Company Report

TTK Prestige

Domestic Appliances
March 23, 2007
ICICIdirect Code: TTKPRE

Company Profile
Corporate Office
11th Floor Brigade Towers,
35 Brigade Road,
Bangalore - 560 025,
Karnataka.
Website: www.ttkprestige.com

OUTPERFORMER

Major Holders

0.14

Other Investors

5.89

General Public

21.60

121.27

Shares Outstanding (in crore)

1.13
184.60
72.80

Avg. Volume

13,224

Absolute Return 3 mth (%)

-19.36

Absolute Return 12 mth (%)

-22.77

Sensex Return 3 mth (%)

-7.89

Sensex Return 12 mth (%)

15.31

Performance Chart

Increasing urbanization, demographics to spur demand

Innovation, diversification to boost market share
TTK Prestige has evolved from a pressure cooker company to a total kitchen
solution provider. It has refurbished its product portfolio by introducing
gas stoves, mixer-grinders, domestic kitchen appliances, non-stick
cookware, chimneys, hobs, and modular kitchen solutions.

Stock Data

52-week Low (Rs)

Time Frame
12 mths

Increasing urbanisation and fast-changing demographics have led to a
growing demand for additional homes, which in turn have increased
demand for kitchen appliances. Shrinking household sizes due to
nuclearisation, coupled with higher incomes, are expected to drive demand
for household products, including kitchenware.

%
72.37

Institution Investors

52-week High (Rs)

Potential upside
53%

KEY TRIGGERS

Shareholding Pattern as on 31/12/2006

Market Cap (Rs crore)

Target Price
Rs 164

TTK Prestige is a leading kitchen appliances company with products across
the entire kitchenware segment. The company has transformed its distribution
model by launching exclusive retail outlets known as ‘Smart Kitchens’. The
company is well placed to capitalise on the consumption boom led by the
demographic shift towards nuclear families in India. We initiate coverage on
the company with an OUTPERFORMER rating.

Chariman: T T Jagannathan
Business Group: TTK

Promoters

Price (16/03/07)
Rs 107

Retail foray to increase visibility, penetration
The company has entered the fast growing retail space with its exclusive
‘Smart Kitchen’ outlets, which has helped in boosting brand image and
demand. TTK Prestige is aggressively expanding the number of exclusive
outlets, which is expected to go up from 164 in 92 towns to over 200
outlets by the end FY07.

VALUATIONS
At the current price of Rs 107, the stock is trading at a P/E of 9.82x its FY07E
EPS of Rs 10.9 and 7.19x its FY08E EPS of Rs 14.88. On an EV/EBIDTA basis,
the stock is available at 6.87x FY07E earnings and 5.74x FY08E earnings. Given
the company’s aggressive retail foray and product diversification, we believe
the current valuations are extremely attractive. We rate the stock an
OUTPERFORMER with a 12-month price target of Rs 164, at 11x FY08E earnings.
Exhibit 1: Key Financials
Year to March 31

FY05

FY06

FY07E

FY08E

Net Profit (Rs crore)

3.77

7.11

12.35

16.86

EPS (Rs)

3.33

6.28

10.90

14.88

1669.9%

88.6%

73.6%

36.5%

32.15

17.05

9.82

7.19

% Growth
P/E (x)
Siddhartha Khemka
Siddhartha.khemka @icicidirect.com

ICICI Brokerage Services Limited,
2nd Floor, Stanrose House,
Appasaheb Marathe Road,
Prabhadevi, Mumbai - 400 025.

Price/Book (x)

2.78

2.56

2.18

1.80

EV/EBIDTA (x)

13.65

8.25

6.87

5.74

NPM (%)

2.06

3.20

4.30

4.74

RoNW (%)

8.65

15.04

22.18

25.07

RoCE (%)

10.26

17.80

19.28

21.35

Source: Company, ICICIdirect Research

1
For private circulation only

UK. DLF – Germany. It sells pressure cookers in the US under Indian-owned brand Manttra through a wholly owned subsidiary Manttra Inc. non-stick cookware. which is likely to be operational in FY08. It commenced production at its new Coimbatore plant in April 2006 and is also setting up a plant in Uttaranchal. Long synonymous with pressure cookers. Target. the company is now repositioning itself as a ‘total kitchen solutions’ provider. BIS-India. Kohl. Walmart. Germany. It also has tie-ups with leading overseas retail chains like Macy’s. It also has manufacturing facilities in Bangalore and Hosur. USA. gas stoves and domestic kitchen appliances under the brand name Prestige.COMPANY BACKGROUND TTK Prestige is a leading player in the pressure cooker market in India. Superbrands India Private Ltd. It is the first kitchen appliances company in India to receive the ISO 9001:2000 certification and to be certified by all international standards which include the British Standards. The company deals in pressure cookers. an independent company engaged in valuation of brands declared Prestige a ‘Superbrand’ in the kitchen appliances category in 2006. PATH – US. K-mart and Sears. UL-USA. AFNOR – France. It commenced manufacturing in 1959 with technical support from the Prestige Group. Exhibit 2: TTK Prestige’s revenue model Source: Company. ICICIdirect Research 2 For private circulation only . It is in the process of decommissioning the Bangalore plant by the end of current financial year. ENERSOL – Australia and PED/CE certification by TUV.

demographics to spur demand Increasing urbanization has led to the traditional Indian joint-family system breaking down. The 10 th Five Year Plan (20022007) forecasts that the urban population will reach 40% (based on a population of 135 crore) by 2025. Population census of India The change in the family structure in India is clearly reflected in the reducing number of persons per household. This coupled with growing incomes and rising aspirations of the middle class has led to an increase in demand for household products. either an individual or a nuclear unit of a larger family (husband.INVESTMENT RATIONALE (I) Increasing urbanisation. Nuclear families are becoming the norm in cities and towns and the number of people comprising a household has been gradually decreasing. India is also fast moving from an agriculture-based to a services-driven economy. the number of people classified as urban has increased from 17% of the population in 1951 to 27.3 in 2001. The figure is expected to increase further to 30% by 2011. Exhibit 4: Growth in Indian Urbanisation (% of total population) Source: Population census of India According to the 2001 census. This increasing urbanisation is creating incremental demand for residential housing and related products. Exhibit 3: Household sizes are reducing Source: UN database.7 persons in 1971 to 5. including kitchen appliances. which has fallen from 5. This means they need to be able to complete their cooking in a short time. Going forward. This has meant a steady migration of people from rural to urban areas in search of employment opportunities. wife and children) shift to a town or city. Further.1 by 2011. This has resulted in an increased demand for additional homes. 3 For private circulation only . we expect the trend towards nuclear families to intensify. the pressure cooker has become indispensable.8% in 2001. whether she is a working woman or a housewife. with the average number of people in a household set to fall to 5. more women are also entering the workforce. In a typical rural-urban migration. For the urban woman.

4 For private circulation only . for either of these. Outer-lid pressure cookers account for one-third of the pressure cooker market and are largely used in the southern and western regions where TTK Prestige is the market leader. a multipurpose cooking appliance in which one can fry. as well as value share. It also introduced small appliances like kettles. We believe this will lead to a stable earning and minimize its dependence on a particular segment. It earned more than 70% of its sales during FY06 from products launched in the last three years. LP gas stoves and electrical appliances. ICICIdirect Research The product extension has enabled the company increase its product portfolio and reach a wider spectrum of customer and geographical segments.(II) Innovation. It has introduced many new concepts in pressure cookers like new shapes. non-stick pressure cookers and pressure indicator. The total number of variants introduced across product categories during FY06 was around 54. hobs. and other new products. apart form the pressure cookers. Customer preferences. grills. Inner-lid cookers are used mainly in the eastern and northern regions. • Non-stick coated pressure cookers with attractive colours in unique ‘handi’ and ‘kadai’ shapes. • Pressure Kadai. product diversification to boost market share Unorganized players dominate the kitchen appliances segment in India. Exhibit 5: Product portfolio Cookers Electrical appliances Others Pressure cooker Mixer grinder Microwave Pressure Handi Rice cooker Gas Stove Pressure Kadai Food processor Hobs Cookwares Oven toaster griller Chimney Non-stick cookware Iron Knife Set Hard-anodized cookware Kettle Barbeque Di-cast cookware Toaster Accessories Source: Company. These products include chimneys. microwave ovens. (i) Inner-lid pressure cookers The pressure cooker market in India can be broadly divided into two – outer-lid and inner-lid categories. sauté and pressure-cook. rice cookers. etc. mixer grinders. It has introduced high-end appliances. • India’s first pressure cooker with the unique pressure indicator that serves as a visual confirmation when it was safe to open the cooker. TTK Prestige. vary across different regions. Hawkins is the market leader. This should give it the opportunity to penetrate in the north and eastern region and increase its market share both in volumes. (iii) Enhancing presence across the kitchen value chain The company has successfully extended its Prestige brand beyond pressure cookers to cover the entire kitchen value chain. Over the years. coffee makers. Here. • India’s first metal spoon friendly non-stick cookware. which are currently being sourced from China. as it now has de-risked itself from being a single product company. We believe constant innovation has helped the company evolve from a one-product company to a total kitchen solutions provider and kept competition at a distance. irons. toasters and food processors. which have now become standards for other manufacturers. TTK Prestige has introduced many innovative and quality products and its portfolio now includes non-stick cookware. All these have added significantly to the growth potential of the company. has now introduced a new product in the inner-lid segment. which was present only in the outer-lid segment of pressure cookers. (ii) Constant product innovation TTK Prestige pioneered the concept of pressure-cooking in India. it has launched many unique and innovative products.

and the franchisee bears the lease/ rental cost. This clearly shows the declining dependence on pressure cookers and increasing contributions from high-margin products like electrical appliances. The Smart Kitchen is operated through the franchise model. accounting for 59.37 crore. (III) Retail foray to increase visibility Over the last few years. The figure expected to further increase to around 200 by the end of FY07 and to 250 outlets by FY08.Exhibit 6: Contribution from various product segments Source: Company. The launch of Smart Kitchens has helped the company increase its turnover and also boosted its bottom line in terms of increased margins. During FY06. We expect this proportion to increase going forward. of total sales of Rs 189.8 crore. where TTK Prestige invests in stock.3%.3% in FY05 when pressure cooker sales accounted for Rs 121. especially in urban areas. more than 10% of the domestic sales were from its exclusive retail network. their share is likely to grow significantly going forward. 5 For private circulation only . The model is designed to generate a 20% return on Investment after deducting the expenses. These outlets are a one-stop shop and offer the entire range of Prestige products and kitchenware in a modern ambiance that is able to draw significant customer footfalls. malls. the company made an entry into the retail space in 2003 by launching its ‘Smart Kitchen’ outlets. organized retail like large format stores. They cater to a variety of customer segments at several price points. The company has been aggressively expanding its retail stores and as Dec 31. super markets and hypermarkets have started attracting huge footfalls (number of visitors). Margins in direct retailing are higher than those in traditional dealer sales. (i) Prestige Smart Kitchen As part of an aggressive retail initiative. The strategy of expanding its reach through these exclusive retail outlets has yielded rich dividends. TTK Prestige is establishing an extensive network of its dedicated retail outlets. To capitalise on this new emerging opportunity.3 crore in FY06. The percentage was lower compared to 64. for a franchisee to be able to continue its business as a franchisee of Smart Kitchen. 2006 there were 164 outlets located in over 92 towns across India. ICICIdirect Research Sales from pressure cookers amounted to Rs 137.2% of the total sales of Rs 231.83 crore. Though these outlets currently cover barely 3% of the retail business. or 64.

The company plans to open 5 such boutiques till FY08. including a chimney and hob. ICICIdirect Research 6 For private circulation only . This will add to revenue and improve margins at the operating level. Exhibit 8: Increasing contribution of modular kitchens to total revenue Source: Company.1% of the total kitchens.Exhibit 7: Ramp-up in number of smart kitchen outlets Source: Company. In India. the modular kitchen market is set to grow to Rs 1. The margin on modular kitchen is around 25% The Kitchen Boutiques would have a large floor space of more than 3. especially in urban areas.000 – 100.000. Now. All house in the US are equipped with modular kitchens. and the first of these will be launched in Bangalore soon. unorganised and a few regional branded players. These will be company-owned stores and the investment is likely to be about Rs 75 lakh per boutique. ICICIdirect Research Smart Kitchen outlets have also helped the company diversify its sales mix. The need for a beautiful and efficient kitchen has been felt across the spectrum and a modular kitchen more than fulfills this need. The material is sourced from Italy as well as from some domestic manufacturers. With a focus on the value-for-money segment.000 onwards.000 and upwards. modular kitchens account for a meager 0. TTK Prestige has priced its modular kitchens at a starting range of Rs 75.000 crore in a few years. Foreign players have priced their sets at Rs 300. With the growing importance on aesthetics and simple functionality. which it currently sells through its Smart Kitchen outlets. This means there is a significant opportunity to expand modular kitchens. it plans to sell them through a new retail format ‘Prestige Kitchen Boutiques’.50 lakh. The cheapest branded modular kitchen of that size costs around Rs 1. where it will be exhibiting 3 to 4 different kinds of modular kitchens and other furniture like hobs.000 square feet. The company is set to dominate this high-end market because its price points are competitive compared to other branded players. chimneys and high-end cookware. The cost for a TTK Prestige modular kitchen having an area of 10 ft x 8 ft would be Rs 100. They are also getting popular in Europe and countries in the Far East. The competition is mainly in the form of foreign. (ii) Prestige Kitchen Boutiques The company entered into the modular kitchen segment in June 2005. About 55% of sales are from products other than pressure cookers.

We believe that with an increased penetration of LPG. and the land. The TTK group has significance presence across several segments of industry such as consumer durables. It trained a team of 50 women from Mehboobnagar district in Andhra Pradesh to demonstrate pressure-cooking to the villagers there. In order to increase the awareness of cookers in the rural areas. but simply promote the concept. TTK Prestige has started a unique concept. This rental income will add another Rs 8 to the EPS. The company has been able to pass on the hike in inputs to the end customers and we believe a diversified product range will help it mitigate some of the risks. About 50-60% of products sold from these stores are expected from the TTK Prestige stable. the gross rental realisation annually would come around Rs 10 – 12 crore based on a monthly rental price of Rs 30-35 per square feet. The company will also be part of the TTK Group’s strategy to make a retail foray in rural regions. bio-medical devices. These outlets have been drawing good footfalls and are delivering an average sales volume of Rs 40. The group has unveiled an ambitious plan to open 1. The idea is not to sell. The major raw materials are aluminium and stainless steel. This land near Old Madras Road is valued at around Rs 75 – 80 crore going by the current market price of around Rs 2. metal prices have been very volatile in the recent past. maps and atlases.85 lakh square feet will become available for development. which we believe is likely to increase further with increasing demand for commercial property.The National Council for Applied Economic Research (NCAER) has estimated the number of people in the highincome bracket (annual income of over Rs 5 lakh) at 46. Globally. (iii) Rural opportunity Penetration of pressure cookers in the urban market has reached saturation levels and future growth is expected to come from rural households. by developing it commercially. The growth of nuclear and double-income families has also fueled the demand for modular kitchens. estimated at about 2. pharmaceuticals & supplements. It has already applied to the Bangalore Development Authority for developing this property and based on the approval it would take a decision. If it is able to develop and rent out the property.500 – 2. We believe the sale of such high-end products will grow exponentially in the next few years. (IV) Unlocking of land value TTK Prestige is phasing out manufacturing operations from its Bangalore unit by the end of the current financial year. TTK Prestige forayed into the rural segment in FY06. which we have not factored in our estimates. and health-care services. and currently operates Smart Kitchen outlets in rural Karnataka. 7 For private circulation only . The options are either to totally dispose off the land in totality or let it out on a rental or lease basis.800 per sq foot in Bangalore.500 outlets in the rural areas to sell products of the group. demand for pressure cookers in rural areas will be higher and help TTK in its rural initiative. The company has hired an international consultant to look for various alternatives and suggest the best method to avail maximum benefit for all stakeholders.2 crore by 2006-07. Demand for such products can be increased in rural areas with increased awareness and proper distribution reach. KEY CONCERNS Rising prices of key raw materials A sharp rise in key raw material prices could impact the profitability of the company.000 per month.

9% from Rs 7.07% in FY08E. on back of the boom in the Indian retail space as well as boost in the demand for domestic appliances.FINANCIALS Exhibit 9: Key assumptions FY07E FY08E Pressure Cookers 22% 13% Non-stick Cookware 22% 24% Electric Appliances 99% 49% Sales Growth Gas Stoves Contribution Interest 29% 21% 35% 36% 9.42 in FY08E.35% in FY08E. Net profit is expected to spur at a CAGR of 51.37% from Rs 222 crore in FY06 to Rs 343.4 crore in FY08E. are expected to surge on the back of improving performance.04% is likely to spurt to 25. net profit to register strong growth Net sales are expected to grow at a CAGR of 24. Exhibit 10: Projected revenues and net profit Source: Company.8% in FY06 is expected to jump to 21. Exhibit 11: Improving return ratios Source: ICICIdirect Research 8 For private circulation only . which were muted till now. which is currently at 15.50% Source: ICICIdirect Research Revenue.25% 10.11 crore in FY06 to Rs 16. while RoCE at 17. RoNW. ICICIdirect Research Return ratios to surge Return ratios.

69% 3.87x FY07E earnings and 5. At the current price of Rs 107.08x. On an EV/EBIDTA basis.89% 32.89 2023.25% 26.01% 10. ICICIdirect Research (*FY06) 9 For private circulation only .25% 14.VALUATIONS Exhibit 12: P/E Band Source: ICICIdirect Research The stock has been fluctuating in the past two years trading within the P/E band of 10-24x one-year forward earnings.9 and 7.26% 56. Exhibit 13: Comparison with other retail focussed companies (TTM) TTK Prestige Titan Industries Gitanjali Gems 278.19x its FY08E EPS of Rs 14.85% 16. the stock is available at 6. Over the last few years.89% 18.88.06 10.1 24.76 8.68% 3. We rate the stock an OUTPERFORMER with a price target of Rs 164 at 11x FY08E earnings.64 79. We believe that the current stock price does not factor these developments and the stock is due for a re-rating. the company has successfully leveraged its brand name by expanding its product range and also transformed its distribution model by opening exclusive retail outlets.74 101.9 13.91% 10.43 Net Sales (Rs crore) Net Profit (Rs crore) EBIDTA (%) NPM (%) RoNW (%)* RoCE (%)* P/E (x) EPS (Rs) Source: CLINE.08% 12 9.82x its FY07E EPS of Rs 10.07% 5.02 9.27 1916. the stock is trading at 9.23 5. which is below the BSE Small Cap P/E of 12.74x FY08E earnings.

......................78 18..................................................................6% Net Profit to grow at a CAGR of 54% FY08E (Rs crore) FY07E FY06 FY05 Sales 355.....................................................70 35.......................................25 3....................................................................................................0% 57................................................12 17...6% 601..........................17 146................................................................................... Application of Funds ........................00 0............................85 6................14% ......................45 ................................................21 20.......74 .........00 3......60 38......................................................................00 0..........................65 60.....................................................89 0................................. Reserves & Surplus 55.......62 11.............94 6....................29 ............................53 3........................................................ Growth 22.........................................................12 146.............................................0% ....23 0..62 7.................6% 30................................................... Other Income 0............................23 10............00 12......02 2.............58 41.....00 0....................96 71...........50 24...74 6.......................................... Investments 15........15 53.....1% 33......................6% 1669............34 ...........59 -3............33 11......................................08 .........85 287.... Capital WIP 1........................12% ............5% 73..............................29 .......................................88 27.............6% 88..................06 222.................69 4.................................. Total Asset 204......32 24..........................12 15.................... Unsecured Loans 13....................................................................................................................76 57.................... Interest 7.................5% ..........0% 29.....12 146.. Change YoY 36................................................ EBIT 30....................................04 12...........................................................................1% 4................ Loans & Advances 14................................................................... Miscellaneous Expenditure 0..........63 34.............93 ...............................................................77% .............. Trade Receivables 42..96 177.................FINANCIAL SUMMARY (Consolidated) Profit and Loss Account Sales to grow at a CAGR of 26......................................93 0...........................................................................24 27...............35 7......3% ...... Current Liabilities & Provisions 62............................................ Cash 6............. Equity Share Capital 11...............................60 11........... Growth 23....................22 ..................96 177.................. Net Block 39...........850% ..................................................................................11 0.05% ...........................................................................................................1% 32...............00 181...............3% 211. Deferred Tax Asset -3..................................00 0.....................................63 ........... Inventory 88..............14 .................................... PBT 22..............01 ...................................................................... Secured Loans 62.70 5.....................................3% 22..26 8...........................74 10 For private circulation only ....11 3...................1% 50..........7% ......91 8.......... Taxation 5......10 11..................................... Operating Profit 33.......13 ............................................................................................................................................................................................................41 ..12 18...........36 35.................................06 48.........................65 7....................00 24............80 ....................................25 46..............1% 67........................ PAT 16...................................86 12............92 9....................................62 13..................9% Balance Sheet (Rs crore) FY08E FY07E FY06 FY05 Sources of funds .........................................33 11...........................2% 5....17 .......................................... Total Liability 204..................................................................................................................................29 55...........................................56 18.................................................70 32..33 11.................................93 ..........................................................59 -0.............13 ...............................................................................................................17 146..................................................................................................92 44................................................................................ Growth 24..................................... Growth 25................33 .......................99 32.........

.................................................................00 ..................................80 2....................... Cash Flow before WC Changes 14... Crore) 190......................31 1..................................................................65 ...87 ..........30 3.....................34 0.....90 6.........55 0................................11 ............79 7.....................60 2.................87 8...................................64 2........................................................................48 9............................. Net Increase in Current Liabilities 13......................................Cash Flow Statement (Rs crore) FY08E FY07E FY06 FY05 Opening Cash Balance 7..............32 1....................................................................................................................................................09 0...............81 ...................13 ........... Increase / (Decrease) in Equity Capital 0..........................78 ...................... Net Increase in Current Assets 27................................................................27 ......25 177......................11 3............................89 1.67 ....................... Net Profit Margin (%) 4.............................................11 -0..............................26 8...63 Ratios FY08E Return ratios to improve significantly FY07E FY06 FY05 EPS (Rs..................14 41........20 169...42 0.........................................99 ......92 9.................. (Increase) / Decrease in Investment 2.........48 6...........00 4........................................................00 3........................00 0......53 0......83 .............................................87 13........................................................................................................................................................ Price to Book Value (x) 1...................................................................34 0.....07 4..02 0..........................................) 14................................................................ ROCE (%) 21........................56 ............. Closing Cash Balance 6................................................76 8.76 0.............................25 ....26 8..38 9.......................34 24.....88 10............... Cash Flow after WC Changes 0......................................................23 -2...............................................................................................................................00 -2..............................11 0...................................20 2...............74 6...............................................00 1...................49 ..............29 13.........................70 -11..................25 13.63 .......88 3.. Crore) 59.......73 -1............... Misc Expenditure w/off 0..................................... Market Cap to sales (x) 0................................... Net Change in Cash -1.. EV/Sales (x) 0..........55 -0...............65 ...............26 ................................................ Operating Margin (%) 9...99 0......................04 8...................... Debtors Turnover Ratio 8...................................................................00 8........56 2.................................. EV/EBIDTA (x) 5..................................................................................11 ..33 8....................00 3...................22 3......18 15...........80 15......27 -1...............07 22..................................................................49 .......................................................................................29 7.........................12 1...................48 2..................................98 3..............62 2.65 0... Increase / (Decrease) in Loan Funds 2................................20 ..............70 7.............................43 -3................. Depreciation 2....18 2................................................65 7............ Inventory Turnover Ratio 4.......50 -14................................70 ............... Purchase of Fixed Assets -6................................22 11 For private circulation only ...00 ...............46 2......................................................86 12.........................................................................................................98 ...................................35 19.....................................................................................87 9......00 0.................................02 5..................................................... RONW (%) 25............... Provision for deffered tax 0...........34 9.............74 4........07 -2.......................51 ..........................................................................................................33 ...... Dividend Paid -5.....................30 -3..........................26 .....................................................................................63 5........................................................72 -0........................................................................................................................................80 10.35 7............ Profit after Tax 16...34 49.....................................................................................95 .....98 -3..06 3..........................................62 ......................................57 .....................................................60 -7... Enterprise Value (Rs................... Current Ratio 2..28 3...............................43 4..............................06 ........ Fixed Assets Turnover Ratio 8...............75 38.............. Debt/ Equity (x) 1........28 17.......................21 1............................................................. Book Value (Rs.92 9..27 186.

The recipient should independently evaluate the investment risks. Mumbai . 12 For private circulation only PH/22/03/07 Disclaimer . Appasaheb Marathe Road.RATING RATIONALE ICICIdirect endeavours to provide objective opinions and recommendations. This information may not be taken in substitution for the exercise of independent judgement by any recipient. Performer.Research harendra. This report is not directed or intended for distribution to. copied or distributed. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Past performance is not necessarily a guide to future performance. The securities discussed and opinions expressed in this report may not be suitable for all investors. and Underperformer. any person or entity who is a citizen or resident of or located in any locality. where such distribution. Nothing in this report constitutes investment. 2nd Floor. but no independent verification has been made nor is its accuracy or completeness guaranteed. regulation or which would subject IBSL and its affiliates to any registration or licensing requirement within such jurisdiction. Harendra Kumar Head . financial positions and needs of specific recipient. This report is based on information obtained from public sources and sources believed to be reliable. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.com The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way. The author of the report does not hold any investment in any of the companies mentioned in this report. Underperformer: -10% or more. Hold. without prior written consent of ICICI Brokerage Services Limited (IBSL). Prabhadevi. IBSL may be holding a small number of shares/position in the above-referred companies as on date of release of this report.kumar@icicidirect. ICICIdirect assigns ratings to its stocks according to their notional target price vs current market price and then categorises them as Outperformer. who must make their own investment decisions.400 025 research@icicidirect. Hold: +10% return. Performer: Between 10% and 20%. publication. or use by. IBSL and affiliates will not accept any liabilities for any loss or damage of any kind arising out of the use of this report. The performance horizon is 2 years unless specified and the notional target price is defined as the analysts’ valuation for a stock. based on their own investment objectives. Outperformer: 20% or more. Actual results may differ materially from those set forth in projections. accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. in part or in whole. country or other jurisdiction.com ICICIdirect Research Desk ICICI Brokerage Services Limited. to any other person or to the media or reproduced in any form. legal. IBSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. availability or use would be contrary to law. transmitted to. Stanrose House. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. state.

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