The resilient stocks:Opportunities in adversityvid.investmentguruindia.com/report/2020/May/I... · Ninad Tamhanekar, CMT [email protected] The resilient stocks:Opportunities

Research Analysts

Dharmesh Shah

[email protected]

Pabitro Mukherjee

[email protected]

Nitin Kunte, CMT

[email protected]

Vinayak Parmar

[email protected]

Ninad Tamhanekar, CMT

[email protected]

The resilient stocks: Opportunities in adversity

May 2020

May 4, 2020

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As the wisdom goes in the market, there are always opportunities in every adversity which exhibit bull moves even in a rough environment. We

believe in the current uncertain scenario, when many stocks are at multi year lows and finding opportunities is challenging, identifying such resilient

stocks and riding them in a rough environment like this will be rewarding and exciting on the other hand.

Hence in this report, we try to spot on such resilient companies based on our technical framework. We have run rigorous filters to identify such stocks

that have the ability to withstand storm and to take off once the runway is clear

Our screeners are anchored on following broad technical concepts and applied on a universe of 918 stocks listed on NSE, to find the outperformers

during the market decline in 2020. Refer a list of top 100 stocks in appendix.

a) Structural turnarounds – stocks which have witnessed faster retracement of entire January – March 2020 decline in faster time, during April 2020,

thereby signalling change of guard and robust price structure. (Most domestic Pharma companies belong to this category)

b) Relative strength rankings – a set of stocks which have remained resilient during the sharp decline of February and March 2020 and relatively

outperformed against benchmarks acting as defensive bets for investors. These stocks have steadied the portfolio performance in turbulent times.

(Most IT and consumer staples fall under this basket)

c) Dow Theory bullish signals – following classic Dow Theory principle of identifying trend, companies exhibiting a combination of higher high-low

on Yearly time frame (long term degree) and supported by similar signal on Monthlies (medium term degree). As the basic tenet of Dow Theory

goes, trend is a friend and therefore staying invested with these companies may be rewarding (Chemical, MNC Pharma names, are some

examples of this basket)

May 4, 2020 ICICI Securities Ltd. | Retail Equity Research 2Source: Bloomberg, Spidersoftware, ICICI Direct Research

Top Picks Time frame: One Year

May 4, 2020 ICICI Securities Ltd. | Retail Equity Research 2Source: Bloomberg, Spidersoftware, ICICI Direct Research

The resilient stocks: Opportunities in adversity

Scrip Name Buying Range Target Upside (%)

MarketCap

(Cr)

Info Edge (India) 2400.00 - 2600.00 2950.00 18 30363

Coromandel International 540.00 - 600.00 688.00 21 16827

Relaxo Footwears 600.00 - 645.00 765.00 21 15887

Astral Polytechnik 900.00 - 980.00 1160.00 22 14569

The Ramco cements 520.00 - 570.00 665.00 21 13219

Laurus Labs 480.00 - 520.00 620.00 24 5442

Dixon Technologies (India) 4400.00 - 4600.00 5840.00 28 5293

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May 4, 2020 ICICI Securities Ltd. | Retail Equity Research

Monthly Bar Chart

Source: Bloomberg, Spider Software, ICICI Direct Research

3

• The stock has been one of the major out

performer within technology space and

has seen a sharp recovery in the last 3-4

weeks from the decade long rising

demand line joining the major lows of

CY09 (| 94) CY13 (| 276) and CY17 (|

796) placed around | 1600 levels.

Empirically, stock went back to its life

time highs post testing the key trend line.

We expect the stock to follow the same

rhythm and resolve higher thus offering

fresh entry opportunity to accumulate

• The monthly MACD is seen converging

with its nine periods average, supporting

bullish stance

• We expect the stock to continue with its

up move and head higher to challenge its

life time closing highs around |3000

Info Edge (India) (INFEDG): Sharp rebound from a decade long rising demand line…

94

3130

Rec. Price 2400.00-2600.00 Target 2950.00 Upside 18%

Fundamental Outlook

• Info edge is one of the few pure play listed internet companies in India. The company has various online businesses like Naukri (online recruitment classified), 99 Acres (online real estate

classified), Jeevansathi (online matrimony classified), Shiksha (online education classified) and also has stake in various start ups of which two are unicorns (PolicyBazaar & Zomato).

• In the near term, slowdown in economy could impact hiring activity (Naukri business) and real estate business (99 acres) leading to deceleration in growth in the business. However, we expect

the company to return to it’s strong growth in medium term led by its leadership position in each of the above verticals. Further, despite the slowdown in growth we expect the company to still

have a CAGR growth of 17.4% and 19.5% in revenues and profitability over FY19-22E.

• Further, Info edge’s strong cash flow generation, prudent capital allocation, presence in niche businesses, leadership in Naukri with EBITDA margin of 58% and is a quasi-play on India’s booming

start-up economy makes it an attractive business to own. This coupled with strong financials we remain positive on the stock from a long-term perspective.

Technical Outlook

Target @

| 2950

796

15811015

276

Monthly MACD remains in up trend sustaining above its nine periods average

Sharp rebound from the key support area of @

1600 -1800 as it is:

- Long term demand line joining lows since CY’09

- 80% retracement of last rally (| 1310-3130)

1310

Recommendation initiated on i-click to gain at 15:18 on April 30, 2020

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Weekly Bar Chart


3

• The share price has relatively outperformed

the midcap index and held its key support,

despite a volatile market environment,

around | 450 marked by a) breakout area

of long term contracting triangle, thereby

confirming change of polarity b) 61.8%

retracement of last major up move (| 337-

642), at | 453. Thereby offering fresh entry

opportunity with favourable risk reward

• Among oscillator front, weekly stochastic

is marching upward after recording bullish

crossover, indicating continuance of

positive bias

• We expect the stock to challenge its life-

time high at |642 and eventually head

towards | 688 in coming months as it is

123.6% retracement of past two months

decline (| 642–443), at | 688

Coromandel International (CORINT): Successful retesting of triangle breakout confirms change of polarity…

587


Fundamental Outlook

• Coromandel International Limited is India’s second largest Phosphatic fertilizer player. The company is in the business segments of Fertilizers, Specialty Nutrients and Crop Protection.

• The Company manufactures a wide range of fertilizers and markets around 4.5 million tonnes making it a leader in its addressable markets.

• Coromandel being one of the largest player into phosphatic fertiliser is poised to benefit from the recent increase in SSP prices, since the company has been selling SSP of around 5.6-6 lacs

tonnes every year. Further, recent increase in the prices of DAP can also assist company to benefit from higher realisation of NPKs.

• We believe with increase in the fertiliser industry volumes ahead of Kharif season along with higher realisations and better EBITDA/tonne post fall in the rock phosphate & sulphur prices,

Coromandel international should likely to post decent performance in the coming time.

Technical Outlook

Target @

| 688

443

weekly stochastic is marching upward after recording bullish crossover, indicating continuance of positive bias

517

642Higher base formation at key value area augurs well

for next leg of up move…

339

306

337


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Monthly Bar Chart


3

• The stock has seen a change of Polarity as

previous major trendline resistance joining

highs of CY’15 (| 318) and CY’18 (|453)

has reversed its role and acting as support

which is currently placed at | 500 levels.

The stock has witnessed strong up move

from the support area thus offers fresh

entry opportunity

• The current decline from the all time high

(|830 - |500) has achieved equality in

magnitude with 2015-2016 decline (| 318-

188) and rebounded from key support

around |500

• We expect the stock to maintain positive

bias and head towards | 765 as it is 80%

retracement of entire decline (| 830–500)

Relaxo Footwears (RELFOO): Change of polarity as price rebounded from major support area…

500


Fundamental Outlook

• Relaxo Footwears is one of the India’s largest footwear company with a capacity of manufacturing 750000 pairs of footwear per day. Relaxo has a strong presence in low priced footwear

segment with more than 70% of sales under the | 500 category. The product portfolio consist of only non-leather items with EVA, PU and rubber being the key raw materials. It has a well spread

out distribution network consisting of 50000+ retailers and 385 company owned-company controlled (COCO) stores

• Over the years, Relaxo has consistently posted a superior performance, depicting the fundamental strength of the company. While volumes have trebled over the last decade (10 year CAGR:

10%), transformation from being a basic hawai slipper company to a conglomerate of higher value added product categories has led average realisation to double to 125/ piece (10 year CAGR:

7.0%)

• Relaxo has a capital efficient business model, generating healthy asset turns of 3.0x and EBITDA margins of 15%. Stringent control in NWC (60 days) has led to average CFO/EBITDA at 55%.

Subsequently, D/E ratio fell from 1.0x in FY13 to 0.1x in FY19, with RoCE of 20%+. We expect Relaxo to be the beneficiary of market share gains through a shift from unorganised to organised

players

Technical Outlook

Target @ 765

453

188

345

Price rebounded from key support area of @ 500-550:

- 61.8% retracement of previous rally ( 345-830)

- Change of polarity as previous trendline resistance

acting as support

318

As per change of polarity concept, erstwhile

resistance reverse its role and act as support

40%

830

40%


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Monthly Bar Chart


3

• The stock has been in secular up trend and

has been trading in a rising channel since

CY17 highlighting sustained demand at

elevated levels. It has recently rebounded

taking support at lower band of the rising

channel which also confluence with the

80% retracement of the previous rally

(|678-1267) placed at |790 levels thus

provides fresh entry opportunity with a

favourable risk reward set up

• Monthly 14 periods RSI is seen rebounding

taking support at its previous major yearly

lows thus supports the positive bias

• We expect the stock to form base around

the lower band of the channel and resume

up move towards | 1160 as it is the 80%

retracement of entire decline (| 1265-746)

Astral Poly Technik (ASTPOL): Placed near the lower band of the long term rising channel…

277


Fundamental Outlook

Technical Outlook

746

678

384

Target

@ 1160

Base formation is expected at the

lower band of the rising channel

992

Monthly RSI rebounding taking support at its previous major yearly lows

The stock in secular up trend trading in a rising channel highlighting sustained

demand at elevated levels

• Astral poly is one of the largest players in the plastic pipe industry in India with ~30% market share in the CPVC pipe category. Company derives ~75% of its revenue from the pipingsegment while the rest comes from the adhesive segments (relatively new business). We expect, further market share gain for Astral in the CPVC segment due to recent anti dumping duty

by government on inferior CPVC resins/ compound.

• Astral has recorded a strong revenue, earning CAGR of 23% and 26% during FY12-19 led by strong piping volume growth of ~18% and expansion in EBITDA margin. Further, company’s cash flow

from operation grew at CAGR of 17% which helped company to fund its expansion plan without leveraging balance sheet. Despite, capacity addition and increase in dealer networks Astral’s

balance sheet position has remained strong with efficient working capital management (average RoCE and RoE of 25% and 19% respectively). While company likely to face near term challenge

due to lockdown, the long term prospect of the company remained strong given the strong push of government in the construction and infrastructure developments

• We believe, company to record revenue , earning CAGR of 18% and 17% in FY20E-22E supported by ~15% volume growth in the piping segment. While company likely to face near term

challenge due to lockdown, we believe Astral is better placed among competitors to recoup lost sales (once the lockdown opens) due to its strong fundamentals and financialconditions. We also believe the near term challenges has been factored in the current stock price. On account of low valuations and strong demand recovery from FY22E, we are positive on the

stock


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Monthly Bar Chart


3

• The stock has held its key upward sloping

trend line (as shown in adjoining chart),

around | 460, despite elevated market

volatility and remains outperformer within

Cement space. A higher base formation

near key support of |500-520 signals

positive bias and offers a fresh entry

opportunity with favourable risk-reward for

investors to accumulate the stock

• Structurally, over past 24 months the stock

has retraced 80% of preceding 26 months

rally (| 360–879), at | 460. Slower pace of

retracement signals robust price structure

• We expect the stock to resolve higher and

head towards | 665 levels as it is the 50%

retracement of the entire decline (| 884-

455) placed at | 665 levels

Ramco Cement (RAMCEM): Retesting of long term trend line


Fundamental Outlook

• Ramco Cements is a leading cement player with presence in the South and Eastern India. The company is currently in process of adding ~1 MT of grinding capacity (will reach 20 MT post

commissioning) within few month and 3.75 MT of clinker capacity which should be commissioned within a years’ time. The company intends to increase focus towards the North East region

going ahead post commissioning of railway siding at its West Bengal plant. This should improve profitability and increase the company’s geographical presence. Also its operating regions, South

and East should see faster demand pullback as these regions are relatively less affected by the virus outbreak. Thus Ramco Cements would be one of the companies which would remain ahead

of the curve

• Currently the company has sufficient inventory of cement as well as raw materials to continue production. While the sales volumes are being affected, rural and semi-urban areas have shown

resilience. On the pricing front, the management does not foresee significant pressure on cement prices in the near term. Further, with most of the costs being variable in nature and with crude

and petcoke prices seeing significant correction, the company could see improvement in profitability which could partially offset lost EBITDA on account of lower volumes. The debt of | 2900

crore in its book which would increase further by upto | 500 crore to fund the capex and working capital requirement. However we do not see this increase in debt to pose threat to the

company’s balance sheet strength, as its D/E would remain well below 0.5x. The company’s current cost of debt is among the lowest in the industry at 7.25%

• From the replacement cost perspective, Ramco Cement is available at an EV/tonne of 110$ which is sub-optimal considering the cost leadership and balance sheet strength the company

possesses. On the EV/EBITDA front, the company is trading at ~13x FY22E EV/EBITDA vs last 3 year average EV/EBITDA multiple of 17-18x

Technical Outlook

Target @ 665

Monthly 14 periods RSI rebounding from previous major lows

76

455

135

55

879

273 360

26 months rally

24 months correction

Key support is

placed @ 500


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Weekly Bar Chart


3

• During the current month, the stock

witnessed a faster retracement as over

past four weeks stock entirely retraced

preceding eight weeks decline (| 460 –

295), indicating robust price structure in

turn suggesting structural turnaround,

auguring well for next leg of up move

• Structurally, stock recorded sharp rebound

from the major long term falling trend line

placed around | 300 underpinned by

positive divergence on MACD indicator, as

price was forming lower low meanwhile

MACD was forming higher low, indicating

impending positive momentum

• We expect the stock to form a higher base

after recent sharp up move and pave the

way to head towards | 620 levels as it is

near life highs of | 640 seen during July

2017

Laurus Labs (LAULAB): Faster pace of retracement signifies structural turnaround…

Over past four weeks, stock entirely retraced

preceding eight weeks decline (| 460 – 295),

Indicating faster pace of retracement


Fundamental Outlook

• From being an Anti-AIDS API supplier the company is rigorously diversifying its product basket by moving into some niche APIs and formulations. heavy balance sheet and subdued return ratios

are attributable to aggressive capex in the past few years. However, with strong clientele, good execution track record, diverse product offering and relatively better compliance track record,

things should look promising.

• The company, being the largest supplier of some of the key Anti-AIDS and other APIs in the world can also a likely beneficiary in the recent quest for possible drugs that are being targeted for

the treatment of Covid 19. This would also likely to generate better operating leverage on the back of better capacity utilisation.

Technical Outlook

Target @

| 620

Weekly MACD is pointing northward after witnessing positive divergence, auguring well for acceleration of upward momentum

295303

640

Rising Volumes

330321

460


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Weekly Bar Chart


3

• The share price has formed a higher base

after arresting intermediate correction near

key value area of | 3000 as it is confluence

of a) since listing, on multiple occasions

price have reacted from key pivot of |

|3000 (as shown in adjoining chart) b) 50%

retracement of major up move seen during

2019-20 (| 1560 – 4895), at | 3228

• Structurally, stock witnessed faster pace of

retracement by recouping 19 months

decline (| 4494 – 1560), in just six months,

indicating structural turnaround. Thereby

subsequent retracement offers fresh entry

opportunity from long term prospective

• We expect the stock to resolve above life

highs of | 4895 and gradually head

towards | 5840 as it is 150% external

retracement of past two months

correction(| 4895 – 2990), at |5847

Dixon Technologies India (DIXTEC): Higher base formation at key value area offers fresh entry opportunity….

1560

Rec. Price 4400.00-4600.00 Target 5840.00 Upside 28%Technical Outlook

4895

Target @ 5840

Higher base formation post faster pace of retracement signifies

robust price structure, bodes well for next leg of up move

2990

4494

Weekly RSI logged a bullish crossover, indicating positive bias

3100

30803232

19 Months

Decline

6 Months

Rally


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May 4, 2020 ICICI Securities Ltd. | Retail Equity ResearchSource:: ICICI Direct Research

2Click here to go to top

Appendix 1

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May 4, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research

Resilient stocks CY20

Note: 1) Stocks with Bold and Italic font in above table are our recommendations2) The list of stocks enlisted in the above report is selected on the basis of certain statistical and technical models. This report recommends only 7 (seven) stocks indicated in the report and other stocks are mentioned only for analysis purpose

Sr No Scrip Name

Market Capital

(| Crores)

YTD Return %

Structural

Turnaround

Relative

Strength

Dow Theory

Buy Signal

Sector

1 HDFC Bank 535836.13 -23.19 √ BFSI

2 H D F C 318134.5 -23.87 √ BFSI

3 Kotak Mah. Bank 254022.8 -21.17 √ BFSI

4 SBI Life Insuran 71336.88 -25.82 √ BFSI

5 HDFC AMC 53445.56 -21.51 √ BFSI

6 Siemens 40140.09 -24.69 √ Capital goods

7 Schaeffler India 10323.7 -29.76 √ Capital goods

8 GMM Pfaudler 5176.2 89.21 √ √ Capital goods

9 Ircon Intl. 3992.49 5.61 √ Capital goods

10 Schneider Elect. 2023.98 27.58 √ Capital goods

11 Vesuvius India 1805.89 -19.05 √ Capital goods

12 Bayer Crop Sci. 19592.28 22.36 √ √ Chemicals

13 Aarti Inds. 19320.86 33.48 √ √ Chemicals

14 Atul 14673.25 22.13 √ √ Chemicals

15 Navin Fluo.Intl. 7930.85 59.16 √ √ Chemicals

16 Deepak Nitrite 6916.49 35.92 √ √ Chemicals

17 BASF India 4556.27 6.50 √ Chemicals

18 Alkyl Amines 3870.22 74.88 √ √ Chemicals

19 Sudarshan Chem. 2885.74 2.39 √ Chemicals

20 IOL Chemicals 1728.81 74.55 √ √ Chemicals

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Sr No Scrip Name

Market Capital

(| Crores)

YTD Return % Sector

21 Hind. Unilever 483139.09 16.06 √ √ Consumption

22 Asian Paints 169538.2 -0.98 √ √ Consumption

23 Nestle India 168628.19 18.29 √ √ Consumption

24 Dabur India 84509.83 4.33 √ √ Consumption

25 Titan Company 82155.73 -22.10 √ Consumption

26 Pidilite Inds. 77123.03 9.44 √ Consumption

27 Britannia Inds. 75911.03 4.26 √ √ Consumption

28 Colgate-Palm. 40079.8 0.73 √ √ Consumption

29 Havells India 33983.12 -16.12 √ Consumption

30 Tata Consumer 32622.93 10.16 √ √ Consumption

31 Trent 17314.02 -7.61 √ Consumption

32 Voltas 16259.68 -25.47 √ Consumption

33 Relaxo Footwear 15263.43 -0.15 √ Consumption

34 Astral Poly 14271.48 -19.51 √ Consumption

35 Supreme Inds. 13849.74 -5.46 √ Consumption

36 Polycab India 10275.46 -30.46 √ Consumption

37 Akzo Nobel 9182.98 2.30 √ √ Consumption

38 V-Guard Inds. 7627.8 -16.23 √ Consumption

39 TTK Prestige 6691.45 -15.50 √ Consumption

40 Johnson Con. Hit 6405.15 22.80 √ Consumption

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Sr No Scrip Name

Market Capital

(| Crores)

YTD Return % Sector

41 Dixon Technolog. 4845.17 10.22 √ √ Consumption

42 Radico Khaitan 3989.34 -4.70 √ Consumption

43 Cera Sanitary. 2861.75 -18.43 √ Consumption

44 Tasty Bite Eat. 2771.27 29.88 √ √ Consumption

45 La Opala RG 2015.21 24.26 √ Consumption

46 UltraTech Cem. 99123.96 -15.12 √ Infrastructure

47 The Ramco Cement 12906.07 -27.40 √ Infrastructure

48 Heidelberg Cem. 3528.37 -11.00 √ Infrastructure

49 Mishra Dhatu Nig 3948.19 34.75 √ Metals

50 Bharti Airtel 270595.63 8.82 √ √ Others

51 Indraprastha Gas 33316.54 11.16 √ √ Others

52 Gujarat Gas 17698.51 8.23 √ Others

53 Coromandel Inter 16729.12 7.32 √ √ Others

54 WABCO India 11853.03 -3.54 √ Others

55 CRISIL 10289.42 -25.57 √ Others

56 Rallis India 4034.26 23.34 √ Others

57 TCI Express 2798.22 -1.72 √ √ Others

58 Dhanuka Agritech 2105.58 9.12 √ √ Others

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Sr No Scrip Name

Market Capital

(| Crores)

YTD Return % Sector

59 Sun Pharma.Inds. 114604.23 10.43 √ √ √ Pharma and Healthcare

60 Dr Reddy's Labs 64486.4 35.00 √ √ Pharma and Healthcare

61 Divi's Lab. 62912.07 28.39 √ √ Pharma and Healthcare

62 Cipla 48072.01 24.69 √ √ √ Pharma and Healthcare

63 Biocon 42258 19.90 √ √ √ Pharma and Healthcare

64 Torrent Pharma. 40957.16 30.90 √ √ √ Pharma and Healthcare

65 Lupin 38707.81 11.91 √ √ √ Pharma and Healthcare

66 Abbott India 38233.21 37.60 √ √ Pharma and Healthcare

67 Aurobindo Pharma 36641.67 36.88 √ √ Pharma and Healthcare

68 Alkem Lab 31721.79 31.74 √ √ √ Pharma and Healthcare

69 Glaxosmi. Pharma 24403.79 -10.54 √ √ Pharma and Healthcare

70 Pfizer 22535.79 16.60 √ √ Pharma and Healthcare

71 Ipca Labs. 20122.84 40.16 √ √ Pharma and Healthcare

72 Sanofi India 17789.64 10.26 √ √ Pharma and Healthcare

73 Alembic Pharma 14370.3 33.44 √ √ √ Pharma and Healthcare

74 Ajanta Pharma 13201.32 55.24 √ √ √ Pharma and Healthcare

75 Dr Lal Pathlabs 13137.24 5.51 √ √ Pharma and Healthcare

76 Natco Pharma 11271.83 4.32 √ √ Pharma and Healthcare

77 Zydus Wellness 7910.94 -6.69 √ √ Pharma and Healthcare

78 Astrazeneca Phar 7596.88 16.13 √ √ Pharma and Healthcare

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Sr No Scrip Name

Market Capital

(| Crores)

YTD Return % Sector

79 ERIS Lifescience 6663.44 3.53 √ √ Pharma and Healthcare

80 Laurus Labs 5507.7 43.20 √ √ √ Pharma and Healthcare

81 J B Chem & Pharm 4415.51 34.23 √ √ √ Pharma and Healthcare

82 Granules India 4292.97 37.16 √ √ Pharma and Healthcare

83 FDC 4283.73 18.32 √ √ √ Pharma and Healthcare

84 Caplin Point Lab 2726.16 19.79 √ √ √ Pharma and Healthcare

85 Indoco Remedies 2164.61 22.63 √ √ Pharma and Healthcare

86 Sequent Scien. 1929.84 9.90 √ √ Pharma and Healthcare

87 Aarti Drugs 1703.46 26.20 √ √ √ Pharma and Healthcare

88 Solara Active 1654.82 41.72 √ √ Pharma and Healthcare

89 Hester Bios 1161.06 -5.87 √ √ Pharma and Healthcare

90 Albert David 267.31 14.63 √ √ Pharma and Healthcare

91 Torrent Power 15502.29 13.57 √ √ Power

92 Guj Inds. Power 880.28 -19.17 √ √ Power

93 TCS 715073.19 -11.84 √ √ Technology

94 Info Edg.(India) 29829.62 -3.77 √ √ Technology

95 L & T Infotech 25510.44 -16.31 √ √ Technology

96 Mindtree 14508.85 10.18 √ √ Technology

97 L&T Technology 12139.54 -20.90 √ √ Technology

98 Team Lease Serv. 2656.33 -37.35 √ Technology

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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]

May 4, 2020 ICICI Securities Ltd. | Retail Equity Research 16

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We /I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee, Vinayak Parmar 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

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of the companies mentioned in the report.

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May 4, 2020 ICICI Securities Ltd. | Retail Equity Research 17

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