Thematic Report@Agro Fertilizers

8/21/2019 Thematic Report@Agro Fertilizers

1/26Analyst: Ajoy mukherjee | [email protected]


2/26

- 1 -

Microsec Re5 June, 2014

Agriculture is the engine of the Indias economic growth and the largest employer. Indithe W orlds second largest producer of food next to china. In the next 10 years the total fproduction in India is likely to double. India holds 179.90 million hectares which is second largest in the world. Agriculture sector is representing a share of around 14 per cof Gross Domestic Product (GDP) & 11% of Indias total export which reached US Billion during 2013-14 as compared US 25 Billion in 2012-13. India requires a robmodernised agricultural practices to ensure food security. The government has allowed per cent FDI under automatic route in storage and warehousing, including cold storages. per cent FDI is also permitted for development of seeds under the automatic route. Indnew stable government may give highest priority on agriculture. Govt. may take somefollowing initiative for this.

To arrest the inflation which has been a major challenge for the new Government since it took chaFinance Minister announced several measures including advising the State Governments to de-list fruits vegetables from the Agriculture Produce Market Committees (APMC) Act.

Government may install a Price Stabilisation Fund so that procurement and distribution at State level could

improved.

Govt. may take steps to enhance the profitability in agriculture, by ensuring a minimum of 50% profits othe cost of production.

Increase public investment in agriculture & cheaper agriculture inputs and credit. Introducing latechnologies for farming and high yielding seeds.

Govt. estimated increase in cash flow in sugar sector, following the export incentive scheme for raw subeing extended till September 2015.

Cold storage capacity also needs to grow rapidly from the current level of 24 MT.

Set up and endorse low water consuming irrigation techniques and optimum utilization of water resources.

Set up the 'Organic Farming and Fertilizer Corporation of India', to promote organic farming and fertilizand provide incentives and support for marketing organic produce.

Genetically Modified (GM) crops may be allowed with full scientific evaluation on its long-term effectssoil, production and biological impact on consumers.

Govt. may plan urea price hike to control fertilizer subsidies.

Govt. may increase the import duty on sugar.

New stable govt. may reform a meaningful Minimum Support price (MSP).

Agriculture Productive, Scientific ProsperinSector- Agriculture, Agrochemicals Sugar


3/26

- 2 -


Government may provide a guaranteed assured monthly income for farmers.

Marketing fruits and vegetables like milk. For a country which was able to build up an excellent markenetwork for one of the most perishable commodities -- milk govt. may take similar approach to providinviable marketing network for fruits and vegetables.

Govt. may implement a comprehensive and an intensive soil testing programme across India and thereafformulate location specific measures to restore and improve soil health.

New government may implement a farm insurance scheme to take care of crop loss due to unforeseen naturcalamities.

The Government may develop a policy and research framework that is appropriate for the developmentagriculture in hilly and mountainous regions in different parts of India.

New government may increase the subsidy on different fertilizer & sugar.

Above measures are likely to benefit the following segments in Agriculture.Irrigation com paniesFertilizer com paniesSugar companiesSeed companiesWe have identified some of the companies which we believe is likely to outperformin the medium to long term. A brief of the same is mentioned below. We have alsorecommend ed some of them in Ou r Post Poll Theme Report dated May17, 2014, someof which have already appreciated significantly.


4/26Microsec Re5 June, 2014

We rate Bayer Cropscience Ltd. a BU Y based on factors like companys outstanding range of pro& extensive service backup for modern in three business area Crop Protection, Bio-Science

Environmental Science. The company has plans to reach leadership position in these areas in

coming years with a substantial survival in 122 countries and 22000 dedicated employees.

Investment H ighlightsN ew S table Go vernm ent to b ring r efor m s in Ag ricu ltur e: New stable Government maimplement to introduce the latest technology for farming & may take step to enhance th

profitability in agriculture. Bayer Cropscience Ltd. has 17 branded products in crop protection. Th

company offers an integrated portfolio of high quality seeds of Rice, Cotton, Pearl Millet, Corn

Grain Sorghum, Mustard etc.

Its a cash-rich Company: Bayer Cropscience is zero debt company for last three years withuge cash in hand. In current high interest rate system this conservative capital structure i

advantage for the company, thus, helping in improving the bottom line.

Bayer CropScience has a strong innovation pipeline: A strong innovation pipeline is expecteto bring in new protection 6 to 8 and Hybrid Seeds 13 to 14 products within the next two year

The companys New integrated crop solutions Bayer Labhsutra significantly benefits farmer

income.

The companys manufacturing capacity is set to increase: The company has capacity tprocess and package more than 200 metric tons of high-quality seed per day, It is one of the to

players in the country with four states Andhra Pradesh, Tamilnadu, karnataka, haryana and plan

to develop production centers in others state. The company warehouses are located throughout th

country.

Bayer En vironmental Science : It is a non agriculture product division with pioneer in the fielof public health, being a major contributor in this segment. It is covering three major segmenVector control, Professional pest control, Green Industry. The comminment of this division is t

consistently delever high quality research product for the control of insect pests of public healt

like malaria vectors, cockroaches, rodents, termites, stored grain pests, house flies,

Bayer CropscienceLimitedSector Agrochemicals Y

Analyst: Ajoy Mukherjeemailto:[email protected]

ter

ter

p%

DII

11.58%

FII

7.96%

Non

Institutions

11.50%

areholding

ode 506285

ode BAYERCROP

berg Ticker BYRCS IN

s Ticker BAYE.BO

Value (INR) 10.00

Share Capital (In INR Crs) 36.62

ge P/E NA

s Sensex 0.90

ge Daily Volume 15,380

nd Yield 0.3%

Ratio NA

STOCK SCAN

91.66

01.66

11.66

21.66

31.66

41.66

17

-Jun

-2013

17

-Ju

l-2013

17

-Aug

-2013

17

-Sep

-2013

17

-Oc

t-2013

17

-Nov

-2013

17

-Dec

-2013

17

-Jan

-2014

17

-Fe

b-2

014

17

-Mar-

2014

17

-Apr

-2014

17

-May

-2014

Period

CLOSE(Bayer CropScience Ltd) CLOSE(SENSEX)

t Market Price (INR) 1,840.00

Price 2,240.00

(%) 21.7%

ek High / Low (INR) 1939.00/1362.00

Capitalization (In INR Crs) 6,737.90

MARKET DATA

Bayer Cropscience Limited Financial Performance-Standalone (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 2,317.80 2,725.30 3,245.20 3,657.00 4,206.00

Growth (%) 7.22% 17.58% 19.08% 12.69% 15.01%

EBITDA 298.00 326.96 361.16 477.00 564.00

EBITDA Margins (%) 12.86% 12.00% 11.13% 13.04% 13.41%

Net Profit 139.00 1,161.70 289.50 325.00 392.00

Net Profit Margins (%) 6.00% 42.63% 8.92% 8.89% 9.32%

Net Profit Growth (%) 5.38% 735.76% -75.08% 12.26% 20.62%

EPS 35.19 294.10 75.14 88.75 107.05

BVPS 200.68 488.94 476.03 556.85 661.25

P/E 22.80 4.10 19.73 20.76 17.37

P/BV 4.00 2.46 3.11 3.30 2.78

RoE 18.97% 85.29% 16.61% 22.42% 17.36%

EV/EBITDA 9.33 8.92 8.16 13.18 11.14

Source: Bloomberg, Ace Equity, Microsec Research (EPS adjusted as per PAT)

- 3 -



Businesses/Products

ValuationThe stock is currently trading at INR1840.00. On FY16E expected EPS of INR107.05

assigned a P/E multiple of 20.90x to arrive at a target price of INR2240.00 which show

upside potential of 21.70 percent hence making the scrip an attractive buy.

Key Concern Crop protection sales like pesticides, insecticides etc depend upon various factors lik

monsoon and cropping conditions.

Prices of Commodity also impact the usage of crop protection products. Several o

these factors are beyond the control of the Companys long term.

- 4 -



We rate BASF Ltd. a BUY based on factors like companys strong experienced managemhigh quality & innovative product range. BASF in India today has 9 production sites, 8

offices and 2 R&D centers employing over 2,157 employees. BASF in India manufact

polymers, tanning agents, leather chemicals and auxiliaries, crop protection chemitextile chemicals, dispersions and specialty chemicals, performance plastics, automotive

coil coatings, construction chemicals, polystyrene and polyurethane systems.

Investment H ighlightsNew Stable Government to bring major reforms in Agriculture: New stable Governmenmay implement to introduce the latest technology for farming & may take step t

enhance the profitability in agriculture. BASF Ltd. has 11 solutions to solve its custome

specific needs in this segment of business. The company may participate in this growt

by increasing its manufacturing and working capital efficiency, adding capacity &

introducing new innovative product & formulations. Above 25% of total revenue come

from this segment of business.

1 chemical company It i s uniquely positioned with broad market access, portfolio otechnologies and expertise. Innovations based on chemistry ding play the key role mainly

in three areas, a) resources, environment & climate. B) Food & Nutrition. C) Quality o

life.

The companys diversified and huge product range: Companys businesss is related witseveral industries, it has about 5.000 customers around the world to rely on it

comprehensive portfolio of intermediates - more than 600 chemical products tha

company develops, produces and markets.

The companys superior growth oportunities: Presently, the company has nine plantssales offices and 2 R&D centers employing over 2,157 employees. It has a plan t

implement expansion project. It has quite a lot of new R&D products and formulation i

its pipeline. The company will keep its feet in few new countries in coming years.Parent company has strong partnership companies in India as well as Overseas: Thcompany has established the partnership companies all over the world named Gazprom

Statoil, Monsanto, Petronas, Shell, Sinopec Total.

BASF LimitedSector Specialty Chem icals Y


oter

d

oter

up

3%

DII

5.65%

FII

0.86%

Non

Institutio

ns

20.16%

areholding

ode 500042

ode BASF

berg Ticker BASF IN

s Ticker BASF.BO

Value (INR) 10.00


e P/E 9.1x

s Sensex 0.90

e Daily Volume 32,616

nd Yield 0.5%

atio NA

STOCK SCAN

BASF India Limited Financial Performance-Standalone(In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 3515.94 3,940.63 4,429.89 5,260.00 5,475.00

Growth (%) 14.75% 12.08% 12.42% 18.74% 4.09%

EBITDA 209.95 251.95 284.19 377.00 451.00

EBITDA Margins (%) 5.97% 6.39% 6.42% 7.17% 8.24%

Net Profit 100.86 114.08 127.87 160.00 186.00

Net Profit Margins (%) 2.87% 2.89% 2.89% 3.04% 3.40%Net Profit Growth (%) 11.76% 13.11% 12.09% 25.13% 16.25%

EPS 23.30 26.35 29.54 36.96 42.97

BVPS 242.25 249.35 294.92 331.00 373.00

P/E 21.53 21.94 28.93 23.62 20.30

P/BV 2.07 2.32 2.89 2.64 2.34

RoE 10.00% 10.72% 10.23% 12.40% 13.50%

EV/EBITDA 10.85 11.17 11.74 10.34 8.64


t Market Price (INR) 874.00

Price 1,058.00

(%) 21.1%

ek High / Low (INR) 913.90/490.00


MARKET DATA

89.64

99.64

109.64

119.64

129.64

139.64

149.64

159.64

169.64

25-Jun-2013

25-Jul-2013

25-Aug-2013

25-Sep-2013

25-Oct-2013

25-Nov-2013

25-Dec-2013

25-Jan-2014

25-Feb-2014

25-Mar-2014

25-Apr-2014

25-May-2014

Period

CLOSE(BASF India Ltd) CLOSE(SENSEX)

- 5 -


7/26

- 7 -


We rate Atul Ltd. a BU Y based on factors like companys strong management, healthy business mwhich is adequate diversified and vast product range. Atul Ltd. has divided its portfolio of product

41 groups. The product group are managed through 7 Businesses namely Aromatics, Bulk Chem

Colors, Crop protection, Floras, pharmaceuticals and Polymers.

Investment H ighlightsNew Stable Government to bring major reforms in Agriculture: New stable Governmenmay implement to introduce the latest technology for farming & may take step to enhance th

profitability in agriculture. Atul Ltd. has 14 products and 44 formulations in this segment o

business & above 35% of total revenue comes from this segment of business. The company ma

participate in this growth by increasing its manufacturing and working capital efficiency, addin

capacity & introducing new product & formulations.

Strong Management: Lalbhai group is one of the oldest business houses in India. The knowlineage of Lalbhai family goes back 18 generations. Mr. Sunil Lalbhai has been the chairman of th

board since 2007 and MD since 1984.

The company is diversified and vast product range : Companys businesss is related with 2industries, which are Adhesives, Agriculture, Animal Feed, Automobile, Chemica

Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour an

Fragrance, Food, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Person

Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Textile, Tyre.

The companys manufactur ing capac ity set to expand: Presently, the company has threplants. One plant in Ankleshwar (Gujarat), second in Valsad Dist (Gujarat), and third in Than

(Maharashtra). The company has a plans to implement expansion project. It has quite a lot of new

products and formulation in its pipeline. The company will keep its feet in few new countries i

coming years. Companys operating profit margin & net profit margin both are increasing year o

year.

Strong Subsidiary JV companies in India as well as Overseas: The company has establishethe subsidiary company in Brazil, China, UK & USA named Atul Brasil Quimicos Limitada, Atu

China Ltd., Atul Europe Ltd., Atul USA Inc. The company has several Indian subsidiary compan

as well by the help of these companies it serves about 4000 customer world-wide.

Atul LimitedSector Specialty Chem icals Y


oterd

oter

up

2%

II

5%

FII

1.45% Non

Institutio

ns

41.69%

Shareholding

ode 500027

Code ATULLTD

berg Ticker ATLP IN

rs Ticker ATLP.BO

Value (INR) 10.00


ge P/E 9.1xs Sensex 0.92


nd Yield 0.8%

Ratio NA

STOCK SCAN

Period

CLOSE(Atul Ltd) CLOSE(SENSEX)


Price 1,098.00

(%) 22.7%

ek High / Low (INR) 941.00/280.20


MARKET DATA

Atul Limited Financial Performance (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 1,792.40 2,042.88 2,457.75 2,775.00 3,177.00

Growth (%) 15.24% 13.97% 20.31% 12.91% 14.49%

EBITDA 187.99 249.14 363.73 415.00 484.50

EBITDA Margins (%) 10.49% 12.20% 14.80% 14.95% 15.25%

Net Profit 91.10 119.77 219.19 262.00 308.00


Net Profit Growth (%) 0.94% 31.47% 83.01% 19.53% 17.56%

EPS 30.71 40.38 73.90 88.33 103.84

BVPS 181.99 216.66 319.83 406.70 510.50

P/E 6.23 7.50 12.18 10.19 8.69

P/BV 1.05 1.40 2.81 2.20 1.75

RoE 18.97% 21.66% 25.74% 24.32% 22.64%

EV/EBITDA 4.33 4.69 8.16 8.19 7.52




Businesses/ProductsAromatics Through this division company aims to be a world care business,offering its customer s in personal care and other chosen industries high qualityproducts & services. There are 37 products in this portfolio.

Bulk Chemicals The Company has 26 products in this division and serving 205customers in 19 countries. It is the only & largest manufacturers of resorcinol in

India. It is one of the largest manufacturers of 1, 3 Cyclohexanedione, Anisol,

sulphur trioxide and Sulphur dioxide in India.

C olor The Company is the one of the largest manufacturers of Vat dyes in theworld & largest manufacturers of Sulphur Black dyes in India. It is one of the

leading manufacturers of speciality Acid, Direct Disperse, Reactive Dyes. It has a

portfolio of 695 world-class product serving 324 customers in 40 countries.

Crop Protection It has 76 world-class products in this portfolio & it is serving1469 customers in 29 countries. It is one of the largest manufactures of 2, 4-D Acid,

2,4-D Sodium, 2, 4-D Amine 2,4-D Ester, Indoxacarb in India.F loras It is the largest producer of tissue cultured date palms in India. TheCompany is serving 68 customers in two countries with a portfolio of 22 world-

class products.

Pharmaceuticals Pharmaceuticals business mainly comprises API intermediatesand a few APIs. There are 29 products. Products are used by customers belonging to

pharma industry, under five broad therapeutic categories, namely Cardiovascular,

anti-depressant, anti-diabetic, anti-infected, anti-retroviral.

Polymers: It is one of the largest manufacturers of Epoxy hardeners and resins inIndia. These products are used by Aerospace, Automobile, Construction, Defence,

Electronics, Wind Energy industries. The Business comprises about 457 products

and formulations. It is serving 1032 customers in 18 countries.

ValuationThe stock is currently trading at INR895. On FY16E expected EPS of INR103.85.

assigned a P/E multiple of 10.60x to arrive at a target price of INR1098 which show

upside potential of 22.70 percent, hence making the scrip an attractive buy.

Key Concern More than 50% of the companys revenue derived from export, therefore, i

profitability may get impacted by Rupee- Dollar fluctuations.

The Company is doing business with mainly chemicals, price of some of the

chemicals are cyclical remain low for long term.

- 8 -


9/26Microsec Re5 June 2014

Businesses ProductsAromatics Through this division company aims to be a world care business,offering its customer s in personal care and other chosen industries high qualityproducts & services. There are 37 products in this portfolio.

Bulk Chemicals The Company has 26 products in this division and serving 205customers in 19 countries. It is the only & largest manufacturers of resorcinol in

India. It is one of the largest manufacturers of 1, 3 Cyclohexanedione, Anisol,

sulphur trioxide and Sulphur dioxide in India.

C olor The Company is the one of the largest manufacturers of Vat dyes in theworld & largest manufacturers of Sulphur Black dyes in India. It is one of the

leading manufacturers of speciality Acid, Direct Disperse, Reactive Dyes. It has a

portfolio of 695 world-class product serving 324 customers in 40 countries.

Crop Protection It has 76 world-class products in this portfolio & it is serving1469 customers in 29 countries. It is one of the largest manufactures of 2, 4-D Acid,

2,4-D Sodium, 2, 4-D Amine 2,4-D Ester, Indoxacarb in India.F loras It is the largest producer of tissue cultured date palms in India. TheCompany is serving 68 customers in two countries with a portfolio of 22 world-

class products.

Pharmaceuticals Pharmaceuticals business mainly comprises API intermediatesand a few APIs. There are 29 products. Products are used by customers belonging to

pharma industry, under five broad therapeutic categories, namely Cardiovascular,

anti-depressant, anti-diabetic, anti-infected, anti-retroviral.

Polymers: It is one of the largest manufacturers of Epoxy hardeners and resins inIndia. These products are used by Aerospace, Automobile, Construction, Defence,

Electronics, Wind Energy industries. The Business comprises about 457 products

and formulations. It is serving 1032 customers in 18 countries.

ValuationThe stock is currently trading at INR895. On FY16E expected EPS of INR103.85.



Key Concern More than 50% of the companys revenue derived from export, therefore, i

profitability may get impacted by Rupee- Dollar fluctuations.

The Company is doing business with mainly chemicals, price of some of the

chemicals are cyclical remain low for long term.

- 8 -



We rate UPL Ltd. a STRONG BUY based on factors like companys strong balance sheet, knowbased dynamic business model which is prominent for global as well as Indian market. UPL Ltd

50+ products in its portfolio, which are exported to more than 120 countries in the world. UPL

acquired 19 companies within last 20 years.

Investment H ighlightsNew Stable Government reforms in Agriculture: New stable Government plans to introducthe latest technology for farming & may take step to enhance the profitability in agriculture. Th

company holds 83 product patents in India and the world over. Along with this, company ha

variety in its seeds portfolio like Sorghum, Oil Seeds, Rice, Corn, Cotton, vegetables.

Company is specialized in dairy cattle feeding: By the help of 25 years research experiencCompany is present in cattle feeding worldwide with high Nutritional, high Digestible and hig

palatable fodder crops. It is having special forage crops hybrid seeds for every fodder segment.

Strong acquisition histroy : UPL Ltd. acquired 20 companies within last 20 years and has builstrong distribution channels. United Posphorus acquired MTM, based in UK in 1994, a companwith rich capabilities, deep presence in Europe and USA but a weak balance sheet. Within 1

months, MTM reported a surplus. The most recent acquisition of DVA Agro in Brazil made

possible for the company to enter the largest & fastest growing agrochemicals market in the world

The companys increasing global business: As per companys Annual Report UPLs markshare in indian agrochemicals is above 17%. In USA, UPLs market share is 5% in agrochemica

products. In Europe it is 3%. Companys exports accounts for 61% of total revenues, which h

been increasing in every year with the help of 88 global subsidiaries. UPL Ltd. is twelfth large

agrochemical company in the world.

Ample capacity of manufacturing : The company has 23 manufacturing units across the worldWithin that 5 in India (4 in Gujarat & 1 in J&K). The company is extensively invested in variourelated initiatives. The Company also extended to the profitable use of its gross block with a vie

to eliminate low yielding assets, engaging in judicious capex based on cost and payback tenure.

UPL LimitedSector Agrochemicals Y


Promoter

and

Promoter

Group

29.81%

DII

80%

FII

46.77%

Non

Institutions

16.55%

GDR

0.09%

Shareholding

ode 512070

ode UPL

berg Ticker UPLL IN

s Ticker UNPO.BO

alue (INR) 2.00


e P/E 9.6xs Sensex 0.97

e Daily Volume 2,891,908

d Yield 1.33%

atio NA

STOCK SCAN

84.38104.38124.38144.38164.38184.38204.38224.38

17-Jun-2013

17-Jul-2013

17-Aug-2013

17-Sep-2013

17-Oct-2013

17-Nov-2013

17-Dec-2013

17-Jan-2014

17-Feb-2014

17-Mar-2014

17-Apr-2014

17-May-2014

Period

CLOSE(UPL Ltd) CLOSE(SENSEX)


Price 421.00

e (%) 30.3%

ek High / Low (INR) 328.90/121.00

t Capitalization (In INR Crs) 13,843.92

MARKET DATA

UPL Limited Financial Performance- (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 7,763.65 9,185.70 10,770.88 11,975.00 13,316.00

Growth (%) 31.63% 18.32% 17.26% 11.18% 11.20%

EBITDA 1,454.17 1,660.41 2,019.58 2,252.00 2,519.00

EBITDA Margins (%) 18.73% 18.08% 18.75% 18.81% 18.92%

Net Profit 600.69 774.60 949.79 1,167.00 1,348.00



EPS 12.03 17.12 21.59 27.23 31.45

BVPS 90.36 104.95 122.43 145.91 171.90

P/E 10.81 6.70 8.52 11.56 10.01

P/BV 1.44 1.12 1.50 2.07 1.76

RoE 15.21% 16.80% 18.10% 19.94% 19.53%

EV/EBITDA 5.98 4.50 4.81 6.64 5.93


- 9 -



Businesses/Products

ValuationThe stock is currently trading at INR323.00. On FY16E expected EPS of INR31.45.



Key Concern More than 60% of the companys revenue derived from export, therefore i

profitability may get impacted by foreign currency fluctuation.

The Agrochemicals industry is a highly regulated world, requiring registration wit

respective governments. Changes in regulatory policy may impact company

business.

- 10 -



We rate PI Industries Ltd. a S TR O NG B UY . The company is one of the leader of manufacturinmarketing of agrochemicals, plant nutrients, specialty fertilizers & hybrid seeds. We are positive a

the company based on trigger like companys strong marketing & distribution network in

covering more than 40,000 retail points and over 9,000 distributors/ direct dealers. PIs strong brand equity across millions of Indian farmers is backed by a robust pipeline of product.

Investment HighlightsNew Stable Government reforms in Agriculture: New stable Government may implement tintroduce the latest technology for farming & may take steps to enhance the profitability i

agriculture. P I Industries Ltd. has 32 branded products in this segment of business. Company

high growth potential of the existing and pipeline products of custom synthesis exports gives cle

visibility of companys performance. This will be complemented by robust delivery from the ne

operations, where capacities will get sufficiently increased in the coming years.

Strengthening sustainability through Knowledge: Companys business is going througinvestment knowledge, research & competence. The company leverages its knowledge wha

farmers needs to capitalize on opportunities faster and lead to strong product recall. Company

knowledge helps moderate operating cost.

Vast product portfolio strong pipeline : PI Industries leverages its strong research anmanufacturing capability by providing Custom Synthesis and CRAMS to MNC clients. Currently

the company has enough order book position which provides revenue visibility in short-term

long-term. Some of high selling patent product are BIOVITA GR, CRINA, CLUTCH

COLFOS, COLR, FLUTON etc.

Expansion Plans: Presently, the company has four plants. Two plant in Gujarat, one iRajashthan & one in J&K. The Company successfully commissioned a new manufacturing site i

Jambusar, Gujarat for manufacturing agrochemicals, fine chemicals, pharma intermediates an

other specialty chemicals.

Healthy financials : Companys bottomline has been improving by reducing the debt which w187 crores in 2013 now it is 86 crores. There are significant increament in Fixed Asset, Investmen

cash & cash equivalents. The Companys revenue grew by 27% CAGR in last five years and PA

grew by 45% CAGR the same time.

P I Industries LimitedSector Agrochemicals Y


oter

d

oter

up

7%

DII

5.30%FII

19.81%

Non

Institutions

16.31%

Shareholding

Code 523642

Code PIIND

berg Ticker PI IN

rs Ticker PIIL.BO

Value (INR) 1.00




nd Yield 0.30%

Ratio 0.69

STOCK SCAN

Period

CLOSE(PI Industries Ltd) CLOSE(SENSEX)


Price 459.00

e (%) 37.0%

ek High / Low (INR) 344.00/120.00


MARKET DATA

P I Industries Limited Financial Performance- (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 962.02 1,159.63 1,595.54 1,959.30 2,396.40

Growth (%) 19.95% 20.54% 37.59% 22.80% 22.31%

EBITDA 150.05 189.15 304.76 343.60 434.50

EBITDA Margins (%) 15.60% 16.31% 19.10% 17.54% 18.13%

Net Profit 103.59 97.34 188.00 237.00 298.40


Net Profit Growth (%) 59.12% -6.03% 93.14% 26.06% 25.91%

EPS 8.30 7.65 13.84 17.41 21.92

BVPS 25.75 39.05 51.02 65.22 83.87

P/E 12.87 17.98 20.08 18.86 14.84

P/BV 4.13 3.31 5.44 4.97 3.86

RoE 39.38% 22.86% 27.06% 29.39% 28.68%

EV/EBITDA 10.54 10.15 12.55 12.23 9.90


- 11 -



Businesses/Products/Brands



upside potential of 37 percent, hence making the scrip an attractive buy.

Key Concern Any significant changes in normal climatic conditions may affect the performanc

of its business. The weather can also affect pest infestations and the demand an

product mix for crop protection products.

Significant variations in the cost as well as availability of raw materials and energ

may impact companys financial bottom line.

- 12 -



We rate Monsanto India Ltd. a BU Y based on factors like companys research based biotechnostrong parent & healthy business model with selective products. MIL mainly divided into

divisions one agro chemicals & another is hybrid seeds. It ranks number 10 on Forbess list of

world most innovative company.

Investment H ighlightsNew Stable Government reforms in Agriculture: New stable Government may implement tintroduce the latest technology for farming & may take steps to enhance the profitability i

agriculture. Monsanto Ltd. helps farmer by both side Seeds & traits and its productivity. Th

company may participate in this growth by working capital efficiency, introducing new product &

formulations.

Zero Debt Company: MIL is zero debt company for last eight years. In current high interest ratsystem, its conservative capital structure is advantage for the company; and is also expected t

improve the bottom line. MIL is also a regular dividend paying company.

MIL - Sustainable yield intiat ive company : Companys businesss model is a commitment thelp farmers produce more and conserve more to improve farmers lives. It has project name

SHARE thats mean Sustainable Harvest Agriculture, Resources, Envirnment. The Main moto othe project is Increase yield, Increase awareness, Field level demonstrtion, Capacity building

Query reddresal service & inprove socio-iconomic level.

Strong parent Company: MIL is a subsidiary of Monsanto, a USA based company, with 40facialities, fortune 500 MNC having existence in 66 countries. Monsanto Company is researc

based corporation which spent Rs.7500.00 crores on R&D activities in FY 2012-13 roughly 9-12%

of sales and one of the leading players in Genetically Modified Seed market. MIL benefits from

parent companys global expertise in agrochemical and seeds segment as well new produ

development initiatives.

Selected key products: Companys key products are one Dekalb Maize Hybrid Seeds ansecond is Roundup - Glyphosate Herbicide for Weed Management. Farmers choosing maiz

hybrid seeds have contributed in increasing maize production by approximately 93 per cent in th

last 11 years (22.50 million tons in 2012-13 from 11.15 million tons in 2002-03). Roundup ipotential to save crop-yield loss by approxymately 30-35%. It saves farmer money & time. It can b

used easily with minimal impact on soil fertility.

Monsanto India LimitedSector Agro Chem icals Y


ode 524084

ode MONSANTO

berg Ticker MCHM IN

s Ticker MNSN.BO

Value (INR) 10.00




nd Yield 2.0%

atio NA

STOCK SCAN

oter

d

oter

up

4%

DII

2.48% FII

0.25%

NonInstitutio

ns

25.12%

areholding

t Market Price (INR) 2,222.00

Price 2,672.00

(%) 20.3%

ek High / Low (INR) 2297.70/560.00


MARKET DATA

95.01

145.01

195.01

245.01

295.01

345.01

25-Jun-2013

25-Jul-2013

25-Aug-2013

25-Sep-2013

25-Oct-2013

25-Nov-2013

25-Dec-2013

25-Jan-2014

25-Feb-2014

25-Mar-2014

25-Apr-2014

25-May-2014

Period

CLOSE(Monsanto India Ltd) CLOSE(SENSEX)

Monsanto India Limited Financial Performance -Standalone (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 389.06 442.42 581.84 717.00 843.90

Growth (%) 4.60% 13.72% 31.51% 23.23% 17.70%

EBITDA 70.16 69.65 145.12 185.90 234.00

EBITDA Margins (%) 18.03% 15.74% 24.94% 25.93% 27.73%

Net Profit 50.19 67.34 122.89 171.00 216.00



EPS 29.08 39.01 71.19 99.06 125.12

BVPS 222.71 236.05 199.57 299.70 425.90

P/E 23.19 14.67 12.18 22.43 17.75

P/BV 3.03 2.43 2.81 7.41 5.22

RoE 13.23% 17.01% 25.74% 33.90% 32.50%

EV/EBITDA 16.32 11.18 8.16 18.60 14.70


- 13 -



ValuationThe stock is currently trading at INR2222.00. On FY16E expected EPS of INR125.10

assigned a P/E multiple of 21.35x to arrive at a target price of INR2672.00which show


Key Concern MIL is leading player in hybrid seeds in India and booking to take lead

Genetically Modified (GM) seeds segment. Unfavorable Regulatory instruction on

seeds may hamper the companys future growth.

Sale of seeds and agrochemicals, both of the company products depends upon var

factors like Irrigation, Monsoon Pattern, Demand and Pricing of Agricult

commodities which are beyond control of the company.

- 14 -



We rate Rallis India Ltd. a BU Y based on factors like companys parent management, huge custbased & compact agriculture business. Rallis India Ltd. has divided its 5 portfolio of product, S

pesticides, fertilizers, Seed treatment Chemicals & household product. The Company expor

around 50 countries in the world.

Investment H ighlightsHuge client base: The Company provides Technical & Bulk of various molecules to leading Indibased MNCs & Indian Companies named Bayer Crop Science, P I Industries, Nagarjuna Agrichem

Ltd., SDS Ramcides Crop Science Ltd. Hyderabad Chemicals Ltd., Excel Crop care Ltd. Cheminov

India Ltd. Dhanuka Agritech Ltd., Coromandel International Ltd. & many more.

Building sustaining relationship: Key strength of the company is building sustaininrelationship with farmer through initiatives such as Expansion andAggressiveGrowth througLeadership and Excellence (EAGLE), Rallis KisanKutumb (RKK). The Company has added number of value added services such as SMS alerts on crop prices, weather and possible diseas

outbreak through Samrudh Krishiprogramme.

Big positive support from its parent Tata groups companies: Rallis is not only institution itata group that is focussing on agriculture. Tata chemicals and the Tata Trusts also have active

involved in improving the agriculture business.

Acquisition of Metahelix Life Sciences: In Dec, 2010 the company has acquired Metahelix LifSciences, it has facilitated the company to increase the capability to develop high yeilding hybri

seed varieties. After acquisition the seed company has started yeiding results. In 3 years th

revenue of Metahelix has grown significantly and reached INR180 crores during 2013-14.

Accelarating Plant Growth: Otherthan crop protection, the Company has been proactivelworking towards improving the quality of farm inputs. It has introduced a range of Specialt

Nutrient products addressing the deficiencies of secondary and micronutrients in the soil witemphasis on sustainable agriculture and greener and cleaner products such as GEOGREEN, TATA

BAHAAR, UPHAAR-RDS, GLUCO BATA which are the top selling brands.

Ample manufacturing capacity strong pipeline : Presently, the company has eight factoriethree in Gujarat, three in Maharashtra, one in Andhra pradesh and one in Namil Nadu. Th

company continues to focus on building a strong pipeline of every business segment.

Rallis India LimitedSector Agrochemicals Y


oter

nd

oter

oup

09%

DII

6.35%

FII

13.75%

Non

Institutions

29.80%

Shareholding

ode 500355

Code RALLIS

berg Ticker RALI IN

rs Ticker RALI.BO

Value (INR) 1.00




nd Yield 1.19%

Ratio 12.89

STOCK SCAN

91.92

101.92

111.92

121.92

131.92

141.92

151.92

Period

CLOSE(Rallis India Ltd) CLOSE(SENSEX)

Rallis India Limited Financial Performance- (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 1,284.95 1,458.18 1,746.56 2,009.60 2,320.6

Growth (%) 15.92% 13.48% 19.78% 15.06% 15.48

EBITDA 212.46 210.57 261.28 269.90 335.9

EBITDA Margins (%) 16.53% 14.44% 14.96% 13.43% 14.47

Net Profit 100.69 119.02 151.87 189.90 227.5

Net Profit Margins (%) 7.84% 8.16% 8.70% 9.45% 9.80

Net Profit Growth (%) -20.36% 18.20% 27.60% 25.04% 19.80

EPS 5.10 6.12 7.81 9.77 11.7

BVPS 28.47 31.92 36.67 43.67 51.6

P/E 23.81 18.85 22.13 23.02 19.2

P/BV 4.27 3.61 4.68 5.15 4.3

RoE 19.04% 20.24% 22.81% 23.94% 24.58

EV/EBITDA 11.79 10.46 12.70 12.61 10.6



Price 274.00

e (%) 21.8%

ek High / Low (INR) 232.35/124.90t Capitalization (In INR Crs) 4,375.55

MARKET DATA

- 15 -



Businesses/Products




Key Concern Around 30% of the companys revenue is derived from exports; therefore, i

profitability may get impacted by exchange rate fluctuations between Dollar

Rupee.

The performance of the crop protection industry is dependent on monsoons, pe

and disease incidences on crops. Major fluctuations in total rainfall and i

distribution affect the crop acreages and overall productivity and have a direc

correlation with sales.

- 16 -



We rate Coromandel International Ltd. a BUY. With the up-coming government policieAgriculture sector likely to be implemented/ to be considered, we believe the company t

benefitted. It is part of the INR243 Billion Murugappa Group. It is a second largest phosphate fert

company in India. The Companys business segments are Fertilizers, Specialty Nutrients, Protection and Retail.

Investment H ighlightsNew Stable Government reforms in Agriculture: New stable Government plans to introducthe latest technology for farming & may take step to enhance the profitability in agriculture. Th

Company has vast products in this segment of business and strong pipeline of product.

Strong performing subsidiaries and joint ventures companies: The Company has stronperforming subsidiaries and joint ventures for its various business initiatives. Some of those ar

Sabero Organics Gujarat Ltd. (India & overseas), Liberty Phosphate Ltd.(India & Overseas), Parr

Chemicals Ltd. (India & Overseas) and many more.

Sufficient manufacturing capacity: Presently, the Company has seven manufacturing locationin India. It has been expanding the capacities and the plants are capable of producing differen

grades of complex fertilisers including urea based grades. The Companys adequate infrastructur

and storage facilities commensurate to the production capacities which help in managing volatilit

in raw material prices and ensuring uninterrupted production

Support of Retail business : The Company has over 600 retail outlet in rural retail business in thstates of Andhra Pradesh and Karnataka through a chain set up in various parts of these State

Each retail center has an average area of 2500 square feet with a catchment area of 30-40 village

and about 5,000 farmer families.

Coromandel International LimitedSector Fertilizer Y


nt Market Price (INR) 259.00

Price 313.00

e (%) 20.8%

ek High / Low (INR) 280.00/162.40


MARKET DATA

terd

ter

up

9%

DII

5.63%FII

6.80%

Non

Institutions

23.78%

Shareholding

ode 506395

ode COROMANDEL

berg Ticker CRIN IN

s Ticker CORF.BO

Value (INR) 1.00


e P/E 16.4x

s Sensex 0.87


nd Yield 1.74%

atio 0.52

STOCK SCAN

9.00

9.00

9.00

9.00

9.00

9.00

9.00

9.00

19

-Jun-2

013

19

-Jul-2013

19

-Aug-2

013

19

-Sep-2

013

19

-Oct-2013

19

-Nov-2

013

19

-Dec-2

013

19

-Jan-2

014

19

-Feb

-2014

19

-Mar-2014

19

-Apr-2014

19

-May-2

014

Period

CLOSE(Coromandel International Ltd) CLOSE(SENSEX)

Coromandel International Limited Financial Performance- (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 9,901.57 9,033.72 10,053.21 11,879.20 13,048.00

Growth (%) 28.25% -8.76% 11.29% 18.16% 9.84%

EBITDA 928.32 767.94 805.24 918.40 1,041.20

EBITDA Margins (%) 9.38% 8.50% 8.01% 7.73% 7.98%

Net Profit 638.79 431.99 356.54 558.40 684.80


Net Profit Growth (%) -7.91% -32.37% -17.47% 56.62% 22.64%

EPS 22.60 15.25 12.46 19.72 24.18

BVPS 84.82 77.73 80.55 94.70 111.15

P/E 12.61 12.14 17.81 13.21 10.79

P/BV 3.36 2.38 2.75 2.73 2.33

RoE 29.13% 18.87% 15.63% 21.81% 22.67%

EV/EBITDA 8.84 9.13 9.30 8.27 7.10

Source: Bloomberg, Ace Equity, Microsec Research (EPS adjusted as per PAR)

- 17 -



Businesses/Products

ValuationThe stock is currently trading at INR259.00 On FY16E expected EPS of INR24.20.



Key Concern Volatility in the price of key raw materials & restriction on sale of some produc

may impact the companys financials.

Currency, Interest rate fluctuation may impact the profitability.

- 18 -



We rate Bajaj Hindusthan Ltd. a STRONG BUY based on triggers like up-coming government poon sugar sector, healthy growth in power export business. BHL is Indias largest sugar and Eth

manufacturing company. Bajaj Hindusthan Ltd. has identified its Business Segments as S

Distillery, and Power.

Investment H ighlightsNew Stable Government expected to come out with new favorable policies for sugasector: New stable Government may implement to an estimated increase in cash flow, followinthe export incentive scheme for raw sugar in coming years which may be very positive moves fo

the sugar companies as well as sugarcane farmers.

Power generation is going substantially high : Presently company generating powethroughout all 14 sugar mills recording a growth of 48% on YOY. While most of the powe

generated by BHL continued to be used captively, the surplus power was sold to the Uttar Pradesh

State grid. The Company exported of power 97% more during the year as compare to previous yea

New government may increase the cap of ethanol blending in petrol: New governmenmight increase cap of the quantum of ethanol blending in petrol. This move, if this happens, then

expected to be constructive for the company as well as the sugar industry.

Sufficient manufacturing capacity across all business segment: Company has 14 Sugar mil& 4 Distillery in Uttar Pradesh. It is Asias No 1 & Worlds No. 4 integrated sugar company. It h

an aggregated sugarcane capacity of 136,000 tonnes crushed per day and alcohol distillatio

capacity of 800 kilo liters per day.

Bajaj Hindusthan LimitedSector Sugar Y


ode 500032

ode BAJAJHIND

berg Ticker BJH IN

s Ticker BJHN.BO

alue (INR) 1.00



e Daily Volume 3,497,878

d Yield NA

atio NA

STOCK SCAN

oterd

oter

up

3%

II

0%

FII

3.19%

Non

Institutio

ns

36.39%

Shareholding

73.59

93.59

113.59

133.59

153.59

173.59

193.59

Period

CLOSE(Bajaj Hindusthan Ltd) CLOSE(SENSEX)


Price 53.00

e (%) 72.9%

ek High / Low (INR) 32.60/11.70


MARKET DATA

Bajaj Hindusthan Limited Financial Performance (In crores except per share data & )(Previous Year End September)Particulars FY2011A FY2012A FY2014A* FY2015E FY2016E

Net Sales 5,195.35 4,344.06 6,645.36 5,319.68 5,735.00

Growth (%) 51.88% -16.39% NA NA 7.81%

EBITDA 1,016.14 457.05 (100.07) 1,063.94 1,175.68

EBITDA Margins (%) 19.56% 10.52% -1.51% 20.00% 20.50%

Net Profit 21.45 (276.67) (1,710.68) 135.12 149.11

Net Profit Margins (%) 0.41% -6.37% -25.74% 2.54% 2.60%

Net Profit Growth (%) -47.91% -1389.84% NA NA 10.35%

EPS 0.94 (5.01) (23.98) 2.11 2.33

BVPS 125.94 62.17 37.04 38.60 40.93

P/E 41.05 NA NA 13.98 12.66

P/BV 0.31 0.51 0.44 0.76 0.72

RoE 0.75% -8.08% -72.22% 5.70% 6.29%

EV/EBITDA 8.76 15.86 NA 6.11 5.53

Source: Bloomberg, Ace Equity, Microsec Research * (18 Months) (EPS adjustes as per PAT)

- 19 -



Board of directors

Businesses/Products

ValuationThe stock is currently trading at INR30.65 on FY16E expected EPS of INR2.35. We assi

a P/E multiple of 22.55x to arrive at a target price of INR53.00 which shows an up

potential of 73.00 percent, hence making the scrip an attractive buy.

Key Concern Business depends on the availability of sugarcane and any shortage of sugarcan

may adversely affect operations. A variety of factors beyond the companys contrmay result in shortage of sugarcane in any period of time.

The wholesale price of sugar has a significant impact on companys bottom line

Like other agricultural commodities, sugar is subject to price fluctuations resultin

from weather, natural disasters, domestic and foreign trade policies, shifts i

supply and demand and other factors beyond control.

- 20 -



We rate Balrampur Chini Mills Ltd. a STRONG BUY based on triggers like up-coming governpolicy on sugar sector, healthy growth in power generation and selling. Its allied business consi

manufacturing and marketing of Ethyl Alcohol, Ethanol & Organic manure. Company has 11 fact

located in Uttar Pradesh having an aggregate crushing capacity of 79,000 MT per day.

Investment H ighlightsNew Stable Government may outcome some of favorable new policy for sugar sectoNew stable Government may implement to an estimated increase in cash flow, following th

export incentive scheme for raw sugar in coming years. It will be very positive moves for the sug

companies as well as sugarcane farmers.

Low Debt Company compared to peers : Companys total debt is reducing year on yeaCompared with its competitors, it has lowest Debt/Equity ratio, which presently stands at 0.5

This is expected to post better bottom-line in coming years.

Technology driven company: The Company is using latest technology, machinery aninfrastructure. It has second largest sugarcane crushing capacity. It has dual-fuel power generatio

facility & has ability to refine sugar during off season.

H and y B us iness U nit for m anu factur ing & m ar keting in a ll i ts b us iness s eg m enCompany is fully integrated and has 11 Sugar mills & 3 Distillery in Uttar Pradesh. It does fu

utilization of fixed assets. It has good mix of diversified customer. Company does maintai

excellent relationship with farmers.

Balrampur Chini Mills LimitedSector Sugar Y


ode 500038

ode BALRAMCHIN

berg Ticker BRCM IN

s Ticker BACH.BO

Value (INR) 1.00




nd Yield 2.4%

Ratio NA

STOCK SCAN

moternd

moter

oup

84%

%

FII

17.47%

Non

Institutions

27.21%

Shareholding

Balrampur Chini Mills Limited Financial Performance (In crores except per share data & )Particulars FY2012A FY2013A FY2014A FY2015E FY2016E

Net Sales 2,336.07 3,317.12 2,690.77 3,001.10 3,346.1

Growth (%) -22.30% 42.00% -18.88% 11.53% 11.50%

EBITDA 264.47 462.06 243.88 230.50 292.50

EBITDA Margins (%) 11.32% 13.93% 9.06% 7.68% 8.74%

Net Profit 0.41 161.27 8.46 79.77 92.02


Net Profit Growth (%) -99.75% 39234.15% -94.75% 842.91% 15.35%

EPS 0.02 6.60 0.35 3.26 3.76

BVPS 49.56 53.82 49.68 54.78 56.79

P/E NA 6.62 159.30 31.00 36.12

P/BV 0.31 0.51 0.44 1.50 1.44

RoE 0.30% 12.77% 0.70% 4.98% 4.22%

EV/EBITDA 12.74 5.71 10.63 10.50 11.46


81.65101.65

121.65

141.65

161.65

181.65

201.65

19

-Jun

-2013

19

-Ju

l-2013

19

-Aug

-2013

19

-Sep

-2013

19

-Oc

t-2013

19

-Nov

-2013

19

-Dec

-2013

19

-Jan

-2014

19

-Fe

b-2

014

19

-Mar-

2014

19

-Apr-

2014

19

-May

-2014

Period

CLOSE(Balrampur Chini Mills Ltd)

CLOSE(SENSEX)

nt Market Price (INR) 82.00

Price 123.00

e (%) 50.0%

ek High / Low (INR) 88.00/34.60


MARKET DATA

- 21 -



Businesses/Products

Valuation

The stock is currently trading at INR82.00 On FY16E expected EPS of INR3.75.


upside potential of 50.00 percent hence making the scrip an attractive buy.

Key Concern Business depends on the availability of sugarcane and any shortage of sugarcan

may adversely affect operations. A variety of factors beyond the companys contr

may lead to a shortage of sugarcane in any period of time.

The wholesale price of sugar has a significant impact on companys bottom lin

Like other agricultural commodities, sugar is subject to price fluctuations resultin

from weather, natural disasters, domestic and foreign trade policies, shifts i

supply and demand and other factors beyond control.

- 22 -


24/26

Microsec Research: Phone No.: 91 33 66512121 Email: [email protected]

Ajay Jaiswal: President, Investment Strategies, Head of Research: [email protected]

Fundamental Research

Name Sectors Designation Email ID

Nitin Prakash Daga IT, Telecom & Entertainment VP-Research [email protected]

Sutapa Roy Economy Research Analyst [email protected]

Sanjeev Jain BFSI Research Analyst [email protected]

Soumyadip Raha Oil & Gas Executive Research [email protected]

Anik Das Capital Goods, Power Research Analyst [email protected]

Neha Majithia Metal, Mineral, mining Research Analyst [email protected]

Ajoy Mukherjee Pharma & Agri Inputs Research Analyst [email protected]

Saroj Singh Auto , Cement Executive Research [email protected]

Khusboo Jaiswal Mid Cap Research Executive [email protected]

Technical & Derivative Research

Vinit Pagaria Derivatives & Technical Sr.VP [email protected]

Ranajit Saha Technical Research Sr. Manager [email protected]

Institutional Desk

Abhishek Sharma Institutional Desk Dealer [email protected]

PMS Division

Siddharth Sedani PMS Research VP [email protected]

Research-Support

Subhabrata Boral Research Support Asst. Manager Technology [email protected]


25/26

Microsec Benchmark its Research

Microsec benchmark its Research and the same is updated on our website at www.microsec.in.

Come, strike the right balance through Benchmarking Research.

50.00%

45.00%

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

Benchmarking Fundamental Research

Microsec Research Nifty CNX Midcap

stAs on 31 May 2014

An amount of `1,00,000 invested individually in all 276 stocks ie, `2,76,00,000 investment as and

when recommended has appreciated to `3,72,44,233 giving a return of 34.9 percent. On the same

basis Nifty has given a return of 12 percent and CNXMID CAP has given a return of 14.3 percent.


26/26

Thematic Report@Agro Fertilizers

Documents