia. We have marginally tweaked our earnings estimates for FY19/FY20 and rolled forward our valuation to FY20E financials. We have retained Sell rating on Thermax with a revised target price of Rs985 (Rs870 earlier) based on 26x FY20E earnings. Future growth outlook: In the next upcycle, Thermax expects healthy order inflow from sectors such as refinery and petrochemicals (30% of 9MFY18 inflow), cement, non-ferrous metals, fertilisers, chemicals and consumption-driven sectors such as food processing and alcohol. Unlike in the previous upcycle, coal-based thermal and captive power plants are unlikely to be main growth drivers. Thermax also expects healthy orders from new avenues such as BS6-related capex (Thermax won Rs1.35bn orders in phase 1, phase 2 market opportunity is likely at Rs5bn) and pollution control equipment like SOx. For Thermax, incremental growth in FY19 is expected to come from three greenfield manufacturing plants in Indonesia (for heating boilers and standard package equipment), Dahej (for resin chemicals) and Sri City (for absorption chillers) where production commenced in FY18. Thermax is planning to scale up its presence in international markets and has started to receive enquiries from South East Asia for its new manufacturing plant in Indonesia. Unlike in the previous upcycle, Thermax now has a much bigger international presence and will be able to benefit from global capex outlay. Order inflow position: Thermax posted healthy order inflow in 3QFY18 of Rs14.1bn, up 19% YoY, aided by Rs3.3bn EPC order for a 2x65MW captive power plant from a chemical plant. Energy segment posted order inflow of Rs10.8bn, environment segment posted Rs2.5bn inflow while chemical segment registered Rs810mn inflow. The 9MFY18 order inflow of Thermax is strong, up 45% YoY at Rs47.3bn (49% is overseas), primarily driven by a large ~Rs10bn order won in 1QFY18 from Dangote group, Nigeria, to supply multiple boilers for an upcoming refinery. Consolidated order book was up 6% QoQ at Rs55.6bn, a three-year high. Segment-wise performance: Segment-wise, on a consolidated basis, energy segment s revenues rose 18% YoY to Rs8.7bn with EBIT margin of 8.3% (up 100bps YoY). Environment segment s revenues grew 3% YoY to Rs1.7bn with EBIT margin of 2.8% (down 530bps YoY). Chemical segment s revenues grew 7% YoY to Rs906mn with EBIT margin of 14.4%, down 290bps YoY. Outlook: We have retained our Sell rating on Thermax owing to likely challenges for margin expansion as most of the large orders won by Thermax are fixed-price contracts in an inflationary commodity-cost environment. The current valuation at 31x FY20E earnings is stretched considering a low RoE of 15% in FY20E. SELL Sector: Capital Goods CMP: Rs1,167 Target Price: Rs985 Downside: 16% Chirag Muchhala Research Analyst chirag.muchhala@nirmalbang.com +91-22-6273 8092 Key Data Current Shares O/S (mn) 119.2 Mkt Cap (Rsbn/US$bn) 139.1/2.2 52 Wk H / L (Rs) 1,375/834 Daily Vol. (3M NSE Avg.) 84,528 Price Performance (%) 1 M 6 M 1 Yr Thermax (5.6) 28.7 34.2 Nifty Index (0.8) 4.2 19.5 Source: Bloomberg Y/E March (Rsmn) (standalone) 3QFY18 2QFY18 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%) Net revenues 7,847 8,639 9,805 25.0 13.5 24,215 25,578 5.6 Raw material costs 4,098 4,862 5,385 31.4 10.7 12,675 13,937 10.0 Staff costs 1,096 1,139 1,141 4.1 0.2 3,285 3,395 3.4 Other expenses 1,847 1,777 2,356 27.6 32.5 6,038 6,031 (0.1) Total expenditure 7,041 7,778 8,881 26.1 14.2 21,998 23,363 6.2 EBITDA 807 861 924 14.6 7.4 2,217 2,214 (0.1) EBITDAM (%) 10.3 10.0 9.4 - - 9.2 8.7 - Depreciation 157 150 168 6.9 12.3 492 467 (5.0) Interest costs 6 38 17 209.1 (55.6) 19 60 210.4 Other income 206 219 219 6.2 0.0 705 660 (6.5) PBT 850 892 958 12.7 7.4 2,411 2,347 (2.7) Tax 283 323 326 15.1 0.8 796 822 3.3 Net profit 567 568 632 11.5 11.2 1,615 1,525 (5.6) NPM (%) 7.2 6.6 6.4 - - 6.7 6.0 - EPS (Rs) 4.8 4.8 5.3 11.5 11.2 13.6 12.8 (5.6)
Exhibit 1: Financial summary (consolidated) Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Net sales 51,450 44,831 45,895 54,262 63,691 EBITDA 4,291 4,330 4,085 5,155 6,305 Net profit 2,823 2,230 2,636 3,625 4,510 EPS (Rs) 23.7 18.7 22.1 30.4 37.9 EPS growth (%) 34.6 (21.0) 18.2 37.5 24.4 EBITDA margin (%) 8.3 9.7 8.9 9.5 9.9 P/E (x) 49.3 62.4 52.8 38.4 30.8 P/BV (x) 5.8 5.5 5.2 4.8 4.4 EV/EBITDA (x) 32.1 31.9 33.8 26.7 21.6 Dividend yield (%) 0.5 0.5 0.7 0.9 1.2 RoCE (%) 13.1 13.4 11.9 14.6 17.1 RoE (%) 14.2 12.1 10.5 13.0 14.9 Exhibit 2: Consolidated quarterly financials Y/E March (Rsmn) 3QFY17 2QFY18 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%) Net revenues 9,440 10,331 11,170 18.3 8.1 29,926 30,219 1.0 Raw material costs 4,409 5,474 5,872 33.2 7.3 14,275 15,605 9.3 Staff costs 1,635 1,721 1,720 5.2 (0.1) 5,087 5,152 1.3 Other expenses 2,521 2,185 2,623 4.1 20.1 7,967 6,835 (14.2) Total expenditure 8,565 9,379 10,215 19.3 8.9 27,329 27,591 1.0 EBITDA 875 952 955 9.1 0.3 2,598 2,628 1.2 EBITDAM (%) 9.3 9.2 8.5 - - 8.7 8.7 - Depreciation 197 189 208 5.5 10.0 590 585 (0.7) Interest costs 17 51 25 45.9 (51.3) 72 92 26.7 Other income 252 236 239 (5.3) 1.3 844 714 (15.3) PBT 913 947 961 5.3 1.4 2,780 2,665 (4.1) Tax 335 370 378 12.8 2.2 962 1,031 7.2 Share of profit from associates (42) (10) 3 - - (9) (80) 767.4 Minority interest (12) (4) - - - (15) (10) - Net profit 548 572 586 7.0 2.4 1,823 1,564 (14.2) NPM (%) 5.8 5.5 5.2 - - 6.1 5.2 - EPS (Rs) 4.9 5.1 5.2 7.0 2.4 16.2 13.9 (14.2) Exhibit 3: Consolidated segment-wise snapshot Y/E March 3QFY17 2QFY18 3QFY18 YoY (%) QoQ (%) 9MFY17 9MFY18 YoY (%) Revenues (Rsmn) Energy 7,363 7,857 8,716 18.4 10.9 24,234 23,813 (1.7) Environment 1,686 1,520 1,737 3.0 14.3 4,455 4,217 (5.3) Chemical 850 1,084 906 6.6 (16.4) 2,478 2,809 13.3 Revenue mix (%) Energy 74.4 75.1 76.7 - - 77.8 77.2 - Environment 17.0 14.5 15.3 - - 14.3 13.7 - Chemical 8.6 10.4 8.0 - - 8.0 9.1 - EBIT (Rsmn) Energy 535 470 720 34.6 53.4 1,816 1,715 (5.6) Environment 136 30 49 (63.6) 64.1 132 74 (44.1) Chemical 147 297 130 (11.4) (56.3) 404 516 27.9 EBIT margin (%) Energy 7.3 6.0 8.3 - - 7.5 7.2 - Environment 8.1 2.0 2.8 - - 3.0 1.8 - Chemical 17.3 27.4 14.4 - - 16.3 18.4-2 Thermax
1QFY11 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 3QFY11 1QFY12 3QFY12 1QFY13 3QFY13 1QFY14 3QFY14 1QFY15 Institutional Equities 3QFY15 1QFY16 3QFY16 1QFY17 3QFY17 1QFY18 3QFY18 Exhibit 4: Actual performance versus our estimate, Bloomberg consensus (standalone) 3QFY18 (Rsmn) Actual Our estimate Deviation (%) Bloomberg consensus Deviation (%) Revenues 9,805 8,718 12.5 9,831 (0.3) EBITDA 924 849 8.9 969 (4.6) PAT 632 602 5.0 658 (4.0) Source: Company, Bloomberg, Nirmal Bang Institutional Equities Research Exhibit 5: Change in our earnings estimates (Rsmn) Old New Deviation (%) Y/E March FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY20E Revenues 45,719 52,410 61,618 45,895 54,262 63,691 0.4 3.5 3.4 EBITDA 4,343 5,293 6,532 4,085 5,155 6,305 (6.0) (2.6) (3.5) PAT 2,895 3,702 4,569 2,636 3,625 4,510 (8.9) (2.1) (1.3) Source: Nirmal Bang Institutional Equities Research Exhibit 6: Consolidated order backlog, earnings visibility (Rsbn) 70 60 50 40 30 20 10 0 (x) 2.5 2.0 1.5 1.0 0.5 0.0 Order backlog (LHS) Order backlog to sales ratio (RHS) Exhibit 7: Consolidated order inflow trend (Rsbn) 30 25 (includes Rs17bn RIL order) 20 15 10 5 0 3 Thermax
Apr-06 Jan-07 Oct-07 Aug-08 May-09 Mar-10 Dec-10 Oct-11 Jul-12 May-13 Feb-14 Dec-14 Sep-15 Jul-16 Apr-17 Jan-18 Institutional Equities Exhibit 8: P/E chart (x) 60 50 40 30 20 Median P/E = 26.1x 10 0 Source: Nirmal Bang Institutional Equities Research 4 Thermax
Financial statements (consolidated) Exhibit 9: Income statement Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Net sales 51,450 44,831 45,895 54,262 63,691 % growth (3.0) (12.9) 2.4 18.2 17.4 Raw material costs 27,398 22,642 23,774 28,379 33,438 Staff costs 6,597 6,864 7,022 7,868 9,108 Other overheads 13,163 10,995 11,015 12,860 14,840 Total expenditure 47,158 40,501 41,811 49,107 57,386 EBITDA 4,291 4,330 4,085 5,155 6,305 % growth (7.0) 0.9 (5.7) 26.2 22.3 EBITDA margin (%) 8.3 9.7 8.9 9.5 9.9 Other income 1,224 1,141 1,050 1,220 1,410 Interest costs 122 97 121 103 82 Depreciation 722 819 838 941 1,001 Profit before tax 4,671 4,554 4,176 5,331 6,633 Tax 1,439 1,560 1,420 1,706 2,122 Net profit 3,232 2,994 2,756 3,625 4,510 Profit from associates & JVs (409) (586) (120) - - Extra-ordinary items - (178) - - - Reported PAT 2,823 2,230 2,636 3,625 4,510 % growth 34.6 (21.0) 18.2 37.5 24.4 PAT margin (%) 5.5 5.4 5.7 6.7 7.1 EPS (Rs) 23.7 18.7 22.1 30.4 37.9 % growth 34.6 (21.0) 18.2 37.5 24.4 Exhibit 11: Balance sheet Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E Share capital 225 225 238 238 238 Reserves 23,936 25,151 26,643 28,695 31,204 Net worth 24,162 25,376 26,881 28,934 31,442 Minority interest 0 14 14 14 14 Short-term loans 1,379 853 653 453 253 Long-term loans 342 460 460 460 460 Total loans 1,722 1,313 1,113 913 713 Deferred tax liability (net) (1,049) (993) (993) (993) (993) Total liabilities 24,834 25,710 27,015 28,867 31,176 Gross block 14,555 15,300 18,213 19,413 20,613 Depreciation 7,431 8,250 9,088 10,029 11,029 Net block 7,124 7,050 9,125 9,384 9,584 Capital work-in-progress 600 1,413 100 100 100 Goodwill 1,149 1,057 1,057 1,057 1,057 Investments 10,498 10,830 10,830 10,830 10,830 Inventories 2,903 2,833 3,144 3,568 4,013 Debtors 13,870 11,178 11,442 13,380 15,356 Cash 2,976 2,210 2,172 2,523 3,648 Other current assets 11,486 12,880 12,804 14,394 16,896 Total current assets 31,235 29,101 29,561 33,865 39,913 Creditors 9,964 10,516 10,096 11,663 13,284 Other current liabilities & provisions 15,808 13,225 13,563 14,708 17,025 Total current liabilities 25,772 23,742 23,659 26,371 30,309 Net current assets 5,463 5,359 5,902 7,495 9,604 Total assets 24,834 25,710 27,015 28,867 31,176 Exhibit 4: Exhibit 10: Cash flow Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY20E EBIT 3,569 3,511 3,247 4,214 5,305 (Inc.)/dec. in working capital (934) (663) (581) (1,241) (984) Cash flow from operations 2,635 2,848 2,666 2,973 4,321 Other income 1,224 1,141 1,050 1,220 1,410 Depreciation 722 819 838 941 1,001 Tax paid (-) (2,385) (1,504) (1,420) (1,706) (2,122) Minority interest / profit from JVs (409) (586) (120) - - Net cash from operations 1,788 2,718 3,014 3,428 4,609 Capital expenditure (-) 6,297 (1,558) (1,600) (1,200) (1,200) Net cash after capex 8,085 1,160 1,414 2,228 3,409 Interest paid (-) (122) (97) (121) (103) (82) Dividends paid (-) (860) (858) (1,144) (1,573) (2,002) Inc./(dec.) in short-term borrowing 105 (527) (200) (200) (200) Inc./(dec.) in long-term borrowing (4,600) 118 - - - Inc./(dec.) in total borrowings (4,495) (409) (200) (200) (200) (Inc.)/dec. in investments (2,280) (332) - - - Minority interest (780) 14 - - - Cash from financial activities (8,551) (1,682) (1,452) (1,876) (2,284) Others (401) (244) - - - Opening cash balance 3,844 2,976 2,210 2,172 2,523 Closing cash balance 2,976 2,210 2,172 2,523 3,648 Change in cash balance (867) (767) (38) 352 1,125 Exhibit 5: Exhibit 6: Exhibit 12: Key ratios Y/E March FY16 FY17 FY18E FY19E FY20E Per share (Rs) EPS 23.7 18.7 22.1 30.4 37.9 Book value 202.8 213.0 225.6 242.8 263.9 Valuation (x) P/E 49.3 62.4 52.8 38.4 30.8 P/BV 5.8 5.5 5.2 4.8 4.4 EV/EBITDA 32.1 31.9 33.8 26.7 21.6 EV/sales 2.7 3.1 3.0 2.5 2.1 Return ratios (%) RoCE 13.1 13.4 11.9 14.6 17.1 RoE 14.2 12.1 10.5 13.0 14.9 RoIC 24.8 26.9 22.7 26.7 31.0 Profitability ratios (%) EBITDA margin 8.3 9.7 8.9 9.5 9.9 EBIT margin 6.9 7.8 7.1 7.8 8.3 PAT margin 5.5 5.4 5.7 6.7 7.1 Turnover ratios Total asset turnover ratio (x) 1.9 1.8 1.7 1.9 2.1 Debtor days 98 91 91 90 88 Inventory days 21 23 25 24 23 Creditors days 133 170 155 150 145 5 Thermax
Rating track Date Rating Market price (Rs) Target price (Rs) 27 January 2012 Sell 495 383 3 February 2012 Sell 522 375 13 April 2012 Sell 445 375 14 May 2012 Sell 421 378 27 July 2012 Sell 480 378 4 October 2012 Sell 561 378 31 October 2012 Sell 585 421 3 December 2012 Sell 590 467 7 January 2013 Sell 617 467 4 February 2013 Sell 582 467 9 April 2013 Sell 573 467 23 May 2013 Sell 589 486 8 July 2013 Sell 617 541 9 July 2013 Sell 621 541 26 July 2013 Sell 592 541 7 October 2013 Sell 592 541 8 November 2013 Sell 620 530 10 December 2013 Sell 669 530 7 January 2014 Sell 695 530 22 January 2014 Sell 650 583 11 April 2014 Sell 759 583 29 May 2014 Sell 898 787 10 July 2014 Sell 924 787 24 July 2014 Sell 909 712 9 October 2014 Sell 862 712 5 November 2014 Sell 944 775 9 January 2015 Sell 1,042 775 3 February 2015 Sell 1,141 878 15 April 2015 Sell 1,077 878 28 May 2015 Sell 987 840 8 July 2015 Sell 1,042 840 30 July 2015 Sell 1,042 840 12 October 2015 Sell 857 840 29 October 2015 Sell 847 790 8 January 2016 Sell 881 790 2 February 2016 Sell 813 725 12 April 2016 Sell 747 725 27 May 2016 Sell 743 690 12 July 2016 Sell 891 690 12 August 2016 Sell 904 690 13 October 2016 Sell 893 690 15 November 2016 Sell 889 720 10 January 2017 Sell 798 720 10 February 2017 Sell 860 710 14 February 2017 Sell 866 780 7 April 2017 Sell 974 780 1 June 2017 Sell 1,010 840 6 July 2017 Sell 925 840 10 August 2017 Sell 874 815 9 October 2017 Sell 922 815 9 November 2017 Sell 1,000 870 9 January 2018 Sell 1,321 870 8 February 2018 Sell 1,167 985 6 Thermax
Apr-11 Jun-11 Sep-11 Dec-11 Feb-12 May-12 Aug-12 Nov-12 Jan-13 Apr-13 Jul-13 Sep-13 Dec-13 Mar-14 Jun-14 Aug-14 Nov-14 Feb-15 May-15 Jul-15 Oct-15 Jan-16 Mar-16 Jun-16 Sep-16 Dec-16 Feb-17 May-17 Aug-17 Nov-17 Jan-18 Institutional Equities Rating track graph 1400 1200 1000 800 600 400 200 Not Covered Covered 7 Thermax
DISCLOSURES This Report is published by Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) for private circulation. NBEPL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000001436. NBEPL is also a registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in cash and derivatives segments. NBEPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. NBEPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. NBEPL, its associates or analyst or his relatives do not hold any financial interest in the subject company. NBEPL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. NBEPL or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report. NBEPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. NBEPL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and NBEPL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: I/We, Mr. Chirag Muchhala the research analysts, are the authors of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. 8 Thermax
Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. NBEPL is not soliciting any action based upon it. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any such transaction. In preparing this research, we did not take into account the investment objectives, financial situation and particular needs of the reader. This research has been prepared for the general use of the clients of NBEPL and must not be copied, either in whole or in part, or distributed or redistributed to any other person in any form. If you are not the intended recipient you must not use or disclose the information in this research in any way. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. NBEPL will not treat recipients as customers by virtue of their receiving this report. This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject NBEPL & its group companies to registration or licensing requirements within such jurisdictions. The report is based on the information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete or up-to-date and it should not be relied upon as such. We accept no obligation to correct or update the information or opinions in it. NBEPL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. NBEPL or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. This information is subject to change without any prior notice. NBEPL reserves its absolute discretion and right to make or refrain from making modifications and alterations to this statement from time to time. Nevertheless, NBEPL is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries. Before making an investment decision on the basis of this research, the reader needs to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. Opinions expressed are subject to change without any notice. Neither the company nor the director or the employees of NBEPL accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Here it may be noted that neither NBEPL, nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profit that may arise from or in connection with the use of the information contained in this report. Copyright of this document vests exclusively with NBEPL. Our reports are also available on our website www.nirmalbang.com Access all our reports on Bloomberg, Thomson Reuters and Factset. Team Details: Name Email Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com +91 22 6273 8017 / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com +91 22 6273 8230, +91 22 6636 8833 Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com +91 22 6273 8100/8101, +91 22 6636 8831 Michael Pillai Dealing Desk michael.pillai@nirmalbang.com +91 22 6273 8102/8103, +91 22 6636 8830 Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 301/302, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai-400013. Board No. : 91 22 6273 8000/1; Fax. : 022 6273 8010 9 Thermax