28 june 2020 results review 4qfy20 container corporation · mansi lall mansi.lall@hdfcsec.com...
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28 June 2020 Results Review 4QFY20
Container Corporation
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Awaiting clarity on policy
We downgrade CONCOR to ADD after the sharp ~50% rally from the recent
lows. While the logistics company will be a beneficiary of the DFC in the
medium term, the stock will be driven by the policy guidelines of the IR
ahead of its proposed privatisation, in the near term. There is a proposal to
increase the land license fee by ~3x (media reports also suggest that CONCOR
will have to purchase the railways land). Further, as the DFC is delayed due to
COVID, volumes are expected to decline in double digits in the current fiscal.
4QFY20 Financials: Volumes for the quarter declined 4% YoY to 941k TEUs,
which held up relatively well despite the COVID related disruption.
Revenue decline of 14% YoY was in-line with our estimates. EBITDA margin
surprised as margins expanded to 30.2%. This was due to lower railways
charges (25% reduction in empty running charges by railways), lower
employee expense as well as a provision write back of Rs 300mn. Reported
PAT at Rs 2.94bn declined 16% YoY. Rs 206mn has been provided towards
impairment of investment in its subsidiary – Fresh and Healthy. Adj PAT
declined 12% YoY to Rs 3.1bn, which was above estimates.
Call & other takeaways: (1) Lower guidance in FY21: The management has
provided a weak guidance of 20% YoY drop in volumes in FY21E. This is
due to weak demand trends/delays in DFC commissioning. (2) Increased
land license fees (LLF): After handing over 15 terminals to the Indian
Railways (IR), the LLF on the remaining 29 terminals will be Rs 4.5bn vs. Rs
1.4bn in FY20. The co has written to the IR on the significant increase and
has requested moratorium of 3-6 months. Clarity on this is awaited. (3)
Empty running: In 4QFY20, empty movement of containers (15% of
volumes vs. 13% YoY) was higher owing to lower volumes. However, the
railways provided a 25% discount on empty running charges, hence the cost
was reduced by 11% YoY. (4) Focus on profitable business: While
CONCOR has lost market share by 6% in FY20, it is due to non-participation
in less profitable short lead traffic/long lead traffic where competitors are
offering deep discounts. The co is focusing on providing last mile
connectivity to sustain market share. (5) Scaling back on capex spends:
FY21 capex has been reduced to Rs 5bn (Rs 10.5bn in FY20).
Downgrade to ADD: While we are lowering our FY21 volume estimates, it
will be partially offset by improved cost management. We set a TP of Rs 445
@ 22x FY22E EPS (in-line with its historic average trading multiple). Key
Risks: A sharper than expected economic recovery and policy clarity on the
upside, a further delay in the DFC on the downside.
Financial Summary
YE Mar (Rs mn) 4Q
FY20
4Q
FY19
YoY
(%)
3Q
FY20
QoQ
(%) FY18 FY19 FY20P FY21E FY22E
Net Sales 15,686 18,343 (14.5) 15,276 2.7 61,572 68,819 64,738 56,811 68,782
Adj. EBITDA 4,745 3,829 23.9 3,717 27.6 12,079 14,408 16,749 14,288 17,498
APAT 3,097 3,523 (12.1) 1,755 76.5 10,445 12,154 10,282 9,404 12,231
Adj. EPS (Rs) 5.1 5.8 (12.1) 2.9 76.5 17.1 19.9 16.9 15.4 20.1
P/E (x)
25.3 21.7 25.7 28.1 21.6
EV / EBITDA (x)
19.7 18.2 14.8 17.1 13.7
RoE (%)
11.5 12.3 10.1 9.2 11.4
Source: Company, HSIE Research
ADD
CMP (as on 26 Jun 2020) Rs 434
Target Price Rs 445
NIFTY 10,383
KEY
CHANGES OLD NEW
Rating BUY ADD
Price Target Rs 445 Rs 445
EPS % FY21E FY22E
-2% 0%
KEY STOCK DATA
Bloomberg code CCRI IN
No. of Shares (mn) 609
MCap (Rs bn) / ($ mn) 264/3,498
6m avg traded value (Rs mn) 700
52 Week high / low Rs 666/263
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 41.9 (23.5) (23.8)
Relative (%) 24.5 (9.0) (12.6)
SHAREHOLDING PATTERN (%)
Dec-19 Mar-20
Promoters 54.8 54.8
FIs & Local MFs 13.5 13.7
FPIs 27.2 26.8
Public & Others 4.5 4.7
Pledged Shares 0.0 0.0
Source : BSE
Aditya Makharia
aditya.makharia@hdfcsec.com
+91-22-6171-7316
Mansi Lall
mansi.lall@hdfcsec.com
+91-22-6171-7357
Page | 2
Container Corporation : Results Review 4QFY20
Quarterly Financial Snapshot
Particulars (Rs mn) 4Q
FY20
4Q
FY19 YoY (%)
3Q
FY20
QoQ
(%) FY20 FY19
YoY
(%)
Volumes (in TEU) 941,270 978,930 (3.8) 910,407 3.4 3,747,758 3,829,034 (2.1)
Realisation/TEU (Rs) 16,665 18,738 (11.1) 16,779 (0.7) 17,274 17,973 (3.9)
Net Sales 15,686 18,343 (14.5) 15,276 2.7 64,738 68,819 (5.9)
Ex-SEIS 15,686 17,500 (10.4) 15,276 2.7 64,738 65,429 (1.1)
SEIS - 843 - - - - 3,390 (100.0)
Railway Charges 8,120 9,640 (15.8) 8,514 (4.6) 34,984 37,314 (6.2)
Employee Expenses 602 1,097 (45.1) 898 (32.9) 3,135 3,368 (6.9)
Other Operating Expenses 2,220 2,933 (24.3) 2,147 3.4 9,870 10,337 (4.5)
Total Expenses 10,942 13,671 (20.0) 11,559 (5.3) 47,989 51,019 (5.9)
EBITDA 4,745 4,672 1.5 3,717 27.6 16,749 17,800 (5.9)
Adj. EBITDA 4,745 3,829 23.9 3,717 27.6 16,749 14,410 16.2
Depreciation 1,336 1,117 19.6 1,263 5.8 5,130 4,246 20.8
EBIT 3,409 3,555 (4.1) 2,454 38.9 11,619 13,554 (14.3)
Other Income (Including EO
Items) 746 1,288 (42.1) 626 19.1 (6,019) 3,342 (280.1)
Interest Cost 108 7 - 60 80.5 361 7 -
PBT 4,047 4,837 (16.3) 3,021 34.0 5,240 16,889 (69.0)
Tax 1,102 1,313 (16.1) 1,266 (13.0) 1,484 4,735 (68.7)
RPAT 2,945 3,523 (16.4) 1,755 67.8 3,756 12,155 (69.1)
EO (Loss) / Profit (Net Of Tax) (152) - - - - (6,524) -
APAT 3,097 3,523 (12.1) 1,755 76.5 10,280 12,155 (15.4)
EPS 5.1 5.8 (12.1) 2.9 76.5 16.9 19.9 (15.4)
Source: Company, HSIE Research
Quarterly Performance Analysis
As % of sales 4Q
FY20
4Q
FY19 YoY (bps)
3Q
FY20 QoQ (bps) FY20 FY19
YoY
(bps)
Railway Charges 51.8 52.6 (79) 55.7 (397) 54.0 54.2 (18)
Employee Expenses 3.8 6.0 (214) 5.9 (204) 4.8 4.9 (5)
Other Operating Expenses 14.1 16.0 (184) 14.1 9 15.2 15.0 22
Total Expenses 69.8 74.5 (477) 75.7 (591) 74.1 74.1 (1)
EBITDA 30.2 25.5 477 24.3 591 25.9 25.9 1
Adj. EBITDA 30.2 21.9 836 24.3 591 25.9 22.0 385
APAT Margin (%) 19.7 19.2 54 11.5 826 15.9 17.7 (178)
Tax Rate (%) 27.2 27.2 8 41.9 (1,468) 28.3 28.0 29
Source: Company, HSIE Research
Segmental performance
4Q
FY20
4Q
FY19 YoY (%)
3Q
FY20 QoQ (%) FY20 FY19
YoY
(%)
Domestic
Volumes (in TEU) 165,951 162,534 2.1 143,585 15.6 593,162 584,127 1.5
Realisation/TEU 26,390 26,627 (0.9) 24,810 6.4 26,024 25,339 2.7
Revenue 4,380 4,328 1.2 3,562 22.9 15,437 14,801 4.3
EBIT margin (%) 9.1 5.2 383bps 0.7 838bps 5.2 6.4 -112bps
EXIM
Volumes (in TEU) 775,319 816,396 (5.0) 766,822 1.1 3,154,596 3,244,907 (2.8)
Realisation/TEU 14,583 17,167 (15.0) 15,275 (4.5) 15,628 16,647 (6.1)
Revenue 11,307 14,015 (19.3) 11,713 (3.5) 49,301 54,018 (8.7)
EBIT margin (%) 30.3 27.9 234bps 23.9 634bps 7.5 26.1 -1862bps
Source: Company, HSIE Research
In 4QFY20, volumes
declined by just 4% as
railways has gained
market share in the
COVID environment. Price
hikes of ~3-4% has been
deferred till Oct-20
Adjusted for ~Rs 850mn of
SEIS income in 4QFY19,
EBITDA grew by 24% YoY
The quarter has an
exceptional loss of Rs
206mn towards
impairment of investment
is a subsidiary - Fresh &
Healthy Enterprises Ltd.
The co has an investment
of Rs 2.15bn in this wholly
owned subsidiary
Tax rates are expected to
move lower as the co has
moved to the new tax
structure
The co’s coastal shipping
business is temporarily
stopped due to the current
environment and is
expected to resume in the
end of CY20
CONCOR will not pay
any advance freight in
FY21E (vs Rs 30bn paid in
FY20)
Page | 3
Container Corporation : Results Review 4QFY20
Volumes impacted amidst a weak macro backdrop EXIM volumes
Source: Company, HSIE Research Source: Company, HSIE Research
EBITDA Margins surprised PAT: Not comparable YoY due to SEIS income
Source: Company, HSIE Research Source: Company, HSIE Research
Current port-wise mix (%) CONCOR’s market share at various ports
Source: Company, HSIE Research Source: Company, HSIE Research
18
.7 11
.0
13
.5
6.5
2.9
(0.9
)
(2.0
)
(1.7
)
(3.8
)
-5
0
5
10
15
20
800
850
900
950
1,000 4
QF
Y1
8
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Total volumes (in TEUs '000) % YoY - RHS
19
.8
11
.4
12
.7
6.3
2.5
(1.0
)
(2.7
)
(2.4
)
(5.0
)
-10
0
10
20
700
750
800
850
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
EXIM volumes (in TEUs '000) % YoY - RHS
20%
25%
30%
35%
3,000
3,500
4,000
4,500
5,000
4Q
FY
19
3Q
FY
20
4Q
FY
20
EBITDA ex SEIS (Rs mn)
EBITDA ex SEIS margin (%) - RHS
-60
-40
-20
0
20
40
60
1,500
2,000
2,500
3,000
3,500
4,000
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
APAT (Rs mn) % YoY - RHS
JNPT, 33%
Mundra,
33%
Pipavav,
14%
Others,
19%
66
%
49
%
44
%
20%
40%
60%
80%
JNPT Pipavav Mundra
1QFY20 2QFY20 3QFY20 4QFY20
Page | 4
Container Corporation : Results Review 4QFY20
Empty running charges Double stacked trains reduced due to lower imports
Source: Company, HSIE Research Source: Company, HSIE Research
Lead distance (in kms) Rail co-efficient at various ports (%)
Source: Company, HSIE Research Source: Company, HSIE Research
1 year forward P/E band
Source: Company, HSIE Research
300
380
460
540
620
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Empty running charges (Rs mn)
450
550
650
750
850
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
Double stack trains
400
600
800
1,000
1,200
1,400
1Q
FY
20
2Q
FY
20
3Q
FY
20
4Q
FY
20
EXIM Domestic
17
%
67
%
26
%
0%
15%
30%
45%
60%
75%
JNPT Pipavav Mundra
1QFY20 2QFY20 3QFY20 4QFY20
10
20
30
40
Jun
-11
Dec
-11
Jun
-12
Dec
-12
Jun
-13
Dec
-13
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Dec
-17
Jun
-18
Dec
-18
Jun
-19
Dec
-19
Jun
-20
P/E Mean +1 SD -1 SD
Page | 5
Container Corporation : Results Review 4QFY20
Volume assumptions
FY16 FY17 FY18 FY19 FY20 FY21E FY22E
Domestic TEU 448,178 460,516 529,952 584,160 593,162 545,709 633,022
% YoY (8) 3 15 10 2 (8) 16
EXIM TEU 2,475,868 2,641,695 3,001,948 3,245,259 3,154,596 2,681,407 3,190,856
% YoY (6) 7 14 8 (3) (15) 19
Total TEU 2,924,046 3,102,211 3,531,900 3,829,419 3,747,758 3,227,116 3,823,878
% YoY (6) 6 14 8 (2) (14) 18
Realisations (in INR) 20,252 17,781 17,433 17,971 17,274 17,604 17,988
% Growth 13 (12) (2) 3 (4) 2 2
Source: Company, HSIE Research
Change in Estimates
Rs mn New Old Change (%)
FY21E FY22E FY21E FY22E FY21E FY22E
Net Revenue 56,811 68,782 61,582 72,547 (8) (5)
EBITDA 14,288 17,498 14,564 17,846 (2) (2)
EBITDA margin (%) 25.2 25.4 23.7 24.6 150 bps 84 bps
PAT 9,404 12,231 9,611 12,280 (2) (0)
EPS 15.4 20.1 15.8 20.2 (2) (0)
Source: HSIE Research
Page | 6
Container Corporation : Results Review 4QFY20
Financials Standalone Income Statement
(Rs mn) FY16 FY17 FY18 FY19 FY20P FY21E FY22E
Net Revenues 59,217 55,161 61,572 68,819 64,738 56,811 68,782
Growth (%) 6.2 -6.8 11.6 11.8 -5.9 -12.2 21.1
Railway Charges 41,984 39,037 41,683 45,175 42,468 37,382 45,396
Employee Cost 1,568 1,869 2,779 3,368 3,135 2,954 3,026
Other Expenses 2,281 2,136 2,352 2,477 2,386 2,187 2,861
Total Expenditure 45,834 43,042 46,814 51,019 47,989 42,523 51,284
EBITDA 13,384 12,119 14,758 17,800 16,749 14,288 17,498
EBITDA Margin (%) 22.6 22.0 24.0 25.9 25.9 25.2 25.4
Adj. EBITDA 11,130 10,004 12,079 14,408 16,749 14,288 17,498
Adj. EBITDA Margin (%) 19.5 18.9 20.5 22.0 25.9 25.2 25.4
EBITDA Growth (%) -14.1 -10.1 20.7 19.3 16.3 -14.7 22.5
Depreciation 3,478 3,518 3,927 4,246 5,130 5,124 5,213
EBIT 9,906 8,601 10,832 13,554 11,619 9,164 12,285
Other Income (Including EO Items) 3,175 2,892 3,026 3,342 (6,019) 3,263 3,733
Interest 2 37 1 7 361 198 144
PBT 13,080 11,457 13,857 16,889 5,240 12,229 15,874
Tax (Incl Deferred) 3,578 3,105 3,412 4,735 1,482 2,825 3,643
RPAT 9,502 8,351 10,445 12,154 3,758 9,404 12,231
EO (Loss) / Profit (Net Of Tax) - - - - (6,524) - -
APAT 9,502 8,351 10,445 12,154 10,282 9,404 12,231
APAT Growth (%) (9.3) (12.1) 25.1 16.4 (15.4) (8.5) 30.1
Adjusted EPS (Rs) 15.6 13.7 17.1 19.9 16.9 15.4 20.1
EPS Growth (%) (9.3) (12.1) 25.1 16.4 (15.4) (8.5) 30.1
Source: Company, HSIE Research
Standalone Balance Sheet
(Rs mn) FY16 FY17 FY18 FY19 FY20P FY21E FY22E
SOURCES OF FUNDS
Share Capital - Equity 1,950 1,950 2,437 3,047 3,047 3,047 3,047
Reserves 81,507 86,284 91,300 100,632 97,533 101,436 107,227
Total Shareholders Funds 83,457 88,234 93,737 103,679 100,580 104,482 110,273
Total Debt - - - 7,007 101 113 124
Deferred Tax Liability 3,264 2,281 1,732 1,616 (970) (873) (786)
TOTAL SOURCES OF FUNDS 86,720 90,515 95,469 112,301 99,711 103,722 109,612
APPLICATION OF FUNDS
Net Block 28,000 33,698 36,484 41,947 44,942 44,940 46,847
CWIP 5,133 5,071 6,710 6,247 6,122 5,999 5,879
Investments 6,826 6,989 7,142 7,280 7,531 7,782 8,033
Total Non-current Assets 39,959 45,758 50,336 55,474 58,595 58,722 60,760
Cash & Equivalents 31,120 23,583 26,566 8,453 16,647 19,733 23,752
Inventories 177 225 274 233 177 156 188
Debtors 493 425 604 884 834 732 886
Other Current Assets 22,548 29,966 29,280 61,025 37,716 38,693 39,530
Total Current Assets 54,338 54,199 56,723 70,594 55,374 59,313 64,357
Creditors 7,070 8,757 10,886 13,048 13,395 13,277 14,261
Other Current Liabilities & Provns 507 686 704 719 863 1,036 1,243
Total Current Liabilities 7,577 9,443 11,590 13,767 14,259 14,313 15,504
Net Current Assets 46,761 44,757 45,133 56,827 41,116 45,000 48,852
TOTAL APPLICATION OF FUNDS 86,720 90,515 95,469 112,301 99,711 103,722 109,612
Source: Company, HSIE Research
Page | 7
Container Corporation : Results Review 4QFY20
Standalone Cash Flow (Rs mn) FY16 FY17 FY18 FY19 FY20P FY21E FY22E
Reported PBT 13,080 11,457 13,857 16,889 5,240 12,229 15,874
Non-operating & EO Items (3,175) (2,892) (3,026) (3,342) 6,019 (3,263) (3,733)
Interest Expenses 2 37 1 7 361 198 144
Depreciation 3,478 3,518 3,927 4,246 5,130 5,124 5,213
Working Capital Change (10,068) (5,532) 2,606 (29,806) 23,906 (799) 168
Tax Paid (2,381) (4,088) (3,961) (4,851) (4,067) (2,728) (3,556)
OPERATING CASH FLOW ( a ) 934 2,499 13,403 (16,858) 36,588 10,761 14,110
Capex (1,185) (9,155) (8,352) (9,245) (8,000) (5,000) (7,000)
Free Cash Flow (FCF) (251) (6,656) 5,052 (26,103) 28,588 5,761 7,110
Investments (92) (162) (153) (139) (251) (251) (251)
Non-operating Income 3,175 2,892 3,026 3,342 (6,019) 3,263 3,733
INVESTING CASH FLOW ( b ) 1,898 (6,425) (5,479) (6,042) (14,270) (1,988) (3,518)
Debt Issuance/(Repaid) - - - 7,007 (6,906) 12 11
Interest Expenses (2) (37) (1) (7) (361) (198) (144)
FCFE (253) (6,693) 5,051 (19,104) 21,322 5,575 6,977
Share Capital Issuance 766 725 57 5,609 - 0 (0)
Dividend (3,168) (4,299) (4,998) (7,821) (6,857) (5,501) (6,439)
FINANCING CASH FLOW ( c ) (2,404) (3,611) (4,942) 4,787 (14,123) (5,687) (6,572)
NET CASH FLOW (a+b+c) 428 (7,537) 2,982 (18,113) 8,194 3,086 4,019
Closing Cash & Equivalents 31,120 23,583 26,566 8,453 16,647 19,733 23,752
Key Ratios
FY16 FY17 FY18 FY19 FY20P FY21E FY22E
PROFITABILITY (%)
Adj. GPM 26.3 26.4 29.2 31.0 34.4 34.2 34.0
Adj. EBITDA Margin 19.5 18.9 20.5 22.0 25.9 25.2 25.4
EBIT Margin 16.7 15.6 17.6 19.7 17.9 16.1 17.9
APAT Margin 16.0 15.1 17.0 17.7 15.9 16.6 17.8
RoE 11.9 9.7 11.5 12.3 10.1 9.2 11.4
RoIC (or Core RoCE) 13.9 10.2 12.0 11.3 8.9 8.4 11.1
RoCE 11.5 9.5 11.2 11.7 9.8 9.4 11.6
EFFICIENCY
Tax Rate (%) 27.4 27.1 24.6 28.0 28.3 23.1 23.0
Fixed Asset Turnover (x) 2.1 1.6 1.7 1.6 1.4 1.3 1.5
Inventory (days) 1.1 1.5 1.6 1.2 1.0 1.0 1.0
Debtors (days) 3.0 2.8 3.6 4.7 4.7 4.7 4.7
Payables (days) 43.6 57.9 64.5 69.2 75.5 85.3 75.7
Debt/EBITDA (x) - - - 0.4 0.0 0.0 0.0
Net D/E (x) (0.4) (0.3) (0.3) (0.0) (0.2) (0.2) (0.2)
Interest Coverage (x) NA NA NA NA NA NA NA
PER SHARE DATA (Rs)
EPS 15.6 13.7 17.1 19.9 16.9 15.4 20.1
CEPS 33.3 30.4 23.6 26.9 25.3 23.8 28.6
Dividend 13.5 19.0 17.1 12.3 9.6 7.7 9.0
Book Value 214 226 154 170 165 171 181
VALUATION
P/E (x) 27.8 31.6 25.3 21.7 25.7 28.1 21.6
P/BV (x) 2.0 1.9 2.8 2.5 2.6 2.5 2.4
EV/EBITDA (x) 12.4 14.5 19.7 18.2 14.8 17.1 13.7
EV/Revenues (x) 2.3 2.6 3.9 3.8 3.8 4.3 3.5
OCF/EV (%) 0.7 1.7 5.6 (6.4) 14.8 4.4 5.9
FCF/EV (%) (0.2) (4.6) 2.1 (9.9) 11.5 2.4 3.0
FCFE/Mkt Cap (%) (0.1) (4.0) 1.9 (7.2) 8.1 2.1 2.6
Dividend Yield (%) 3.1 4.4 3.9 2.8 2.2 1.8 2.1
Source: Company, HSIE Research
Page | 8
Container Corporation : Results Review 4QFY20
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: >10% Downside return potential
Date CMP Reco Target
4-Jul-19 573 BUY 670
10-Jul-19 549 BUY 670
2-Aug-19 515 BUY 660
11-Oct-19 564 BUY 630
31-Oct-19 588 BUY 645
30-Dec-19 573 BUY 640
9-Jan-20 553 BUY 640
12-Feb-20 575 BUY 635
2-Mar-20 510 BUY 665
28-Jun-20 434 ADD 445
From 2nd March 2020, we have moved to new rating system
RECOMMENDATION HISTORY
250
300
350
400
450
500
550
600
650
700
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan
-20
Feb
-20
Ma
r-2
0
Ap
r-2
0
Ma
y-2
0
Jun
-20
Container Corp. TP
Page | 9
Container Corporation : Results Review 4QFY20
HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
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Disclosure:
We, Aditya Makharia, CA & Mansi Lall, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect our views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this
report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative
or HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding
the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material
conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.
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document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies
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HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with
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have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of
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HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg
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