Industry multiples-in-india-report-q1-edition

A P R I L 2 018 - TH I R D E D ITI O N
Industry Multiples in India

Industry Multiples in India - April 2018 - Third Edition
1 Foreword
Industry Multiples
3 Consumer Discretionary: Apparel
5 Consumer Discretionary: Auto Parts and Equipment
7 Consumer Discretionary: Household Appliances
9 Electric and Gas Utilities
11 Energy
13 Financials: Banks
15 Financials: Consumer Finance
17 Financials: Specialized Finance
19 Household and Personal Products
21 Industrial Machinery
23 Internet Software and Services
25 Materials: Chemicals
27 Materials: Construction and Material
29 Materials: Metals and Mining
31 Pharmaceuticals and Biotechnology
33 Real Estate
35 Other Industries
37 Industry Definitions
39 Contributors
Contents

1Duff Phelps
Foreword
It gives me great pleasure to share the third edition of our report, “Industry multiples in India”. This
report provides trading multiples for various key industries in India as of March 31, 2018.
India’s economy has regained its momentum, as evidenced by a 7.2 percent GDP growth for the
quarter ended December 31, 2017, the largest in the last five quarters. India has reclaimed its status
as the fastest-growing major economy in the world, surpassing China, which grew by 6.8 percent in
the same quarter. As per the Central Statistical Organization’s (“CSO”) Second Advance Estimates
published in February 2018, India’s GDP is estimated to grow at 6.6 percent in 2017-18, signaling a
healthy expected GDP growth of 7.1 percent for the quarter ended March 31, 2018. However, given
that government spending has been one of the driving factors of recent economic growth, the rising
fiscal deficit could prove to be a constraint going forward.
Investment demand grew at 12.0 percent and corporate earnings witnessed strong growth in the
quarter ended December 31, 2017, suggesting that the Indian economy is recovering from disruptions
caused by demonetization, implementation of GST, implementation of the Real Estate (Regulation and
Development) Act and higher commodity prices. At the same time, average retail inflation declined to
a six-year low of 3.3 percent for the nine months ended December 31, 2017. After a year of disruption,
2018-19 is expected to be a year of consolidation of the gains from recent reforms.
In the quarter ended December 31, 2017, agriculture grew by 4.1 percent, manufacturing by 8.1
percent, construction by 6.8 percent and electricity, gas water supply and other utility services by 6.1
percent. Moreover, the data for eight core infrastructure sectors including coal, steel, cement and
petroleum, showed improved growth of 6.7 percent for January 2018, up from 3.4 percent in the same
month of the previous year. According to the CSO data, economic activity picked up across all sectors
except for mining and quarrying.
However, the Indian banking sector seems to be in turmoil due to the recent revelation of certain
scams, increased capital requirements for Basel III compliance and the ever-growing problem of
non-performing assets.
Across the globe, market valuations were elevated in 2017. The Indian equity markets were trading at
near record highs as of December 31, 2017. However, stock markets around the world have since
witnessed a sharp correction due to various factors such as import tariffs on steel and aluminum in
the United States, and the ongoing trade war between the U.S. and China. India equity markets have
been negatively impacted by the global stock market correction, poor health of public sector banks
and the imposition of long-term capital gains tax on equity shares. Moreover, budget proposals such
as the increase in custom duty on certain items and revised guidelines for minimum support prices
have also affected the equity markets as they are expected to increase inflation and interest rates.
The P/E multiples for all the industries in India declined from December 31, 2017 to March 31, 2018,
demonstrating market correction in the quarter ended March 31, 2018. During the same period,
multiples for the internet software and services industry increased as the fall in the equity markets is
typically accompanied by a weakening of the rupee which, in turn, is beneficial for the export-oriented
tech sector. Further, tax cuts in the U.S. have also played a role in the advancement of this sector.
Our report provides a detailed overview of the P/B, P/E, EV/ EBITDA and EV/Sales multiples of
companies in the SP BSE 500 Index in over 22 major industries for which such data is available. We
also provide a two-year look back at the trends of these multiples for most of the industries covered.
We hope you find this report helpful to get a broad sense of the range of trading multiples for major
industries in India. If you would like to receive further information or wish to discuss any findings of
this analysis, please feel free to contact us.
Varun Gupta
Managing Director, India
Leader, South Asia and Japan

2Duff Phelps

A S O F M A R C H 31, 2 018
3Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary: Apparel
EV/Sales EV/EBITDA P/E P/B
Number of Observations 23 23 23 23
Number of Outliers 3 2 7 2
Negative Multiples 1 1 1 0
High 6.4x 57.0x 79.2x 13.2x
Mean 2.5x 22.8x 28.8x 4.6x
Median 2.0x 18.5x 17.7x 3.3x
Low 0.9x 6.1x 7.0x 0.2x
Low Quartile 1.3x 10.4x 12.4x 2.2x
Upper Quartile 3.1x 29.4x 40.9x 7.2x
NUMBEROFCOMPANIES
EV/Sales
0
2
4
10
8
6
12
5.8 - 7.04.6 - 5.83.3 - 4.62.1 - 3.30.9 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
5%
10%
15%
20%
25%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 30.020.0 40.0 50.0 60.0
0%
5%
10%
15%
20%
25%
30%
NUMBEROFCOMPANIES
EV/EBITDA
0
2
4
8
6
10
47.2 - 57.536.9 - 47.226.6 - 36.916.4 - 26.66.1 - 16.4

A S O F M A R C H 31, 2 018
4Duff Phelps
NUMBEROFCOMPANIES
P/E
0
4
2
6
8
65.3 - 80.050.6 - 65.335.9 - 50.621.2 - 35.96.5 - 21.2
NUMBEROFCOMPANIES
P/B
0
6
4
2
8
10
12.0 - 15.09.0 - 12.06.1 - 9.03.1 - 6.10.1 - 3.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
1.0
1.5
3.0
2.0
3.5
4.0
0.5
2.5
0
30.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
P/BEV/Sales P/EEV/EBITDA
5.0
10.0
15.0
20.0
25.0
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have
considered all of the SP BSE 500 Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database.
Any outliers in the industry have been excluded from above analysis.
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash
equivalents, Sales = Revenue for latest 12 months, EBITDA = Earnings before interest, taxes, depreciation and amortization for
latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares. Return on equity =
Net income / shareholder’s equity. Adjusted ROE is calculated as follows: ROE x (1-dividend payout ratio), Market value of equity is
computed using diluted number of shares.
Financial information of companies reflect the latest available information based on company filings as of March 31, 2018.
Consumer Discretionary: Apparel – Continued

5Duff Phelps
A S O F M A R C H 31, 2 018
Consumer Discretionary:
Auto Parts and Equipment
NUMBEROFCOMPANIES
EV/Sales
0
2
4
10
8
6
12
5.8 - 7.04.6 - 5.83.4 - 4.62.1 - 3.40.9 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
5%
10%
15%
20%
25%
30%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 25.020.0 30.0 35.0 40.0 45.0
0%
5%
10%
15%
20%
25%
NUMBEROFCOMPANIES
EV/EBITDA
0
2
4
8
6
10
34.8 - 42.027.6 - 34.820.3 - 27.613.1 - 20.35.9 - 13.1
High 6.1x 41.8x 62.4x 10.8x
Mean 2.6x 17.8x 34.3x 5.8x
Median 2.2x 17.3x 31.2x 5.9x
Low 0.9x 5.9x 16.7x 1.9x

6Duff Phelps
A S O F M A R C H 31, 2 018
Auto Parts and Equipment – Continued
NUMBEROFCOMPANIES
P/E
0
4
5
3
2
1
6
7
53.6 - 63.044.3 - 53.634.9 - 44.325.5 - 34.916.2 - 25.5
NUMBEROFCOMPANIES
P/B
0
6
4
2
8
9.2 - 11.07.3 - 9.25.5 - 7.33.6 - 5.51.8 - 3.6
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.0
3.0
6.0
4.0
7.0
8.0
1.0
5.0
0
45.0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
10.0
5.0
15.0
20.0
25.0
30.0
35.0

7Duff Phelps
A S O F M A R C H 31, 2 018
Household Appliances
NUMBEROFCOMPANIES
EV/Sales
0
1
2
3
4
3.5 - 4.03.0 - 3.52.5 - 3.02.0 - 2.51.5 - 2.0
0%
EBITDAMARGIN(%)
EV/Sales
0 1.00.5 2.01.5 2.5 3.0 3.5 4.0 4.5
5%
10%
15%
20%
25%
30%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 25.020.0 30.0 35.0 40.0
0%
10%
20%
30%
40%
50%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
3
2
1
35.5- 38.033.1- 35.530.6 - 33.128.2- 30.625.7- 28.2
High 4.0x 37.1x 75.6x 27.3x
Mean 3.2x 31.3x 52.6x 15.4x
Median 3.7x 30.1x 55.7x 12.7x
Low 1.5x 25.7x 25.5x 6.6x

8Duff Phelps
A S O F M A R C H 31, 2 018
Household Appliances – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
65.8 - 76.055.6 - 65.845.4 - 55.635.2 - 45.425.0 - 35.2
NUMBEROFCOMPANIES
P/B
0
2
1
3
23.7 - 28.019.4 - 23.715.1 - 19.410.8 - 15.16.5 - 10.8
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
6.0
12.0
8.0
14.0
16.0
2.0
10.0
0
70.0
60.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
10.0
30.0
40.0
50.0

9Duff Phelps
A S O F M A R C H 31, 2 018
Electric and Gas Utilities
NUMBEROFCOMPANIES
EV/Sales
0
3
2
1
4
5
6
8.9 - 11.06.9 - 8.94.8 - 6.92.8 - 4.80.7 - 2.8
0%
EBITDAMARGIN(%)
EV/Sales
0 2.0 6.04.0 8.0 10.0 12.0
20%
10%
30%
40%
60%
50%
70%
80%
100%
90%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
5%
10%
15%
20%
25%
35%
30%
40%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
17.0 - 20.014.1 - 17.011.1 - 14.18.1 - 11.15.2 - 8.1
High 10.2x 19.3x 51.8x 7.0x
Mean 4.2x 10.6x 22.4x 3.1x
Median 3.4x 10.0x 19.5x 2.0x
Low 1.2x 5.2x 8.6x 0.4x

10Duff Phelps
A S O F M A R C H 31, 2 018
Electric and Gas Utilities – Continued
NUMBEROFCOMPANIES
P/E
0
3
4
2
1
5
42.5 - 52.033.1 - 42.523.6 - 33.114.1 - 23.64.6 - 14.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
1.0
1.5
3.0
2.0
3.5
4.0
0.5
2.5
0
30.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
10.0
5.0
15.0
20.0
25.0
NUMBEROFCOMPANIES
P/B
0
4
2
6
6.1 - 7.54.6 - 6.13.2 - 4.61.8 - 3.20.3 - 1.8

11Duff Phelps
A S O F M A R C H 31, 2 018
Energy
NUMBEROFCOMPANIES
EV/Sales
0
3
2
1
4
5
6
3.3 - 4.02.5 - 3.31.8 - 2.51.1 - 1.80.4 - 1.1
0%
EBITDAMARGIN(%)
EV/Sales
0 1.00.5 2.01.5 2.5 3.0 3.5 4.0
5%
10%
15%
25%
20%
30%
35%
40%
ADJUSTEDROE(%)
EV/EBITDA
0 4.0 6.02.0 8.0 10.0 12.0 14.0
0%
10%
5%
15%
20%
25%
30%
35%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
10.7 - 12.09.3 - 10.78.0 - 9.36.7 - 8.05.3 - 6.7
High 3.4x 11.6x 20.9x 6.4x
Mean 1.4x 8.0x 11.0x 2.1x
Median 1.2x 7.6x 10.4x 1.7x
Low 0.4x 5.3x 4.7x 0.9x

12Duff Phelps
A S O F M A R C H 31, 2 018
Energy – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
17.6 - 21.014.3 - 17.610.9 - 14.37.5 - 10.94.2 - 7.5
NUMBEROFCOMPANIES
P/B
0
4
2
6
8
5.8 - 7.04.5 - 5.83.3 - 4.52.0 - 3.30.8 - 2.0
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.5
1.0
0.5
2.0
1.5
0
18.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
6.0
2.0
4.0
8.0
10.0
12.0
14.0
16.0

13Duff Phelps
A S O F M A R C H 31, 2 018
13Duff Phelps
Financials:
Banks
P/B P/E P/TBV
Market
Cap/Revenue
High 5.2x 40.4x 5.2x 14.0x
Mean 1.3x 19.1x 1.3x 4.3x
Median 0.6x 17.3x 0.6x 2.7x
Low 0.2x 5.9x 0.2x 0.6x
P/BV
ADJUSTEDROE(%)
-50%
20%
-30%
-40%
-20%
-10%
0 1.0 2.0 3.0 4.0 5.0 6.0
0%
10%
ADJUSTEDROE(%)
P/E
0 15.0 20.010.05.0 25.0 30.0 35.0 40.0 45.0
0%
4%
2%
6%
8%
10%
12%
14%
16%
NUMBEROFCOMPANIES
P/BV
0
14
16
8
10
12
2
4
6
18
20
22
24
26
4.0 - 5.03.0 - 4.02.0 - 3.01.0- 2.00.0 - 1.0
NUMBEROFCOMPANIES
P/E
0
6
4
2
8
32.8 - 41.024.6 - 32.816.4 - 24.68.2 - 16.40 - 8.2

14Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Banks – Continued
NUMBEROFCOMPANIES
P/TBV
0
21
24
18
15
9
12
3
26
4.4 - 5.53.3 - 4.42.2 - 3.31.1 - 2.20 - 1.1
6
NUMBEROFCOMPANIES
Market Cap/Revenue
0
14
16
12
10
6
8
2
18
11.6 - 14.58.7 - 11.65.8 - 8.72.9 - 5.80 - 2.9
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
0.2
0.4
1.8
1.6
1.4
1.2
1.0
0.8
0.6
2.0
0
25.0
Median multiples
P/B
P/EMarketCap/Revenue
5.0
10.0
15.0
20.0
P/B Market Cap/RevenueP/E
considered all of the SP BSE 500. Index constituents. The SP BSE 500 Index is comprised of the top 500 companies based on
be a broad representation of the Indian market. Source: Data derived from Standard Poor’s Capital IQ database. Any outliers in the
industry have been excluded from above analysis. Financial information of companies reflect the latest available information based on
company filings as of March 31, 2018
P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price / book value per share on a diluted basis
where Book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price / tangible
book value per share on a diluted basis where tangible book value per share equals to total tangible book value of equity divided by
diluted number of shares, ROE (Return on Equity) = Net income / equity shareholder’s equity, Adjusted ROE is calculated using as
ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.

A S O F M A R C H 31, 2 018
15Duff Phelps
Financials:
Consumer Finance
P/B P/E P/TBV
Market
Cap/Revenue
High 6.0x 52.6x 6.0x 22.6x
Mean 3.1x 25.3x 3.1x 8.1x
Median 2.7x 22.9x 2.7x 7.0x
Low 1.6x 13.4x 1.6x 2.8x
P/BV
ADJUSTEDROE(%)
0%
20%
6%
2%
4%
8%
10%
12%
16%
14%
18%
0 2.01.0 4.03.0 5.0 6.0 7.0
P/E
ADJUSTEDROE(%)
0%
20%
6%
2%
4%
8%
10%
12%
16%
14%
18%
0 20.010.0 40.030.0 50.0 60.0
NUMBEROFCOMPANIES
P/BV
0
2
4
6
4.3 - 5.23.5 - 4.32.7 - 3.51.8 - 2.71.0 - 1.8
NUMBEROFCOMPANIES
P/E
0
2
4
44.4 - 53.035.8 - 44.427.2 - 35.818.6 - 27.210.0 - 18.6

A S O F M A R C H 31, 2 018
16Duff Phelps
Financials:
Consumer Finance – Continued
NUMBEROFCOMPANIES
P/TBV
0
6
8
2
10
5.0 - 6.04.0 - 5.03.0 - 4.02.0 - 3.01.0 - 2.0
4
NUMBEROFCOMPANIES
Market Cap/Revenue
0
6
2
8
20.0 - 25.015.0 - 20.010.0 - 15.05.0 - 10.00 - 5.0
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
0.2
0.4
1.8
1.6
1.4
1.2
1.0
0.8
0.6
2.0
0
25.0
Median multiples
P/B
5.0
10.0
15.0
20.0

17Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Specialized Finance
P/B P/E P/TBV
Market
Cap/Revenue
High 5.4x 28.6x 5.4x 12.5x
Mean 2.4x 14.2x 2.4x 6.9x
Median 2.1x 13.9x 2.1x 6.9x
Low 0.4x 3.9x 0.5x 1.9x
P/BV
ADJUSTEDROE(%)
0%
40%
15%
5%
10%
20%
25%
30%
35%
0 2.01.0 4.03.0 5.0 6.0
P/E
ADJUSTEDROE(%)
0%
40%
15%
5%
10%
20%
25%
30%
35%
0 10.05.0 20.015.0 25.0 30.0 35.0
NUMBEROFCOMPANIES
P/BV
0
2
4
6
4.0 - 5.03.0 - 4.02.0 - 3.01.0 - 2.00 - 1.0
NUMBEROFCOMPANIES
P/E
0
4
2
6
23.2 - 29.017.4 - 23.211.6 - 17.45.8 - 11.60 - 5.8

18Duff Phelps
A S O F M A R C H 31, 2 018
Financials:
Specialized Finance – Continued
NUMBEROFCOMPANIES
P/TBV
0
2
6
4.8 - 6.03.6 - 4.82.4 - 3.61.2 - 2.40 - 1.2
4
NUMBEROFCOMPANIES
Market Cap/Revenue
0
2
6
10.4 - 13.07.8 - 10.45.2 - 7.82.6 - 5.20 - 2.6
4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
0.5
1.0
3.5
3.0
2.5
2.0
1.5
0
25.0
Median multiples
P/B
5.0
10.0
15.0
20.0

19Duff Phelps
A S O F M A R C H 31, 2 018
Household and Personal Products
NUMBEROFCOMPANIES
EV/Sales
0
8
6
4
2
10
12
14
10.1 - 12.57.7 - 10.15.3 - 7.72.8 - 5.30.4 - 2.8
0%
EBITDAMARGIN(%)
EV/Sales
0 4.02.0 6.0 8.0 10.0 12.0 14.0
5%
10%
15%
25%
20%
30%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 20.0 30.010.0 40.0 50.0 60.0
0%
20%
10%
30%
40%
50%
60%
70%
NUMBEROFCOMPANIES
EV/EBITDA
0
8
4
6
2
39.6 - 48.530.7 -39.621.8 - 30.712.9 - 21.84.0 - 12.9
High 12.5x 48.0x 79.9x 29.0x
Mean 4.6x 23.9x 40.7x 9.1x
Median 3.5x 23.8x 36.7x 8.3x
Low 0.4x 4.0x 3.1x 0.3x

20Duff Phelps
A S O F M A R C H 31, 2 018
Household and Personal Products – Continued
NUMBEROFCOMPANIES
P/E
0
8
6
3
2
1
4
5
7
9
10
11
64.5 - 80.049.0 - 64.533.6 - 49.018.1 - 33.62.6 - 18.1
NUMBEROFCOMPANIES
P/B
0
8
10
6
2
4
12
14
28.0 - 35.021.1 - 28.014.1 - 21.17.1 - 14.10.2 - 7.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
9.0
4.0
2.0
3.0
5.0
1.0
7.0
8.0
6.0
0
50.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
5.0
10.0
15.0
25.0
30.0
35.0
40.0
45.0

21Duff Phelps
A S O F M A R C H 31, 2 018
Industrial Machinery
NUMBEROFCOMPANIES
EV/Sales
0
3
2
3
2
1
1
4
4
5
5 - 64 - 53.1 - 42.1 - 3.11.1 - 2.1
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
5%
10%
15%
20%
25%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0 35.0
0%
6%
4%
2%
8%
10%
12%
16%
14%
18%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
27.8 - 32.023.5 - 27.819.3 - 23.515.1 - 19.310.8 - 15.1
High 5.3x 31.7x 64.6x 7.1x
Mean 3.0x 20.8x 35.8x 4.9x
Median 3.0x 21.4x 33.9x 5.0x
Low 1.1x 10.8x 15.1x 2.9x

22Duff Phelps
A S O F M A R C H 31, 2 018
Industrial Machinery – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
5
54.9 - 65.044.8 - 54.934.8 - 44.824.7 - 34.814.6 - 24.7
NUMBEROFCOMPANIES
P/B
0
6
2
4
8
6.6 - 7.55.6 - 6.64.7 - 5.63.7 - 4.72.8 - 3.7
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
4.0
2.0
3.0
5.0
1.0
0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
5.0
10.0
15.0
25.0
30.0
35.0

23Duff Phelps
A S O F M A R C H 31, 2 018
Internet Software and Services
NUMBEROFCOMPANIES
EV/Sales
0
8
10
6
2
4
12
5.4 - 6.54.4 - 5.43.3 - 4.42.2 - 3.31.1 - 2.2
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0 7.0
5%
15%
25%
35%
30%
40%
20%
10%
45%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0
0%
15%
10%
5%
20%
25%
30%
35%
40%
NUMBEROFCOMPANIES
EV/EBITDA
0
10
8
6
4
2
24.2 - 28.020.3 - 24.216.5 - 20.312.7 - 16.58.9 - 12.7
High 6.4x 27.8x 31.1x 10.3x
Mean 2.5x 14.8x 20.4x 4.4x
Median 2.3x 14.4x 19.3x 3.4x
Low 1.1x 8.9x 12.2x 1.7x

24Duff Phelps
A S O F M A R C H 31, 2 018
Internet Software and Services – Continued
NUMBEROFCOMPANIES
P/E
0
6
4
2
8
10
30.3 - 35.025.8 - 30.321.0 - 25.716.3 - 21.011.7 - 16.3
NUMBEROFCOMPANIES
P/B
0
8
10
6
2
4
12
8.7 - 10.56.9 - 8.75.1 - 6.93.4 - 5.11.6 - 3.4
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.0
3.0
1.5
2.5
3.5
0.5
1.0
2.0
0
25.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
5.0
10.0
15.0

25Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Chemicals
NUMBEROFCOMPANIES
EV/Sales
0
8
12
6
2
4
16
14
10
6.5 - 8.05.0 - 6.53.5 - 5.02.0 - 3.50.5 - 2.0
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 7.0 8.06.0 9.0
5%
15%
25%
35%
30%
40%
20%
10%
45%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 30.0 35.025.0 40.0
0%
15%
10%
5%
20%
25%
30%
NUMBEROFCOMPANIES
EV/EBITDA
0
16
12
14
10
6
8
4
2
30.9 - 38.023.9 - 30.916.8 - 23.99.7 - 16.82.6 - 9.7
High 7.8x 37.5x 74.1x 13.8x
Mean 3.2x 18.3x 30.8x 5.6x
Median 2.8x 16.6x 27.5x 4.7x
Low 0.5x 2.6x 6.9x 0.7x

26Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Chemicals – Continued
NUMBEROFCOMPANIES
P/E
0
6
4
2
12
16
14
10
8
61.3 - 75.047.5 - 61.333.8 - 47.520.1 - 33.86.4 - 20.1
NUMBEROFCOMPANIES
P/B
0
8
12
10
14
16
6
2
4
18
11.3 - 14.08.6 - 11.36.0 - 8.63.3 - 6.00.6 - 3.3
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
3.0
5.0
1.0
2.0
4.0
0
35.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
25.0
20.0
30.0
5.0
10.0
15.0

27Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Construction Materials
NUMBEROFCOMPANIES
EV/Sales
0
4
6
3
1
2
7
5
4.2 - 5.03.4 - 4.22.6 - 3.41.8 - 2.61.0 - 1.8
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0
5%
15%
25%
30%
20%
10%
35%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
8%
4%
2%
12%
16%
14%
10%
6%
18%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
19.7 - 23.016.5 - 19.713.2 - 16.510.0 - 13.26.7 - 10.0
High 4.6x 22.6x 63.5x 7.3x
Mean 2.4x 14.7x 38.1x 3.6x
Median 2.1x 13.8x 35.5x 3.9x
Low 1.0x 6.7x 21.6x 0.7x

28Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Construction Materials – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
6
5
4
54.5 - 64.045.0 - 54.535.5 - 45.026.0 - 35.516.6 - 26.0
NUMBEROFCOMPANIES
P/B
0
6
2
4
8
6.1 - 7.54.7 - 6.13.4 - 4.72.0 - 3.40.6 - 2.0
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
4.5
1.5
3.0
2.5
4.0
3.5
0.5
1.0
2.0
0
50.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
25.0
20.0
40.0
30.0
45.0
35.0
5.0
10.0
15.0

29Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Metals and Mining
NUMBEROFCOMPANIES
EV/Sales
0
4
6
7
3
1
2
8
5
4.0 - 5.03.0 - 4.02.1 - 3.01.1 - 2.10.1 - 1.1
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
10%
30%
50%
60%
40%
20%
70%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
40%
20%
10%
50%
30%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
8
4
6
2
19.2 - 23.015.5 - 19.211.7 - 15.58.0 - 11.74.2 - 8.0
High 5.0x 22.7x 34.3x 7.1x
Mean 1.9x 9.8x 20.2x 2.5x
Median 1.5x 8.6x 18.0x 1.6x
Low 0.6x 5.2x 12.3x 0.7x

30Duff Phelps
A S O F M A R C H 31, 2 018
Materials:
Metals and Mining – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
6
5
4
30.4 - 35.025.7 - 30.421.1 - 25.716.5 - 21.111.8 - 16.5
NUMBEROFCOMPANIES
P/B
0
6
8
10
2
4
12
6.5 - 8.05.0 - 6.53.5 - 5.02.1 - 3.50.6 - 2.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
2.5
1.5
0.5
1.0
2.0
0
25.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
5.0
10.0
15.0

31Duff Phelps
A S O F M A R C H 31, 2 018
Pharmaceuticals and Biotechnology
NUMBEROFCOMPANIES
EV/Sales
0
8
12
10
14
6
2
4
16
8.3 - 10.06.6 - 8.34.9 - 6.63.2 - 4.91.5 - 3.2
0%
EBITDAMARGIN(%)
EV/Sales
0 2.01.0 3.0 4.0 5.0 6.0
10%
30%
50%
60%
40%
20%
70%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0
0%
40%
20%
10%
50%
30%
60%
NUMBEROFCOMPANIES
EV/EBITDA
0
14
4
6
12
8
10
2
20.0 - 25.015.0 - 20.010.0 - 15.05.0 - 10.00.0 - 5.0
High 9.2x 22.8x 64.3x 8.8x
Mean 3.9x 16.2x 32.2x 3.7x
Median 3.5x 16.7x 30.7x 3.2x
Low 1.5x 0.0x 13.4x 0.0x

32Duff Phelps
A S O F M A R C H 31, 2 018
Pharmaceuticals and Biotechnology – Continued
NUMBEROFCOMPANIES
P/E
0
6
8
10
4
2
12
53.1 - 65.041.2 - 53.129.3 - 41.217.4 - 29.35.4 - 17.4
NUMBEROFCOMPANIES
P/B
0
6
8
10
12
14
2
4
16
8.8 - 11.06.6 - 8.84.3 - 6.62.1 - 4.3-0.1 - 2.1
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
6.0
3.0
1.0
2.0
4.0
5.0
0
35.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
25.0
30.0
5.0
10.0
15.0

33Duff Phelps
A S O F M A R C H 31, 2 018
Real Estate
NUMBEROFCOMPANIES
EV/Sales
0
4
6
5
3
1
2
7
12.7 - 15.59.9 - 12.77.1 - 9.94.3 - 7.11.4 - 4.3
0%
EBITDAMARGIN(%)
EV/Sales
0 4.02.0 6.0 8.0 10.0 12.0 14.0 16.0
20%
60%
80%
40%
100%
ADJUSTEDROE(%)
EV/EBITDA
0 10.0 15.05.0 20.0 25.0 30.0
0%
12%
4%
2%
16%
18%
14%
8%
10%
6%
20%
NUMBEROFCOMPANIES
EV/EBITDA
0
6
4
2
25.5 - 30.021.1 - 25.516.6 - 21.112.2 - 16.67.7 - 12.2
High 15.1x 28.4x 54.4x 3.0x
Mean 6.1x 16.7x 29.8x 1.7x
Median 6.6x 17.0x 28.6x 1.8x
Low 2.4x 7.7x 8.2x 0.1x

34Duff Phelps
A S O F M A R C H 31, 2 018
Real Estate – Continued
NUMBEROFCOMPANIES
P/E
0
3
2
1
4
45.5 - 55.036.1 - 45.526.6 - 36.117.1 - 26.67.7 - 17.1
NUMBEROFCOMPANIES
P/B
0
2
4
2.4 - 3.01.8 - 2.41.2 - 1.80.6 - 1.20.0 - 0.6
0
– Q8 – Q7 – Q6 – Q5 – Q4 – Q3 – Q2 – Q1 3/31/2018
9.0
3.0
1.0
2.0
4.0
6.0
5.0
7.0
8.0
0
40.0
Median multiples
P/BEV/SALES
EV/EBITDAP/E
20.0
25.0
30.0
35.0
5.0
10.0
15.0

35Duff Phelps
A S O F M A R C H 31, 2 018
Broadcasting, Cable and Satellite
A S O F M A R C H 31, 2 018
Healthcare Facilities and Services
A S O F M A R C H 31, 2 018
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have considered all of the SP BSE 500 Index constituents. The SP
BSE 500 Index is comprised of the top 500 companies based on float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months, EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price/book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares, ROE (Return on Equity) = Net income/equity shareholder’s equity, Adjusted ROE is
calculated using as ROE x (1-dividend payout ratio), Market value of equity is computed using diluted number of shares.
High 3.9x 29.4x 39.5x 12.9x
Mean 2.1x 15.1x 25.3x 7.8x
Median 2.4x 13.7x 20.4x 7.0x
Low 0.1x 1.1x 11.2x 4.4x
High 12.1x 29.8x 32.4x 8.3x
Mean 6.8x 19.0x 27.3x 5.2x
Median 6.7x 19.4x 29.0x 4.6x
Low 1.8x 9.4x 20.6x 2.6x
High 8.9x 30.7x 66.9x 10.6x
Mean 4.1x 26.5x 46.9x 5.1x
Median 2.6x 27.8x 44.9x 4.7x
Low 1.7x 21.7x 28.9x 1.0x
Other Industries
Automobile Manufacturers

36Duff Phelps
A S O F M A R C H 31, 2 018
High 5.8x 11.8x 20.4x 1.4x
Mean 3.0x 8.6x 10.9x 0.9x
Median 2.9x 8.0x 10.1x 1.0x
Low 0.8x 5.4x 5.7x 0.5x
Other Diversified Financial Services
A S O F M A R C H 31, 2 018
Telecommunication Services
A S O F M A R C H 31, 2 018
An industry must have a minimum of 5 company participants to be considered for analysis. For all reported multiples in India, we have considered all of the SP BSE 500 Index constituents. The SP
BSE 500 Index is comprised of the top 500 companies based on float adjusted market capitalization that are publicly-traded on the Bombay Stock Exchange (BSE). The SP BSE 500 is designed to
EV = Enterprise Value = Market value of equity on diluted basis plus book value of debt plus preferred stock less cash and cash equivalents, Sales = Revenue for latest 12 months, EBITDA =
Earnings before interest, taxes, depreciation and amortization for latest 12 months, P/E = Share price divided by earnings per share on a diluted basis, P/B = Share price/book value per share on a
diluted basis where book value per share equals total book value of equity divided by diluted number of shares, P/TBV = Share price/tangible book value per share on a diluted basis where tangible
book value per share equals to total tangible book value of equity divided by diluted number of shares, Market value of equity is computed using diluted number of shares.
Although the Telecommunication services industry does not meet the minmum criteria of companies to be considered for our analysis, we have presented it only for comparison purposes with the
previous edition.
P/B P/E P/TBV Market Cap/Revenue
High 12.9x 44.5x 17.0x 12.4x
Mean 5.3x 29.9x 6.8x 7.7x
Median 5.4x 29.8x 6.0x 10.0x
Low 0.7x 11.2x 0.8x 0.4x
High 3.1x 12.6x NMF 2.0x
Mean 2.5x 9.8x NMF 1.2x
Median 2.9x 9.7x NMF 1.3x
Low 1.0x 7.3x NMF 0.2x
Low Quartile 2.3x 8.2x NMF 0.8x
Upper Quartile 3.1x 12.2x NMF 2.0x
Other Industries – Continued
Independent Power and Renewable Electricity Producers

Industry Definitions
37Duff Phelps
The industry classification for the companies represented in this report is based on the 2016 Global Industry Classification Standard®
(GICS®
). Below represents a brief description of sub-industries which are forming part of a particular industry based on the 2016
GICS®
guidelines:
Consumer Discretionary
Auto Parts Equipment Companies that manufacture parts and accessories for automobiles and motorcycles including and tires
and rubber.
Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Also includes companies produce
motorcycles, scooters or three-wheelers.
Broadcasting, Cable and
Satellite
Owners and operators of television or radio broadcasting systems, including programming including radio and
television, broadcasting, radio networks, and radio stations. Providers of cable or satellite television and
satellite radio services. Includes cable networks and program distribution.
Apparel Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer
handbags, wallets, luggage, jewelry and watches and manufacturers of textile and related products.
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and
hand tools, including garden improvement tools but excludes TVs and other audio and video products.
Financial Services
Banks Commercial diverse with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and
provide a diverse range of financial services. This also includes regional banks that tend to operate in limited
geographic regions.
Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related
money services and pawn shops.
Other Diversified
Financial Services
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of
financial decision support tools and products including ratings agencies. Providers of a diverse range of
financial services and/or with some interest in a wide range of financial services including banking, insurance
and capital markets, but with no dominant business line.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a
majority of revenue from one specialized line of business. Includes, but not limited to, commercial financing
companies, central banks, leasing institutions, factoring services, and specialty boutiques. Financial
institutions providing mortgage and mortgage related services. These include financial institutions whose
assets are primarily mortgage related, savings loans, mortgage lending institutions, building societies and
companies providing insurance to mortgage banks.
Healthcare
Healthcare Facilities
and Services
Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and
retirement centers and animal hospitals. Providers of patient health care services not classified elsewhere.
Includes dialysis centers, lab testing services, and pharmacy management services. Also includes companies
providing business support services to health care providers, such as clerical support services, collection
agency services, staffing services and outsourced sales marketing services.
Pharmaceuticals and
Biotechnology
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary
drugs. Companies primarily engaged in the research, development, manufacturing and/or marketing of
products based on genetic analysis and genetic engineering. Includes companies specializing in protein-
based therapeutics to treat human diseases.
Global Industry Classification Standard®
(GICS®
) was developed by SP Dow Jones Indices, an independent international financial data and investment services company and a leading
provider of global equity indices, and MSCI, a premier independent provider of global indices and benchmark-related products and services

Industry Definitions — Continued
38Duff Phelps
Materials
Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to
plastics, synthetic fibers, films, commodity-based paints and pigments, explosives and petrochemicals.
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals including industrial gases
and other diversified range of chemical products.
Construction Material Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete
and bricks.
Metals and Mining Producers of aluminum and related products, including companies that mine or process bauxite and
companies that recycle aluminum to produce finished or semi-finished products. Companies engaged in
copper ore mining, production of iron and steel and related products, including metallurgical (coking) coal
mining used for steel production and having other diversified mining operations but excluding gold, silver and
other precious metals.
Utilities
Electric Gas Utilities Companies that produce or distribute electricity including both nuclear and non-nuclear facilities. Also,
includes companies whose main charter is to distribute and transmit natural and manufactured gas.
Independent Power and
Renewable Electricity
Producers
Companies that operate as Independent Power Producers (IPPs), Gas Power Marketing Trading
Specialists and/or Integrated Energy Merchants. Companies that engage in generation and distribution of
electricity using renewable sources, including, but not limited to, companies that produce electricity using
biomass, geothermal energy, solar energy, hydropower, and wind power.
All Other Industries
Energy Companies primarily involved in the production and mining of coal, related products and other consumable
fuels related to the generation of energy. Companies engaged in the exploration and production of oil and
gas. Companies engaged in the refining and marketing of oil, gas and/or refined products.
Household and Personal
Products
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and
household paper products. Manufacturers of personal and beauty care products, including cosmetics
and perfumes.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture
presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps,
roller bearings and other metal fabrications.
Internet Software and Services Companies engaged in developing and producing software designed for specialized applications for the
business or consumer market including enterprise and technical software. Providers of commercial electronic
data processing and/or business process outsourcing services. Includes companies that provide services for
back-office automation. Companies developing and marketing internet software and/or providing internet
services including online databases and interactive services, as well as companies deriving a majority of their
revenues from online advertising. Providers of information technology and systems integration services not
classified in the Data Processing Outsourced Services or Internet Software Services sub-industries.
Includes information technology consulting and information management services. Companies engaged in
developing and producing systems and database management software.
Real Estate Companies that develop real estate and sell the properties after development and also engaged in diverse
spectrum of real estate activities including real estate development sales, real estate management or real
estate services, but with no dominant business line.
Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and
fixed-line telecommunications services.

Contributors
39Duff Phelps
Varun Gupta is the Country Managing Director for Duff Phelps India. He set up the firm’s
operations in India and is responsible for its overall growth and strategic direction. Additionally, he
oversees the Southeast Asia and Japan operations of the firm.
Varun has over 20 years of experience in valuation and financial advisory services. He has advised
clients across a wide range of industries including IT/ ITES, energy (conventional as well as
renewable), pharma and life sciences, infrastructure, internet and eCommerce, telecom, sports, and
media and entertainment.
His prior experience includes stints with the valuation and financial advisory arms of Deloitte and
PricewaterhouseCoopers.
He is a regular and sought-after speaker on the valuation of trademarks, intangible assets, early
stage companies and eCommerce companies and has spoken at forums organized by
ASSOCHAM, ICAI, INTA, IVCA, VCCircle and other similar bodies. He is also regularly quoted by
the financial press on evolving issues related to valuation of brands, celebrities and sports
franchises.
Abhishek is a managing director in the Valuation Advisory Services group of Duff Phelps and is
based in Mumbai. Abhishek is part of the national management in India. He is responsible for
overseeing key engagements, relationships and strategic initiatives for the Indian operations. He is
also responsible for driving MA advisory in India.
He has more than a decade of experience in managing a range of financial advisory engagements
across various industries. He has provided financial advisory services to clients for a number of
purposes including, mergers and acquisitions, negotiations, valuation settlement of disputes,
accounting and tax reporting, and strategic assessment.
Abhishek has been speaker at conferences organized by forums such as ASSOCHAM and VC
Circle on valuation and MA related topics. Abhishek’s prior work experience includes stints with
the corporate finance and advisory divisions of Deloitte and Grant Thornton. At Deloitte he was
part of the Industrial MA team.
Abhishek holds a Master of Business Administration degree from INSEAD (France).
Santosh is a Managing Director at Duff Phelps and is based in Bangalore. Santosh is a part of
national management of the India office. He is responsible for overseeing key engagements,
relationships and strategic initiatives for the Indian operations.
Santosh has more than 15 years of experience in valuation and financial advisory services. In the
last 15 years, Santosh has managed and has provided a range of financial advisory services
including due diligence, valuation, IFRS and US GAAP assignments, business plan review, MA,
internal audit, accounting assistance and risk advisory services.
He previously led the Financial Instrument Valuation practice at American Appraisal (AA) India
earlier and used to chair the global Complex Financial Instruments Valuation committee in AA. In
his earlier stints, he was South India Valuation leader in Deloitte and was part of the founding team
in Grant Thornton Bangalore.
He has been a speaker at several seminars and workshops, including those organized by the
Institute of Chartered Accountants of India (ICAI). He was an International Keynote speaker in a
conference on business valuation organized by RICS in London.
Abhishek Pandey
Managing Director
Mumbai
Santosh N
Managing Director
Bangalore
Varun Gupta
Managing Director, India
Leader, South Asia and Japan

41Duff Phelps
• Risk-free rate data
• Equity risk premia data
• CRSP Decile size premia data
• Risk Premium Report Size and Risk data
• Industry Risk Premia data
• Additional data for Beta estimates and
industry comparisons
• Quarterly updates
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Cost of Capital Navigator
The Duff Phelps Cost of Capital Navigator guides the
analyst through the process of estimating the cost of capital, a
key component of any valuation analysis. Additionally, the Cost
of Capital Navigator replaced the Valuation Handbook – U.S.
Guide to Cost of Capital in 2018 and will eventually replace
the entire Valuation Handbook Series.
Data Included:Benefits:
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C O N TAC T S
Mumbai
404, Windfall, Sahar Plaza Complex,
J B Nagar, Andheri East,
Mumbai - 400059
New Delhi
206/207, WorldMark 2,
Hospitality District, Aerocity,
New Delhi - 110037
Bangalore
4th Floor, Unit No 303, SKAV Lavelle
909, Lavelle Road, Bengaluru, Karnataka
560001
E D I TO R I A L T E A M
Simerna Singh, Sagar Goyal, Ankita Maheshwari and Niki Gala
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for
detailed research or the exercise of professional judgment. Whilst due care has been taken in the preparation of this document and information contained
herein, Duff Phelps does not accept any liability whatsoever, for any direct or consequential loss howsoever arising from any use of this document or
its contents or otherwise arising in connection herewith.
About Duff Phelps
Duff Phelps is the global advisor that protects, restores and maximises value
for clients in the areas of valuation, corporate finance, disputes and investigations,
compliance and regulatory matters, and other governance-related issues.
Our clients include publicly traded and privately held companies, law firms,
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and hedge funds. We also advise the world’s leading standard-setting bodies on
valuation and governance best practices. The firm’s nearly 2,500 professionals
are located in over 70 offices in 20 countries around the world.
For more information, visit www.duffandphelps.com
© 2018 Duff Phelps, LLC. All rights reserved. DP180387
MA advisory, capital raising and secondary market advisory services in the
United States are provided by Duff Phelps Securities, LLC. Member FINRA/
SIPC. Pagemill Partners is a Division of Duff Phelps Securities, LLC. MA
advisory and capital raising services in Canada are provided by Duff Phelps
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which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided
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license issued by the Securities and Exchange Board of India.

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