bharat heavy electricals ltd q1 fy14 detail...
TRANSCRIPT
Recommend HOLD
CMP 120.00
Target Price 134.00
ISIN: INE257A01026 SEPTEMBER 2nd
, 2013
BHARAT HEAVY ELECTRICALS LTD
Q1 FY14
STOCK DETAILS
Sector Engineering
BSE Code 500103
Face Value 2.00
52wk. High / Low (Rs.) 272.45/100.35
Volume (2wk. Avg ) 209000
Market Cap ( Rs in mn ) 293712.00
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY13A FY14E FY15E
Net Sales 484247.00 489089.47 493980.36
EBITDA 105111.00 96188.28 102290.58
Net Profit 66147.00 59054.03 61804.84
EPS 27.03 24.13 25.25
P/E 4.44 4.97 4.75
Shareholding Pattern (%)
1 Year Comparative Graph
BHARAT HEAVY ELECTRICALS LTD BSE SENSEX
SYNOPSIS
Bharat Heavy Electricals Ltd engaged in the design,
engineering, testing, manufacture, construction,
commissioning & servicing of a wide range of
products and services for the core sectors of the
economy.
The company net profit falls to Rs. 4654.30 million
against Rs. 9209.00 million in the corresponding
quarter ending of previous year, a decrease of
49.46%.
Revenue for the quarter declines by 23.47% to Rs.
64581.20 million from Rs. 84390.10 million, when
compared with the prior year period.
EBITDA is Rs. 9270.60 millions as against Rs.
15684.60 millions in the corresponding period of the
previous year.
The company has an outstanding order book position
of about Rs. 1086000 million at the end of Q1 FY14.
BHEL has won a contract from BPCL for its
Integrated Refinery Project at Kochi Refinery in
Kerala, valued at around Rs. 2650 Million.
BHEL has won major turnkey contracts for setting up
two eco-friendly Grid-Connected Solar Power Plants
of 10 MW capacity each, valued at Rs.1320 Million
from NTPC.
BHEL bags Rs. 4500 mn World Bank funded
Renovation and Modernization Contract for 210 MW
thermal unit at Koradi TPS in Maharashtra.
During the year 2012-13, BHEL invested an all-time
high Rs. 12,520 Million on R&D initiatives, over 4%
higher than the previous year.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
COMPANY NAME (Rs.) Rs. in Mn. (Rs.) Ratio Ratio (%)
BHEL Ltd 120.00 293712.00 27.03 4.44 0.96 270.50
ABB Ltd 454.20 96248.80 5.71 79.54 3.70 150.00
ALSTOM India Ltd 307.90 20699.30 29.43 10.46 2.58 100.00
Recommendation & Analysis - ‘HOLD’
For Q1 FY14, Bharat Heavy Electricals Ltd posted a revenue declines by 23.47% to Rs. 64581.20 million from
Rs.84390.10 million, when compared with the prior year period. During the year 2012-13, BHEL recorded a
turnover of Rs. 484247 mn. Profit before tax is Rs. 94324 mn and Profit after tax is placed at Rs. 66147 mn. Net
worth of the company has gone up from Rs. 253730 mn to Rs. 304440 mn registering an increase of 19.9%. Net
asset value (NAV) per share has been placed at Rs. 124.38 in 2012-13 as against Rs. 103.67 in 2011-12. During
2012-13, the Company has received orders worth Rs. 316500 mn as against Rs. 220960 mn in 2011-12. During
2012-13, BHEL added 3500 MW Capacity as against 1000 MW last year for NTPC. With this, BHEL's contribution
to NTPC's capacity of 41,184 MW stands at 70%. Udangudi Power Corporation Ltd. (UPCL) a joint venture
between BHEL & TNEB was incorporated on 26th December, 2008, to build, own and operate a 1600 MW (2x800
MW) Super Critical Thermal Power Plant at Udangudi. On 26.03.2013, BHEL has sold its entire stake in UPCL.
The company has an outstanding order book position of about Rs. 1086000 millions at the end of Q1 FY14. In Q1
FY14, The company net profit falls to Rs.4654.30 million against Rs.9209.00 million in the corresponding quarter
ending of previous year, a decrease of 49.46%. During the quarter Q1 FY14, the revenue from power segment
decreased by 21% to Rs. 53786 mn as against Rs. 67692.7 mn.
Power sector will continue to remain major contributor to company’s top line with transportation and
transmission emerging as next big business verticals. Strategies are in place to strengthen its presence in
Nuclear, Renewable and Water segments. The company is continuously sharpening its focus on ‘6-Point’ priority
areas for action viz. Capability Enhancement, Accelerated Project Execution, Product Cost Competitiveness &
Quality, Diversification, Engineering & Technology and People Development aligned with its Strategic Plan
initiatives to sustain its leadership position in its areas of operations. Hence, we recommend ‘HOLD’ for
‘Bharat Heavy Electricals Ltd’ with a target price of Rs. 134.00 on the stock.
FINANCIAL HIGHLIGHTS STANDALONE
Results updates- Q1 FY14,
Bharat Heavy Electricals Ltd is an integrated power
plant equipment manufacturer and one of the
largest engineering and manufacturing companies in
India, reported its financial results for the quarter
ended 30th June, 2013.
Months Jun-13 Jun-12 % Change
Net Sales 64581.20 84390.10 (23.47)
PAT 4654.30 9209.00 (49.46)
EPS 1.90 18.81 (89.89)
EBITDA 9270.60 15684.60 (40.89)
The company net profit falls to Rs.4654.30 million against Rs.9209.00 million in the corresponding quarter
ending of previous year, a decrease of 49.46%. Revenue for the quarter declines by 23.47% to Rs. 64581.20
million from Rs.84390.10 million, when compared with the prior year period. Reported earnings per share of the
company stood at Rs.1.90 a share during the quarter, registering 89.89% decrease over previous year period.
Profit before interest, depreciation and tax is Rs.9270.60 millions as against Rs.15684.60 millions in the
corresponding period of the previous year.
Expenditure :
Break up of Expenditure
Rs. Million
Q4 FY13 Q4 FY12
Cost of Material Consumed, erection & engineering expenses
34821.00 53849.70
Other Expenditure 9605.40 9840.40
Depreciation & Amortization Expense
2308.00 2283.90
Employee Benefit Expenses 14749.50 13950.10
Total Expenditure 63003.40 74652.10
Segment Revenue
Latest Updates
• The company has an outstanding order book position of about Rs. 1086000 millions at the end of Q1 FY14.
• Bharat Heavy Electricals Limited (BHEL) has been conferred the ‘ICAI National Award for Excellence in Cost
Management 2012’.
• BHEL wins Rs.2650 Million contract from BPCL for Kochi Refinery project
BHEL has won a contract from Bharat Petroleum Corporation Ltd for its Integrated Refinery Project (IREP) at
Kochi Refinery in Kerala, valued at around Rs. 2650 Million. The order envisages supply and supervision of 3
nos. Gas Turbines of 34.5 MW rating each, with associated auxiliaries and control systems.
• BHEL secures major turnkey contract for Grid-Connected Eco-friendly Solar Power Plants from NTPC
BHEL has won major turnkey contracts from NTPC for setting up the eco-friendly Grid-Connected Solar
Photovoltaic (SPV) power plants, each of 10 MW capacities, at Unchahar in Uttar Pradesh and Talcher in
Odisha, valued at Rs.1320 Million.
• BHEL bags Rs.4500 mn World Bank funded Renovation and Modernization Contract for 210 MW
thermal unit at Koradi TPS
BHEL has won a prestigious order for the Energy Efficient Renovation & Modernization (EE R&M) of a 210
MW thermal unit in Maharashtra by the Maharashtra State Power Generation Corporation Limited
(MSPGCL). The World Bank-funded contract Rs.4500 mn under International Competitive Bidding (ICB). The
order envisages design, supply and installation for the EER&M of the 1x210 MW Boiler, Turbine and
Generator package for the 210 MW Unit 6 at Koradi Thermal Power Station (TPS).
• BHEL registers significant increase in Intellectual Capital; Files one Patent a day
BHEL has recorded a 10% growth in its Intellectual Capital in FY 2012-13. During the year 2012-13, the
company has filed a 385 patents and copyrights, translating into filing of over one patent / copyright every
working day. With this, the company’s intellectual capital has gone up to 2,170 patents and copyrights filed,
which are in productive use in the company’s business. During this period, BHEL invested an all-time high
Rs.12,520 Million on R&D initiatives, over 4% higher than the previous year. With an R&D spend at nearly
2.5% of its turnover; BHEL is the highest spender on R&D in India for its kind of industry.
Company Profile
Bharat Heavy Electricals Ltd is an integrated power plant equipment manufacturer and one of the largest
engineering and manufacturing companies in India, which was established in the year 1964, ushering in the
indigenous Heavy Electrical Equipment industry in India - a dream that has been more than realized with a well-
recognized track record of performance. BHEL is truly India’s industrial ambassador to the world.
The Company engaged in the design, engineering, manufacture, construction, testing, commissioning and
servicing of a wide range of products and services for the core sectors of the economy, viz. Power, Transmission,
Industry, Transportation, Renewable Energy, Oil & Gas and Defence. The company has 16 manufacturing
divisions, two repair units, four regional offices, eight service centres, and 15 regional centres and currently
operates at more than 150 project sites across India and abroad. BHEL research and development (R&D) efforts
are aimed not only at improving the performance and efficiency of existing products, but also at using state-of-
the-art technologies and processes to develop new products.
The high level of quality & reliability of products is due to adherence to international standards by acquiring and
adapting some of the best technologies from leading companies in the world including General Electric Company,
Alstom SA, Siemens AG and Mitsubishi Heavy Industries Ltd., together with technologies developed in the
company own R&D centres. Most of manufacturing units and other entities have been accredited to Quality
Management Systems (ISO 9001:2008), Environmental Management Systems (ISO 14001:2004) and
Occupational Health & Safety Management Systems (OHSAS 18001:2007).
BHEL have a share of around 57% in India's total installed generating capacity contributing 69% (approx.) to the
total power generated from utility sets (excluding non-conventional capacity) as of March 31, 2013. The
company has been exporting power and industry segment products and services for approximately 40 years.
BHEL have exported products and services to across 75 countries. The Company had cumulatively installed
capacity of over 9,000 MW outside of India in 21 countries, including Malaysia, Iraq, the UAE, Egypt and
NewZealand.
Products
Bharat Heavy Electricals Ltd having the following products
• Power
• Industry
• Transmission
• Transportation
• Non Conventional Energy Source
• R&D Products
Services & Systems
The company has providing the following Service and the Systems
� Power Generation Systems
• Turnkey power stations.
• Combined-cycle power plants.
• Cogeneration systems.
• Modernization and rehabilitation of power
stations.
• Erection commissioning, operation and
maintenance services.
• Spares management.
• Consultancy services.
� Transmission Systems
• Sub-stations switchyards
• HVDC transmission systems
• Shunt and series compensation systems.
• Power system studies.
• Erection commissioning, operation and
maintenance services.
• Consultancy services
� Transportation Systems
• Traction systems.
• Urban transportation systems.
• Erection commissioning, operation and
maintenance services.
• Consultancy services.
� Industrial Systems
• Industrial drives and control systems.
• Erection commissioning, operation and
maintenance services.
• Spares management.
• Consultancy services.
Financial Highlight STANDALONE (A*- Actual, E* -Estimations & Rs. In Millions)
Balance sheet as at March31st, 2012-2015E
FY12A FY13A FY14E FY15E
SOURCES OF FUNDS (Rs.in.mn)
Shareholder's Funds
Share Capital 4895.20 4895.20 4895.20 4895.20
Reserves and Surplus 248836.90 299545.80 358600.03 420404.87
1. Sub Total - Net worth 253732.10 304441.00 363495.23 425300.07
Non Current Liabilities
Long term borrowing 1234.30 1292.00 1343.68 1383.99
Other Long term Liabilities 75585.90 57896.80 49212.28 42814.68
Long Term Provisions 50056.80 59329.10 65262.01 69177.73
2. Sub Total - Non Current Liabilities 126877.00 118517.90 115817.97 113376.40
Current Liabilities
Short term borrowing 0.00 12860.00 13554.44 13961.07
Trade Payables 102548.20 96752.40 93849.83 91972.83
Other Current Liabilities 158246.00 138621.00 124758.90 114778.19
Short Term Provisions 26356.90 30092.20 31897.73 32535.69
3. Sub Total - Current Liabilities 287151.10 278325.60 264060.90 253247.78
Total Liabilities (1+2+3) 667760.20 701284.50 743374.10 791924.26
APPLICATION OF FUNDS
Non-Current Assets
Fixed Assets
Tangible assets 41607.20 43146.70 44872.57 46218.75
Intangible Assets 1360.90 1438.20 1510.11 1570.51
Capital Work in Progress 13246.30 11335.10 10881.70 11752.23
Intangible assets under development 229.80 380.80 456.96 530.07
a) Sub Total - Fixed Assets 56444.20 56300.80 57721.33 60071.56
b) Non-current investments 4616.70 4291.70 4420.45 4553.06
c) Long Term loans and advances 9001.00 9053.30 9596.50 9980.36
d) Deferred Tax Asset 15462.40 15506.90 14886.62 14440.03
e) Other non-current assets 93836.20 106537.20 120387.04 131221.87
1. Sub Total - Non Current Assets 179360.50 191689.90 207011.94 220266.88
Current Assets
Inventories 135487.30 117638.20 105874.38 114344.33
Trade receivables 263569.3 292344.90 318959.45 337308.85
Cash and Bank Balances 66719.80 77320.50 86908.24 93860.90
Short-terms loans & advances 21117.20 20291.20 22320.32 23659.54
Other current assets 1506.10 1999.80 2299.77 2483.75
2. Sub Total - Current Assets 488399.70 509594.60 536362.16 571657.38
Total Assets (1+2) 667760.20 701284.50 743374.10 791924.26
Annual Profit & Loss Statement for the period of 2012 to 2015E
Value(Rs.in.mn) FY12A FY13A FY14E FY15E
Description 12m 12m 12m 12m
Net Sales 479788.90 484247.00 489089.47 493980.36
Other Income 12655.50 11217.00 14021.25 15844.01
Total Income 492444.40 495464.00 503110.72 509824.38
Expenditure -380909.00 -390353.00 -406922.44 -407533.80
Operating Profit 111535.40 105111.00 96188.28 102290.58
Interest -512.80 -1253.00 -1528.66 -1803.82
Gross profit 111022.60 103858.00 94659.62 100486.76
Depreciation -8000.00 -9534.00 -10296.72 -10914.52
Profit Before Tax 103022.60 94324.00 84362.90 89572.23
Tax -32623.00 -28177.00 -25308.87 -27767.39
Net Profit 70399.60 66147.00 59054.03 61804.84
Equity capital 4895.20 4895.20 4895.20 4895.20
Reserves 248836.90 299546.00 358600.03 420404.87
Face value 2.00 2.00 2.00 2.00
EPS 28.76 27.03 24.13 25.25
Quarterly Profit & Loss Statement for the period of 31st
Dec, 2012 to 30th Sep, 2013E
Value(Rs.in.mn) 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13E
Description 3m 3m 3m 3m
Net sales 102197.10 192044.00 64581.20 74914.19
Other income 3323.80 2924.00 5384.80 3500.12
Total Income 105520.90 194968.00 69966.00 78414.31
Expenditure -85856.50 -145532.00 -60695.40 -67572.60
Operating profit 19664.40 49436.00 9270.60 10841.71
Interest -509.10 -405.00 -277.60 -344.22
Gross profit 19155.30 49031.00 8993.00 10497.49
Depreciation -2197.90 -2889.00 -2308.00 -2077.20
Profit Before Tax 16957.40 46142.00 6685.00 8420.29
Tax -5138.90 -13767.00 -2030.70 -2542.93
Net Profit 11818.50 32375.00 4654.30 5877.36
Equity capital 4895.20 4895.20 4895.20 4895.20
Face value 2.00 2.00 2.00 2.00
EPS 4.83 13.23 1.90 2.40
Ratio Analysis
Particulars FY12A FY13A FY14E FY15E
EPS (Rs.) 28.76 27.03 24.13 25.25
EBITDA Margin (%) 23.25% 21.71% 19.67% 20.71%
PBT Margin (%) 21.47% 19.48% 17.25% 18.13%
PAT Margin (%) 14.67% 13.66% 12.07% 12.51%
P/E Ratio (x) 4.17 4.44 4.97 4.75
ROE (%) 27.75% 21.73% 16.25% 14.53%
ROCE (%) 46.88% 35.98% 28.14% 25.69%
EV/EBITDA (x) 2.05 2.19 2.30 2.10
Book Value (Rs.) 103.67 124.38 148.51 173.76
P/BV 1.16 0.96 0.81 0.69
Charts
Outlook and Conclusion
� At the current market price of Rs.120.00, the stock P/E ratio is at 4.97 x FY14E and 4.75 x FY15E
respectively.
� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.24.13 and
Rs.25.25 respectively.
� On the basis of EV/EBITDA, the stock trades at 2.30 x for FY14E and 2.10 x for FY15E.
� Price to Book Value of the stock is expected to be at 0.81 x and 0.69 x respectively for FY14E and FY15E.
� We recommend ‘HOLD’ in this particular scrip with a target price of Rs.134.00 for Medium to Long term
investment.
Industry Overview
The engineering sector is one of the largest sectors among the industrial segments in India. Majorly comprising
heavy and light engineering segments, this industry is closely linked with the manufacturing segments of the
economy.
The Indian engineering industry accounts for 27 per cent of the total factories in industrial sector and represents
63 per cent of the overall foreign collaborations. Asia’s third largest economy is globally acknowledged for its
low-cost, high-tech frugal innovation technology, according to a World Bank study named ‘Unleashing India’s
Innovations’. Foreign companies are not at all hesitant in outsourcing industrial engineering design tasks to
Indian firms in sectors like semiconductors, automotive hybrid technologies, next-gen routers in telecom, power
generation equipments, aerospace, avionics and consumer electronics, besides setting up research and
development (R&D) centres in the country.
Moreover, India is one of the leading offshore destinations in delivering engineering research and development
(ER&D) services with a market share of 22 per cent. The ER&D market in India is projected to grow to US$ 42
billion by 2020, according to a study titled 'Engineering R&D: Advantage India' by Zinnov.
Exports
The engineering sector is one of the major contributors to the country's total merchandise shipments. The US
and Europe together account for over 60 per cent of India's total engineering exports.
Engineering exports mainly include transport equipment, capital goods, other machinery/equipment and light
engineering products like castings, forgings and fasteners.
The Ministry of Commerce and Industries has set a target of shipping US$ 125 billion worth of engineering goods
by the end of 2013-14. Indian engineering companies are scouting for newer markets (like Latin America, Africa
etc.) for exports along with strengthening their base in the US and Europe.
During April-February 2012-2013, exports from the sector stood at US$ 51 billion.
Design & Engineering- Key Developments and Investments
The miscellaneous mechanical and engineering industries’ sector-wise foreign direct investments (FDI) inflows
from April 2000 to March 2013 was calculated at US$ 2.32 billion, as per the Department of Industrial Policy and
Promotion (DIPP).
• Capvent AG, a Swiss private equity (PE) fund company has bought a majority stake of 51 per cent in Morf
India, a Chennai-based water engineering company which has operations across South India. The capital
is said to be deployed to develop new and innovative products, brand campaigns and expansion plans.
The company has also drafted a multi-tier business network, comprising distributors, channel partners
and lead generators to reach out to its customers.
• Engineering services company Tata Technologies has acquired US-headquartered Cambric Corporation
for US$ 32.5 million in order to boost its revenues from the European continent. The deal will give Tata
access to three development centres in Romania while the company is to benefit from Cambric’s existing
clientele in the construction and heavy equipment space, including marquee names such as Caterpillar
and CNH. Cambric’s existing customers will also have the option of being serviced by the Tata group
company centres in India.
Cambric is a service provider for system engineering and design capabilities in engine, power train,
chassis and structures, electrical and hydraulic systems.
• BHEL had recently signed a deal with Mitsubishi according to which the Japanese company will render
the former the technology for removing the harmful sulphurous compounds from the gases that escape
out of thermal power plants.
BHEL hopes to earn Rs 1,500 crore (US$ 251.77 million) of additional business, arising out of this
recently-signed technology tie-up with Mitsubishi Heavy Industries.
• Indian Space Research Organisation (ISRO) is planning to launch India’s first navigation satellite - Indian
Regional Navigation Satellite System-1A (IRNSS-1A) - on July 1, 2013 from Satish Dhawan Space Centre,
Sriharikota.
The 1,425 kg-equipment, IRNSS-1A will have a life span of about 10 years and will provide satellite-based
terrestrial, aerial and marine navigation services and also help in disaster and fleet management and
vehicle tracking, as per an ISRO statement. ISRO also intends to have a constellation of seven satellites
under IRNSS by 2014-15.
Government Initiatives
Dr Manmohan Singh, the Prime Minister of India, has revealed the country's new Science, Technology and
Innovation policy which aims to increase the number of full time equivalent of R&D personnel in India by at least
66 per cent of the present strength in five years.
Alongside, the National Policy on Electronics (NPE) proposes to set up more than 200 Electronic Manufacturing
Clusters in India while the Government of India (GoI) has proposed to create an electronics development fund of
US$ 2 billion to promote innovation, intellectual property, R&D, nano electronics and help commercialise made-
in-India products. The chip design and embedded software market in India is estimated to reach US$ 55 billion
by 2020, as per the targets set by NPE.
In addition to that, the Government plans to give an impetus to engineering in India through investments in
infrastructure development in 2012-17 in telecom, energy and construction sector, as per a report by Nasscom
and Booz & Co.
Road Ahead
India produces over 200,000 engineers every year and has a strong pool of scientists and engineers, vast
institutional network, and cost effective manufacturing
Domestic and international companies have increased their stakes in R&D in sectors like Information,
Communication and Technology (ICT), automobiles and auto components, industrial engineering, electronics and
pharmaceuticals. India is also witnessing R&D growth in areas such as genetic modification, bio-energy sources,
biochemistry, atomic energy, organ donation and biomedical science. Indian design houses are playing a crucial
role in the development of new automobiles seeing potential markets overseas.
Meanwhile, Indian offshore ER&D services market is expected to reach US$ 37-45 billion and create over one
million jobs by 2020, according to an industry report by Nasscom and Booz & Co. This will be about 35 per cent
of the overall ER&D market, which is estimated to touch US$ 118 billion by 2020, while being currently pegged at
US$ 10.2 billion.
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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