RESULTS REVIEW 3QCY19 15 NOV 2019

ABB India
NEUTRAL
Positives priced in INDUSTRY CAPITAL GOODS
CMP (as on 14 Nov 2019) Rs 1,469
We recommend NEU on ABB India Ltd. (ABB) with SOTP exports is contingent on global recovery and shutdown
of high costs global manufacturing. Target Price Rs 1,534
based TP of Rs 1,534/sh (42x ABB, 30x Power Grid’s
Nifty 11,872
discontinued business). Whilst ABB is well placed to cater  Weak macro headwinds impacting ordering: ABB has
seen sharp slowdown in Robotics segment orders from Sensex 40,286
to Automation/Motion/Electrical segments, demand
Auto sector (weak demand). ABB is looking at KEY STOCK DATA
headwinds and punchy valuation limits further re-rating. Bloomberg ABB IN
diversifying into new industries to mitigate impact.
Strong balance sheet, Automation Products/Solutions Motion segment is seeing good demand from No. of Shares (mn) 212
expertise and cross cycles experience limits downside. Metro/Railways projects (constituting 7-8% order book MCap (Rs bn) / ($ mn) 311/4,328
vs nil three years back). Electrical segment is seeing 6m avg traded value (Rs mn) 171
HIGHLIGHTS OF THE QUARTER
good traction from Data centers, Buildings, Metro, STOCK PERFORMANCE (%)
 Strong performance: ABB posted Rev/EBIDTA/APAT Power distribution etc. Industrial Automation is muted.
growth of 17/89/118% YoY. Execution was led by 52 Week high / low Rs 1,670/1,210
Motion/Electrification/Industrial Automation revenue STANCE 3M 6M 12M
growing 16/24/17% YoY. EBIDTA margins expanded by ABB is well placed to benefit from capex led economic Absolute (%) 8.9 6.9 14.1
268bps YoY to 7.1% due to better localization, cost expansion. Government initiative on tax reduction augurs Relative (%) 0.9 (1.1) (0.6)
controls and steady employee expense. well over long term for developing India into a global
SHAREHOLDING PATTERN (%)
Services/Exports rev. grew 14/91% during 9MCY19. manufacturing hub. India enjoys both domestic demand
and labour arbitrage vs. global supply chain. Jun-19 Sep-19
 Services/Exports ramp up augurs well: ABB services Manufacturing shifts take time and near term weak Promoters 75.0 75.0
revenue contribution has increased to 18% vs 15% economic outlook poses re-rating headwinds. We FIs & Local MFs 12.66 12.17
earlier and Exports share has gone up from 11% to 18% recommend NEU on ABB. Key risks (1) Delays in FPIs 3.49 3.42
for 9MCY19 YoY. Services revenue can ramp up further Government capex recovery, (2) Slowdown in private Public & Others 8.85 9.41
as ABB is only servicing 30-32% of installed base (23% investments, (3) INR depreciation, and (4) Any adverse Pledged Shares - -
earlier) vs. 65-70% by the peers. Further expansion in corporate action. Source : BSE
Financial Summary – Standalone*
(Rs mn, Dec year-end) 3QCY19 3QCY18 YoY (%) 2QCY19 QoQ (%) CY18 CY19E CY20E CY21E
Net Revenues 17,456 14,916 17.0 17,258 1.2 66,901 74,427 82,624 93,673 Parikshit D Kandpal, CFA
EBITDA 1,234 654 88.7 1,239 (0.4) 4,578 5,728 6,998 8,284 parikshitd.kandpal@hdfcsec.com
APAT 788 361 118.2 697 13.0 2,542 3,592 5,065 6,151 +91-22-6171-7317
Diluted EPS (Rs) 3.7 1.7 118.2 3.3 13.0 12.0 17.0 23.9 29.0
P/E (x) 122.5 86.7 61.5 50.6
Shrey Pujari
EV / EBITDA (x) 64.8 51.7 42.0 35.1
shrey.pujari@hdfcsec.com
RoE (%) 6.7 8.7 11.4 12.6
+91-22-6639-3035
Source: Company, HDFC sec Inst Research, * Ex discontinued Power Grids Business
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
 ABB INDIA: RESULTS REVIEW 3QCY19

Quarterly Financials Snapshot - Standalone

Revenue – Rs 17.5bn (Rs mn, Dec year-end) 3QCY19 3QCY18 YoY (%) 2QCY19 QoQ (%) 9MCY19 9MCY18 YoY (%)
(+17/+1.2% YoY/QoQ) Net Sales 17,456 14,916 17.0 17,258 1.2 53,216 47,238 12.7
Material Cost 11,352 9,758 16.3 11,246 0.9 35,264 31,883 10.6
Employee Cost 1,395 1,365 2.2 1,361 2.5 4,331 4,261 1.7
EBITDA – Rs 1.2bn (+89/-0.4% Other Expenses 3,476 3,140 10.7 3,412 1.9 9,693 8,652 12.0
YoY/QoQ). EBIDTA margin of EBITDA 1,234 654 88.7 1,239 (0.4) 3,928 2,442 60.8
7.1% (+268/-11bps YoY/QoQ) Depreciation 227 236 (3.9) 220 3.0 680 689 (1.3)
EBIT 1,007 418 141.0 1,019 (1.1) 3,248 1,754 85.2
Interest 44 136 (67.6) 96 (53.8) 166 485 (65.7)
APAT: Rs 788mn (+118/+13% Other Income (Incl. EO) 164 269 (39.0) 204 (19.4) 559 680 (17.8)
YoY/QoQ) PBT 1,127 550 104.8 1,127 0.0 3,640 1,948 86.8
Tax 339 189 79.1 429 (21.1) 1,265 687 84.1
RPAT 788 361 118.2 697 13.0 2,376 1,261 88.3
ABB has adopted thr new EO Items - - - - -
lower corporate tax rate APAT 788 361 118.2 697 13.0 2,376 1,261 88.3
effective 2QCY19. Despite this Source: Company, HDFC sec Inst Research
3QCY19 tax rate is high at
30.1% Margin Analysis
Margin Analysis 3QCY19 3QCY18 YoY (bps) 2QCY19 QoQ (bps) 9MCY19 9MCY18 YoY (bps)
Material Cost (% net sales) 65.0 65.4 (38.7) 65.2 (13.2) 66.3 67.5 (122.8)
ABB has provisioned deferred
Employee Cost (% net sales) 8.0 9.1 (115.7) 7.9 10.2 8.1 9.0 (88.1)
tax write down (owing to
Other Expenses (% net sales) 30.6 32.2 (156.1) 30.3 27.7 18.2 18.3 (10.1)
revaluation of deferred tax
EBITDA Margin (%) 7.1 4.4 268.4 7.2 (11.1) 7.4 5.2 221.0
asset at new lower tax rate)
Tax rate (%) 30.1 34.4 (431.3) 38.1 (803.2) 34.7 35.3 (51.8)
partly during 3QCY19 and
APAT Margin (%) 4.5 2.4 209.4 4.0 47.4 4.5 2.7 179.4
balance write down will
Source: Company, HDFC sec Inst Research
happen in 4QCY19

From CY20E onwards ,we

have assumed 26% tax rate

Page | 2
 ABB INDIA: RESULTS REVIEW 3QCY19

Standalone Segmental Revenue

(Rs mn, Dec year-end) 3QCY19 3QCY18 YoY% 2QCY19 QoQ% 9MCY19 9MCY18 YoY%
Revenues (Rs mn)
3QCY19 growth was led by
Robotics & Discrete Automation 596 693 (14.1) 675 (11.8) 2,066 1,936 6.7
Motion (+16% YoY), Motion 6,065 5,227 16.0 6,024 0.7 19,290 16,105 19.8
Electrification (+24% YoY) and Electrification 7,094 5,711 24.2 7,344 (3.4) 21,744 18,680 16.4
Industrial Automation Industrial Automation 4,045 3,455 17.1 3,783 6.9 11,442 10,246 11.7
(+17.1% YoY) Power Grids (discontinued operations) 10,292 10,321 (0.3) 10,863 (5.3) 30,235 30,625 (1.3)
Total 28,092 25,406 10.6 28,688 (2.1) 84,777 77,592 9.3

Robotics saw 14.1% de- EBIT (Rs mn)

Robotics & Discrete Automation 85 73 16.0 62 38.0 237 187 26.9
growth largely attributable to
Motion 586 445 31.7 495 18.3 1,784 1,269 40.6
slowdown in Auto Sector Electrification 619 493 25.4 713 (13.3) 1,973 1,739 13.4
Industrial Automation 247 399 (38.0) 339 (27.1) 952 1,175 (19.0)
Power Grids (discontinued operations) 859 1,174 (26.8) 1,022 (16.0) 2,383 3,068 (22.3)
Total 2,396 2,584 (7.3) 2,632 (9.0) 7,329 7,438 (1.5)

EBIT Margin (%)

Robotics & Discrete Automation 14.3 10.6 369.3 9.1 514.4 11.5 9.6 182.2
Motion 9.7 8.5 115.2 8.2 144.1 9.3 7.9 137.0
Except for Motion segment all Electrification 8.7 8.6 8.1 9.7 (99.5) 9.1 9.3 (23.7)
other verticals saw EBIT Industrial Automation 6.1 11.5 (542.7) 9.0 (285.6) 8.3 11.5 (314.8)
margin compression Power Grids (discontinued operations) 8.3 11.4 (302.7) 9.4 (106.6) 7.9 10.0 (213.7)
Total 8.5 10.2 (164.2) 9.2 (64.5) 8.6 9.6 (94.1)
Source: Company, HDFC sec Inst Research

Page | 3
 ABB INDIA: RESULTS REVIEW 3QCY19

3QCY19 Segmental EBIT 3QCY19 Segmental Margins (%)

Despite weak economic Cap. Employed (Rs mn) - LHS EBIT (Rs mn) - RHS EBIT (Rs mn) - LHS Margin (%) - RHS
1,000 16
sentiments, ABB secured new 12,000 1,000 859
9,805 900 14
orders worth Rs 16,060mn 900
10,000 800
during 3QCY19 and 800 12
700
outstanding order book 8,000 7,390 700 586 619
10
600
stands at Rs 46,560mn 6,000 600
500 8
500
4,000 3,754 3,735 400
400 6
300 247
2,000 300 4
200
Robotics/Industrial (215) 200
- 85 2
100 100
automation segments are
(2,000) - - 0
facing demand headwinds as

RDA

EE

IA
MO

PG
RDA

EE

IA
MO

corporates preserve cash.
Auto sector slowdown has
impacted order inflows and
revenue
PG
Source : Company, HDFC sec Inst Research; RDA – Robotics & Discrete Source : Company, HDFC sec Inst Research; RDA – Robotics & Discrete
Automation, MO – Motion, EE – Electrification, IA – Industrial Automation, MO – Motion, EE – Electrification, IA – Industrial Automation, PG
Automation, PG –Power Grids (Discontinued Operations) –Power Grids (Discontinued Operations)

Discontinued Power Grids Capital Employed – 3QCY19 (Rs 42.6bn) Quarterly Order Book Movement (Rs mn)
business continues to be the RDA Order Inflow (Rs mn) - LHS Order Book (Rs mn) - RHS
MO
0%
largest EBIT contributor Unallocated 9% 50,000
42% 45,000
EE 40,000
17% 35,000
30,000
25,000
20,000
15,000
IA
9% 10,000
5,000
-

4QCY18

1QCY19

2QCY19

3QCY19
PG
23%

Source : Company, HDFC sec Inst Research Source : Company, HDFC sec Inst Research

Page | 4
 ABB INDIA: RESULTS REVIEW 3QCY19

Key Assumptions & Estimates

11.9% revenue CAGR over
Standalone Key Assumptions CY18 CY19E CY20E CY21E Comments
CY18-21E
Total Revenue 66,901 74,427 82,624 93,673 11.9% revenue CAGR over CY18-21E
Growth (%) 9.8 11.2 11.0 13.4
21.9% EBIDTA CAGR over CY18-21E lead by
EBIDTA 4,578 5,728 6,998 8,284
improvement in margins
21.9% EBIDTA CAGR over EBIDTA margins to expand as utilization from
CY18-21E lead by Robotic/Industrial automation improve and with
EBIDTA margin (%) 6.8 7.7 8.5 8.8
improvement in margins demand pickup competitive intensity in Electrical
and Motion segment reduces
Depreciation 928 953 1,084 1,195
28.1% PBT CAGR over CY18-
Financial Charges 539 220 - - Net cash status
21E
Other Income 840 807 930 1,224 Driven by treasury gains
PBT 3,951 5,362 6,845 8,313 28.1% PBT CAGR over CY18-21E
PBT margin (%) 5.9 7.2 8.3 8.9 Margins to improve
ABB has adopted new lower corporate tax rate
ABB has adopted the new and full impact will come from CY20E. ABB still has
corporate tax rate and full Tax 1,410 1,769 1,780 2,161
deferred tax write down to be provided during
impact of the same will be 4QCY19
effective from CY20E. ABB still Tax rate (%) 35.7 33.0 26.0 26.0
has deferred tax write down 34.3% RPAT CAGR over CY18-21E largely driven
RPAT 2,542 3,592 5,065 6,151
by lower tax/margin improvement
to be provided during 4QCY19
Net margin (%) 3.8 4.8 6.1 6.6
Adjusted PAT 2,542 3,592 5,065 6,151 Profit from continuing operations
34.3% continuing operation
Profit from discontinued operations 2,567 2,054 2,156 2,221 Profit from Power Grids discontinued operation
APAT CAGR over CY18-21E
Profit for the year 5,109 5,646 7,221 8,372 17.9% APAT CAGR over CY18-21E
Gross Block Turnover 6.0 6.0 5.9 6.0
Including discontinued Power
Debtor days 92 95 96 97
Grids business we expect
CFO - a 6,255 2,677 3,997 5,064
17.9% APAT CAGR over CY18-
CFI - b 1,437 (758) (735) (541)
21E
FCFF 7,692 1,919 3,262 4,523
CFF - c (7,937) (1,446) (1,256) (1,355)
Total change in cash - a+b+c (245) 473 2,006 3,168 Strong cash generation
Source: HDFC sec Inst Research
Strong cash generation

Page | 5
 ABB INDIA: RESULTS REVIEW 3QCY19

Outlook and valuation

NEU – Target Price of Rs 1,534/sh
 Whilst ABB has strong credentials for participating in  Further re-rating is contingent on India attracting
India’s Industrial/Process Automation and demand global manufacturing tag with imposition of lower
from Motion/Electrical segments, weak economic corporate tax rates. With strong domestic demand,
recovery poses growth challenge. Low demand has low labour cost and qualified manpower, India
resulted in high competitive intensity in respective presents unique proposition to Global companies to
segments. relocate manufacturing, both to meet domestic
demand and for serving export markets. Whilst the
 ABB is looking at diversifying and adding more
lower tax rate has created buzz amongst global
Industries beyond Autos for the Robotics and Discrete
companies, budgeting and strategic manufacturing
Automation. These efforts will take time to bear fruit.
shifts do take time to pan out.
 Exports opportunity is improving, yet it is not being
significantly leveraged by Parent, as Global Demand  Valuation methodology: We have valued ABB
remains muted. continuing business at 42x CY21E EPS and Power
Grids discontinued operations at 30x CY21E EPS. With
We have valued ABB most of the positives already priced in we
continuing business at 42x recommend NEU with SOTP based target price of Rs
CY21E EPS and Power Grids 1,534/sh.
discontinued operations at
30x CY21E EPS
SOTP Valuation
Business Valuation Methodology Multiple Stake Value Rs/Sh
ABB Continuing Business P/E multiple on CY21E Earnings 42 100% 258,353 1,219
ABB Discontinued Power Grid
With most of the positives P/E multiple on CY21E Earnings 30 100% 66,629 314
Business
already priced in we Total 324,982 1,534
recommend NEU with SOTP Source: HDFC sec Inst Research
based target price of Rs
1,534/sh

Page | 6
 ABB INDIA: RESULTS REVIEW 3QCY19

Income Statement: Standalone (Rs mn) Balance Sheet: Standalone (Rs mn)
Year ending December CY17 CY18 CY19E CY20E CY21E As at December CY17 CY18 CY19E CY20E CY21E
Net Revenues 60,937 66,901 74,427 82,624 93,673 SOURCES OF FUNDS
Growth (%) (29.5) 9.8 11.2 11.0 13.4 Share Capital 424 424 424 424 424
Material Expenses 41,030 45,137 49,568 54,532 62,541 Reserves 35,645 39,649 42,036 45,845 50,641
Employee Expenses 5,187 5,295 5,808 6,304 6,843 Total Shareholders Funds 36,069 40,073 42,460 46,269 51,065
Other Operating Expenses 10,575 11,892 13,322 14,790 16,005 Total Debt 6,042 21 0 0 0
EBIDTA 4,146 4,578 5,728 6,998 8,284 Other Non Current Liabilities 465 358 358 358 358
EBIDTA (%) 6.8 6.8 7.7 8.5 8.8 Deferred Taxes (1,173) (1,150) (1,150) (1,150) (1,150)
EBIDTA Growth (%) (40.3) 10.4 25.1 22.2 18.4 TOTAL SOURCES OF FUNDS 41,403 39,302 41,668 45,477 50,274
Depreciation 1,012 928 953 1,084 1,195 APPLICATION OF FUNDS
EBIT 3,133 3,650 4,775 5,914 7,089 Net Block 12,187 8,931 9,297 9,778 10,248
Other Income (Incl. EO Items) 777 840 807 930 1,224 CWIP 1,165 831 931 1,031 1,131
Interest 572 539 220 - - Investments 2 2 148 148 148
PBT 3,338 3,951 5,362 6,845 8,313 Other Non Current Assets
Tax 1,084 1,410 1,769 1,780 2,161 Total Non-current Assets 13,353 9,763 10,375 10,956 11,526
RPAT 2,255 2,542 3,592 5,065 6,151 Inventories 11,536 9,279 10,185 11,205 12,851
APAT 2,255 2,542 3,592 5,065 6,151 Debtors 27,878 16,869 19,371 21,731 24,840
APAT Growth (%) (39.8) 12.7 41.3 41.0 21.4 Cash & bank balances 17,621 14,752 15,224 17,231 20,399
EPS 10.6 12.0 17.0 23.9 29.0 Other Current Assets 17,320 10,935 11,482 12,056 13,012
EPS Growth (%) (39.8) 12.7 41.3 41.0 21.4 Total Current Assets 74,354 51,834 56,263 62,223 71,102
Profit from discontinued Creditors 43,160 26,757 29,198 31,673 36,325
1,945 2,567 2,054 2,156 2,221
operations
Other Current Liabilities &
Adjusted Profit for the year 4,200 5,109 5,646 7,221 8,372 3,145 2,334 2,567 2,824 2,824
Provns
Growth (%) 21.7 10.5 27.9 15.9 Total Current Liabilities 46,305 29,090 31,765 34,497 39,149
Source: Company, HDFC sec Inst Research Net Current Assets 28,050 22,744 24,498 27,726 31,952
Net assets pertaining to
- 6,795 6,795 6,795 6,795
discontinued operations
TOTAL APPLICATION OF FUNDS 41,403 39,302 41,668 45,477 50,274
Source: Company, HDFC sec Inst Research

Page | 7
 ABB INDIA: RESULTS REVIEW 3QCY19

Cash Flow: Standalone (Rs mn) Key Ratios: Standalone

Year ending December CY17 CY18 CY19E CY20E CY21E CY17 CY18 CY19E CY20E CY21E
PBT 6,218 7,942 5,362 6,845 8,313 PROFITABILITY (%)
Non-operating & EO items (258) (24) (807) (930) (1,224) GPM 32.7 32.5 33.4 34.0 33.2
Interest expenses 773 767 220 - - EBITDA Margin 6.8 6.8 7.7 8.5 8.8
EBIT Margin 5.1 5.5 6.4 7.2 7.6
Depreciation 1,580 1,458 953 1,084 1,195
APAT Margin 3.7 3.8 4.8 6.1 6.6
Working Capital Change 2,403 (1,641) (1,281) (1,222) (1,058)
RoE 6.5 6.7 8.7 11.4 12.6
Tax paid (2,799) (2,248) (1,769) (1,780) (2,161) Core RoCE 8.7 9.9 12.8 16.3 18.4
OPERATING CASH FLOW ( a ) 7,917 6,255 2,677 3,997 5,064 RoCE 6.5 7.0 9.1 11.4 12.6
Capex (1,847) (2,360) (1,419) (1,665) (1,765) EFFICIENCY
Free cash flow (FCF) 6,070 3,894 1,258 2,332 3,299 Tax Rate (%) 32.5 35.7 33.0 26.0 26.0
Investments (2,462) 2,827 (146) - - Asset Turnover (x) 4.3 6.0 6.0 5.9 6.0
Non operating income 1,103 971 807 930 1,224 Inventory (days) 69 51 50 50 50
INVESTING CASH FLOW ( b ) (3,205) 1,437 (758) (735) (541) Debtors (days) 167 92 95 96 97
Share capital Issuance - - - - - Payables (days) 259 146 143 140 142
Cash Conversion (days) (22) (3) 2 6 5
Dividend payment (1,020) (1,138) (1,206) (1,256) (1,355)
Other Current Assets (days) 104 60 56 53 51
Debt Issuance 83 (6,000) (20) - -
Other Current Liab (days) 19 13 13 12 11
Interest expenses (773) (799) (220) - - Net Working Capital Cycle (Days) 62 44 45 46 45
FINANCING CASH FLOW ( c ) (1,710) (7,937) (1,446) (1,256) (1,355) Debt/EBITDA (x) 1.5 0.0 0.0 0.0 0.0
NET CASH FLOW (a+b+c) 3,001 (245) 473 2,006 3,168 Net D/E (0.3) (0.4) (0.4) (0.4) (0.4)
Opening Cash & Equivalents 11,892 17,621 14,752 15,224 17,231 Interest Coverage 5.5 6.8 21.7 - -
Closing Cash & Equivalents 14,894 14,752 15,224 17,231 20,399 PER SHARE DATA
Source: Company, HDFC sec Inst Research EPS (Rs/sh) 10.6 12.0 17.0 23.9 29.0
CEPS (Rs/sh) 15.4 16.4 21.5 29.0 34.7
DPS (Rs/sh) 4.8 5.4 5.7 5.9 6.4
BV (Rs/sh) 170 189 200 218 241
VALUATION
P/E 138.1 122.5 86.7 61.5 50.6
P/BV 8.6 7.8 7.3 6.7 6.1
EV/EBITDA 72.3 64.8 51.7 42.0 35.1
OCF/EV (%) 2.6 2.1 0.9 1.4 1.7
FCF/EV (%) 2.0 1.3 0.4 0.8 1.1
FCFE/Market Cap (%) 1.7 (0.9) 0.3 0.7 1.1
Dividend Yield (%) 0.3 0.4 0.4 0.4 0.4
Source: Company, HDFC sec Inst Research

Page | 8
 ABB INDIA: RESULTS REVIEW 3QCY19

RECOMMENDATION HISTORY
Date CMP Reco Target
ABB TP 15-Nov-19 1,469 NEU 1,534
1,700
1,600
1,500
1,400
1,300
1,200
1,100
Rating Definitions
1,000
BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
Apr-19
Feb-19

Sep-19
Jun-19
Jul-19
Mar-19
Dec-18

Oct-19
Aug-19
Nov-18

Jan-19

Nov-19
May-19

NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com

Page | 9
 ABB INDIA: RESULTS REVIEW 3QCY19

Disclosure:
We, Parikshit Kandpal, CFA & Shrey Pujari, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject
issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. 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.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have
beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities
Ltd. or its associate does not have any material conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

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HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report,
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