Dynamatic Technologies Ltd

Q2FY12 Result Update

Enhancing investment decisions

© CRISIL Limited. All Rights Reserved.
Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process –
Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental
grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The
valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to
grade 1 (strong downside from the CMP).

CRISIL Assessment CRISIL Assessment

Fundamental Grade Valuation Grade
5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)
4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)
3/5 Good fundamentals 3/5 Align (+-10% from CMP)
2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)
1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)

Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest
that can bias the grading recommendation of the company.

Additional Disclosure
This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT).

Disclaimer:
This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL
(Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for
any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without
any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes
investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold
any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this
Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be
reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or
published or copied in whole or in part, for any purpose.

© CRISIL Limited. All Rights Reserved.

Dynamatic Technologies Ltd
Depreciation and interest costs to dent FY12 PAT
November 29, 2011
Fair Value Rs 1131
Fundamental Grade 4/5 (Superior fundamentals)
CMP Rs 1089
Valuation Grade 3/5 (CMP is aligned)
CFV MATRIX
Industry Auto component
Excellent
Fundamentals

Dynamatic Technologies Ltd’s (Dynamatic’s) Q2FY12 revenues grew by 6.7%

5
q-o-q, higher than CRISIL Research’s expectations. The auto components

Fundamental Grade
business grew by ~4% q-o-q against our expectation of flat revenues. While
4
EBITDA margin improved q-o-q, it was lower than expected. The domestic auto
component segment continued to report loss at the EBITDA level, as in 3
Q1FY12. Depreciation and interest costs were much higher than expected
2
resulting in lower-than-expected PAT. We have revised our FY12 earnings
estimate downwards after factoring in lower EBITDA margin, higher 1
depreciation and interest costs. We maintain FY13 estimates and the
fundamental grade of 4/5. However, given the large acquisition by Dynamatic Poor 1 2 3 4 5
Fundamentals
in April 2011, there will be (a) integration risks, (b) higher susceptibility to
global economic downturn, (c) currency risks, and (d) higher gearing, which Valuation Grade
could impact the fundamental grade.

Downside
Strong

Strong
Upside
Q2FY12 result analysis
• Dynamatic’s Q2FY12 revenues were up 6.7% q-o-q to Rs 3,805 mn due to
strong growth in the hydraulics segment (~17% q-o-q growth, ~21% of KEY STOCK STATISTICS
gross revenues). On a y-o-y basis, revenues were up mainly due to the NIFTY 4851
acquisition of Germany’s Eisenwerk Erla GmbH (Eisenwerk) in April 2011. NSE DYNAMATECH
Face value (Rs per share) 10
• EBITDA margin improved by 188 bps q-o-q to 10.1%. Of this
Shares outstanding (mn) 5.4
improvement, ~160 bps came from a decline in raw material cost as
Market cap (Rs mn)/(US$ mn) 5,897/113
percentage of revenue. Impacted by lower margins of Eisenwerk, EBITDA
Enterprise value (Rs mn) /(US$ mn) 9,063/174
margin continued to be lower y-o-y (~550 bps decline in Q2FY12).
52-week range (Rs) (H/L) 1,594/944
• PAT margin was impacted by an 8.2% q-o-q increase in depreciation and
Beta 1.10
26.7% q-o-q increase in interest cost due to the debt taken for the
Free float (%) 45.4%
Eisenwerk acquisition. While PAT margin increased by 70 bps q-o-q, it
Avg daily volumes (30-days) 1295
declined by 240 bps y-o-y to 1.8%. Adjusted EPS of Rs 12.6 was up
Avg daily value (30-days) (Rs mn) 1.53
75.3% q-o-q and 31.1% y-o-y.
Earnings estimates – revised downwards SHAREHOLDING PATTERN
We have raised FY12 revenue estimate by 5.3% to Rs 14.9 bn after factoring 100%

in higher growth in the auto components business. After factoring in lower 90% 23.1% 21.6% 20.7% 21.2%
80%
profitability in the domestic auto component segment, we have lowered FY12 0.2% 0.2% 0.2% 0.2%
70%
EBITDA margin estimate by ~50 bps to 9.9%. After factoring in higher 21.5% 23.4% 23.9% 23.5%
60%
depreciation and interest costs, we have cut PAT estimate for FY12 by ~32%
50%
to Rs 259 mn (EPS of Rs 47.8). FY13 estimates are unchanged.
40%

Valuations: Current market price is aligned 30%

55.2% 54.8% 55.2% 55.1%

We continue to use the discounted cash flow method to value Dynamatic. We 20%
10%
remain positive on the long-term growth in Dynamatic’s cash flows and
0%
maintain the fair value of Rs 1,131 per share.
Dec-10 Mar-11 Jun-11 Sep-11
KEY FORECAST Promote r FII DII Others

(Rs mn) FY09 FY10 FY11 FY12E FY13E PERFORMANCE VIS-À-VIS MARKET
Operating income 4,126 4,447 5,016 14,908 15,880 Returns
EBITDA 506 676 821 1,471 1,909 1-m 3-m 6-m 12-m
Adj PAT 18 104 223 259 520 DYNAMATIC -9% 9% -16% 4%
Adj EPS-Rs 3.3 19.2 41.2 47.8 96.1 NIFTY -10% 2% -11% -16%
EPS growth (%) (92.3) 478.3 114.4 15.8 101.2
Dividend yield (%) 0.9 0.8 0.9 1.1 1.5 ANALYTICAL CONTACT
RoCE (%) 9.9 11.9 13.6 15.2 15.8 Chetan Majithia (Head) chetanmajithia@crisil.com
RoE (%) 2.2 9.4 17.7 18.0 30.0 Urmil Shah udshah@crisil.com
PE (x) 152.1 55.8 31.9 22.8 11.3 Suresh Guruprasad sguruprasad@crisil.com
P/BV (x) 2.6 4.9 5.3 3.9 3.0
EV/EBITDA (x) 10.5 12.0 12.5 9.1 6.8 Client servicing desk
+91 22 3342 3561 clientservicing@crisil.com
NM: Not meaningful; CMP: Current market price
Source: Company, CRISIL Research estimate

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1

 Dynamatic Technologies Ltd

Q2FY12 Result Summary

(Rs mn) Q2FY12 Q1FY12 Q2FY11 q-o-q (%) y-o-y (%) H1FY12 H1FY11 y-o-y (%)
Net sales 3,805 3,566 1,239 6.7 207.1 7,370 2,376 210.2
Consumption of Raw Materials 2,416 2,326 641 3.9 276.9 4,743 1,204 294.0
(Increase) / Decrease in stock in trade (8) (12) (20) (36.5) (60.7) (20) (30) (33.4)
Raw material as a % of sales 63.3% 64.9% 50.1% (159) bps 1,318 bps 64% 49% 1,471 bps
Other expenses 476 435 185 9.4 156.8 911 387 135.2
Employees Cost 537 524 239 2.4 124.2 1,061 465 128.2
EBITDA 384 293 193 31.1 98.5 676 351 92.6
EBITDA margin 10.1% 8.2% 15.6% 188 bps (551) bps 9.2% 14.8% (560) bps
Depreciation 107 99 59 8.2 81.9 205 122 68.7
EBIT 276.9 194.0 134.6 42.8 105.8 471 229 105.3
Interest and finance charges 182 143 65 26.7 180.0 325 128 154.9
Operating PBT 95 51 70 88.2 36.6 146 102 43.1
Other Income 4.1 3.6 14 12.5 (70.5) 8 16 (52.5)
Extraordinary Income/(expense) - - 15 NM NM - 15 NM
PBT 99 54 99 83.2 0.3 153 133 15.0
Tax 31 15 31 103.1 (1.1) 46 44 5.5
PAT 68 39 67 75.3 1.0 107 89 19.7
Adj PAT 68 39 52 75.3 31.1 107 74 44.7
Adj PAT margin 1.8% 1.1% 4.2% 70 bps (240) bps 1.5% 3.1% (166) bps
No of equity shares (mn) 5.4 5.4 5.4 - - 5.4 5.4 -
Adj EPS (Rs) 12.6 7.2 9.6 75.3 31.1 19.7 13.6 44.7
Source: Company, CRISIL Research

Revenue break-down trend

(Rs mn) Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12
Hydraulics 696 543 600 645 661 720 715 837
y-o-y growth 17.2% 1.0% 43.9% -1.5% -5.0% 32.5% 19.0% 29.6%
q-o-q growth 6.2% -22.0% 10.6% 7.5% 2.4% 8.9% -0.7% 17.1%
Aerospace 199 225 227 234 259 314 278 354
y-o-y growth na 639.3% 28.9% 24.0% 30.6% 39.5% 22.6% 50.9%
q-o-q growth 5.0% 13.5% 0.6% 3.3% 10.6% 21.2% -11.6% 27.2%
Auto 506 432 406 480 415 483 2,694 2,804
y-o-y growth 44.8% 8.3% -1.6% 16.1% -17.9% 11.8% 563.3% 484.3%
q-o-q growth 22.5% -14.6% -6.0% 18.1% -13.4% 16.2% 457.9% 4.1%
Inter-segment (198) (14) (96) (121) (98) (128) (121) (189)
Net Revenues 1,203 1,186 1,137 1,239 1,238 1,389 3,566 3,805
Source: Company, CRISIL Research

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 2

 Dynamatic Technologies Ltd

Q2 revenue growth driven by... ... growth in hydraulics and aerospace segments
(Rs mn) 100%
4,000 15.6% 16.5% 18%
90%
14.4% 16%
3,500 35.7% 38.7% 33.6% 34.8%
80% 42.1% 36.4%
12.4% 16.5% 14%
3,000
14.6% 70%
13.9% 10.1% 12%
2,500 75.5% 73.7%
10% 60% 21.0%
15.9% 19.9% 18.9% 22.6%
2,000 19.0%
8% 50%
1,500 8.2%
6% 40%
1,000 4%
1,044

1,203

1,186

1,137

1,239

1,238

1,389

3,566

3,805
30%
500 2% 57.9% 52.8% 52.1% 53.4% 51.8% 7.8% 9.3%
20% 45.8%
0 0%
10% 20.0% 22.0%
Q2FY10

Q3FY10

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12
0%

Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12

Net Sales EBITDA Margin (RHS) Hydraulics Aerospace Auto

Source: Company, CRISIL Research Source: Company, CRISIL Research

EBIT margin up q-o-q across all segments, PAT margin continued to be impacted by
aerospace being the best performer depreciation and interest costs
40% (Rs mn)
35.8%
32.1% 31.8% 90 7%
35% 6.0%
28.8% 30.6% 80
5.4% 6%
30%
24.1% 70
25% 27.7% 5%
60
3.6%
20% 3.4% 4%
50
15% 40 2.3% 3%
9.1% 1.9%
8.6% 7.6% 7.8% 1.8%
10% 6.9% 30
4.4% 5.1% 6.0% 2%
1.1%
5% 8.6% 20 0.8%
6.3% 1%
5.1% 3.6% 10
0% 2.8% -5.9% 3.0% 28 22 67 45 83 39 68
2.5% 9 41
0.0% 0 0%
-5%
Q2FY10

Q3FY10

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12
-10%
3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 Q1FY12 Q2FY12

Hydraulics Aerospace Auto PAT PAT Margin (RHS)

Source: Company, CRISIL Research Source: Company, CRISIL Research

Share price movement Fair value movement since initiation

400 (Rs) ('000)

1,750 150
350
1,500 125
300
1,250
250 100
1,000
200 75
750
150 50
500
100 25
250
50
0 0
0
15-Feb-11

16-May-11
20-Dec-10

16-Mar-11

11-Jul-11

08-Sep-11
19-Nov-10

17-Jan-11

15-Apr-11

13-Jun-11

08-Aug-11

07-Oct-11

08-Nov-11
Jun-11

Nov-11
Feb-09

Feb-10

May-10
Jul-09

Sep-09

Dec-09

Jul-10

Dec-10

Mar-11
Apr-09

Oct-10

Aug-11

Dynamatic NIFTY Total Traded Quantity (RHS) CRISIL Fair Value Dynamatic
-indexed to 100
Source: NSE, CRISIL Research Source: NSE, CRISIL Research

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 3

 Dynamatic Technologies Ltd

EARNINGS ESTIMATES REVISED DOWNWARDS

FY12E FY13E
Particulars Unit
Old New % change Old New % change
Revenue (Rs mn) 14,158 14,908 5.3% 15,880 15,880 0.0%
EBITDA (Rs mn) 1,471 1,471 0.0% 1,909 1,909 0.0%
EBITDA margin % 10.4 9.9 -52bps 12.0 12.0 0bps
Depreciation (Rs mn) 343 413 20.5% 441 441 0.0%
Interest cost (Rs mn) 568 679 19.5% 700 700 0.0%
Other income (Rs mn) 12 12 0.0% 20 20 0.0%
PAT (Rs mn) 378 259 -31.6% 520 520 0.0%
PAT margin % 2.7 1.7 -94bps 3.3 3.3 0bps
EPS Rs 69.8 47.8 -31.6% 96.1 96.1 0.0%
Source: CRISIL Research

Reasons for change in estimates

Line item FY12 FY13
Revenues • Increased revenue estimate for Eisenwerk, thereby for Dynamtic’s auto components No change
segment. This has resulted in 5.3% increase in the overall revenue forecast.
EBITDA margins • The domestic auto component business is expected to continue to report loss at the No change
EBITDA level in Q3FY12 (as in H1FY12) and profit in Q4FY12.
• EBITDA margin of 35.8%, highest in past eight quarters, in the aerospace segment is
expected to moderate to 30% in H2FY12.
PAT margins • Dynamatic has published its consolidated balance sheet as of end-Q2FY12. We have got No change
more clarity on the fixed assets and debt compared to Q1FY12 results, when the company
did not publish the balance sheet.
• Depreciation has been increased by 24.4% on the back of higher-than-expected addition
to gross and net fixed assets.
• Interest cost has been increased by 22.2% on the back of higher average debt assumed
for FY11.

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 4

 Dynamatic Technologies Ltd

VALUATION
We continue to use the discounted cash flow method to value Dynamatic and

maintain our fair value of Rs 1,131. The stock is currently trading at Rs 1,089.

At the current market price, our valuation grade is 3/5.

One-year forward P/E band One-year forward EV/EBITDA band

(Rs) (Rs mn)
3,000 30,000

2,500 25,000

2,000 20,000

1,500 15,000

1,000 10,000

500 5,000

0
0
Mar-07

Mar-10
Aug-07

Jan-08

Jun-08

Nov-08

Sep-09

Aug-10

Jan-11

Jun-11

Nov-11
Apr-09

Jan-08

Jun-08

Nov-08

Jan-11

Jun-11

Nov-11
Mar-07

Sep-09

Mar-10
Aug-07

Apr-09

Aug-10
Dynamatic 15x 18x 21x 24x 27x Dynamatic 8x 10x 12x 14x

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

P/E – premium/discount to NIFTY P/E movement

700% (Times)
175
600%
150
500%
125
400%
100
300%
75
+1 std dev
200% 50

100% 25

0% 0
-1 std dev
-100% -25
Mar-07

Mar-10
Aug-07

Jan-08

Jun-08

Nov-08

Sep-09

Aug-10

Jan-11

Jun-11

Nov-11
Apr-09
Jan-08

Nov-08

Jan-11

Nov-11
Jun-08

Jun-11
Mar-07

Aug-07

Sep-09

Mar-10

Aug-10
Apr-09

Premium/Discount to NIFTY Median premium/discount to NIFTY 1yr Fwd PE (x) Median PE

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

CRISIL IER reports released on Dynamatic Technologies Ltd

Fundamental Valuation CMP
Date Nature of report grade Fair value grade (on the date of report)
19-Nov-10 Initiating coverage* 4/5 Rs 1,241 3/5 Rs 1,182
08-Mar-11 Q3FY11 result update 4/5 Rs 1,241 4/5 Rs 1,100
09-June-11 Q4FY11 result update 4/5 Rs 1,241 3/5 Rs 1,350
30-Sep-11 Q1FY12 result update 4/5 Rs 1,131 3/5 Rs 1,100
24-Nov-11 Q2FY12 result update 4/5 Rs 1,131 3/5 Rs 1,089
* For detailed initiating coverage report please visit: www.ier.co.in
CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 5

 Dynamatic Technologies Ltd

FINANCIALS
Income statement Balance Sheet
(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 4,126 4,447 5,016 14,908 15,880 Liabilities
EBITDA 506 676 821 1,471 1,909 Equity share capital 54 54 54 54 54
EBITDA margin 12.3% 15.2% 16.4% 9.9% 12.0% Reserves 988 1,128 1,289 1,472 1,891
Depreciation 201 225 250 413 441 Minorities - - - - -
EBIT 305 451 571 1,058 1,468 Net worth 1,042 1,182 1,343 1,526 1,945
Interest 282 297 265 679 700 C onvertible debt - - - - -
Operating PBT 23 154 306 379 768 Other debt 2,834 2,526 3,322 7,706 7,456
Other income 48 3 4 12 20 Total debt 2,834 2,526 3,322 7,706 7,456
Exceptional inc/(exp) (98) 1 (6) - - Deferred tax liability (net) 219 240 270 300 330
PBT (28) 158 303 392 788 Total liabilities 4,094 3,948 4,935 9,532 9,730
Tax provision 53 53 87 133 268 Assets
Minority interest - - - - - Net fixed assets 2,225 2,342 2,697 5,284 5,293
PAT (Reported) (80) 105 217 259 520 C apital WIP 310 105 539 539 539
Less: Exceptionals (98) 1 (6) - - Total fixed assets 2,535 2,448 3,236 5,823 5,832
Adjusted PAT 18 104 223 259 520 Investments - - - -
Current assets
Ratios Inventory 662 627 802 2,206 2,262
FY09 FY10 FY11 FY12E FY13E Sundry debtors 966 920 1,171 2,859 3,045
Growth Loans and advances 207 261 370 522 556
Operating income (%) 14.1 7.8 12.8 197.2 6.5 C ash & bank balance 248 228 155 210 325
EBITDA (%) (7.4) 33.7 21.4 79.2 29.8 Marketable securities - - - - -
Adj PAT (%) (91.4) 478.3 114.4 15.8 101.2 Total current assets 2,083 2,036 2,497 5,796 6,188
Adj EPS (%) (92.3) 478.3 114.4 15.8 101.2 Total current liabilities 943 964 1,240 3,230 3,432
Net current assets 1,140 1,072 1,257 2,566 2,756
Profitability Intangibles/Misc. expenditure 419 429 442 1,142 1,142
EBITDA margin (%) 12.3 15.2 16.4 9.9 12.0 Total assets 4,094 3,948 4,935 9,532 9,730
Adj PAT Margin (%) 0.4 2.3 4.5 1.7 3.3
RoE (%) 2.2 9.4 17.7 18.0 30.0 Cash flow
RoCE (%) 9.9 11.9 13.6 15.2 15.8 (Rs mn) FY09 FY10 FY11 FY12E FY13E
RoIC (%) 12.3 11.4 12.3 14.0 13.7 Pre-tax profit 71 157 310 392 788
Total tax paid 12 (32) (57) (103) (238)
Valuations Depreciation 201 225 250 413 441
Price-earnings (x) 152.1 55.8 31.9 22.8 11.3 Working capital changes (902) 39 (271) (1,955) (75)
Price-book (x) 2.6 4.9 5.3 3.9 3.0 Net cash from operations (618) 389 233 (1,254) 916
EV/EBITDA (x) 10.5 12.0 12.5 9.1 6.8 Cash from investments
EV/Sales (x) 1.3 1.8 2.1 0.9 0.8 C apital expenditure (974) (138) (1,039) (3,000) (450)
Dividend payout ratio (%) (31.6) 45.2 29.1 25.1 16.7 Investments and others - - - - -
Dividend yield (%) 0.9 0.8 0.9 1.1 1.5 Net cash from investments (974) (138) (1,039) (3,000) (450)
Cash from financing
B/S ratios Equity raised/(repaid) 737 - - - -
Inventory days 68 62 72 60 59 Debt raised/(repaid) 1,192 (307) 796 4,384 (250)
C reditors days 90 88 101 83 85 Dividend (incl. tax) (25) (48) (63) (78) (104)
Debtor days 81 73 81 70 70 Others (incl extraordinaries) (317) 83 1 2 3
Working capital days 57 71 71 42 55 Net cash from financing 1,586 (271) 734 4,308 (351)
Gross asset turnover (x) 1.5 1.3 1.3 2.3 1.7 C hange in cash position (6) (20) (72) 55 115
Net asset turnover (x) 2.2 1.9 2.0 3.7 3.0 C losing cash 248 228 155 210 325
Sales/operating assets (x) 1.9 1.8 1.8 3.3 2.7
C urrent ratio (x) 2.2 2.1 2.0 1.8 1.8 Quarterly financials
Debt-equity (x) 2.7 2.1 2.5 5.1 3.8 (Rs mn) Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12
Net debt/equity (x) 2.5 1.9 2.4 4.9 3.7 Net Sales 1,239 1,238 1,389 3,566 3,805
Interest coverage 1.1 1.5 2.2 1.6 2.1 C hange (y-o-y) 18.7% 2.9% 17.1% 213.5% 207.1%
EBITDA 193 204 230 293 384
Per share C hange (y-o-y) 49.2% 15.8% 34.3% 85.4% 98.5%
FY09 FY10 FY11 FY12E FY13E EBITDA margin 15.6% 16.5% 16.5% 8.2% 10.1%
Adj EPS (Rs) 3.3 19.2 41.2 47.8 96.1 PAT 67 45 83 39 68
C EPS 40.4 60.9 87.5 124.0 177.5 Adj PAT 52 48 84 39 68
Book value 192.5 218.3 248.1 281.8 359.1 C hange (y-o-y) 138.2% 19.7% 45.2% 77.0% 31.1%
Dividend (Rs) 4.7 8.8 11.6 12.0 16.0 Adj PAT margin 4.2% 3.9% 6.0% 1.1% 1.8%
Actual o/s shares (mn) 5.4 5.4 5.4 5.4 5.4 Adj EPS 9.6 9.0 15.4 7.2 12.6

Note: All ratios are computed on Adj PAT

Source: Company, CRISIL Research estimate

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 6

 CRISIL Research Team

Senior Director
Mukesh Agarwal +91 (22) 3342 3035 magarwal@crisil.com

Analytical Contacts
Tarun Bhatia Director, Capital Markets +91 (22) 3342 3226 tbhatia@crisil.com

Prasad Koparkar Head, Industry & Customised Research +91 (22) 3342 3137 pkoparkar@crisil.com

Chetan Majithia Head, Equities +91 (22) 3342 4148 chetanmajithia@crisil.com

Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) 3342 8091 jvidyadharan@crisil.com

Ajay D'Souza Head, Industry Research +91 (22) 3342 3567 adsouza@crisil.com

Ajay Srinivasan Head, Industry Research +91 (22) 3342 3530 ajsrinivasan@crisil.com

Sridhar C Head, Industry Research +91 (22) 3342 3546 sridharc@crisil.com

Manoj Mohta Head, Customised Research +91 (22) 3342 3554 mmohta@crisil.com

Sudhir Nair Head, Customised Research +91 (22) 3342 3526 snair@crisil.com

Business Development
Vinaya Dongre Head, Industry & Customised Research +91 (22) 33428025 vdongre@crisil.com

Ashish Sethi Head, Capital Markets +91 (22) 33428023 asethi@crisil.com

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 About CRISIL Limited
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are
India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks
and leading corporations.

About CRISIL Research

CRISIL Research is the country’s largest independent and integrated research house with strong domain expertise
on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to
deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research
reports, analytical tools, subscription products and customised solutions.

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Vinaya Dongre
– Head,
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Business
Development
Development Ashish Sawarkar
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Business
Manager,
Development
Business Development
asethi@crisil.com I IPhone
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Phone : 9920225174 Email : ssawarkar@crisil.com
asethi@crisil.com I Phone
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