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Sheela Foam Limited Sector : Consumer Non- Cyclicals Industry : Home Furnishings
1
Company Overview
Market Data
Investment Rationale Shareholding Pattern
Bloomberg Code SFL IN EQUITY
Shares Outstanding (Mn) 48.8
Market Cap(INR Mn) 71,054.6
52 Week H/L (INR) 1848/1271
Avg 30 Day Volume 11,331
(in %) Sep-18 Jun-18 Dec-18
Promoter 85.68 85.68 85.68
Public 14.32 14.32 14.32
Others -- -- --
Total 100 100 100
• Launch of new products in home comfort products, company has recently
launched 3 new products in home comfort segment to expand their product
portfolio, company enjoys good margins in high comfort segment.
• Established player in market, Sheela Foam Limited is one of the oldest player
in market with experience of more than 40 years and providing quality
products to customers.
• Customized products, Sheela foam limited provides customizable products as
per needs of customer, Sheela foam offers a huge range of mattresses which
can customized as per needs of customer.
• Quality improvement sets apart from others, Sheela foam limited has their
own R&D Centre for improving quality, while Sheela foam limited owns and
operates 10 manufacturing facilities in India.
• Economy models, last year Company has launched its economy model Starlite
to eat up the market share of unorganized players as the unorganized players
are providing mattress at a cheaper rate.
17% Revenue CAGR from (FY18-
FY20)
20% Net Profit CAGR from
(FY 18- FY 20)
CMP Target Potential Upside Recommendation Market Cap(Inr mn)
1500 1803.2 20% BUY 71,054.6
Sheela Vs Sensex
Price Vs Volume
Key Ratios
Price to Earning 53.14
Price to Book Value 11.90
EV/EBITDA 26.36
Return on Equity 25.2%
Face Value (INR) 5
Sheela Foam Limited, formerly Sheela Foam Private Limited, manufactures mattresses under Sleepwell brand. The Company manufactures other foam-based home comfort products focusing primarily at Indian retail consumers, as well as technical grades of polyurethane (PU) foam for end use in a range of industries. Its home comfort line consists of products, such as furniture-cushioning, cushions and sofa-cum-beds, as well as PU Foam cores utilized for manufacturing finished home comfort products, and comfort accessories, such as bed sheets and baby care sheets. Its mattress line, offered under its Sleepwell range, includes pure foam mattresses, as well as hybrids of spring and coir with foam that are capable of customization as per the requirements of consumers. Its furniture-cushioning line, offered under Sleepwell and Feather Foam brands, consists of PU Foam that constitutes upholstery material of various densities.
Initiating Coverage 28th Dec 2018
Yash Doshi Research Analyst.
Source: Bloomberg, BSE & IGSL Research
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Valuation & Recommendation
• Sheela Foam Limited currently have 3660 Exclusive Branded Outlets company is planning to reach 4000+ Exclusive Branded Outlets by 2020.
• Further, company has done 4 acquisitions in past to grow inorganically, and company has also been able to run the acquired companies successfully.
• The company has been able to grow its revenues substantially by 11.4% CAGR over the last five years, from FY14 to FY18.
• Going forward, we expect the company to grow revenues at a CAGR Of 17% by FY 20, and profit to grow by 20% CAGR by FY 20.
• Company has 10 manufacturing facilities well spread across the country which serves the market very well, and this is the benefit to the company than its peers.
• Company supplies their products on institution level where they supply their products to hospitals and luxury hotels, company has also introduced economy models such as starlite & feather foam to eat up market share from competitors.
• As Sheela foam Limited’s “Sleepwell” is well positioned Brand in market and it will be the major player to benefited from the shift of unorganized to organized market. Further we expect that Sheela foam will also be benefited due to changing lifestyles of people. Sheela foam Limited is well positioned in market with a market share of 21%-23% in organized segment, currently Sheela foam limited is trading at 1500. We recommend a Buy on Sheela foam limited with a target price of 1803 based on PE 46x FY 20 EPS.
Risks and concerns
• Foreign exchange rates risk: Since Sheela Foam limited is engaged in Exports and deals are in different foreign currencies, so it is open to foreign exchange risk as there are a lot of fluctuations in foreign exchange rates.
• Hike in prices of raw material: For mattress there are two raw materials polyol and Toluene diisocyanate (TDI). Prices of
TDI are highly volatile and that can increase the cost of production. Company is having their own policies to manage their risk.
• New entrant in the market: A strong entry of a well established player and a bigger brand with better products and services is a concern for the company.
3
Company Background
A leader in Polyurethane (PU) Foam, Sheela Group is a multi-billion rupee entity. It has a nationwide presence in manufacturing PU Foam with a global marketing perspective and an impeccable track record, since 1971. Sheela Group is committed to a one-point programme that of bringing comfort, convenience and luxury to enhance the lifestyle of a modern man. As a leader in the PU Foam industry, Sheela Group has a wide range of innovative product range offering technologically advanced consumer products that stand for a perfect blend of comfort and support. Sheela Group also caters to various industrial applications e.g. Automotive Industries, Sound Industry, Garment & Shoe industry with innovative PU Foam like Fire Retardant Foam, Reticulated Foam, Sound Absorption Foam used in GEN Sets etc. With more than 1500 employees, 12 manufacturing facilities, a nationwide network of over 100 distributors & 5000 dealers and export relations with 25 countries, the name Sheela Foam and its brands have become synonymous with quality, comfort, good sleep and top- of- the- line technical applications. To manage Sheela Foam's International Marketing operations, a dedicated export division is in place to manage a network of international distributors & OEM customers. Their products are exported to all major continents like Middle East, Asia, Europe, Australia, North and South America. Joyce Foam Australia - Joyce foam, Australia is a 100% subsidiary of the Sheela Group. Joyce Foam is a leading manufacturer of flexible polyurethane foam with more than 35% market share in Australia. It has 5 state-of-the-art production centers.
Revenue Breakup
Source: Company, IGSL Research
Source: Company
• Sheela Foam is the oldest and largest player in the mattress industry.
• Sheela foam is one of the top 3 organized mattress players in india.
• Exports comprises around 16% of its total sales, Sheela foam exports in more than 5 countries.
84%
16%
Revenue In India Rest In World
67%
33%
Home Comfort Foam
Product Segmentation
• Sheela Foam Limited's products are mainly divided into 2 segment i.e. Home comfort products and Pure foam products.
• The home comfort products are having higher margin as compared to Pure foam products.
Source: Company, IGSL Research
Australia Business
India Business
Overview of Sheela Foam Limited
Background: Established in 1971, Sheela Foam Limited (“Sheela Foam” or the “Company”) manufactures
mattresses, other foam-based home comfort products and technical grades of PU Foam
Products: Mattresses, furniture-cushioning material, pillows, bolsters cushions, sofa-cum beds, and
other products
Manufacturing facilities:
• Owns and operates 10 manufacturing facilities in India
• All facilities manufacture home comfort products, while five of these facilities also manufacture PU Foam
with a total capacity of 123,000 TPA
Distribution network: 110+ exclusive distributors, 2,750+ exclusive retail dealers and 3,500+ multi-brand
outlets, as on March 31, 2018
• 321 Sleepwell Worlds,535 Sleepwell Galleries and 1159 Sleepwell Shoppes
and 764 Exclusive Mattress Dealers as at March 31, 2018
• Exports of technical foam to Middle East, South Asia, Europe, United States, Brazil and Argentina
Background: Sheela Foam has a strong presence in Australia through its wholly owned subsidiary, Joyce Foam
Pty Ltd (“Joyce Foam”)
• Acquired the business of manufacture of PU Foam and polystyrene products
of three Australian companies, namely, Joyce Corporation Limited, Joyce Indpac Limited and Marfoam Pty
Limited through Joyce Foam in 2005
Manufacturing facilities:
• Owns and operates five manufacturing facilities in Australia
• Facility in Sydney is engaged in manufacture and processing of PU Foam,
while the others are engaged in processing of PU Foam (sourced from Sydney unit)
• Installed capacity of 10,500 TPA of foam manufacturing in fiscal year 2017
Distribution network: Sells its products to manufacturers of comfort products, furniture and automotive
components in Australia and New Zealand
Source: Company
5
Management Details
Sheela Gautam Founder & Chairperson An avid entrepreneur, seasoned politician, renowned social worker & philanthropist, Mrs. Sheela Gautam, has a multifaceted personality. Born in a family of freedom fighters and diplomats in 1931, she completed her graduation with an additional degree in education. She founded Sheela Foam in 1971 and has been actively involved in growing the organization for two decades before moving into active politics.
Rahul Gautam Managing Director Mr. Rahul Gautam is the Managing Director of Sheela Foam, India and Chairman of Joyce Pty Ltd., Australia. A Chemical Engineer from IIT, Kanpur with Masters Degree in Chemical Engineering from Polytechnic Institute of New York, USA, Mr. Gautam personally looks after the Group's Finance, JVs and Acquisitions. With his vision, intense zeal and highly focused approach Sheela Foam has not only achieved enviable growth in the past, but is also pushing itself to scale greater heights. Under his stewardship, in 2005, Sheela Foam acquired the business of Polyurethane Foam & Polystyrene of M/s. Joyce Foam, Australia. Rahul Gautam is also the Chairman of Polyurethane Association of India. Under his dynamic leadership, the first Polyurethane Summit 'PUTECH-2005' was successfully held in October '05 and subsequently in March '08 in India.
Namita Gautam Director A professionally qualified and experienced Human Resource Specialist with extensive knowledge and skills in Training and Development, Project Management, Media and Communication, Mrs. Namita Gautam is the Director of Sheela Foam. A hardcore humanist, Mrs. Gautam is also the Managing Trustee of 'Sleepwell Foundation' - a charitable organization working under the aegis of Sheela Foam. Sleepwell Foundation is actively involved in various community development programmes in the field of sleep, health & education.
Tushaar Gautam Director Tushaar Gautam, the youngest member in the Board of Sheela Group is son of Mr. Rahul Gautam. Born in 1978, Tushaar is a Science Graduate in Industrial Engg. & Management from Purdue University, USA and heads the Research & Development Division of Sheela Foam. Extremely motivated and an eager learner, he possesses leadership qualities and strongly believes in teamwork. A highly qualified and dedicated team of engineers & technicians are working with him in the R&D Division.
Rakesh Chahar Director - Sales and Marketing
Mr. Chahar has more than two decades of experience in designing and marketing of P.U. Foam products. A strong believer in team work, he oversees the Sales & Marketing of 'Sleepwell' Mattresses, Cushions, Pillows, and Foam Sheets through a network of over 100 distributors, 5000 dealers and 600 exclusive showrooms in India.
Source: Company
• The Indian mattress market can be seen as cotton mattress market and non-cotton mattress market. The cotton mattress is considered as an alternative to mattress and has not been accounted in the mattress industry.
1. Polyurethane (PU) foam (Leader: Sleepwell) 2. Rubberized coir (Leader: Kurlon) 3. Spring mattresses (Leader: Springwel).
• The rising surplus disposable income of the Indian consumers
has led to a steady rise in demand for international standard foam and spring mattress. This rise in consumption from retail consumer contributes to 85% of the total market share. Institutions such as hotels, hospitals and educational institutions contributed the remaining 15%.
• The Indian mattress market is dominated by small and unorganized players. The unorganized players constitute around 65% of the total market. The organized segment comprises of branded players who manufacture high quality mattresses by using, premium foam, spring and coir combinations.
• The organized mattress market encompasses three types of
mattresses namely PU foam, spring and coir. PU foam mattresses dominated the overall organized market capturing approximately 50% share followed by coir and spring mattresses constituting 30% and 20% share respectively.
• Based on price, the organized market is divided into four pricing segment, namely, the economy segment (up to Rs.8,000), the mid-segment (Rs.8,000 – Rs.30,000), the premium segment (Rs.30,000 – Rs.75,000) and luxury segment (Rs.75,000 and above).
• Polyurethane foams are produced by reacting polyol and diisocyanate, both products derived from crude oil. Hence, the cost price of these mattresses is vulnerable to the fluctuations in the price of crude oil.
• The major sale of mattresses is still through the traditional route of distributor/dealer network (88%) rather than the online(2%) or franchisee stores (10%).
Indian Mattress Market
65% 35%
Unorganized Organized
50% 30%
20%
PU Foam Coir Spring
88%
2% 10%
Distributor/Dealer
Online
Franchisee stores
70% 30%
Cotton Mattress
Non-Cotton Mattress
Opportunities
• Shift from unorganized to organized: A gradual shift from un-organized to organized players is visible, as branded players are educating customers about the material used in mattresses. The shift is expected to gain pace with the launch of economy products and subsequent cost increase for un-organized players led by GST.
• Increasing disposable income levels: India’s personal disposable income is expected to increase to USD 220 Bn by 2020 growing at 10.5% CAGR. (Source: KPMG survey)
• GST acting as an enabler: Reduction in GST rate on Foam and Spring Mattresses from 28% earlier to 18% now gives competitive advantage in pricing to organized players. Also, as the economy shifts to a more formal setup when GST and e-way system fully plays out, the organized players in the mattress industry will see very large growth.
• Health awareness: There is growing awareness among the consumers about the role of sleep for Good health. This will lead to spurt in demand for good quality products for sleeping.
• Hospitality: The hospitality sector in India is expected to grow at 16.1% CAGR to reach Rs.27.97tn by 2022. This portends tremendous growth potential for mattress industry. (Source: KPMG report)
• Changing consumer lifestyle: Urbanization, increasing use of technology, brand and style awareness and hectic life routines have contributed in changing consumer’s preference for bedding. With rising exposure to developed economies due to foreign travel consumers are increasingly preferring PU foam mattresses / spring mattresses.
• Rapid urbanization, growing youth and rise in nuclear families: With a median age of 28 years and 62% of the 130+ Crore Indian population under 35-year age band consciousness for comfort sleeping is on the rise. By FY 2024-25, urbanization is expected to stand at 40% with nearly 75% households moving to a nuclear setup. These factors work in favour of modern mattress.
• Technology: There have been significant technological shifts in the recent times in the Indian mattress industry. As the companies are educating the customers about their various products, the demand for technologically advanced mattresses is increasing. This leads to an improvement in the margins for the companies.
• Transportation & warehousing: PU foam and mattresses being bulky in nature lead to difficulties in handling and warehousing, and also pose cost-related challenges. This makes long distance transportation of these items a challenging task.
• Consumer’s lack of understanding: The concept of spring and PU foam bedding is new to the Indian culture. Importance of good quality bedding for good sleep is slowly gaining traction. Additionally high costs of these mattresses make them less lucrative for the price sensitive Indian consumer.
Challenges
Rubberized coir PU Foam mattress Spring mattress
PU Foam – Sheela foam’s expertise
Types of mattresses
Flexible Foam Rigid Foam
• Mattress • Furniture • Carpet • Footwear • Insulation
• Automotive Seating
• Refrigeration • Industrial insulation • Furniture
Applications
9
Key Financials
Particulars( Mn) FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19E FY 20E
Revenue 11,480.9 12,699.9 14,159.9 15,486.6 17,328.5 19,653.1 23485.5 26669.3
EBITDA 817.6 847.4 910.8 1,764.3 1,961.1 2,163.3 2658.2 3124.5
EBITDA Margin 7.12 6.67 6.43 11.39 11.32 11.01 11.32% 11.72%
Net Income/Net Profit (Losses) 308.5 278.4 426.7 1,047.1 1,255.5 1,337.1 1572.6 1910.6
Basic Earnings per Share — — — 21.47 25.74 27.41 32.2 39.2
Price Earnings Ratio (P/E) — — — — 43.71 54.43 45.03 36.99
Dividends per Share — — — — — — 4.00 3.50
EBITDA & EBITDA Margin
Revenue Break up Quarterly.
Particulars FY 19 Q1 FY 19 Q2 FY 19 Q3(E) FY 19 Q4(E) FY 19(E)
Revenue 5,020.3 5,354.7 5873.504 7,237.0 23,485.5
EBITDA 505.4 424.1 758.65 970.1 2,658.2
EBITDA Margin(%) 10.1 7.9 12.92% 13.40% 11.32%
Net Profit 325.9 243.6 426.3175 576.8 1,572.6
Net Profit Margin(%) 6.5 4.5 7.3% 8.0% 6.70%
EPS 6.68 4.99 8.74 11.82 32.2
Source: IGSL Research
Source: IGSL Research
Source: IGSL Research
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
0
500
1000
1500
2000
2500
3000
3500
2013 2014 2015 2016 2017 2018 2019 2020
EBITDA EBITDA Margin
Net Profit & Net Profit Margin
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0
500
1000
1500
2000
2500
2013 2014 2015 2016 2017 2018 2019 2020
Profit Profit Margin
10
Particulars FY 16 FY 17 FY 18 FY 19E FY 20E
Revenue 15486.6 17328.5 19653.1 23485.5 26669.3
Operating Expenses 14028.3 15671.3 17842.2 21183.9 24109.1
Operating Income 1471.6 1657.2 1810.9 2301.6 2560.3
Non-Operating Expenses -47.5 -121.7 -123.9 117.4 -93.3
Pretax Income 1519.1 1778.9 1934.9 2184.2 2653.6
Income Tax Expense 472.0 523.3 597.8 611.6 743.0
Net Extraordinary Exp/ Gains 0.0 0.0 0.0 0.0 0.0
Income Incl. MI 1047.1 1255.5 1337.1 1572.6 1910.6
Net Income 1047.1 1255.5 1337.1 1572.6 1910.6
Adj. Net Income 1047.1 1255.5 1337.1 1572.6 1910.6
Basic Wtd. Avg. Shares 48.8 48.8 48.8 48.8 48.8
Basic EPS 21.5 25.7 27.4 32.2 39.2
Basic Adj. EPS 21.3 25.8 27.4 32.2 39.2
Particulars FY 16 FY 17 FY 18 FY 19E FY 20E
Assets
Total Current Assets 4597.3 5462.1 5921.5 6847.8 7825.5
Net Fixed Assets 2904.2 3450.9 3911.4 4521.8 4995.2
Other LT Assets 381.491 270.509 594.0 648.9 735.6
Total Noncurrent Assets 3285.7 3721.4 4505.5 5170.7 5730.8
Total Assets 7883.1 9183.5 10427.0 12018.5 13556.3
Liabilities & Equity
Total Current Liabilities 3684.5 3798.4 3650.4 3904.5 4176.2
LT Debt 346.3 219.6 82.6 216.2 172.8
Other LT Liabilities 468.0 529.0 721.4 572.8 607.7
Total Noncurrent Liabilities 814.2 748.6 804.0 789.0 780.5
Total Liabilities 4498.7 4547.0 4454.4 4693.5 4956.8
Share Capital & APIC 162.6 243.9 243.9 243.9 243.9
Reserves & Surplus 3221.7 4392.6 5728.7 7081.1 8355.6
Total Equity 3384.3 4636.5 5972.6 7325.0 8968.1
Total Liabilities & Equity 7883.1 9183.5 10427.0 12018.5 13556.3
In Millions of INR except Per Share
In Millions of INR except Per Share
Income Statement
Balance Sheet
Source: IGSL Research
Source: IGSL Research
11
Particulars FY 16 FY 17 FY 18 FY 19E FY 20E
Cash from operations
Net Income 1047.128 1255.543 1337.072 1572.59 1910.59
Depreciation 292.678 303.905 352.4 368.5 380.5
WC Changes 226.449 -459.655 -531.983 -680.2 -842.5
Operating cash Flow 1545.393 1257.32 1391.688 1260.89 1448.59
Cash from Investing
Capital expenditure -509.05 -878.93 -818.69 -758.2 -852.5
Change in LT Investment 96.04 0.00 0.00 0 0.00
Other Investing Activities 0.00 751.95 -123.23 -254.6 112.8
Cash from Investing Activities -413.01 -126.98 -941.92 -1012.8 -739.7
Cash from Financing
Dividends Paid 0 0 0 -220.16 -267.48
Cash From (Repayment) Debt -130.62 -557.364 -114.299 -158.5 -251.2
Cash from repurchase of equity 0 0 0 0 0
Cash from Financing Activities -130.62 -557.364 -114.299 156.7 -115.2
Effect of foreign Currency 0 0 0 0 0
Net Changes in Cash 1001.766 572.981 335.469 404.79 593.69
Particulars FY 16 FY 17 FY 18 FY 19E FY 20E
Profitability & Return Ratios
EBIT Margin (%) 9.50% 9.56% 9.21% 9.80% 9.60%
Net Profit Margin (%) 6.76% 7.25% 6.80% 6.70% 7.16%
ROE (%) 30.94% 27.08% 22.39% 21.47% 24.30%
ROCE (%) 36.18% 33.03% 28.55% 26.92% 28.29%
liquidity & Solvency ratios
Debt To Equity 0.10 0.05 0.01 0.03 0.02
Equity To Total Assets 0.43 0.50 0.57 0.61 0.66
Total Sales to assets 1.96 1.89 1.88 1.95 1.97
Current Ratio 1.1 1.29 1.6 1.8 1.9
Valuation ratios
P/E - - 52.92 45.03 36.99
P/Book - - 11.84 9.66 7.89
EV/Sales - - 3.52 2.95 2.6
EV/EBITDA - - 38.23 30.14 27.08
In Millions of INR except Per Share
Cash Flow Statement
Key Ratios
Source: IGSL Research
12
DISCLOSURES
Mr. Prashant Barwaliya Head- Research [email protected]
Created by: IGSL - Research Contact : IGSL-Research , Inventure Growth & Securities Ltd,201,Viraj Tower, Near Landmark Building, Western Express Highway, Andheri (East),Mumbai -400 093 Tele: 91-22-71148500 , Fax: 91-22-40751511. E-mail: [email protected] , website : http://www.inventuregrowth.com
Research Team Profile Email ID
Mr. Yash Doshi Fundamental Analyst [email protected]
Mr. Smeet Gala Fundamental Analyst [email protected]
Mr. Kunal Kame Technical Analyst [email protected]
Disclosure of Interest Statement
1. Financial interest of research analyst or IGSL or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or IGSL or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Research Team Tel: 022 – 71148579 E-mail: [email protected] Website: Inventuregrowth.com
This Report is published by Inventure Growth & Securities Limited (hereinafter referred to as “IGSL”) for private circulation. IGSL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000006129. IGSL is also a registered Stock Broker with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited (MSE) in cash, F&O & currency derivatives segments. It is also registered as a Depository Participant with CDSL and is also registered with AMFI as a Mutual Fund Distributor IGSL have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. IGSL, its associates or analyst or his relatives may or may not hold any financial interest in the subject company. IGSL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. IGSL or its Affiliates may or may not have been beneficial ownership of one percent or more of the securities mentioned in this report. However, one or more of IGSL or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon, either on their own account. IGSL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. IGSL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and IGSL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: I/We, Yash Doshi/ Smeet Gala the research analyst Is the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.
Ratings (Based on expected returns over 12 months investment period):
Buy (> 15%) Accumulate (5% to 15%) Hold(5% to -15%) Sell (<15%)
DISCLAIMER
Inventure Growth and Securities Limited (hereinafter referred to as “IGSL”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL. It also has registration with AMFI as a Mutual Fund Distributor. Inventure Growth and Securities Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000006129. IGSL has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. IGSL or its associates/ analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Inventure Growth and Securities Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Inventure Growth and Securities Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Inventure Growth and Securities Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Inventure Growth and Securities Limited , nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.
