Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
For the quarter, Alembic Pharma reported muted sales growth of 4.6% yoy to Rs 497 cr, below than the street expectations of Rs 561cr on account of (1) discontinuation of low margin products in international markets (2) Failure to gain expected market share in newly launched products (3) Price erosion due to higher competition in existing products (4) Lower growth in domestic portfolio because of high base effect in Q3FY14. However, it still could manage to sustain its healthy EBITDA margins at 21.2% as compared to 19.8% in Q2FY15/21.7% in Q3FY14. The management has reiterated its earlier guidance of 100-125 bps improvement in margins for next 3-4 years to take the margins to 23-24% levels. Alembic Pharma is awaiting its USFDA inspection this year for both its formulations as well as API facilities.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
PI Industries: Another strong performance; Sales up 16% in Q1FY15IndiaNotes.com
PI Industries posted strong quarter with 16% growth in sales for the quarter. However, key highlight of the quarter is improvement in margins which has moved up by ~348 up yoy and ~859 bps qoq. Hold for a target of Rs465.
Ranbaxy's 5QFY14 results were below estimates. Revenue was flat YoY at INR24.7b, while EBITDA declined 7% YoY to INR1.5b, with EBITDA margin at 6.1%. Reported loss stood at INR738m
Q3FY15 Recommendation: Maintain hold on Alembic PharmaIndiaNotes.com
For the quarter, Alembic Pharma reported muted sales growth of 4.6% yoy to Rs 497 cr, below than the street expectations of Rs 561cr on account of (1) discontinuation of low margin products in international markets (2) Failure to gain expected market share in newly launched products (3) Price erosion due to higher competition in existing products (4) Lower growth in domestic portfolio because of high base effect in Q3FY14. However, it still could manage to sustain its healthy EBITDA margins at 21.2% as compared to 19.8% in Q2FY15/21.7% in Q3FY14. The management has reiterated its earlier guidance of 100-125 bps improvement in margins for next 3-4 years to take the margins to 23-24% levels. Alembic Pharma is awaiting its USFDA inspection this year for both its formulations as well as API facilities.
For the quarter, Alembic Pharma reported sales growth of 23.1% yoy to Rs 463.4 cr, marginally below expectations. EBITDA margins improved by ~285 bps yoy to 19.6%, on the back of lower raw material cost. Hold for a target of Rs359.
PI Industries: Another strong performance; Sales up 16% in Q1FY15IndiaNotes.com
PI Industries posted strong quarter with 16% growth in sales for the quarter. However, key highlight of the quarter is improvement in margins which has moved up by ~348 up yoy and ~859 bps qoq. Hold for a target of Rs465.
Ranbaxy's 5QFY14 results were below estimates. Revenue was flat YoY at INR24.7b, while EBITDA declined 7% YoY to INR1.5b, with EBITDA margin at 6.1%. Reported loss stood at INR738m
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
BRIT plans to undertake 1) faster and bigger innovations 2) aggressive cost reduction 3) distribution expansion and 4) provision of delightful and affordable consumer experience Maintain ‘BUY’ with a target of Rs1,110
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Cipla Q2 disappoints, gearing up for strong H2FY15EIndiaNotes.com
Valuation‐Expect strong H2FY15E to overcome shortfall in sales and EBITDA, Maintain ‘Accumulate’, retain TP Rs643: Management maintains guidance for mid‐teen sales growth and 21‐22% Ebitda margin in FY15E. Cipla expects growth in sales and EBITDA in H2FY15E due to (a)rise in EU sales, (b)tender offer for respiratory drugs in South Africa and (c)large institutional offtake following capaicty utilisation improvements in will drive exports, while maintaining mid‐ teen growth in domestic formulaitons. The company however expects strong growth in EU from respiratory drugs in 12‐18 months folllowing registrations from local market regulators. We maintain ‘BUY’ and retain TP at Rs643.
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
BRIT plans to undertake 1) faster and bigger innovations 2) aggressive cost reduction 3) distribution expansion and 4) provision of delightful and affordable consumer experience Maintain ‘BUY’ with a target of Rs1,110
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Cipla Q2 disappoints, gearing up for strong H2FY15EIndiaNotes.com
Valuation‐Expect strong H2FY15E to overcome shortfall in sales and EBITDA, Maintain ‘Accumulate’, retain TP Rs643: Management maintains guidance for mid‐teen sales growth and 21‐22% Ebitda margin in FY15E. Cipla expects growth in sales and EBITDA in H2FY15E due to (a)rise in EU sales, (b)tender offer for respiratory drugs in South Africa and (c)large institutional offtake following capaicty utilisation improvements in will drive exports, while maintaining mid‐ teen growth in domestic formulaitons. The company however expects strong growth in EU from respiratory drugs in 12‐18 months folllowing registrations from local market regulators. We maintain ‘BUY’ and retain TP at Rs643.
CCL Products: Standalone net sales grew by 4.2% y-o-y; AccumulateIndiaNotes.com
Standalone net sales grew by 4.2% YOY to Rs132.6 crs driven primarily by volumes. Volumes were up 9.6% to 3125 MT from 2850 MT corresponding quarter last year. Vietnamese operations picked up passed with production of ~1150 MT this quarter and volumes sale of ~900 MT. Accumulate.
Zensar Technologies Q1FY15: Results in line with our expectations, buyIndiaNotes.com
USD Revenues grew by 3.8% led by good growth seen in the enterprise business which grew 6.6% QoQ. During the quarter, the IM services grew by 2.5% QoQ whereas IM Products business grew by 1% QoQ.
Blue Star Infotech Q1FY15: Revenues grow 13% y-o-y; Positive outlookIndiaNotes.com
Blue Star reported Q1FY15 numbers in line with our expectations. Revenues for the quarter have grown by 13% YoY; EBIDTA margins went down by 180 bps YoY. Nirmal Bang continues to be positive about the stock and recommends buy for long term.
Vaibhav Global Q1FY15: Outlook continues to remain positive; HoldIndiaNotes.com
As expected, the company reported sales growth of 20.3% yoy to Rs 301 cr, on account of sluggish TV Sales. Q1 is a temporary blip and Nirmal Bang expects the growth to be normalized from Q3 onwards (Q2 is seasonally weak quarter for the company). Hold
TCS recently reported its Q1FY15 results, which were in line on revenue front & at operating level. However, the net profits were above estimates, aided by higher other income. Buy on dips.
DB Corp’s 1QFY15 proforma PAT grew 4% YoY to INR791m vs our estimate of INR771m. While print ad revenue was 4% below estimate, EBITDA/PAT were 3-4% above estimate led by lower RM cost and other expenses.; buy.
Ceat Q1FY15: Higher opex impact margins; Book profitsIndiaNotes.com
CEAT reported results which were below expectations. Sales were broadly in line with expectations but EBITDA margin declined by 160 bps QoQ. Book profits at current levels as there is no substantial upside from current levels.
Similar to Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold (20)
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Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
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You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
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@Pi_vendor_247
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Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
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Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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Currently there are no website or exchange that allow buying or selling of pi coins..
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A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
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Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
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I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Scope Of Macroeconomics introduction and basic theories
Indoco Remedies: Weak domestic growth offsets export revenues in Q1FY16; Hold
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InitiatingCoverage
Indoco Remedies Ltd.
4
Recommendation HOLD Temporary Blip
Indoco Remedies (IRL) reported results marginally below than expectations due
to restructuring at its domestic business. Sales grew by 9% yoy to Rs 216 cr.
EBITDA margins improved to 19.1% from 18.4% in Q1FY15. Exports revenue
continued its growth momentum and grew by 23% yoy but was offset by weak
domestic growth of 2%. However we believe that it is a temporary blip and
expect the domestic segment to bounce back in 2HFY16. For full year we expect
IRL to grow by 19%.
Key Highlights
During the quarter the company has major restructuring in its domestic
business and realigned the product basket for better “go to market”
approach. IRL has also hired 500 MRs to align with changes. The initial set
up has impacted the growth of domestic division which grew by mere 2%.
However, we expect the segment to bounce back in 2HFY15 and expect it
to report 15% growth for the full year (from earlier expectation of 18%),
which implies 20% growth for 9MFY16.
The company had started shipments of two products to Watson in Q4FY15
however recorded minimal sales. Being the first products in mature and
competitive market, we don’t anticipate much revenue from these two
products. The management expects one more approval to come by Dec’15.
We are projecting Rs 20 cr sales from all the three products put together in
FY16. We believe the meaningful revenues would be visible from FY17
onwards.
Management believes the recent global acquisition of Allergan (Watson) by
Teva is “blessing in disguise” as it would now be able to launch the 4
products (of market size $1 bn) which were earlier overlapping with
Allergan portfolio.
During the quarter, the company has signed with two US clients for 3
products for contract manufacturing kind of arrangement. Management
has not given any guidance regarding the potential from this as the onset
of revenue is still far off (it would take nine more months to file the
products). There are three more such products are in pipeline
IRL expects to file 10 ANDAs in FY16 including both Watson (3-4) and from
its own portfolio
Valuation & Recommendation
We believe Q1 was a temporary blip and expect IRL to be on track for FY16. We
are optimistic on its business model. The company has shown impressive
improvement in the margins in recent past driven by improving efficiencies in
the domestic formulation segment and with the commencement of Watson
deal we expect profitability and return ratios to further expand. We
recommend HOLD with price target of Rs 368 (18x on FY17E).
CMP (30/7/2015) Rs 328
Target Price Rs 368
Sector Pharmaceuticals
Stock Details
BSE Code 532612
NSE Code INDOCO
Bloomberg Code INDR IN
Market Cap (Rs cr) 3022
Free Float (%) 40.75
52- wk HI/Lo (Rs) 413/190
Avg. volume NSE (Quarterly) 52430
Face Value (Rs) 2
Dividend (FY 15) 80%
Shares o/s (Cr) 9.2
Relative Performance 1Mth 3Mth 1Yr
Indoco -9.2% -5.7% 50.6%
Sensex -0.3% 2.6% 6.2%
Shareholding Pattern 30
th
June 15
Promoters Holding 59.25
Institutional (Incl. FII) 19.29
Corporate Bodies 2.71
Public & others 18.75
Runjhun Jain 022 – 39268177
Sr. Research Analyst
runjhun.jain@nirmbang.com
Year
Consolidated
Sales
(Rs cr)
Growth
(%)
EBITDA
(Rs cr)
Margin
(%)
PAT
(Rs cr)
Margin
(%)
EPS (Rs)
P/E
(x)
RoE (%)
FY14A 732.6 16.1% 120.4 16.4% 58.1 7.9% 6.3 52.0 12.7%
FY15A 857.0 0.0% 165.5 19.3% 82.8 9.7% 9.0 36.5 15.7%
FY16E 1021.7 19.2% 233.3 22.8% 131.0 12.8% 14.2 23.1 20.6%
FY17E 1299.6 27.2% 305.2 23.5% 188.6 14.5% 20.5 16.0 23.7%
200
250
300
350
400
450
30-Jul 30-Oct 30-Jan 30-Apr
3. 3 | P a g e
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Indoco Remedies Ltd.
Financials (consolidated)
P&L (Rs. Cr) FY14A FY15A FY16E FY17E Balance Sheet (Rs Cr) FY14A FY15A FY16E FY17E
Net Sales 732.6 857.0 1021.7 1299.6 Share Capital 18.4 18.4 18.4 18.4
% change 16.1% 0.0% 19.2% 27.2% Reserves & Surplus 438.7 508.1 617.8 775.7
EBITDA 120.4 165.5 233.3 305.2 Net Worth 457.1 526.5 636.2 794.1
EBITDA margin 16.4% 19.3% 22.8% 23.5% Net Deferred Tax Liab 30.5 30.5 30.5 30.5
Depn & Amort 30.9 47.1 44.2 49.1 Other Non-Current Liab. 9.2 9.2 9.2 9.2
Operating income 89.5 118.4 189.1 256.1 Total Loans 92.0 71.8 131.8 101.8
Interest 11.7 10.6 10.2 11.7 Trade Payables 70.7 70.2 93.2 114.9
Forex loss/(gain) 6.7 0.0 0.0 0.0 Prov. & Other CL 69.6 68.1 76.9 92.3
Other Income 1.8 1.7 5.0 5.0 Total Liabilities 729.4 776.6 978.1 1143.0
PBT 72.3 109.6 183.9 249.4 Net Fixed Assets 325.3 340.3 432.1 458.6
Tax 14.3 26.7 52.9 60.8 Capital WIP 44.1 22.1 11.0 5.5
MI & EO -0.1 0.0 0.0 0.0 Investments 0.2 0.2 0.2 0.2
PAT 58.1 82.8 131.0 188.6 Cash & Bank 13.4 24.2 57.1 76.3
PAT margin (%) 7.9% 9.7% 12.8% 14.5% Inventories 110.2 96.1 127.5 157.2
Sh o/s - Diluted 9.2 9.2 9.2 9.2 Debtors 138.1 169.0 201.5 256.3
Adj EPS 6.3 9.0 14.2 20.5 Loans & Advances 98.0 124.6 148.5 188.8
Cash EPS 9.7 14.1 19.0 25.8 Total Assets 729.4 776.6 978.1 1143.0
Qtrly-Stdalone Mar.14 Jun.14 Sep.14 Dec.14 Cash Flow (Rs. Cr) FY14A FY15A FY16E FY17E
Revenue 183.6 198.6 228.4 216.7 Operating CF
EBITDA 32.9 36.6 48.6 42.7 Op CF before tax 113.1 165.5 233.3 305.2
Dep & Amorz 7.9 9.5 13.2 12.0 Change in WC -0.7 -45.3 -56.1 -87.8
Op Income 25.0 27.1 35.5 30.7 Tax -14.3 -26.7 -52.9 -60.8
Interest 3.5 2.7 2.7 2.7 CF from Operation 98.2 93.4 124.3 156.6
Other Inc. 1.0 0.6 0.6 0.2 Investing
PBT 22.6 25.0 33.4 28.2 Capex -40.8 -40.0 -125.0 -70.0
Tax 4.0 5.0 11.0 6.6 Oth Inc & Investments 1.7 1.7 5.0 5.0
EO 0.0 0.0 0.0 0.0 CF from Investing -39.1 -38.3 -120.0 -65.0
PAT 18.6 20.0 22.4 21.6 Financing
EPS (Rs.) 2.0 2.2 2.4 2.3 Diviend Paid -15.1 -13.5 -21.3 -30.7
Performance Ratio FY14A FY15A FY16E FY17E Share Capital 0.0 0.0 0.0 0.0
EBITDA margin (%) 16.4% 19.3% 22.8% 23.5% Loans -28.4 -20.2 60.0 -30.0
EBIT margin (%) 12.2% 13.8% 18.5% 19.7% Interest -11.7 -10.6 -10.2 -11.7
PAT margin (%) 7.9% 9.7% 12.8% 14.5% Others -4.5 0.0 0.0 0.0
ROE (%) 12.7% 15.7% 20.6% 23.7% CF from Financing -59.7 -44.3 28.5 -72.4
ROCE (%) 15.4% 18.8% 23.7% 27.6% Net Chg. in Cash -0.6 10.9 32.8 19.2
PAT growth (%) 36.0% 42.6% 58.2% 43.9% Cash at beginning 14.0 13.4 24.2 57.1
Debt/Equity (x) 0.2 0.1 0.2 0.1 Cash at end 13.4 24.2 57.1 76.3
Valuation Ratio FY14A FY15A FY16E FY17E Per Share Data FY14A FY15A FY16E FY17E
Price Earnings (x) 52.0 36.5 23.1 16.0 Adj EPS 6.3 9.0 14.2 20.5
Price/BV (x) 0.7 0.6 0.5 0.4 BV per share 49.6 57.1 69.0 86.2
EV / Sales 4.2 3.6 3.0 2.3 Cash per share 1.5 2.6 6.2 8.3
EV / EBITDA 25.8 18.5 13.3 10.0 Dividend per share 1.4 1.3 2.0 2.9
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Disclaimer:
Nirmal Bang Securities Private Limited (hereinafter referred to as “NBSPL ”)is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and MCX stock Exchange Limited. NBSPL is in the process of making an application with SEBI for registering as
a Research Entity in terms of SEBI (Research Analyst) Regulations, 2014.
NBSPL or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company
covered by Analyst (in case any financial interest is held kindly disclose)
NBSPL or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. NBSPL
/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of
the company covered by Analyst.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate
the market conditions/risks involved before making any investment decision .
This document, at best, represents Analyst opinion and is meant for general information only. NBSPL, its directors, officers or employees shall not
in any way be responsible for the contents stated herein. NBSPL expressly disclaims any and all liabilities that may arise from information, errors or
omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities
Nirmal Bang Research (Division of Nirmal Bang Securities Pvt Ltd)
B-2, 301/302, Marathon Innova,
Opp. Peninsula Corporate Park
Off. Ganpatrao Kadam Marg
Lower Parel (W), Mumbai-400013
Board No : 91 22 3926 8000/8001
Fax : 022 3926 8010