CRISIL IER

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CRISIL IER

Independent Equity Research

Enhancing investment decisions

The Supreme Industries Ltd

Q4FY17 Results Update

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Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process – Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP).

CRISIL

Fundamental Grade Assessment

CRISIL

Valuation Grade Assessment

5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)

4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)

3/5 Good fundamentals 3/5 Align (+-10% from CMP)

2/5 Moderate fundamentals 2/5 Downside (negative 10-25% from CMP)

1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)

Research Analysts

Arun Venkatesh

[email protected]

Ankit Kedia

[email protected]

Client servicing desk +91 22 3342 3561 [email protected]

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The Supreme Industries Ltd

Normal monsoon and value-added products to drive growth

Fundamental Grade: 5/5 (Excellent fundamentals) Valuation Grade: 3/5 (CMP is aligned)

Industry: Plastic products Fair Value: ₹1,212 CMP: ₹1,154

June 05, 2017

For detailed initiating coverage report please visit: www.crisil.com

CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

The Supreme Industries Ltd’s Q4FY17 revenues were slightly below CRISIL Research’s estimates, but earnings were above estimates. Led by higher realisation (up 11.4% y-o-y), the revenue from plastic products rose 5% y-o-y to ₹12.3 bn despite lower volume, because of the impact of demonetisation that led to subdued demand for plastic pipes and consumer products.

Consequently, EBITDA margin expanded 99 bps y-o-y to 18.9%. The company’s average cost of borrowing at the end of Q4FY17 contracted 222 bps y-o-y to 6.6%, due to lower interest rates and retirement of high-cost debt. In the long term, the company is likely to benefit from:

(1) the revival in polymer product demand, thanks to the forecast of a normal monsoon; (2) the launch of new products with higher share of value-added products; (3) government initiatives for the agricultural, housing and infrastructure sectors, leading to demand for pipes; and (4) a further improvement in the domestic market share owing to implementation of GST w.e.f. July.

Owing to the aforementioned factors, we maintain our fundamental grade of 5/5.

Q4FY17 revenue driven by higher realisation amid volume decline

Led by an 11% y-o-y increase in weighted-average realisation, which was partially offset by volume de-growth of 6% y-o-y (95,870 MT), revenue increased 5% y-o-y to ₹12.3 bn.

● Plastic pipes: Despite volume de-growth of 10.5% y-o-y, the plastic pipe segment’s revenue grew 2% y-o-y to ₹7.2 bn. Owing to lower sales of low-margin agricultural pipes (as a percentage of total pipe sales), the segment recorded a healthy realisation growth of 13% y-o-y. We expect lower margin as agricultural pipe sales pick up with the monsoon.

● Industrial products: Revenue increased 18% y-o-y to ₹1.8 bn in Q4FY17, led by an 8.0%

y-o-y rise in volume and a 9.5% y-o-y increase in realisation. In FY18, the company plans to set up three greenfield projects for industrial products in south, north-east and north India. The projects are expected to be funded from internal accrual.

● Packaging products: Packaging products recorded strong volume and value growth of 12.7% and 9.4%, respectively. Margin expanded 660 bps q-o-q to 26.6% in Q4FY17 from 20.0% in Q3FY17, due to a higher share of value-added products in this segment.

● Consumer products: Owing to the adverse effect of demonetisation, the consumer products segment’s volume and value declined 5% and 7% y-o-y, respectively. However long-term prospects seem healthy, because of the company’s leadership position in moulded furniture and the implementation of GST.

EBITDA margin to remain range bound over FY17-19

We estimate a 16% EBITDA margin over FY18-19, compared with 17.1% in FY17 because of:

(a) higher demand for pipes from the agricultural segment amid the expectations of a normal monsoon; and (b) the disruption in demand from the trading channels during the initial months of GST rollout. However, this will partially be offset by the company’s focus on increasing its share of value-added products.

Maintain fair value estimate at ₹1,212 per share

We have maintained our earnings estimates for FY18 and FY19. Consequently, we maintain our discounted cash flow (DCF)-based fair value of ₹1,212 per share. At the current market price of ₹1,154 per share, our valuation grade is 3/5.

KEY FORECAST

(₹ mn) FY15 FY16 (9M) FY17# FY18E FY19E

Operating income 41,147 29,573 44,623 53,470 63,160

EBITDA 5,639 4,588 7,619 8,502 10,169

Adj net income 3,316 2,266 4,304 4,831 5,890

Adj EPS (₹) 26.1 19.1 33.9 38.0 46.4

EPS growth (%) 17.7 (2.4) 33.0 12.2 21.9

Dividend yield (%) 0.8 0.7 1.3 1.3 1.6

RoCE (%) 27.3 30.4 33.2 33.7 37.8

RoE (%) 29.5 25.6 28.6 26.6 28.3

PE (x) 44.2 45.3 34.1 30.3 24.9

P/BV (x) 12.1 11.1 8.6 7.6 6.6

EV/EBITDA (x) 26.4 23.0 19.4 17.3 14.4

#: Abridged numbers; CMP: Current market price Source: Company, CRISIL Research estimates

CFV MATRIX

KEY STOCK STATISTICS

NIFTY/SENSEX 9675/31309

NSE/BSE ticker SUPREMEIND

Face value (₹ per share) 2

Shares outstanding (mn) 127.0

Market cap (₹ mn)/(US$ mn) 146,596/2,278 Enterprise value (₹ mn)/(US$ mn) 148,627/2,310 52-week range (₹)/(H/L) 1,213/780

Beta 0.7

Free float (%) 50.3%

Avg daily volumes (30-days) 78,949 Avg daily value (30-days) (₹ mn) 91 SHAREHOLDING PATTERN

PERFORMANCE VIS-À-VIS MARKET Returns

1-m 3-m 6-m 12-m

Supreme -3% 15% 27% 30%

NIFTY 500 3% 10% 21% 23%

1 2 3 4 5

Valuation Grade

Fundamental Grade

Poor Fundamentals

Excellent Fundamentals

Strong Downside Strong Upside

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2 Q4FY17 Results Summary (Consolidated)

(₹ mn) Mar-17 Dec-16 Mar-16 q-o-q (%) y-o-y (%) Apr ’16 -

Mar ‘17

Apr ‘15 -

Mar ‘16 y-o-y (%)

Net sales (net of excise) 12,826 11,074 12,003 15.8 6.9 44,623 42,381 5.3

Raw materials cost 8,181 6,964 7,686 17.5 6.4 28,182 27,231 3.5

Raw materials cost (% of net sales) 63.8% 62.9% 64.0% 89 bps -26 bps 63.2% 64.3% -110 bps

Employees cost 552 542 617 1.7 (10.5) 2,117 1,988 6.5

Other expenses 1,668 1,720 1,548 (3.0) 7.7 6,705 5,974 12.2

EBITDA 2,426 1,848 2,152 31.3 12.8 7,619 7,189 6.0

EBITDA margin 18.9% 16.7% 17.9% 223 bps 99 bps 17.1% 17.0% 11 bps

Depreciation 412 387 375 6.4 9.8 1,543 1,401 10.1

EBIT 2,015 1,461 1,777 37.9 13.4 6,076 5,788 5.0

Interest and finance charges 34 85 79 (59.6) (56.6) 303 398 (24.0)

Operating PBT 1,980 1,376 1,698 43.9 16.6 5,773 5,390 7.1

Other Income 25.6 4.0 (9.7) 541.3 (363.9) 51.3 30.7 67.1

PBT 2,006 1,380 1,611 45.3 24.5 5,825 5,344 9.0

Tax 733 479 626 53.1 17.1 2,058 1,892 8.8

PAT 1,273 902 985 41.2 29.2 3,767 3,452 9.1

Share of Profit in Associate 209 106 163 96 28.0 537.3 49.3

Adj PAT 1,482 1,008 1,225 47.0 20.9 4,304 3,889 10.7

Adj PAT margin 11.6% 9.1% 10.2% 245 bps 134 bps 9.6% 9.2% 47 bps

Adj EPS (₹) 11.66 7.93 9.65 47.0 20.9 33.88 30.61 10.7

Source: Company, CRISIL Research

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3

Plastics volume decreased ~6% y-o-y in Q4FY17 Overall revenue increased ~7% y-o-y

Source: Company, CRISIL Research Source: Company, CRISIL Research

Segmental revenue break-up EBITDA margin expanded 223bps q-o-q and 98bps y-o-y

Source: Company, CRISIL Research Source: Company, CRISIL Research Stock performance versus Nifty 500 Fair value movement since initiation

-Indexed to 100

Source: NSE, CRISIL Research Source: NSE, BSE, CRISIL Research

94 57 77 101 97 67 81 96 8.2%

16.8%

4.9%

18.4%

3.2%

16.7%

6.0%

-5.5%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

- 20 40 60 80 100 120

Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17

(%) ('000 MT)

Plastic Volume Volume growth (y-o-y) (RHS)

12,780 7,693 9,927 12,003 11,893 8,829 11,074 12,826

1.8% 1.3%

-2.7%

10.9%

-6.9%

14.8%

11.6% 6.9%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

- 2,000 4,000 6,000 8,000 10,000 12,000 14,000

(₹ mn) (%)

Revenue y-o-y growth (RHS)

58% 53% 50% 61% 63%

55% 51% 59%

22% 21% 30% 19% 14%

18% 28% 21%

13% 19% 13% 13% 14% 18% 14% 14%

7% 8% 7% 7% 8% 8% 7% 7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Plastic piping segment Packaging products Industrial products Consumer products

2,579 892 1,550 2,153 2,011 1,333 1,848 2,426

20.2%

11.6%

15.6%

17.9%

16.9%

15.1% 16.7%

18.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

- 500 1,000 1,500 2,000 2,500 3,000

(₹ mn) (%)

EBITDA EBITDA Margin (RHS)

0 100 200 300 400 500 600 700 800 900

Jan-11 May-11 Sep-11 Jan-12 Jun-12 Oct-12 Feb-13 Jul-13 Nov-13 Mar-14 Jul-14 Dec-14 Apr-15 Aug-15 Dec-15 May-16 Sep-16 Jan-17 May-17

Supreme NIFTY 500

0 500 1,000 1,500 2,000 2,500 3,000

0 200 400 600 800 1,000 1,200 1,400

Jul-11 Nov-11 Apr-12 Aug-12 Dec-12 May-13 Sep-13 Feb-14 Jun-14 Oct-14 Mar-15 Jul-15 Dec-15 Apr-16 Aug-16 Jan-17 May-17

('000) (₹)

Total Traded Quantity (RHS) CRISIL Fair Value Supreme

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4

Key developments

Segment-wise performance

Segment-wise revenue growth

(₹ mn) Apr ’16 – Mar ‘17 Apr ’15 – Mar ‘16 % growth y-o-y

Plastic piping segment 24,530 22,900 7.1%

Packaging products 9,780 9,380 4.3%

Consumer products 3,130 3,000 4.3%

Industrial products 6,230 5,690 9.5%

Composite products 90 - NM

Total 43,760 40,970 6.8%

Segment-wise volume growth

(MT) Apr ’16 – Mar ‘17 Apr ’15 – Mar ‘16 % growth y-o-y

Plastic piping segment 235,257 229,820 2.4%

Packaging products 47,616 46,336 2.8%

Consumer products 18,797 17,853 5.3%

Industrial products 38,984 35,335 10.3%

Composite products 252 6 NM

Total 340,906 329,350 3.5%

Segment-wise EBITDA margin

(%) Apr ’16 – Mar ‘17 Apr ’15 – Mar ‘16 growth y-o-y

Plastic piping segment 16% 15% 100 bps

Packaging products 22% 23% -100 bps

Consumer products 20% 18% 200 bps

Industrial products 14% 13% 100 bps

Source: Company

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5

Valuation Grade: 3/5

We have maintained our earnings estimates for FY18 and FY19. Consequently, we maintain our DCF-based fair value estimate of ₹1,212 per share, which implies a P/E of 31.9x FY18E and 26.1x FY19E EPS, respectively. The stock is currently trading at ₹1,154, implying a P/E of 30.3x FY18E and 24.9x FY19E EPS. At the current market price, our valuation grade is 3/5.

Break-up of fair value

Particulars (₹)

Standalone business 1,151

Supreme Petrochem 61

Fair value 1,212

One-year forward P/E band One-year forward EV/EBITDA band

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

P/E – premium / discount to CNX 500 P/E movement

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

0 200 400 600 800 1,000 1,200 1,400 1,600

Jan-12 Apr-12 Aug-12 Nov-12 Mar-13 Jul-13 Oct-13 Feb-14 May-14 Sep-14 Jan-15 Apr-15 Aug-15 Dec-15 Mar-16 Jul-16 Oct-16 Feb-17 Jun-17

(₹)

Supreme 15x 20x

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

(₹ mn)

EV 8x 12x 16x 20x

-60%

-40%

-20%

0%

20%

40%

60%

80%

Jan-12 Apr-12 Aug-12 Nov-12 Mar-13 Jul-13 Oct-13 Feb-14 Jun-14 Sep-14 Jan-15 Apr-15 Aug-15 Dec-15 Mar-16 Jul-16 Oct-16 Feb-17 Jun-17

Premium/Discount to CNX 500

0 5 10 15 20 25 30 35

(Times)

1yr Fwd PE (x) Median PE

+1 std dev

-1 std dev

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6 CRISIL IER reports released on The Supreme Industries Ltd

Date Nature of report

Fundamental

grade Fair value

Valuation grade

CMP (on the date of report)

14-Jul-11 Initiating coverage 4/5 ₹239 4/5 ₹192

28-Jul-11 Q4FY11 result update 4/5 ₹239 4/5 ₹209

10-Nov-11 Q1FY12 result update 4/5 ₹239 4/5 ₹194

24-Feb-12 Q2FY12 result update 4/5 ₹239 4/5 ₹197

04-May-12 Q3FY12 result update 4/5 ₹239 4/5 ₹210

12-Sep-12 Detailed report 4/5 ₹291 3/5 ₹286

31-Oct-12 Q1FY13 result update 4/5 ₹291 3/5 ₹291

24-Jan-13 Q2FY13 result update 4/5 ₹291 3/5 ₹302

12-Aug-13 Detailed report 4/5 ₹370 3/5 ₹337

01-Nov-13 Q1FY14 result update 4/5 ₹370 3/5 ₹390

27-Jan-14 Q2FY14 result update 4/5 ₹370 2/5 ₹420

29-Apr-14 Q3FY14 result update 4/5 ₹471 3/5 ₹460

23-Sep-14 Detailed report 5/5 ₹620 3/5 ₹650

28-Oct-14 Q1FY15 result update 5/5 ₹620 3/5 ₹587

14-Aug-15 Q4FY15 result update 5/5 ₹690 3/5 ₹646

01-Dec-15 Q1FY16 result update 5/5 ₹690 3/5 ₹644

06-Jun-16 Detailed report 5/5 ₹995 3/5 ₹877

01-Sep-16 Q1FY17 result update 5/5 ₹995 3/5 ₹957

25-Nov-16 Q2FY17 result update 5/5 ₹1,106 5/5 ₹817

10-Feb-17 Q3FY17 result update 5/5 ₹1,212 4/5 ₹978

05-Jun-17 Q4FY17 result update 5/5 ₹1,212 3/5 ₹1,154

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7

Annexure: Financials (consolidated)

Note: The company had changed its financial year to April-to-March reporting in FY16 from July-to-June reporting earlier. Hence, FY16 is based on the nine-month period from July to March

#: Abridged Financials; Source: CRISIL Research

Income statement Balance Sheet

(₹ m n) FY15 FY16 (9M) FY17# FY18E FY19E (₹ m n) FY15 FY16 (9M) FY17# FY18E FY19E

Operating incom e 41,147 29,573 44,623 53,470 63,160 Liabilities

EBITDA 5,639 4,588 7,619 8,502 10,169 Equity share capital 254 254 254 254 254

EBITDA m argin 13.7% 15.5% 17.1% 15.9% 16.1% Reserves 11,861 12,899 16,703 19,118 22,063

Depreciation 1,390 1,046 1,543 1,809 2,013 Minorities - - - - - EBIT 4,249 3,542 6,076 6,693 8,156 Net w orth 12,115 13,153 16,957 19,372 22,317 Interest 602 303 303 119 51 Convertible debt - - - - - Operating PBT 3,647 3,240 5,773 6,575 8,105 Other debt 3,929 4,128 2,316 1,116 350 Other income 1,066 36 51 55 60 Total debt 3,929 4,128 2,316 1,116 350 Exceptional inc/(exp) (279) (54) - - - Deferred tax liability (net) 895 1,053 1,163 1,223 1,273 PBT 4,434 3,223 5,825 6,630 8,165 Total liabilities 16,939 18,333 20,435 21,710 23,940 Tax provision 1,504 1,178 2,058 2,379 2,901 Assets

Share of profit in associate 107 167 537 580 627 Net fixed assets 10,151 11,707 12,541 13,733 14,619 PAT (Reported) 3,037 2,212 4,304 4,831 5,890 Capital WIP 1,333 813 459 709 809 Less: Exceptionals (279) (54) - - - Total fixed assets 11,484 12,520 13,000 14,442 15,428 Adjusted PAT 3,316 2,266 4,304 4,831 5,890 Investm ents 1,207 1,262 1,746 2,327 2,953

Current assets

Ratios Inventory 4,324 5,263 7,769 7,325 7,787

FY15 FY16 (9M) FY17# FY18E FY19E Sundry debtors 2,380 2,362 2,753 3,223 3,807

Grow th Loans and advances 1,739 2,185 2,014 1,604 1,895

Operating income (%) 5.7 2.7 5.6 19.8 18.1 Cash & bank balance 790 256 762 374 799 EBITDA (%) 3.0 16.2 16.2 11.6 19.6 Marketable securities 1,028 34 36 51 66 Adj PAT (%) 17.7 (2.4) 33.0 12.2 21.9 Total current assets 10,262 10,099 13,335 12,577 14,354 Adj EPS (%) 17.7 (2.4) 33.0 12.2 21.9 Total current liabilities 6,188 5,688 7,738 7,697 8,838 Net current assets 4,074 4,412 5,597 4,880 5,516

Profitability Intangibles/Misc. expenditure 174 140 92 62 42

EBITDA margin (%) 13.7 15.5 17.1 15.9 16.1 Total assets 16,939 18,333 20,435 21,710 23,940 Adj PAT Margin (%) 8.1 7.7 9.6 9.0 9.3

RoE (%) 29.5 25.6 28.6 26.6 28.3 Cash flow

RoCE (%) 27.3 30.4 33.2 33.7 37.8 (₹ m n) FY15 FY16 (9M) FY17# FY18E FY19E

RoIC (%) 38.0 27.6 32.0 32.4 36.2 Pre-tax profit 4,820 3,444 6,362 7,210 8,792 Total tax paid (1,777) (1,020) (1,948) (2,319) (2,851)

Valuations Depreciation 1,390 1,046 1,543 1,809 2,013

Price-earnings (x) 44.2 45.3 34.1 30.3 24.9 Working capital changes 1,504 (1,867) (675) 343 (196) Price-book (x) 12.1 11.1 8.6 7.6 6.6 Net cash from operations 5,938 1,602 5,282 7,042 7,758 EV/EBITDA (x) 26.4 23.0 19.4 17.3 14.4 Cash from investm ents

EV/Sales (x) 3.7 3.6 3.4 2.8 2.4 Capital expenditure (1,869) (2,047) (1,975) (3,220) (2,980) Dividend payout ratio (%) 37.5 43.1 44.2 40.5 40.5 Investments and others (1,126) 940 (487) (595) (642) Dividend yield (%) 0.8 0.7 1.3 1.3 1.6 Net cash from investm ents (2,995) (1,108) (2,462) (3,815) (3,622)

Cash from financing

B/S ratios Equity raised/(repaid) - - - - -

Inventory days 47 61 88 63 57 Debt raised/(repaid) (798) 200 (1,813) (1,200) (766) Creditors days 51 59 57 52 51 Dividend (incl. tax) (1,372) (1,150) (2,290) (2,415) (2,945) Debtor days 19 19 20 22 22 Others (incl extraordinaries) (221) (79) 1,790 - 0 Working capital days 27 39 36 32 26 Net cash from financing (2,391) (1,029) (2,313) (3,615) (3,711) Gross asset turnover (x) 2.3 2.2 2.1 2.2 2.3 Change in cash position 552 (534) 507 (388) 425 Net asset turnover (x) 3.9 3.9 3.7 4.1 4.5 Closing cash 790 256 762 374 799 Sales/operating assets (x) 3.6 3.5 3.5 3.9 4.2

Current ratio (x) 1.7 1.8 1.7 1.6 1.6

Debt-equity (x) 0.3 0.3 0.1 0.1 0.0 Quarterly financials

Net debt/equity (x) 0.2 0.3 0.1 0.0 (0.0) (₹ m n) Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17

EBITDA/interest (x) 9.4 15.2 25.2 71.7 201.1 Net Sales 12,003 11,891 8,829 11,074 12,826

EBIT/interest (x) 7.1 11.7 20.1 56.4 161.3 Change (q-o-q) 20% -1% -26% 25% 15.8%

EBITDA 2,152 2,011 1,333 1,848 2,426

Per share Change (q-o-q) 39% -7% -34% 39% 31.3%

FY15 FY16 (9M) FY17# FY18E FY19E EBITDA m argin 17.9% 16.9% 15.1% 16.7% 18.9%

Adj EPS (₹) 26.1 19.1 33.9 38.0 46.4 PAT 985 1,016 576 902 1,273

CEPS 37.0 26.1 46.0 52.3 62.2 Adj PAT 1,225 1,152 662 1,008 1,482

Book value 95.4 103.5 133.5 152.5 175.7 Change (q-o-q) 49% -6% -43% 52% 47.0%

Dividend (₹) 9.0 7.5 15.0 15.4 18.8 Adj PAT m argin 10.2% 9.7% 7.5% 9.1% 11.6%

Actual o/s shares (mn) 127.0 127.0 127.0 127.0 127.0 Adj EPS 9.6 9.1 5.2 7.9 11.7

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CRISIL Research Team

Senior Director

Nagarajan Narasimhan CRISIL Research +91 22 3342 3540 [email protected]

Analytical Contacts

Prasad Koparkar Senior Director, Industry & Customised Research +91 22 3342 3137 [email protected] Jiju Vidyadharan Senior Director, Funds & Fixed Income Research +91 22 3342 8091 [email protected] Binaifer Jehani Director, Customised Research +91 22 3342 4091 [email protected]

Manoj Damle Director, Customised Research +91 22 3342 3342 [email protected]

Ajay Srinivasan Director, Industry Research +91 22 3342 3530 [email protected] Rahul Prithiani Director, Industry Research +91 22 3342 3574 [email protected]

Miren Lodha Director, Data Business +91 22 3342 1977 [email protected]

Hetal Gandhi Director, Research Execution +91 22 33424155 [email protected]

Business Development

Prosenjit Ghosh Director, Industry & Customised Research +91 99206 56299 [email protected]

Megha Agrawal Associate Director +91 98673 90805 [email protected]

Dharmendra Sharma Associate Director (North) +91 98189 05544 [email protected]

Ankesh Baghel Regional Manager (West) +91 98191 21510 [email protected]

Sonal Srivastava Regional Manager (West) +91 98204 53187 [email protected] Sarrthak Sayal Regional Manager (North) +91 95828 06789 [email protected] Priyanka Murarka Regional Manager (East) +91 99030 60685 [email protected] Sanjay Krishnaa Regional Manager (Tamil Nadu & AP) +91 98848 06606 [email protected]

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Last updated: April 2016 Analyst Disclosure

Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company.

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