Fine Organic Industries (FINEORG

IN)
Rating: BUY | CMP: Rs4,462 | TP: Rs6,000

May 25, 2023 Robust profit performance yet again

Q4FY23 Result Update Quick Pointers:

☑ Change in Estimates |  Target |  Reco  Margin jump aided by lower raw material and freight costs. Elevated spreads
to normalize gradually as lower input costs are passed on to customers.
Change in Estimates

FY24E
Current
FY25E
Previous
FY24E FY25E
 Gujarat land allotment is still awaited. Management is evaluating more options
Rating BUY BUY in India and USA (including inorganic); prepared to pursue all opportunities.
Target Price 6,000 6,000
Sales (Rs. m) 27,138 27,589 29,195 29,107
FINEORG delivered strong operating profit performance adjusted for
% Chng. (7.0) (5.2)
EBITDA (Rs. m) 6,092 6,241 6,435 6,420 inventory build-up; ahead of PLe and consensus. Adjusted EBITDA at
% Chng. (5.3) (2.8)
EPS (Rs.) 157.3 166.8 162.2 162.0
Rs1.8bn (+12% YoY/ +13% QoQ), increased on spread expansion (adjusted
% Chng. (3.0) 3.0 EBITDA margin at 30% vs 21.1% in Q3FY23 and 25.9% in Q4FY22) despite
lower revenue (-21% YoY/ -3% QoQ) on slower exports. FY24 peak capacity
Key Financials - Consolidated utilization guidance maintained as domestic demand picks up across
Y/e Mar FY22 FY23 FY24E FY25E segments even as exports witness temporary slowness. While we tweak our
Sales (Rs. m) 18,763 30,231 27,138 27,589
estimates to factor further moderation in blended realizations and spreads in
EBITDA (Rs. m) 3,645 8,311 6,092 6,241
Margin (%) 19.4 27.5 22.4 22.6 FY24/FY25 (vs current assumptions), we maintain ‘BUY’ with unchanged TP
PAT (Rs. m) 2,596 6,181 4,824 5,113 at Rs 6000 (36x FY25E EPS).
EPS (Rs.) 84.7 201.6 157.3 166.8
Gr. (%) 115.7 138.1 (22.0) 6.0
DPS (Rs.) 9.0 20.2 31.5 33.4 FINEORG remains the best play on rising adoption of oleochemical based
Yield (%) 0.2 0.5 0.7 0.7 green additives. Its growth prospects look encouraging given 1) strong
RoE (%) 30.7 49.4 27.5 23.6
demand/ order visibility giving rising customer engagement and wallet share
RoCE (%) 35.3 60.6 31.6 26.3
EV/Sales (x) 7.2 4.4 4.7 4.4 gains 2) some capacity headroom still available to enable capture demand
EV/EBITDA (x) 37.1 15.9 20.8 19.6 improvement in FY24/FY25 while management eagerly awaits land allotment
PE (x) 52.7 22.1 28.4 26.8
P/BV (x) 14.3 8.9 7.0 5.8
by Gujarat government 3) strong profitability over FY24-FY25 on optimum
product mix and operating leverage playing out 4) net cash balance sheet and
healthy OCF of Rs 15 bn over FY23-25 to enable self-funded capex.
Key Data FINO.BO | FINEORG IN
52-W High / Low
Sensex / Nifty
Rs.7,329 / Rs.4,022
61,873 / 18,321
 Consolidated revenue at Rs6bn (-3% YoY/ -21% QoQ) was impacted by
Market Cap Rs.137bn/ $ 1,653m temporarily softer export demand on destocking and pass-through of lower
Shares Outstanding 31m
3M Avg. Daily Value Rs.184.34m input costs. It was ~Rs1bn lower vs standalone revenue at Rs7bn (+16%YoY/
-7%QoQ) due to Rs1.25bn inventory buildup at subsidiary level (in-line with
Shareholding Pattern (%) customer’s requirement to maintain inventory at warehouses, especially in US).
Promoter’s 75.00
Foreign 4.83  Consolidated gross margin (adjusted for inventory build-up) at 45.8% (vs
Domestic Institution 12.09
33.8% in Q3FY23 and 44% in Q4FY22). While reported EBITDA is Rs2.02bn
Public & Others 8.08
Promoter Pledge (Rs bn) - (+27% YoY/ +27% QoQ), adjusted EBITDA stood at Rs1.8bn (+12% YoY/
+13% QoQ) and EBITDA margin at 30% (vs 21.1% in Q3FY23 and 25.9% in
Stock Performance (%) Q4FY22). Reported PAT at Rs1.5bn (+23% YoY/ +41% QoQ) while adjusted
1M 6M 12M PAT stands at Rs1.28bn (+5% YoY/ +20% QoQ).
Absolute 3.3 (26.6) 4.2
Relative 0.4 (26.1) (9.5)
 FY23 was an extremely strong year for FINEORG with revenue at Rs 30.2bn
(+61% YoY), EBITDA at Rs8.3bn (+128% YoY), EBITDA margin at 27.5% vs
Nitesh Dhoot
19.4% YoY, PAT at Rs6.2bn (+138% YoY; EPS Rs202). Robust operating
niteshdhoot@plindia.com | 91-22-66322260
profits and stable working capital at 75 days (flat YoY) translated into FCF of
Rs4bn and net cash on books at Rs 5.2bn; to aid self-sustained capex.

May 25, 2023 1

 Fine Organic Industries

 Management meeting takeaways: (1) Freight costs reduced significantly as

supply chain has normalized (2) New sales contracts to be signed at lower
prices given easing RM and freight costs (3) Pass-through to be done in a
calibrated way; no severe pricing pressure seen like commodity chemicals (4)
No volume pressure seen as customers are sticky in nature and recognize
FINEORG’s efforts in maintaining supplies amidst challenges, even as peers
declared force majeure (5) Thailand JV production to commence in Aug-
Sep’23; some delay due to equipment changes) (6) New Patalganga unit (5000
mtpa) and Fine Zeelandia, ramping up steadily (7) All other plants operating at
optimal capacity utilization and to operate at peak utilization next year (8) New
products introduced in feed nutrition, coatings and personal care (9) Some
large US customers insisting FINEORG to setup plants closer; teams visited
US to evaluate opportunities (10) Capex cost to remain low as equipments will
be sent from India, in case of greenfield setup (11) Open to inorganic
opportunities; already evaluating (12) BS remains strong and management
looking to deploy surplus funds at the earliest. Not averse to debt if required.

Q4FY23 Result Overview - Consolidated (Rs mn)

YoY gr. QoQ gr. YoY gr
Y/e March Q4FY23 Q4FY22 Q3FY23 FY23 FY22
(%) (%) (%)
Net sales 5,966 6,169 -3.3 7,595 -21.4 30,231 18,763 61.1
Material Cost 3,009 3,452 -12.8 5,026 -40.1 17,842 11,879 50.2
Gross Profit 2,957 2,717 8.8 2,570 15.1 12,389 6,884 80.0
Gross Margin (%) 49.6 44.0 33.8 41.0 36.7
Other Overheads 933 1,120 -16.7 969 -3.7 4,078 3,239 25.9
EBITDA 2,024 1,597 26.8 1,601 26.5 8,311 3,645 128.0
EBITDA margin (%) 33.9 25.9 21.1 27.5 19.4
Depreciation 130 106 123 479 399
EBIT 1,894 1,491 27.0 1,478 28.1 7,832 3,246 141.3
Other income 130 144 -9.8 152 -14.3 642 331 94.0
Interest 9 14 -33.4 11 -19.5 46 51 -10.5
PBT 2,015 1,621 24.3 1,619 24.5 8,428 3,526 139.0
Tax 514 400 28.5 549 -6.4 2,229 918 142.8
Net profit 1,494 1,219 22.6 1,062 40.7 6,181 2,597 138.0
Adjusted PAT 1,494 1,219 22.6 1,062 40.7 6,181 2,597 138.0
Adj. PAT margin (%) 25.0 19.8 14.0 20.4 13.8
No. of shares (mn) 31 31 31 31 31
Adj. EPS (Rs.) 48.7 39.8 22.6 34.6 40.7 201.6 84.7 138.0
Source: Company, PL

May 25, 2023 2

 Fine Organic Industries

Q4FY23 Result Overview - Standalone (Rs mn)

YoY gr. QoQ gr. YoY gr
Y/e March Q4FY23 Q4FY22 Q3FY23 FY23 FY22
(%) (%) (%)
Net sales 6,986 6,007 16.3 7,499 -6.8 30,291 18,584 63.0
Material Cost 4,255 3,466 22.8 4,863 -12.5 18,657 11,943 56.2
Gross Profit 2,731 2,542 7.4 2,635 3.6 11,634 6,641 75.2
Gross Margin (%) 39.1 42.3 35.1 38.4 35.7
Other Overheads 858 1,082 -20.7 888 -3.4 3,821 3,157 21.0
EBITDA 1,873 1,460 28.3 1,747 7.2 7,813 3,484 124.2
EBITDA margin (%) 26.8 24.3 23.3 25.8 18.7
Depreciation 130 106 23.3 123 6.2 479 399
EBIT 1,742 1,354 28.7 1,624 7.3 7,334 3,085 137.7
Other income 130 144 -9.8 152 -14.3 641 332 92.9
Interest 9 13 -35.0 11 -21.1 45 51 -11.7
PBT 1,863 1,485 25.5 1,764 5.6 7,930 3,367 135.5
Tax 483 385 25.3 452 6.8 2,024 861 135.1
Net profit 1,381 1,100 25.6 1,313 5.2 5,906 2,506 135.7
Adjusted PAT 1,381 1,100 25.6 1,313 5.2 5,906 2,506 135.7
Adj. PAT margin (%) 19.8 18.3 17.5 19.5 13.5
No. of shares (mn) 31 31 31 31 31
Adj. EPS (Rs.) 45.0 35.9 25.6 42.8 5.2 192.6 81.7 135.7
Source: Company, PL

Revenue decline QoQ on slower exports Margin jump on lower input costs

Revenue (Rs bn) Gross Margin (RHS) EBITDA PAT EBITDA Margin (RHS)
10 49.6% 55% 3,000 33.9% 40%
50% 44.0% 2,500 35%
28.7%
8 30%
39.0% 45% 21.1%
2,000 21.9% 25.9%
(Rs m n)

6 25%
33.8% 40%
32.3% 1,500 14.5% 20%
4 35%
1,000 15%
30% 10%
2 500
2.4

2.7

3.0

3.6

4.4

4.6

6.2

7.5

9.2

7.6

6.0
3.2

25% 5%
0 20% 0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY21 FY22 FY23 FY21 FY22 FY23

Source: Company, PL Source: Company, PL

Capacity constraint in FY25 on delayed capex Revenue to decline over FY23-25E on lower prices

Gross Block Capacity (RHS) Revenue Asset turns (RHS)

35 5.7 6.0
7.0 111 111 111 111 114
4.8
6.0 112 30 4.6 5.0
6.1 110 3.9 30
5.0 5.8 25 27 28
106 5.4 108 3.1 4.0
5.1
(Rs bn)
(Rs bn)

(m tpa)

4.0 106 20 2.6

4.4
(x)

4.2 3.0
104 15 19
3.0 101
102 2.0
2.0 10
100 10 11
5 1.0
1.0 98
0.0 96 0 0.0
FY20 FY21 FY22 FY23 FY24E FY25E FY20 FY21 FY22 FY23 FY24E FY25E

Source: Company, PL Source: Company, PL

May 25, 2023 3

 Fine Organic Industries

Gross margins to stabilize at historical levels Robust profitability even as spreads normalize

Gross Profit Gross Margin (RHS) EBITDA PAT EBITDA Mgn (RHS)
14.0 41.3% 45% 27.5%
41.0% 9 30%
12.0 37.0% 37.1% 8 23.2% 22.4% 22.6%
36.7% 40% 25%
10.0 35.9% 7 19.4%
6 17.6% 20%
(Rs bn)

35%

(Rs bn)
8.0 5
15%
6.0 4
30%
3 10%
4.0
25% 2
5%

2.4
1.6

2.0
1.2

3.6
2.6

8.3
6.2

6.1
4.8

6.2
5.1
2.0 1
4.3 4.1 6.9 12.4 10.0 10.2
0.0 20% 0 0%
FY20 FY21 FY22 FY23 FY24E FY25E FY20 FY21 FY22 FY23 FY24E FY25E

Source: Company, PL Source: Company, PL

Strong cash flow generation to enable self-funded capex

Cash Flow (Rs bn) FY20 FY21 FY22 FY23 FY24E FY25E
PBIT 2.1 1.6 3.5 8.3 6.4 6.8
Add: Depreciation 0.3 0.5 0.4 0.5 0.5 0.5
Add: Others (0.1) (0.1) (0.2) (0.5) (0.8) (1.0)
Working Capital Changes 0.4 (0.2) (2.2) (1.2) 0.5 0.0
Less: Tax (0.6) (0.4) (0.8) (2.3) (1.3) (1.8)
Cash from Operations 2.2 1.3 0.7 4.9 5.4 4.6
Capex (0.7) (0.5) (0.6) (0.8) (0.3) (0.3)
FCFF 1.5 0.9 0.1 4.0 5.1 4.3

Working Capital (Days)

Inventory 46 41 46 54 45 43
Receivable 47 52 59 42 50 50
Payable (30) (31) (30) (21) (25) (25)
Core W.C.Days 63 61 75 75 70 68
Other Current Assets 18 22 23 12 20 20
Other Current Liabilities & Prov 5 8 12 7 12 10
Overall W.C.Days 75 75 85 80 78 78
Source: Company, PL

Resilient operational performance to aid high return ratios

RoCE (%) RoIC (%)

85.6
90
RoCE moderation over FY24/25E to 80
32%/26% (from 61% in FY23) on net 70
cash of ~Rs 15 bn given strong cash 56.3
60
flow generation 48.4 45.9
50 60.6
39.1
40
28.0
30
35.3
20 30.0 31.6
26.3
10 19.5
0
FY20 FY21 FY22 FY23 FY24E FY25E

Source: Company, PL

May 25, 2023 4

 Fine Organic Industries

Financials
Income Statement (Rs m) Balance Sheet Abstract (Rs m)
Y/e Mar FY22 FY23 FY24E FY25E Y/e Mar FY22 FY23 FY24E FY25E

Net Revenues 18,763 30,231 27,138 27,589 Non-Current Assets

YoY gr. (%) 65.6 61.1 (10.2) 1.7
Cost of Goods Sold 11,879 17,842 17,097 17,349 Gross Block 5,159 5,485 5,890 6,140
Gross Profit 6,884 12,389 10,041 10,240 Tangibles 5,141 5,445 5,849 6,099
Margin (%) 36.7 41.0 37.0 37.1 Intangibles 18 41 41 41
Employee Cost 893 1,053 1,127 1,239
Other Expenses 2,346 3,025 2,822 2,759 Acc: Dep / Amortization 2,866 3,345 3,853 4,391
Tangibles 2,854 3,333 3,841 4,378
EBITDA 3,645 8,311 6,092 6,241 Intangibles 13 13 13 13
YoY gr. (%) 82.9 128.0 (26.7) 2.5
Margin (%) 19.4 27.5 22.4 22.6 Net fixed assets 2,293 2,140 2,036 1,749
Tangibles 2,287 2,112 2,009 1,721
Depreciation and Amortization 399 479 508 538 Intangibles 6 28 28 28

EBIT 3,246 7,832 5,584 5,704 Capital Work In Progress 141 404 250 250
Margin (%) 17.3 25.9 20.6 20.7 Goodwill - - - -
Non-Current Investments 315 397 397 397
Net Interest 49 46 7 - Net Deferred tax assets 84 107 107 107
Other Income 329 642 770 1,001 Other Non-Current Assets 647 819 819 819

Profit Before Tax 3,526 8,428 6,347 6,704 Current Assets

Margin (%) 18.8 27.9 23.4 24.3 Investments - - - -
Inventories 2,356 4,450 3,346 3,250
Total Tax 918 2,229 1,599 1,690 Trade receivables 3,014 3,506 3,718 3,779
Effective tax rate (%) 26.0 26.4 25.2 25.2 Cash & Bank Balance 2,326 5,230 10,222 14,562
Other Current Assets 1,184 1,001 1,487 1,512
Profit after tax 2,607 6,199 4,747 5,015 Total Assets 12,359 18,055 22,382 26,425
Minority interest 1 - - -
Share Profit from Associate (10) (18) 76 98 Equity
Equity Share Capital 153 153 153 153
Adjusted PAT 2,596 6,181 4,824 5,113 Other Equity 9,439 15,259 19,465 23,613
YoY gr. (%) 115.7 138.1 (22.0) 6.0 Total Networth 9,592 15,412 19,618 23,766
Margin (%) 13.8 20.4 17.8 18.5
Extra Ord. Income / (Exp) - - - - Non-Current Liabilities
Long Term borrowings 585 272 - -
Reported PAT 2,596 6,181 4,824 5,113 Provisions - - - -
YoY gr. (%) 115.7 138.1 (22.0) 6.0 Other non current liabilities 9 8 8 8
Margin (%) 13.8 20.4 17.8 18.5
Current Liabilities
Other Comprehensive Income - - - - ST Debt / Current of LT Debt - - - -
Total Comprehensive Income 2,596 6,181 4,824 5,113 Trade payables 1,536 1,758 1,859 1,890
Equity Shares O/s (m) 31 31 31 31 Other current liabilities 642 615 907 771
EPS (Rs) 84.7 201.6 157.3 166.8 Total Equity & Liabilities 12,364 18,066 22,392 26,434
Source: Company Data, PL Research Source: Company Data, PL Research

May 25, 2023 5

 Fine Organic Industries

Cash Flow (Rs m) Key Financial Metrics

Y/e Mar FY22 FY23 FY24E FY25E Year
Y/e Mar FY22 FY23 FY24E FY25E

PBT 3,515 8,410 6,423 6,802 Per Share(Rs)

Add. Depreciation 399 479 508 538 EPS 84.7 201.6 157.3 166.8
Add. Interest (23) (67) 7 - CEPS 97.7 217.2 173.9 184.3
Less Financial Other Income 329 642 770 1,001 BVPS 312.9 502.7 639.9 775.1
Add. Other (235) (460) (770) (1,001) FCF 2.0 132.0 167.0 140.4
Op. profit before WC changes 3,657 8,362 6,168 6,339 DPS 9.0 20.2 31.5 33.4
Net Changes-WC (2,166) (1,227) 490 43 Return Ratio(%)
Direct tax (825) (2,281) (1,289) (1,828) RoCE 35.3 60.6 31.6 26.3
Net cash from Op. activities 666 4,853 5,369 4,553 ROIC 35.0 55.1 44.5 46.4
Capital expenditures (603) (807) (250) (250) RoE 30.7 49.4 27.5 23.6
Interest / Dividend Income 59 110 770 1,001 Balance Sheet
Others (18) (150) - - Net Debt : Equity (x) (0.2) (0.3) (0.5) (0.6)
Net Cash from Invt. activities (563) (847) 520 751 Net Working Capital (Days) 75 75 70 68
Issue of share cap. / premium - - - - Valuation(x)
Debt changes (306) (357) (272) - PER 52.7 22.1 28.4 26.8
Dividend paid (337) (276) (618) (965) P/B 14.3 8.9 7.0 5.8
Interest paid (37) (45) (7) - P/CEPS 45.7 20.5 25.7 24.2
Others 245 (436) - - EV/EBITDA 37.1 15.9 20.8 19.6
Net cash from Fin. activities (436) (1,114) (897) (965) EV/Sales 7.2 4.4 4.7 4.4
Net change in cash (333) 2,892 4,992 4,339 Dividend Yield (%) 0.2 0.5 0.7 0.7
Free Cash Flow 62 4,046 5,119 4,303 Source: Company Data, PL Research
Source: Company Data, PL Research

Quarterly Financials (Rs m)

Y/e Mar Q1FY23 Q2FY23 Q3FY23 Q4FY23
Net Revenue 7,477 9,192 7,595 5,966
YoY gr. (%) 109.1 109.7 63.9 (3.3)
Raw Material Expenses 4,221 5,586 5,026 3,009
Gross Profit 3,256 3,606 2,570 2,957
Margin (%) 43.5 39.2 33.8 49.6
EBITDA 2,146 2,539 1,601 2,024
YoY gr. (%) 312.8 247.6 100.6 26.8
Margin (%) 28.7 27.6 21.1 33.9
Depreciation / Depletion 111 115 123 130
EBIT 2,035 2,424 1,478 1,894
Margin (%) 27.2 26.4 19.5 31.7
Net Interest 12 13 11 9
Other Income 167 193 152 130
Profit before Tax 2,190 2,605 1,619 2,015
Margin (%) 29.3 28.3 21.3 33.8
Total Tax 589 577 549 514
Effective tax rate (%) 26.9 22.2 33.9 25.5
Profit after Tax 1,600 2,027 1,070 1,501
Minority interest - - - -
Share Profit from Associates (2) (1) (8) (7)
Adjusted PAT 1,598 2,026 1,062 1,494
YoY gr. (%) 344.9 306.3 104.4 22.6
Margin (%) 21.4 22.0 14.0 25.0
Extra Ord. Income / (Exp) - - - -
Reported PAT 1,598 2,026 1,062 1,494
YoY gr. (%) 344.9 306.3 104.4 22.6
Margin (%) 21.4 22.0 14.0 25.0
Other Comprehensive Income - - - -
Total Comprehensive Income 1,598 2,026 1,062 1,494
Avg. Shares O/s (m) 31 31 31 31
EPS (Rs) 52.1 66.1 34.6 48.7
Source: Company Data, PL Research

May 25, 2023 6

 Fine Organic Industries
Price Chart Recommendation History

(Rs)
No. Date Rating TP (Rs.) Share Price (Rs.)
7200
1 13-Apr-23 BUY 6,000 4,481

5865 2 14-Feb-23 BUY 7,000 4,613

3 05-Jan-23 Accumulate 7,000 5,609
4530
4 14-Nov-22 Accumulate 7,000 6,200
3195 5 06-Oct-22 Hold 6,200 6,640
6 11-Aug-22 Hold 6,200 6,515
1860
May - 20

May - 21

May - 22

May - 23
Nov - 20

Nov - 21

Nov - 22
7 06-Jul-22 BUY 5,600 4,950
8 01-Jun-22 BUY 5,600 4,969

Analyst Coverage Universe

Sr. No. Company Name Rating TP (Rs) Share Price (Rs)
1 Aarti Industries Hold 550 557
2 Fine Organic Industries BUY 6,000 4,481
3 Jubilant Ingrevia BUY 715 396
4 Laxmi Organic Industries Reduce 250 252
5 NOCIL Accumulate 240 220

PL’s Recommendation Nomenclature (Absolute Performance)

Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

May 25, 2023 7

 Fine Organic Industries

ANALYST CERTIFICATION
(Indian Clients)
We/I, Mr. Nitesh Dhoot- B.Com (Hons), 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 views about 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.

(US Clients)
The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately
reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific
recommendation or views expressed in this research report.

DISCLAIMER
Indian Clients
Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as “PL”) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for
third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking,
investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com.
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PL or its research analysts or its associates or his relatives do not have any financial interest in the subject company.
PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month
immediately preceding the date of publication of the research report.
PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report.
PL or its associates might have received compensation from the subject company in the past twelve months.
PL or its associates might have managed or co-managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any
other assignment in the past twelve months.
PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
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company in the past twelve months
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preceding twelve months
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