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© CRISIL Limited. All Rights Reserved.
Enhancing investment decisions
Q2FY12 Result Update
Sagar Cements Ltd
© 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 Fundamental Grade
Assessment CRISIL Valuation Grade
Assessment
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. CRISIL RESEARCH | 1
Sagar Cements Ltd Results exceed expectation - realisations remain strong
Fundamental Grade 2/5 (Moderate fundamentals)
Valuation Grade 5/5 (CMP has strong upside) Industry Cement
Fair Value Rs 202 CMP Rs 133
November 01, 2011
Sagar Cements Ltd’s (Sagar’s) Q2FY12 revenues and margins exceeded CRISIL Research’s expectations. The outperformance was on account of firm realisations against our expectation of a decline. Production discipline by cement players supported realisations in the southern markets. We have revised our earnings estimates upwards. We expect cement prices in the southern region to be under pressure given the oversupply situation and tapering demand. Consequently, we maintain our fundamental grade of 2/5. Q2FY12 result analysis
• Sagar’s Q2FY12 revenues increased by 94% y-o-y, driven by 31% growth
in volumes and 62% growth in average realisations. The growth was
primarily on account of a lower base as turmoil in Andhra Pradesh had
affected the performance in Q2FY11. However, revenues dipped by 3.0%
q-o-q due to the lean season.
• EBITDA margin was 14.6% against a loss in Q2FY11. However, margin
dipped sharply q-o-q from 23.5% in Q1FY12 primarily on account of an
increase in fuel cost (more imported coal due to labour strike at Singareni
collieries) and transportation cost (due to higher sales outside Andhra
Pradesh and increase in diesel prices). EBITDA per tonne was Rs 604
compared to a loss in Q2FY11 and Rs 987 in Q1FY12.
• The company had received incentives under the Andhra Pradesh Industrial
Policy in Q2FY11, which were missing this quarter. Hence, other income
declined from Rs 102 mn in Q2FY11 to Rs 1.0 mn in Q2FY12.
• Adjusted PAT was Rs 59 mn against a loss of Rs 53 in Q2FY11. PAT also
dropped by 68% q-o-q due to margin contraction. Earnings estimates – revised upwards
We have raised our average realisation estimate by 12.0% for FY12 and by 10.9% for FY13. We expect cement prices to moderate in H2FY12, hence our realisation assumption of Rs 4,112 for FY12 is lower than the average realisation of Rs 4,611 for H1FY12 and Rs 4,561 for Q2FY12. Consequently, our PAT is revised upwards by 25% in FY12 and 13% in FY13. Valuations: Current market price has strong upside
We continue to value Sagar based on the sum-of-the-parts method. We have used EV/tonne multiple for the core business and EV/EBITDA multiple for its investment in the Sagar-Vicat JV. We maintain our fair value of Rs 202 and the valuation grade of 5/5.
KEY FORECAST
(Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 2,701 4,305 4,245 5,920 6,414
EBITDA 653 905 730 1,045 1,048
Adj PAT 189 202 174 302 299
Adj EPS-Rs 12.6 13.5 11.6 17.4 17.2
EPS growth (%) (49.2) 6.7 (13.7) 49.5 (0.9)
Dividend yield (%) 12.1 2.3 1.7 1.7 1.7
RoCE (%) 11.4 13.7 9.9 15.2 13.9
RoE (%) 11.8 9.6 7.9 12.6 11.2
PE (x) 2.6 9.9 11.5 7.7 7.7
P/BV (x) 0.2 0.9 0.9 0.9 0.8
EV/EBITDA (x) 4.4 4.7 6.0 4.7 4.3
NM: Not meaningful; CMP: Current market price
Source: Company, CRISIL Research estimate
CFV MATRIX
KEY STOCK STATISTICS NIFTY 5258
NSE ticker SAGCEM
Face value (Rs per share) 10
Shares outstanding (mn) 17.4
Market cap (Rs mn)/(US$ mn) 2,319/47
Enterprise value (Rs mn) /(US$ mn) 4,690/95
52-week range (Rs) (H/L) 160/108
Beta 1.04
Free float (%) 41.6
Avg daily volumes (30-days) 1,337
Avg daily value (30-days) (Rs mn) 0.2
SHAREHOLDING PATTERN
PERFORMANCE VIS-À-VIS MARKET
Returns
1-m 3-m 6-m 12-m
SAGAR 0% -5% -9% -4%
NIFTY 6% -5% -9% -14%
ANALYTICAL CONTACT Chetan Majithia (Head) chetanmajithia@crisil.com
Onkar Kulkarni okulkarni@crisil.com
Vishal Rampuria vrampuria@crisil.com
Client servicing desk
+91 22 3342 3561 clientservicing@crisil.com
1 2 3 4 5
1
2
3
4
5
Valuation Grade
Fu
nd
am
en
tal G
rad
e
Poor Fundamentals
ExcellentFundamentals
Str
on
gD
ow
nsi
de
Str
on
gU
psi
de
44.2% 44.2% 40.6%51.6%
0.0%7.5% 7.8%
8.3%
6.8%
48.3% 48.0% 51.1%41.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec-10 March-11 Jun-11 Sep-11
Promoter FII DII Others
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 2
Sagar Cements Ltd
Q2FY12 Result Summary (Rs mn) Q2FY12 Q1FY12 Q2FY11 q-o-q (%) y-o-y (%) H1FY12 H1FY11 y-o-y (%)
Operating income 1,673 1,725 864 (3.0) 93.6 3,398 2,169 56.7 Raw materials cost 139 121 197 14.6 (29.4) 261 417 (37.5) (Increase) / Decrease in Stock in Trade 35 75 (112) 52.9 N.M 110 (107) (203.4) Raw materials cost (% of net sales) 10% 11% 10% (96) bps 59 bps 11% 14% (342) bps Power & fuel cost 453 368 380 23.0 19.2 821 765 7.4 Other expenses 751 701 410 7.1 82.9 1,452 937 54.9 Employee cost 50 54 37 (7.0) 35.4 104 77 35.4 EBITDA 245 406 (48) (39.6) NM 650 79 721.0 EBITDA margin 14.6% 23.5% -5.6% (887) bps NM 19.1% 3.7% 1,549 bps Depreciation 65 63 70 3.0 (7.2) 129 137 (6) EBIT 180 342 (119) (47.5) NM 522 (58) NM Interest and finance charges 87 87 71 (0.3) 22.9 174 140 24 Operating PBT 93 255 (189) (63.6) NM 348 (198) NM Other Income 1.0 1.7 102 (39.1) (99.0) 2.7 114.3 (98) PBT 94 257 (87) (63.5) NM 350 (84) NM Tax 35 75 (34) (53.6) NM 110 (36) (405) PAT 59 182 (53) (67.5) NM 241 (48) NM Adj PAT 59 182 (53) (67.5) NM 241 (48) NM Adj PAT margin 3.5% 10.5% -6.1% (701) bps 965 bps 7.1% -2.2% NM No of equity shares (mn) 17.4 14.1 15.0 23.3 15.9 17.4 15.0 16 Adj EPS (Rs) 3.4 12.9 (3.5) (73.7) NM 13.9 (3.2) NM
Source: Company, CRISIL Research
Volumes dip q-o-q marginally due to seasonality Fuel and freight costs impacted EBITDA per tonne
Source: Company, CRISIL Research Source: Company, CRISIL Research
Net sales and EBITDA margins Cement prices remain robust*
Source: Company, CRISIL Research Source: CRISIL Research *Hyderabad prices
287 421 386 309 303 416 411 406
2,913 2,837
3,251
2,822
3,818 4,238
4,659 4,561
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
-
50
100
150
200
250
300
350
400
450
Dec
-09
Mar-
10
Jun-1
0
Sep-1
0
Dec
-10
Mar-
11
Jun-1
1
Sep-1
1
(Rs / tonne)('000 tonne)
Sales volumes Sales Realisations (RHS)
83239 330
-156
465
952 987
604
(400)
(200)
-
200
400
600
800
1,000
1,200
Dec-
09
Mar
-10
Jun-1
0
Sep-
10
Dec-
10
Mar
-11
Jun-1
1
Sep-
11
(Rs /tonne)
1,3
84
1,2
81
895
1,2
36
1,3
04
864
1,1
26
1,6
82
1,7
25
1,6
73
26% 25%
3%
8% 10%
-6%
13%
24% 24%
15%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
0
250
500
750
1,000
1,250
1,500
1,750
2,000
Jun-
09
Sep
-09
Dec-
09
Mar
-10
Jun-
10
Sep
-10
Dec-
10
Mar
-11
Jun-
11
Sep
-11
(Rs mn)
Net Sales EBITDA Margin (RHS)
-
50
100
150
200
250
300
350
Apr
-10
May
-10
Jul-
10
Aug
-10
Oct
-10
Dec
-10
Jan-
11
Mar-
11
May
-11
Jun-1
1
Aug
-11
Oct
-11
(Rs / bag)
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 3
Sagar Cements Ltd
Share price movement Fair value movement since initiation
-indexed to 100
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
0
50
100
150
200
250
Jan-
09
Apr
-09
Jul-
09
Oct
-09
Jan-
10
Apr
-10
Jul-
10
Oct
-10
Jan-
11
Apr
-11
Jul-
11
Oct
-11
Sagar NIFTY
0
50
100
150
200
250
0
50
100
150
200
250
Nov-1
0
Dec-
10
Jan-1
1
Feb-
11
Mar
-11
Apr-
11
May-1
1
Jun-
11
Jul-
11
Aug-1
1
Sep
-11
Oct
-11
('000)(Rs)
Traded Traded Quantity (RHS) CRISIL Fair Value Sagar
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 4
Sagar Cements Ltd
KEY DEVELOPMENTS
Fuel cost up due to labour strike at Singareni collieries
The labour strike at Singareni collieries in support of the Telangana state has
impacted coal supplies to Sagar. As a result, the company had to import more
to meet its coal requirement. The percentage of imported coal in the total
consumption went up from ~50% in previous quarters to ~90% in this quarter.
Hence, the average fuel cost increased from Rs 707 per tonne to Rs 951 per
tonne in Q2FY12.
The management expects the supply issues to continue at least over the next
quarter and, hence, the cost of coal is expected to remain high as the company
imports more.
Higher sales outside Andhra Pradesh increased freight costs
Sagar’s dispatches outside Andhra Pradesh have increased by ~3x y-o-y and
17% q-o-q, which has resulted in increase in average transportation distance.
This and an increase in diesel prices have resulted in increase in freight cost by
56% to Rs 689 per tonne in Q2FY12.
Sales mix
(Rs mn) Q2FY12 Q1FY12 Q2FY11 q-o-q (%) y-o-y (%)
Andhra Pradesh 212 246 246 -14% -14%
as % of total 52% 60% 80%
Outside Andhra Pradesh 194 165 63 17% 210%
as % of total 48% 40% 20%
Total 406 411 308 -1% 32%
Source: Company, CRISIL Research
Other developments
Increase in promoter shareholding: As expected, the promoter shareholding
has increased from 40.6% to 51.6% after the completion of Amareshwari
Cements Ltd merger with the company.
Sagar-Vicat JV on track for completion: The management has reiterated
that phase I (2.75 mn tonne capacity) of the cement plant is on track for
commissioning by mid-2012.
Railway line to be on line by August 2012: The railway line at the
company’s existing plant is expected to be on line by June-August 2012.
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 5
Sagar Cements Ltd
EARNINGS ESTIMATES REVISED UPWARDS
We have revised our realisation estimate by 12% for FY12 to Rs 4,112 per
tonne. We expect realisation for FY13 to remain flat at Rs 4,112 per tonne
(earlier assumed at Rs 3,709 per tonne). The average realisation for the
company was Rs 4,611 per tonne in H1FY12. We expect sluggish demand and
oversupply in the southern region to correct cement prices in H2FY12.
Consequently, our FY12 realisation estimate is lower than H1FY12 realisation.
We have moderated our margins by 25 bps for FY12 due to increase in fuel and
transportation costs. The upward revision in realisation has resulted in
expansion of PAT margin by 57 bps in FY12 and 32 bps in FY13.
FY12E FY13E
Particulars Unit Old New % change Old New % change
Operating income (Rs mn) 5,335 5,920 11.0% 6,096 6,414 5.2%
EBITDA (Rs mn) 955 1,045 9.4% 994 1,048 5.4%
EBITDA margin % 17.9 17.7 -25bps 16.3 16.3 2bps
PAT (Rs mn) 242 302 25.0% 265 299 12.9%
PAT margin % 4.5 5.1 57bps 4.4 4.7 32bps
EPS Rs 13.9 17.4 25.0% 15.2 17.2 12.9%
Source: CRISIL Research
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 6
Sagar Cements Ltd
VALUATION
We continue to value Sagar based on the sum-of-the-parts method by using
EV/tonne of Rs 1,720 for the core business and its investments in Sagar-Vicat
JV at 6x EV/EBITDA. The core business is valued at Rs 143 per share and the
Vicat JV at Rs 59 per share. We maintain the fair value of Rs 202 per share.
One-year forward EV/tonne band One-year forward EV/EBITDA band
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
EV/EBITDA movement P/E movement
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
CRISIL IER reports released on Sagar Cements Ltd
Date Nature of report
Fundamental
grade Fair value
Valuation
grade
CMP
(on the date of report)
1-Dec-10 Initiating coverage* 2/5 Rs 202 5/5 Rs 125
25-Feb-11 Q3FY11 result update 2/5 Rs 202 5/5 Rs 135
09-Jun-11 Q4FY11 result update 2/5 Rs 202 5/5 Rs 137
18-Jul-11 Q1FY12 result update 2/5 Rs 202 5/5 Rs 135
01-Nov-11 Q2FY12 result update 2/5 Rs 202 5/5 Rs 133
* 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.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Apr-
07
Jul-
07
Oct
-07
Jan-0
8
Apr-
08
Jul-
08
Oct
-08
Jan-0
9
A pr-
09
Jul-
09
Oct
-09
Jan-1
0
Apr-
10
Jul-
10
Oct
-10
Jan-1
1
Apr-
11
Jul-
11
Oct
-11
(Rs mn)
EV 1500x 2000x 2500x 3000x
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Apr-
07
Jul-
07
Oct
-07
Jan-0
8
Apr-
08
Jul-
08
Oct
-08
Jan-0
9
Apr-
09
Jul-
09
Oct
-09
Jan-1
0
Apr-
10
Jul-
10
Oct
-10
Jan-1
1
Apr-
11
Jul-
11
Oct
-11
(Rs mn)
EV 4x 6x 8x 9x
0
2
4
6
8
10
12
Apr-
07
Jul-
07
Oct
-07
Jan-0
8
Apr-
08
Jul-
08
Oct
-08
Jan-0
9
Apr-
09
Jul-
09
Oct
-09
Jan-1
0
Apr-
10
Jul-
10
Oct
-10
Jan-1
1
Apr-
11
Jul-
11
Oct
-11
(Times)
1yr Fwd EV/EBITDA Median EV/EBITDA
+1 std dev
-1 std dev
0
5
10
15
20
25
30
35
Apr-
07
Jul-
07
Oct
-07
Jan-0
8
Apr-
08
Jul-
08
Oct
-08
Jan-0
9
Apr-
09
Jul-
09
Oct
-09
Jan-1
0
Apr-
10
Jul-
10
Oct
-10
Jan-1
1
Apr-
11
Jul-
11
Oct
-11
(Times)
1yr Fwd PE (x) Median PE
+1 std dev
-1 std dev
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 7
Sagar Cements Ltd
FINANCIALS
Note: All ratios are computed on Adj PAT
Source: Company, CRISIL Research estimate
Income statement
(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E
Operating income 2,701 4,305 4,245 5,920 6,414 Liabilities
EBITDA 653 905 730 1,045 1,048 Equity share capital 150 150 150 174 174
EBITDA margin 24.2% 21.0% 17.2% 17.7% 16.3% Reserves 1,888 2,038 2,098 2,382 2,635
Depreciation 207 287 276 287 292 Minorities - - - - -
EBIT 447 618 454 758 755 Net worth 2,038 2,188 2,248 2,556 2,808
Interest 164 301 311 311 329 Convertible debt 10 10 10 10 10
Operating PBT 283 317 143 448 427 Other debt 2,510 2,296 2,388 2,788 2,688
Other income 4 3 84 3 20 Total debt 2,520 2,306 2,398 2,798 2,698
Exceptional inc/(exp) 6 0 (0) - - Deferred tax liability (net) 159 271 347 347 347
PBT 293 321 226 451 447 Total liabilities 4,717 4,765 4,993 5,701 5,854
Tax provision 98 119 52 149 147 Assets
Minority interest - - - - - Net fixed assets 3,822 3,782 3,376 3,189 2,997
PAT (Reported) 195 202 174 302 299 Capital WIP 183 103 61 61 61
Less: Exceptionals 6 0 (0) - - Total fixed assets 4,005 3,885 3,437 3,250 3,058
Adjusted PAT 189 202 174 302 299 Investments 150 381 860 1,360 1,360
Current assets
Ratios Inventory 430 493 558 664 720
FY09 FY10 FY11 FY12E FY13E Sundry debtors 249 418 429 510 552
Growth Loans and advances 468 387 621 739 801
Operating income (%) 20.9 59.4 (1.4) 39.5 8.3 Cash & bank balance 115 31 33 250 539
EBITDA (%) 1.6 38.5 (19.3) 43.1 0.3 Marketable securities - - - - -
Adj PAT (%) (42.9) 6.7 (13.7) 73.3 (0.9) Total current assets 1,261 1,330 1,641 2,163 2,612
Adj EPS (%) (49.2) 6.7 (13.7) 49.5 (0.9) Total current liabilities 700 831 945 1,073 1,176
Net current assets 562 499 696 1,091 1,435
Profitability Intangibles/Misc. expenditure - - - - -
EBITDA margin (%) 24.2 21.0 17.2 17.7 16.3 Total assets 4,717 4,765 4,993 5,701 5,854
Adj PAT Margin (%) 7.0 4.7 4.1 5.1 4.7
RoE (%) 11.8 9.6 7.9 12.6 11.2 Cash flow
RoCE (%) 11.4 13.7 9.9 15.2 13.9 (Rs mn) FY09 FY10 FY11 FY12E FY13E
RoIC (%) 9.6 12.1 14.5 16.4 17.6 Pre-tax profit 287 321 227 451 447
Total tax paid (13) (7) 24 (149) (147)
Valuations Depreciation 207 287 276 287 292
Price-earnings (x) 2.6 9.9 11.5 7.7 7.7 Working capital changes (354) (21) (195) (177) (56)
Price-book (x) 0.2 0.9 0.9 0.9 0.8 Net cash from operations 127 580 331 412 536
EV/EBITDA (x) 4.4 4.7 6.0 4.7 4.3 Cash from investments
EV/Sales (x) 1.1 1.0 1.1 0.8 0.7 Capital expenditure (1,050) (167) 172 (100) (100)
Dividend payout ratio (%) 30.2 23.2 20.0 13.3 13.5 Investments and others (150) (231) (479) (500) -
Dividend yield (%) 12.1 2.4 1.7 1.7 1.7 Net cash from investments (1,200) (398) (307) (600) (100)
Cash from financing
B/S ratios Equity raised/(repaid) 198 - (1,050) 24 -
Inventory days 88 66 82 68 66 Debt raised/(repaid) 431 (214) 92 400 (100)
Creditors days 109 81 93 76 75 Dividend (incl. tax) (59) (47) (41) (47) (47)
Debtor days 38 34 29 29 28 Others (incl extraordinaries) 548 (5) 977 29 (0)
Working capital days 36 39 49 46 49 Net cash from financing 1,117 (265) (22) 406 (147)
Gross asset turnover (x) 0.8 0.9 0.9 1.2 1 Change in cash position 44 (84) 2 218 289
Net asset turnover (x) 1.1 1.1 1.2 1.8 2 Closing cash 115 31 33 250 539
Sales/operating assets (x) 0.8 1.1 1.2 1.8 2.0
Current ratio (x) 1.8 1.6 1.7 2.0 2.2 Quarterly financials
Debt-equity (x) 1.2 1.1 1.1 1.1 1.0 (Rs mn) Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12
Net debt/equity (x) 1.2 1.0 1.1 1.0 0.8 Net Sales 864 1,126 1,682 1,725 1,673
Interest coverage 2.7 2.1 1.5 2.4 2.3 Change (q-o-q) -33.7% 30.3% 49.3% 2.5% -3.0%
EBITDA (48) 141 396 406 245
Per share Change (q-o-q) NM NM 180.9% 2.4% -39.6%
FY09 FY10 FY11 FY12E FY13E EBITDA margin -5.6% 12.5% 23.5% 23.5% 14.6%
Adj EPS (Rs) 12.6 13.5 11.6 17.4 17.2 PAT (53) 31 193 182 59
CEPS 26.4 32.6 30.0 33.9 34.0 Adj PAT (53) 31 193 182 59
Book value 135.8 145.9 149.9 147.0 161.5 Change (q-o-q) NM NM 520.8% -5.6% -67.5%
Dividend (Rs) 3.9 3.1 2.3 2.3 2.3 Adj PAT margin -6.1% 2.8% 11.5% 10.5% 3.5%
Actual o/s shares (mn) 15.0 15.0 15.0 17.4 17.4 Adj EPS (3.0) 1.8 11.1 12.9 3.4
Balance Sheet
© CRISIL Limited. All Rights Reserved.
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
CRISIL’s Equity Offerings
The Equity Group at CRISIL Research provides a wide range of services including:
Independent Equity Research
IPO Grading
White Labelled Research
Valuation on companies for use of Institutional Investors, Asset Managers, Corporate
Other services by the Research group include
Funds & Fixed Income Research
Mutual fund rankings
Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs
Valuation for all debt instruments
Developing and maintaining debt and hybrid indices
Consultancy and research support to retirement funds
Industry & Customized Research
Provide comprehensive research coverage across 65 sectors
Customised research on market sizing, demand modelling and entry strategies
Customised research content for Information Memorandum and Offer Documents
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Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : vishah@crisil.com I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : gs@crisil.com I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : kponnuru@crisil.com I Phone : 9642004668
Delhi Arjun Gopalkrishnan - Manager, Business Development Email :agopalakrishnan@crisil.com I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : priyagarwal@crisil.com I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : vtandon@crisil.com I Phone : 9903060685
Vinaya Dongre – Head, Business Development
Email : vdongre@crisil.com I Phone : 9920225174
Sagar Sawarkar – Senior Manager, Business Development Email : ssawarkar@crisil.com I Phone : 9821638322
Regional Contacts:
To know more about CRISIL IER, please contact our team members:
Ashish Sethi – Head, Business Development
Email : asethi@crisil.com I Phone : 9920807575
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.
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : vishah@crisil.com I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : gs@crisil.com I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : kponnuru@crisil.com I Phone : 9642004668
Delhi Arjun Gopalkrishnan - Manager, Business Development Email :agopalakrishnan@crisil.com I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : priyagarwal@crisil.com I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : vtandon@crisil.com I Phone : 9903060685
Ashish Sethi – Head, Business Development Email : asethi@crisil.com I Phone : 9920807575
Regional Contacts:
To know more about CRISIL IER, please contact our team members:
Sagar Sawarkar – Senior Manager, Business Development Email : ssawarkar@crisil.com I Phone : 9821638322
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
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