15 April 2008
Indian Premier League (IPL)
Participate in a media property of the future – India Cements Ltd
Yasmin Shah (+91-22-6639 9175)
Dhaval Parekh (+91-22-6639 9128)
Nitesh Momaya(+91-22-6639 9181)
Opening doors to the next big media movement
Indian Premier League ushers in a new era of marketing
of sports in India. We take this opportunity to analyze
IPL and compare it with leagues like EPL and ICL
(Indian Cricket League).
IPL- already a US$2bn property, is essentially an
attempt to sell cricket as a reality show. Creation of club
culture – would be key to its success. Nevertheless IPL
provides a new entertainment genre which cuts across
Some of the franchisee would look at IPL as a means to
promote their brand (UB group) while the others would
look it as a financial investment e.g. (India Cements).
The concept is yet to evolve and revenues streams
though difficult to predict would be numerous. Our belief
is that the three successful teams could easily do
revenues of Rs3bn per year in the next three-four years
and all the teams are likely to turn profitable after two-
three years. Their OPMs could range from 15-20%.
Value unlocking for teams would happen through listing
and P/E participation. The world over, average teams
like Tottheham Hotspurs are trading at a 1.5X sales
while a successful team like Manchester have been sold
for 2-5X sales.
Investors looking for an exposure to IPL should look at
investing in India Cements Ltd. We believe that the
company would be EBIDTA positive in the first year. On
conservative basis, it is likely to earn a turnover of
Rs3bn from IPL in the next three-four years. Assuming a
m cap/sales multiple of 2X, the value per share would
Key features of IPL
The Indian Premier League or IPL is a 20-20 format cricket tournament. This league was formed by the Board of
Cricket Control of India (BCCI) and sanctioned by the International Cricket Committee (ICC).
IPL has been conceived on the lines of the English premier league, where local football teams with a defined fan base
(supporters) play against each other.
The idea behind IPL is to sell cricket as a high involvement reality show that would appeal to all audiences.
IPL has eight teams sold to franchises for perpetuity. These franchises can run the league in their individual styles and
can raise resources from the primary market. The teams have been capped at 10 – with one at the end of every three
SONY-WSG has bagged broadcasting rights for 10 years for US$918mn, excluding marketing for US$108mn.
The franchise amount collected is US$724mn, with each of the clubs being sold for US$67-112mn, depending on the
Besides acquiring teams, each of these franchises has spent US$6-7mn on acquiring players for their teams.
A total of 59 matches, including finals and semi–finals will be played in this season. (56 league matches plus two semi
finals and one final). 7 matches are to be played on the home ground.
Its final leg will be called ‘Champions Twenty20 League’ and all the finalists from across the world will play in it. The
champion team will get US$5mn – the highest ever price money in a cricket event.
TVRs in India for International Cricket in India 2007
15 “The key brand values of Twenty20 and the IPL e.g. Modern, Racy,
10 Engaging, Fresh, Accessible –
allied to the traditional values of cricket e.g. Reliable, Honest,
Traditional, Gentlemanly - make for an extraordinarily and
0 compelling mix for brands”.
ICC world Twenty ICC world Twenty India vs Pakistan English vs India
20 Average 20 India matches ODI series average Test series average
“In England, where it was first introduced in 2003, Twenty20 has resuscitated a moribund domestic game, packing stadiums on summer eveningsquot;
The Economist, September 22nd 2007 3
The broadcasting angle
The BCCI created history when it sold television rights of this yet untested format to Sony–World Sports consortium
However, of this US$1.02bn, US$108mn is to be spent by Sony on promoting the event over the next 10 years. This
brings down the actual cost to US$918mn.
Of this US$918mn, Sony has to pay US316mn for rights of broadcasting for the first five years, and then pay
US608mn – if this format has been remunerative in the first five years.
In the first year, payouts are not dependent on TRPs. However, TRPs would drive payouts from the second year.
The franchisee have a share of 80% in the first year decreasing to 60% in the fifth year of broadcasting rights
and the balance would go to IPL.
There is an overall cap of US$918mn on the rights which can be shared with the franchisees.
Cash flows for Sony
Rs mn Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Ad inflows 2725 3134 3604 4144 4766 5243 5767 6344 6978 7676
Promotions 432 432 432 432 432 432 432 432 432 432
Outflows 2448 2448 2448 2448 2448 4896 4896 4896 4896 4896
P/L -155 254 724 1264 1886 -85 439 1016 1650 2348
Source: Company, Alchemy
Minimum cash outflows for franchises
Owners City Price paid for team Cash outflow per year Price of Players Team cash outflow per
franchise (US$ mn) (US$ mn) year
(US$ mn) (US$ mn)
Deccan Chronicle Hyderabad 107 10.7 6.0 16.7
India Cements Chennai 91 9.1 6.2 15.3
UB Group –Vijay Mallya Bangalore 111.6 11.2 5.7 16.9
Emerging Media Jaipur 67 6.7 3.6 10.3
GMR Group Delhi 84 8.4 6.4 14.8
Mohali 76 7.6 6.6 14.2
Reliance – Mukesh Ambani Mumbai 111.9 11.2 5.4 16.6
Shah Rukh Khan/
Kolkotta 75.0 7.5 6.2 13.7
Juhi - Jay Mehta
What comes in and goes out?
World over, any league has three main sources of Team franchising costs – A franchisee has to pay 10%
income namely media receipts, gate receipts and
sponsorships. Under IPL, these three streams are of total franchisee costs every year to IPL. Assuming that
categorized under central and local. Central a team is bought by a franchise at US$100mn – it would
revenues are through IPL. have to pay US$10mn per year to IPL.
Player costs – Franchisees have acquired players at a
Media rights – To be shared equally amongst total cost of US$4-6mn per year. This includes cost of
franchises after removing IPL’s share.
managers and coaches. Each franchise has 18-22
Sponsorship rights (IPL sponsors) – 60% of players who are tradable after a year. The players have a
the amount collected to be distributed equally three year contract with the franchise.
amongst the franchises.
Marketing costs – Each franchise is expected to incur a
marketing cost of US$3-4mn for promoting its team.
Sponsorships – Team sponsorship revenues
are the most variable and are dependent on the Stadium expenses – The franchises have to contract
marketing skills. For example, teams like India stadiums for seven matches at BCCI agreed rates. On an
Cements have marketed their teams based on average, the expense is Rs2.5mn per match.
the format of IPL – where sponsorships are sold
on categories. ICL’s main sponsor is Aircel. In
contrast, the other team of Deccan Chronicle will Other expenses like administration and event
have team partners. These partners will have management.
ownership of the team. For example, in case of
an entertainment partner, anything to do with
entertainment from cheerleaders to fours and
sixes will be seen by that party.
Gate receipts – Are anticipated to be a major
source of revenues. 20% of tickets are to be
allocated to IPL.
Assumptions for our model
80% media rights will be paid to the franchises in equal proportions and 20% will be based on final league
positions. However, in our model, we have assumed them to be distributed, equally.
The media rights accrue to teams in the formula, with a re-pricing after five years as per the Sony-WSG
For central and team sponsors, we have assumed renegotiation of contract every five years and three
years, respectively, in keeping with the nature of deals signed by most teams.
Team costs are amortized over 10 years.
Since players are contracted for three years, we have assumed a renegotiation in salaries after it.
Player acquisition cost is assumed to increased at 30% per year.
We have not assumed any trading of players.
We have not assumed any debt in the financing of the leagues. Further, interest on working capital loans
would not be significant hence we have not considered the same. The asset is likely to be treated as an
The franchises will receive the following share of central revenues
Television revenue Sponsorship revenue
Time period Share (%) Time period Share (%)
Year 1 80 Year 10 onwards 60
Year 2 80 Year 11 onwards 50
Year 3 70
Year 4 70
Year 5-10 60
Year 11 onwards 70
India Cements Ltd - An opportunity to play on IPL
Year 1 share (%) Rs mn
Revenues thru IPL The matches are to be held at the Chidambaram stadium in Chennai
which have a capacity of 50,000. 20% of the tickets would be offered to
the local cricket associations for use of the stadium for seven league
SET 60% 275 matches .
Other sponsorships 70% 69 We have assumed 80% capacity utilization for matches and average
Pouring sponsors 100% 13 ticket prices of Rs500. We have assumed the collection to be about half
of that in a normal ODI .
Team sponsors Aircel is its lead sponsor, who has paid Rs150mn for it. Sponsorship
includes cap, leading arm, shirt center, six in- stadia boards.
Main sponsor 150
Of the total 72 in-stadia boards, a sixth are available to the local
franchises. Of the 12, 6 would go to main team sponsor.
Cheer leader, mascots 30
The remaining boards are expected to generate ~Rs0.8mn per board.
Besides playing matches for teams, players are also contracted to
make appearances for the franchises for 10 days and eight hours a
Gate receipts 80% 128 day .
Total revenues 735
The franchisee has spent Rs240mn on acquiring its team including
players, manager, coach and physiotherapists.
The marketing expenses for events including local and national
Advertising 70 advertising are assumed at Rs70mn.
Net profit/loss 5
On conservative basis, India Cements is likely to do turnover of Rs3bn
from IPL in the next 3-4 years. Assuming mcap/sales multiple of 2X, the
Source: Company, Alchemy value per share would be Rs20.
We have analysed the business models of various clubs from the English Premier League like Tottenham
Hotspurs, Liverpool and Arsenal.
These clubs usually own their stadiums and invest heavily into modernizing/constructing stadiums and training
Most of these leagues are more than 100 years old and have a strong and established local fan base.
These clubs also have high community involvement and offer training facilities for upcoming players and children
in the area.
However lately some league matches have been telecast with players and teams finding support overseas in
countries like China and the Middle East.
Growth in revenues is largely dependant on the on field performance of the teams, nevertheless all teams have
had positive EBIDTA
Recently some of these leagues have been sold/ bought by individuals. The valuations received by these leagues
depend on their success on field and from 1.5X to 5X sales.
EPL – A case study
Structure of EPL IPL versus EPL
EPL has 20 teams and its top five teams qualify for the In IPL, media revenues for all teams would
European cup. be almost EQUAL, internationally they vary
depending on the success of the league.
We analyzed a few of teams and found that
Gate revenues in IPL are largely dependent
~35% revenues are from gate receipts on stadium capacity and purchasing power
of city. They are expected to vary between
~30% from media
Rs200-Rs5,000 premium seating. 20% of
~25% from sponsorships tickets will go to IPL. Internationally, most of
these teams own stadiums.
However, though this revenue break-up is similar across most
clubs, the depending on the popularity of the club the amount The club culture already existed in the West.
differs significantly. In India, it is yet to develop. This would be a
litmus test for IPL’s success.
The total revenues of three of the total 20 clubs are given below:
Trading of players in IPL to start from year 2.
Revenue break up for Tottenhan Hotspurs
Birmingham City -£40mn
Concept of trading players - Trading of players is another big
source of income for teams. Sometimes, it can also result in a
Gate receipts Sponsorship
Media and broadcasting Merchandising
Source: Company, Alchemy
Case study 1: Tottenham Hotspurs
Totteham was not the top rated club but it entered the top five in 2006 and qualified for the European Cup.
This had a positive impact on its revenues from 2007 which increased by 28%. The main jump was in gate
receipts which were up 43% as the clubs earned a revenue share from its international games. There was also a
25% increase in its sponsorship revenues which is attributed to its increased popularity on an international level.
On the operational front, the margin jumped from 6% to 31%.
It has to be noted that even in a bad year, the company’s OPM was always positive.
The debt for CY07 was £40mn, implying debt to equity of 0.83:1
in £ mn 2003 2004 2005 2006 2007
Gate receipts -Premier league 16.4 16.3 16.8 17.4 18.0
80 4.99 5.18
5.26 3.84 33.73
Gate receipts Cup competitions 1.4 3.4 4.2 0.14 12.7 60
24.75 23.89 25.48 28.68 25.42
Sponsorship 13.6 14.4 14.2 15.7 25.4 40
13.68 14.59 14.24 15.73
Media and broadcasting 24.7 23.8 25.4 28.6 33.7 20 30.89
17.94 17.93 21.86 17.57
Merchandising 5.2 3.8 4.9 5.1 7.0
2003 2004 2005 2006 2007
Others 4.9 4.3 4.7 6.9 6.0 Total gate receipts Sponsorship Media and Broadcasting Merchandising
Total revenue 66.5 66.3 70.6 74.3 103.6
Growth (%) -0.3 6.1 5.0 28.2
Staff costs 38.0 34.5 33.1 40.6 43.8
Other operating costs 14.8 20.3 22.7 28.9 27.3
Operating profit 13.6 11.5 14.7 4.5 32.4
OPM(%) 17% 21% 6% 31%
Amortisiation 18.6 10.9 12.7 11.7 2.2
Depreciation of tangible fixed assets 2.6 1.7 1.8 2.2 19.0
Profit / loss -7.6 -1.0 0.1 -9.4 11.1
Source: Company, Alchemy 12
Case study 2 : Arsenal
Arsenal is one of the most successful football clubs in UK .
The company has three divisions – Arsenal property development, Arsenal men's league, Arsenal women’s
For their football division, the overall revenues were up 25% in 2007. The gate revenues saw a 51% growth –
attributed to the team shifting to a new stadium. While the older stadium had a capacity of ~ 40,000, the new
stadium has a capacity of almost 60,000 and therefore gate revenues rose from £44mn to 90mn.
Its merchandising or retail revenues contribute 7% to sales due to its popularity.
The operating margin was 34%.
The debt for CY07 was £340mn, implying debt to equity of 2.5:1.
in £ mn 2003 2004 2005 2006 2007
Turnover (from football) 12.06
Gate revenues 27.9 33.7 37.4 44.1 90.6 10.22
broadcasting 51.8 59.7 48.5 54.8 44.3 120 8.53
Retail 8.5 6.8 8.3 10.2 12.0 54.87
80 59.78 48.59
Commercial 15.5 14.1 20.7 22.8 29.5 60 22.8
14.31 20.7 90.61
Player Trading 0 0.5 0.0 0.1 0.5 20 37.4 44.1
Total revenue 103.8 115.0 115.4 132.6 177.7 0
2003 2004 2005 2006 2007
Growth (%) 10 0 13 25
Expenses Gate revenues Commercial Broadcasting Retail
Staff costs 60.5 69.8 66.0 82.9 89.7
Other operating Charges 22.0 22.8 27.6 37.7 28.4
Operating profit 21.2 22.2 21.8 11.9 60
OPM(%) 19 19 9 34
Depreciation and Amortization 20.6 22.0 16.9 17.7 44.6
Total revenue 103.1 114.8 110.5 138.4 162.7
Profit/ loss 0.6 0.2 4.9 -5.8 14.9
Source: Company, Alchemy
The Indian Cricket League (ICL): The underdog
Launched by Subhash Chandra in May 2007, ICL is a unique concept in cricket after Zee was not able to
secure rights of the World Cup 2011.
ICL initially had six teams which have now increased to eight (over 200 players). All these teams were owned
by Subhash Chandra unlike the eight teams in IPL owned by different franchises.
The investments in ICL are in excess of Rs1bn .
ICL is scheduled to have four tournaments in an year, of which three are televised events while IPL has only
ICL has evolved despite several constraints like unavailability of venues and professionals associated with ICC.
The first season was telecast on Zee Sports and was held in one venue.
The second season was more successful as ICL was able to secure three venues for 24 matches. ICL was
able to telecast matches on Zee Sports and Ten Sports. Other telecasters include Geo Super in Pakistan,
Astro & Telkom Malaysia, Starhub in Singapore, Showtime Arabia in Middle-East, Zee Sports in USA &
Canada and Zee Cinema in United Kingdom & Europe. Global rights have been sold for US$10mn.
Besides, the second tournament was able to garner good sponsors. Edelweiss was the title sponsor with
Rs150mn (for ten years) while JVC, Aircel, Vodafone and Intel were associate sponsors.
Stakes in teams like Kolkotta and Lahore have been sold to Mithun Chakraborthy and Moammar Rana,
It had a TVR of 1.2. Its revenues till date have been Rs750mn and is expected to break even in FY09E.
Impact of IPL on other media
IPL is scheduled to be telecast in the most sought after prime time slot of 8-11 pm. Currently, this
slot is the most popular among housewives for soaps aired on general entertainment channels
(GECs) like Star Plus, Zee and Set.
Most homes in India are single TV homes and it is likely that IPL will cause a dent in the ratings and
revenues of other GECs.
Not only will the Hindi GECs face problems, even regional channels which hitherto did not face
competition from national level reality shows are likely to take a big hit.
Channel Genre Average TRPS
Zee Soaps + Rock and Roll family 5 - 5.5
Star Soaps + Paachvi Pass (SRK) 4-5
9X Chak De Bacche+ Reality 0.7 - 1.35
NDTV Mythological + Drama 1.25 - 2.12
Besides impacting TV ratings, IPL fever could have a negative rub off on the revenues of movies at
the box office. Some of the moves expected to be released in the IPL season are U Me aur Hum,
Tashan, Krazzy 4 and Bhootnath.
But IPL is in talks with Multiplex operators to telecast the semi-finals and finals. No decision on the
same has been reached.
Should one have an exposure to IPL?
The franchises are to be treated as a media property generating money over long time. The first season
would be most crucial as it would be a test whether there are takers for city rivalry.
Since, the 20-20 format has resurrected cricket in countries like England, the chances of it failing in India
ICL, promoted by Subhash Chandra, has completed two seasons successfully despite a quiet marketing
and constraints like availability of two-three stadiums only (which are not with BCCI). The finals generated a
TVR of 1.1 while most of its other matches generated TVRs of 0.7-0.9.
Amongst listed players, India Cements, Deccan Chronicle and Reliance Industries have exposure to IPL.
Our study of India Cements shows that the company would have a cash break even in the first year itself.
Most of these companies would look at listing its franchises in the next three-four years.
Our analysis shows that the there would be at least two to three successful teams. On a conservative basis,
the teams can earn annual revenues of Rs3bn in the next three years and OPMs of 20-25%. Successful
teams can fetch a valuation of 2-5x sales.
The downside risks include teams not performing like India’s early exit in the World Cup 2007. However, in
the IPL format, as all franchises are guaranteed to play the full league season and there is no marketing
risk associated with early elimination. The top Indian and international players are distributed among all
teams and hence they will participate in semi final and finals. This is expected to ensure that IPL has
audiences across the world interested in it till the very end.
We have taken India Cements Ltd as a case study. We believe that the company would be EBIDTA positive
in the first year. Investors looking to have an exposure to IPL should look at investing in India Cements Ltd.
On conservative basis, India Cements is likely to do turnover of Rs3bn from IPL in the next 3-4 years.
Assuming mcap/sales multiple of 2X, the value per share would be Rs20.
Growth in International Leagues
Franchisee Owner Year bought Value when bought 2007 revenue Value in 2007 CAGR (%)
(in $ mn) (in $mn)
Top 5 Major League Baseball Franchises
New York Yankees George Steinbrenner 1973 10 302 1200 15
New York Mets Fred Wilpon 2002 391 217 736 13
Boston Red Sox John Henry & Tom Werner 2002 380 234 724 14
Los Angeles Dodgers Frank McCourt 2004 355 211 632 21
Chicago Cubs Tribune Corporation 1981 21 197 592 14
Top five National Football League Franchises
Dallas Cowboys Jerry Jones 1989 150 242 1500 14
Washington Redskins Daniel Snyder 1999 750 313 1467 9
New England Patriots Robert Kraft 1994 172 255 1199 16
Houston Texans Robert McNair 1999 700 225 1056 5
Philadelphia Eagles Jeffrey Lurie 1994 185 224 1052 14
Top 5 National Basketball Association Franchises
Toronto Maple Leafs Bell Globemedia 2003 224 119 332 10
New York Rangers Cablevision Systems 1997 195 109 306 5
Detroit Redwings Michael Illitch 1982 8 89 258 15
Dallas Stars Tom Hicks 1995 84 89 248 9
Philadelphia Flyers Comcast-Spectator 1996 150 88 246 5
Teams - Annexure I
DECCAN CHAREGERS CHENNAI SUPER KINGS ROYAL CHALLENGERS RAJASTHAN ROYALS
PLAYERS PLAYERS PLAYERS PLAYERS
Andrew Symonds M.S. Dhoni Rahul Dravid Mohd Kaif
R.P. Singh Jacob Oram Jacques Kallis Yousuf Pathan
Rohit Sharma Albie Morkel Anil Kumble Graeme Smith
Adam Gilchrist Suresh Raina Cameron White Shane Warne
Shahid Afridi Muralitharan Zaheer Khan Munaf Patel
Herschelle Gibbs Matthew Hayden Mark Boucher Younis Khan
V V S Laxman Stephen Fleming Nathan Bracken Kamran Akmal
Chaminda Vaas Parthiv Patel Dale Steyn Justin Langer
Scott Styris J. Sharma Praveen Kumar Shane watson
Nuwan Zoysa Michael hussey Shivnariane C Sohil Tanveer
Chamara Silva Makhaya Ntini Wasim Jaffer Dimitri Maskerenhas
Halhadar Das Sudeep Tyagi Misbah-ul-haq Morne Morkel
Kalyankrishna Srikkanth Anirudha Ross Taylor Ravindra Jadeja
Pragyan Ojha R Aswin Abdur Tazzak Taruvar Kohli
Ravi Teja S. Badrinath Balachandra Akhil Pankaj Singh
Venugopal Rao Napolean KP Appanna Anup Revandkar
Jagadeesh Arunkumar Legend
Arjun Yadav Abinav Mukud Sunil Joshi Bowlers
Lakshmipahy Balaji Vikrant Kohli Batsmen
Devraj Patil All rounders
Bharat Chipli Wicket keepers
Vijay Kumar 18
Teams - Annexure I
DELHI DAREDEVILS KINGS XI PUNJAB MUMBAI INDIANS KNIGHT RIDERS
PLAYERS PLAYERS PLAYERS PLAYERS
Virender Sehwag Yuvraj Singh Sachin Tendulkar Saurav Ganguly
Gautam Gambhir Irfan Pathan Sanath Jayasuriya Ishant Sharma
Manoj Tiwary Brett Lee Harbhajan Singh Chris Gayle
Mohammed Asif K. Sangakkara Robin Uthappa B. McCullum
Daniel Vettori S. Sreesanth Shaun Pollock David Hussey
Dinesh Karthik M. Jayawardene Lasith Malinga Murali Kartik
Shoaib Malik Piyush Chawla Loots B Shoaib Akhtar
Glenn McGrath Ramnaresh Ashwell Prince Ricky Ponting
A B de Villiers Simon Dilhara Fernando Ajit Agarkar
T. Dilshan Ramesh Powar Abhishek Nayyar Umar Gul
Farveez Mahroof Luke P Manish Pandey Tatenda Taibu
Rajat Bhatia James Hopes Ajinkya Rahane Siddharth Kaul
Brett Geevs Ajitesh Agral Pinal shah Iqbal Abdulla
Shiikar Dhavan Kyle Mills Yogesh Takawale Salman Butt
Mahesh VRV Singh Saurabh Tiwari Mohd Hafeez
Mithum Manhas Tanmay Srivastava Ashish Nehra
Pradeep Karan Goel Luke Ronchi
Schedule of matches - Annexure II
For further information contact
Arun Singh email@example.com 91-22-6639 9125
Chetan Chitroda firstname.lastname@example.org 91-22-6639 9134
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