Company Update

May 30, 2018

Rating matrix
Rating : Buy Bodal Chemicals (BODCHE) | 150
Target : | 168
Target Period
Potential Upside
:
:
12-18 months
12% Expansion in place, volume led growth ahead!
 Bodal Chemicals (Bodal) reported a muted Q4FY18 performance on
What’s changed? the back of softer blended realisation compared to base quarter. Net
Target Changed from | 150 to | 168 sales for the quarter were at | 282.4 crore, down 2.8% YoY
EPS FY19E Changed from | 10.4 to | 10.3
 EBITDA in Q4FY18 came in at | 46.7 crore with corresponding
EPS FY20E Changed from | 11.5 to | 11.2
EBITDA margins at 16.5% (down 220 bps YoY). Lower margins were
Rating Unchanged
a result of higher overheads incurred in FY18 due to execution of
major expansion projects and were not operational in nature
Key financials
 PAT in Q4FY18 was at | 39.7 crore, up 23.4% YoY and largely aided
| crore FY17 FY18 FY19E FY20E
Net Sales 1236 1142 1288 1346
by a write-back of depreciation on account of a change in
EBITDA 226 194 219 232 depreciation policy from WDV to SLM method
Net Profit 129 123 126 136 Capacity in place, ramp up to fuel profitable growth
EPS (|/share) 11.8 10.0 10.3 11.2
Bodal has successfully commissioned its 12,000 tonne dyestuff expansion
in March 2018 at a capex of ~| 56 crore. Given the completely backward
Valuation summary integrated nature of the facility, the stable EBITDA margin profile of
FY17 FY18 FY19E FY20E
dyestuff compared to dye intermediates, the management has
P/E 14.2 15.0 14.6 13.4
consciously planned to increase the proportionate share of dyestuff in the
Target P/E 16.0 16.8 16.3 15.0
EV / EBITDA 8.7 10.3 8.4 7.5
overall sales mix. Bodal has also undertaken certain capital expenditures
P/BV 4.6 2.6 2.3 2.0 in the form of Thionil chloride (~| 30 crore) and 5 MW co-generation
RoNW 34.9 17.6 15.6 14.8 power plant (~| 57 crore) that are targeted to further boost operational
RoCE 38.5 21.2 20.1 19.5 efficiencies. The management has guided that these facilities will be fully
ROIC 38.4 21.4 22.4 23.5 operational by Q2FY19 and are expected to result in 150-200 bps
improvement in EBITDA margins in FY18-20E. Lastly, Bodal has also set
up a vinyl sulphone facility for a capex of ~| 20 crore at its subsidiary
Stock data
facility SPS Processors. This facility will offer operational efficiencies as
Stock Data | crore
Market Capitalization 1833
well as incremental revenues to the tune of ~| 120 crore. Therefore, with
Total Debt (FY18) 180.9 requisite capacity in place amid a tightening supply scenario in China, we
Cash and Cash Equivalent (FY18) 9.7 expect volume led growth to sustain in FY18-20E.
Enterprise Value 2004.1 Dyes, dye intermediates; India in sweet spot; strategic fit
52 week H/L 194 / 110
Dye intermediates find application in the manufacture of dyes, which in
Equity Capital 24.4
Face Value |2
turn, are used as colouring agents in textiles. As per industry estimates,
MF Holding (%) 6.7 the global industry size for dyestuff & dye intermediates (FY16) was at
FII Holding (%) 7.4 ~800,000 and ~620,000 tonne per annum (TPA), respectively, growing at
a CAGR of 2-3%. China and India govern the industry with a market share
Stock data of ~75% and ~15%, respectively. However, stringent environmental
Return (%) 1M 3M 6M 12M regulations, rising labour & power costs and declining export incentives
Shree Pushkar Chemicals (3.5) (13.0) (16.8) (2.9) have eroded the low cost competitiveness of Chinese manufacturers.
Kiri Industries (8.8) (20.1) (17.2) 51.7 Sensing the opportunity, Indian manufacturers, including Bodal, have
Bodal (3.3) (15.0) (26.6) (20.0) expanded capacities as global customers turn to India as a strategic fit to
Bhageria Industries (8.5) (4.5) 2.7 (13.7) diversify their procurement base, placing India in a sweet spot.
Aksharchem (India) (2.3) (9.0) (10.0) (35.6)
Largest integrated dyestuff player domestically; maintain BUY!
Research Analyst Bodal stands to gain with expanded capacity at play and recent spike in
prices of its key products due to Chinese supply clampdown sighting
Chirag J Shah
[email protected] environmental issues. We expect the company to clock sales &
Shashank Kanodia, CFA
normalised PAT CAGR of 8.6% & 10.1%, respectively, in FY18-20E. On the
[email protected] balance sheet front, the company maintains a comfortable gross debt:
equity profile of 0.3x as of FY18. Bodal has a capital efficient business
model wherein it realises ~2x asset turnover and records ~16%+
EBITDA margins amid controlled working capital cycle (~85 days) thereby
resulting in impressive return ratios at ~20%. Bodal also generates
heathy cash flows, with present CFO yield of ~10%. We value Bodal at
| 168 i.e. 15.0x P/E on FY20E EPS of | 11.2/share. We have a BUY rating
on the stock. We also derive comfort from an increase in core promoter
stake and strong customer profile like BASF in the dyestuff space.

ICICI Securities Ltd | Retail Equity Research

 Company Analysis
Bodal is the largest fully integrated manufacturer of dye intermediates and
dyestuff in India (Gujarat) catering to the textile, leather and paper
industry. The company was established in 1989 as JK Pharma to produce
intermediates used in manufacturing dyestuff. Thereafter, in 1994, it was
renamed Bodal Chemicals and expanded its dye intermediates basket by
setting up additional facilities. Over 2004-10, Bodal undertook both
backward and forward integration by setting up a 450 TPD sulphuric acid
and 12,000 tonne per annum dyestuff plant, respectively. In 2017, Bodal
made a strategic investment in Trion Chemicals (water treatment
chemicals) & acquired controlling stake in SPS Processors (dye
intermediates). Sensing capacity constraints and declining Chinese
supplies due to environmental clampdowns, Bodal embarked on a major
capex programme to the tune of ~| 250 crore (funded via QIP route) in
FY18. This expansion offers Bodal with the requisite capacity to achieve
volume led growth and improve operational efficiencies through further
integration. All facilities will be fully commissioned by Q2FY19E, taking
the overall capacity of basic chemicals, dye intermediates and dyestuff to
226,000 tonne, 39,000 tonne and 29,000 tonne, respectively.
Strategic move to increase exposure to steady margin dyestuff!!
On a standalone basis, dye intermediates constituted a lion’s share of
topline in FY18 at | 589.5 crore (53% of sales) followed by dyestuff at
| 353.3 crore (32% of sales). Post commissioning of 12,000 tonne dyestuff
facility in March 2018, dyestuff sales are expected to increase to | 543.8
crore (45% of sales) in FY20E. Part of the decline in dye intermediates
sales is on account of higher captive usage in the production of dyestuff.
Overall, the gradual shift towards dyestuff augurs well for Bodal thereby
offering an impressive growth trajectory and better stability in terms of
margins as compared to dye intermediates.

Exhibit 1: Sales mix in FY18 Exhibit 2: Sales mix in FY20E

Others Basic
Others Basic
7% Chemicals
6% Chemicals
11%
10%

Dyestuff
32%
Dye
Dyestuff
Intermediates
45%
37%
Dye
Intermediates
52%

Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research

Healthy topline growth driven by dyestuff expansion!

Bodal has successfully augmented its dyestuff capacity from 17,000 tonne
in FY17 to 29,000 tonne in March 2018. Therefore, at peak utilisation, this
facility is expected to clock incremental revenues to the tune of ~| 128
Bodal is expected to commission a 6000 tonne vinyl sulphone
capacity by Q2FY19E at its subsidiary SPS Processors. Apart crore (after accounting for cannibalisation of existing dye intermediates
from providing operational efficiency benefits the expansion at sales) at a stable EBITDA margins of 15-17% thereby implying a RoCE in
peak utilisation would lead to incremental revenues of ~| 120 excess of 25%. Overall, we expect Bodal to record net sales of | 1346
crore with a superior return ratio profile
crore in FY20E (| 1142 crore in FY18) thereby registering a sales CAGR of
8.6% during FY18-20E.

ICICI Securities Ltd | Retail Equity Research Page 2

 Exhibit 3: Net sales trend

1400
1346
1350
1288
1300
1236
1250

| crore
1200
1142
1150
1100
1050
1000
FY17 FY18 FY19E FY20E

Source: Company, ICICI Direct Research

Operational efficiency measures to help maintain healthy 16%+ margins.

At a consolidated level the management considers EBITDA
Over FY14-18, EBITDA margins have held steady at 16-20%. The strategic
margins of 16% to be sustainable. However, post the intent of management to move higher on the value chain by increasing
commissioning of Thionil chloride and Co-gen power plant they the proportion of dyestuff in the overall sales mix inherently offers higher
believe that the sustainable margins will receive a boost of stability on the margin front. Apart from that Bodal has undertaken certain
150-200 bps due to operational efficiency benefits.
capital expenditure in the form of Thionil chloride and 5 MW co-
generation power plant that are targeted to further boost operational
efficiencies at their integrated facility. Consequently, EBITDA is expected
to grow at a CAGR of 9.2% over FY18-20E to | 232 crore in FY20E.
Exhibit 4: EBITDA & EBITDA margins trend Exhibit 5: PAT & EPS trend
11.8
240 18.3 19 140 12
230 11.2 12
18 135
220 11
17.2 130 10.3
210 18 10.0 11
| crore

|/share
| crore

17.0 17.0

136.3
231.9

10
225.8

200 17 125
218.6

128.6

10
126.6

190
124.6

120
194.4

17 9
180
115 9
170 16
FY17 FY18 FY19E FY20E
FY17 FY18 FY19E FY20E
EBITDA EBITDA Margin PAT EPS (|)

Source: Company, ICICI Direct Research

Source: Company, ICICI Direct Research

In FY18-20E, on account of impressive capex program in dyestuff

segment and healthy EBITDA margins at ~16%+, we expect PAT to grow
at a CAGR of 5.5% to | 136.3 crore in FY20E vs. | 124.6 crore in FY18.
However, adjusting for the one-time depreciation gain the PAT in FY18
came in at ~| 113 crore thereby implying a CAGR of 10.1% over FY18-
20E. Corresponding EPS is expected at | 10.3 in FY19E & | 11.2 in FY20E.

Return ratio profile to stabilise at current levels given higher base

The forward integration into dyestuff brings with it some cannibalisation
of dye intermediate sales given the higher captive usage. As a result,
despite healthy EBITDA margins in excess of 16% the asset turnover of
~2.5x in FY18 is set reduce to ~1.7x in FY20E thereby marginally
lowering return ratios, going forward. However, we still expect average
RoE and RoCE to remain steady at 16.0% and 20.3%, respectively, in
FY18-20E.

ICICI Securities Ltd | Retail Equity Research Page 3

 Exhibit 6: Return ratios profile

45.0
40.0 38.5
35.0
30.0 34.9
21.2
25.0 20.1 19.5

%
20.0
15.0
17.6 15.6 14.8
10.0
5.0
0.0
FY17 FY18 FY19E FY20E
RoE RoCE

Source: Company, ICICI Direct Research

Net working capital cycle to normalise post blip in FY18!!

Net working capital cycle got elongated in FY18 due to year end
shipments to the export markets. The management commentary suggests
the situation will normalise, going forward. We build in net working
capital days at ~70 days in FY19E & FY20E.

Exhibit 7: Net working capital days

100 94.7
90
80 70.0 70.0
70 61.5
NWC Days

60
50
40
30
20
10
0
FY17 FY18 FY19E FY20E

Source: Company, ICICI Direct Research

ICICI Securities Ltd | Retail Equity Research Page 4

 Outlook and valuation
Bodal stands to gain with expanded capacity at play and recent spike in
prices of its key products due to Chinese supply clampdown citing
environmental issues. We expect the company to clock sales &
normalised PAT CAGR of 8.6% & 10.1%, respectively, in FY18-20E. On the
balance sheet front, the company maintains a comfortable gross debt:
equity profile of 0.3x as of FY18. Bodal has a capital efficient business
model wherein it realises ~2.2x asset turnover and records ~16%+
EBITDA margins amid controlled working capital cycle (~85 days) thereby
resulting in impressive return ratios at ~20%. Bodal also generates
heathy cash flows, with present CFO yield of ~10%. We value Bodal at
| 168 i.e. 15.0x P/E on FY20E EPS of | 11.2/share. We assign a BUY rating
to the stock. We also drive comfort from increase in core promoter stake
and strong customer profile like BASF in the dyestuff space.

The key risk to our call is the inherent volatility associated with the dye
intermediates and a dyestuff realisation which is largely crude linked.

Exhibit 8: What’s changed??

Particulars FY19E FY20E
Old New % Change Old New % Change
Sales 1,295.6 1287.7 (0.6) 1,390.6 1345.9 (3.2)
EBITDA 223.1 218.6 (2.0) 242.8 231.9 (4.5)
EBITDA Margin % 17.2 17.0 -25 bps 17.5 17.2 -23 bps
PAT 127.1 125.8 (1.1) 141.6 136.5 (3.6)
EPS 10.4 10.3 (1.1) 11.5 11.2 (3.6)
Source: Company, ICICI Direct Research

Exhibit 9: Valuation summary

Sales Growth PAT Growth PE EV/EBITDA RoNW RoCE RoIC
Year (| cr) (%) (|) (%) (x) (x) (%) (%) (%)
FY17 1236.3 35.9 128.6 48.5 14.2 8.7 34.9 38.5 38.4
FY18 1142.2 -7.6 122.6 -4.7 15.0 10.3 17.6 21.2 21.4
FY19E 1287.7 12.7 125.8 2.6 14.6 8.4 15.6 20.1 22.4
FY20E 1345.9 4.5 136.5 8.5 13.4 7.5 14.8 19.5 23.5
Source: Company, ICICI Direct Research

ICICI Securities Ltd | Retail Equity Research Page 5

 Recommendation history vs. consensus estimate
300 100

80
200
60
(|)

(%)
40
100
20

0 0
Jul-15 Oct-15 Dec-15 Mar-16 May-16 Aug-16 Oct-16 Dec-16 Mar-17 May-17 Aug-17 Oct-17 Jan-18 Mar-18 May-18

Price Idirect target Consensus Target Mean % Consensus with BUY

Source: Bloomberg, Company, ICICI Direct Research; *I-direct coverage on Bodal Chemicals was initiated on October 2017

Key events
Date/Year Event
1989 Bodal was established in 1989 in the name JK Pharma to produce intermediates used in manufacturing dyestuff
1994 Thereafter, in 1994, it was renamed Bodal Chemicals and expanded its dye intermediates basket by setting up additional facilities
2006 In 2004, Bodal forward integrated by setting up a 5,000 tonne dyestuff facility. In 2006, Bodal successfully got listed on the BSE stock exchange by way of a reverse
merger with Dintex Dye Chem
2010 Bodal undertook a mega expansion in FY10 through successful commissioning of 12,000 tonne dyes plant & 450 TPD Sulphuric acid. On a consolidated basis, FY10
sales came in at | 468 crore, EBITDA stood at | 34.5 crore with corresponding EBITDA margins 7.8%. Consequently, PAT in FY10 stood at | 13.5 crore
2012 Post expansion, due to subdued product realisations in 2012, Bodal had to undergo corporate debt restructuring (CDR) after sustaining huge losses. However,
subsequent revival of product realisations helped the company recoup past losses and exit the CDR by repaying all its debts in full by 2015
2017 In 2017, Bodal made a strategic investment in Trion Chemicals & acquired controlling stake in SPS Processors (dye int manufacturer). FY17 was the best ever
performance by Bodal Chemicals. On a consolidated basis, FY17 sales came in at | 1236 crore (up 36% YoY). EBITDA stood at | 225.8 crore with corresponding
EBITDA margins at 18.3%. Consequently, PAT in FY17 came in at | 128.6 crore
2018 In march 2018, the company has commissioned the new dyestuff plant with a capacity of 12,000 tonne taking its total capacity to 29,000 tonne in the dyestuff
category. The company also raised equity via QIP issue. On a consolidated basis, FY18 sales came in at | 1142.2 crore (down 6.6% YoY). EBITDA stood at | 194.4
crore with corresponding EBITDA margins 17.0%. Consequently, PAT in FY18 came in at | 121.9 crore
Source: Company, ICICI Direct Research
Top 10 Shareholders Shareholding Pattern
Rank Name Latest Filing Date % O/S Position (m) Change (m) (in %) Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
1 Patel (Sureshbhai Jayantibhai) 16-May-18 29.0 35.4 0.5 Promoter 64.2 64.0 61.5 54.9 54.9
2 Patel (Bhavin Suresh) 31-Mar-18 7.7 9.5 0.0 FII 4.4 3.7 3.0 7.9 7.4
3 Patel (Ankit Sureshbhai) 11-May-18 5.6 6.9 0.3 DII 0.1 0.4 0.4 6.2 6.7
4 Patel (Meena Suresh) 31-Mar-18 4.3 5.2 0.0 Others 22.4 22.5 22.5 31.0 31.0
5 Patel (Ramesh D) 31-Mar-18 3.9 4.8 -0.1
6 ICICI Prudential Asset Management Co. Ltd. 31-Mar-18 3.6 4.4 0.0
7 Patel (Jayanti Dayabhai) 31-Mar-18 2.9 3.5 0.0
8 Reliance Nippon Life Asset Management Limited 31-Mar-18 2.1 2.6 0.0
9 Patel (Shakuntala J) 31-Mar-18 1.9 2.3 0.0
10 Jupiter Asset Management Ltd. 31-Mar-18 1.7 2.1 -0.5
Source: Reuters, ICICI Direct Research
Recent Activity
Buys Sells
Investor name Value (US$ M) Shares (M) Investor name Value (US$ M) Shares (M)
Patel (Sureshbhai Jayantibhai) 1.1 0.5 Lazard Asset Management, L.L.C. -1.0 -0.5
Patel (Ankit Sureshbhai) 0.6 0.3 Jupiter Asset Management Ltd. -1.0 -0.5
Kacholia (Ashish) 0.3 0.1 Union Asset Management Company Private Limited -0.5 -0.3
Patel (Ramesh D) -0.3 -0.1
es
Van Eck Associates Corporation -0.1 -0.1
Source: Reuters, ICICI Direct Research

ICICI Securities Ltd | Retail Equity Research Page 6

Financial summary
Profit and loss statement | Crore Cash flow statement | Crore
(Year-end March) FY17 FY18 FY19E FY20E (Year-end March) FY17 FY18 FY19E FY20E
Total Operating Income 1236.3 1142.2 1287.7 1345.9 Profit after Tax 128.6 122.6 125.8 136.5
Growth (%) 35.9 -7.6 12.7 4.5 Add: Depreciation 28.9 12.1 33.5 35.3
Raw Material Expenses 797.3 705.7 819.2 856.9 (Inc)/dec in Current Assets -124.6 -129.7 51.2 -23.3
Employee Expenses 42.9 47.2 48.5 50.8 Inc/(dec) in CL and Provisions 51.5 -0.2 -3.5 6.3
Other Operating Expense 170.3 194.9 201.3 206.3 Others 8.7 5.3 8.2 6.7
Total Operating Expenditure 1,010.5 947.8 1,069.1 1,114.0 CF from operating activities 93.2 10.1 215.1 161.4
EBITDA 225.8 194.4 218.6 231.9 (Inc)/dec in Investments -10.9 -5.2 -107.5 -84.1
Growth (%) 50.6 -13.9 12.4 6.1 (Inc)/dec in Fixed Assets -68.0 -237.0 -60.0 -25.0
Depreciation 28.9 12.1 33.5 35.3 Others 4.4 -20.6 27.6 3.9
Interest 8.7 5.3 8.2 6.7 CF from investing activities -74.5 -262.8 -140.0 -105.2
Other Income 6.8 9.5 12.1 13.5 Issue/(Buy back) of Equity 0.0 2.6 0.0 0.0
PBT 195.0 186.5 189.0 203.5 Inc/(dec) in loan funds 6.1 31.8 -35.0 -25.0
Exceptional Item -4.9 0.0 0.0 0.0 Interest & Dividend paid -19.0 -17.0 -22.8 -28.7
Total Tax 71.3 61.9 62.4 67.2 Inc/(dec) in Share Cap 0.0 0.0 0.0 0.0
PAT 128.6 124.6 126.6 136.3 Others 6.3 224.3 0.0 0.0
Minority Interest 0.0 -0.6 2.2 3.9 CF from financing activities -6.6 241.7 -57.8 -53.7
Profit from associates 0.0 -2.7 1.3 4.1 Net Cash flow 12.1 -11.1 17.3 2.6
PAT att to Bodal 128.6 122.6 125.8 136.5 Opening Cash 4.8 17.0 5.9 23.2
Growth (%) 48.5 -4.7 2.6 8.5 Closing Cash 17.0 5.9 23.2 25.8
EPS (|) 11.8 10.0 10.3 11.2 Source: Company, ICICI Direct Research
Source: Company, ICICI Direct Research

Balance sheet | Crore Key ratios

(Year-end March) FY17 FY18 FY19E FY20E (Year-end March) FY17 FY18 FY19E FY20E
Liabilities Per share data (|)
Equity Capital 21.8 24.4 24.4 24.4 EPS 11.8 10.0 10.3 11.2
Reserve and Surplus 337.4 672.5 783.6 898.1 Cash EPS 14.4 11.0 13.0 14.1
Total Shareholders funds 359.2 696.9 808.0 922.5 BV 32.9 57.0 66.1 75.5
Total Debt 149.0 180.9 145.9 120.9 DPS 0.9 1.0 1.2 1.8
Deferred Tax Liability 19.0 24.4 24.4 24.4 Cash Per Share (Incl Invst) 2.7 1.9 12.1 19.2
Minority Interest / Others 1.8 1.1 3.3 7.3 Operating Ratios (%)
Total Liabilities 528.9 903.3 981.6 1,075.0 EBITDA Margin 18.3 17.0 17.0 17.2
PAT Margin 10.4 10.9 9.8 10.1
Assets Inventory days 39.0 36.2 40.0 40.0
Gross Block 490.0 717.5 771.2 796.2 Debtor days 68.8 110.8 75.0 75.0
Less: Acc Depreciation 268.5 280.9 314.4 349.7 Creditor days 46.4 52.4 45.0 45.0
Net Block 221.5 436.5 456.8 446.5 Return Ratios (%)
Capital WIP 9.2 18.7 25.0 25.0 RoE 34.9 17.6 15.6 14.8
Total Fixed Assets 230.7 455.2 481.8 471.5 RoCE 38.5 21.2 20.1 19.5
Investments 12.5 17.7 125.3 209.4 RoIC 38.4 21.4 22.4 23.5
Inventory 130.8 113.3 141.1 147.5 Valuation Ratios (x)
Debtors 230.6 346.8 264.6 276.6 P/E 14.2 15.0 14.6 13.4
Loans and Advances 71.7 57.5 57.9 60.6 EV / EBITDA 8.7 10.3 8.4 7.5
Other Current Assets 3.6 48.7 51.5 53.8 EV / Net Sales 1.6 1.8 1.4 1.3
Cash 17.0 5.9 23.2 25.8 Market Cap / Sales 1.5 1.6 1.4 1.4
Total Current Assets 453.6 572.3 538.4 564.3 Price to Book Value 4.6 2.6 2.3 2.0
Current Liabilities 165.7 167.8 161.7 167.8 Solvency Ratios
Provisions 2.9 0.6 3.2 3.3 Debt/EBITDA 0.7 0.9 0.7 0.5
Current Liabilities & Prov 168.6 168.4 164.8 171.2 Debt / Equity 0.4 0.3 0.2 0.1
Net Current Assets 285.1 403.9 373.5 393.1 Current Ratio 2.8 3.4 3.2 3.2
Others Assets 1.0 26.4 1.0 1.0 Quick Ratio 1.9 2.8 2.3 2.3
Application of Funds 528.9 903.3 981.6 1,075.0 Source: Company, ICICI Direct Research
Source: Company, ICICI Direct Research

ICICI Securities Ltd | Retail Equity Research Page 7

RATING RATIONALE
ICICI Direct endeavours to provide objective opinions and recommendations. ICICI Direct Research 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;

Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
[email protected]

ICICI Securities Ltd | Retail Equity Research Page 8

ANALYST CERTIFICATION
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