Edelweiss Professional Investor Research

Union Budget FY21 Review

Sahil Kapoor Shobana Krishnan Ankita Pathak

Chief Market Strategist Chief Economist Economist
sahil.kapoor@edelweissfin.com shobana.krishnan@edelweissfin.com ankita.pathak@edelweissfin.com February 2020
Union Budget FY21 Review
● Fiscal deficit for FY20 is pegged at 3.8%, a slippage of 50 bps is in line with the market expectations considering
revenue shortfall and slower nominal growth. Following the path of fiscal consolidation, the fiscal deficit target for
FY21 is budgeted at 3.5%.

● Tax Revenue Shortfall against Budget estimates for FY20 is expected to be INR 2.9 trillion. Tax Revenue Growth of 12%
YoY for FY21 is in line with Nominal Budget Growth at 10%.

● Receipts from Disinvestment proceeds is expected to be INR 650 billion of which INR 180 billion has been achieved.
Disinvestment target for FY21 is budgeted at INE 2.1 trillion of which proceeds from LIC and IDBI is expected to be INR
900 billion. Also, rollover of proposed selling stake in BPCL, Shipping Corp could be helpful in reaching the targets. In
nutshell, achieving disinvestment targets is key to meet fiscal deficit target in FY21.

● On the expenditure front, the biggest takeaway is FY20 expenditure at INR 26.9 trillion, higher than street estimates
and in line with our expectations. For FY21, the expenditure growth is budgeted at 13%. Capex is expected to grow at
18% in FY21- higher than last 5 year average of 10%. This also reflects positively on quality of expenditure.

● Interest Payments, Capex, Pension, Aid to State Government are likely to account for change in expenditure growth in
FY21. On the other side, allocation towards subsidies expenditure has been lowered in both FY20 and FY21 indicating
growing debt of FCI. IEBR continue to remain high at 3.5% of GDP versus 2.5% of GDP

● Despite the higher fiscal deficit, Gross Market Borrowing remains unchanged at INR 7.1 trillion. Therefore, pressure on
GSECs will be muted. Reliance on Borrowing from Small Saving Fund continue.
2
 Budget Maths
(INR bn) FY19 FY20 (BE) FY20RE FY21BE FY20 YOY FY21 YoY Remarks
Net Revenues 16,656 20,825 19,224 22,460 15 17
Gross Tax Revenue 20,804 24,612 21,634 24,230 4 12 Tax revenue growth is justified
Direct Tax 11,365 13,350 11,700 13,190 3 13
Corporation tax 6,635 7,660 6,105 6,810 -8 12
Income tax 4,730 5,690 5,595 6,380 18 14
Indirect tax 9,382 11,262 9,934 11,040 6 11
GST** 5,815 6,633 6,122 6,900 5 13 GST estimates are rational
States share at 30% and 32% of Gross Tax
Less: To States & Union Territories & NCCF 7,632 8,117 6,587 7,870 -14 19
Revenue
Net tax revenues 13,172 16,495 1,504 1,635 -89 9
Non tax revenues (incl dividend, interest) 2,357 3,132 3,455 3,850 47 11
INR 900 bn from incremental divestments
Non-debt capital receipts (incl divestment) 1,127 1,198 816 2,249 -28 176
of PSBs and financial enterprises
Revenue expenditure 20,074 24,478 23,510 26,320 17 12
Interest Payments 5,862 6,604 6,251 7,082 7 13 Interest Payments being major driver
Subsidies 2,229 3,389 2,636 2,621 18 -1 Subsidies have been rationalized
Food 1,019 1,842 1,086 1,155 7 6
Fertilizer 705 799 799 713 13 -11
Interest on Subsidies 226 250 259 281 15 8
Income Support Scheme 200 750 543 750 172 38
MGNREGA 610 600 710 615 16 -13 Increase in allocation in FY20
Capital Expenditure 3,077 3,385 3,480 4,120 13 18
Total Expenditure 23,151 27863 26,990 30,440 17 13 Healthy Expenditure growth maintained
Fiscal deficit -6,495 -7,038 -7766 -7,980
Fiscal % of GDP -3.4% -3.3% -3.8% -3.5%
Nominal GDP# 190112 211006 204442 224894 7.5 10.0 Nominal GDP for FY21 at 10%

3
RECEIPTS

4
Direct Taxes Estimates Seem Realistic
Income Tax Collections Growth in line with historical average Corporate Tax Collections Too Achievable
30.0 7000 35
IDS 1 and 2
30
25.0 6000
Corporate Tax Cut
25
5000
20.0 20

INR Billion
4000
% YoY

15.0 15

% YoY
3000
10
10.0
2000
5
5.0 1000 0

0.0 0 -5

FY20RE

FY21BE
FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19
-10

FY20RE

FY21BE
FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19
Income Tax Gross Collections Income Tax- YoY
10 Year Averge Growth Corporate Tax Collections NSE 500 PBT Growth

Source: Budget Documents, Edelweiss Professional Investor Research

● Income Tax Buoyancy of 2.8 is in line with historical averages. Income taxes collections had shot up post Income
Declaration Scheme 1 and 2 increasing compliance. The growth has normalised post that. For FY20, Income tax growth
is projected at 18%, which could be a little on the higher end.
● Corporate Tax collections is expected to grow at healthy 11.5% as Corporate Profitability revives. Historically, dent
from tax rate cuts normalize a year after and therefore the numbers are largely in line.

5
Tweak In Income Tax Rates A Nudge Towards DTC

Tax Slab Old Tax Rate* New Tax Rate**

0-2.5L 0 0 As per our calculations, a median

tax payer with income of INR 15
lakhs a year could save around
2.5-5L 5 5 75000 under the new regime.
However, under the old regime
with exemptions and with base
5-7.5L 20 10 case exemptions availed at INR 4
lakhs( INR 1.5 lakhs under 80C, 50K
7.5-10L 20 15 under NPS and HRA at INR 2 lakhs),
the savings could be about INR
80K-120K(depending on highest
10-12.5L 30 20 bracket being 20% or 30%).
Therefore, the shift to the new
regime may not play out entirely
12.5-15L 30 25 and the cost to fisc could be much
lesser than the budgeted INR 400
bn
15L+ 30 30
Source: Budget Documents, Edelweiss Professional Investor Research
*Exemptions Allowed
**No Exemptions

6
Disinvestments Targets To Boost Revenue
Disinvestments To Be The Key Needle Mover For Revenues
2100 2100

1600 The disinvestments targets look

aggressive. Apr-Dec FY20, GoI
has mopped up INR 181 bn in
disinvestments. For FY21, it is
INR Billion

1100
1050 pegging disinvestment receipts
at INR 2100 bn, of which INR
650 900bn is expected to be from
600 disinvestments in PSBs and
Financial enterprises. Few large
deals such as BPCL, LIC IPO could
help GoI achieve this number
100
FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21BE
-400
Achieved Disinvestments Budgeted Disinvestments

*Source: Budget Documents, Edelweiss Professional Investor Research

7
Expenditure – Robust Growth

8
Growth In Expenditure Higher Than The Nominal GDP
Expenditure Growth Healthy Ratio of Revenue To Capital Expenditure shows improvement in
16 quality

16 18

15 17

15 16

14 15
%

14 14

%
13 13

13 12

12 11
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
RE BE 10
Expenditure (% GDP)-RHS FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
RE BE
Capex/Revex

• Expenditure Growth of 16% in FY20 and 13% in FY21 is above the past 5 year average of 10% and Nominal GDP
growth for the respective years, indicating government’s intent to not cut expenditure drastically, amidst the
slowdown.
• Also, Quality of Expenditure hasn’t been compromised. Capex has pegged a growth of 18% for FY21, higher than the
last 5 year averages.
*Source: Budget Documents, Edelweiss Professional Investor Research

9
Expenditure on Salaries and Pensions Witnesses An Uptick
Significant Uptick In Outlay Of Salaries and Pensions
3.5

2.5
INR Trillion

1.5

0.5

0
FY15 FY16 FY17 FY18 FY19 FY20 BE FY20 RE FY21 BE

Salaries Pensions

• Expenditure on Salaries and Pensions are expected to grow 28% YoY and 14% YoY respectively. There are about 3.5
million Central Government Employees and increase in pay and allowances could spur consumption.

*Source: Budget Documents, Edelweiss Professional Investor Research

10
Interest Costs See A Jump
Interest Payments See a Sharp Rise

25% 7.0%

6.0%
20%
5.0%

15%
4.0%

% GDP
% YoY

3.0%
10%

2.0%
5%
1.0%

0% 0.0%
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 RE FY21 BE

Interest Payments YoY Interest Payments as % GDP-RHS

• With Debt to GDP at about 69%, interest payments account for about 3.2% of GDP.

*Source: Budget Documents, Edelweiss Professional Investor Research

11
Expenditure On Key Rural And Social Schemes Maintains The Pace
Interest Payments See a Sharp Rise
FY2019
Scheme FY17 FY2018 RE FY20 BE FY20 RE FY21BE
A
INR BN

MGNREGA
482 552 611 600 710 600
Fertilizer Subsidy 663 665 701 800 799 713
Food Subsidy 1000 1000 1000 1000 1086 1155
Pradhan Mantri Awas Yojna (PMAY) 210 312 264 259 253 275
Pradhan Mantri Gram Sadak Yojna 179 169 155 190 140 195
Interest Subsidy for Short Term Credit to Farmers 134 130 150 180 178 211
Crop Insurance Scheme 111 94 130 140 136 156
Pradhan Mantri Krishi Sinchai Yojna 51 66 83 95 78 111
National Social Assistance Progam 89 87 89 92 92 91
National Rural Drinking Water Mission 60 70 55 100 100 115
National Health Mission 229 320 312 336 342 341
Deen Dayal Upadhyaya Gram Jyoti Yojna 30 50 38 41 41 45
Income Support Scheme - 200 750 543 750
Total 3,237 3,515 3,787 4,582 4,498 4,758
As % of Total Expenditure 16.4% 16.4% 15.4% 16.4% 16.7% 15.6%
As % of Nominal GDP 2.1% 2.1% 2.0% 2.2% 2.2% 2.1%
Total Exp 19752 21420 24572 27863 26990 30440
Nominal GDP 153624 170950 190102 204422 204359 224794

*Source: Budget Documents, Edelweiss Professional Investor Research

12
Subsidies Have Been Rationalized
Expenditure on Subsidies See a Downward Revision Sharp Contraction in Revised and Budgeted Food Subsidies
30% 3.0%
2000

25% 1800
2.5%
20% 1600

1400
15% 2.0%
1200

INR Billion
10%
1.5% 1000
5%
800
0% 1.0% 600

-5% Fall in Oil Prices, DBT, 400

deregulation of fuel 0.5%
-10% 200

0
-15% 0.0%
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 RE BE
RE BE

Total Subsidies YoY Subsdies (% GDP)-RHS Actual Budgeted

• Food Subsidies continue to be drastically lower than the budgeted indicating FCI debt is here to stay.

*Source: Budget Documents, Edelweiss Professional Investor Research

13
Sources of Borrowing

14
Sources Of Borrowing
Gross Market Borrowings Constant In FY20 Despite Increase In As Borrowings From Small Savings Increase
Fiscal Deficit 2.50
8.00

2.00
7.50

7.00
1.50

INR Trillion
INR Trillion

6.50

1.00
6.00

5.50 0.50

5.00
0.00
FY20RE
FY14

FY15

FY16

FY17

FY18

FY19

FY20BE

FY21BE

FY20RE
FY14

FY15

FY16

FY17

FY18

FY19

FY20BE

FY21BE
Gross market borrowings Gross fiscal deficit
Receipts from small savings, PPF and deposit scheme-RHS

• Since Gross Market Borrowings have been maintained at INR 7. 1 lakh cr, same as budgeted, the incremental pressure
on GSEC yields will be muted.
*Source: Budget Documents, Edelweiss Professional Investor Research

15
In Conclusion

• Maintaining of healthy expenditure numbers, coupled with a pickup in Capital Expenditure is positive.
Historically, expenditure growth higher than Nominal GDP has been positive for markets.

• Despite the fiscal slippage, Gross Market Borrowings have not increased and are same as budgeted INR
7.1 trillion. Therefore, incremental pressure on GSECs will be muted. With RBIs Open Market Operations
and ‘Operation Twists’, GSECs could continue to head downwards.

• The income tax tweak is a nudge towards DTC but does not materially benefit the taxpayer.
Consequently, the total hit to the fisc at INR 400 billion could be much lesser

• The budget has laid the path for FY21. However, like the past year, more reforms will be expected in
subsequent announcements.

16
Key Announcements

17
Dividend Distribution Tax Is Removed

Buybacks and Dividends Are A Factor Of Taxes • Currently, when companies pay dividend, they are
250000
required to pay Dividend Distribution Tax (DDT) on the
dividend paid at the rate of 15% plus applicable
surcharge and cess.

200000 • Effectively companies have to pay more than 20% tax

to pay dividends which are already paid out of post tax
profits. This leads to double taxation.
Tax on Dividend
150000 introduced in FY16… • Further, non-availability of credit of DDT to most of the
foreign investors in their home country results in
INR Crores

reduction of rate of return on equity capital for them.

100000 • WEF from AY21, DDT has been abolished. Thus,
companies no longer have to pay tax when giving
dividends. This will now lead to a higher dividend pay-
50000 out or higher retained profits for corporates.
… causing buybacks
to increase • Further, in order to remove the cascading effect, the
dividend received by holding company from its
0 subsidiary will also be allowed deduction. This will be
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19

beneficial for holding companies.

Buyback Dividend

Source: ACE Equity, Edelweiss Professional Investor Research

18
INR 1.7 lakh cr Expected To Spend On Transportation Infra Development

NHAI’s budgetary spend maintained at higher level Outlay for Rural roads has seen significant jump of 39% in FY21E
120,000
19,500
100,000
16,862
15,414
80,000 14,070

60,000

40,000

20,000

0 FY18 FY19 FY20 (R) FY21 (B)

FY16 FY17 FY18 FY19 FY20 FY21
(revised) (budgeted) PMGSY outlay (INR Cr)

Budgetary allocation (INR cr) IEBR (INR Cr)

*Source: Budget Documents, Edelweiss Professional Investor Research

GBS increased for NHAI; However

IEBR reduced by INR 10,000 cr

19
Railways And Urban Infra Got Required Attention

Capital Outlay on Central Railways rose by 3% in FY21E Budget AMRUT & SMART City Capital Outlay in expected to increase in
180,000
FY21E
16000
160,000
14000
140,000
120,000 12000

100,000 10000
80,000
8000
60,000
40,000 6000

20,000 4000
0
2000
FY17 FY18 FY19 FY20 (R) FY21 (B)
0
Budgetary allocation (INR cr) IEBR (INR Cr) FY18 FY19 FY20 (R) FY21 (B)

*Source: Budget Documents, Edelweiss Professional Investor Research

Thrust on PPP on across Infra building

Spending on Metro projects are expected to ● Hospitals

increase to ~INR 18,300 cr. ● Airport
● Inline Waterways

20
Higher Spending On Housing And Urban Infra To Benefit Cement Demand

Outlay for PMAY surged by 9% YoY in FY21E Metro Projects outlay remained flat remained elevated
35,000 19,000

18,500
30,000
18,000

25,000 17,500

17,000
20,000

16,500

15,000
16,000

10,000 15,500

15,000
5,000
14,500

0 14,000
FY18 FY19 FY20R FY21B FY18 FY19 FY20R FY21B

PMAY outlay (INR Cr) Metro Projects outlay (INR Cr)

*Source: Budget Documents, Edelweiss Professional Investor Research

21
Sectoral Impact
Sector Key Announcements Winners/Losers

Revision in Income Tax slabs Positive for Hero Moto Corp, Bajaj Auto, TVS Motor and Maruti Suzuki

Allocation for under FAME increased to INR 693 cr from Positive for OEMs involved in manufacturing of EVs (Bajaj Auto, TVS Motor,
INR 500 cr Maruti Suzuki, Tata Motors and M&M)

Automobile
CBU Commercial Evs (25% to 40%)
SKD of Electric PV, 3W (15% to 30%)
Positive for OEMs involved in manufacturing of EVs (Bajaj Auto, TVS Motor,
SKD of Electric Bus, Trucks and 2W (15% to 25%)
Maruti Suzuki, Tata Motors and M&M)
CKD of Electric vehicles in PVs, Bus, Trucks, 2W and 3W
categories (10% to 15%)

Allocation increased from Rs 62,500 crs to Rs 69,000 crs. Overall positive.

Healthcare Amount proposed for Ayushman Bharat is at Rs 6,400 crs,
flat Vs previous year. Players : No direct beneficiaries

Medical Devices
Import cess Domestic players, no major listed players

22
Sectoral Impact
Sector Key Announcements
New income tax regime will allow income tax calculation
at lower tax slabs, however one has to forego tax
exemptions used for tax calculations in the earlier regime.
Life Insurance and
This could have possible impact on sales of
Health Insurance
investment/insurance products where tax exemptions are
available (like life insurance products and health insurance
products).
Anti dumping duty on Purified Terephtalic Acid (PTA)
originating from PRC, Indonesia, Taiwan, Iran, Malaysia,
Korea RP and Thailand is being removed
Chemicals
BCD moved upwards to 7.5% for following chemicals -
Carbon Black, Sulphur, Hydrogen, Ammonia, Halogens,
polymers of styrene, ethylene and propylene
Winners/Losers
As highlighted in the earlier section, we do not expect significant switches
to the new tax regime and hence the impact on life/health insurance
product sales may be marginally negative.
Improving awareness towards insurance products for risk cover, and a
larger share of allocation in ULIPs coming from tax payers in higher tax
brackets, who may not have much incentive to move to new regime, will
offset negative impact. Additionally, even in the absence of deductions
with respect to health insurance premium, significant out of pocket
healthcare costs would be an enabler for health insurance sales.
Further, strengthening of pension system in the country will enable further
inflows to the NPS, where leading life insurance companies are key fund
managers.
This could have a marginally negative impact for domestic producers.
However, this will potentially benefit players in downstream industries of
PTA - like in textiles and packaging films (BOPP and BOPET).
Positive for Carbon Black manufacturers like Phillips Carbon Black Ltd,
Himadri Speciality Chemicals Ltd, and synthetic rubber manufacturer
Apcotex Ltd
23
Sectoral Impact
Sector Key Announcements Winners/Losers
In order to boost supply of affordable housing, tax holiday
is provided on profits earned by the developers on Winners - L&T Finance, Piramal Enterprises, LIC housing Finance
projects approved as affordable by March 31, 2021.
NABARD refinance scheme: Agri credit target at INR 15 lac
cr up from INR 12 lac cr. Beneficial for agri credit giving Winners - M&M Finance, L&T Finance, PSU Banks
NBFCs.
To provide liquidity to stressed NBFCs, govt had
formulated partial credit guarantee scheme. To further
this support of providing liquidity, a mechanism would be Winners- Most of the NBFCs/HFCs
devised. Government will offer support by guaranteeing
securities so floated.
Govt. to divest partial stake in LIC via IPO
Financial Sector
NA

Govt. to sell balance stake in IDBI Bank (~47%) to private

Winner - IDBI Bank
investors.
Gift city to set-up international bullion exchange. Marginal impact on MCX
Govt. has already infused over INR 3.5tn in PSU banks.
Govt. further encourages PSU banks to approach capital
Neutral for PSU banks
markets for fund raising. No recapitalization from the
government
Deposit insurance cover hiked to INR 500,000/account
Neutral. However overall very positive for industry
from earlier INR 100,000/ account

24
Sectoral Impact
Sector Key Announcements Winners/Losers
Proposed change in personal income tax, substantial tax benefit will
Consumption accrue to a taxpayer depending upon exemptions and deductions Neutral impact on consumption sector
claimed by him

1. Hike in Custom Duty on Fans, Compressor of AC & Refrigerator

Item Earlier BCD New BCD
Wall fans 7.50% 20%
Railway Carriage Fans 7.50% 20%
Winner - Crompton Greaves Consumer, Orient Electric, Amber
Enterprises, Dixon Tech
Consumer Durable Ceiling, roof fans 10% 20%
Compressor of AC, Refrigerator 10% 12.50% Marginal impact on Voltas, Blue Star
2. Provide cost advantage and more investment to encourage
manufacturing of mobile phones, semi conductor packaging and
electronic equipment

1. INR 3.6 lakh crore for Jal Jeevan Mission has been approved;
Plastic Pipe Winners - Finolex Ind, Supreme Ind, Astral Poly, Prince Pipe
provided budget of INR 11,500cr for FY21
India imports technical textiles worth US$ 16 billion every year. To
boost domestic manufacturing, the government has proposed a
Textiles National Technical Textiles Mission with a four-year implementation Winners – Welspun India and Arvind Ltd.
period from 2020-21 to 2023-24 at an estimated outlay of INR 1480
crore.

The government wishes to have digital connectivity at a Gram

Panchayat level. For this, the government proposes Fibre to the Home
Telecom (FTTH) connections through Bharatnet (INR 6000 Cr program in FY20- Winner - Sterlite Tech
21) which will link 100,000 gram panchayats this year.

Propose to raise excise duty, by way of National Calamity Contingent Marginal negative for ITC & Godfrey Phillips India
Tobacco Duty on Cigarettes and other tobacco products

25
Sectoral Impact
Sector Key Announcements Winners/Losers

● Infrastructure Financing
● INR 22,000 crore has already been provided as equity, as
support to Infrastructure Pipeline out of INR 102 lakh cr plan
that has been laid out.
● Infrastructure Finance Companies such as IIFCL and a
subsidiary of NIIF would leverage this equity to create
financing pipeline.
Winners: L&T, NCC
● Specified categories of government securities would be
opened for non-resident investors.
● Limit of FPI investment on corporate bonds increased from 9%
to 15%, this will allow foreign investment to come in Indian
infrastructure.
Infrastructure ● Govt. gave a target to monetise twelve lots of highway bundles
of over 6000 Km before 2024.

● Roads & Highways

● Capital outlay for roads has reduced by 4% to INR 1.07 lakh cr.
Within this allocation b/w Budgetary/IEBR is 40%/60%.
● FASTag mechanism has significantly raised toll collections
which can improve value of road assets Highway construction company’s like KNR const, PNC infra, HG
● Water: One hundred more airports would be developed by infra stand to lose due to lower capital allocation for road sector.
2024 to support Udaan scheme.
● Airways: The Jal Vikas Marg on National Waterway-1 will be
completed. Further, the 890 Km Dhubri-Sadiya connectivity will
be done by 2022.

26
Sectoral Impact
Sector Key Announcements Winners/Losers
● Others
● It is proposed to set up Viability Gap funding window for
setting up hospitals in the PPP mode.
● It is proposed to develop five new smart cities in collaboration
Infrastructure Winners: PSP Projects, NCC, L&T
with States in PPP mode.
● GIFT City would set up an International Bullion exchange(s) in
GIFT-IFSC as an additional option for trade by global market
participants.
● PMAY: Budget for Awas Yojana has been increased by 9% YoY
to INR 27,500 cr. As housing sector contributes to 65% of
cement demand, affordable housing would be an important
driver going forward.
● Metro: Budget for metro (under urban infra) has been
Cement Winners: Ultratech, JK Cement
increased marginally by 1% YoY to INR 18,382 cr. It is
completely funded by IEBR sources.
● Airways: The Jal Vikas Marg on National Waterway-1 will be
completed. Further, the 890 Km Dhubri-Sadiya connectivity will
be done by 2022.

● The existing 25% BCD on Raw sugar has been abolished upto
an aggregate of 0.3 MT (Million Tonnes) of total imports.
Sugar ● We believe that this should not have any major impact on the Winners: Balrampur Chini
sugar sector primarily due to the small volume of imports
allowed.

27
Edelweiss Broking Limited, Edelweiss House, Off, CST Road, Kolivery Village, MMRDA Area, Kalina, Santacruz East,
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Vinay Khattar VINAY

Digitally signed by VINAY KHATTAR
DN: c=IN, o=Personal, postalCode=400072,
st=Maharashtra,
2.5.4.20=87db74ffb17a70c89e8519a4d13e40e93c

Head Research 4bcaba1a64d00f3c841d2fee3fa678,

KHATTAR
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Date: 2020.02.02 13:52:31 +05'30'

28
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