Kalpataru Power Transmission (KALPOW) - ICICI Direct

Result Update
Rating matrix
Rating : Buy
Target : | 98
Target Period : 12 months
Potential Upside : 18%
Key Financials
| Crore FY11 FY12 FY13E FY14E
Net Sales 2,839 3,032.7 3,497.6 3,765.0
EBITDA 328.1 329.2 364.2 395.5
Net Profit 189.0 164.9 172.2 192.6
EPS (|) 12.3 10.7 11.2 12.5
Valuation summary
FY11 FY12 FY13E FY14E
P/E 6.7 7.7 7.4 6.6
Target P/E 8.0 9.1 8.7 7.8
EV / EBITDA 4.8 4.9 5.0 4.1
P/BV 0.8 0.7 0.7 0.6
RoNW 11.9 9.5 9.1 9.4
RoCE 13.8 12.8 12.2 12.6
Stock data
Market Capitalization | 1275.3 Crore
Total Debt (FY13E) | 597.1 Crore
Cash and Investments (FY13E) | 63.1 Crore
EV | 1809.3 Crore
52 week H/L 125 / 65
Equity capital | 30.7 Crore
Face value | 2
DII Holding (%) 22.9
FII Holding (%) 12.2
Price movement
(Index)
6,000
5,500
5,000
4,500
4,000
Nov-11
Analyst’s name
Feb-12
Chirag J Shah
shah.chirag@icicisecurities.com
May-12
Aug-12
Price (R.H.S) Nifty (L.H.S)
Sonabh Bubna
sonabh.bubna@icicisecurities.com
Nov-12
130
120
110
100
90
80
70
60
50
40
(|)
ICICI Securities Ltd | Retail Equity Research
WHAT’S CHANGED…
November 1, 2012
Kalpataru Power Transmission (KALPOW)
PRICE TARGET ........................................................................... Changed from | 91 to | 98
EPS (FY13E)........................................................................... Changed from |11.5 to |11.2
EPS (FY14E)........................................................................... Changed from |13.0 to |12.5
RATING...............................................................................................................Unchanged
Execution robust but margins tepid…
Kalpataru Power and Transmission (KPTL) reported a mixed set of
Q2FY13 numbers. While the topline at | 714.7 crore was largely in line
with expectations, a dismal performance on the margin front played
spoilsport. EBITDA margins at 8.9% were noticeably below our
expectations of 10.5% and management’s guidance of 10-11% for the full
year. Consequent to a lower operating performance, the PAT came in at
| 26.5 crore. The hit on margins had been primarily on account of
increased input prices and execution of lower margin orders.
Riding on robust order book and promising revenue growth…
Riding on robust execution flow, KPTL has been able to maintain a
commendable growth momentum of more than 15-20% YoY, with the
same carrying on in Q2FY13. The standalone order book stands at a
robust | 6,100 crore, with the book to bill at 1.9x (on a TTM basis). The
order inflows for the quarter stood at | 600 crore. The management has
further guided for a few big ticket order wins in which it has L1 status
(four international tenders and two domestic tenders). These orders will
get booked in Q3FY13.
Higher input costs drag down margins
A rise in steep steel prices and execution of low margin orders dragged
down margins. However, a portion of such rise in steel prices will get
reversed as the related benchmarks for claiming cost escalation also rise.
KPTL’s 69% subsidiary JMC reported strong growth in topline to | 606.6
crore, a 43% YoY increase but operating margins remained sluggish,
pulling down PAT to | 2.5 crore.
Pick-up in margins to be key factor, Maintain Buy at 7xFY14E EPS
| 83
Execution rates have certainly improved over the last couple of quarters
as exhibited by revenue growth of over 20% YoY. However, at the same
time margins have taken a back seat owing to a structural shift in the
composition of backlog (shift towards international orders). A pick-up in
margins will be the key catalyst, going ahead. We continue to value KPTL
on an SOTP basis (roll our valuations on FY14E and ascribe multiple of 7x
for base business and 20% holding company discount to M-Cap of JMC)
and arrive at a target price of | 98/share.
Exhibit 1: Financial Performance
(| Crore) Q2FY13 Q2FY13E Q2FY12 Q1FY13 QoQ (Chg %) YoY (Chg %)
Total Operating Income 714.7 707.1 583.3 699.4 2.2 22.5
EBITDA 63.4 74.1 70.8 70.4 -9.9 -10.4
EBITDA Margin (%) 8.9 10.5 12.1 10.1 -119 bps -326 bps
Depreciation 12.6 12.2 12.1 12.0 4.7 4.6
Interest 25.7 30.6 24.2 31.4 -18.3 6.1
Other Income 13.6 11.5 13.8 13.2 3.0 -1.2
Reported PAT 26.5 29.6 34.3 27.3 -3.0 -22.6
EPS (|) 1.7 1.9 2.2 1.8 -3.0 -22.6
Source: Company, ICICIdirect.com Research

The standalone order backlog at | 6100 crore renders good
revenue visibility for FY13E and FY14E. KPTL won orders
worth | 600 crore during Q2FY13. On a consolidated basis,
the backlog stands at | 11300 crore (KPTL+JMC Projects)
Exhibit 2: Assumption sheet
(%) FY11 FY12 FY13E FY14E
Order inflow growth 25.6 8.7 4.5 15.1
Order backlog growth 10.0 10.9 8.5 11.1
Revenue Growth 9.3 6.8 15.3 7.6
EBITDA margins 11.6 10.9 10.4 10.5
PAT Growth 9.5 -12.8 4.4 11.9
Source: Company, ICICIdirect.com Research
Order backlog and inflow analysis:
• The company has a strong carry forward of orders at | 6100 crore,
presenting strong revenue growth ahead
• With | 600 crore of new orders added during the quarter, the
company had been able to maintain an order replacement ratio of
0.84x
• Of the total order book, 50% is on a variable cost basis while the
rest are on fixed cost basis (international orders)
• KPTL is already L1 in six large orders that it expects to flow in by
Q3FY13. Of these, four projects are from international markets while
the remaining two are from domestic markets
• JMC has an order backlog of | 5200 crore with new order wins
during the quarter amounting to | 250 crore
Exhibit 3: Trend of order backlog for standalone business
(| Crore) .
7000
6000
5000
4000
3000
2000
1000
0
5200 5000 4800 5000 5000
Q3FY10
ICICI Securities Ltd | Retail Equity Research Page 2
Q4FY10
Q1FY11
Q2FY11
Source: Company, ICICIdirect.com Research
Q3FY11
5500
Q4FY11
5900 6000
Q1FY12
Q2FY12
5500
Q3FY12
6100 6170 6100
Q4FY12
Q1FY13
Q2FY13

KPTL received orders worth | 600 crore. Of the overall
standalone order book, 50% have a price variation clause.
For JMC Projects, the total order book is |5200 crore. The
order replacement ratio stood at 0.84x
Current book to bill ratio at 1.9x renders visibility into FY13E
and FY14E provided execution remains stable. In terms of
order backlog break-up, transmission orders continue to
dominate with a nearly 901% share in the backlog, with
infrastructure and distribution segment combined having a
tenth share in the backlog
Exhibit 4: Trend in order inflows
(| Crore) .
2500
2000
1500
1000
500
0
429
Q3FY10
ICICI Securities Ltd | Retail Equity Research Page 3
652
Q4FY10
345
Q1FY11
842 804
Q2FY11
Source: Company, ICICIdirect.com Research
Exhibit 5: Book to bill trend (on TTM basis)
(x)
2.5
2.3
2.1
1.9
1.7
1.5
1.3
1.1
0.9
0.7
0.5
Q3FY10
2.3
Q4FY10
1.9
Q1FY11
1.8
Q2FY11
Source: Company, ICICIdirect.com Research
1.8
Revenue and profitability analysis
Q3FY11
Q3FY11
1.8
1401
Q4FY11
Q4FY11
1.9
995
Q1FY12
Q1FY12
2.0
694
Q2FY12
Q2FY12
2.1
315
Q3FY12
Q3FY12
1.9
2000
Q4FY12
Q4FY12
2.0
650 600
• Led by a strong execution, revenues jumped a handsome ~22%
YoY. Of the total revenues, 89% was booked from transmission,
10% from infrastructure & power and 1% from DMC
• EBITDA margins at 8.9% were noticeably below our expectations
of 10.5% and the management’s guidance of 10-10.5% for the full
year.
• A favourable rupee movement led to forex saving in finance cost
of | 2 crore, thereby bringing the same down to | 25.7 crore from
| 31.4 crore in the last quarter
• JMC Projects reported a strong topline growth of 43.0% to | 606.6
crore. However, weaker EBITDA margins played spoilsport owing
a sharp rise in raw material costs. The management has further
revised down the EBITA margins expectation from the last quarter
of 6.0-6.5% to 5-6.0% level in the current quarter
• Given the strong order book and consequent revenue visibility,
we estimate the topline and bottomline will grow at a CAGR of
11.4% and 8.0% over FY12-14E, respectively, for the standalone
business
Q1FY13
Q1FY13
2.0
Q2FY13
Q2FY13
1.9

KPTL witnessed strong topline growth (at the standalone
level), with revenues at | 714.7 crore, up 22.5% YoY
For the subsidiaries, JMC reported robust revenue growth
of 43% YoY in Q2FY13
EBITDA margins at 8.9% were sharply lower by 326 bps
YoY. Given the rising share of international/fixed price
orders in the overall order backlog, margins in the range
of 10-10.5% are supposed to be the new normal, going
ahead. We have built in margins of 10.1-10.5% over
FY13E-14E
Exhibit 6: Revenue trend
(| Crore) .
1200
1100
1000
900
800
700
600
500
400
300
200
836.7
715.8
Q3FY10
ICICI Securities Ltd | Retail Equity Research Page 4
Q4FY10
535.6
Q1FY11
630.4
Q2FY11
Source: Company, ICICIdirect.com Research
Exhibit 7: EBITDA margin trend
(%)
14
13
12
11
10
9
8
7
Q3FY10
11.0 10.9
Q4FY10
Q1FY11
13.0
Q2FY11
Source: Company, ICICIdirect.com Research
789.7
Q3FY11
884.6
Q4FY11
584.6 583.3
Q1FY12
Q2FY12
800.8
Q3FY12
Total net sales Growth ( RHS)
11.4 11.3 11.1
Q3FY11
Q4FY11
Q1FY12
11.5
Q2FY12
12.2
1061.6
Q4FY12
Q3FY12
11.3
699.4 714.7
Q1FY13
Q4FY12
8.8
Q2FY13
Q1FY13
80
70
60
50
40
30
20
10
0
-10
-20
10.1
(%) .
Q2FY13
8.9

Exhibit 8: Trend in segmental EBIT margins
(%)
14
12
10
8
6
4
2
0
-2
-4
Q1FY11
12.3
9.4
-2.0
ICICI Securities Ltd | Retail Equity Research Page 5
Q2FY11
10.6
8.5
0.5
Q3FY11
Source: Company, ICICIdirect.com Research
Exhibit 9: PAT build-up for Q2FY13 vs. Q2FY12 (as percentage of total operating income)
(%)
100
80
60
40
20
0
100.0
Total Operating Income
49.3
Raw Material Expenses
22.5
Sub Contracting Charges
9.1
Other Operating Expenses
Q2FY12
6.9
Employee Expenses
Source: Company, ICICIdirect.com Research
12.1
Operating Profit (EBITDA)
2.4
Other Income
4.1
Interest
2.1
Depreciation
2.4
Total Tax
5.9
PAT
(%)
100
80
60
40
20
0
10.0 9.9 10.0
8.8
2.5 2.2
Q4FY11
0.5
Q1FY12
10.4
2.8
Q2FY12
11.7 10.4
3.5
-0.1
Q3FY12
5.9
2.1
7.9
8.5
Q4FY12
0.8
Q1FY13
9.2
4.2
-0.3
Transmission & Distribution Bio-mass Energy Infrastructure
100.0
Total Operating Income
52.4
Raw Material Expenses
22.3
Sub Contracting Charges
10.5
Other Operating Expenses
6.0
Employee Expenses
Q2FY13
1.9 3.6
8.9 1.8 1.7
3.7
Operating Profit (EBITDA)
Other Income
Interest
Depreciation
Total Tax
PAT
8.1
3.2
Q2FY13
-1.2

Valuations
Execution rates have certainly improved over the last couple of quarters
as exhibited by revenue growth of over 20% YoY. However, at the same
time margins have taken a back seat owing to a structural shift in the
composition of backlog (shift towards international orders). A pick-up in
margins will be the key catalyst, going ahead. We continue to value KPTL
on an SOTP basis (roll our valuations on FY14E and ascribe multiple of 7x
for base business and 20% holding company discount to M-Cap of JMC)
and arrive at a target price of | 98/share.
Exhibit 10: Valuation snapshot
Exhibit 11: Twelve months forward P/E
(X)
12
10
8
6
4
2
0
Apr-11
May-11
Jun-11
ICICI Securities Ltd | Retail Equity Research Page 6
Jul-11
Aug-11
Sep-11
Oct-11
Source: Company, ICICIdirect.com Research
Stake held Estimated Value Contribution to KPTL Methodology
% | crore | crore |/share
Standalone Business 100 1,348 1,348 88 7X FY14E EPS
JMC Projects 69.4 281 156 10
Total SOTP valuation 1,629 1,504 98
Source: Company, ICICIdirect.com Research
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
12 m Forward P/E
Apr-12
May-12
Jun-12
Jul-12
20% discount to current
market cap
Aug-12
Sep-12
Oct-12
Nov-12

Financial summary
Profit and loss statement
(Year-end March) FY11 FY12 FY13E
(| Crore)
FY14E
Total operating Income 2,838.8 3,032.7 3,497.6 3,765.0
Growth (%) 9.3 6.8 15.3 7.6
Raw Material Expenses 1,289.3 1,502.9 1,737.0 1,852.8
Employee Expenses 193.4 170.2 193.7 226.9
Sub Contracting Charges 759.8 734.7 831.5 918.1
Other Operating Expenses 268.1 295.7 371.1 371.9
Other expenses 0.0 0.0 0.0 0.0
Total Operating Expenditure 2,510.7 2,703.5 3,133.4 3,369.5
EBITDA 328.1 329.2 364.2 395.5
Growth (%) 7.8 0.3 10.6 8.6
Depreciation 46.0 48.1 60.3 69.1
Interest 80.2 108.2 119.1 104.0
Other Income 53.1 51.2 60.8 65.0
PBT 255.1 224.0 245.7 287.4
Others 0.0 0.0 0.0 0.0
Total Tax 66.0 59.2 73.5 94.8
PAT 189.0 164.9 172.2 192.6
Growth (%) 9.5 -12.8 4.4 11.9
EPS (|) 12.3 10.7 11.2 12.5
Source: Company, ICICIdirect.com Research
Balance sheet
(Year-end March)
Liabilities
FY11 FY12 FY13E
(| Crore)
FY14E
Equity Capital 30.7 30.7 30.7 30.7
Reserve and Surplus 1,560.0 1,712.3 1,859.0 2,021.1
Total Shareholders funds 1,590.7 1,743.0 1,889.7 2,051.8
Total Debt 447.3 447.1 597.1 547.1
Deferred Tax Liability 10.7 9.8 9.8 9.8
Minority Interest / Others 0.0 0.0 0.0 0.0
Total Liabilities 2,048.6 2,199.9 2,496.7 2,608.7
Assets
Gross Block 538.5 625.1 711.7 811.7
Less: Acc Depreciation 179.2 229.4 289.8 358.9
Net Block 359.3 395.7 422.0 452.9
Capital WIP 14.6 59.1 59.1 59.1
Total Fixed Assets 374.0 454.9 481.1 512.0
Investments 395.6 404.9 414.9 514.9
Inventory 241.0 321.2 345.1 354.4
Debtors 1,284.9 1,513.4 1,618.1 1,851.8
Loans and Advances 494.2 652.0 598.7 678.0
Other Current Assets 488.5 453.2 484.9 453.9
Cash 144.2 101.6 63.1 207.5
Total Current Assets 2,652.9 3,041.2 3,109.8 3,545.7
Creditors 894.3 1,048.5 1,284.9 1,234.5
Provisions 149.5 141.0 179.9 172.8
Total Current Liabilities 1,373.8 1,701.1 1,509.1 1,963.9
Net Current Assets 1,279.1 1,340.2 1,600.7 1,581.8
Others Assets 0.0 0.0 0.0 0.0
Application of Funds 2,048.7 2,200.0 2,496.7 2,608.8
Source: Company, ICICIdirect.com Research
Cash flow statement
(Year-end March) FY11 FY12 FY13E
(| Crore)
FY14E
Profit after Tax 189.0 164.9 172.2 192.6
Add: Depreciation 46.0 48.1 60.3 69.1
(Inc)/dec in Current Assets -163.5 -431.0 -107.0 -291.4
Inc/(dec) in CL and Provisions 130.3 327.3 -192.0 454.8
Others 0.0 0.0 0.0 0.0
CF from operating activities 201.8 109.2 -66.5 425.0
(Inc)/dec in Investments -269.1 -9.4 -10.0 -100.0
(Inc)/dec in Fixed Assets -81.5 -129.0 -86.6 -100.0
Others 0.0 0.0 0.0 0.0
CF from investing activities -353.9 -139.2 -96.6 -200.0
Issue/(Buy back) of Equity 4.2 0.0 0.0 0.0
Inc/(dec) in loan funds -157.0 -0.2 150.0 -50.0
Dividend paid & dividend tax -26.4 -26.2 -26.9 -30.5
Inc/(dec) in Sec. premium 435.0 0.0 0.0 0.0
Others 0.0 7.6 0.0 0.0
CF from financing activities 259.5 -12.7 124.6 -80.5
Net Cash flow 107.4 -42.7 -38.5 144.5
Opening Cash 36.9 144.2 101.6 63.1
Closing Cash 144.2 101.6 63.1 207.5
Source: Company, ICICIdirect.com Research
Key ratios
(Year-end March) FY11 FY12 FY13E FY14E
Per share data (|)
EPS 12.3 10.7 11.2 12.5
Cash EPS 15.3 13.9 15.2 17.1
BV 103.7 113.6 123.1 133.7
DPS 1.5 1.5 1.5 1.7
Cash Per Share 9.4 6.6 4.1 13.5
Operating Ratios (%)
EBITDA Margin 11.6 10.9 10.4 10.5
PBT / Total Operating income 0.0 0.0 0.0 0.0
PAT Margin 6.7 5.4 4.9 5.1
Inventory days 32.8 34.0 35.0 34.0
Debtor days 165.2 183.0 170.0 180.0
Creditor days 115.0 126.8 135.0 120.0
Return Ratios (%)
RoE 11.9 9.5 9.1 9.4
RoCE 13.8 12.8 12.2 12.6
RoIC 11.0 9.9 8.8 9.1
Valuation Ratios (x)
P/E 6.7 7.7 7.4 6.6
EV / EBITDA 4.8 4.9 5.0 4.1
EV / Net Sales 0.6 0.5 0.5 0.4
Market Cap / Sales 0.4 0.4 0.4 0.3
Price to Book Value 0.8 0.7 0.7 0.6
Solvency Ratios
Debt/EBITDA 1.4 1.4 1.6 1.4
Debt / Equity 0.3 0.3 0.3 0.3
Current Ratio 1.9 1.8 2.1 1.8
Quick Ratio 1.9 1.7 2.0 1.7
Source: Company, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research Page 7

ICICIdirect.com Research coverage universe (Capital Goods)
CMP M Cap
EPS (|) P/E (x) P/BV (x) RoA (%)
RoE (%)
Sector / Company
(|) TP(|) Rating (| Cr) FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E
Thermax (THERMA) 583 432 Sell 6937.7 34.1 31.7 30.9 16.8 18.4 18.9 4.3 3.7 3.2 30.4 24.0 22.4 25.4 20.2 17.3
BGR Energy (BGRENE) 266 349 Buy 1912.3 30.9 28.0 34.1 8.6 9.5 7.8 1.9 1.6 1.5 15.3 12.8 13.8 19.2 15.3 16.6
Hindustan Dorr (HINDOR) 25 22 Sell 181.8 -4.2 1.6 3.9 n/a 15.7 6.5 0.9 0.6 0.5 14.0 6.1 10.3 12.7 4.0 9.0
Sterlite Technologies (STEOPT) 30 31 Hold 1177.8 1.1 3.3 3.8 28.7 9.0 7.8 1.1 1.0 0.9 6.9 11.6 11.4 3.6 10.4 10.9
KEC International (KECIN) 62 68 Hold 1567.4 8.1 7.3 8.9 7.6 8.6 7.0 1.6 1.4 1.2 19.1 16.9 17.2 18.9 14.7 15.7
Jyoti Structures (JYOSTR) 45 55 Hold 357.2 10.4 9.5 12.5 4.3 4.7 3.6 0.5 0.4 0.4 20.1 17.5 18.3 12.8 10.6 12.4
Kalpataru Power (KALPOW) 83 103 Hold 2943.0 10.7 11.2 12.5 7.7 7.4 6.6 0.7 0.7 0.6 12.8 12.2 12.6 9.5 9.1 9.4
Larsen & Toubro (LARTOU) 1634 1840 Buy 99510.6 72.5 76.8 88.8 22.5 21.3 18.4 4.0 3.6 3.1 15.6 14.8 16.3 17.5 16.6 16.8
Mcnally Bharat (MCNBHA) 107 113 Buy 322.2 25.2 22.7 33.1 4.2 4.7 3.2 0.7 0.6 0.5 15.6 16.1 17.2 20.0 15.4 18.6
BHEL 227 205 Hold 55497.1 28.8 25.9 22.8 7.9 8.7 10.0 2.2 1.9 1.7 35.7 27.5 21.2 27.7 21.2 16.4
Source: Company, ICICIdirect.com Research
Exhibit 12: Recommendation History
(|)
160
140
120
100
80
60
40
20
0
Nov-11
Dec-11
ICICI Securities Ltd | Retail Equity Research Page 8
Jan-12
Feb-12
Mar-12
Source: Bloomberg, ICICIdirect.com Research
Apr-12
May-12
Jun-12
Jul-12
Price Target Price
Exhibit 13: Recent Releases
Date Event CMP Target Price Rating
31-Mar-11 Initiating Coverage 135 147 ADD
8-Apr-11 Q4FY11 Preview 139 147 ADD
18-May-11 Q4FY11 Result Update 121 147 BUY
5-Jul-11 Q1FY12 Preview 129 147 BUY
1-Aug-11 Q1FY12 Result Update 127 147 BUY
5-Oct-11 Q2FY12 Preview 104 147 BUY
25-Oct-11 Q2FY12 Result Update 100 125 BUY
22-Feb-12 Q3FY12 Result Update 115 124 HOLD
0-Jan-00 Q4FY12 Preview 108 124 HOLD
22-May-12 Q4FY12 Result Update 82 103 BUY
5-Jul-12 Q1FY13 Result preview 82 103 BUY
7-Aug-12 Q1FY13 Result Update 70 91 BUY
Source: Company, ICICIdirect.com Research
Aug-12
Sep-12
Oct-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%/20% for large caps/midcaps, respectively, with high conviction;
Buy: > 10%/ 15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;
ANALYST CERTIFICATION
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 – 400 093
research@icicidirect.com
We /I, Chirag J Shah PGDBM Sonabh Bubna MBA 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
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