BUYBUYBUY CMP (Rs) 78breport.myiris.com/firstcall/NEYLIGCO_20130225.pdf · Neyveli Lignite Corporation Ltd operates three open cast Lignite mines of total capacity of 30.60 million

CMP (Rs) 78.00

Target Price (Rs) 89.00

ISIN: INE589A01014

FEB 25th

, 2013

NEYVELI LIGNITE CORPORATION LTD

Result Update: Q3 FY13

FY 13 BUYBUYBUYBUY

Stock Data

Sector Power

BSE Code 513683

Face Value 10.00

52wk. High / Low (Rs.) 105.30/70.60

Volume (2wk. Avg ) 23000.00

Market Cap ( Rs in mn ) 140927.64

Annual Estimated Results (A*: Actual / E*: Estimated)

Years FY12A FY13E FY14E

Net Sales 48668.50 56444.72 63218.09

EBITDA 25636.10 23562.19 26037.42

Net Profit 14113.30 12726.96 12937.19

EPS 8.41 7.59 7.71

P/E 9.99 11.07 10.89

Shareholding Pattern (%)

1 Year Comparative Graph

BSE SENSEX NEYVELI LIGNITE CORPORATION

SYNOPSIS

Neyveli Lignite Corporation Ltd operates three open cast Lignite mines of total capacity of 30.60 million tones and three power stations of capacity 2740 MW at Neyveil and one at Barsinagar.

During the quarter ended the company’s

net profit jumps to Rs.2216.50 million against Rs.1849.40 million in the corresponding quarter ending of previous year, an increase of 19.85%.

Neyveli Lignite Corporation Ltd which was scheduled to be held on February 27, 2013, inter-alia, to consider declaration of Interim Dividend for the financial year 2012 -2013.

Neyveli Lignite has entered into Joint Venture Agreement with Rajya Vidyut Utpadan Nigam for setting up a 1980 MW coal based thermal power project in Uttar Pradesh.

Neyveli Lignite has proposed to establish 4000 MW capacity coal based power project in the State of Uttar Pradesh in 2 stages each having 2000 MW capacity.

Net Sales and Operating Profit of the company are expected to grow at a CAGR of 17% and 5% over 2011 to 2014E respectively.

Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Neyveli Lignite Corporation Ltd 78.00 140927.64 8.41 9.99 1.17 28.00

NTPC 157.75 1300722.00 13.14 12.01 1.77 40.00

CESC Ltd 328.75 41422.50 47.70 6.89 0.69 49.74

Adani Power Ltd 60.90 145750.30 0.00 0.00 2.34 0.00

Investment Highlights

Results updates- Q3 FY13,

Neyveli Lignite Corporation Ltd operates three open

cast Lignite mines of total capacity of 30.60 million

tones and three power stations of capacity 2740 MW

at Neyveil and one at Barsinagar in India, reported

its financial results for the quarter ended 31st Dec,

2012. The third quarter witnesses a healthy increase

in overall sales as well as profitability of the

company.

Months Dec-12 Dec-11 % Change

Net Sales 12557.00 10459.90 20.05

PAT 2216.50 1849.40 19.85

EPS 1.32 1.10 19.85

EBITDA 4030.30 3628.10 11.09

The company’s net profit jumps to Rs.2216.50 million against Rs.1849.40 million in the corresponding quarter

ending of previous year, an increase of 19.85%. Revenue for the quarter increase 20.05% to Rs.12557.00 million

from Rs.10459.90 million, when compared with the prior year period. Reported earnings per share of the

company stood at Rs.1.32 a share during the quarter, registering 19.85% increase over previous year period.

Profit before interest, depreciation and tax is Rs.4030.30 millions as against Rs.3628.10 millions in the

corresponding period of the previous year.

Expenditure :

During the quarter Total Expenditure rose by 23 per

cent mainly on account of Increase in Consumption

of Stores, Spares & Fuel cost along with Depreciation

in the rupee impact. Total expenditure in Q3 FY13

was at Rs. 11218.50 million as against Rs. 9094.60

million in Q3FY12. Other Expenses stood to Rs.

2614.40 millions against Rs. 2026.90 millions in the

corresponding period of the previous year.

Employee Benefit Expenses was at Rs. 4072.40

million and Consumption of Stores, Spares & Fuel

cost is Rs. 2025.30 millions in Q3 FY13 is the

primarily attributable to growth of expenditure.

Segment Revenue

Latest Updates

Neyveli Lignite Corporation Ltd which was scheduled to be held on February 27, 2013, inter- alia, to consider

declaration of Interim Dividend for the financial year 2012 -2013.

Future Projects

• Uttar Pradesh Power Project (3 X 660 MW - Coal Based)

� It is proposed to establish 4000 MW capacity coal based power project in the State of Uttar Pradesh in 2

stages each having 2000 MW capacity. The estimated cost of the project is around Rs. 14858.62 Crores.

� MOU was signed with Uttar Pradesh Rajya Vidyut Nigam Limited (UPRVUNL) for implementing the first

phase of the project as a Joint Venture with equity participation in the ratio of 51% (NLC) : 49%

(UPRVUNL).

• Sirkazhi Thermal Power Project (3 X 660 - MW Coal Based)

� Sirkazhi Thermal Power Project (STPP) is proposed with imported coal and it is proposed to take up

2000 MW initially and increase it by another 2000 MW in the second and final phase at a cost of

Rs.10395.00 Crores.

� Power Purchase Agreement was signed with Southern Electricity Boards within the time limit stipulated

by Ministry of Power.

• Bithnok Thermal Power Station In Rajasthan (1 X 250 MW - Lignite Based)

� Project Cost Rs.1670.54 Crs.

� Power Purchase Agreement was signed within the time stipulated by Ministry of Power, with

Distribution Companies (DISCOMS) of Rajasthan for supplying entire power.

� 50 Cusecs of water from IGNP canal has been reserved for Bithnok and Riri Projects and water supply

agreement is to be signed with IGNB.

• Barsingsar Thermal Power Station Extension (250 MW) with linked Hadla & Palana Lignite Mine

(2.5MTPA), Rajasthan

The Company has proposed to set up a new power plant with a capacity of 250 MW as an extension of the

existing power plant. The fuel for this project will be met through the linked mine utilizing the lignite

deposits in Hadla & Palana blocks. The aggregate estimated cost of the project is R2041.78 crore.

• Sirkali Thermal Power Project (4000 MW), Tamil Nadu

The Company has accorded 'In-principle' approval for setting up a coal based power project with an overall

capacity of 4000 MW in two phases at Sirkali in the coastal district of Nagapattinam in the State of

Tamilnadu, at an estimated cost of around Rs. 20000 crore.

• Ghatampur Thermal Power Station (1980 MW), a JV of NLC and UPRVUNL

The Company has entered into an MoU with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL)

to set up a 1980 MW (3 x 660 MW) coal based thermal power project in Ghatampur Thesil, Kanpur Nagar

District in the State of Uttar Pradesh, as a joint venture Company with equity participation in the ratio of

51:49. Government of Uttar Pradesh has allocated 80 cu. secs of water for the project.

Company Profile

Neyveli Lignite Corporation Ltd a “Navratna” Government of India Enterprise, under the administrative control

of MOC has a chequered history of achievements in the last 56 years since its inception in 1956.

A pioneer among the public sector undertakings in energy sector,

All the Mines of NLC are ISO Certified for Quality Management System, Environmental Management System and

Occupational Health & Safety Management System. All the Power stations of NLC are also ISO Certified for Quality

Management System and Environmental Management System. NLC’s growth is sustained and its contribution to

India’s social and economic development is significant.

NLC operates

• Three Opencast Lignite Mines of total capacity of 28.5 Million Tonnes per Annum at Neyveli and one open

cast lignite Mine of capacity 2.1 Million Tonnes per Annum at Barsingsar, Rajasthan.

• Three Thermal Power Stations with a total installed capacity of 2490 Mega Watt at Neyveli and one Thermal

Power Station at Barsingsar, Rajasthan with an installed capacity of 250 Mega Watt

Products & Services

The main core activity of NLC is Lignite Excavation and power generation using lignite excavated.

NLC is having three lignite mines named as

• Mine I- 10.5 MT/A

• Mine II – 3 MT/A

• Mine IA – 10.5 MT/A

Also raw lignite is being sold to small scale industries to use it as fuel in their production activities. NLC is

generating power in its Thermal Power Station I, Thermal Power Station -II and in Thermal Power Station I

Expansion. All the southern states are beneficiaries of this power generation project.

Projects under Construction

• Thermal Power Station-II Expansion (2x250 MW)

Unit-I of TPS-II Expansion was synchronized using the designated fuel in June 2011 and the declaration of

commercial operation of the Unit is expected in October 2012. In respect of Unit-II, pre-commissioning

activities have started and the Unit is anticipated to be commissioned by March 2013.

• Neyveli New Thermal Power Station (2x500 MW)

Government of India has sanctioned implementation of NNTPS as a replacement to the existing 600 MW TPS-

I in June 2011 at a capital cost of R5907.11 crore. Tendering activities are in progress. The fuel requirement

for this plant will be met by restructuring the existing Mine-I and Mine-I Aannexing contiguous lignite blocks.

• Wind Power Plant (50 MW)

The Company has proposed to set up wind power project of capacity 50 MW at an estimated cost of 364.75

crore. Tendering activities are in progress.

• Solar P.V. Project (10 MW)

The Company has accorded in-principle approval for setting up of 10 MW Solar Photo Voltaic project at

Neyveli. Tendering towards design, engineering, manufacture, supply, transport, storage, erection,

testing and commissioning of the above Solar PV power plant is in progress.

JV Projects

Coal based Thermal Power Plant at Tuticorin (2x500 MW) the Company is presently implementing coal based

thermal power project of 1000 MW capacity at Tuticorin, through the Subsidiary Company, NLC Tamilnadu

Power Limited, in joint venture with TANGEDCO. Unit-I is expected to be commissioned in December 2013 and

Unit-II in March 2014.

• MNH Shakti

MNH Shakti Limited is a Joint Venture Company (JVC) promoted by Mahanadi Coalfields Limited (MCL)

holding 70% stake, Hindalco and the Company, each holding 15% stake. The JVC is implementing a 20.0

MTPA coal mining project at Talabira, Odisha and MCLbeing the majority stakeholder is piloting the above

project.

Thermal Plants

• Thermal Power Station-I

The 600 MW Neyveli Thermal Power Stations-I in which the first unit was synchronized in May'62 and the

last unit in September'70 consists of six units of 50 MW each and three units of 100 MW each. The Power

generated from Thermal Power Station-I after meeting NLC's requirements is fed into Tamil Nadu Electricity

Board which is the sole beneficiary with an estimated cost of Rs.315.23 crore and was successfully completed

in March’99 thus extending the life by 15 years.

• Thermal Power Station-II

The 1470 MW Second Thermal Power Station consists of 7 units of 210 MW each in February 1978,

Government of India sanctioned the Second Thermal Power Station of 630 MW capacity (3 X 210 MW) and in

Feb.'83, Government of India sanctioned the Second Thermal Power Station Expansion from 630 MW to 1470

MW with addition of 4 units of 210 MW each. The first 210 MW unit was synchronised in March 1986 and the

last unit (Unit-VII) was synchronized in June'93.

• Thermal Power Station-I Expansion

Thermal Power Station-I has been expanded based on the additional lignite available from Mine-I Expansion.

The scheme was sanctioned by Government of India in February 1996 with a sanctioned cost of Rs. 1590.58

Crores. The Unit-I was synchronized in October 2002 and Unit-II in July 2003.

• Barsingsar Thermal Power Station:

Government of India sanctioned the Barsingsar Thermal Power Station 250 MW (2 X 125 MW) in October

2004 with a latest cost (RCE) of Rs. 1626.09 Crores. First Unit was synchronized on 27th October 2009 and

second unit was synchronized on 5th June 2010. Both the units could not be taken for commercial operation

due to teething trouble and stabilization problem commissioned in December 2011 and January 2012.

Subsidiary Company

• NLC Tamilnadu Power Ltd

Financial Highlight

Balance sheet as at March 31st, 2012

(A*- Actual, E* -Estimations & Rs. In Millions)

Particulars March (Rs.in.mn) FY12A FY13E FY14E

EQUITY AND LIABILITIES:

Shareholders’ Funds:

Share Capital 16777.10 16777.10 16777.10

Reserves and Surplus 103621.80 116348.76 129285.95

1. Net worth (a+b) 120398.90 133125.86 146063.05

Non-Current Liabilities:

Long-term borrowings 34221.30 34905.73 35254.78

Deferred Tax Liabilities [Net] 6141.50 6325.75 6332.07

Other Long Term Liabilities 1988.50 1511.26 1239.23

2. Total Non-Current Liabilities 42351.30 42742.73 42826.09

Current Liabilities:

Trade Payables 13150.60 12098.55 11614.61

Other Current Liabilities 6474.00 4855.50 4078.62

Short Term Provisions 7984.90 8783.39 9222.56

3. Total Current Liabilities 27609.50 25737.44 24915.79

Total Liabilities ( 1+2+3 ) 190359.70 201606.03 213804.93

ASSETS:

Non-Current Assets:

Fixed Assets:

Tangible Assets 74030.70 85875.61 96180.69

Intangible Assets 8506.80 8762.00 8867.15

Capital work-in-progress 13576.30 11675.62 10975.08

Intangible Asset under Development 365.00 492.75 601.16

a) Total Fixed Assets 96478.80 106805.98 116624.07

b) Other non-current assets 238.30 185.87 163.57

c) Non Current Investments 10938.50 12251.12 13280.21

d) Long Term Loans and Advances 1218.50 1047.91 964.08

1. Total Non-Current Assets 108874.10 120290.89 131031.93

Current Assets: (c)

Current Investments 1032.00 1042.32 1056.91

Inventories 5061.90 5137.83 5189.21

Trade Receivables 36470.30 42484.54 47034.22

Cash and Bank Balances 33291.00 27298.62 24295.77

Short Term Loans and Advances 4068.00 3742.56 3555.43

Other Current Assets 1562.40 1609.27 1641.46

2. Total Current Assets 81485.60 81315.14 82773.00

Total Assets ( 1+2 ) 190359.70 201606.03 213804.93

Annual Profit & Loss Statement for the period of 2011 to 2014E

Value(Rs.in.mn) FY11 FY12 FY13E FY14E

Description 12m 12m 12m 12m

Net Sales 39490.80 48668.50 56444.72 63218.09

Other Income 9703.50 7483.60 5453.18 5807.64

Total Income 49194.30 56152.10 61897.90 69025.72

Expenditure -26629.40 -30516.00 -38335.71 -42988.30

Operating Profit 22564.90 25636.10 23562.19 26037.42

Interest -1590.70 -1495.40 -2063.28 -2579.11

Gross profit 20974.20 24140.70 21498.90 23458.32

Depreciation -4128.70 -4301.80 -5547.31 -6656.77

Exceptional Items 0.00 0.00 631.30 0.00

Profit Before Tax 16845.50 19838.90 16582.89 16801.55

Tax -3862.20 -5725.60 -3855.93 -3864.36

Net Profit 12983.30 14113.30 12726.96 12937.19

Equity capital 16777.10 16777.10 16777.10 16777.10

Reserves 94944.50 103621.80 116348.76 129285.95

Face value 10.00 10.00 10.00 10.00

EPS 7.74 8.41 7.59 7.71

Quarterly Profit & Loss Statement for the period of 30th June, 2012 to 31st March, 2013E

Value(Rs.in.mn) 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13E

Description 3m 3m 3m 3m

Net sales 13318.10 13492.10 12557.00 17077.52

Other income 1207.80 1417.10 1154.40 1673.88

Total Income 14525.90 14909.20 13711.40 18751.40

Expenditure -8599.20 -9125.80 -9681.10 -10929.61

Operating profit 5926.70 5783.40 4030.30 7821.79

Interest -543.70 -482.40 -467.20 -569.98

Gross profit 5383.00 5301.00 3563.10 7251.80

Depreciation -1302.80 -939.10 -1537.40 -1768.01

Exceptional Items 0.00 0.00 631.30 0.00

Profit Before Tax 4080.20 4361.90 2657.00 5483.79

Tax -1195.50 -1013.50 -440.50 -1206.43

Net Profit 2884.70 3348.40 2216.50 4277.36

Equity capital 16777.10 16777.10 16777.10 16777.10

Face value 10.00 10.00 10.00 10.00

EPS 1.72 2.00 1.32 2.55

Ratio Analysis

Particulars FY11 FY12 FY13E FY14E

EPS (Rs.) 7.74 8.41 7.59 7.71

EBITDA Margin (%) 57.14% 52.67% 41.74% 41.19%

PBT Margin (%) 42.66% 40.76% 29.38% 26.58%

PAT Margin (%) 32.88% 29.00% 22.55% 20.46%

P/E Ratio (x) 10.85 9.99 11.07 10.89

ROE (%) 11.62% 11.72% 9.56% 8.86%

ROCE (%) 17.59% 19.36% 17.22% 17.79%

Debt Equity Ratio 0.36 0.28 0.27 0.26

EV/EBITDA (x) 6.06 5.53 6.35 5.93

Book Value (Rs.) 66.59 71.76 79.35 87.06

P/BV 1.26 1.17 1.06 0.96

Charts

Outlook and Conclusion

� At the current market price of Rs.78.00, the stock P/E ratio is at 11.07 x FY13E and 10.89 x FY14E

respectively.

� Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.7.59 and Rs.7.71

respectively.

� Net Sales and Operating Profit of the company are expected to grow at a CAGR of 17% and 5% over 2011 to

2014E respectively.

� On the basis of EV/EBITDA, the stock trades at 6.35 x for FY13E and 5.93 x for FY14E.

� Price to Book Value of the stock is expected to be at 1.06 x and 0.96 x respectively for FY13E and FY14E.

� We recommend ‘BUY’ in this particular scrip with a target price of Rs.89.00 for Medium to Long term

investment.

Industry Overview

India, being one of the fastest growing economies with ever increasing demand represents an attractive

destination for the power industry. The Indian power sector will add nearly 45,000 megawatt (MW) to its total

installed capacity by 2013-14 to the existing production, according to a RNCOS research report, 'Indian Power

Sector Analysis'.

Renewable energy is the new keyword in the Indian power sector and most of public and private players are

coming up with plans to tap the potential market, on back of favorable government policies and initiatives. To tap

the underlying potential, the States are focusing on those aspects of energy in which they have an edge, such as

solar power, wind power, hydro power etc.

India has been one of the top performing clean energy economies in the 21st century, registering the fifth highest

five-year rate of investment growth and the eighth highest in installed renewable energy capacity, according to a

research report released by The Pew Charitable Trusts.

According to RNCOS research report titled, 'Indian Solar Energy Market Analysis', the country portrays unlimited

growth potential for solar photovoltaic (PV) industry in future. India is endowed with vast potential of solar

energy and is quickly developing itself as a major manufacturing hub for solar power plants. Besides, it is

expected that the annual PV-installed capacity will grow at a compound annual growth rate (CAGR) of around

49.5 per cent during 2010-2014 to reach 1,500 MW by end of 2014.

Market Size

With a large swathe of rivers and water bodies, India has enormous potential for hydro power. Twelfth Five Year

Plan (2012-2017) includes additional 30,000 MW of hydro-electric power generation. India currently has 4.4

gigawatt (GW) of net electricity generation capacity using nuclear fuels (across 20 reactors) and aims to increase

it up to 20 GW by 2020; with one of the world's largest reserves of thorium, India has huge potential in nuclear

energy.

Wind energy is the largest renewable energy source in India; projects like the Jawaharlal Nehru National Solar

Mission (which aims to generate 20,000 MW of solar power by 2022) is creating a positive environment among

investors keen to exploit India's potential. India has large reserves of coal; estimates for FY11 put the figure at

about 285.8 billion tonnes. India's proven natural gas reserves measure about 1,074 billion cubic meters.

India's installed power generation capacity was 199.9 GW at the end of March 2012. India is set to become a

global manufacturing hub with investments across the value chain. About 82 GW worth of generation capacity is

set to be added during FY11-FY15; future investments will benefit from strong demand fundamentals, policy

support, and increasing government focus on infrastructure.

Investments

The investment climate is very positive in the power sector. Due to the surge in the sector, it has witnessed

higher investment flows than envisaged. The Ministry of Power has sent its proposal for addition of 76,000 MW

of power capacity in the Twelfth Five Year plan (2012-2017) to the planning commission. The ministry has set a

target for adding 93,000 MW in the Thirteenth Five Year Plan (2017-2022).

The industry attracted foreign direct investment (FDI) worth Rs 172.80 crore (US$ 31.57 million) in the month of

May 2012.

Some of the major investments made into the Indian power sector are as follows:

• National Aluminium Co Ltd (Nalco) has commissioned its first wind power project at Gandikota in

Kadapa district of Andhra Pradesh (AP). The company has invested Rs 275 crore (US$ 50.25 million) for

the 50 MW project

• KEC International, an RPG Group company, has secured orders worth Rs 1,511 crore (US$ 276.13 million)

in transmission, power system and cable businesses in India, Oman, Nepal and the US

• Essar Power has commissioned the first phase of 600 MW, of its 1,200 MW, Mahan I power project in

Madhya Pradesh (MP). The project entails an investment worth US$ 1.2 billion. The Mahan unit in MP will

be Essar's eighth operational power plant

• Lanco Infratech Ltd has signed a long-term sale contract of 300 MW power from its Unit 1 of Lanco

Amarkantak Thermal Power Station to MP

• Thermax has won a Rs 503 crore (US$ 91.92 million) turnkey contract from a Government enterprise to

set up a captive power plant for a new three million tonnes per annum (MTPA) integrated steel plant

Government Initiatives

The Government of India has initiated several policies to promote and garner investments in the power sector.

To accelerate capacity addition, several policy initiatives have been undertaken by the Ministry of Power.

Some of the prominent policies which have boosted the private player's confidence in the sector are:

• National Electricity Policy

• Ultra Mega Power Project Policy (UMPP)

• Mega Power Policy

• CERC Policy

• Tariff Policy

In order to attract foreign investments in the power sector, the Government of India as per extant policy has

permitted 100 per cent FDI under the automatic route in the power sector. Accordingly, any foreign power

company can enter power sector through FDI route.

Some of the initiatives taken by the Government of India to boost the power sector of India are:

• India and Malaysia have agreed to strengthen and promote cooperation in renewable energies, and to

take necessary steps to encourage their development for mutual benefits, as per Dr Farooq Abdullah,

Union Minister for New and Renewable Energy (MNRE)

• The Government of India plans to develop 54 cities as solar cities. The draft master plans have been

prepared for 28 cities, out of which 8 have been approved by the MNRE for implementation

• The State Cabinet has given its approval for the creation of Bihar Grid Company Ltd for which an

agreement would be signed between the Bihar State Power (Holding) Company Ltd or its associate

company and Power Grid Corporation of India Ltd (PGCIL), in a bid to strengthen the power transmission

system in the state

• The Government of Karnataka has decided to set up a 500 MW solar power complex in Chitradurga

district

• MNRE has proposed norms for viability gap funding (VGF) for large-sized solar power projects-750 MW

or 1,000 MW-that would come up in Phase II of the National Solar Mission

Road Ahead

The Government of India has initiated several reform measures to create a favourable environment for the newly

added generating capacity in the country. The policies and reforms have put in place a highly liberal framework

for generation of power in the country. The Government of India is adopting constructive steps towards

implementing large-scale solar power projects and is poised to position itself as one of the world's major solar

producer.

Currently biomass availability in India is estimated at about 500 million tonnes (MT) per year, while studies have

estimated surplus biomass availability at about 120-150 MTPA, covering agricultural and forestry residues

corresponding to a potential of about 18,000 MW of power generation, as per data provided by MNRE. "Of the

over 200,000 MW of installed power generation capacities in India, nearly 12 per cent or 25,000 MW is

generated from renewable sources", according to Mr Tarun Kapoor, Joint Secretary, MNRE, thereby encouraging

use of renewable energy sources for power generation in India.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – [email protected]

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