investment research… · results corner q1 fy 18 results graphical presentation q1 fy 2017-18...

Price ` 81

Upside -

Div Yield 3.7%

Tenure 2-3 years

Sensex 31944.78

Nifty 10018.20

Group/Index XD

M.cap (` in cr) 78

Equity (` In cr) 9.70

52 wk H/L ` 78.60/31.75

Face Value ` 10.00

NSE code -

BSE code 526492

Growth DriversRONW 9.34%

P/E 13.88

P/BV 1.3

EV/EBIDTA 9.30

IN `

EV (ìn cr) 78.16

BV (ìn cr) 62.90

NW(ìn cr) 61.01

Adjst.EPS (TTM) 5.80

FY 19Est. Earnings 6.29

Equity Share Capital 9.70

10.00

0.97

EPS(FY19 Est.) 6.49

Estimated P/E Ratio 15

Estimated Price/share 102

Year End 201703 201603 201503 201403

Tax Rate % 28.19 20.71 21.91 28.06

Receivable days 58.00 53.00 62.00 60.00

Source: Google Div. Payout % 27.79 40.23 30.04 31.32

VALUATION (` In Cr except per share)

FV

No. of Equity Shares

Corporate Governance Transparency Ratio's

INVESTMENT RESEARCH

DARK HORSE - RISHIROOP LTD. (formerly known as Puneet resins ltd.)

Dated : 10th Oct. 2017

ACCUMULATE Investment Rationale

Key Valuation Ratios

Key Financial Data

Rising Income levels & increase in Motor vehicle ownership rates, especially in developing nations would need additional consumption of rubber.

Global demand for rubber processing chemicals forecasted to increase by 50% to 1.5 million MT in next 3-5 years

High performance tyres & extended life, Automotive & Industrial products will increase rubber processing chemical loadings

Share Holding Pattern

In the current year, the demand for Company’s products have not improved significantly,however, with demonetization of Indian economy and with the implementation of GST, theeconomy is expected to pick up during the second half of the year.

Company aims to achieve larger product portfolio, economies of scale, efficiency, optimizationof logistics and distribution network and other related economies of scale.

The primary segment that your Company operates in is Polymers, Compounds, and their

related products. During the year under review, the prevailing economic conditions in the

industry have not improved significantly. The rubber industry witnessed a general rise in

prices of synthetic rubber in line with dramatic movements in global prices which saw

increasing trend during the last two quarters. But since then prices have started falling back to

earlier levels. The current economic environment continues to be challenging for the industry.

However, prices are expected to gradually stabilize and demand in auto ancillary industry is

expected to pick up.

Till now, china used to meet the requirement of chemical due to low cost & favorablecurrency. Now, high regulatory compliance in china coupled with associated uncertainties &discomfort about overdependence on a single source country has lead MNC's to diversifyitself & add India as an additional source destination. Moreover, Government initiatives inthe form of port based chemical parks in SEZ, FDI relaxations, improvement ininfrastructure, Tax concessions etc. would further boost this sector.

Moreover, The outlook for FY 2017-18 for India, continues to be positive. Financial liquiditycoupled with relatively subdued crude prices augur well for the Indian economy. Indiacontinues to be and is expected to remain the fastest growing economy of the world.

Multibagger

Stock Details

70%

30%

Promoter Others

www.rudrashares.com

RESULTS CORNER

Q1 FY 18 Results

Graphical presentation Q1 FY 2017-18 & FY 2017 Results

` in crores

Q1 FY 18 Q4 FY 17 Q1 FY 17 FY 17 FY 16Revenue 12.09 15.00 9.76 -19.40% 23.87% 46.70 38.36 21.74%EBITDA 3.44 1.93 2.09 77.91% 64.24% 5.67 3.88 46.13%

EBITDA % 28.45% 12.89% 21.46% - - 12.14% 10.11% -PBT 3.25 1.68 1.92 93.45% 69.27% 4.88 3.10 57.42%

PBT% 26.88% 11.20% 19.67% - - 10.45% 8.08% 29.31%PAT 2.61 1.09 1.76 139.45% 48.30% 3.49 2.46 41.87%

PAT % 21.59% 7.27% 18.03% - - 7.47% 6.41% 16.53%Diluted EPS 2.69 1.44 1.96 86.81% 37.24% 4.6 2.00 130.00%

For the quarter ended 30-06-2017, the company has reported a Standalone sales of ` 12.09 Cr., down 19.40%

from last quarter Sales of ` 14.99 Cr and up 23.79 % from last year same quarter Sales of ` 9.76 Crore .

Company has reported net profit after tax of ` 2.61 Cr in latest quarter as compared to ` 1.76cr, an increase of

48.30% on y-o-y basis.EBITDA stood at ` 3.44 crore in Q1FY18 against ` 2.09 crore in Q1FY17, an increase of 64.24%. Diluted EPS

for the quarter increased from ` 1.96 to ` 2.69 on a y-o-y basis.

FY17 RESULTS

Industry Analysis

Standalone Results% Change

(Q-O-Q)% ChangeQuarter Ended Year EndedParticulars

The world economy is expected to face challenging times in the coming year in view of major economic andother initiatives expected to be undertaken by certain western economies in the recent past. The trend

towards protectionist nationalism of moving away from globalization to isolation could be a new businessdimension in future which may arrest the growth of globalization. Despite this, the International MonetaryFund (IMF) estimates that world GDP will grow by 3.50%+ in 2017. Under this context, the Indian economicgrowth of 7%+ stands out as a bright spot in the world economic landscape. The coming year is expected towitness a growth of 7%+ for India. Continued economic reforms, increase in public investment ininfrastructure, development projects and lower credit costs (on account of surplus liquidity caused bydemonetization) will ensure that Indian economic growth is not hampered.

Results Snapshot

% Change

(Y-O-Y)

Standalone Results

Company’s Sales turnover stood at ` 46.70 crores in the year under review as compared to ` 38.36 crores in

the previous year. The Profit before tax (PBT) for the period under review has increased from ` 3.10 crore in

the previous year to ` 4.88 crores in current year. Company has reported net profit after tax of ` 3.49 Cr as

compared to ` 2.46 cr, an increase of 41.87% on y-o-y basis. EBITDA stood at ` 5.67 crore in against ` 3.88

crore in the previous year, an increase of 46.13%. Diluted EPS increased from ` 2 to ` 4.60 on a y-o-y basis.

During the year there was no significant change in Fixed Assets which stand at ` 8.79 crores at the end of the

financial year. Total inventories increased from ` 8.79 crores to `12.04 crores.

RUDRA SHARES &

STOCK BROKERS LTD.

www.rudrashares.com

RUDRA SHARES &

STOCK BROKERS LTD.

Rubber industry

"Rubber is a sunrise sector in India and fits perfectly with the government's 'Make in India' and Skill Indiainitiatives, but also suffers from the shortage of skilled labor and abnormality in the duty structure which isunfair to domestic manufacturers. India is the 3rd largest producer and 2nd largest consumer of rubberin the world. The per capita consumption of rubber in India is estimated to be very low, in the range of 0.8 -1 kg, against a global average of 3.2 kg, and as high as 12 to 14 kg in Japan, Europe and the US. Even Chinahas per capita consumption of 8 kg. On the export front, India has a paltry share of 1.48% against China's11%. AIRIA maintains that India's share of export of rubber products can be easily enhanced to 5% in thenext 5-7 years to take the country to the top 5 exporters in this sector.

Economy & Markets

GDP growth expected to be between 6.75 and 7.50 per cent in 2017-18. Growth rate of industrial sectoris estimated to moderate to 5.2 per cent in 2016-17 from 7.4 per cent last fiscal. During the year under review, the consumption of natural rubber decreased by 2.60 % only from10,20,910 tones to 9,94,415 tones, while the requirement of synthetic rubber increased by 3.21 % from5,36,130 tones to 5,53,370 tones. Among synthetic rubbers, usage of SBR, PBR, and other SR increasedby 15.25%, 0.62% and 11.51 % respectively. The global synthetic rubber market is projected to expand at a CAGR of 5.1 % during the periodbetween 2015 and 2023 according to a recent market research report which states that the risingdemand for synthetic rubber from the automotive industry is expected to drive the global syntheticrubber market. Rapidly expanding footwear market across the globe is also expected to augment thegrowth of synthetic rubber market. During the year under review, the prices of primary inputs viz.Butadiene and Styrene, inputs for synthetic rubber has been very volatile. 2016-17 has been marked bydramatic movements in global prices for these inputs which saw increasing trend from Sept 2016 to

Feb 2017, but thereafter prices have started falling driven by slump in China’s domestic market.

The Rubber industry can be broadly classified in tyre and non-tyre sectors. While tyre sector is dominated byfew large tyre companies, the non-tyre sector consists of number of medium and small units. This non tyre-

sector consists of about 6000 units compromising 30 large scale, 300 medium scale and 5600 small scale unitswhich manufacture about 35000 different rubber products. It plays a core sector role in the Indian nationaleconomy. Company is in the business of manufacturing of polymer blends to the medium and small scale sector whichaccounts for over 50% of production of rubber goods in non-tyre industrial products. The polymer blends areused in the manufacture of petrol hoses, LPG tubing, O-rings, seals & gaskets, printing & textile rollers, cablesheathing, automotive components, etc. Polymer compounding is an art of developing rubber mixtures withsuitable raw materials and their doses to achieve optimal processing and performance. It is a criticalintermediate product for the medium and small unit making various rubber products. Besides Polymer blends,the Company also sells other complimentary products sourced from abroad. Due to fragmented structure of theuser industry the market is highly price competitive.

www.rudrashares.com

Till now, China used to meet the requirement of chemical due to low cost & favorable currency. Now,high regulatory compliance in china coupled with associated uncertainties & discomfort aboutoverdependence on a single source country has lead MNC's to diversify itself & add India as anadditional source destination, indirectly benefitting RISHIROOP.

Moreover, Government initiatives in the form of port based chemical parks in SEZ, FDI relaxations,improvement in infrastructure, Tax concessions etc. would further boost this sector. Due to the growing paceof tyres, the demand for rubber is also expected to grow which gives a good opportunity of the company togrow since a portion of the revenues of RISHIROOP come from rubber industry.

Formerly known as Puneet Resins Ltd., Rishiroop Ltd. is the merged entity of Puneet Resins Ltd. andRishiroop Rubber (International) Ltd. It has been a pioneer in introducing various grades of rubbercompounds in India. Currently its products are exported to various developed markets across the globe. Thecompany has been manufacturing rubber & PVC compounds which have specialized properties such as oilresistance, flame retardancy, ozone resistance, fuel and solvent resistance, etc. These compounds are used tomake products such as petrol hose, LPG tubes, footwear, auto parts, protective clothing, seals, conveyorbelts, etc.

RUDRA SHARES &

STOCK BROKERS LTD.

Company Overview

Valuation Conclusion

The global synthetic rubber market is projected to expand at a CAGR of 5.1 % during the period between2015 and 2023 according to a recent market research report which states that the rising demand forsynthetic rubber from the automotive industry is expected to drive the global synthetic rubber market.Rapidly expanding footwear market across the globe is also expected to augment the growth of syntheticrubber market. We suggest to accumulate the stock for 2-3 years.

Risks & Concerns

The price of Synthetic rubber and other raw materials have been quite volatile since last two quarters.Further uncertainty in cost of raw materials may impact demand for the company’s products andprofitability. Secondly, foreign currency fluctuations may also affect the prices of imported raw materialsand profitability.

SWOT Analysis

Opportunities & Threats

The Company is continuing to customize and promote its new grades of polymer blends to meet therequirements of domestic and international customers and to improve the quality.There is intense competition and prices of raw materials continue to be volatile in view of the globalsituation. Foreign exchange management during the current scenario is critical, as the company importssignificant portion of its raw material requirements.

www.rudrashares.com

LTM 201706 201703 201612 201609

49.00 12.09 14.99 12.49 9.45

8.40 3.44 1.93 1.97 1.02

0.60 0.14 0.15 0.13 0.13

7.80 3.30 1.78 1.84 0.89

2.60 1.40 0.23 0.31 0.62

0.30 0.05 0.11 0.04 0.06

7.60 3.25 1.68 1.80 0.83

1.90 0.64 0.58 0.54 0.14

5.70 2.61 1.09 1.27 0.68

- - - - -

5.70 2.61 1.09 1.27 0.68

6.40 2.69 1.12 1.66 0.93

5.80 2.70 1.10 1.30 0.70

Particulars 201403 201503 201603 201703 2018E 2019E 2020E

Net Sales 35.55 28.47 38.35 46.70 52.57 61.32 73.63

Other operating Income - 0.17 0.18 0.43 0.52 0.62 0.74

Total Inc. from operations 35.55 28.64 38.53 47.13 53.09 61.94 74.37

Operating EBITA 2.18 1.19 0.59 3.48 4.24 5.44 6.94

Total Inc. from operations 35.55 28.64 38.53 47.13 53.09 61.94 74.37

TOTAL EXPENDITURE 33.03 27.02 37.33 43.11 48.23 55.87 66.79

EBITDA 2.52 1.62 1.20 4.02 4.86 6.07 7.59

Depreciation (0.34) (0.43) (0.61) (0.54) (0.62) (0.63) (0.65)

Goodwill amortization - - - - - - -

OTHER INCOME 0.72 0.67 2.67 1.63 2.87 3.74 4.34

Net financials

Interest income - - - - - - -

Interest expenses (0.12) (0.08) (0.17) (0.25) (0.31) (0.44) (0.54)

Net Financial Items (0.12) (0.08) (0.17) (0.25) (0.31) (0.44) (0.54)

Reported Pre-tax profit 2.78 1.78 3.09 4.86 6.80 8.74 10.73

Reported Tax charge (0.78) (0.39) (0.64) (1.37) (1.90) (2.45) (3.00)

Reported Net profit 2.00 1.39 2.45 3.49 4.90 6.29 7.73

Minorities - - - - - - -

P/L OF ASSOCIATE CO. - - - - - - -

2.00 1.39 2.45 3.49 4.90 6.29 7.73

Extra Ordinary income - - - - - - -

Dividend Paid (0.63) (0.42) (0.99) (0.97) (0.97) (0.97) (0.97)

Retained earnings 1.37 0.97 1.46 2.52 3.93 5.30 6.71

Reported EPS 3.83 2.66 1.99 3.60 5.05 6.46 7.92

Adjusted Basic EPS 2.06 2.66 2.53 3.60 5.05 6.46 7.92

DPS - originally declared 1.20 0.80 0.80 1.00 1.00 1.00 1.00

Opening Balance 5.22 5.22 5.22 12.32 9.70 9.70 9.70

Issued during the Period - - 7.10 (2.62) - - -

Closing Balance 5.22 5.22 12.32 9.70 9.70 9.70 9.70

FV 10.00 10.00 10.00 10.00 10.00 10.00 10.00

Wtd. Avg. no. of shares 0.52 0.52 1.23 0.97 0.97 0.97 0.97

Note:- The figures shown in the brackets means NEGATIVE.

EPS and Dividend

Number Of Shares

Rep. NP after min. Int.

Rep.Net Income after

extra ordinary items2.00 1.39 2.45 3.49 4.90 6.29 7.73

Rep. profit before othrinc.,

fin.cost,tax & excp. Item

Profit from ordinary act. Before

Fin.Cost ,TAX & Exp.Items 2.90 1.86 3.26 5.11 7.11 9.18 11.27

2.18 1.19 0.59 3.48 4.24 5.44 6.94

2.18 1.19 0.59 3.48 4.24 5.44 6.94

RUDRA SHARES &

STOCK BROKERS LTD.

Quarterly Results (` in cr except per share)

Particulars

Net Sales

EBITDA

Depreciation

Op Income

Misc.Inc (Exp.)

Interest Exp

EBT

Taxes

Net Inc(Reg)

Income Statement and Estimates ( ` in Cr except per share)

Profit & Loss

Rep. profit before othrinc.,

fin.cost,tax & excp. Item

Extraord. Items

Rep Net Inc

EPS

Adjusted EPS

www.rudrashares.com

201403 201503 201603 201703 2018E 2019E 2020E

Equity & Liabilities

Shareholders' Fund

Share Capital 5.22 5.22 12.32 9.70 9.70 9.70 9.70

Reserves and Surplus 14.47 15.10 42.59 48.70 52.63 57.92 64.64

- - - - - - -

Total Shareholders' Fund 19.69 20.32 54.91 58.40 62.33 67.62 74.34

Non-Current Liabilities

Long-term Borrowings - - - - - - -

Other LT Liabilities - - - - - - -

Deferred Tax Liability 0.29 0.02 - - - - -

Long term Provisions 0.07 0.11 0.13 0.17 0.19 0.21 0.23

Total Non-Current Liab. 0.36 0.13 0.13 0.17 0.19 0.21 0.23

Current Liabilities

Short term Borrowings - - - - - - -

Trade Payables 5.30 2.55 5.86 9.48 11.68 13.01 14.87

Other current liability 0.46 0.56 0.74 1.54 1.75 2.17 2.79

Short term Provisions 0.90 0.71 0.91 0.20 0.23 0.25 0.29

Total current Liab. 6.66 3.82 7.51 11.22 13.66 15.43 17.95

Total Equity & Liab. 26.71 24.27 62.55 69.79 76.50 83.26 92.51

Assets

Non-Current Assets

Fixed Assets

Tangible fixed Assets 2.04 3.04 8.84 8.79 8.86 9.04 9.36

G/W On Consolidation - - - - - -

Non-current Investment 1.80 9.46 28.85 29.39 31.59 33.17 34.83

Long term L&A 0.11 0.14 0.20 0.14 0.14 0.14 0.14

Other Non current Ass. - - - - - - -

Deferred tax receiv. - - 0.19 0.31 0.36 0.41 0.48

Total Non-Current Ass. 3.95 12.64 38.08 38.63 40.96 42.77 44.81

Current Assets

Current Investments 6.58 0.13 6.13 7.35 7.10 6.60 5.30

Inventories 7.28 4.66 8.78 12.04 14.07 17.03 20.82

Trade Receivables 5.45 4.32 6.91 8.07 9.08 11.09 13.76

Cash & cash Equi. 1.50 1.56 1.55 1.47 2.79 2.98 4.78

Short Term L&A 1.85 0.89 0.99 2.13 2.35 2.60 2.87

Other current Assets 0.09 0.06 0.12 0.12 0.16 0.19 0.22

Total current Assets 22.75 11.62 24.48 31.18 35.54 40.48 47.76

Total Assets 26.71 24.27 62.55 69.79 76.50 83.26 92.51

Cash & cash equivalents 1.50 1.56 1.55 1.47 2.82 3.60 5.75

Other int. bearing assets 8.38 9.59 34.98 36.74 38.69 39.77 40.13

Interest-bearing debt 0.46 0.56 0.74 1.54 1.75 2.17 2.79

Net interest-bearing debt (9.42) (10.59) (35.79) (36.67) (39.76) (41.20) (43.10)

Net gearing (%) - - - - - - -


RUDRA SHARES &

STOCK BROKERS LTD.

BALANCE SHEET

Particulars

Minority Interests

www.rudrashares.com

201403 201503 201603 201703 2018E 2019E 2020E

Return on assets - 5.46% 5.64% 5.27% 6.69% 7.85% 8.71%

Return on equity - 6.95% 6.51% 6.16% 8.09% 9.61% 10.76%

ROCE - 5.81% 1.56% 6.11% 6.97% 8.26% 9.60%

EBIT Margin - 6.49% 8.46% 10.84% 13.39% 14.82% 15.16%

Pre tax margin - 6.22% 8.02% 10.31% 12.81% 14.11% 14.43%

Net Profit Margin - 4.85% 6.36% 7.41% 9.22% 10.16% 10.39%

Total asset turnover - 1.12 0.89 0.71 0.73 0.77 0.84

Fixed asset turnover - 11.28 6.49 5.35 6.01 6.92 8.09

Equity turnover - 1.43 1.02 0.83 0.88 0.95 1.04

Current Ratio - 3.04 3.26 2.78 2.61 2.66 2.71

Quick Ratio - 1.82 2.09 1.71 1.58 1.56 1.55

Cash Ratio - 0.41 0.21 0.13 0.21 0.23 0.32

Receivable Days - 62.26 53.19 58.01 58.95 59.41 60.97

Inventory Days - 93.92 77.62 103.06 115.29 118.09 120.02

Payable Days - 69.61 42.97 69.76 89.07 88.29 82.93

Conversion Cycle (Days) - 86.57 87.84 91.30 85.17 89.22 98.06

Financial Leverage Effect - 1.17 0.49 1.15 0.99 0.96 0.98

Debt to Capital - 0.03 0.01 0.03 0.03 0.03 0.04

Debt to Equity - 0.03 0.01 0.03 0.03 0.03 0.04


Particulars

RUDRA SHARES &

STOCK BROKERS LTD.

RATIO ANALYSIS

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Disclosures :

1) Business Activity :

2)

3)

4)

Sr. No. Yes/No

a) No

b) No

c) No

5)

Sr. No. Yes/No

a) No

b) No

c) No

6) Other Disclosures:

Yes/No

Sr. No.

a) No

b) No

c) No

RUDRA SHARES &

STOCK BROKERS LTD.

Rudra or its associates have received any compensation or other benefits from the subject

company or third party in connection with the research report .

Rudra or its research analysts, or his/her relative or associates have actual/beneficial

ownership of one per cent or more securities of the subject company.

Rudra or its associates have managed or co-managed public offering of securities for the

subject in the past twelve months.

Disclosures

Rudra or its associates have received any compensation from the subject company in the

past twelve months.

Rudra or its research analysts, or his/her relative or associate has any direct or indirect

financial interest in the subject company.

Disclosures with regard to receipt of compensation :

The Research report is issued to the registered clients. The Research Report is based on the facts, figures and

information that are considered true, correct and reliable. The information is obtained from publicly available media

or other sources believed to be reliable. The report is prepared solely for informational purpose and does not

constitute an offer document or solicitation to buy or sell or subscribe for securities or other financial instruments for

clients.

Disclosures with regard to ownership and material conflicts of interest :

Rudra or its research analysts, or his/her relative or associate has any other material

conflict of interest at time of publication of the research report.

Disclosures

Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribution of

various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research Analyst) Regulations,

2014. SEBI Reg. No. INH100002524.

Terms & Conditions of issuance of Research Report:

There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regulation/administrative

agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and records of Rudra, as a Stock

Broker, SEBI has not issued any Administrative warning to Rudra.

Disciplinary History :

Disclosures

The research analyst has served as an officer,director,employee of the subject company.

Rudra or its research analyst has been engaged in market making activity for the subject

company.

Rudra or its or associates have received any compensation from the subject company in the

past twelve months.

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Phone: +91 – 512 – 67011001

Disclaimers:

This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS

LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented in

this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any

dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information

contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence placed

on the same.

Despite the information in this document has been previewed on the basis of publicly available information, internal data , personal

views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as accurate, complete or

exhaustive. It should not be relied on as such, as this document is for general guidance only. Besides this, the research analyst(s) are

bound by stringent internal regulations and legal and statutory requirements of the Securities and Exchange Board of India( SEBI)

and the analysts' compensation was, is, or will be not directly or indirectly related with the other companies and/or entities of Rudra

Shares & Stock Brokers Ltd and have no bearing whatsoever on any recommendation, that they have given in the research report.

Rudra Shares & Stock Brokers Ltd or any of its affiliates/group companies shall not be in any way responsible for any such loss or

damage that may arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock

Brokers Ltd has not independently verified all the information, which has been obtained by the company for analysis purpose, from

publicly available media or other sources believed to be reliable. Accordingly, we neither testify nor make any representation or

warranty, express or implied, of the accuracy, contents or data contained within this document. Rudra Share & Stock Brokers Ltd

and its affiliates are engaged in investment advisory, stock broking, retail & HNI and other financial services. Details of affiliates are

available on our website i.e. www.rudrashares.com.

We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore, it is advised to

use own discretion and judgment while entering into any transactions, whatsoever.

Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to deal or trade in

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Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and their relative may:

(a) from time to time, have long or short positions acting as a principal in, and buy or sell the securities or derivatives thereof, of

Company mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or profits.

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investment research… · results corner q1 fy 18 results graphical presentation q1 fy 2017-18...

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