July 16, 2018 1

Rating: HOLD | CMP: Rs1,751 | TP: Rs1,703

No surprises to Justify Valuations; Cut to Hold

We are cutting HUVR from “Accumulate” to Hold given valuations at 53xFY20

EPS after factoring in 16.4% PAT CAGR over FY18-20 and 52% run up in past

1 year. 1Q19 performance remained robust with 12% UVG and 21% Adj PAT

growth, recovery in demand scenario and sustained growth in naturals

portfolio and Home care. HUL is undertaking realignment of its manufacturing

and supply chain post GST which will reduce costs and expand margins over

the coming years. HUL is well placed to gain from Premiumisation in Home

Care, success in naturals with Lever Ayush, Indulekha etc. and strong growth

in emerging categories (premium laundry, hand wash, Liquid dish wash, Hair

conditioner, Face-wash and Green tea). Rising crude oil prices, depreciating

INR and competitive actions in select categories pose a near term challenge,

although long term outlook remains intact. We value the stock at 46xDec20

EPS and arrive at target price of Rs1703, (1627 based on 46xSept20 EPS).

Downgrade to Hold.

Concall Takeaways: 1) Trade Channels have normalized 2) Demand has seen

improvement in both urban and rural India, however rural has grown faster 3) Crude

price increases were set-off by benign PFAD, calibetated price increases and future

covers 4) Rising crude and depreciating currency pose a challenge in coming

quarters 5) Water purifiers have been impacted due to shift from Gravity purifiers to

RO/UV based systems. Air purifiers are at a very nascent stage and consumers are

yet to pick up the habit of installing air purifiers. 6) Competitive activity and Modern

trade promotions are picking up in a few categories, HUL has managed higher

growth despite heightened activity 8) Naturals portfolio has grown at 2.5x of

company growth rate led by master brands, specialist brands and variants in

existing brands, although on a low base 9) Innovations continued with launch of

Brylcream in men’s grooming range at Amazon, Lever Ayush breakfast range in

TN, Lakme 9 to 5 Natural range etc. 10) Although Oral care is doing better,

Pepsodent has been lagging in growth and is not out of woods as yet 11) HUL is

undertaking realignment of supply chain and manufacturing to gain from GST, this

will increase efficiency but entail exceptional expenses for next 4-6 quarters.

Volumes up 12%, PAT up 21.3%: Net Sales increased 11.4% to Rs93.5bn, backed

by UVG of 12%. UVG for Home care increased 14% while it increased by 11% for

Personal care and Foods. Domestic consumer sales increased 16%. Gross margin

and EBIDTA margin expanded 190bps and 180bps as 30bps decline in staff costs

and 130bps in other expenses were neutralized by 27.4% higher ad-spends

(150bps). Adj. EBIDTA at Rs22.5b increased 20.6% YoY. Adj. PAT Rs15.67b

increased 20.3% as other income increased 19%. Home Care sales increased 3%

and EBIT moved up 34% on 440bps margin expansion led by Vim. Domex liquids

and powders were extended to newer geographies. Personal care sales increased

0.9%, EBIT up 7.7% on 170bps margin expansion and strong growth in Skin care,

hair Care and Color Cosmetics. Food & Refreshments sales up 7.9%, EBIT up

13.2% on 90bps higher margins. Tea had double digit growth; Ice cream and frozen

desserts had double digit growth due to peak summer season.

Hindustan Unilever (HUVR IN)

July 16, 2018

Q1FY19 Result Update

☑ Change in Estimates | ☑ Target | ☑ Reco

Change in Estimates

Current Previous FY19E FY20E FY19E FY20E

Rating HOLD ACCUMULATE

Target Price 1,703 1,627

Sales (Rs. m) 3,91,394 4,35,204 3,86,876 4,31,531

% Chng. 1.2 0.9

EBITDA (Rs. m) 86,193 1,00,298 86,036 1,02,409

% Chng. 0.2 (2.1)

EPS (Rs.) 28.2 33.2 28.0 33.4

% Chng. 0.7 -0.6

Key Financials

FY17 FY18 FY19E FY20E

Sales (Rs. bn) 319 345 391 435

EBITDA (Rs. bn) 59 73 86 100

Margin (%) 18.3 21.1 22.0 23.0

PAT (Rs. bn) 41 53 61 72

EPS (Rs.) 18.8 24.5 28.2 33.2

Gr. (%) (2.8) 30.8 14.8 17.9

DPS (Rs.) 16.5 18.0 24.1 27.1

Yield (%) 0.9 1.0 1.4 1.5

RoE (%) 63.5 78.1 86.2 99.7

RoCE (%) 85.4 100.2 114.8 131.7

EV/Sales (x) 11.7 10.8 9.5 8.5

EV/EBITDA (x) 63.8 51.1 43.1 37.0

PE (x) 93.3 71.4 62.2 52.7

P/BV (x) 58.3 53.5 53.6 51.5

Key Data HLL.BO | HUVR IN

52-W High / Low Rs.1,779 / Rs.1,130

Sensex / Nifty 36,324 / 10,937

Market Cap Rs.3,791bn/ $ 55,248m

Shares Outstanding 2,165m

3M Avg. Daily Value Rs.3863.14m

Shareholding Pattern (%)

Promoter’s 67.19

Foreign 12.15

Domestic Institution 17.27

Public & Others 3.39

Promoter Pledge (Rs bn) -

Stock Performance (%)

1M 6M 12M

Absolute 8.0 26.7 53.7

Relative 5.9 21.3 35.5

Amnish Aggarwal

amnishaggarwal@plindia.com | 91-22-66322233

Nishita Doshi

nishitadoshi@plindia.com | 91-22-66322381

Hindustan Unilever

July 16, 2018 2

Q1FY19 Results (Rs m): Volumes up 12%, Adj. margins up 180bps, Adj. PAT up 21.3%

Q1FY19 Q1FY18 YoY % Q4FY18 FY19E FY18 YoY %

Net Sales 94,870 85,290 11.2 90,970 3,91,394 3,45,250 13.4

Gross Profit 51,230 44,450 15.3 47,830 2,07,786 1,82,930 13.6

Margin (%) 54.0 52.1 52.6 53.1 53.0

A&P Exp. 11,530 9,050 27.4 10,700 45,402 41,050 10.6

% of NS 12.2 10.6 11.8 11.6 11.9

EBITDA 22,510 18,660 20.6 20,480 87,157 72,760 19.8

Margins (%) 23.7 21.9 1.8 22.5 22.3 21.1

Depreciation 1,270 1,140 11.4 1,280 5,134 4,780 7.4

EBIT 21,240 17,520 21.2 19,200 82,022 67,980 20.7

Interest 70 60 16.7 40 220 200 10.0

Other Income 1,350 1,130 19.5 1,000 6,914 5,690 21.5

PBT 22,520 18,590 21.1 20,160 88,717 73,470 20.8

Tax 6,850 5,670 20.8 6,070 26,615 22,110 20.4

Tax Rate (%) 30.4 30.5 30.1 30.0 30.1

Adjusted PAT 15,670 12,920 21.3 14,090 62,102 51,360 20.9

Extraordinary (390) (110) (680) 500 (1,140)

Reported Profit 15,280 12,810 19.3 13,410 62,602 50,220 24.7

Source: Company, PL

Sales not comparable due to GST; All segments see margin expansion see margin expansion

Quarterly Segmental 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19

Net Sales (Rs m) 87,886 84,700 83,073 88,750 92,130 83,030 85,900 90,970 94,870

Home Care 28,760 27,770 26,891 30,040 30,470 27,390 27,410 31,020 31,460

Personal Care 42,216 40,280 39,802 40,750 43,680 39,100 40,900 40,960 44,070

Foods & Refreshment 14,872 14,470 14,426 15,950 16,540 15,260 15,720 17,350 17,850

Others 2,038 2,181 1,954 2,010 1,440 1,280 1,870 1,640 1,490

Sales Growth % 4.4 1.6 (0.8) 6.7 4.8 (2.0) 3.4 2.5 3.0

Home Care 8.0 3.2 1.0 7.4 5.9 (1.4) 1.9 3.3 3.2

Personal Care 2.7 (0.3) (2.7) 8.1 3.5 (2.9) 2.8 0.5 0.9

Foods & Refreshment 5.5 7.2 6.6 8.9 11.2 5.5 9.0 8.8 7.9

Others (14.3) (15.2) (27.3) (30.4) (29.3) (41.3) (4.3) (18.4) 3.5

EBIT (Rs m) 15,768 13,981 13,359 16,160 18,170 15,560 15,300 18,640 20,960

Home Care 3,559 2,800 2,342 3,890 4,480 3,830 3,540 5,090 6,020

Personal Care 10,214 9,226 9,208 9,840 10,790 9,480 10,070 10,660 11,620

Foods & Refreshment 2,090 1,863 1,974 2,470 2,950 2,310 1,720 2,870 3,340

Others -95 91 -166 -40 -50 -60 -30 20 -20

EBIT Growth % 4.7 9.0 (5.5) 11.3 15.2 11.3 14.5 15.3 15.4

Home Care 22.7 24.7 (0.6) 28.7 25.9 36.8 51.1 30.8 34.4

Personal Care 0.3 3.6 (7.1) 9.0 5.6 2.8 9.4 8.3 7.7

Foods & Refreshment 4.5 14.1 1.5 6.3 41.1 24.0 (12.9) 16.2 13.2

Others 340.5 112.1 159.0 (128.6) (47.2) (165.6) (81.9) (150.0) (60.0)

EBIT Margin %

Home Care 12.4 10.1 8.7 12.9 14.7 14.0 12.9 16.4 19.1

Personal Care 24.2 22.9 23.1 24.1 24.7 24.2 24.6 26.0 26.4

Foods & Refreshment 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.2

Others (4.6) 4.2 (8.5) (2.0) (3.5) (4.7) (1.6) 1.2 (1.3)

Source: Company, PL

Hindustan Unilever

July 16, 2018 3

HUVR’s focus on innovation and activations continues in core categories

Source: Company, PL

HUVR has integrated its foods and refreshments segment

Source: Company, PL

Adjusted consumer sales up 16%, reported sales impacted by GST led adjustments

Source: Company, PL

Hindustan Unilever

July 16, 2018 4

Comparable FMCG sales up 16%

4.0

2.0

0.0

8.0

6.0

10.0

17.0 16.0 16.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Q1F

Y17

Q2F

Y17

Q3F

Y17

Q4F

Y17

Q1F

Y18

Q2F

Y18

Q3F

Y18

Q4F

Y18

Q1F

Y19

Source: Company, PL

Volumes up 12% on a flat base

4.0

(1.0)

(4.0)

4.0

0.0

4.0

11.0 11.0 12.0

(6.0)

(4.0)

(2.0)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Q1F

Y17

Q2F

Y17

Q3F

Y17

Q4F

Y17

Q1F

Y18

Q2F

Y18

Q3F

Y18

Q4F

Y18

Q1F

Y19

Source: Company, PL

Ad spend up 150bps on increased brand building

10.8 10.9

11.5

10.4 10.6

12.3

12.9

11.8 12.2

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

Q1F

Y17

Q2F

Y17

Q3F

Y17

Q4F

Y17

Q1F

Y18

Q2F

Y18

Q3F

Y18

Q4F

Y18

Q1F

Y19

Source: Company, PL

GM up 190bps; EBITDA margins up 180bps

51.3

52.1

54.0

20.1 21.9 23.7

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

46.047.048.049.050.051.052.053.054.055.0

Q1F

Y17

Q2F

Y17

Q3F

Y17

Q4F

Y17

Q1F

Y18

Q2F

Y18

Q3F

Y18

Q4F

Y18

Q1F

Y19

Gross Margins (%) EBITDA Margins (%) (RHS)

Source: Company, PL

PFAD prices down 13.7 YoY and 12.1% QoQ

-21.9-27.8

-28.9-4.4

6.7

28.7

69.7

30.3

3.1 2.7

-6.9

-15.3-13.7

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Sep-1

7

Dec-

17

Mar-

18

Jun-1

8

YoY QoQ

Source: Company, PL

LAB prices up 3.9% QoQ as crude remains firm

126.1

84.1

87.1

113

60

70

80

90

100

110

120

130

140

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

Dec-

15

Mar-

16

Jun-1

6

Sep-1

6

Dec-

16

Mar-

17

Jun-1

7

Sep-1

7

Dec-

17

Mar-

18

Jun-1

8

(Rs

/Kg

)

Source: Company, PL

Hindustan Unilever

July 16, 2018 5

Financials

Income Statement (Rs m)

Y/e Mar FY17 FY18 FY19E FY20E

Net Revenues 3,18,900 3,45,250 3,91,394 4,35,204

YoY gr. (%) 2.7 8.3 13.4 11.2

Cost of Goods Sold 1,58,816 1,62,320 1,84,571 2,03,488

Gross Profit 1,60,084 1,82,930 2,06,823 2,31,716

Margin (%) 50.2 53.0 52.8 53.2

Employee Cost 16,200 17,450 19,753 22,008

Other Expenses 1,160 940 952 1,287

EBITDA 58,504 72,760 86,193 1,00,298

YoY gr. (%) 1.7 24.4 18.5 16.4

Margin (%) 18.3 21.1 22.0 23.0

Depreciation and Amortization 3,960 4,780 5,134 5,485

EBIT 54,544 67,980 81,059 94,813

Margin (%) 17.1 19.7 20.7 21.8

Net Interest 220 200 220 220

Other Income 5,260 5,690 6,727 7,949

Profit Before Tax 59,584 73,470 87,565 1,02,542

Margin (%) 18.7 21.3 22.4 23.6

Total Tax 19,060 20,480 26,707 30,763

Effective tax rate (%) 32.0 27.9 30.5 30.0

Profit after tax 40,524 52,990 60,858 71,780

Minority interest - - - -

Share Profit from Associate - - - -

Adjusted PAT 40,524 52,990 60,858 71,780

YoY gr. (%) (2.8) 30.8 14.8 17.9

Margin (%) 12.7 15.3 15.5 16.5

Extra Ord. Income / (Exp) 2,410 (620) 500 500

Reported PAT 42,934 52,370 61,358 72,280

YoY gr. (%) 3.8 22.0 17.2 17.8

Margin (%) 13.5 15.2 15.7 16.6

Other Comprehensive Income (200) (120) (200) (200)

Total Comprehensive Income 42,734 52,250 61,158 72,080

Equity Shares O/s (m) 2,160 2,160 2,160 2,160

EPS (Rs) 18.8 24.5 28.2 33.2

Source: Company Data, PL Research

Balance Sheet Abstract (Rs m)

Y/e Mar FY17 FY18 FY19E FY20E

Non-Current Assets

Gross Block 68,064 73,614 78,614 83,614

Tangibles 61,230 66,720 71,720 76,720

Intangibles 6,834 6,894 6,894 6,894

Acc: Dep / Amortization 27,824 32,194 37,328 42,813

Tangibles 24,690 28,960 33,991 39,372

Intangibles 3,134 3,234 3,337 3,441

Net fixed assets 40,240 41,420 41,286 40,801

Tangibles 36,540 37,760 37,729 37,348

Intangibles 3,700 3,660 3,557 3,453

Capital Work In Progress 2,030 4,300 2,350 2,500

Goodwill - - - -

Non-Current Investments 5,720 6,000 6,056 6,115

Net Deferred tax assets 1,600 2,550 2,703 2,865

Other Non-Current Assets 3,810 5,170 5,276 5,377

Current Assets

Investments 40,260 33,840 37,801 44,840

Inventories 23,620 23,590 27,458 29,977

Trade receivables 9,280 11,470 12,145 12,931

Cash & Bank Balance 11,640 28,440 28,036 31,229

Other Current Assets 5,530 6,260 7,222 8,030

Total Assets 1,47,510 1,71,490 1,78,342 1,91,401

Equity

Equity Share Capital 2,160 2,160 2,160 2,160

Other Equity 62,740 68,590 68,357 71,314

Total Networth 64,900 70,750 70,517 73,474

Non-Current Liabilities

Long Term borrowings - - - -

Provisions 4,850 7,720 8,767 9,760

Other non current liabilities 2,070 1,670 1,795 1,930

Current Liabilities

ST Debt / Current of LT Debt - - - -

Trade payables 60,060 70,130 73,323 79,723

Other current liabilities 11,960 16,230 18,436 20,524

Total Equity & Liabilities 1,47,510 1,71,490 1,78,342 1,91,401

Source: Company Data, PL Research

Hindustan Unilever

July 16, 2018 6

Cash Flow (Rs m)

Y/e Mar FY17 FY18 FY19E FY20E Year

PBT 59,584 73,470 87,565 1,02,542

Add. Depreciation 3,150 4,370 5,134 5,485

Add. Interest - - - -

Less Financial Other Income 5,260 5,690 6,727 7,949

Add. Other 2,210 (740) 300 300

Op. profit before WC changes 64,944 77,100 92,999 1,08,327

Net Changes-WC 6,490 7,600 1,486 6,737

Direct tax (19,060) (20,480) (26,707) (30,763)

Net cash from Op. activities 52,374 64,220 67,778 84,302

Capital expenditures (12,420) (7,820) (3,050) (5,150)

Interest / Dividend Income - - - -

Others (1,040) (10,870) (3,415) (10,165)

Net Cash from Invt. activities (13,460) (18,690) (6,465) (15,315)

Issue of share cap. / premium 50 110 346 339

Debt changes (40) 660 276 261

Dividend paid (42,640) (46,510) (61,740) (69,460)

Interest paid - - - -

Others - - 3 (2)

Net cash from Fin. activities (42,630) (45,740) (61,115) (68,862)

Net change in cash (3,716) (210) 198 125

Free Cash Flow 39,954 56,400 64,728 79,152

Source: Company Data, PL Research

Quarterly Financials (Rs m)

Y/e Mar Q2FY18 Q3FY18 Q4FY18 Q1FY19

Net Revenue 83,090 85,900 90,970 94,870

YoY gr. (%) 5.9 11.5 10.8 11.2

Raw Material Expenses 39,290 39,050 43,140 43,640

Gross Profit 43,800 46,850 47,830 51,230

Margin (%) 52.7 54.5 52.6 54.0

EBITDA 16,820 16,800 20,480 22,510

YoY gr. (%) (9.9) (0.1) 21.9 9.9

Margin (%) 20.2 19.6 22.5 23.7

Depreciation / Depletion 1,150 1,210 1,280 1,270

EBIT 15,670 15,590 19,200 21,240

Margin (%) 18.9 18.1 21.1 22.4

Net Interest 60 50 40 70

Other Income 2,040 1,520 1,000 1,350

Profit before Tax 17,650 17,060 20,160 22,520

Margin (%) 21.2 19.9 22.2 23.7

Total Tax 5,290 5,080 6,070 6,850

Effective tax rate (%) 30.0 29.8 30.1 30.4

Profit after Tax 12,360 11,980 14,090 15,670

Minority interest - - - -

Share Profit from Associates - - - -

Adjusted PAT 12,360 11,980 14,090 15,670

YoY gr. (%) 14.2 30.2 19.0 21.3

Margin (%) 14.9 13.9 15.5 16.5

Extra Ord. Income / (Exp) - 1,280 (580) (380)

Reported PAT 12,360 13,260 13,510 15,290

YoY gr. (%) 12.8 27.9 14.2 18.3

Margin (%) 14.9 15.4 14.9 16.1

Other Comprehensive Income - (10) (100) (10)

Total Comprehensive Income 12,360 13,250 13,410 15,280

Avg. Shares O/s (m) 2,164 2,164 2,164 2,164

EPS (Rs) 5.7 5.5 6.5 7.2

Source: Company Data, PL Research

Key Financial Metrics

Y/e Mar FY17 FY18 FY19E FY20E

Per Share(Rs)

EPS 18.8 24.5 28.2 33.2

CEPS 20.6 26.7 30.6 35.8

BVPS 30.0 32.8 32.6 34.0

FCF 18.5 26.1 30.0 36.6

DPS 17 18 24 27

Return Ratio(%)

RoCE 85.4 100.2 114.8 131.7

ROIC 310.6 884.2 1,174.6 (1,629.3)

RoE 63.5 78.1 86.2 99.7

Balance Sheet

Net Debt : Equity (x) (0.8) (0.9) (0.9) (1.0)

Net Working Capital (Days) (31) (37) (31) (31)

Valuation(x)

PER 93.3 71.4 62.2 52.7

P/B 58.3 53.5 53.6 51.5

P/CEPS 20.7 26.9 30.7 35.9

EV/EBITDA 63.8 51.1 43.1 37.0

EV/Sales 11.7 10.8 9.5 8.5

Dividend Yield (%) 0.9 1.0 1.4 1.5

Source: Company Data, PL Research

Hindustan Unilever

July 16, 2018 7

Price Chart Recommendation History

No. Date Rating TP (Rs.) Share Price (Rs.)

1 18-Jul-17 BUY 1301 1158

2 10-Aug-17 BUY 1301 1171

3 14-Sep-17 BUY 1301 1251

4 09-Oct-17 BUY 1301 1206

5 25-Oct-17 BUY 1387 1274

6 17-Nov-17 BUY 1301 1277

7 13-Dec-17 BUY 1387 1317

8 10-Jan-18 BUY 1387 1363

9 17-Jan-18 Accumulate 1387 1372

10 12-Feb-18 Accumulate 1387 1335

Analyst Coverage Universe

Sr. No. CompanyName Rating TP (Rs) Share Price (Rs)

1 Asian Paints Hold 1278 1292

2 Avenue Supermarts Reduce 1197 1522

3 Britannia Industries Accumulate 6170 6217

4 Colgate Palmolive Reduce 1075 1151

5 Dabur India Hold 377 385

6 Emami Accumulate 577 523

7 Future Retail BUY 682 567

8 GlaxoSmithKline Consumer Healthcare Hold 6800 6390

9 Hindustan Unilever Accumulate 1627 1644

10 ITC BUY 346 265

11 Jubilant FoodWorks Hold 1435 1432

12 Kansai Nerolac Paints Accumulate 526 480

13 Marico Hold 313 341

14 Nestle India UR 8893 9785

15 Pidilite Industries Accumulate 1175 1064

16 Titan Company BUY 1114 893

17 Tribhovandas Bhimji Zaveri Accumulate 120 85

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

768

1013

1259

1504

1750

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

(Rs)

Hindustan Unilever

July 16, 2018 8

ANALYST CERTIFICATION

(Indian Clients)

We/I, Mr. Amnish Aggarwal- MBA, CFA, Ms. Nishita Doshi- CA, B.Com 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.

This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security.

The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein.

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2018-07-16T21:30:22+0530SREESANKAR RADHAKRISHNAN