rating: hold | cmp: rs1,751 | tp: rs1,703static-news.moneycontrol.com/static-mcnews/2018/07/... ·...
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July 16, 2018 1
Rating: HOLD | CMP: Rs1,751 | TP: Rs1,703
No surprises to Justify Valuations; Cut to Hold
We are cutting HUVR from “Accumulate” to Hold given valuations at 53xFY20
EPS after factoring in 16.4% PAT CAGR over FY18-20 and 52% run up in past
1 year. 1Q19 performance remained robust with 12% UVG and 21% Adj PAT
growth, recovery in demand scenario and sustained growth in naturals
portfolio and Home care. HUL is undertaking realignment of its manufacturing
and supply chain post GST which will reduce costs and expand margins over
the coming years. HUL is well placed to gain from Premiumisation in Home
Care, success in naturals with Lever Ayush, Indulekha etc. and strong growth
in emerging categories (premium laundry, hand wash, Liquid dish wash, Hair
conditioner, Face-wash and Green tea). Rising crude oil prices, depreciating
INR and competitive actions in select categories pose a near term challenge,
although long term outlook remains intact. We value the stock at 46xDec20
EPS and arrive at target price of Rs1703, (1627 based on 46xSept20 EPS).
Downgrade to Hold.
Concall Takeaways: 1) Trade Channels have normalized 2) Demand has seen
improvement in both urban and rural India, however rural has grown faster 3) Crude
price increases were set-off by benign PFAD, calibetated price increases and future
covers 4) Rising crude and depreciating currency pose a challenge in coming
quarters 5) Water purifiers have been impacted due to shift from Gravity purifiers to
RO/UV based systems. Air purifiers are at a very nascent stage and consumers are
yet to pick up the habit of installing air purifiers. 6) Competitive activity and Modern
trade promotions are picking up in a few categories, HUL has managed higher
growth despite heightened activity 8) Naturals portfolio has grown at 2.5x of
company growth rate led by master brands, specialist brands and variants in
existing brands, although on a low base 9) Innovations continued with launch of
Brylcream in men’s grooming range at Amazon, Lever Ayush breakfast range in
TN, Lakme 9 to 5 Natural range etc. 10) Although Oral care is doing better,
Pepsodent has been lagging in growth and is not out of woods as yet 11) HUL is
undertaking realignment of supply chain and manufacturing to gain from GST, this
will increase efficiency but entail exceptional expenses for next 4-6 quarters.
Volumes up 12%, PAT up 21.3%: Net Sales increased 11.4% to Rs93.5bn, backed
by UVG of 12%. UVG for Home care increased 14% while it increased by 11% for
Personal care and Foods. Domestic consumer sales increased 16%. Gross margin
and EBIDTA margin expanded 190bps and 180bps as 30bps decline in staff costs
and 130bps in other expenses were neutralized by 27.4% higher ad-spends
(150bps). Adj. EBIDTA at Rs22.5b increased 20.6% YoY. Adj. PAT Rs15.67b
increased 20.3% as other income increased 19%. Home Care sales increased 3%
and EBIT moved up 34% on 440bps margin expansion led by Vim. Domex liquids
and powders were extended to newer geographies. Personal care sales increased
0.9%, EBIT up 7.7% on 170bps margin expansion and strong growth in Skin care,
hair Care and Color Cosmetics. Food & Refreshments sales up 7.9%, EBIT up
13.2% on 90bps higher margins. Tea had double digit growth; Ice cream and frozen
desserts had double digit growth due to peak summer season.
Hindustan Unilever (HUVR IN)
July 16, 2018
Q1FY19 Result Update
☑ Change in Estimates | ☑ Target | ☑ Reco
Change in Estimates
Current Previous FY19E FY20E FY19E FY20E
Rating HOLD ACCUMULATE
Target Price 1,703 1,627
Sales (Rs. m) 3,91,394 4,35,204 3,86,876 4,31,531
% Chng. 1.2 0.9
EBITDA (Rs. m) 86,193 1,00,298 86,036 1,02,409
% Chng. 0.2 (2.1)
EPS (Rs.) 28.2 33.2 28.0 33.4
% Chng. 0.7 -0.6
Key Financials
FY17 FY18 FY19E FY20E
Sales (Rs. bn) 319 345 391 435
EBITDA (Rs. bn) 59 73 86 100
Margin (%) 18.3 21.1 22.0 23.0
PAT (Rs. bn) 41 53 61 72
EPS (Rs.) 18.8 24.5 28.2 33.2
Gr. (%) (2.8) 30.8 14.8 17.9
DPS (Rs.) 16.5 18.0 24.1 27.1
Yield (%) 0.9 1.0 1.4 1.5
RoE (%) 63.5 78.1 86.2 99.7
RoCE (%) 85.4 100.2 114.8 131.7
EV/Sales (x) 11.7 10.8 9.5 8.5
EV/EBITDA (x) 63.8 51.1 43.1 37.0
PE (x) 93.3 71.4 62.2 52.7
P/BV (x) 58.3 53.5 53.6 51.5
Key Data HLL.BO | HUVR IN
52-W High / Low Rs.1,779 / Rs.1,130
Sensex / Nifty 36,324 / 10,937
Market Cap Rs.3,791bn/ $ 55,248m
Shares Outstanding 2,165m
3M Avg. Daily Value Rs.3863.14m
Shareholding Pattern (%)
Promoter’s 67.19
Foreign 12.15
Domestic Institution 17.27
Public & Others 3.39
Promoter Pledge (Rs bn) -
Stock Performance (%)
1M 6M 12M
Absolute 8.0 26.7 53.7
Relative 5.9 21.3 35.5
Amnish Aggarwal
[email protected] | 91-22-66322233
Nishita Doshi
[email protected] | 91-22-66322381
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Hindustan Unilever
July 16, 2018 2
Q1FY19 Results (Rs m): Volumes up 12%, Adj. margins up 180bps, Adj. PAT up 21.3%
Q1FY19 Q1FY18 YoY % Q4FY18 FY19E FY18 YoY %
Net Sales 94,870 85,290 11.2 90,970 3,91,394 3,45,250 13.4
Gross Profit 51,230 44,450 15.3 47,830 2,07,786 1,82,930 13.6
Margin (%) 54.0 52.1 52.6 53.1 53.0
A&P Exp. 11,530 9,050 27.4 10,700 45,402 41,050 10.6
% of NS 12.2 10.6 11.8 11.6 11.9
EBITDA 22,510 18,660 20.6 20,480 87,157 72,760 19.8
Margins (%) 23.7 21.9 1.8 22.5 22.3 21.1
Depreciation 1,270 1,140 11.4 1,280 5,134 4,780 7.4
EBIT 21,240 17,520 21.2 19,200 82,022 67,980 20.7
Interest 70 60 16.7 40 220 200 10.0
Other Income 1,350 1,130 19.5 1,000 6,914 5,690 21.5
PBT 22,520 18,590 21.1 20,160 88,717 73,470 20.8
Tax 6,850 5,670 20.8 6,070 26,615 22,110 20.4
Tax Rate (%) 30.4 30.5 30.1 30.0 30.1
Adjusted PAT 15,670 12,920 21.3 14,090 62,102 51,360 20.9
Extraordinary (390) (110) (680) 500 (1,140)
Reported Profit 15,280 12,810 19.3 13,410 62,602 50,220 24.7
Source: Company, PL
Sales not comparable due to GST; All segments see margin expansion see margin expansion
Quarterly Segmental 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19
Net Sales (Rs m) 87,886 84,700 83,073 88,750 92,130 83,030 85,900 90,970 94,870
Home Care 28,760 27,770 26,891 30,040 30,470 27,390 27,410 31,020 31,460
Personal Care 42,216 40,280 39,802 40,750 43,680 39,100 40,900 40,960 44,070
Foods & Refreshment 14,872 14,470 14,426 15,950 16,540 15,260 15,720 17,350 17,850
Others 2,038 2,181 1,954 2,010 1,440 1,280 1,870 1,640 1,490
Sales Growth % 4.4 1.6 (0.8) 6.7 4.8 (2.0) 3.4 2.5 3.0
Home Care 8.0 3.2 1.0 7.4 5.9 (1.4) 1.9 3.3 3.2
Personal Care 2.7 (0.3) (2.7) 8.1 3.5 (2.9) 2.8 0.5 0.9
Foods & Refreshment 5.5 7.2 6.6 8.9 11.2 5.5 9.0 8.8 7.9
Others (14.3) (15.2) (27.3) (30.4) (29.3) (41.3) (4.3) (18.4) 3.5
EBIT (Rs m) 15,768 13,981 13,359 16,160 18,170 15,560 15,300 18,640 20,960
Home Care 3,559 2,800 2,342 3,890 4,480 3,830 3,540 5,090 6,020
Personal Care 10,214 9,226 9,208 9,840 10,790 9,480 10,070 10,660 11,620
Foods & Refreshment 2,090 1,863 1,974 2,470 2,950 2,310 1,720 2,870 3,340
Others -95 91 -166 -40 -50 -60 -30 20 -20
EBIT Growth % 4.7 9.0 (5.5) 11.3 15.2 11.3 14.5 15.3 15.4
Home Care 22.7 24.7 (0.6) 28.7 25.9 36.8 51.1 30.8 34.4
Personal Care 0.3 3.6 (7.1) 9.0 5.6 2.8 9.4 8.3 7.7
Foods & Refreshment 4.5 14.1 1.5 6.3 41.1 24.0 (12.9) 16.2 13.2
Others 340.5 112.1 159.0 (128.6) (47.2) (165.6) (81.9) (150.0) (60.0)
EBIT Margin %
Home Care 12.4 10.1 8.7 12.9 14.7 14.0 12.9 16.4 19.1
Personal Care 24.2 22.9 23.1 24.1 24.7 24.2 24.6 26.0 26.4
Foods & Refreshment 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.2
Others (4.6) 4.2 (8.5) (2.0) (3.5) (4.7) (1.6) 1.2 (1.3)
Source: Company, PL
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Hindustan Unilever
July 16, 2018 3
HUVR’s focus on innovation and activations continues in core categories
Source: Company, PL
HUVR has integrated its foods and refreshments segment
Source: Company, PL
Adjusted consumer sales up 16%, reported sales impacted by GST led adjustments
Source: Company, PL
-
Hindustan Unilever
July 16, 2018 4
Comparable FMCG sales up 16%
4.0
2.0
0.0
8.0
6.0
10.0
17.0 16.0 16.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19
Source: Company, PL
Volumes up 12% on a flat base
4.0
(1.0)
(4.0)
4.0
0.0
4.0
11.0 11.0 12.0
(6.0)
(4.0)
(2.0)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19
Source: Company, PL
Ad spend up 150bps on increased brand building
10.8 10.9
11.5
10.4 10.6
12.3
12.9
11.8 12.2
9.0
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
13.5
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19
Source: Company, PL
GM up 190bps; EBITDA margins up 180bps
51.3
52.1
54.0
20.1 21.9 23.7
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
46.047.048.049.050.051.052.053.054.055.0
Q1F
Y17
Q2F
Y17
Q3F
Y17
Q4F
Y17
Q1F
Y18
Q2F
Y18
Q3F
Y18
Q4F
Y18
Q1F
Y19
Gross Margins (%) EBITDA Margins (%) (RHS)
Source: Company, PL
PFAD prices down 13.7 YoY and 12.1% QoQ
-21.9-27.8
-28.9-4.4
6.7
28.7
69.7
30.3
3.1 2.7
-6.9
-15.3-13.7
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
Jun-1
5
Sep-1
5
Dec-
15
Mar-
16
Jun-1
6
Sep-1
6
Dec-
16
Mar-
17
Jun-1
7
Sep-1
7
Dec-
17
Mar-
18
Jun-1
8
YoY QoQ
Source: Company, PL
LAB prices up 3.9% QoQ as crude remains firm
126.1
84.1
87.1
113
60
70
80
90
100
110
120
130
140
Mar-
13
Jun-1
3
Sep-1
3
Dec-
13
Mar-
14
Jun-1
4
Sep-1
4
Dec-
14
Mar-
15
Jun-1
5
Sep-1
5
Dec-
15
Mar-
16
Jun-1
6
Sep-1
6
Dec-
16
Mar-
17
Jun-1
7
Sep-1
7
Dec-
17
Mar-
18
Jun-1
8
(Rs
/Kg
)
Source: Company, PL
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Hindustan Unilever
July 16, 2018 5
Financials
Income Statement (Rs m)
Y/e Mar FY17 FY18 FY19E FY20E
Net Revenues 3,18,900 3,45,250 3,91,394 4,35,204
YoY gr. (%) 2.7 8.3 13.4 11.2
Cost of Goods Sold 1,58,816 1,62,320 1,84,571 2,03,488
Gross Profit 1,60,084 1,82,930 2,06,823 2,31,716
Margin (%) 50.2 53.0 52.8 53.2
Employee Cost 16,200 17,450 19,753 22,008
Other Expenses 1,160 940 952 1,287
EBITDA 58,504 72,760 86,193 1,00,298
YoY gr. (%) 1.7 24.4 18.5 16.4
Margin (%) 18.3 21.1 22.0 23.0
Depreciation and Amortization 3,960 4,780 5,134 5,485
EBIT 54,544 67,980 81,059 94,813
Margin (%) 17.1 19.7 20.7 21.8
Net Interest 220 200 220 220
Other Income 5,260 5,690 6,727 7,949
Profit Before Tax 59,584 73,470 87,565 1,02,542
Margin (%) 18.7 21.3 22.4 23.6
Total Tax 19,060 20,480 26,707 30,763
Effective tax rate (%) 32.0 27.9 30.5 30.0
Profit after tax 40,524 52,990 60,858 71,780
Minority interest - - - -
Share Profit from Associate - - - -
Adjusted PAT 40,524 52,990 60,858 71,780
YoY gr. (%) (2.8) 30.8 14.8 17.9
Margin (%) 12.7 15.3 15.5 16.5
Extra Ord. Income / (Exp) 2,410 (620) 500 500
Reported PAT 42,934 52,370 61,358 72,280
YoY gr. (%) 3.8 22.0 17.2 17.8
Margin (%) 13.5 15.2 15.7 16.6
Other Comprehensive Income (200) (120) (200) (200)
Total Comprehensive Income 42,734 52,250 61,158 72,080
Equity Shares O/s (m) 2,160 2,160 2,160 2,160
EPS (Rs) 18.8 24.5 28.2 33.2
Source: Company Data, PL Research
Balance Sheet Abstract (Rs m)
Y/e Mar FY17 FY18 FY19E FY20E
Non-Current Assets
Gross Block 68,064 73,614 78,614 83,614
Tangibles 61,230 66,720 71,720 76,720
Intangibles 6,834 6,894 6,894 6,894
Acc: Dep / Amortization 27,824 32,194 37,328 42,813
Tangibles 24,690 28,960 33,991 39,372
Intangibles 3,134 3,234 3,337 3,441
Net fixed assets 40,240 41,420 41,286 40,801
Tangibles 36,540 37,760 37,729 37,348
Intangibles 3,700 3,660 3,557 3,453
Capital Work In Progress 2,030 4,300 2,350 2,500
Goodwill - - - -
Non-Current Investments 5,720 6,000 6,056 6,115
Net Deferred tax assets 1,600 2,550 2,703 2,865
Other Non-Current Assets 3,810 5,170 5,276 5,377
Current Assets
Investments 40,260 33,840 37,801 44,840
Inventories 23,620 23,590 27,458 29,977
Trade receivables 9,280 11,470 12,145 12,931
Cash & Bank Balance 11,640 28,440 28,036 31,229
Other Current Assets 5,530 6,260 7,222 8,030
Total Assets 1,47,510 1,71,490 1,78,342 1,91,401
Equity
Equity Share Capital 2,160 2,160 2,160 2,160
Other Equity 62,740 68,590 68,357 71,314
Total Networth 64,900 70,750 70,517 73,474
Non-Current Liabilities
Long Term borrowings - - - -
Provisions 4,850 7,720 8,767 9,760
Other non current liabilities 2,070 1,670 1,795 1,930
Current Liabilities
ST Debt / Current of LT Debt - - - -
Trade payables 60,060 70,130 73,323 79,723
Other current liabilities 11,960 16,230 18,436 20,524
Total Equity & Liabilities 1,47,510 1,71,490 1,78,342 1,91,401
Source: Company Data, PL Research
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Hindustan Unilever
July 16, 2018 6
Cash Flow (Rs m)
Y/e Mar FY17 FY18 FY19E FY20E Year
PBT 59,584 73,470 87,565 1,02,542
Add. Depreciation 3,150 4,370 5,134 5,485
Add. Interest - - - -
Less Financial Other Income 5,260 5,690 6,727 7,949
Add. Other 2,210 (740) 300 300
Op. profit before WC changes 64,944 77,100 92,999 1,08,327
Net Changes-WC 6,490 7,600 1,486 6,737
Direct tax (19,060) (20,480) (26,707) (30,763)
Net cash from Op. activities 52,374 64,220 67,778 84,302
Capital expenditures (12,420) (7,820) (3,050) (5,150)
Interest / Dividend Income - - - -
Others (1,040) (10,870) (3,415) (10,165)
Net Cash from Invt. activities (13,460) (18,690) (6,465) (15,315)
Issue of share cap. / premium 50 110 346 339
Debt changes (40) 660 276 261
Dividend paid (42,640) (46,510) (61,740) (69,460)
Interest paid - - - -
Others - - 3 (2)
Net cash from Fin. activities (42,630) (45,740) (61,115) (68,862)
Net change in cash (3,716) (210) 198 125
Free Cash Flow 39,954 56,400 64,728 79,152
Source: Company Data, PL Research
Quarterly Financials (Rs m)
Y/e Mar Q2FY18 Q3FY18 Q4FY18 Q1FY19
Net Revenue 83,090 85,900 90,970 94,870
YoY gr. (%) 5.9 11.5 10.8 11.2
Raw Material Expenses 39,290 39,050 43,140 43,640
Gross Profit 43,800 46,850 47,830 51,230
Margin (%) 52.7 54.5 52.6 54.0
EBITDA 16,820 16,800 20,480 22,510
YoY gr. (%) (9.9) (0.1) 21.9 9.9
Margin (%) 20.2 19.6 22.5 23.7
Depreciation / Depletion 1,150 1,210 1,280 1,270
EBIT 15,670 15,590 19,200 21,240
Margin (%) 18.9 18.1 21.1 22.4
Net Interest 60 50 40 70
Other Income 2,040 1,520 1,000 1,350
Profit before Tax 17,650 17,060 20,160 22,520
Margin (%) 21.2 19.9 22.2 23.7
Total Tax 5,290 5,080 6,070 6,850
Effective tax rate (%) 30.0 29.8 30.1 30.4
Profit after Tax 12,360 11,980 14,090 15,670
Minority interest - - - -
Share Profit from Associates - - - -
Adjusted PAT 12,360 11,980 14,090 15,670
YoY gr. (%) 14.2 30.2 19.0 21.3
Margin (%) 14.9 13.9 15.5 16.5
Extra Ord. Income / (Exp) - 1,280 (580) (380)
Reported PAT 12,360 13,260 13,510 15,290
YoY gr. (%) 12.8 27.9 14.2 18.3
Margin (%) 14.9 15.4 14.9 16.1
Other Comprehensive Income - (10) (100) (10)
Total Comprehensive Income 12,360 13,250 13,410 15,280
Avg. Shares O/s (m) 2,164 2,164 2,164 2,164
EPS (Rs) 5.7 5.5 6.5 7.2
Source: Company Data, PL Research
Key Financial Metrics
Y/e Mar FY17 FY18 FY19E FY20E
Per Share(Rs)
EPS 18.8 24.5 28.2 33.2
CEPS 20.6 26.7 30.6 35.8
BVPS 30.0 32.8 32.6 34.0
FCF 18.5 26.1 30.0 36.6
DPS 17 18 24 27
Return Ratio(%)
RoCE 85.4 100.2 114.8 131.7
ROIC 310.6 884.2 1,174.6 (1,629.3)
RoE 63.5 78.1 86.2 99.7
Balance Sheet
Net Debt : Equity (x) (0.8) (0.9) (0.9) (1.0)
Net Working Capital (Days) (31) (37) (31) (31)
Valuation(x)
PER 93.3 71.4 62.2 52.7
P/B 58.3 53.5 53.6 51.5
P/CEPS 20.7 26.9 30.7 35.9
EV/EBITDA 63.8 51.1 43.1 37.0
EV/Sales 11.7 10.8 9.5 8.5
Dividend Yield (%) 0.9 1.0 1.4 1.5
Source: Company Data, PL Research
-
Hindustan Unilever
July 16, 2018 7
Price Chart Recommendation History
No. Date Rating TP (Rs.) Share Price (Rs.)
1 18-Jul-17 BUY 1301 1158
2 10-Aug-17 BUY 1301 1171
3 14-Sep-17 BUY 1301 1251
4 09-Oct-17 BUY 1301 1206
5 25-Oct-17 BUY 1387 1274
6 17-Nov-17 BUY 1301 1277
7 13-Dec-17 BUY 1387 1317
8 10-Jan-18 BUY 1387 1363
9 17-Jan-18 Accumulate 1387 1372
10 12-Feb-18 Accumulate 1387 1335
Analyst Coverage Universe
Sr. No. CompanyName Rating TP (Rs) Share Price (Rs)
1 Asian Paints Hold 1278 1292
2 Avenue Supermarts Reduce 1197 1522
3 Britannia Industries Accumulate 6170 6217
4 Colgate Palmolive Reduce 1075 1151
5 Dabur India Hold 377 385
6 Emami Accumulate 577 523
7 Future Retail BUY 682 567
8 GlaxoSmithKline Consumer Healthcare Hold 6800 6390
9 Hindustan Unilever Accumulate 1627 1644
10 ITC BUY 346 265
11 Jubilant FoodWorks Hold 1435 1432
12 Kansai Nerolac Paints Accumulate 526 480
13 Marico Hold 313 341
14 Nestle India UR 8893 9785
15 Pidilite Industries Accumulate 1175 1064
16 Titan Company BUY 1114 893
17 Tribhovandas Bhimji Zaveri Accumulate 120 85
PL’s Recommendation Nomenclature (Absolute Performance)
Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly
768
1013
1259
1504
1750
Jul-
15
Jan
-16
Jul-
16
Jan
-17
Jul-
17
Jan
-18
Jul-
18
(Rs)
-
Hindustan Unilever
July 16, 2018 8
ANALYST CERTIFICATION
(Indian Clients)
We/I, Mr. Amnish Aggarwal- MBA, CFA, Ms. Nishita Doshi- CA, B.Com Research Analysts, 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. 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.
(US Clients)
The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific recommendation or views expressed in this research report.
DISCLAIMER
Indian Clients
Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as “PL”) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking, investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com.
This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security.
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2018-07-16T21:30:22+0530SREESANKAR RADHAKRISHNAN