Result Update

October 16, 2013

Sintex Industries (SININD)

Rating matrix
Rating

Buy

Target

| 32

Target Period

12-15 months

Potential Upside

19%

| 27

WHATS CHANGED

PRICE TARGET........................................................................... Changed from | 35 to | 32

EPS (FY14E)......................................................................... Changed from | 10.8 to | 10.6

Key Financials
FY12

FY13

FY14E

FY15E

EPS (FY15E)......................................................................... Changed from | 15.9 to | 13.9

4453.5

5107.6

5649.3

6347.5

RATING....................................................................................... Changed from Hold to Buy

716.7

769.3

835.5

987.9

16.1

15.1

14.8

15.6

339.6

398.6

322.5

431.3

FY12

FY13

FY14E

FY15E

12.5

12.8

10.6

13.9

2.4

2.6

2.6

1.9

Target PE (x)

2.5

2.4

2.9

2.2

EV to EBITDA (x)

4.2

4.1

4.7

4.3

Price to book (x)

0.3

0.3

0.3

0.2

RoNW (%)

11.6

10.4

9.7

11.6

RoCE (%)

9.8

9.1

8.6

9.3

Net Sales
EBITDA
EBITDA Margin (%)
Adjusted PAT

Valuation summary
Adjusted EPS (|)
PE (x)

Stock data
| 840 crore

Mcap
Debt (FY13)

| 3754 crore

Cash & Invest(FY13)

| 555 crore

EV

| 4039 crore

52 week H/L

| 75 / 17

Equity cap

| 31.1 crore

Face value

|1

MF Holding(%)

12.0

FII Holding(%)

22.9

Price movement
6,500

95
85
75
65
55
45
35
25
15

6,000
5,500
5,000
4,500
4,000
Oct-12

Jan-13

Apr-13

Price (R.H.S)

Jul-13

Oct-13

Nifty (L.H.S)

Analysts name
Rashesh Shah
rashes.shah@icicisecurities.com
Darpan Thakkar
darpan.thakkar@icicisecurities.com

Betting on prefab & moulding business

With better-than-expected results for the quarter led by the prefab &
overseas custom moulding business and an improved demand outlook,
we expect H2FY14E (estimated growth: 12% YoY) to remain better than
H1FY14 (grew 10% YoY). During the quarter, the prefab (22% of topline)
and overseas custom moulding business (26% of topline) did
exceptionally well with revenues in both segments growing 31% YoY and
over 21% YoY, respectively. On the other hand, the monolithic business
(19% of topline) reported surprising revenue growth of ~9% YoY,
revenues from domestic custom moulding business declined 3.6% YoY
led by a slowdown in the domestic automotive segment. On the margins
front, the prefab segments & textile reported robust margins of over
~23% & 20%, respectively. This, in turn, led to an 18 bps YoY
improvement in consolidated margins for the quarter. With strong
visibility in the prefab and overseas custom moulding business, the
management has upgraded its FY14E revenue guidance from 10% to 1415%. However, we continue to remain conservative on the other two
segments (i.e. domestic custom moulding business and monolithic
segment) and build in revenue growth of 10.6% and 12% for FY14E and
FY15E, respectively.
Foraying into new venture to put some pressure on liquidity
The company has laid down plans for setting up spinning projects and is
aiming to set up 1 million spindles in three phases over five years under
the scheme launched by the Gujarat government. In phase I, it is setting
up 300,000 spindles with estimated capex of | 1,800 crore and plans to
commission it within 15 months. Since debt (i.e. 75% of total capex), to
be taken for this project, would remain interest free, this would not have
any material impact on its profit & loss account during the capex phase.
Negatives priced in; upgrade to BUY
With an improved demand outlook for H2FY14, we expect H2FY14E to
remain better than H1FY14. The stock has corrected heavily earlier with
the announcement on its new spinning business as well as slowdown in
monolithic & custom moulding business. However, after getting more
clarity on its spinning business as well strong traction in prefab and
overseas moulding business, we now upgrade our rating from HOLD to
BUY with a revised target price of | 32 (valuing it on an SOTP basis).
Exhibit 1: Financial Summary
(| Crore)
Total Operating Income
EBITDA
EBITDA Margin (%)
Depreciation
Interest
Other Income
PAT
EPS (|)

Q2FY14
1359.6
212.0
15.6
57.2
47.7
0.5
72.9
2.3

Q2FY14E
1253.4
186.4
14.9
51.3
43.4
8.7
80.3
2.6

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Q2FY13
1186.1
182.8
15.4
50.5
36.1
6.4
72.4
2.7

Q1FY13
1076.4
177.6
16.5
48.3
35.4
4.2
46.8
1.7

QoQ (Chg %)
26.3
19.4
-91 bps
18.5
34.7
-87.8
55.7
35.6

YoY (Chg %)
14.6
16.0
18 bps
13.4
32.1
-92.0
0.7
-12.3

Strong performance in prefab, custom moulding overseas leads growth

Revenues grew over 14.6% YoY to | 1,360 crore led by strong sales
growth from the prefab and custom moulding overseas business. With
expertise in execution capability in the prefab business and strong order
book in the segment, the company reported a strong performance in this
business. The custom moulding overseas business reported YoY growth
of 21.6% mostly from Europe on account of last years acquisitions.
However, on the domestic front, the custom moulding business remained
a dragger due to low demand from the automotive sector. The company
is committed to reducing the contribution of the monolithic segment in
revenue, which dropped from ~20% last quarter to ~19% in the current
quarter. The same is expected come down to 10-11% by FY15E. The
receivable days are also being reduced diligently. The textile business
also showed some improvement over the last quarter and grew 11.6%
YoY. The storage tanks segment registered growth of 21%.
Exhibit 2: Segmental revenue (| crore)

Growth in the prefab and moulding business remains

robust while the domestic custom moulding business
remained a dragger in this quarter

Q2FY14

Q2FY13

YoY (%)

Q1FY14

QoQ (%)

A. Building Products Segment

641

535

19.9

467

37.3

Monolithic Construction

263

242

8.8

187

40.9

Prefabs

303

231

31.2

205

47.9

75

62

21.0

76

-0.7

B. Custom Molding Segment

588

534

10.1

546

7.7

Domestic business

235

244

-3.6

187

25.6

Overseaes

353

290

21.6

359

-1.7

C. Textiles Segment

131

117

11.6

111

17.9

1360

1186

14.6

1124

21.0

Storage Tanks

Total Net Sales (A+B+C)

Source: Company, ICICIdirect.com Research

Expect revenue CAGR of 11.6% over FY13-15E

The company, in line with its strategy to reduce business from the
monolithic segment, is negotiating with its customers to go out of order
obligation and closing down sites. Due to these steps, going forward, the
monolithic segment would continue to post de-growth. Prefab will be
driving sales growth coupled with the custom mouldings overseas
business, which is expected to record higher growth and custom
mouldings domestic, demand for which is expected to normalise next
year. We expect revenue to grow at a CAGR of 11.6% during FY13-15E.
Exhibit 3: Segmental revenue (annually)

Prefab will be driving sales growth coupled with the custom

mouldings overseas business, which is expected to register
higher growth and custom mouldings domestic, demand for
which is expected to normalise next year

| Crore

FY10

FY11

FY12

FY13

FY14E

FY15E

CAGR
(FY13-15E)

Monolithic consn

720.0

1338.3

1086.9

1002.4

838.0

700.1

-16.4

59.3

85.9

-18.8

-7.8

-16.4

-16.5

Prefabs*

564.5

647.1

722.0

975.0

1222.7

1565.1

YoY Growth (%)

-17.4

14.6

11.6

35.0

25.4

28.0

Storage tanks

161.4

198.5

223.0

271.0

324.5

389.4

14.5

23.0

12.3

21.5

19.7

20.0

544.6

677.9

822.0

1061.0

1097.9

1174.7

15.4

24.5

21.3

29.1

3.5

7.0

946.1

1176.4

1115.0

1298.0

1562.7

1890.9

YoY Growth (%)

YoY Growth (%)

CM - Domestic**
YoY Growth (%)
CM - Overseas***
YoY Growth (%)
Textiles
YoY Growth (%)
Total

0.2

24.3

-5.2

16.4

20.4

21.0

345.0

436.9

468.0

472.3

554.6

604.5

-7.0

26.6

7.1

0.9

17.4

9.0

3281.6

4475.1

4436.9

5079.7

5600.4

6324.7

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 2

26.7
19.9
5.2
20.7
13.1
11.6

Margins to remain under pressure led by change in business mix

The company is scaling down its operations in the monolithic segment
due to high working capital requirement and expansion of its global
footprint in custom moulding through acquisitions in Germany and
Poland, which are low cost destinations. Due to this change in business
mix and slowdown in the domestic automotive segment, we expect
margins to remain under pressure in FY14E. We expect an EBITDA
margin of 14.8% in FY14E. However, the same is likely to improve to
15.6% in FY15E led by synergy benefits from new acquisitions and easing
of working capital by clearing slow moving sites in the monolithic
business segment.
Exhibit 4: Segmental margins (Annually)
| Crore

FY10

FY11

FY12

FY13

FY14E

FY15E

CAGR (FY13
15E)

Monolithic consn

-19.0

136.8

283.9

162.6

158.1

124.0

103.6

EBITDA Margin (%)

19.0

21.2

15.0

15.8

14.8

14.8

Prefabs

93.6

128.4

147.1

174.6

267.3

344.3

EBITDA Margin (%)

16.6

19.8

20.4

17.9

21.9

22.0

Storage tanks

16.1

19.1

22.7

27.4

34.6

40.9

EBITDA Margin (%)

10.0

9.6

10.2

10.1

10.7

10.5

CM - Consol*

218.5

270.4

291.9

311.7

297.0

372.2

EBITDA Margin (%)

14.7

14.6

15.1

13.2

11.2

12.1

Textiles

69.0

113.0

105.7

87.6

112.0

126.9

EBITDA Margin (%)

20.0

25.9

22.6

18.5

20.2

21.0

534.1

814.8

730.0

759.4

834.8

987.9

1.6

52.6

-10.4

4.0

9.9

18.3

16.2

18.2

16.1

15.1

14.8

15.6

Total
YoY Growth (%)
EBITDA Margin (%)

Source: Company, ICICIdirect.com Research

40.4
22.2
9.3
20.4
14.1

* (Domestic and overseas combined)

Plan to expand capacity in textile division

The company plans to set up a spinning unit of the textile division at
Lunsapur near Pipavav port in Gujarat supported by the new textile policy
of the state government wherein substantial subsidies in tax and interest
costs are being provided. The proposed capacity of the project is
1 million unit, which will be implemented in a phased manner in a fiveyear period starting from August 1, 2013. The first phase is 300,000
spindles, which will require capex of ~| 1800 crore while the second and
third phases will be 300,000 and 400,000 spindles, respectively. Around
75% of products from this project will be exported. The company is
expecting an RoIC of ~18-20% from the project while expected EBITDA
margin is ~28-29% with calculating the government incentives. Total
75% of the total capital for the project will be raised through debt, which
will be interest free due to government incentives while 25% of equity will
be from internal resources.

ICICI Securities Ltd | Retail Equity Research

Page 3

Valuations
At the CMP of | 27, the stock is trading at 2.6x FY14E EPS and 1.9x FY15E
EPS. On an EV/EBITDA basis, the stock is trading at 4.7x FY14E EBITDA
and 4.3x FY15E EBITDA. With surprising revenue growth from monolithic
and strong traction in the prefab segment, we have revised our revenue
growth estimates upwards to 10.6% (vs. our previous estimate of 7.7%)
in FY14E. Going forward, prefab will continue to remain the main driver
for growth coupled with the custom mouldings overseas business, which
is expected to register higher growth due to garnering of benefits from
acquisitions made last year and custom mouldings domestic, demand for
which is expected to normalise next year.
The proposed spinning business (plan outlay of | 1,800 crore) would also
be unlikely to put any pressure on the profitability of company. However,
this upward revision in capex would continue to pressurise liquidity.
Given this, we remain conservative with a positive bias. Hence, we revise
our target price to | 32 (from the earlier target price of | 35), valuing on an
SOTP basis. The stock has corrected heavily earlier with the
announcement on its new spinning business as well as slowdown in
monolithic & custom moulding business. However, after getting more
clarity on its spinning business as well strong traction in the prefab and
overseas moulding business, we now upgrade our rating from HOLD to
BUY.
Exhibit 5: SOTP valuation
Target EV/EBITDA

EBITDA (FY15E)

Target EV

Building Material
Monolithic Construction

1.5

104

155

Prefabs (Standalone)

5.0

344

1722

Tanks

3.0

41

123

Total

2000

Custom Molding

4.5

372

1675

Textiles

3.5

127

444

Total

4119

Net Debt

| Crores

3119

Target Market Capital

| Crores

1000

No. of Shares

Crores
| per share

Target Price

31
32

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 4

Financial summary
Profit and loss statement

Cash flow statement

(| Crore)

(Year-end March)
Total ope rating Income
Growth (%)
Raw material c ost

FY12

FY13

FY14E

FY15E

4,453.5

5,107.6

5,649.3

6,328.9

-0.7

14.7

10.6

12.0

(| Crore)
(Year-end March)

FY12

FY13

FY14E

Profit after Tax

306.6

323.8

325.6

FY15E
428.6

Add: Depreciation

167.8

205.4

226.7

241.9

(Inc)/dec in Current Assets

-700.0

-513.3

-312.4

-125.7

66.4

-71.6

25.8

130.8
675.6

2397.9

2863.6

3127.3

3457.7

Pur. of traded goods

186.3

157.4

172.5

199.0

Inc/(dec) in CL and Provisions

Employee c ost

512.0

590.2

730.8

862.3

CF from operating ac tivities

-159.1

-55.7

265.7

Others cost

640.7

727.1

791.7

867.8

(Inc)/dec in Investments

235.2

12.0

0.0

0.0

3,736.8

4,338.4

4,822.3

5,386.8

(Inc)/dec in Fixed Assets

-511.8

-446.0

-900.0

-850.0

EBITDA

716.7

769.3

827.0

942.1

Growth (%)

-12.1

7.3

7.5

13.9

CF from investing activities

Depreciation

167.8

205.4

226.7

241.9

Issue/(Buy back) of Equity

Interest

135.8

146.2

186.4

204.2

Inc/(dec) in loan funds

Other Income

50.5

59.8

27.8

53.5

Exce ptional items

45.6

90.3

12.1

0.0

PBT

417.9

387.2

429.6

549.5

Others

-59.9

146.2

-87.0

0.0

Total Tax

116.0

66.9

105.2

120.9

CF from financing a ctivities

120.9

252.3

587.4

463.4

Reported PAT

306.6

323.8

325.6

428.6

Net Cash flow

-265.7

-51.0

-91.0

265.8

Adjusted PAT

339.6

398.6

325.6

428.6

Ope ning Cash

986.3

720.6

669.5

578.5

Growth (%)

-23.6

17.4

-18.3

31.6

Closing Cash

720.6

669.5

578.5

844.3

12.5

12.8

10.8

13.8

Source: Company, ICICIdirect.com Research

FY12

FY13

FY14E

FY15E

Adjusted EPS

12.5

12.8

10.8

13.8

Cash EPS

17.5

17.0

17.7

21.5

97.7

100.4

107.3

119.9

Total Operating Exp.

Adjusted EPS (|)

Others

49.1

186.3

-44.0

-23.2

-227.5

-247.7

-944.0

-873.2

0.0

32.3

0.0

0.0

180.9

99.4

700.0

500.0

Dividend paid & dividend tax

0.0

-25.6

-25.6

-36.6

Inc/(dec) in Sec. premium

0.0

0.0

0.0

0.0

Source: Company, ICICIdirect.com Research

Balance sheet
(Year-end March)

Key ratios
(| Crore)

(Year-end March)
Per share data (|)

FY12

FY13

FY14E

FY15E

27.1

59.4

59.4

59.4

Reserve and Surplus

2,621.1

3,065.6

3,278.5

3,670.5

BV

Total Shareholders funds

2,648.3

3,125.0

3,337.9

3,729.9

DPS

Total Debt

2,954.7

3,054.1

3,754.1

4,254.1

Cash Per Share

Liabilities
Equity Capital

0.0

0.7

0.7

1.0

26.6

21.5

18.6

27.1

16.1

15.1

14.6

14.9

7.6

7.8

5.8

6.8

Deferred Ta x Liability

-41.0

-45.9

-49.9

-53.1

Ope rating Ratios (%)

Minority Interest / Others

295.8

486.9

446.9

426.9

EBITDA Ma rgin

5,857.7

6,620.2

7,489.1

8,358.0

31.8

30.5

31.0

31.0

3,696.8

4,144.9

4,924.9

5,824.9

Debtor days

136.0

128.0

127.0

125.0

63.5

66.9

62.0

62.0

Total Liabilities
Assets
Gross Block

PAT Margin
Inventory days

Less: Acc Depreciation

1,083.4

1,288.8

1,515.5

1,757.4

Creditor day s

Net Block

2,613.4

2,856.1

3,409.4

4,067.5

Return Ratios (%)

Capital WIP

280.0

280.0

400.0

350.0

RoE

11.6

10.4

9.8

11.5

2,893.4

3,136.1

3,809.4

4,417.5

RoCE

9.8

9.1

8.5

8.8

Goodwill

217.9

215.7

215.7

215.7

RoIC

8.1

8.1

6.8

7.5

Investme nts

142.3

130.3

130.3

130.3

Valuation Ratios (x)

Total Fixed Assets

Inventory

395.5

453.1

502.9

568.3

P/E

2.4

2.6

2.6

2.0

1,653.5

1,780.6

1,958.1

2,159.6

EV / EBITDA

4.2

4.1

4.8

4.4

Loans a nd Advances

965.4

1,294.0

1,379.1

1,237.9

EV / Net Sales

0.7

0.6

0.7

0.7

Cash
Total Current Assets

720.6
3,735.0

669.5
4,197.2

578.5
4,418.7

844.3
4,810.1

Market Cap / Sales

Price to Book Value

0.2
0.3

0.2
0.3

0.1
0.3

0.1
0.2

Creditors

771.4

930.9

955.9

1,071.2

Solvency Ratios

Provisions

359.4

128.4

129.1

144.6

Debt/EBITDA

4.1

4.0

4.5

4.5

Total Current Liabilities

1,130.8

1,059.2

1,085.0

1,215.8

Debt / Equity

1.1

1.0

1.1

1.1

Net Current Assets

2,604.1

3,138.0

3,333.7

3,594.4

Current Ratio

3.3

4.0

4.1

4.0

Application of F unds

5,857.7

6,620.2

7,489.1

8,357.9

Quick Ratio

2.7

3.3

3.5

3.3

Debtors

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Source: Company, ICICIdirect.com Research

Page 5

Company Description
Sintex Industries operates in two business segments: plastics and
textiles. The textile segment is engaged in the manufacture of fabric and
yarn. The companys plastics segment is engaged in the manufacture of
water tanks, doors, windows, prefabricated structures, sections, BT
shelters and custom moulding. SIL has an installed capacity to produce
4.99 crore kg of thermoplastic powder moulding and 3.88 crore kg of
extruded thermo-plastic sections.
Exhibit 6: Recommendation History
120
100
80
60
40
20
0
Oct-12

Dec-12

Jan-13

Mar-13
Price

Apr-13

Jun-13

Jul-13

Aug-13

Oct-13

Target Price

Source: Company, ICICIdirect.com Research

Exhibit 7: Recent Releases

Date
8-Oct-12
12-Oct-12
11-Jan-13
9-May-13
15-Jul-13
7-Oct-13

Event
Q2FY13 Result Preview
Q2FY13 Result update
Q3FY13 Result update
Q4FY13 Result Update
Q1FY14 Result Update
Q21FY14 Result Preview

CMP
71
74
71
52
39
22

Target Price
71
71
80
67
35
35

Rating
HOLD
HOLD
BUY
BUY
HOLD
HOLD

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 6

RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.
Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com
ANALYST CERTIFICATION
We /I Rashesh Shah CA, Darpan Thakkar MBA, 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
personal views about any and all of 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. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.

Disclosures:
ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading
underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities
generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts
cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without
prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and
employees (ICICI Securities and affiliates) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities
from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities
policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. 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. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their
receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific
circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate
the investment risks. The value and return of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities for any
loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the
risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to
change without notice.
ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received
compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment
banking or other advisory services in a merger or specific transaction. It is confirmed Rashesh Shah CA Darpan Thakkar MBA, research analysts and the authors of this report have not received any
compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings
from Investment Banking and other business.
ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the
research report.
It is confirmed that Rashesh Shah CA, Darpan Thakkar MBA research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member
of the companies mentioned in the report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use
of information contained in the report prior to the publication thereof.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution,
publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and
to observe such restriction.

ICICI Securities Ltd | Retail Equity Research

Page 7