Report as on 28 July 2022 at 12:20 AM

GHCL
SYNGENE INTL. High Management Efficiency
Low Debt
Poor Growth in Long Term Net Sales
Outstanding Results in Mar 22
Negative Results in Jun 22
Bullish Technical Trend
Mildly Bearish Technical Trend
Very Expensive Valuation
 You Can Choose to Switch from Syngene Intl.
TO

GHCL

WHY SELL Syngene Intl. WHY SWITCH TO GHCL

27 Strong Sell Strong Buy 82

Strong Sell Sell Hold Buy Strong Buy Strong Sell Sell Hold Buy Strong Buy

Poor long term growth as Net Sales has grown by an
annual rate of 12.98% and Operating profit at 8.91%
over the last 5 years
The company has declared negative results in Jun'2022
after 1 consecutive positive quarters
-PAT(Q) At Rs 73.90 cr has Fallen at -29.7 %
-OPERATING CF(Y) Lowest at Rs 582.20 Cr
-PBT LESS OI(Q) Lowest at Rs 77.30 cr.
Stock is technically in a Mildly Bearish range
-The technical trend has deteriorated from Sideways on
20-Jul-22 and has generated -4.67% returns since then
-A key technical factor - KST has been Bearish since 20 Jul
2022
With ROE of 12.8, it has a Very Expensive valuation
with a 7 Price to Book Value
-The stock is trading at a discount compared to its average
historical valuations
-Over the past year, while the stock has generated a return
of -6.17%, its profits have risen by 5.7% ; the PEG ratio of
the company is 10.5
Underperformed the market in the last 1 year
-Even though the market (BSE 500) has generated returns
of 4.88% in the last 1 year, the stock has hugely
underperformed and has generate negative returns of -
6.17% returns
High Management Efficiency with a high ROCE of
20.08%
Strong ability to service debt as the company has a low
Debt to EBITDA ratio of 1.12 times
With a growth in Net Profit of 144.08%, the company
declared Outstanding results in Mar 22
-The company has declared positive results for the last 6
consecutive quarters
-ROCE(HY) Highest at 23.22 %
-DEBT-EQUITY RATIO(HY) Lowest at 0.26 times
-OPERATING PROFIT TO INTEREST(Q) Highest at 22.15
times
Stock is technically in a Bullish range
-The technical trend has improved from Mildly Bullish on
26-Jul-22 and has generated 2.87% returns since then
-Multiple factors for the stock are Bullish like MACD,
Bollinger Band, KST, DOW and OBV

YOU HAVE 2 OTHER CHOICES

Across Large Cap Across the Market

Coal India
Coal India Blue Dart Expres Blue Dart
Syngene Syngene Expres
Intl. Intl.
Get Switcher Report Get Switcher Report

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BEFORE PROCEEDING AHEAD

This Real-Time Switcher Service is only for PAID
SUBSCRIBERS of www.marketsmojo.com

This Real-Time Switcher Report was generated on

28th July, 2022 at 12:20 AM, and may not be valid
if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

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WHY TO CONSIDER SWITCH

FROM
Syngene Intl.

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GROWTH

POOR LONG TERM GROWTH AS NET SALES

HAS GROWN BY AN ANNUAL RATE OF
12.98% AND OPERATING PROFIT AT 8.91%
OVER THE LAST 5 YEARS

Poor Growth in Net Sales 3000Cr

2,654
of 13.0% CAGR
13.0%
2,357

2,011
Company has experienced an increase
CAGR in its Net Sales in each of the past 5
2000Cr 1,840
1,538
consecutive years 1,200

Company’s Net Sales growth has 1000Cr

increased in each of the past 5
consecutive years
Net Sales has seen a high growth of 0Cr
12.6% over previous period Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022

Poor Growth in Operating 600Cr

Profit of 8.9% CAGR

8.9%
482
429
Company has experienced an increase
CAGR in its Operating Profit in each of the
400Cr 372 381

past 5 consecutive years 270 272

Company’s Operating Profit growth 200Cr

has increased in each of the past 5
consecutive years
Operating Profit has seen a high 0Cr
growth of 12.35% over previous Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022

period

Net Profit of 7.3% CAGR 600Cr

7.3% Company has experienced an increase

in its Net Profit in each of the past 5 394
417

CAGR consecutive years

400Cr
336 343
309
287
Company’s Net Profit growth has
increased in each of the past 5 200Cr
consecutive years

0Cr
Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022

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FINANCIAL TREND

THE COMPANY HAS DECLARED NEGATIVE

RESULTS IN JUN'2022 AFTER 1
CONSECUTIVE POSITIVE QUARTERS
Near term PBT trend is negative 164.4

Rs 77.3 cr PBT less Other Income (Rs Cr)

Lowest at Rs 77.30 cr. 115.5
100
PBT - Quarterly in the last five quarters 82.4 77.3

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022

Near term PAT trend is very

-29.7% negative 147.8

PAT (Rs Cr) 104

PAT Growth At Rs 73.90 cr has Fallen at -29.7 %
91.61
77.3 73.9
over average PAT of the previous four quarters of Rs
105.18 Cr

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022

The company's cash revenues 677.4 698

Rs 582.2 from business operations are 582.2

falling
cr Operating Cash Flows (Rs Cr)
Operating Cash Lowest at Rs 582.20 Cr
Flow- Annually in the last three years

Mar 2020 Mar 2021 Mar 2022

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FINANCIAL TREND

Increased income from non

Rs 15.5 cr business activities may not be 15.5
14.7

sustainable 12.3 12.9 12.9

Non Operating
Non Operating Income
Income -
Highest at Rs 15.50 cr
Quarterly
in the last five quarters

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022

Jun'22 Mar'22 Change%

Net Sales 644.5 758.1 -15.0%
Key Operating Profit (PBDIT) excl Other Income 172.8 250.3 -31.0%
Result Interest 9.4 5.6 67.9%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 73.9 147.8 -50.0%
Operating Profit Margin (Excl OI) 26.8 33.0 -6.2%
Consolidate- figures in Rs
Cr

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TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BEARISH RANGE
Mildly Bearish Daily Moving Averages indicating near term price weakness
Current Price 50 Day Moving Average 200 Day Moving Average

575.25 559.84 581.28

Factors with downward momentum

Indicator Technical Trend
MACD Mildly Bearish (monthly)
Bollinger Band Mildly Bearish (weekly)
Bollinger Band Mildly Bearish (monthly)
KST Bearish (weekly)
KST Mildly Bearish (monthly)
Dow Theory Mildly Bearish (monthly)

Underperformed the market in the last 1 year

3 Months 1 Year 3 Years
84.70%
4.88%
56.10%
-3.36%

-7.13%
-6.17%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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VALUATION

WITH ROE OF 12.8, IT HAS A VERY

EXPENSIVE VALUATION WITH A 7 PRICE TO
BOOK VALUE
Expensive

Very Expensive Lupin

Syngene Intl.

valuation
Glaxosmi.
Laurus
Ipca Labs.
Pharma
Labs

Valuation

as compared to its Fundamentals

Attractive
Weak Fundamental Strong

Price to Book Value vs ROE

Attractive 24 12
Fundamental

Valuation
as compared to its 12 7.2

past valuations 0 2.4

7

2
18

19

20

21
01

01

01

02

02

02
20

20

20

20
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Syngene Intl. Very Expensive 7 55.3 10.5 0.2%
Valuation
Multiples Lupin Risky 2.4 -19 0 1.6%
vs Peers Laurus Labs Expensive 8.2 33.3 0 0.4%

Ipca Labs. Expensive 4.6 28.3 0 0.4%

Glaxosmi. Pharma Expensive 9.2 14.7 0.1 6.2%

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RETURNS

UNDERPERFORMED THE MARKET IN THE

LAST 1 YEAR
Even though the market 200%
(BSE 500) has generated
returns of 4.88% in the last 100%

1 year, the stock has

-6.17% hugely underperformed 0%

DOWN and has generate -100%

negative returns of -6.17%

Ja 1 9

O 20

Se -2 1

Ja 2 1
Fe 2 0
Se -1 9

Au 0

2
Au 21
Ap 21
D -2 0

Ju 2 1
M 20

M 22
M -2 0

M -2 2
N 19

Ju 0

N 21

Ju 2
returns

l- 2

l- 2
-2

-2
-

g-

-
-

n-
b-
r-
n-

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p-

p-
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Syngene International Ltd BSE500

Inconsistent Performance against Large Cap

companies
Syngene International Ltd has not been a
consistent performer in the YTD

3rd
Quartile
4th
Quartile
1st
Quartile
Stock has been in the 4th quartile in 2021
and in 3rd in YTD period

YTD 2021 2020

-7.19% -3.10% 98.91%

Company 1 Month 3 Month 1 Year 3 Years

Syngene Intl. 1.14% -7.13% -6.17% 84.7%

Return
Comparison Sun Pharma.Inds. 7.12% -1.14% 30.16% 103.62%
with Peers Divi's Lab. 3.06% -16.22% -21.02% 127.42%
Closest peers by Cipla 4.5% -0.32% 6.68% 82.97%
market cap
Dr Reddy's Labs -0.74% 5.12% -11.54% 58.46%

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COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Syngene International Limited is an internationally reputed custom research and
INDUSTRY : Pharma manufacturing organisation, which supports R&D programs from lead generation
to clinical supplies. The company was promoted by Biocon and Kiran Mazumdar
Shaw, a promoter of Biocon Limited. The company was formed with objectives of
22,886 cr (Large Cap) providing contract research service to overseas customer in the field of synthetic
chemistry, molecular biology and custom synthesis.

Part of NIFTY FREE

MIDCAP 100

Board of Directors
Kiran Mazumdar Shaw Chairperson

John Mccallum Marshall Non Executive Director

Shaw
Non Executive Director
Catherine Patricia
Independent Director
Rosenberg
Independent Director
Paul Frederick
Blackburn

Vijay Kuchroo

5 more board of directors

Company Coordinates

Company Details: Registrat Details:

Biocon Sez, Biocon Park, No 2 & 3, Bommasandra, Industrail Karvy Computershare Pvt Ltd., Karvy Selenium, Tower-B Plot
Area, Iv Pahse, Jigani Link Rd Bengaluru Karnataka : 560099 No 31 & 32, Survey No 116/22, 115/24, 115/25, Financial
Tel: 080-28082037 District, Nanakramguda, Serilingampally, Mandal Ranga
Fax: 080 - 28523423 Reddy Dist, Hyderabad
Email: investor@syngeneintl.com
Website: www.syngeneintl.com

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Why Switch to GHCL Report as on 28 July 2022 at 12:20

AM

WHY SWITCH TO
GHCL

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AM

MANAGEMENT RISK

HIGH MANAGEMENT EFFICIENCY WITH A

HIGH ROCE OF 20.08%

ROCE
The company has been able to generate a Return on Capital
20.08% ROCE
Employed (avg) of 20.08% signifying high profitability per unit
of total capital (equity and debt)

Dividend Payout Ratio

An average Dividend Pay-out ratio of 16.02% may signify the
16.02%
Dividend Payout Ratio
company is not able to payback profits to shareholders at this
point

Tax Ratio
High Tax Ratio signifies that the profits generated by the
26.19% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes

Institutional Holding
High Institutional Holdings at 34.50%- These investors have
34.50%Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors

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CAPITAL STRUCTURE

STRONG ABILITY TO SERVICE DEBT AS THE

COMPANY HAS A LOW DEBT TO EBITDA
RATIO OF 1.12 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Mar 2022 789.02 0.36
Company’s average Debt to Equity ratio over the past few years Mar 2020 832.70 0.79
is low at 0.36 times
Mar 2019 938.01 0.99
No clear trend in Debt to Equity Ratio numbers Mar 2018 1,109.34 1.15

Total Debt Debt to EBITDA Ratio

Low Debt to EBITDA Ratio Mar 2022 789.02 1.12
Company’s average Debt to EBITDA ratio over the past few Mar 2020 832.70 1.58
years is low at 1.23 times
Mar 2019 938.01 1.8
No clear trend in Debt to EBITDA Ratio numbers Mar 2018 1,109.34 2.1

Total Debt EBIT to Interest

Healthy EBIT to Interest Mar 2022 789.02 7.36
Company has healthy average EBIT to Interest ratio of 7.36 Mar 2020 832.70 4.5
times
Mar 2019 938.01 3.99
EBIT to Interest has seen a high growth of 75% over previous Mar 2018 1,109.34 3.39
period

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FINANCIAL TREND
Positive

WITH A GROWTH IN NET PROFIT

results for

OF 144.08%, THE COMPANY 6

DECLARED OUTSTANDING consecutive
quarters

RESULTS IN MAR 22

Near term PBT trend is positive 355.89

Rs 355.9 PBT less Other Income (Rs Cr)

Highest at Rs 355.89 cr.
cr in the last five quarters
204.41

146.57 134.94 124.08

PBT - Quarterly

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

Near term PAT trend is positive 271.27

Rs 271.3 PAT (Rs Cr)

Highest at Rs 271.27 cr.
cr in the last five quarters 111.14
162.88

102.61 109.95
PAT - Quarterly

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

Near term sales trend is positive 1 273.27

Rs 1,273.3 Net Sales (Rs Cr)

Highest at Rs 1,273.27 cr
1 004.76

cr
854.12 802.83
720.88
in the last five quarters
Net Sales -
Quarterly

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

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FINANCIAL TREND

The company's ability to manage

22.2 interest payments is improving 22.15

times Operating Profit to Interest 16.66

Highest at 22.15 times 11.67 11.17 11.13

Interest in the last five quarters
Coverage Ratio -
Quarterly
Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

The company has displayed

increased efficiency by generating 23.22
23.2% higher profit on overall capital 19.27
18.13
15.35
(equity and debt)
14.78
ROCE - Half
Yearly
ROCE (%)
Highest at 23.22 %
in the last five half yearly periods
Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022

The company has been reducing

0.3 times its borrowing as compared to 0.51
equity capital 0.37
Debt-Equity Ratio 0.32
Debt-Equity Ratio 0.28 0.26
- Half Yearly
Lowest at 0.26 times and Fallen
each half year in the last five half yearly periods

Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022

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FINANCIAL TREND

Near term Operating Profit trend

is positive
Rs 403.3 403.34

cr Operating Profit (Rs Cr)

Highest at Rs 403.34 cr. 249.1
190.76
Operating Profit in the last five quarters 185.56 168.68

- Quarterly

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

Company's efficiency has

31.7% improved 26.46
31.68

24.79
Operating Profit to Sales 21.73 21.01
Operating Profit Highest at 31.68%
Margin - in the last five quarters
Quarterly

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

Increasing profitability; company 28.45

Rs 28.5 has created higher earnings for

shareholders
cr
17.08

EPS (Rs) 11.7 10.8 11.53

Earnings per Highest at Rs 28.45
Share (EPS) - in the last five quarters
Quarterly
Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022

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FINANCIAL TREND

Company has been able to settle 17.15

17.2 its Debtors faster

12.08 11.77
times Debtors Turnover Ratio
Highest at 17.15 times
9.05 9.03

Debtors in the last five half yearly periods

Turnover Ratio-
Half Yearly
Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022

Mar'22 Mar'21 Change%

Net Sales 1,273.3 720.9 76.6%
Key Operating Profit (PBDIT) excl Other Income 403.3 190.8 111.4%
Result Interest 18.2 16.4 11.4%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 271.3 111.1 144.1%
Operating Profit Margin (Excl OI) 31.7 26.5 5.2%
Consolidate- figures in Rs
Cr

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TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

680.70 621.33 502.05

Factors with upward momentum

Indicator Technical Trend

MACD Bullish (monthly)

Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (monthly)
Dow Theory Bullish (weekly)
Dow Theory Bullish (monthly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years

13.31% 110.16% 213.33%

56.10%
-3.36% 4.88%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 34.09 % OF THE COMPANY
These investors have better capability and resources 50%

to analyse fundamentals of companies than most

38.14%
retail investors. 40% 37.00% 36.10% 35.35% 34.50% 34.09%

30%

20%

10%

0%
Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22

Non Institution
46.89%
Raising FIIs Confidence
FIIs have increased holdings this quarter and now hold 18.5% of the
company
FIIs
18.5%
Other DIIs
0.07%

Mutual Funds Promoters

12.6% 19.03%

FII
20% 18.50%
17.23%
16.61% 16.31%
holding has increased by 3.08%
15.42%
15%

Number of FIIs holding stake in the company has

increased to 143 from 101 10%

5%

0%
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022

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Why Switch to GHCL Report as on 28 July 2022 at 12:20

AM

MOJOSTOCK

PART OF MOJO STOCKS

Mojo Stocks are the highest rated stocks across thee market.
1% Less than 1% of the companies qualify as a Mojo Stock
For a company to Qualify as Mojo Stock it has to score highly across Mojo Parameters of
QUALIFY
Quality: Long Term Fundamental Performance
Valuation: Attractiveness of Stock Price at the current fundamentals
Financial Trend: Near term fundamental strength
Technicals: Price and volume momentum

Mojo Analysis of GHCL

NEAR TERM DRIVERS: VERY POSITIVE

QUARTERLY FINANCIAL TREND TECHNICALS

PAT (HY) At Rs 434.15 cr has Grown Technical trend turned Bullish

at 89.83 % from Mildly Bullish on 26 Jul 2022
Outstanding PBT less OI (Q) At Rs 355.89 cr has
at Rs 661.7 Bullish
Grown at 142.81 % Moving Averages (daily) turned
Bullish from Mildly Bullish on 07
PAT (Q) At Rs 271.27 cr has Grown at
Jul 2022 at Rs 615.8
144.1 %

LONG TERM DRIVERS: NEUTRAL

QUALITY VALUATION

Size - Ranks 15th out of 144 At the current stock price and
companies in Chemicals sector financial performance the stock
Good has Very Expensive valuation Very
Expensive

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property rights and a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

Why Switch to GHCL Report as on 28 July 2022 at 12:20

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RETURNS

MARKET BEATING PERFORMANCE IN

LONG TERM AS WELL AS NEAR TERM
Along with generating 400%
110.16% returns in the last
1 year, the stock has 200%

110.16% outperformed BSE 500 in

the last 3 years, 1 year 0%

UP and 3 months -200%

Ja 1 9

O 20

Se -2 1

Ja 2 1
Fe 2 0
Se -1 9

Au 0

2
Au 21
Ap 21
D -2 0

Ju 2 1
M 20

M 22
M -2 0

M -2 2
N 19

Ju 0

N 21

Ju 2
l- 2

l- 2
-2

-2
-

g-

-
-

n-
b-
r-
n-

n-
p-

p-
ov

ov
l

ec
ct
ar

ar
ay

ay
Ju
GHCL Ltd. BSE500

Inconsistent Performance against Mid Cap

companies
GHCL Ltd. has not been a consistent
performer in the YTD

1st
Quartile
2ndQuartile
3rd
Quartile
Stock has been in the 2nd quartile in 2021
and in 1st in YTD period

YTD 2021 2020

80.75% 83.53% 11.28%

Company 1 Month 3 Month 1 Year 3 Years

GHCL 17.93% 13.31% 110.16% 213.33%
Return Gujarat Fluoroch 20.74% 15.83% 101.56% -
Comparison
Aarti Industries 4.39% -13.7% -15.73% 84.86%
with Peers
Closest peers by Deepak Nitrite 1.2% -18.61% -3.8% 545.6%
market cap Solar Industries 2.06% 1.21% 71.01% 141.43%

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Why Switch to GHCL Report as on 28 July 2022 at 12:20

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COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

GHCL LTD (formerly Gujarat Heavy Chemicals) was promoted in October 14th,
INDUSTRY : Chemicals 1983 in the joint sector by the GIIC and the Dalmias, through their companies -
GTC Industries and Dalmia Dairy Corporation. The Company is engaged in
primarily two business segments consisting of Inorganic Chemicals (mainly
6,417 cr (Mid Cap) manufacture and sale of Soda Ash) and Home Textile division (comprising of yarn
manufacturing, weaving, processing and cutting & sewing of home textiles
products).

Board of Directors
Anurag Dalmia Vice Chairman

Neelabh Dalmia Executive Director

R S Jalan Managing Director

Bhuwneshwar Mishra Company Secretary

Raman Chopra Director (Finance) & CFO

6 more board of directors

Company Coordinates

Company Details: Registrat Details:

G H C L House, Opp Punjabi Hall, Navrangpura, Ahmedabad Link Intime India Pvt Ltd, C-13 Pannalal Silk Compound, L B S
Gujarat : 380009 Marg, Bhandup , Mumbai
Website: www.ghclindia.com Fax: 91-022-25946979/91-022-25960329
Email: helpdesk@linkintime.co.in

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This research report (“Report”) is for the personal information of the authorized recipients and is not for public
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from any inadvertent error in the information contained, views and opinions expressed in the research reports.

Investment in securities is subject to market risks. Past performance should not be construed as a guarantee for future
returns and no representation or warranty, express or implied, is made regarding future performance. Investments in
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The Company is also a SEBI registered Investment Advisor (“IA”). The Company and its associates do not own any
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