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7/30/2019 Dr Reddys Lab 4Q FY 2013
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Please refer to important disclosures at the end of this report 1
Y/E March (` cr) 4QFY2013 3QFY2013 % chg (qoq) 4QFY2012 % chg (yoy)Net sales 3,340 2,865 16.6 2,658 25.6Gross profit 1,685 1,967 (14.4) 1,397 20.6
Operating profit 580 429 35.1 501 15.7
Adj. net profit 571 363 57.2 431 32.5Source: Company, Angel Research
Dr Reddys Laboratories (DRL) reported better than expected numbers for
4QFY2013 on the top-line and bottom-line fronts. The EBIT margin came in at
17.4% vs 18.9%.Consequently, the Adj. net profit came in at`571cr, a growth of32.5%, much higher than our expectation of`313cr. Along with the , higher than
expected EBIT margins, the other income, which came in at`163cr, aided higher
than expected net profit during the quarter. We recommend a buy on the stockwith a price target of `2,535.Results better than expectations: DRL posted numbers better than expected. Thesales came in at`3,340cr is V/s`2,409cr, registering a growth of 26%yoy. The
growth was mainly driven by PSAI segment, which grew by 44.6% yoy, while the
generic segment grew by 18.2% yoy. While, all the regions grew at robust growth
in PSAI, the generic segment growth was driven by the USA market, which grew
by 30.7%. The company posted an EBIT margins of 17.4% V/s 18.9% in the lastcorresponding period. Higher than expected EBIT Margins during the period
aided the net profit to come in at`571cr, V/s expectation of`313cr. Also the net
profit was aided by higher income during the quarter, which came in`163cr.
Outlook and valuation: ForDRL, we expect net sales to report a 14.9% CAGR to`15,350cr and adjusted EPS to record a 10.8% CAGR to `126.8 over FY2013-15.
We recommend a buy on the stock with a price target of `2,535.Key financials (IFRS Consolidated)
Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENet sales 9,674 11,627 13,377 15,350% chg 29.5 20.2 15.1 14.7
Net profit 1,426 1,678 1,903 2,149% chg 29.2 17.6 13.5 12.9
Adj net profit 1,496 1,750 1,903 2,149% chg 39.0 17.0 8.8 12.9
Adj. EPS (`) 88.2 103.2 112.3 126.8EBITDA margin (%) 26.9 23.0 20.4 20.1
P/E (x) 23.0 19.6 18.0 16.0
RoE (%) 28.9 26.8 23.5 21.8
RoCE (%) 20.9 17.8 18.3 18.3
P/BV (x) 6.0 4.7 3.9 3.2
EV/Sales (x) 4.0 3.2 2.8 2.4
EV/EBITDA (x) 14.8 14.0 13.6 11.9
Source: Company, Angel Research
BUYCMP `2,026
Target Price `2,535
Investment Period 12 months
Stock Info
Sector
3,162
Bloomberg Code
Shareholding Pattern (%)
Promoters 25.6
MF / Banks / Indian Fls 18.3
FII / NRIs / OCBs 47.9
Indian Public / Others 8.2
Abs. (%) 3m 1yr 3yr
Sensex 1.2 21.6 16.1
Dr Reddy 7.9 21.2 56.7
Pharmaceutical
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
34,400
0.3
2,151/1,528
25,295
Net Debt (`cr)
5
19,722
DRRD@IN
Nifty
Reuters Code
5,995
REDY.BO
Face Value (`)
BSE Sensex
Sarabjit Kour Nangra+91 2 39357600 Ext: 6806
sarabjit@angelbroking.com
Dr Reddys LaboratoriesPerformance Highlights
4QFY2013 Result Update | Pharmaceutical
May 14, 2013
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Exhibit 1:4QFY2013 performance (IFRS, consolidated)Y/E March (` cr) 4QFY2013 3QFY2013 % chg (qoq) 4QFY2012 % chg (yoy) FY2013 FY2012 % chgNet sales 3,340 2,865 16.6 2,658 25.6 11,627 9,674 20.2Other income 163 26 517 20 720 248 77 224.1Total income 3,503 2,892 21.1 2,678 30.8 11,875 9,750 21.8Gross profit 1,685 1,967 (14.4) 1,397 20.6 6,058 5,331 13.6
Gross margin (%) 50.4 68.7 (26.5) 52.6 (4.0) 52.1 55.1 (5.4)
SG&A expenses 872 1,335 (34.7) 722 20.9 3,358 2,887 16.3
R&D expenses 233 203 14.8 174 33.6 767 591 29.8
EBIT 580 429 35.1 501 15.7 1,932 1,853 4.3EBIT (%) 17.4 15.0 - 18.9 16.6 19.2 -
Interest (40) 10 - (8) (46) (16.0) -
PBT 783 446 75.5 529 47.9 2,226 1,945 (72.8)
Tax 214 83 159.0 84 155.5 490 420 16.6
Net Profit 569 363 56.5 446 27.6 1,736 1,525 13.9Share of profit/ (loss) in asso. 2.6 - - 1.1 - 10.4 5.4 (79.6)
Reported net profit before excep. 571 363 57.2 447 27.9 1,747 1,530 14.1Exceptional items - - 104 69 104 (33.8)Reported PAT 571 363 57.2 343 66.7 1,678 1,426 17.6Adj. Net Profit 571 363 57.2 431 32.5 1,750 1,496 17.0EPS (`) 33.7 21.4 25.4 - 103.2 88.2 -
Source: Company, Angel Research
Exhibit 2:Actual vs Estimates(` cr) Actual Estimates Variation (%)Net sales 3,340 2,409 38.6Other income 163 3 5,336.7
Operating profit 580 388 49.3
Interest (40) - -
Tax 214 78 173.6
Net profit 571 313 82.4Source: Company, Angel Research
Revenue growth higher than expected: DRL posted numbers better thanexpected. The sales came in at `3,340cr is V/s `2,409cr, registering agrowth of 26%yoy. The growth was mainly driven by PSAI segment, which
grew by 44.6% yoy, while the generic segment grew by 18.2% yoy. While,
all the regions grew at robust growth in PSAI, the generic segment growth
was driven by the USA market, which grew by 30.7%.
Formulations in the ROW also registered a robust growth of 18.8% yoy to
end the quarter at `133cr. Russia grew only by 4.5% yoy growth. The
domestic market reported a single-digit growth of 8.6% yoy. Sales from
Europe grew only by 1.7% yoy during the quarter.
DRL filed 19 ANDAs during the quarter. The company has 65 ANDAs
pending for approval with the USFDA, of which 38 are Para IVs and 8 are
FTFs. During the quarter, the company launched 24 products in the
domestic market.
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Exhibit 3:Global generic trend
873 792 927 9241,141
180 218178 193
183320 349388 372
348355 417384 438
370
0
500
1,000
1,500
2,000
2,500
4QFY2012 1QFY2013 2QFY2013 3QFY2013 4QFY2013
(`cr)
Others Russ ia & CIS India Europe North America Source: Company, Angel Research
The PSAI segment registered a 44.6% yoy growth. Europe and India grew by
58.3% yoy and 58.3% yoy growth in the Europe and India, respectively. The US
and ROW (PSAI segment) grew by 72.9% yoy and (4.6) % yoy, respectively.
Exhibit 4:PSAI trend
119 106 135 127206.1
278223
291 247
439.68661
115127
161.1
221
162
247212
210.4
0
200
400
600
800
1,000
1,200
4QFY2012 1QFY2013 2QFY2013 3QFY2013 4QFY2013
Others India Europe North America
(`
cr)
Source: Company, Angel Research
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Dr. Reddys Laboratories | 4QFY2013 Result Update
May 14, 2013 4
EBIT expands on yoy basis: DRL reported a gross margin of 50.4% during thequarter V/s 52.6% during the last corresponding period. However, the companys
EBIT margin came in at 17.4% V/s 18.9%. The key expenditure areas were R&D,
which grew by 33.6% yoy, and S&GA expenses, which grew by 20.9% yoy duringthe quarter.
Exhibit 5:EBIT margin trend18.9
14.6
19.2
15.0
17.4
12
14
16
18
20
4QFY2012 1QFY2013 2QFY2013 3QFY2013 4QFY2013
(%)
Source: Company, Angel Research
Adjusted net profit grew by 32.5% yoy during the quarter: Higher than expectedOPMs during the period aided the net profit to come in at `571cr, V/s
expectation of `313cr. Also the net profit was aided by higher income
during the quarter, which came in `163cr, aided by the US $ 22.5mn asone time settlement done with Nordion Inc., towards the damages
sustained by the Company due to the breach by Nordion of the then
existing Laboratory services agreement for bioequivalence studies.
Exhibit 6:Adjusted net profit trend
343 336
494
363
571
0
50
100
150
200
250
300
350
400
450
500
550
600
4QFY2012 1QFY2013 2QFY2013 3QFY2013 4QFY2013
(`
cr)
Source: Company, Angel Research
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Dr. Reddys Laboratories | 4QFY2013 Result Update
May 14, 2013 5
Concall takeaways To file 15-20 ANDAs in the US market in FY2014. Management sees higher pace of growth over FY15 17E based on its strategy
to focus on complex generics.
R&D spend is expected to be around 7.1% of sales. FY2014 capex to be around US $100-115mn. Tax as a % of PBT is guided towards 22-23%.
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Investment arguments
Robust growth in the US ahead: After attaining a critical mass (US$693mn inFY2013), DRL aims to scale up its business to the next orbit in the US market on
the back of a strong product pipeline (65 ANDAs are pending approval, of which
38 are Para IVs and 8 are FTFs). The Management has guided for a robust growth
in the US, driven by introduction of new products, some of which are also Para IV
opportunities. Overall, we expect the ex-exclusivity US sales to post a CAGR of
~18% during FY2013-15.
Domestic back in focus: After a below-industry average growth on the domesticformulation front since the last three years, DRL reported a modest 13.0% growth
in FY2013. The Management expects the companys performance to rebound and
targets to achieve 15% growth going ahead, driven by a) field force expansion and
improvement in productivity, b) new product launches (including biosimilars) and
c) focus on brand building.
Strategic alliances to provide long-term growth: In order to tap the emergingmarket opportunities, DRL entered into an alliance with GSK in FY2011 to develop
and market branded formulations across emerging markets. On the biogeneric
front, the company has developed nine products (four products launched in India)
on mammalian cell culture with global brand sales of US$30bn. The company has
also entered into a marketing agreement with Valent Pharma to market Cloderm
cream in the US market. This deal is expected to provide an impetus to the
proprietary products business going forward.
Valuation: We expect the companys net sales to post a 14.9% CAGR to`15,350crand adjusted EPS to record a 10.8% CAGR to`126.8 over FY2013-15. Growth
would be driven by the US business, uptick in domestic formulations, and Russian
markets. At the current market price, the stock is trading at 18.0x FY2014E and16.0x FY2015E earnings. We recommend a buy on the stock with a price target ofExhibit 7:Key assumptions
FY2014E FY2015EPSAI segment growth (%) 4.5 4.8
Generics segment growth (%) 17.0 17.3
Operating margin (%) 20.4 20.1Capex (`cr) 900 900
Source: Company, Angel Research
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Exhibit 8:One-year forward PE chart
0
500
1,000
1,500
2,000
2,500
3,000
Feb-08
May-08
Aug-08
Nov-08
Feb-09
May-09
Aug-09
Nov-09
Feb-10
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Price 5x 10x 15x 20x
Source: Company, Angel Research
Exhibit 9:Recommendation summaryCompany Reco CMP Tgt. price Upside FY2015E FY12-15E FY2015E
(`) (`) % PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)Alembic Pharma. Accumulate 123 139 13.2 8.8 1.2 6.0 26.1 34.0 34.7
Aurobindo Pharma Buy 190 264 38.9 9.9 1.2 7.4 58.2 12.0 18.0
Cadila Healthcare Buy 832 962 15.6 17.3 2.1 11.8 14.8 18.5 24.7
Cipla Buy 399 463 16.2 17.2 2.7 11.6 17.6 17.4 16..2
Dr Reddy's Buy 2,026 2,535 25.1 16.0 2.4 11.9 10.8 18.3 21.8Dishman Pharma Buy 75 206 175.2 3.6 0.8 4.0 47.9 12.0 13.7
GSK Pharma* Neutral 2,324 - - 27.9 5.4 18.9 4.8 36.1 31.0
Indoco Remedies Buy 64 90 40.6 7.1 0.8 5.4 21.5 14.6 15.8
Ipca labs Buy 545 676 24.1 12.1 1.8 8.4 30.6 26.0 25.3
Lupin Buy 752 877 16.6 18.0 2.4 11.2 29.1 28.5 24.8
Ranbaxy* Neutral 456 - - 20.2 1.5 14.2 (6.8) 13.1 19.1Sanofi India* Neutral 2,500 - - 25.2 2.5 15.0 13.4 15.9 16.7
Sun Pharma Neutral 946 - - 27.1 6.1 14.0 0.2 27.0 19.3
Source: Company, Angel Research; Note: *December year ending
Company Background
Established in 1984, Dr Reddy's Laboratories is an integrated global
pharmaceutical company, through its three businesses - Pharmaceutical Services
and Active Ingredients, Global Generics and Proprietary Products. The key
therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology,
pain management, anti-infective and paediatrics. The key markets for DRL include
India, USA, Russia & CIS, and Germany.
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Dr. Reddys Laboratories | 4QFY2013 Result Update
May 14, 2013 8
Profit & loss statement (IFRS Consolidated)
Y/E March FY2011 FY2012 FY2013 FY2014E FY2015ENet sales 7,469 9,674 11,627 13,377 15,350Other operating income 75.0 76.5 247.9 247.9 247.9Total operating income 7,544 9,750 11,875 13,625 15,598% chg 6.5 29.2 21.8 14.7 14.5
Total expenditure 5,903 7,076 8,951 10,647 12,260
Cost of revenues 3,028 3,598 4,825 5,457 6,304
SG&A expenses 2,369 2,887 3,358 4,281 4,912
R&D expenses 506.0 591.1 767.3 909.7 1,043.8
EBITDA 1,566 2,598 2,676 2,730 3,090% chg 10.3 65.9 3.0 2.0 13.2
(% of Net Sales) 21.0 26.9 23.0 20.4 20.1
Depreciation & amortisation 414.7 745.4 743.7 562.7 603.4
EBIT 1,151 1,853 1,932 2,167 2,487% chg 14.6 60.9 4.3 12.2 14.7
(% of Net Sales) 15.4 19.2 16.6 16.2 16.2
Interest & other charges 28.3 (16.0) - - -
Other Income 9.4 - 46.0 46.0 46.0
(% of PBT) 0.8 - 2.1 1.9 1.6
Share in profit of associates 0.3 5.4 10.4 10.4 10.4
Recurring PBT 1,208 1,951 2,237 2,471 2,791% chg 13.3 61.5 14.7 10.5 12.9
Extraordinary expense/(Inc.) (37) 104.0 68.8 - -
PBT (reported) 1,244.2 1,846.6 2,167.7 2,471.4 2,791.0Tax 140.3 420.4 490.0 566.0 639.5
(% of PBT) 11.3 22.8 22.6 22.9 22.9
PAT (reported) 1,104 1,426.2 1,677.7 1,905.4 2,151.5Exceptional items 9 - - - -
PAT after MI (reported) 1,104 1,426.2 1,677.7 1,903.4 2,149.5ADJ. PAT 1,076 1,496.0 1,750.0 1,903.4 2,149.5% chg 16.8 39.0 17.0 8.8 12.9
(% of Net Sales) 14.8 14.7 14.4 14.2 14.0
Basic EPS (`) 63.8 88.2 103.2 112.3 126.8Fully Diluted EPS (`) 63.8 88.2 103.2 112.3 126.8% chg 16.8 38.4 17.0 8.8 12.9
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Balance sheet (IFRS Consolidated)
Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015ESOURCES OF FUNDSEquity share capital 84.4 84.8 84.8 84.8 84.8Reserves & surplus 4,515 5,660 7,224 8,830 10,681
Shareholders funds 4,599 5,744 7,309 8,917 10,770Total loans 2,357.2 4,831.2 3,676.0 3,676.0 3,676.0
Deferred tax liability 143.8 83.3 83.3 83.3 83.3
Total liabilities 7,100 10,659 11,068 12,677 14,530APPLICATION OF FUNDSNet fixed assets 2,478 3,325 3,781 4,681 5,581
Goodwill /other intangibles 1,549 1,353 1,402 1,402 1,402
Capital Work-in-Progress 486.7 520.8 495.2 495.2 495.2
Investments 31.0 1,077 1,764 1,764 1,764Current Assets 4,832 6,995 6,875 8,064 9,557
Cash 572.9 737.9 513.6 763 1,197
Loans & Advances 448.2 580.4 697.6 802.6 921.0
Other 3,811 5,677 5,664 6,498 7,439
Current liabilities 2,276 2,613 3,252 3,733 4,274
Net Current Assets 2,556 4,382 3,623 4,330 5,283Mis. Exp. not written off - - -
Total Assets 7,100 10,659 11,068 12,677 14,530
Cash flow statement (IFRS Consolidated)Y/E March (` cr) FY2011 FY2012 FY2013 FY2014E FY2015EProfit before tax 1,208 1,951 2,237 2,471 2,791
Depreciation 415 745 744 563 603
(Inc)/Dec in Working Capital (439) (1,661) 535 (458) (519)
Less: Other income 9 - 46 46 46
Direct taxes paid 140 420 490 566 640
Cash Flow from Operations 1,034 614 2,980 1,964 2,190(Inc.)/Dec.in Fixed Assets (718) (881) (431) (900) (900)
(Inc.)/Dec. in Investments - (1,046) 687 - -
Other income 9 - 46 46 46Cash Flow from Investing (709) (1,928) 302 (854) (854)Issue of Equity - 0 - - -
Inc./(Dec.) in loans 892 2,474 (1,155) - -
Dividend Paid (Incl. Tax) 221 259 298 298 298
Others (1,081) (736) (2,053) (563) (604)
Cash Flow from Financing (410) 1,478 (3,506) (860) (902)Inc./(Dec.) in Cash (86) 165 (224) 250 434
Opening Cash balances 658 573 738 514 763Closing Cash balances 573 738 514 763 1,197
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Key ratios
Y/E March FY2011 FY2012 FY2013 FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 31.8 23.0 19.6 18.0 16.0P/CEPS 22.9 15.8 14.2 13.9 12.5
P/BV 7.4 6.0 4.7 3.9 3.2
Dividend yield (%) 0.5 0.7 0.7 0.7 0.7
EV/Sales 4.8 4.0 3.2 2.8 2.4
EV/EBITDA 23.0 14.8 14.0 13.6 11.9
EV / Total Assets 5.1 3.6 3.4 2.9 2.5
Per Share Data (`)EPS (Basic) 63.8 88.2 103.2 112.3 126.8
EPS (fully diluted) 63.8 88.2 103.2 112.3 126.8
Cash EPS 90.0 128.1 142.8 145.4 162.4
DPS 11.0 14.0 15.0 15.0 15.0
Book Value 272.5 338.8 431.0 525.9 635.2
Dupont AnalysisEBIT margin 15.4 19.2 16.6 16.2 16.2
Tax retention ratio 88.7 77.2 77.4 77.1 77.1
Asset turnover (x) 1.3 1.2 1.2 1.2 1.2
ROIC (Post-tax) 17.5 17.5 14.9 15.1 15.4
Cost of Debt (Post Tax) 1.3 -0.3 0.0 0.0 0.0
Leverage (x) 0.3 0.6 0.6 0.4 0.3
Operating ROE 22.2 27.4 23.5 20.9 19.7
Returns (%)ROCE (Pre-tax) 17.7 20.9 17.8 18.3 18.3
Angel ROIC (Pre-tax) 29.4 29.6 23.1 23.2 23.2
ROE 24.2 28.9 26.8 23.5 21.8
Turnover ratios (x)Asset Turnover (Gross Block) 3.6 3.4 3.3 3.2 3.0
Inventory / Sales (days) 71 66 63 63 65
Receivables (days) 72 80 88 91 94
Payables (days) 55 46 44 41 41
WC cycle (ex-cash) (days) 85 105 104 89 90
Solvency ratios (x)Net debt to equity 0.4 0.7 0.4 0.3 0.2
Net debt to EBITDA 1.1 1.6 1.2 1.1 0.8
Interest Coverage (EBIT / Int.) 40.7 - - - -
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Dr. Reddys Laboratories | 4QFY2013 Result Update
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Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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Disclosure of Interest Statement Dr. Reddys Laboratories
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors
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