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Initiating Coverage Cosmo Films Ltd.
2 | P a g e
Recommendation BUY
Snapshot: Cosmo Films is one of the lowest cost BOPP manufacturer and
is the fifth largest player in the world. The company manufactures
packaging films, lamination films, label films and industrial films for
various packaging applications.
INVESTMENT RATIONALE
Net Profit to clock 76.8 per cent CAGR over FY15-FY18: Rise in value-
added specialty films in total sales, cost containment measures and
turnaround in US subsidiary’s profitability are key drivers for
improvement in core earnings over the next two years. We expect
EBITDA margin to increase from 11.6 per cent in 9MFY16 to 13.6 per cent
in FY18 on the back of increasing value-added product sales and cost
efficiency. We expect Cosmo Films to clock 76.8 per cent growth in net
earnings aided by double digit sales volume growth and expansion in
EBITDA margin over FY15-FY18.
Lean working capital cycle, reasonable BS leverage and healthy free
cash flows: Cosmo Films has a lean working capital across business
cycles, reflecting underlying superior business operation. We expect free
cash flows to increase from Rs. 96.7 crore in FY15 to Rs. 161.0 crore
driven by core operational performance. The company has healthy
balance sheet with reasonable leverage (decline in net debt to equity
from 1.4x in FY14 to 1.2x in FY15). We believe lean working capital cycle,
reasonable balance sheet leverage and healthy free cash flows are a rare
combination in a slow industrial growth environment.
Attractive Industry Outlook: We believe strong growth in packaged
food industry, change in pack format from rigid packaging to flexible
packaging, balanced demand-supply scenario will keep pricing power
stable over the medium term. We think Cosmo’s capacity expansion and
product mix strategy will yield better operating performance and
superior earnings growth in the industry over the next few years.
Valuation & Recommendation: Healthy volume growth, improving
margins and strong operating cash flows are key positives from recent
earnings. We believe capacity addition, expansion in EBITDA margin,
marked improvement in return ratio and strong earnings growth outlook
will re-rate the stock over the medium term. We expect Cosmo Films to
deliver 76.8 per cent CAGR in net profit aided by healthy volume growth
and expansion in EBITDA margin over FY15-FY18. Return on capital
employed and Return on equity will also expand to 19.7 per cent and
23.2 per cent respectively by FY18. At Rs275, the stock is trading at 4.0x
FY17 EV/EBITDA and 3.0x FY18 EV / EBITDA, an attractive risk-
reward proposition. We have valued the company 3.9x FY18 EBITDA
translating into a price target of Rs400.
We recommend a “BUY” on the stock with a price target of Rs400 over
a 9-12 months investment horizon.
CMP (Rs.) Rs.257
Target Price (Rs.) Rs.400 (Upside 45.5%)
Stock Details
BSE Code
Bloomberg Code
Market Cap (Rs. cr)
Free Float (%)
52- wk HI/Lo (Rs)
Avg. Volume (Monthly)
Face Value (Rs)
Dividend (%) (FY 15)
Shares o/s (Crs)
532834
CFLM IN
535.2
56.5
322 / 73.3
1138260
10
35
1.9
Relative Performance 1Mth 3Mth 6Mth 1Yr
CFLM IN (%) 16.9 8.2 94.1 227.8
NIFTY (%) 7.9 -1.4 -4.2 -12.8
Shareholding Pattern as on 31st December, 2015
Promoters Holding 43.5%
FIIs 0.2%
DIIs 0.9%
Public & others 55.4%
Manish Ostwal – Sr. Research Analyst
(+91 22 3926-8136)
Email id: manish.ostwal@nirmalbang.com
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
Mar
-15
Apr-1
5
May
-15
Jun-
15
Jul-1
5
Aug-
15
Sep-
15
Oct-1
5
Nov-
15
Dec-
15
Jan-
16
Feb-
16
Mar
-16
Cosmo Films Nifty
Particulars (Rs Cr) Net Sales Growth (%) EBITDA PAT EPS (Rs) P/E (x)
FY'15 1646.8 12.6% 104.4 27.7 14.2 19.3
FY'16E 1605.9 -2.5% 199.6 101.0 52.0 5.3
FY'17E 1779.0 10.8% 233.1 126.3 65.0 4.2
FY'18E 1985.1 11.6% 270.5 152.9 78.6 3.5
Initiating Coverage Cosmo Films Ltd.
3 | P a g e
BUSINESS MODEL ANALYSIS Cosmo Films has a business model based on business to business (B2B) with strong presence in
global and domestic market. The company caters to clients in more than 100 countries with a
major presence in USA, Europe, Japan and India. With a diversified client base and complete
solution to packaging sector, Cosmo has positioned uniquely to tap increased opportunities in
the BOPP films industry. The company sources polypropylene (a key raw material) from
domestic oil & gas companies like RIL, IOC, HPCL and imports from Middle East (10 per cent).
Raw material cost is ~ 64% of operating revenues and the company doesn’t get benefit of lower
input cost in the P&L due to cost plus operating model.
Sustainable improvement in EBITDA margin is largely dependent upon product mix strategy,
better capacity utilization and efficiency in operation (like savings in power cost and automation
reducing man hours etc.)
Business model
Product margin profile (on marginal cost basis)
As a percentage of selling price Per cent
Polypropylene 72 p.c.
Conversion cost 11 p.c.
Cost of goods sold – BOPP Films 83 p.c.
Contribution 17 p.c.
Selling price 100 p.c. Source: Nirmal Bang PCG Research
Raw material cost
64%
Gross Profit margin
36%
EBITDA margin
11.6%
Manufacturing BOPP Films
(Traditional + Specialty films)
Traditional films are
commoditized products
Specialty films command
premium pricing (70% into
export market)
Domestic and exports are 50:50
Traditional films and specialty
films contribute 65% and 35%
respectively to net sales)
Customer profile & base
Leading global & domestic
FMCG companies
Leading consumer electronic
/ IT companies
Key converters
Raw material
- Polypropylene – a
derivative from crude
oil
- Price of poly
propylene is highly
correlated with crude
oil price
Initiating Coverage Cosmo Films Ltd.
4 | P a g e
INVESTMENT RATIONALE
Net Profit to clock 76.8 per cent CAGR over FY15-FY18
Cosmo Films has returned to high profitability and healthy volume zone with better demand –
supply equation in the BOPP films industry. The company posted very strong core operating
performance with 22 per cent growth in gross profit and 105 per cent growth in EBITDA during
9MFY16. Increasing contribution from high-margin specialty films in total sales, savings in
power cost (around Rs15 crore) and turnaround in US subsidiary’s profitability are key drivers
for improvement in profitability. We expect specialty films contribution in total sales to increase
from current 35 per cent to ~ 45 per cent by March, 2018. In terms of volume growth, we expect
sales volume to grow ~10 per cent CAGR over FY16-FY18.
We believe upgradation of existing facilities, capacity expansion (60,000 MT, taking total
capacity 1,96,000 MT), sales mix tilt with specialty films, US subsidiary’s improving profitability
and operational efficiency measures will drive EBITDA margin expansion and net profit growth
over FY16-FY18. We expect EBITDA margin to increase from 11.6 per cent in 9MFY16 to 13.6 per
cent in FY18 on the back of increasing value-added product sales and cost efficiency.
We expect Cosmo Films to clock 76.8 per cent growth in net earnings aided by double digit
volume growth and expansion in EBITDA margin over FY15-FY18.
Strong Profitability (FY15-FY18) Rs. crore Volume to grow 10% over FY15-FY18
Source: Company, Nirmal Bang PCG Research
104.4
199.6
233.1
270.5
27.7
101.0
126.3
152.9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
FY15 FY16E FY17E FY18E
EBITDA PAT
11.1%
9.0%
11.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY16E FY17E FY18E
Initiating Coverage Cosmo Films Ltd.
5 | P a g e
Lean working capital cycle, reasonable BS leverage and healthy free cash flows
Cosmo Films has a lean working capital across business cycles, reflecting underlying superior
business operation. The company has improved core working capital as percentage of net sales
from 14 per cent in FY14 to 11 per cent in FY15, aiding to operating cash flows. The company
has announced a capacity expansion of 60,000 MT costing ~Rs200 crore funded by internal
accrual (20 per cent) and debt (80 per cent). The company has already obtained financial
closure on the project. Post the expansion, installed capacity is expected to increase to 1,96,000
MT by January 2017. We expect free cash flows to increase from Rs. 96.7 crore in FY15 to Rs.
161.0 crore driven by core operational performance. The company has healthy balance sheet
with reasonable leverage (decline in net debt to equity from 1.4x in FY14 to 1.2x in FY15).
We believe lean working capital cycle, reasonable balance sheet leverage and healthy free cash
flows are a rare combination in a slow industrial growth environment.
Working capital cycle Free cash Flows
Source: Company, Nirmal Bang PCG Research
14%
11% 11% 11% 11%
0%
2%
4%
6%
8%
10%
12%
14%
16%
FY14 FY15 FY16E FY17E FY18E
Core working capital / Net sales
-16.2
96.7108.3
35.3
161.2
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
FY14 FY15 FY16E FY17E FY18E
Free cash Flows (Rs in crore)
Initiating Coverage Cosmo Films Ltd.
6 | P a g e
Attractive Industry Outlook
Global BOPP demand is estimated to be ~ 72 lakh MT growing 5-6% annually with
balanced demand-supply situation. Domestic BOPP Films industry has grown 12 per
cent CAGR aided by strong growth in flexible packaging industry over the last five
years.
During FY12-13, the industry saw sharp decline in profitability due to intense pricing
pressure and significant over-capacity leading to lower utilization. Cosmo Films and
other players in the industry also witnessed steep decline in gross profit margin and
EBITDA margin during the same period.
Now, pricing, profitability and demand-supply trends have reversed in FY15-FY16. At
present India’s BOPP production is estimated at approx. 5 lakh MT per annum.
Domestic BOPP consumption is approx. 3.5 lakh MT per annum and export from India
is about 1.1 lakh MT per annum. The Indian BOPP Industry has been growing at
almost double of India’s GDP growth rate. Current demand-supply scenario coupled
with capacity utilization shows reasonable stable trend on pricing power front. In
order to benefit from attractive industry outlook, Jindal Poly and Cosmo Films are
expanding BOPP capacity over the next two years by 30000 MT and 60000 MT
respectively.
We believe strong growth in packaged food industry, change in pack format from rigid
packaging to flexible packaging, balanced demand-supply scenario will keep pricing
power stable over the medium term. We think Cosmo’s capacity expansion and
product mix strategy will yield better operating performance and superior earnings
growth in the industry.
Initiating Coverage Cosmo Films Ltd.
7 | P a g e
Operational efficiency, turnaround in US subsidiary and tax benefits from SEZ
Cosmo Films is also working towards operational efficiency by cost-containment
measures. The company will save power cost around Rs. 15 crore and Rs. 25 crore in
FY16 and FY17 respectively due to change in power procurement from State grid to
long-term power purchase agreement (PPA) from private players and lower power
consumption. Upgradation of manufacturing facilities will increase automation in
plant operation and reduce power consumption per unit of production. We believe
that power cost-saving / automation measures along with efficient raw material
procurement make Cosmo Films the lowest cost BOPP film manufacture in the world.
Moreover, refinancing of existing loans at lower rates will reduce interest cost in
coming years. The company has net debt of Rs. 390 crs, of which Rs. 220 crore are
foreign currency loans with natural hedge in the form of exports revenues and
financial hedge.
The company’s US subsidiary is also witnessing operational improvement on the back
of new products launches, increased sales force, plugged wastage and acting as a
warehouse for products manufactured in India. We believe positive earnings from US
subsidiary will aid consolidated net profit growth over FY16-FY18. Notably, there was
negative contribution of the US subsidiary amounting to Rs25.3 crore at normalized
consolidated PAT level during 2014-15.
Cosmo Films’s Shendra plant (dedicated to export business) will claim tax exemption
from FY15-16 onwards, dropping overall effective tax rate to 22-23 per cent. The
company is entitled to claim 100 per cent profit exemption for first five years and 50
per cent profit exemption for another five years on export business from its notified
SEZ.
Initiating Coverage Cosmo Films Ltd.
8 | P a g e
We believe cost-containment measures, turnaround in US subsidiary operation and
lower tax rate will also support net profit growth over the next two years.
Sustained entry barrier in specialty films and no threat from China
Cosmo Films enjoys significant entry barriers in specialty films segment. The company
has built unique small size production lines for specialty films to offer customized and
innovative product for premium consumer products. Notably, specialized films are
selling 2.5x premium to traditional BOPP films, a key profitability driver over the long
term.
The company is one of the lowest cost manufacturer of BOPP films in the world. The
difference between manufacturing BOPP films in India and China is very minimal.
Moreover, import duty of 7.5 per cent along with freight cost attached to imported
films makes import an unattractive option for domestic BOPP end-user industries.
Hence, BOPP films imported from China will not adversely impact pricing power and
supply scenario in domestic market.
Competitors
Major competitors are Jindal Poly (210000 MT), Max Films (54000 MT), Nahar Poly
(30000 MT), Taghleef UAE (410000 MT) and Terofan (132000 MT). We believe full-
fledged BOPP films product portfolio, lowest cost of production and diversified client
base are key strengths to sustain profitability and improve market share.
Initiating Coverage Cosmo Films Ltd.
9 | P a g e
RISKS & CONCERNS
Sharp volatility in raw material price Sharp fluctuation in polypropylene price may result in volatility in EBITDA margin and the
company might see inventory losses. Notably, raw material cost stands at ~ 64 per cent of net
sales.
Delay in expansion plan
Cosmo Films is expanding its capacity by 60000 MT. New capacity will start
commercial production from April 2017. Any delay in new capacity may affect net
sales and earnings growth in FY18.
Initiating Coverage Cosmo Films Ltd.
10 | P a g e
VALUATION AND RECOMMENDATION
Cosmo Films has been delivering strong core operating performance over the last few quarters.
Healthy volume growth, improving margins and strong operating cash flows are key positives from
recent earnings. We believe capacity addition, expansion in EBITDA margin, marked improvement in
return ratio and strong earnings growth outlook will re-rate the stock over the medium term. We
expect Cosmo Films to deliver 76.8 per cent CAGR in net profit aided by healthy volume growth and
expansion in EBITDA margin over FY15-FY18. Return on capital employed (RoCE) and Return on
equity (RoE) will also expand to 19.7 per cent and 23.2 per cent respectively by FY18.
At Rs275, the stock is trading at 4.0x FY17 EV/EBITDA and 3.0x FY18 EV / EBITDA, an attractive
risk-reward proposition. We have valued the company 3.9x FY18 EBITDA translating into a price
target of Rs400. We recommend a “BUY” on the stock with a price target of Rs400 over a 9-12
months investment horizon.
EV/EBITDA multiple band
Source: Bloomberg, Nirmal Bang PCG Research
Relative Valuation
Source: ACE Equity, Nirmal Bang PCG Research
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Apr-1
0
Jul-1
0
Oct-1
0
Jan-
11
May
-11
Aug-
11
Nov-
11
Mar
-12
Jun-
12
Sep-
12
Dec-
12
Apr-1
3
Jul-1
3
Oct-1
3
Jan-
14
May
-14
Aug-
14
Nov-
14
Mar
-15
Jun-
15
Sep-
15
Dec-
15
EV/EBITDA Avg Peak Bottom
9MFY16 CMP M Cap Net sales EBITDA EBITDA margin PAT RoE ROCE TTM PE TTM EV/EBITDA M Cap / sales
Jindal Poly 443 1865.2 5308.2 787.7 14.8% 293.6 11.1 9.5 10.1 5.3 0.5
Cosmo Films 275 536.9 1234.3 143.0 11.6% 72.1 7.5 8.6 5.9 5.4 0.6
Nahar Poly 31 76.2 199.8 32.8 16.4% 8.2 3.1 8.3 6.6 3.4 0.6
Industry Average 7.5 4.7 0.6
Initiating Coverage Cosmo Films Ltd.
11 | P a g e
COMPANY BACKGROUND
Cosmo Flims is a leading manufacturer of BOPP films and specialty films with ~ 20 per cent market
share. The company offers cost-effective innovative packaging solutions to leading FMCG and
global brands. Over the years, the company expanded product portfolio to improve profitability and
growth. Its products include newer products like thermal, coating and metalizing films besides the
traditional BOPP films. The company has three manufacturing facilities in India and one each in
Korea and USA. It caters to clients in more than 100 countries with major presence in USA, Europe,
Japan and India. The company derives 50 per cent sales from export market and balance 50 per cent
from domestic market. Out of export sales, 70 per cent is value-added high margin specialty films.
The company reported sharp improvement in profitability with 105 per cent Y-o-Y growth in
EBITDA in 9MFY16. Healthy volume growth, improving EBITDA margin and strong net earnings
growth are key trends from 9MFY16 result.
Product Portfolio
S No
Brief detail
1 Packaging Films Print and pouching films, Barrier films and Overwrap films
2
Lamination
Films Dry lamination and Wet lamination
3 Label Films
Pressure sensitive label films, direct thermal printable films, in-mould films and
Wrap around label films
4 Industrial Films Synthetic paper and Tape and textile films
Manufacturing facilities Location BOPP Thermal Coating Metalizing
Waluj, Aurangabad, India 5 Lines 2 Lines 2 Lines 1 Line
Karjan, Vododara, India 2 Lines 2 Lines 2 Lines 1 Line
Shendra, Aurangabad, India 1 Lines 3 Lines 1 Line 1 Line
Korea, Choongnam 1 Line
USA, Hagerstown 1 Line
Total Installed capacity 136000 40000 TPA 10000 TPA 15000 TPA
Source: Company
Initiating Coverage Cosmo Films Ltd.
12 | P a g e
Growth and Profitability
Rs in crore Standalone Consolidated
FY14 FY15 9MFY15 FY14 FY15 9MFY16
Net sales 1256.7 1478.7 1130.1 1468.4 1646.8 1091.1
EBITDA 103.6 122.4 78.0 108.7 104.4 146.0
PAT 8.1 40.4 22.1 -5.5 27.7 79.4
Normalized PAT 28.6 49.6 31.5 23.2 24.3 84.1
Source: Company
Management Team
S. No. Name Profile
1 Mr. Ashok Jaipuria,
Chairman & Managing Director
Founder Chairman & Managing Director has more
than 40 years of experience of the Corporate World.
He is a Member of the Executive Committee of the
FICCI, president of the Golf Foundation, a member of
the Board of Governors of IIT- Patna and among the
Board of Directors of DPS, Gurgaon.
2 Mr. Pankaj Poddar,
Chief Executive Officer
Mr Pankaj Poddar’s career spans over a period of 20
years in finance, advisory, assurance and various
leadership as well as management roles. Before joining
Cosmo, Pankaj has worked with automotive & FMCG
industries. His last stint was with Avon Beauty
products as “Director Finance”. Pankaj has also
worked as the India CFO for Delphi Automotive
Systems, Regional Head Assurance Services for Reckitt
Benckiser and Manager Advisory & Assurance
Services in Ernst & Young.
3 Mr. Neeraj Jain,
Chief Financial Officer
Mr. Neeraj has over 16 years of experience in finance,
business planning and strategy, taxation and risk
management. Neeraj is with the Cosmo Films from
March 2013 and has worked with Havells, Aditya Birla
Group and Bajaj Allianz before joining Cosmo Films.
4 Mr. Satish Subramanian,
Vice President - Global Sales &
Marketing
Mr. Satish has over 20 years of sales experience in B2B
& B2C and has expertise in Global Account
Management, Business Development, Multi-Channel
Sales, Solution Selling, Strategy Development, Retail
Supply Chain, Product Management and P&L
Management.
Source: Company presentation
Initiating Coverage Cosmo Films Ltd.
13 | P a g e
Financials
Rs in crore FY14 FY15 FY16E FY17E FY18E
Income Statement
Net sales 1468.4 1646.8 1605.9 1779.0 1985.1
EBIDTA 108.7 104.4 199.6 233.1 270.5
Other income 6.8 5.0 5.5 8.0 18.0
Depreciation 45.3 34.5 35.6 41.0 50.0
EBIT 70.1 74.8 169.5 200.1 238.5
Interest expense 43.2 39.9 32.5 35.0 38.7
Profit before tax -1.8 38.2 132.9 165.1 199.8
Tax expense 3.7 10.6 31.9 38.8 47.0
PAT -5.5 27.7 101.0 126.3 152.9
Normalised PAT 23.2 24.3 105.1 126.3 152.9
Balance sheet
Equity share capital 19.4 19.4 19.4 19.4 19.4
Reserve & Surplus 340.5 361.2 452.9 568.7 709.9
Networth 360.0 380.6 472.3 588.1 729.3
Debt 586.9 489.8 439.8 559.8 544.8
Other non-current liabilities 51.6 57.2 57.2 57.2 57.2
Current liabilities 152.3 148.3 145.3 158.1 173.2
Total 1150.8 1075.9 1114.6 1363.1 1504.4
Fixed assets 638.6 609.5 633.9 732.9 722.9
Other non-current assets 36.1 57.0 57.0 57.0 57.0
Inventories 202.4 179.5 175.4 194.4 216.7
Trade receivables 138.3 122.0 118.4 131.2 146.3
Cash and bank balances 54.1 18.3 40.2 158.1 271.9
Short term loans and advances 49.4 56.5 56.5 56.5 56.5
Other current assets 31.9 33.1 33.1 33.1 33.1
Total 1150.8 1075.9 1114.6 1363.1 1504.4
Cash Flow Statement
Operating cash flow 59.3 134.1 168.3 175.3 201.2
CAPEX -75.5 -37.4 -60.0 -140.0 -40.0
Free cash flow -16.2 96.7 108.3 35.3 161.2
Cash flow from investing -71.8 -42.6 -54.5 -132.0 -22.0
Cash flow from financing 19.4 -121.3 -91.9 74.5 -65.3
Change in cash 7.0 -29.8 21.9 117.9 113.8
Opening balance 47.2 48.2 18.3 40.2 158.1
Closing balance 54.1 18.3 40.2 158.1 271.9
Initiating Coverage Cosmo Films Ltd.
14 | P a g e
Source: Nirmal Bang PCG Research
FY14 FY15 FY16E FY17E FY18E
Ratios
Growth
Net sales 16.0% 12.6% -2.5% 10.8% 11.6%
EBIDTA - -3.9% 91.3% 16.8% 16.0%
PAT - - 265.2% 25.0% 21.0%
EPS - - 265.2% 25.0% 21.0%
Margins
Gross profits 32.0% 30.2% 36.6% 36.9% 37.0%
EBIDTA margins 7.4% 6.3% 12.4% 13.1% 13.6%
EBIT 4.8% 4.5% 10.6% 11.2% 12.0%
PBT -0.1% 2.3% 8.3% 9.3% 10.1%
PAT -0.4% 1.7% 6.3% 7.1% 7.7%
Return Ratios
ROE -1.6% 7.5% 23.7% 23.8% 23.2%
ROCE 7.8% 8.2% 19.0% 19.4% 19.7%
Leverage
Gross Debt / Equity 1.6 1.3 0.9 1.0 0.7
Net Debt / Equity 1.5 1.2 0.8 0.7 0.4
Net Debt / EBIDTA 4.9 4.5 2.0 1.7 1.0
Efficiency
Inventories days 51 39.9 40.0 40.0 40.0
Debtors days 35 27.1 27.0 27.0 27.0
Creditors days 33 27.0 27.0 27.0 27.0
Working capital turnover 7.0 9.1 9.1 9.1 9.1
Working capital days 52 40 40 40 40
Per share data
EPS -2.8 14.2 52.0 65.0 78.6
DPS 1.0 3.5 4.0 4.5 5.0
BVPS 185.2 195.8 243.0 302.5 375.2
Price to earnings (x) - 19.3 5.3 4.2 3.5
Price to book (x) 1.5 1.4 1.1 0.9 0.7
EV/EBIDTA (x) 9.8 9.6 4.7 4.0 3.0
Initiating Coverage Cosmo Films Ltd.
15 | P a g e
Disclaimer
Nirmal Bang Securities Private Limited (hereinafter referred to as “NBSPL”)is a registered Member of National Stock
Exchange of India Limited, Bombay Stock Exchange Limited and MCX stock Exchange Limited. We have been granted
certificate of Registration as a Research Analyst with SEBI, Registration no. is INH000001766 for the period 23.09.2015 to
22.09.2020.
NBSPL or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1%
in the company covered by Analyst.
NBSPL or its associates/analyst has not received any compensation from the company covered by Analyst during the past
twelve months.
NBSPL /analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged
in market making activity of the company covered by Analyst.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to
independently evaluate the market conditions/risks involved before making any investment decision.
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