You are on page 1of 8

INDIA 17 July 2009

Cement Sector
Earnings change


Oversupply fear stays
 Demand concerns waning, but oversupply fears remain: The formation of a stable government is expected to boost infrastructure spending and reduce concerns on the demand front. However, oversupply fears still persist and all-India capacity utilization is expected to fall to 83% in FY10 and 76% in FY11.  Fall in cement realizations on a higher base: The fall in utilization would lead to a correction in prices from Q2FY10 onwards starting from the southern region. However, due to price hikes effected in central, eastern and northern regions during Q4FY09 and Q1FY10, price fall would be on a higher base.  Numbers revised; Earnings upgraded: We have revised our all-India cement price assumptions to Rs239/bag for FY10E and Rs223/bag for FY11E, from Rs215/bag and Rs200/bag earlier. We have upgraded aggregate earnings for FY10E and FY11E by 22.4% and 27.5%, respectively, for companies under our coverage.  Valuation drivers missing; Reiterate Underweight: Frontline cement companies trade at EV/ton of US$77US$135 on FY10E capacity vs replacement cost of US$75-90. With oversupply concerns expected to persist over FY10-12E and M&A triggers missing, we do not see valuation drivers that would value the sector above asset replacement cost. Reiterate Underweight.  Grasim is our top pick: Inline with earnings revision and expected stability in earnings, we have revised our target prices by valuing the companies on PE multiples. Grasim (Hold) is our top pick, given its expansion in the northern region.  Shree Cements downgraded to Hold, maintain Hold on UltraTech: We have downgraded Shree Cements to Hold (from Buy) as the stock looks fairly valued at current levels. OPIL has been downgraded to Hold due to oversupply concerns in its key markets. We reiterate Sell on ACC, Ambuja Cements and India Cements.  Centrum cement universe underperforms Nifty until Budget: Since our initiation (Nadir? Not Yet dated 19 March 2009), our cement universe has underperformed the Nifty by 12%, as projected. However, post Budget we saw overall 18% outperformance due to status quo on excise duty and demand generating measures.

Company Name ACC Ambuja Cements Grasim Industries Ultratech Cement India Cements Shree Cement Orient Paper & Industries Source: Centrum Research

CMP (Rs) 795 98 2,608 741 142 1304 49.5

Target Price (Rs) 684 83 2,590 688 114 1,358 56

Centrum cement index vs. Nifty
(%) 15 10 5 0 (5) (10) (15) (20) (25) 2-Jun-09 9-Jun-09 16-Jun-09 23-Jun-09 17-Mar-09 24-Mar-09 31-Mar-09 12-May-09 19-May-09 26-May-09 14-Apr-09 21-Apr-09 28-Apr-09 30-Jun-09 5-May-09 7-Apr-09 14-Jul-09 7-Jul-09 Centrum Cement Index Outperformance over Nifty Status quo on excise duty and increase in infraspend led to recent outperformance of cement

Source: Bloomberg, Centrum Research

Rajan Kumar +91 22 4215 9640

Summary valuations
M Cap Company ACC Ambuja Cem Grasim Ultratech India Cem Shree Cem OPIL Rating Sell Sell Hold Hold Sell Hold Hold (Rsbn) 149 149 239 92 40 45 9.5 CMP (Rs) 795 98 2,608 741 142 1,304 49.5 TP (Rs) 684 83 2,590 688 114 1,358 56 Upside (%) (13.9) (15.5) (0.7) (7.2) (19.3) 4.1 13.1 EPS (Rs) FY10E 76.3 8.3 259 85.8 17.6 181.3 11.2 FY11E 54.1 7.6 217 69.0 12.8 165.0 10.6 PE (x) FY10E 10.4 11.8 10.1 8.6 8.1 7.2 4.4 FY11E 14.7 12.8 12 10.7 11.1 7.9 4.7 EV/E (x) FY10E 5.8 6.8 5.1 5.1 4.7 5.2 3 FY11E 7.7 6.6 5.5 5.5 5.2 5 2.8 EV/Ton ($) FY10E 110 134 94 93 77 91 41 P/BV (x) FY10E 2.6 2.3 1.7 2 1.2 1.9 1.2 ROE (%) FY10E 27.7 20.6 18.7 26.1 15.6 29.4 29.4 FY11E 18.5 16.8 13.6 17.3 10.1 21.5 22.4

Source: Company, Centrum Research Estimates

Please refer to important disclosures/disclaimers inside

leading to fall in prices.3 30.3 90.3 FY10E 31.0 0.8 6.5 1.3 78.0 42. our all-India demandsupply model would remain almost same with utilization levels at 83% and 76 % in FY10 and FY11.3 71. in the southern region.0 10.0 2.5 3.0 (6.0 (5.0 0.0 5.1 FY11E 96.0 5.3 9.2 75. Exhibit 1: Our all-India demand-supply scenario indicate surplus scenario (mt) Capacity at Beginning of year Operative Capacity Capacity Addition During the Year Add On Capacity Effective Capacity Cement Production Production Consumption Growth assumption (%) Exports Capacity Utilization (%) Source: CMA.5 97.8 58. The northern.9 85.3 Source: CMA.4 0.3 0.6 South FY09E 62.0 33.1 6.2 85.6 0.8 31.4 17.8 25. we believe concerns over demand have eased. Centrum Research Estimates The northern and central regions are expected to have a relatively balanced demand-supply situation on account of high demand.3 97.9 28.0 68. we expect utilization levels to drop to 76% and 68% levels in FY10 and FY11.5 1.8 (3.2 83.1 FY08 28.0 24.4 East FY09E 29.1 75.1 36.3 FY08 25.6 1. However. Centrum Research Estimates FY06 155 152 6 2 155 142 145 136 12.0 99 FY09A 198 188 22 8 196 181 184 178 8.5 57.5 3.0 (5.5 4. The massive election-related spending in UP as well as profligate expenditure on monuments by the Mayawati government caused cement prices to rise in Uttar Pradesh. lower capacity addition and high level of consolidation which would translate into price discipline for a longer period.0 0.6 1.3 9.6 16.4 23.4 5.0 28.5 8.4 FY08 53. The oversupply in the southern region is also expected to disrupt the demand-supply dynamics and pricing in the western region.7) 69.7 5.1 7.4 8.1 FY11E 36.4) 99.9 5.Demand concerns abating.0 76 Exhibit 2: Regional demand-supply scenario (north-south divide accentuated) Zone wise demand-supply dynamics Zone (mt) Capacity at Beginning of year Operative Capacity Capacity Addition During the Year Add On Capacity Effective Capacity Production Consumption Growth assumption (%) Exports Net Transfer From other Zone Capacity Utilization (%) FY08 59.8 FY11E 39.9 34.9 0.0 2.6) 82. 2 Cement Sector .0 0.0 31.4 61. central and eastern regions look better-placed to sustain price discipline over a longer period due to higher utilization levels.7 32.0 98.9 106.7 34.0 2.6 60.9 0.4 33.2 31.0 (6.4 37.5 5. However.5 23.3 5.6 26.9 FY10E 79.0 (5.4 14.9 54. respectively.5 101.2 11.2 28.7 2. which would aid sustainability of prices.9 2.7 FY10E 78.0 10.0 West FY09E 31.7 54.4 38.2 9.7 0.1 31.0 5.3 7.4 61.0 1.1 34.7 3.3 29.0 (5.6 FY10E 32.5 11.4 7. respectively.7 6. Capacity utilization in the northern and central regions combined is estimated at around 89% and 82% in FY10 and FY11.4 0.2 5.2 9.2 39.2 92 FY07 161 158 7 4 162 155 158 149 10.5 0.0 96 FY08 168 162 30 8 170 168 170 164 9.1 4.1 67.0 83 FY11E 274 268 19 11 279 213 213 210 8.1 (5.1 1.0 100.1 2.3 8.5) 90.0 26.3 33.4 6.9 0.8 61.6 54.4 9.0 28.3 10.1) 94.9 59.0 2.8 27.2 14.6 North* FY09E 74. respectively.9 30.9 52.6 FY11E 102. but oversupply fears remain Post the formation of a stable government. However.0 9.0 0.5 80.5 0.0 8.6 8.4 57.0 63.0 2.7) 75.0 70.4 8.1 68.8 20.6) 89.2 65.7 94.0 8.4 7.7 4.1 92 FY10E 222 213 50 24 237 197 198 193 8. The southern region faces an adverse demand-supply-pricing scenario on account of lower growth in demand due to the high base.8 74.2 49. massive capacity addition and fragmentation.4 30.7 64.0) 98.5 4.7 5.8 84.8 76.4 31. we believe the industry would still feel the impact of oversupply in FY10 and FY11 as per our demand-supply model.2 94.2 9. Additional demand due to the 2010 Commonwealth Games in New Delhi and the freight corridor in North is expected to sustain high growth in the northern region.

7bn monument spread over 43 acres) Exhibit 4: Work in progress for the 2010 New Delhi Commonwealth Games Source: Centrum Research Source: Centrum Research Price assumptions revised We have raised our cement price assumptions for FY10E and FY11E to Rs239/bag (earlier Rs215/bag) and Rs223/bag (Rs200/bag). northern and central regions and 12% aggregate fall by March 2010. our price decline assumptions are modest compared to the steep 20% price fall during FY02-03. Our new demand-supply pricing model assumes a staggered decline of 9% in prices from Q1FY10 levels in the eastern. However. Exhibit 5: Revised all-India and regional price assumptions (Rs/bag) Region North/Central East West South All India Old FY10E 207 207 207 234 215 FY11E 192 192 192 219 200 Revised FY10E 239 242 230 243 239 FY11E 224 227 215 226 223 Source: Centrum Research Estimates Exhibit 6: Our price decline assumptions are modest compared to historical precedent (Rs/50 Kg Bag) 260 240 220 200 180 160 140 120 100 May-92 May-93 May-94 May-95 May-96 May-97 May-98 May-99 May-00 May-01 May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 20% decline Average Cement Prices All India Source: Bloomberg.Exhibit 3: Kanshiram memorial in Lucknow (a Rs3. Centrum Research 3 Cement Sector . western.

415 3.5 19. Ending Source: Centrum Research Estimates FY10E 76.6 3.0 28. prices are likely to stay firm for longer period due to the high level of consolidation in these regions.2 8.0) (27.5% in FY10E and FY11E to factor in the hike in cement prices in the central.1) (8.2 6.173 2.4 (5.427 3.1) (5.3 7.2 2.0 12.3 8.0 28.2 FY11E 54.6 69. However.0 3. they were hiked by 13% and 19% to Rs249/bag and Rs254 /bag.6 6.9 6. we believe the sector would see an oversupply scenario during FY10-11 and utilization levels would come down to 83% and 76%.2) (9.0) (7.6 7.6) (9.0 (1.Exhibit 7: Revised realization assumptions Company Y/E March ACC # Gujarat Ambuja# Ultratech Grasim Shree India Cements OPIL Note: # Dec.6) (19.146 3.3 (1.6 FY10E 30.1 6.9 Earnings estimates upgraded We have raised aggregate earnings (sum of net profit of companies under coverage) estimates by 22.8 FY11E 6.0 Valuation triggers missing.2) (8. Average cement prices were hiked by 10% in the northern region between Jan 2009 and June 2009.4) 27.509 2.1 9. Hence. we do not see any valuation drivers that would value the sector above asset replacement cost.1 7.694 3.6 5. reiterate Underweight The outlook in terms of profit growth for Q1 and Q2 looks robust on account of cement prices sustaining at high levels till date and lower energy costs.7) FY11E (7.0 165.0 217. respectively. from 92% in FY09.334 3.5 FY11E 50. Ending Source: Centrum Research Estimates Net Realization (New) (Rs/ton) FY10E 3. As the sector is already valued above replacement cost and there is perceptible lack of M&A activities.7 9.8 21.5 17.3 15.8 259.9 (1. Further.6) Estimate change (%) FY10E 22.7) Revised By (%) FY10E 5. Over the same time.2) (0.2 6.5 4.6) (7. eastern and northern region during Q4FY09 and Q1FY10.8 10.1 24.5) (5.3 8.1 4.806 FY11E 3.0 25.0 181.1 22.6) (9.3 17.6) (16.139 2.6) (8.9) FY11E (29. respectively.609 3.4% and 27.3 85.2 12.0) 1. we maintain our Underweight stance on the sector.6 10. in the eastern and central regions. Exhibit 8: Revised estimates (EPS) Growth (YoY) (%) Y/E March (Rs) ACC # Ambuja Cements # Ultratech Cement Grasim Industries Shree Cement India Cements OPIL Note: # Dec.879 3.6 11.150 3. 4 Cement Sector . a hike in excise duty still remains a high probability event. The hikes started in UP where prices went up by over Rs60/bag as additional demand created by election-led expenditure and the huge expenses on building statues and memorials by the Mayawati government created a shortage.534 YoY Growth (%) FY10E 6.414 3. With higher demand expected in the northern and central regions.

We maintain Hold on UltraTech. Ambuja Cements at 10x CY09E. Centrum Research 5 Cement Sector . We maintain our Sell rating on ACC and Ambuja Cements due to expensive valuations.0 8.0 6.7 1.5 5. OPIL has been downgraded to Hold due to oversupply concerns in its key markets. Exhibit 10: Centrum cement index vs.9 0.7 5.0 5. inline with our earnings and RoE revisions. Grasim Industries (Hold) is our top pick as we believe it would benefit due to the expansion in the structurally robust northern region.8 4.0 1. giving appropriate discount on account of their regional presence.5x FY10E.0 EV/EBIDTA (x) 4. Exhibit 9: Revised target prices and implied multiples Company Target price (Rs) Revised ACC # Ambuja Cements # Grasim Industries Ultratech Cement India Cements Shree Cement OPIL Note: # Dec.5 7.9 5.1 4.Target prices revised Given the relatively high visibility of earnings post easing of demand-side concerns.0 10.3 EV/ton ($) 94 113 93 87 65 95 46 PE (x) 9. Nifty (%) 15 10 5 0 (5) (10) (15) (20) (25) 14-Apr-09 21-Apr-09 17-Mar-09 24-Mar-09 31-Mar-09 28-Apr-09 7-Apr-09 5-May-09 12-May-09 19-May-09 26-May-09 2-Jun-09 9-Jun-09 16-Jun-09 23-Jun-09 30-Jun-09 7-Jul-09 14-Jul-09 Centrum Cement Index Outperformance over Nifty Status quo on excise duty and increase in infraspend led to recent outperformance of cement Source: Bloomberg.5x FY10E and OPIL at 5x FY10E. We have valued UltraTech at 8x FY10E. Ending Source: Centrum Research Estimates 684 83 2590 688 114 1358 56 Earlier 503 65 1.9 2.474 542 83 1. India Cement is a Sell for its exposure to challenging southern market. However proposals in the Budget like increased thrust on the Bharat Nirman and JNNURM schemes and maintaining the 8% excise duty on cement against street expectation of 4% hike led to the Centrum Cement Index outperforming the Nifty by 18% post budget.9 1. India Cements at 6.3 Centrum cement universe underperformed till Budget The Centrum Cement Index underperformed the Nifty by 12% until 6 July 2009 (the day the Budget was presented) since our initiation with underweight rating on 19 March 2009. we have revised our target prices by valuing Grasim at 10x FY10E. Our current valuations criteria results in higher implied P/BV multiple and EV/tonne. We have downgraded Shree Cements to Hold (from Buy) as the stock looks fairly valued at current levels.2 1.004 41 Implied multiple at revised target price P/BV (x) 2.4 3.0 10. Shree Cements at 7. and ACC at 9x CY09E.

Centrum Research Our positive stance on AV Birla Group is substantiated by significant outperformance of Grasim and UltraTech (both AV Birla Group companies) over Ambuja Cements and ACC of the Holcim group. Exhibit 12: AV Birla group companies vs Holcim group companies AV Birla Vs Holcim (since initiation) Centrum Index Nifty 53.3 Centrum Index Nifty 53.0 Ambuja ACC Return (%) 0 10 20 30 40 46.0 79.5 India Cements 45.5 59.Shree Cements.0 50 60 70 80 90 Source: Bloomberg. India Cement Shree Cement Vs India Cements (since initiation) 59.0 Return (%) 0 20 40 60 80 100 120 140 Source: Bloomberg.3 Ultratech Grasim 54. Centrum Research 6 Cement Sector .0 Shree Cements 116. which was the top pick at the time of our initiation.0 43. outperformed the Nifty by 62% and peer India Cements by 71 % Exhibit 11: Shree Cements vs.

You should not regard the inclusion of the projections and forecasts described herein as a representation or warranty by or on behalf of the Company. financial situations. agents or representatives shall be liable for any damages whether direct or indirect. in so far as it includes current or historical information. This document is strictly confidential and is being furnished to you solely for your information. Though disseminated to clients simultaneously. believed to be reliable. may give rise to or potential conflicts of interest. No representation or warranty.Disclaimer Centrum Broking Pvt. Canada or Japan or to any US person. Certain transactions including those involving futures. in the United States. units. and buy or sell the securities or derivatives thereof of companies mentioned herein. act as principal in. Neither this document nor any copy of it may be taken or transmitted into the United State (to US persons). Ltd. Actual results may differ materially from those set forth in projections. not all clients may receive this report at the same time. Our holding company. Information in this document must not be relied upon as having been authorised or approved by the company or its directors or any other person. incidental. or needs of individual clients. Please ensure that you have read and understood the current risk disclosure documents before entering into any derivative transactions. and observe any such restrictions. These projections and forecasts were not prepared with a view toward compliance with published guidelines or generally accented accounting principles. Our sales people. For these reasons. This document does not constitute an offer or invitation to subscribe for or purchase or deal in any securities and neither this document nor anything contained herein shall form the basis of any contract or commitment whatsoever. By accepting this report. Forward-looking statements are not predictions and may be subject to change without notice. The price and value of the investments referred to in this document/material and the income from them may go down as well as up. the value of which are influenced by foreign currencies effectively assume currency risk. special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. or other areas. directly or indirectly. you should be aware that any or all of the foregoing. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. and it can be expected that one or more of the estimates on which the projections and forecasts were based will not materialize or will vary significantly from actual results. and observe. As a group Centrum has Investment Banking. any such restrictions. the authors of this report or any other person that these projections or forecasts or their underlying assumptions will be achieved. fees or other compensation from the company or companies that are the subject of this material/report. employees. is an investment banker and an underwriter of securities. Our Company and Group companies and their officers. Centrum Capital Ltd. We and our Group may rely on information barriers. Centrum has reviewed the report and. sold or distributed without the written consent of Centrum. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Neither Centrum nor its directors. 7 Cement Sector . Projections and forecasts are necessarily speculative in nature. (NSE). Centrum will not treat recipients as clients by virtue of their receiving this report. time to time have "long" or "short" positions in. This publication may not be distributed to the public used by the public media without the express written consent of Centrum. Recipients of this report should assume that our Group is seeking or may seek or will seek Investment Banking. and other derivatives as well as non-investment-grade securities give rise to substantial risk and are not suitable for all investors. In addition. Centrum. project finance or other businesses and may receive commission. The securities discussed in this report may not be suitable for all investors. investors in securities such as ADRs.(“Centrum”) is a full-service. This report or any portion hereof may not be printed. or by arrangement with the company or any of its directors or any other person. among other things. The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. advisory. All projections and forecasts described in this report have been prepared solely by the authors of this report independently of the Company. estimate or projection. Any opinions and projections contained herein are entirely those of the authors. such as "Chinese Walls" to control the flow of information contained in one or more areas within us. Mumbai (BSE) and National Stock Exchange of India Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives. directors and employees. Persons who may receive this document should consider and independently evaluate whether it is suitable for his/ her/their particular circumstances and. The distribution of this report in other jurisdictions may be restricted by law and persons into whose possession this report comes should inform themselves about. it is believed to be reliable. Centrum and its affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. may on the date of this report or from. In particular. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. including the assumptions underlying such projections and forecasts. Centrum does not provide tax advice to its clients. We may have earlier issued or may issue in future reports on the companies covered herein with recommendations/ information inconsistent or different those made in this report. The report is for the use and consumption of the recipient only. based upon information available to the public and sources. directly or indirectly. brokerage. and all investors are strongly advised to consult regarding any potential investment. transmitted or published by the recipient. It is for the general information of the clients of Centrum. express or implied is made that it is accurate or complete. and persons into whose possession this document comes should inform themselves about. and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. This document does not solicit any action based on the material contained herein. This report/document has been prepared by Centrum. this document does not have regard to the specific investment objectives. and investors may realize losses on any investments. Future returns are not guaranteed and a loss of original capital may occur. Any such person shall be responsible for conducting his/her/their own investigation and analysis of the information contained or referred to in this document and of evaluating the merits and risks involved in the securities forming the subject matter of this document. and such variances will likely increase over time. options. purchase or subscribe to any securities. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions. or Japan or distributed. This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible media and should not be reproduced. The distribution of this document in other jurisdictions may be restricted by law. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell you when opinions or information in this report change. Stock Broking Company and a member of The Stock Exchange. and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Advisory and other business relationships with a significant percentage of the companies covered by our Research Group. neither this document nor any copy thereof may be taken or transmitted into the United States. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. No representation is made that this report is accurate or complete. you agree to be bound by the fore going limitations. financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. Our research professionals provide important inputs into the Group's Investment Banking and other business selection processes. including the analysts and others involved in the preparation or issuance of this material and their dependants. The countries in which the companies mentioned in this report are organized may have restrictions on investments. in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. seek professional/financial advice. dealers. This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy. Canada or Japan or distributed. Similarly. groups or affiliates of Centrum. although its accuracy and completeness cannot be guaranteed. voting rights or dealings in securities by nationals of other countries. In reviewing this document. Past performance is not a guide for future performance. traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein. may not be distributed to the press or other media and may not be reproduced or redistributed to any other person. you should only consider the projections and forecasts described in this report after carefully evaluating all of the information in this report. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of. if necessary. Canada.

co. Santacruz (E).: INP000000456 Website: nicole. Tel: (022) 4215 9000 8 Cement Sector adhidev@centrum.kumar@centrum. Retail Metals & ashish.. Infrastructure Financial Services Financial Services Logistics Pharmaceuticals Real Estate Krishnan Ashish Tapuriah Ashvin Patil Siddharth Batra +91-22-4215 9658 +91-22-4215 9675 +91-22-4215 9866 +91-22-4215 9863 +91 98216 23870 +91 99675 44060 +91 98338 92012 +91 99202 63525 Centrum Securities (Europe) jatin. niraj.: BSE: INB 011251130. Road. NO. Mumbai .sankhe@centrum. Sell: Expected to underperform Nifty by>15% Centrum Broking Private Limited Member ( 91-22-4215 9620 91-22-4215 9619 91-22-4215 9685 91-22-4215 9855 91-22-4215 9684 91-22-4215 9853 91-22-4215 9634 91-22-42159865 91-22-4215 9690 91-22-4215 9862 91-22-4215 9854 91-22-4215 9640 91-22-4215 9636 91-22-4215 9644 91-22-4215 9637 91-22-4215 9857 91-22-4215 9643 91-22-4215 9632 91-22-4215 9864 91-22-4215 9647 91-22-42159641 Sales Patni Research Harendra Kumar Dhananjay Sinha Niraj Shah Mahantesh Sabarad Madanagopal R Abhishek Anand Ankit Kedia Himani Singh Nitin Padmanabhan Piyush Choudhary Pranshu Mittal Rajan Kumar Rupesh Sankhe Rajagopal Ramanathan Saikiran Pulavarthi Siddhartha Khemka Sriram Rathi Adhidev Chattopadhyay Janhavi Prabhu Jatin Damania Vijay Nara Head 91-22-4215 9699 Head rajan. Depository Participant (CDSL) and SEBI registered Portfolio Manager Regn Nos CAPITAL MARKET SEBI a. OFFICE Address Bombay Mutual Bldg.Institutional Equities sanjeev. mahantesh..: NSE: INF 231251134 (TRADING & SELF CLEARING MEMBER) CDSL DP ID: 12200. BSE).krishnan@centrum. USA Melrick D’Souza +1-646-701-4465 melrick.ramanathan@centrum. NSE: INB231251134 DERIVATIVES SEBI Retail Cement Real Estate. Investor Grievance Email ID: investor.anand@centrum. Accumulate: Expected to outperform Nifty by +5 to siddhartha.singh@centrum.khemka@centrum.2nd Floor. Pipes Automobiles/Auto Ancillaries Power.400 001 Correspondence Address Centrum IN-DP-CDSL-20-99 PMS REGISTRATION NO. CST Road. SEBI REGISTRATION p. Pipes Automobiles/Auto Ancillaries harendra. Capital Goods Key to Centrum Investment Rankings Buy: Expected outperform Nifty by> janhavi.kedia@centrum. 6th vijay. Near Vidya Nagari Mumbai 400 Reduce: Expected to underperform Nifty by 5 to 15%. Education Media Hospitality.rathi@centrum. Healthcare Technology Telecom s.Research Economist Sr Analyst Sr Analyst Sr Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Analyst Associate Associate Associate Associate Strategy Economy & Strategy Metals & Centrum Securities UK Dan Harwood Michael Orme Nicole Rappel CEO Global Strategist Client Management +44-7830-134859 +44 (0) 775 145 2198 +44 (0) 798 441 6878 dan. Hold: Expected to outperform Nifty by -5% to