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Titan Company
“Creating building blocks to achieve Vision 2023”; BUY
May 14, 2018
Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision.
Please refer to important disclosures and disclaimers at the end of the report
Analyst Meet Update
Amnish Aggarwal [email protected] +91‐22‐66322233
Nishita Doshi [email protected] +91‐22‐66322381
Rating BUY
Price Rs921
Target Price Rs1,114
Implied Upside 21.0%
Sensex 35,557
Nifty 10,807
(Prices as on May 14, 2018)
Trading data
Market Cap. (Rs bn) 817.7
Shares o/s (m) 887.8
3M Avg. Daily value (Rs m) 2519.2
Major shareholders
Promoters 53.07%
Foreign 20.72%
Domestic Inst. 6.11%
Public & Other 20.10%
Stock Performance
(%) 1M 6M 12M
Absolute (6.5) 19.1 86.2
Relative (10.5) 11.2 68.5
How we differ from Consensus
EPS (Rs) PL Cons. % Diff.
2019 18.5 16.7 11.0
2020 21.6 21.2 1.6
Price Performance (RIC: TITN.BO, BB: TTAN IN)
Source: Bloomberg
0
200
400
600
800
1,000
1,200
May‐17
Jul‐17
Sep‐17
Nov‐17
Jan‐18
Mar‐18
(Rs)
TTAN Mgt reiterated their vision to achieve Rs500bn sales (consumer prices level)
and having 50mn consumers. TTAN is building an organisation to deal with
changing environment with factors like 1) Digital 2) Youth and GEN A 3) Omni
channel 4) Rural India 5) Premiumisation and rising affluence and 6) emerging
women power at the core of its strategy.
Jewellery business is likely to be the centre point of growth with accelerating
addition of 40 stores are 2.5x sales by 2023. It is looking at more sales in middle
India, higher share of high value diamond jewellery, and sustained increase in
share of wedding jewellery to drive sales. TTAN seems confident of achieving 25%
sales growth in the current year given that the operating environment is highly
favourable given strong brand, shift towards organised trade and difficulty faced
by small shops post GST, Demon and PMLA.
Watch business seem to be on steady recovery led by 1) increased focus on tech
centric watches 2) cost rationalisation 3) increase in import duty from 10% to 20%
and 4) reduction in GST from 28% to 18%. It believes that smart watches in
Fastrack and growing share in LFS and premium watches will enable the business
report steady margin expansion.
Eyewear business is entering a new phase of investment led by store renovations,
new products at lower price points, Omni channel play, frames unit and focus on
service aspect in prescription eyewear. Eyewear is likely to witness significant
increase in adspend and pressure on margins in the near term. TTAN is investing in
SKINN, Mont Blanc, Taneira, Fabre Leuva and Caratlane to create luxury businesses
which can add value in the long term.
We estimate 26.7% PAT CAGR over FY18‐FY20. We value the stock at 45xSept20
EPS and arrive at a target price of Rs1115. We expect premium valuations to
sustain, although returns might be back ended. Retain Buy.
Key financials (Y/e March) 2017 2018 2019E 2020E
Revenues (Rs m) 126,197 153,415 190,611 228,257
Growth (%) 13.8 21.6 24.2 19.7
EBITDA (Rs m) 12,005 17,092 23,080 27,245
PAT (Rs m) 8,582 16,382 16,467 19,155
EPS (Rs) 9.7 18.5 18.5 21.6
Growth (%) 23.0 90.9 0.5 16.3
Net DPS (Rs) — 2.6 3.8 5.0
Profitability & Valuation 2017 2018 2019E 2020E
EBITDA margin (%) 9.5 11.1 12.1 11.9
RoE (%) 21.9 32.8 26.2 25.2
RoCE (%) 22.2 33.4 26.5 25.5
EV / sales (x) 6.5 5.3 4.3 3.6
EV / EBITDA (x) 68.0 47.7 35.3 29.9
PE (x) 95.3 49.9 49.7 42.7
P / BV (x) 19.0 14.4 11.9 9.8
Net dividend yield (%) — 0.3 0.4 0.5
Source: Company Data; PL Research
May 14, 2018 2
Titan Company
Jewellery: 2.5xFY18 sales by 2023, 25% sales growth target in FY19
Titan Reiterated 2.5x of Fy18 sales by 2023 and 10% market share (5.5‐6% currently).
The company is looking at 20% CAGR in sales as against 6% sales growth for the
industry. Industry environment is favourable for Tanishq and focus on wedding
jewellery, high value diamond jewellery, middle India and sub brands like Zoya,
Caratlane Lane and Mia will enable company sustain 20% CAGR. FY19 sales are
expected to increase by 25% although, 1Q is likely to soft due to high base.
Key drivers are:
Rs1‐5mn income group which is witnessing 23% CAGR in income
Rising focus on adornment rather than investment for jewellery
Environment favourable for Tanishq post Demon, Modi/ choksi event and GST
impact
Fear of buying from unknown and small jeweller is rising as GST has made it
difficult for small jeweller to conduct business. Hallmarking and PMLA are
further working to the advantage of TTAN
Tanishq has increased share of wedding jewellery from 20% to 35% in past 3
years, it is targeting increase in share to 50% by 2023 in gold jewellery. Rising
share of wedding jewellery is also positive for profitability
TTAN plans to increase the share of high value diamond jewellery from 30% to
50% of studded sales by 2023.
TTAN plans to add 40 stores in the current year and has indicated at least 400
stores by 2023. The number of city presence will increase to 250 from 150.
Tanishq has huge scope in middle India as cities like Faizabad, jaunpur, Aungul,
Azamfarg etc. have huge pent up demand and scope for growth
Tanishq has seen an increase in gold exchange from 20% of gold jewellery sales
to 40%, it is planning to increase the same to 50% by 2023 which will
significantly de‐risk the business model. Tanishq had reduced the exchange
charges to Zero, however higher ticket size has compensated for not making any
margin on taking old gold
It is looking at sales of Rs7.5bn from Mia, Rs5.0bn from Aveer and Rs5bn from
Zoya by 2023.
TTAN is targeting sales of Rs17.5bn from 100 stores with EBIT margin of 5% and
ROCE of 20% from caratlane
Tanishq is looking at 25% sales growth in FY19 sales, although 1Q might show
some adjustment due to high base
May 14, 2018 3
Titan Company
Watches – expect sustained improvement in profitability
TTAN has shown sharp improvement in FY18 profits as margins have increased to
13% from a low base. Sales volumes, value and EBIT have grown by 8%, 10% and
34% respectively. Although sales have been effected, brand salience has improved
significantly.
Fastrack has seen significant overhaul in Fy18 and grew by 14% last year. It is
likely to increase presence in smart bands and emerging smart watch segment
Titan is growing faster in Rs4000‐5000 price band
LFS and After sales service has achieved breakeven in Fy18, Helios and
Accessories will achieve breakeven in FY19. LFS has achieved Rs3bn in sales and
E Com sales are up 90% YoY
Sonata and Fastrack are likely to be volume drivers for the company
Titan is looking at adding 20 World of Titan Stores, 10 Fastrack and 10 Helios
Stores. 100 stores will be renovated across brands while service centers will be
set up at select Fastrack and Helios stores.
Tie up with Amazon for US markets has worked well and it is likely to be
extended to other markets in North America
Fabre Leuva will see brand investments to establish in US, Japan, Middle east
etc, long term aim is the success in India
Eyewear: Entering high investment phase, margin pressure in FY19
Watch business has achieved sales and EBIT of Rs4.15bn and Rs24mn in FY18. SSG in
Titan Eye+ was 6% and sales were up 13%. Sunglass business has been under
pressure post reduction in GST rates from 28% to 18% given that the trade channel is
multibrand outlets. The eyewear business is facing intense competition from online
retailers like Lenskart on one hand and offline players like Reliance vision and other
local chains on the other. It is present in 500 Titan Eye+ stores, 4500 MBO’s,
0.325mn sq ft of retail space, one central and 4 satellite labs.
Eyewear business plans to increase the number of customers from 2.4mn in
Fy18 to 10mn by 2023.
Eyewear has high competition, high price sensitivity and is purchased out of
compulsion and not choice
The category is facing online disruptions and has high fashion quotient
Titan has increased the number of optometrists from 1 to 2 /store and has
improved delivery time post commissioning of satellite labs
Titan has invested in frame manufacturing and is looking at renovating the
stores
May 14, 2018 4
Titan Company
Titan aims to launch lower priced products (Rs100‐2000) in order to shed image
of higher prices and significantly increased advertising and marketing
It plans to open 40 stores and use Omni channel to compete with price
disrupters
TTAN is also looking at converting small mom and pop stores into Titan Eye+
stores
New businesses – seeding future growth drivers
Titan is seeding small but high growth potential segments to drive long term growth
in businesses. It has invested in SKINN, caratlane, Titan Automation, Favre Leuva,
Mont Blanc and Taneira as segments which have long term potential
Titan Engineering and Automation (TEAL): it achieved Rs2.5bn sales and
Rs210mn profit. Rs1.48bn are in automation and rest in aerospace. Order book
is Rs2.7bn and holds huge potential for growth.
Mont Blanc: It has 10 stores in Pens, watches and leather accessories. Titan has
49% stake in this company. 80% sales are from non‐metros and it is a learning
experience to sell luxury products. It has achieved store level breakeven
Taneira: It is focusing on special occasion wear and sells sarees, dress material
etc. it has 2 stores in Bangalore and plans to extend to other Metros like
Chennai and Delhi. The potential for this kind of a model is huge given that
consumers are shifting towards traditional wear for occasions
Exhibit 1: Q4FY18 Results; Adj. PAT up 78.8% on strong margin beat in Jewellery and lower tax rate
Y/e March (Rs mn) Q4FY18 Q4FY17 YoY gr. (%) Q2FY18 FY18 FY17 YoY gr. (%)
Net Sales 39,168 35,075 11.7 41,366 153,415 126,145 21.6
Gross Profit 11,360 9,377 21.1 10,052 39,687 33,406 18.8
% of NS 29.0 26.7 2.3 24.3 25.9 26.5
Adv & Sales Pro 1022 1322 (22.7) 1364 4500 4504 (0.1)
% of NS 2.6 3.8 3.3 2.9 3.6
Total Expenses 34,614 32,354 7.0 36,918 136,323 114,192 19.4
% of NS 88.4 92.2 89.2 88.9 90.5
EBITDA 4,554 2,721 67.4 4,447 17,092 11,954 43.0
Margins % 11.6 7.8 10.8 11.1 9.5
Depreciation 301 224 34.1 295 1,097 932 17.6
Interest 124 82 50.7 104 477 371 28.4
Other Income 200 273 (26.8) 184 1,102 648 70.1
PBT 4,329 2,687 61.1 4,233 16,621 11,298 47.1
Tax 701 658 6.5 1,151 4,078 2,716 50.2
Tax rate % 16.2 24.5 27.2 24.5 24.0
Adjusted PAT 3,628 2,029 78.8 3,082 12,542 8,582 46.1
Source: Company Data, PL Research
May 14, 2018 5
Titan Company
Exhibit 2: Jewellery EBIT up 60% as margins expanded 400bps, Watches EBIT up 190% on low base
(Rs m) 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18
Total Sales 24,062 27,745 26,236 38,713 35,438 39,482 34,057 41,414 39,215
Watches 4,491 4,997 5,237 5,083 5,026 5,099 5,700 5,324 4,940
YoY Growth ‐12.1% 3.0% ‐5.2% 5.1% 11.9% 2.0% 8.8% 4.7% ‐1.7%
Jewellery 18,466 21,506 19,875 32,550 29,131 33,077 27,108 34,968 32,921
YoY Growth 1.0% 3.7% 0.2% 15.4% 57.8% 53.8% 36.4% 7.4% 13.0%
Eyewear 970 1,105 952 907 1,116 1,107 985 904 1,089
YoY Growth 10.0% 3.3% 6.6% 12.4% 15.0% 0.2% 3.5% ‐0.3% ‐2.4%
Others 136 137 172 174 166 199 263 219 265
YoY Growth ‐82.2% ‐70.9% ‐71.7% ‐66.9% 21.5% 45.7% 53.1% 26.2% 60.4%
Total EBIT 2,194 2,890 2,753 3,776 2,899 3,949 4,472 4,506 4,766
Watches 77 702 643 529 121 588 914 826 351
YoY Growth ‐84.2% 48.2% ‐23.0% 63.1% 56.7% ‐16.3% 42.1% 56.2% 190.4%
EBIT Margin 1.7% 14.0% 12.3% 10.4% 2.4% 11.5% 16.0% 15.5% 7.1%
Jewellery 2,078 2,179 2,182 3,343 2,824 3,391 3,676 3,847 4,519
YoY Growth ‐10.5% 20.0% 81.1% 15.1% 35.9% 55.7% 68.5% 15.1% 60.0%
EBIT Margin 11.3% 10.1% 11.0% 10.3% 9.7% 10.3% 13.6% 11.0% 13.7%
Eyewear 134 70 20 ‐29 108 32 14 ‐44 23
YoY Growth 40.4% 218.7% ‐54.3% ‐502.7% ‐19.6% ‐54.6% ‐31.8% 50.3% ‐78.6%
EBIT Margin 13.8% 6.3% 2.1% ‐3.2% 9.6% 2.9% 1.4% ‐4.9% 2.1%
Others (95) (60) (92) (66) (154) (61) (132) (123) (127)
Source: Company Data, PL Research
May 14, 2018 6
Titan Company
Exhibit 3: Watches: Domestic volumes declines 1% on distribution revamp, LFS report strong growth
4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18
Watches
Sales Growth % ‐13 1 ‐5.2 9 10.8 2 13.6 11 ‐1.7
Volume Growth % ‐19 1 ‐9 4 10 5 9 11 ‐1
World Of Titan
Sales Growth % ‐6 11 4 12 8 9 7 8 ‐3
LTL Sales growth % ‐9 6 ‐2 9 5 6 5 7 ‐4
Stores 452 458 467 470 474 482 485 481 486
Helios
Sales Growth % 12 7 1 16 4 40 9 37 32
LTL Sales growth % 15 13 1 11 ‐3 24 ‐9 4 5
Stores 41 41 44 47 49 53 62 67 70
Fastrack
Sales Growth % 2 4 ‐1 3 0 ‐3 4 10 1
LTL Sales growth % ‐5 ‐1 ‐5 1 ‐1 ‐3 2 6 ‐6
Stores 159 160 163 155 155 160 166 164 166
LFS
Sales Growth % 1 15 11 28 12 20 4 11 14
LTL Sales growth % ‐7 16 4 13 3 8 1 6 11
Source: Company Data, PL Research
Exhibit 4: Eyewear‐ tepid growth phase continues, prescription eyewear recovers, sunglasses remain under pressure
Eyewear 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18
Sales Gr % 18 9 10 10 9 10 10 ‐0.3 10
LTL Growth % (Titan Eye+) 7 ‐2 4 4 1 3 3 1.1 1
Stores 404 405 413 428 448 457 462 478 500
Area (sq Ft) 293000 301000 304000 327000 331000
Source: Company Data, PL Research
Exhibit 5: Gold Prices up 4.7% YoY and 3.8% QoQ in Q4FY18
2643
2809
2964
2791 2773 2790 2777 27982903
2000
2200
2400
2600
2800
3000
3200
Q4FY16
Q1FY17
Q2FY17
Q3FY17
Q4FY17
Q1FY18
Q2FY18
Q3FY18
Q4FY18
Rs/10gm
(22kt)
Gold price
Source: Bloomberg, PL Research
Golden Harvest accounted for 17‐18% of
sales while Gold on loan has declined to
40% due to higher consumer incentive on
exchange of gold.
May 14, 2018 7
Titan Company
Exhibit 6: Volumes up 6%: studded share 36%, store addition guidance at 40, gold on loan declines to 40%, gold exchange not margin dilutive
4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18
Jewellery
Volume Gr % 15 6 ‐32 4 37 49 49 6 6
Studded Share % 34 23.8 42 21 34 23.4 36 25 36
Sales Gr % ‐1.0 3.0 0.2 15.0 55.0 55.0 36.4 7.4% 13.0%
Tanishq
Sales Gr % ‐1 9 9 20 55 55 22 15 19
LTL Growth % ‐5 3 4 15 52 51 18 12 17
Stores 193 197 198 204 210 221 229 243 256
Area (sq Ft) 815000 830000 835000 847000 875000 900000 940000 971000 1010000
Source: Company Data/ PL Research
Exhibit 7: Jewellery growth momentum to continue in FY19& FY20, Watches to see steady margin expansion from low base
(Rs m) FY14 FY15 FY16 FY17 FY18 FY19E FY20E
Jewellery
Sales 86,274 94,206 87,227 102,373 130,359 160,757 194,533
Growth % 7.4 9.2 (7.4) 17.4 27.3 23.3 21.0
EBIDTA 8,728 9,699 8,189 10,951 15,895 20,480 25,330
Growth % 4.4 11.1 (15.6) 33.7 45.1 28.9 23.7
EBIDTA Margin % 10.1 10.3 9.4 10.7 12.2 12.7 13.0
Watches
Sales 17,889 19,188 19,633 19,882 21,264 23,603 26,199
Growth % 7.3 7.3 2.3 1.3 7.0 11.0 11.0
EBIDTA 2,112 2,373 2,004 2,376 2,928 3,540 3,930
Growth % (3.1) 12.4 (15.5) 18.5 23.2 20.9 11.0
EBIDTA Margin % 11.8 12.4 10.2 12.0 13.8 15.0 15.0
Source: PL Research
May 14, 2018 8
Titan Company
May 14, 2018 9
Titan Company
Taneira is being extended into other Metros like Delhi and Chennai
May 14, 2018 10
Titan Company
May 14, 2018 11
Titan Company
Watch Business: On a path to gradual and sustained growth and margin expansion
May 14, 2018 12
Titan Company
Income Statement (Rs m)
Y/e March 2017 2018 2019E 2020E
Net Revenue 126,197 153,415 190,611 228,257
Raw Material Expenses 92,740 113,892 144,703 171,587
Gross Profit 33,457 39,522 45,908 56,670
Employee Cost 7,010 7,623 8,564 9,564
Other Expenses 14,442 14,808 14,264 19,861
EBITDA 12,005 17,092 23,080 27,245
Depr. & Amortization 894 1,072 1,218 1,360
Net Interest (225) (387) (178) (594)
Other Income 635 889 525 1,021
Profit before Tax 11,375 16,432 22,064 26,504
Total Tax 2,716 — 5,547 7,298
Profit after Tax 8,659 16,432 16,517 19,205
Ex‐Od items / Min. Int. (1,927) — — —
Adj. PAT 8,582 16,382 16,467 19,155
Avg. Shares O/S (m) 887.8 887.8 887.8 887.8
EPS (Rs.) 9.7 18.5 18.5 21.6
Cash Flow Abstract (Rs m)
Y/e March 2017 2018 2019E 2020E
C/F from Operations 3,577 3,581 1,686 2,702
C/F from Investing (7,351) (1,434) (2,087) (2,337)
C/F from Financing 4,085 2,376 1,148 (188)
Inc. / Dec. in Cash 311 4,523 747 177
Opening Cash 1,117 1,427 1,895 2,643
Closing Cash 1,427 1,895 2,643 2,820
FCFF 17,865 (1,434) 14,745 12,953
FCFE 16,735 (1,433) 14,746 12,954
Key Financial Metrics
Y/e March 2017 2018 2019E 2020E
Growth
Revenue (%) 13.8 21.6 24.2 19.7
EBITDA (%) 26.0 42.4 35.0 18.0
PAT (%) 23.0 90.9 0.5 16.3
EPS (%) 23.0 90.9 0.5 16.3
Profitability
EBITDA Margin (%) 9.5 11.1 12.1 11.9
PAT Margin (%) 6.8 10.7 8.6 8.4
RoCE (%) 22.2 33.4 26.5 25.5
RoE (%) 21.9 32.8 26.2 25.2
Balance Sheet
Net Debt : Equity — — — —
Net Wrkng Cap. (days) 84 139 122 122
Valuation
PER (x) 95.3 49.9 49.7 42.7
P / B (x) 19.0 14.4 11.9 9.8
EV / EBITDA (x) 68.0 47.7 35.3 29.9
EV / Sales (x) 6.5 5.3 4.3 3.6
Earnings Quality
Eff. Tax Rate 24.0 — 25.2 27.6
Other Inc / PBT 5.3 5.3 2.3 3.8
Eff. Depr. Rate (%) 6.7 7.3 7.5 7.5
FCFE / PAT 195.0 (8.7) 89.5 67.6
Source: Company Data, PL Research.
Balance Sheet Abstract (Rs m)
Y/e March 2017 2018 2019E 2020E
Shareholder's Funds 43,120 56,878 68,814 83,358
Total Debt 2 3 4 5
Other Liabilities (22) (77) (95) (114)
Total Liabilities 43,100 56,805 68,722 83,249
Net Fixed Assets 8,552 8,864 9,708 10,660
Goodwill 2 3 4 5
Investments 15,161 6,493 15,503 23,212
Net Current Assets 19,385 37,366 39,429 45,294
Cash & Equivalents 1,427 1,895 2,643 2,820
Other Current Assets 58,361 69,980 80,550 95,077
Current Liabilities 40,404 34,510 43,764 52,603
Other Assets — — — —
Total Assets 43,100 52,726 64,644 79,170
Quarterly Financials (Rs m)
Y/e March Q1FY18 Q2FY18 Q3FY18 Q4FY18
Net Revenue 39,096 33,785 41,366 39,168
EBITDA 3,885 4,206 4,447 4,554
% of revenue 9.9 12.4 10.8 11.6
Depr. & Amortization 248 254 295 301
Net Interest 106 143 104 124
Other Income 276 443 184 200
Profit before Tax 3,707 4,245 4,233 3,522
Total Tax 1,038 1,189 1,151 701
Profit after Tax 2,669 3,056 3,082 2,821
Adj. PAT 2,769 3,063 3,082 3,628
Key Operating Metrics
Y/e March 2017 2018 2019E 2020E
Watch sales Growth 1.3 7.0 11.0 11.0
Watch EBIT Growth % 18.5 23.2 20.9 11.0
Watch Margins 12.0 13.8 15.0 15.0
Jewelry Sales Growth 17.4 27.3 23.3 21.0
Jewellery EBIT Growth % 33.7 45.1 28.9 23.7
Source: Company Data, PL Research.
May 14, 2018 13
Titan Company
Prabhudas Lilladher Pvt. Ltd.
3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai‐400 018, India
Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209
Rating Distribution of Research Coverage PL’s Recommendation Nomenclature
43.4% 44.2%
12.4%
0.0%0%
10%
20%
30%
40%
50%
BUY Accumulate Reduce Sell
% of Total Coverage
BUY : Over 15% Outperformance to Sensex over 12‐months
Accumulate : Outperformance to Sensex over 12‐months
Reduce : Underperformance to Sensex over 12‐months
Sell : Over 15% underperformance to Sensex over 12‐months
Trading Buy : Over 10% absolute upside in 1‐month
Trading Sell : Over 10% absolute decline in 1‐month
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly
DISCLAIMER/DISCLOSURES
ANALYST CERTIFICATION
We/I, Mr. Amnish Aggarwal (MBA, CFA), Ms. Nishita Doshi (CA, CFA Level 1, 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.
Terms & conditions and other disclosures:
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.
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