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CRISIL IERIndependentEquityResearch

Phillips Carbon Apollo Hospitals Black Ltd Enterprise Ltd
Detailed Report

Q2FY13 Results Update

Enhancing investment decisions

to fulfill your request and service your account and to provide you with additional information from CRISIL and other parts of The McGraw-Hill Companies.CRISIL IERIndependentEquityResearch Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process – Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a fivepoint scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP). We provide insights. Nothing in this report constitutes investment.crisil. You can view McGraw-Hill’s Customer Privacy Policy at http://www.mcgrawhill. About CRISIL Research CRISIL Research is India's largest independent and integrated research house.com/privacy. it should not be relied upon as such. it has no financial liability whatsoever. industry associations. (CRISIL) does not represent that it is accurate or complete and hence. Opinions expressed herein are our current opinions as on the date of this report. such as your name.com/site/tools/privacy/privacy_english. opinions. company analysts. We play a key role in India's fixed income markets. including industry experts. please visit www. CRISIL Privacy CRISIL respects your privacy. Our analysis is supported by inputs from our network of more than 4. and information management specialists. or to let us know your preferences with respect to receiving marketing materials. research. CRISIL Ltd.500 primary sources. insurance. whatsoever. for any purpose. and banking industries. Our industry research covers 70 sectors and is known for its rich insights and perspectives. We are India's most credible provider of economy and industry research. CRISIL Fundamental Grade 5/5 4/5 3/5 2/5 1/5 Assessment Excellent fundamentals Superior fundamentals Good fundamentals Moderate fundamentals Poor fundamentals CRISIL Valuation Grade 5/5 4/5 3/5 2/5 1/5 Assessment Strong upside (>25% from CMP) Upside (10-25% from CMP) Align (+-10% from CMP) Downside (negative 10-25% from CMP) Strong downside (<-25% from CMP) About CRISIL Limited CRISIL is a global analytical company providing ratings. This report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or published or copied in whole or in part. CRISIL especially states that. serving the mutual fund. We pioneered independent equity research in India. and email id. Disclaimer: This Company-commissioned CRISIL IER report is based on data publicly available or from sources considered reliable. hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. The subscriber / user assume the entire risk of any use made of this data / report. For further information. capital markets and companies. We deliver our research through an innovative web-based research platform. and analysis on the Indian economy. address. Our talent pool comprises economists. you may find of interest. legal. We use your contact information. to the subscribers / users of this report. We are India's leading ratings agency. 2012 Analyst Disclosure Each member of the team involved in the preparation of the grading report. industries. and trade channels. The data / report is subject to change without any prior notice. This report is for the personal information only of the authorised recipient in India only. Our defining trait is the ability to convert information and data into expert judgments and forecasts with complete objectivity. accounting or tax advice or any solicitation. and are today India's largest independent equity research house. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. and risk and policy advisory services. sector experts. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. . We are India's largest provider of valuations of fixed income securities. Last updated: April 30. We leverage our deep understanding of the macro economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. Inc.

We expect profitability to improve in the next two quarters.220/188 52-week range (Rs)/(H/L) 121/76 Beta 1.7% 31. At the current market price of Rs 95.341 59 1.6 (13. Short term support from the government. given the long-term positive outlook on the end-user tyre industry and considering PCBL’s dominant position in the domestic carbon black industry. We have revised our earnings estimates to factor in the weak performance of Q2FY13. For the period October 5.8% 12. Profitability continued to be under pressure.7% y-o-y to Rs 75.3 1.chhawchharia@crisil.9 55.3 6.0 FY14E 25.1) 4. the government has imposed a safeguard duty on carbon black imports from China.1 13.com mohit. Power sales also declined 20% q-o-q to Rs 210 mn as the unit sales declined by 8% to 72.3 4. As expected.0 18. Domestic carbon black volumes (70% to total sales) fell by 11% q-o-q while export volumes remained flat.954 tonnes.4 4.444.5 1.3/unit in Q1FY13. Reported EPS was Rs (9.YEARS Phillips Carbon Black Ltd Short term support from the government Fundamental Grade Valuation Grade Industry 4/5 (Superior fundamentals) 5/5 (CMP has strong upside) Chemicals MAKING MA RK S ET CTION BE TT FUN ER December 05. We expect the Chinese companies’ cost of production to go up (which will lower their cost competitiveness) due to the expected increase in coking coal prices. 1 . the government has imposed a safeguard duty on Chinese imports. However. 2012 and December 31. 2013. which led to decline in revenues.0% 11.com vinay. indicating that its fundamentals are superior relative to other listed securities in India. we maintain the fundamental grade of 4/5.7% 7.9% q-o-q and 8.280 2. Pressure on margin continues EBITDA margin fell to zero from 10% in Q2FY12 and 7. as China manufactures carbon black through the coking coal route.1% KEY FORECAST (Rs mn) Operating income EBITDA Adj Net income Adj EPS-Rs EPS growth (%) Dividend Yield (%) RoCE (%) RoE (%) P/E (x) P/BV (x) EV/EBITDA (x) FY10 12. the valuation grade is 5/5.7 (92.030 1.0 PERFORMANCE VIS-À-VIS MARKET Returns 1-m PCBL NIFTY -9% 3% 3-m 6% 12% 6-m -0.669 Avg daily value (30-days) (Rs mn) 9. Valuations: Current market price has strong upside Our discounted cash flow-based revised fair value is Rs 140 per share.0 4.5 0.493 1.4% q-o-q and 12.co.5 14. Fundamental Grade 5 4 3 2 1 Poor Fundamentals 1 2 3 4 5 Valuation Grade Strong Downside Strong Upside KEY STOCK STATISTICS NIFTY/SENSEX 5870/19305 NSE/BSE ticker PHILIPCARB / PHILIPCA Face value (Rs per share) 10 Shares outstanding (mn) 35 Market cap (Rs mn)/(US$ mn) 3.079 810 23. production of carbon black through coal tar remains a key monitorable. Sales volume declined sequentially due to sluggish demand and increase in cheaper imports from China (due to lower coking coal prices). Given the sharp slide in coking coal prices.9% 9.4% 10.4 40.9 FY13E 24.com NM: Not meaningful.0 0.in CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.8) 0.2% 21% 12-m -11% 16% ANALYTICAL CONTACT Mohit Modi (Director) Vinay Chhawchharia Vishal Rampuria Client servicing desk +91 22 3342 3561 clientservicing@crisil. 2012 Fair Value CMP CFV MATRIX Excellent Fundamentals Rs 140 Rs 95 Phillips Carbon Black Ltd’s (PCBL’s) Q2FY13 earnings were lower than CRISIL Research’s expectations. Sluggish demand impacts revenue growth Revenues declined by 6.3% 29.5 7.ier.3% 52.3% 10.com vishal.2 14. it is 25%.6 3.438 907 26.3 5. the duty is 30% and for the remaining three months.708 1.6 0. 2012 to October 4. CMP: Current market price Source: Company. profitability to improve in H2FY13 To protect the domestic carbon black manufacturers.4% y-o-y) to Rs 5.257/60 Enterprise value (Rs mn)/(US$ mn) 10. The company reported a loss of Rs 329 mn against a profit of Rs 66 mn in Q1FY13.5 SHAREHOLDING PATTERN 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Dec-11 Promoter Mar-12 FII Jun-12 DII Sep-12 Oth ers 52.7) 3. CRISIL Research estimates For detailed initiating coverage report please visit: www.4% 6.9 NM 4.142 2.831 mn.9 in the previous quarter.9 5.4 3.116 33. Carbon black volumes declined 7.5) compared to Rs 1. which is likely to support the profitability going ahead.7 1.modi@crisil.5 mn units and realisation declined to Rs 2.9 19.1% 27.7% Avg daily volumes (30-days) 94. Realisation increased 2.7% in Q1FY13.2 Free float (%) 47.100 38.4% 25. Margins continued to be under pressure on account of PCBL’s inability to pass on high raw material prices due to lower offtake in the domestic market and higher imports of carbon black from China.1% y-o-y to 73.2 0.5 4.405 2. This will reduce the cost competitiveness of imported carbon black and help domestic manufacturers.rampuria@crisil.9 13.5 (30.4 26.3% 52.1% q-o-q (up 3. applicable between October 5.3% 9.3% 52.9/unit from Rs 3. 2013.750 per tonne due to high raw material prices.230 1.5 4.4 FY11 17.2 FY12 22.

639 5.831 5.1 NM 446.8 (8.7% 3.442 5.5 pps 2.2% 34.5 (7.5) NM -7.3% 3.7% 115 362 309 54 28 82 16 66 66 1.041 10.2 6.6 NM NM -7.3 -78.2) NM NM -9.3% 13.3 7.3 (271.0% 121 444 226 218 4 222 14 208 208 3.1% 34.1) NM (242.0% 14.4 17.000 3.2) 453.5 11.7 pps NM y-o-y (%) 3.1% 6.9% 300 333 416 208 196 50 66 -329 1.7 -63.7 pps 12.7% 14.5% 7.7 pps NM Margin pressure continues (Rs mn) 7.152 475 3.210 2% 0% -2% Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Net Sales EBITDA Margin (RHS) PAT PAT Margin (RHS) Source: Company.6% 34.5% 8.9 Q2FY12 5.6% 0.8) (23.3 pps NM H1FY13 12.000 6.106 87.7% 33.6) H1FY12 11.149 5.1) 2.000 2.2 18.8% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 5.8 NM (265.583 75.314 8.4 18.4) NM -10.5% 33.5 -7.6 8.321 4.8 y-o-y (%) 6.7% 8% 6% 4% 4.2 (11. CRISIL Research Q2FY13 5.3 q-o-q (%) (6.2 NM -104.3 85.307 76.062 298 764 9 774 149 624 624 5.9 NM 7.831 7.0 pps 6.0 pps 2.000 5.2 pps 43.5 (9.122 1.9% 309 1.000 0.6% 187 541 (2) 0 129 (131) 242 (374) 22 (352) (23) (329) (329) -5.4% 130 611 477 7.676 5.097 83.5 NM (21.CRISIL IERIndependentEquityResearch Q2FY13 Results Summary (Rs mn) Net sales Raw materials cost Raw materials cost (% of net sales) Employees cost Other expenses EBITDA EBITDA margin Depreciation EBIT Interest and finance charges Operating PBT Other Income PBT Tax PAT Adj PAT Adj PAT margin No of equity shares (mn) Adj EPS (Rs) Source: Company.0 pps 5.5) NM NM -6. CRISIL Research Source: Company. CRISIL Research 2 Q2FY13 .5% 238 1.9% 317 1.0% 10.4% 176 590 565 10.404 1.639 4.5 2.300 11.000 4.210 4.9% 244 231 551 (320) 50 (270) (7) (263) (263) -2.0% 10.5) Q1FY13 6.6% 16% 14% 12% 10% Losses ballooned (Rs mn) 500 400 300 200 100 0 -100 -200 -300 -400 -5.991 80.5 1.9% 7.000 0 6.5) (796.

236 1.95% -1.39% -82 bps -5.3% 518 2.8% -370 bps -88. BSE.438 9.2% % change 8.7% -209 bps Old 23509 2472 10.3% New 24. CRISIL Research Source: NSE. CRISIL Research Earnings Estimates Revised Downwards Particulars Revenues EBITDA EBITDA margin PAT PAT margin Unit (Rs mn) (Rs mn) % (Rs mn) % FY13E Old 22.61% % change 6.600 1.1% -32.030 1.10% FY14E New 25.6% 59 0.000 800 600 400 50 0 200 0 80 60 40 20 0 May-11 May-12 Nov-10 Nov-11 May-11 May-12 Nov-11 Nov-12 PCBL NIFTY Traded Quantity (RHS) CRISIL Fair Value -Indexed to 100 Source: NSE.995 9.7% 907 3.200 1.Phillips Carbon Black Ltd YEARS MAKING MA RK S ET CTION BE TT FUN ER Share price movement 120 100 Fair value movement since initiation (Rs) 350 300 ('000) 1.83% -49 bps Source: CRISIL Research estimates Reasons for changes in estimates Line item Revenues EBITDA margins FY13 Revised upward to factor in the higher realisation on account of increase in raw material prices Revised downward to factor in the lower-than-expected performance in Q2FY13 due to the sluggish demand and increasing dumping of lowcost carbon black from China (due to lower coking coal prices) PAT margins Lowered in line with the operating margins Lowered in line with the operating margins FY14 Revised upward to factor in the higher realisation as we expect raw material price to remain high To factor in demand slowdown Nov-12 PCBL Feb-11 Feb-12 Jan-11 Oct-08 Oct-09 Oct-10 Mar-11 Jan-12 Jul-08 Jul-09 Jul-10 Aug-11 Aug-12 Mar-12 Apr-08 Apr-09 Apr-10 Jul-11 Sep-10 Sep-11 Jul-12 Sep-12 Jan-08 Jan-09 Jan-10 3 .400 250 200 150 100 1.5% 963 4.142 2.341 5.800 1.

CRISIL Research P/E – premium / discount to NIFTY 500% 400% P/E movement (Times) 100 80 300% 60 200% 100% 0% -100% 40 20 0 -20 +1 std dev -1 std dev Oct-10 Dec-10 Dec-11 May-10 May-11 Dec-10 Dec-11 May-10 May-11 Nov-12 Aug-10 Sep-11 Sep-12 Premium/Discount to NIFTY Median premium/discount to NIFTY 1yr Fwd PE (x) Median PE Source: NSE.000 14.000 12. One-year forward P/E band (Rs) 350 300 250 200 150 One-year forward EV/EBITDA band (Rs mn) 16. we lower our fair value to Rs 140 from Rs 160 per share. At the current market price.000 Oct-10 Dec-10 Dec-11 May-10 May-11 Nov-12 Jan-10 0 Feb-11 Feb-12 Mar-10 Jul-11 Aug-10 Sep-11 Apr-12 Jul-12 Sep-12 Oct-10 Dec-10 Dec-11 May-10 May-11 c PCBL 5x 6x 7x 8x 9x EV 4x 5x 6x 7x Source: NSE.000 6.000 8. CRISIL Research 4 Nov-12 Jan-10 Oct-10 Jan-10 Feb-11 Feb-12 Mar-10 Jul-11 Feb-12 Mar-10 Mar-11 Jul-11 Aug-10 Sep-11 Apr-12 Jul-12 Jul-12 Sep-12 Apr-12 Nov-12 Jan-10 Feb-11 Feb-12 Mar-10 Jul-11 Aug-10 Sep-11 Apr-12 Jul-12 Sep-12 .000 100 50 0 4.3x FY14E EPS. The implied P/E multiples at this price is 5.000 2. In line with our earnings estimate revision. CRISIL Research Source: NSE.CRISIL IERIndependentEquityResearch Valuation Grade: 5/5 Lower our fair value to Rs 140 per share We continue to use the discounted cash flow method to value PCBL. our valuation grade is 5/5.000 10. CRISIL Research Source: NSE.

Phillips Carbon Black Ltd YEARS MAKING MA RK S ET CTION BE TT FUN ER CRISIL IER reports released on Phillips Carbon Black Ltd Fundamental Date 01-Nov-10 25-Feb-11 09-May-11 04-Aug-11 28-Nov-11 07-Feb-12 08-Jun-12 14-Aug-12 05-Dec-12 Nature of report Initiating coverage Q3FY11 result update Q4FY11 result update Q1FY12 result update Q2FY12 result update Detailed Report Q4FY12 result update Q1FY13 result update Q2FY13 result update grade 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 4/5 Fair value Rs 286 Rs 290 Rs 290 Rs 260 Rs 240 Rs 212 Rs 187 Rs 160 Rs 140 Valuation grade 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 CMP (on the date of report) Rs 198 Rs 135 Rs 145 Rs 143 Rs 109 Rs 95 Rs 97 Rs 91 Rs 95 5 .

269 257 13.6 0.009 569 10.8) (92.586 676 910 60 42 1.3 30.603 5.2 0.866 714 1.473 4.7% 311 1.004 145 13.621 FY14E 345 6.405 2.855 375 1.4 3.9 13.4 0.280 2.950 2.932 923 6.444.544 283 14.142 2.8 13.5 4.1 13.7 1.7 (6.0 0.0 3.6 17.4 17.508 6.140 7.663 (1.204 (1.326 8.222 122 1.5 4.8 5.9 1.2 FY12 23.530 60 (14) 1.3 9.5 (13.209 (302) 572 (275) 1.3 Q3FY12 5.8 28.5 18.1) FY13E 7.3 42.2 8.9 50.0% 208 208 -50% 3.367 384 4.0 4.210 15% 477 2.9 206.397 233 1.9 1.271 (428) (428) (600) (11) 197 (414) 429 574 FY14E 1.145 384 4.2 0.621 8.185 4.350) (1.056) 1.9 0.9% 1.877 5.9 4. tax) Others (incl extraordinaries) Net cash from financing Change in cash position Closing cash FY10 1.131) 245 2.7% 572 1.544 5.209 302 907 907 Balance Sheet (Rs m n) Liabilities Equity share capital Reserves Minorities Net w orth Convertible debt Other debt Total debt Deferred tax liability (net) Total liabilities Assets Net fixed assets Capital WIP Total fixed assets Investments Current assets Inventory Sundry debtors Loans and advances Cash & bank balance Marketable securities Total current assets Total current liabilities Net current assets Intangibles/Misc.3 1.7 17.5 14.6 18.553 3.7 1.5 2.8 4.644) (10) (1.8 5.1 2.966 2.7% 6.589 386 (312) 1.976 FY13E 345 5.030 1.1 3.4 14.3 NM NM NM FY11 38.3 (35.9 0.8 1.364 9.5 1.5 0.5 Cash flow (Rs m n) Pre-tax profit Total tax paid Depreciation Working capital changes Net cash from operations Cash from investm ents Capital expenditure Investments and others Net cash from investm ents Cash from financing Equity raised/(repaid) Debt raised/(repaid) Dividend (incl.149 -9% 538 -4.2 12.831 -6% (2) NM 0.8 5.4 19.8% 5.9 6.6 34.099 (160) 36 2.357 7.444.2% 8.3 3.2 0.289 254 10.493 1.009 5.795 6.7 1.5 Source: CRISIL Research 6 .7% 66 66 30% 1.1 4.5 Q1FY13 6.654) 977 (535) (193) 70 318 327 657 FY12 970 (0) 493 (3.9 55.404 5% 467 -13.879 FY11 332 4.843 197 6.5 4.508 729 13.787 FY12 345 5.154 214 8.152 57 1.2 156.9 Per share Adj EPS (Rs) CEPS Book value Dividend (Rs) Actual o/s shares (mn) FY10 38.076 7.3 1.5 37.5 FY14E 26.957 3.261 259 330 FY11 1.628 2.0 0.1 185.103 (14) 1.8) (27. expenditure Total assets FY10 283 2.436) 54 (1.5) (30.079 9.5 FY13E 1.3 3.665 6.8) FY14E 4.783 2.2 2.8 0.3 67 123 85 66 2.6 4.6% 50 50 -74% 0.925 3.9% 386 1.357 Ratios FY10 Grow th Operating income (%) EBITDA (%) Adj PAT (%) Adj EPS (%) Profitability EBITDA margin (%) Adj PAT Margin (%) RoE (%) RoCE (%) RoIC (%) Valuations Price-earnings (x) Price-book (x) EV/EBITDA (x) EV/Sales (x) Dividend payout ratio (%) Dividend yield (%) B/S ratios Inventory days Creditors days Debtor days Working capital days Gross asset turnover (x) Net asset turnover (x) Sales/operating assets (x) Current ratio (x) Debt-equity (x) Net debt/equity (x) Interest coverage 7.576 473 1.625 3.7 Q4FY12 5.508 6.296 (165) 130 1.8 178.384 6.5) (92.226 8.0 0.5% 196 196 -6% 3.108 7.6 13.6 1.3 5.230 12.419 330 7.976 7.2 3.063) (1.917 7.6 81.2% 10.386 4.100 FY11 17.840 283 13.7% 10.7 3.4 18.0% (329) (329) NM -5.200 3.9 34.081 657 9.7 5.133 6.3 FY11 33.3 1.3 34.6 6.6 0.2 9.9 71 121 86 52 2.438 9.164 15 122 1.858 9.470 384 3.5 26.341 5.016 1.120 6.859 385 2.6 Quarterly financials (Rs m n) Net Sales Change (q-o-q) EBITDA Change (q-o-q) EBITDA m argin PAT Adj PAT Change (q-o-q) Adj PAT margin Adj EPS Q2FY12 5.314 4.5 0.7 8.544 96 8.9 6.771 9.5) 3.579 197 7.0% 7.6% 530 810 845 (34) 108 73 15 59 59 FY14E 25.650 8.1 2.2 73 165 83 18 2.220 (512) 145 FY13E 73 (15) 530 683 1.879 5.708 13.1% 1.059) 3 (1.0 114.639 -1% 565 -23.301 79 1.5 7.4 18.3 13.1 3.CRISIL IERIndependentEquityResearch Annexure: Financials Income statement (Rs m n) Operating incom e EBITDA EBITDA margin Depreciation EBIT Interest Operating PBT Other income Exceptional inc/(exp) PBT Tax provision Minority interest PAT (Reported) Less: Exceptionals Adjusted PAT FY10 12.787 5.144 1.0 1.3% 493 1.6 45.508 729 14.5 3.0 0.9 1.0 67 150 73 31 2.132) 1 (1.4 19.116 FY12 22.0 2.350) (171) (171) (317) 257 257 Q2FY13 5.124 574 13.179 311 (1.240 5.0 4.9 1.2 1.148 5.9 1.209 5.8 33.782 1.586 283 13.9 2.1 5.012 160 852 42 810 FY13E 24.108 729 13.844 314 1.0 66 125 86 60 2.7) FY12 29.6 14.5 1.0 0.601) (1.5 1.8 40.6% (9.

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com I Phone : +91 9987855771 Chennai / Hyderabad Sagar Sawarkar – Associate Director. Equity Research Director.dsouza@crisil.vidyadharan@crisil.sawarkar@crisil. Business Development Email : arjun. Funds & Fixed Income Research Associate Director.koparkar@crisil.com sudhir.com manoj.com binaifer. Customised Research Associate Director.com Business Development Siddharth Arora Sagar Sawarkar Deepak Mittal Prosenjit Ghosh Director.modi@crisil.com deepak. Customised Research Director.com I Phone : +91 9821638322 Delhi Arjun Gopalkrishnan – Regional Manager.arora@crisil.jehani@crisil.nair@crisil.com ajay.srinivasan@crisil.murarka@crisil. Business Development Email : vishal.mohta@crisil. Customised Research Director. Customised Research Director.com ajay.com jiju.ghosh@crisil.com mohit.Adukia@crisil. Funds & Fixed Income Research Director. Business Development Email : Shweta.sawarkar@crisil.com I Phone : +91 9820598908 Bengaluru / Mumbai Shweta Adukia – Regional Manager. Equity Research Associate Director.com I Phone : +91 9903060685 . Equity Research Email : sagar.com Analytical Contacts Prasad Koparkar Binaifer Jehani Manoj Mohta Sudhir Nair Mohit Modi Jiju Vidyadharan Ajay D'Souza Ajay Srinivasan Rahul Prithiani Senior Director.com prosenjit.gopalakrishnan@crisil. Industry & Customised Research +91 22 3342 4133 +91 22 3342 8012 +91 22 3342 8031 +91 22 3342 8008 siddharth.com rahul. Industry Research Director.mittal@crisil.shah@crisil. Industry Research +91 22 3342 3137 +91 22 3342 4091 +91 22 3342 3554 +91 22 3342 3526 +91 22 4254 2860 +91 22 3342 8091 +91 22 3342 3567 +91 22 3342 3530 +91 22 3342 3574 prasad.com sagar.com Business Development – Equity Research Ahmedabad / Mumbai Vishal Shah – Regional Manager.com I Phone : +91 9833364422 Kolkata Priyanka Murarka – Regional Manager.prithiani@crisil.agarwal@crisil. Industry & Customised Research Director. Business Development Email : priyanka. Industry Research Director.CRISIL IERIndependentEquityResearch CRISIL Research Team President Mukesh Agarwal CRISIL Research +91 22 3342 3035 mukesh.

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