United Spirits Result Updated

8/2/2019 United Spirits Result Updated

1/13

Please refer to important disclosures at the end of this report 1

KFAs bankruptcy can lead to better price discovery for USL: United Spirits (USL) ispromoted by United Breweries Holding (UBH, 28%), which is also the promoter of

Kingfisher Airlines (KFA). According to UBHs FY2011 Annual Report, the

company has given guarantees worth `9,135cr on behalf of Kingfisher Airlines

(KFA). If KFA goes bankrupt, UBH will have to repay KFAs debt and other

liabilities (which are guaranteed by UBH), which can only happen if UBH offloads

its stake in United Breweries Ltd. (UBL), USL or sell its other fixed assets or

subsidiaries. If UBH plans to offload its stake in USL, we believe it would lead to

better price discovery for USL, as it is presently trading at its historically low

valuations and the stake sale would be at a premium. In the past also, companies

have been known to pay huge premium to buy majority stakes in such

companies, thereby leading to a significant increase in stock prices in a short

period of time.

Problems with KFA not to affect USLs fundamentals:AlthoughUSL and KFA havethe same promoter, they are involved in different businesses that are not

interconnected in any way. We believe USLs stocks have overreacted to all the

negative news of KFA, although its business has continued to show strong growth

overall. USL achieved the tag of the worlds largest spirit company in volumes at

the end of FY2011, and it is expected to maintain this position in FY2012 also.

However, the company has recently been facing concerns regarding its mounting

debt and is trying to raise US$225 through FCCB issue, which will help it to

reduce its interest cost over the coming quarters. The money raised will bepartially utilized to repay debts, which will bring down USLs interest cost and lead

to lower cash outflow.Valuations too attractive to be ignored: The negative news of KFA led to asignificant decline in USLs stock price. However, we believe the impact of KFAs

performance has already been reflected in USLs stock price, and USL is now

expected to get re-rated going ahead, based solely on its fundamental

performance. We estimate USLs revenue to witness a 11.5% CAGR and net profit

to post a 22.1% CAGR over FY2012-14E. At the CMP, the stock is trading at only

15.0x FY2013E and 12.3x FY2014E earnings. We believe the valuations are quiteattractive and, thus, recommend a Buy rating on the stock with a target price of`884, valuing the stock at 17x FY14 EPS of `52.Key financialsY/E Dec. (` cr) FY2011 FY2012E FY2013E FY2014ENet Sales 7,376 8,483 9,501 10,546% chg 15.9 15.0 12.0 11.0

Adj.Net Profit 431 438 536 653% chg 94.4 1.7 22.2 22.0

Adj. EPS (`) 34.3 34.8 42.5 51.9EBITDA Margin (%) 15.6 15.5 15.7 16.0

P/E (x) 14.1 16.4 15.0 12.3

RoE (%) 10.8 11.1 11.0 12.0

RoCE (%) 10.2 10.2 10.5 11.4P/BV (x) 1.9 1.7 1.6 1.4

EV/Sales (x) 1.9 1.7 1.6 1.4

EV/EBITDA (x) 11.9 11.2 9.9 8.8Source: Company, Angel Research

BUYCMP `637

Target Price `884

Investment Period 12 Months

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters 28.0

MF / Banks / Indian Fls 2.5

FII / NRIs / OCBs 54.7

Indian Public / Others 14.8

Abs.(%) 3m 1yr 3yr

Sensex 13.1 (10.0) 68.9

United Spirits 29.6 (39.3) (8.2)

UNSP@IN

Face Value (`)

BSE Sensex

Nifty

Reuters Code

10

17,478

5,318

UNSP.BO

Brew/Distilleries

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

8,327

1.1

1123/450

239,266

Sharan Lillaney022-39357800 Ext: 6811

[email protected]

United SpiritsRising Spirits....

Quick take


2/13

United Spirits

April 2, 2012

Quick take

Investment arguments

KFAs bankruptcy can lead to better price discovery for USL

United Spirits (USL) is promoted by United Breweries Holding (UBH, 28%), which isalso the promoter of Kingfisher Airlines (KFA). According to UBHs FY2011 Annual

Report, the company has given guarantees worth `9,135cr on behalf of Kingfisher

Airlines (KFA). If KFA goes bankrupt, UBH will have to repay KFAs debt and other

liabilities (which are guaranteed by UBH), which can only happen if UBH offloads

its stake in United Breweries Ltd. (UBL), USL or sell its other fixed assets or

subsidiaries. If UBH plans to offload its stake in USL, we believe it would lead to

better price discovery for USL, as we believe USL is presently trading at its

historically low valuations and the stake sale would be at a premium. In the past

also, companies have been known to pay huge premium to buy majority stakes in

such companies, thereby leading to a significant increase in stock prices in a short

period of time.

Problems with KFA not to affect USLs fundamentals: AlthoughUSL and KFA havethe same promoter, they are involved in different businesses that are not

interconnected in any way. We believe USLs stocks have overreacted to all the

negative news of KFA, although its business has continued to show strong growth

overall. USL achieved the tag of the worlds largest spirit company in volumes at

the end of FY2011, and it is expected to maintain this position in FY2012 also.

Exhibit 1:USL does not hold any stake in KFA directly or indirectly

Source: Company, Angel Research

U B Holding Ltd.

Kingfisher

Finvest Ltd.

United

Spirits Ltd.

United

Breweries

Kingfisher

Airlines Ltd.

McDowell

Holding Ltd.

Mangalore

Chemicals

9.7% 12.8% 9.3%

3.2% 0.4% 0.01%

100% 18.3% 11.5% 40.1% 32.8% 24.5%

4.1% 7.9% 5.9%

U B Holding Ltd.

Kingfisher

Finvest Ltd.

United

Spirits Ltd.

United

Breweries

Kingfisher

Airlines Ltd.

McDowell

Holding Ltd.

Mangalore

Chemicals

9.7% 12.8% 9.3%

3.2% 0.4% 0.01%

100% 18.3% 11.5% 40.1% 32.8% 24.5%

4.1% 7.9% 5.9%


3/13

United Spirits

April 2, 2012

Quick take

USL holds stake in UBL, McDowell Holding and Mangalore Chemicals which are

all promoted by UBH. None of these companies hold any stake in KFA. Thus, any

problems relating to KFA should not affect USLs balance sheet or fundamentals

directly or indirectly.

USL to raise US$225mn through FCCBs

USL is facing concerns regarding its growing debt and high interest cost.

The companys interest cost accounted for 43.3% of its EBITDA and 47.5% of its

EBIT in FY2011. To address these concerns, USL is planning to raise around

US$225mn through FCCBs. If the company manages to raise US$225mn,

US$150mn will be utilized to bring down its debt and lower its interest cost and

cash outflow. Assuming an annual 10% interest cost, the company could easily

save around US$15mn or `75cr annually in interest cost. Interest cost at the end of

FY2011 stood at `498cr, which we believe will increase to `650cr by the end of

FY2012E. If the company reduces its debt by US$150mn, it could annually reduce

its interest cost by 11-12%.

Dominant player with strong brands under its kitty: The Indian branded spiritindustry sold nearly 270mn cases in FY2011, of which USL sold around 112mn

cases. The company enjoys an overall market share of around 42% in India. For its

first-line brands in India, the company has a market share of around 59%. This

makes USL, by far, the leading player in the industry.

Further, USL is the largest spirit company in the world by volumes and is present

across all segments, including scotch, whiskey, brandy, rum, vodka, gin and wine.

The company has strong brands under its kitty, such as McDowells, Bagpiper,Royal Challenge, Antiquity, Signature, Black Dog, White Mischief, Vladivar and

Whyte & Mackay. All brands of the company have high recall value. Four of the

companys brands are in the top 25 worldwide spirits brands. McDowells No. 1 is

the largest spirits brand in the world, with annual sales of 40mn cases.

Bagpiper Whiskey continues to remain the worlds largest selling whiskey, with

16mn cases sold in FY2011; while McDowells No. 1 was the worlds third largest

selling whiskey in FY2011. McDowells No.1 brandy is also the worlds largest

selling brandy.


4/13

United Spirits

April 2, 2012

Quick take

Exhibit 2:Diversified portfolio with leading brands


Despite its leading position in most categories and high brand recall, USL

continued to spend 9-12% of its net sales on an average on advertisements over

FY2006-11. Going ahead as well, we expect USL to continue to spend around

9-10% of its net sales on advertisements, which will aid the company in

maintaining high brand recall.Exhibit 3:Strong focus on advertising


Scotch

Whyte &Mackay

Black Dog

Dalmore

Jura

Whiskey

McDowell'sNo 1

McDowell'sNo 1

Platinum

Bagpiper

Antiquity

RoyalChallenge

Signature

Brandy

Mcdowell'sVSOP

Vodka & Gin

WhiteMischief

Vladivar

Romanov

Pinky

Wine

BouvetLadubay

FourSeasons

226 294 478 538 680 870

10.5

9.9

10.3 9.8

10.7

11.8

8

9

10

11

12

0

100

200

300

400

500

600

700

800

900

1000

FY06 FY07 FY08 FY09 FY10 FY11

Adverti sment (LHS) % of Net Sales

(`cr) (%)


5/13

United Spirits

April 2, 2012

Quick take

Strong demographics and change in preference to drive growth:

India is particularly a young country with 50% of its population below the age of

25 years. We believe India consumption story has a long way to go and USL is

expected to benefit greatly from the growing middle-class population in the

country, especially in small towns, and the shift in preference and change in

lifestyle.

Apart from its dominant position in existing brands, USL is expanding its presence

in the wine segment. Today wines are accepted as health drinks and are

considered good if taken in measured quantities. Further, wines are associated

with affluence and better lifestyle, resulting in higher growth in their offtake. Wines

and low-alcohol content drinks such as Breezer and mock drinks are gaining

popularity among youngsters and women alike. All this presents, a high-growth

opportunity to USL.

Backward integration to bear fruit

The primary raw material required to manufacture USLs products is Extra Neutral

Alcohol (ENA), which has recently witnessed a significant increase in its price, thus

denting the companys margins. USL procures ENA from external sources and,

thus, has no control over its prices and supply. In order to reduce its dependence

on such suppliers, USL acquired two entities in FY2011, namely Pioneer Distilleries

Ltd. and Sovereign Distilleries Ltd., having primary distillation units with plants in

Maharashtra and Karnataka, respectively. These two units together have a

distillation capacity of 340 kilo liters per day (klpd), representing 25% of the

companys requirement. Getting in-house raw materials will help USL to capture itsdistillation margin, which was not possible earlier. Going ahead, these efforts can

help the company improve its margins and, at the same time, assure timely supply

of raw materials.


6/13

United Spirits

April 2, 2012

Quick take

Outlook and valuation

The negative news of KFA led to a significant decline in USLs stock price.

However, we believe the impact of KFAs performance has already been reflected

in USLs stock price, and USL is now expected to get re-rated going ahead, based

solely on its fundamental performance. We estimate USLs revenue to witness an

11.5% CAGR and net profit to post a 22.1% CAGR over FY2012-14E. At the CMP,

the stock is trading at only 15.0x FY2013E and 12.3x FY2014E earnings.

We believe the valuations are quite attractive and, thus, recommend a Buy ratingon the stock with a target price of `884, valuing the stock at 17x FY14 EPS of `52.Exhibit 4:One-year forward P/E band


(500)

0

500

1,000

1,500

2,000

2,500

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Price (`) 10x 16x 22x 28x 34x


7/13

United Spirits

April 2, 2012

Quick take

Concerns

USL lending money to KFA

Although the scenario of USL lending to KFA is highly unlikely and will facesignificant opposition from other shareholders, but if it finds a way to lend money

to KFA, it will be a major risk as it could lead to significant erosion in USLs net

worth if it fails to recover the loans given to KFA.

State pricing and regulatory risk

USL is exposed to changes in pricing by state governments. Nearly 70% of its sales

volumes are generated from regions where state governments control prices.

Increased taxes, changes in distribution structure or prohibition of liquor in any

state could hit USLs performance.

Entry of foreign liquor majors could lead to higher competition

Baring Seagram, there has not been any significant presence of global liquor

majors due to the existing regulatory environment. However, this could change

with many global liquor makers evincing interest in the high-growth Indian liquor

market, leading to higher competition for incumbents.

Sharp increase in raw-material prices can dent margins

Prices of molasses and ENA have spiraled. Glass prices have also increased. Any

further increase in prices of molasses, ENA and further increase in glass prices

could negatively affect USLs profit margin. To keep its costs under control, the

company has plans to set up a glass manufacturing facility and has recentlyacquired companies that manufacture ENA.


8/13

United Spirits

April 2, 2012

Quick take

Profit & loss statement (Consolidated)

Y/E Dec. (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014ETotal operating income 5,468 6,362 7,376 8,483 9,501 10,546% chg 18.2 16.4 15.9 15.0 12.0 11.0Total Expenditure 4,698 5,331 6,224 7,169 8,007 8,863

Materials 2,691 3,178 3,853 4,442 4,953 5,473

Manufacturing and Other Exp. 2,007 2,153 2,371 2,727 3,054 3,390

Other - - - - - -

EBITDA 770 1,032 1,152 1,314 1,494 1,683% chg (28.0) 33.9 11.7 14.0 13.7 12.7

(% of Net Sales) 14.1 16.2 15.6 15.5 15.7 16.0

Depreciation& Amortisation 93 95 102 131 164 180

EBIT 678 937 1,050 1,183 1,330 1,503% chg (31.9) 38.2 12.1 12.6 12.4 13.0

(% of Net Sales) 12.4 14.7 14.2 13.9 14.0 14.2

Interest & other Charges 718 607 498 650 680 680

Adj.Other Income 104 85 144 146 149 152

(% of PBT) 162.1 20.5 20.7 21.6 18.7 15.6

Recurring PBT 64 414 695 679 799 975% chg (88.5) 547.2 67.7 (2.3) 17.7 22.0

Extraordinary Expense/(Inc.) (381) (245) 138 51 - -

PBT (reported) (317) 170 834 730 799 975Tax 92 193 265 241 264 322

(% of PBT) (28.9) 113.6 31.8 33.0 33.0 33.0

PAT (reported) (408) (23) 568 489 536 653 Add: Share of earnings of asso. (0) (0) (1) - - -

Less: Minority interest (MI) (0) (1) (3) - - -

% chg (235.6) 94.3 2,550.4 (13.9) 9.5 22.0

PAT after MI (reported) (408) (23) 570 489 536 653Extraordinary Income/Exp. (381) (245) 138 51 - -ADJ. PAT (27) 222 431 438 536 653% chg (110.5) 907.2 94.4 1.7 22.2 22.0

(% of Net Sales) (0.5) 3.5 5.8 5.2 5.6 6.2

Basic EPS (`) (40.8) (1.9) 45.2 38.9 42.5 51.9Adjusted EPS (`) (2.7) 18.4 34.3 34.8 42.5 51.9% chg (109.3) 770.0 86.4 1.7 22.2 22.0


9/13

United Spirits

April 2, 2012

Quick take

Balance sheet (Consolidated)

Y/E Dec. (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014ESOURCES OF FUNDSEquity Share Capital 100 121 126 126 126 126Preference Capital 3 - - - - -

Reserves& Surplus 2,283 3,653 4,053 4,504 5,002 5,617

Shareholders Funds 2,386 3,774 4,179 4,630 5,127 5,743Minority Interest 6 8 18 18 18 18

Total Loans 7,360 5,506 6,381 7,381 7,531 7,531

Term Liab. towardsFranchisee rights

443 344 330 283 236 189

Total Liabilities 10,196 9,632 10,907 12,311 12,912 13,480APPLICATION OF FUNDSGross Block 2,292 2,374 2,697 3,843 4,324 4,756

Less: Acc. Depreciation 665 649 757 888 1,052 1,232Net Block 1,627 1,725 1,940 2,955 3,272 3,524Capital Work-in-Progress 29 94 129 50 30 20

Goodwill 4,474 4,244 4,432 4,432 4,432 4,432

Investments 950 127 154 154 154 154Current Assets 4,037 4,949 6,184 6,927 7,484 8,070

Cash 449 769 637 693 697 715

Loans & Advances 740 772 1,627 1,627 1,627 1,627

Other Current Assets 215 322 321 369 413 459

Debtors 888 1,340 1,483 1,705 1,909 2,120

Inventory 1,746 1,746 2,117 2,533 2,837 3,149

Current liabilities 1,646 1,764 2,010 2,285 2,538 2,798

Net Current Assets 2,391 3,185 4,174 4,642 4,946 5,272Deferred Tax Assets (Net) 92 71 33 33 33 33

Foreign Currency Monetory ItemTranslation Difference

560 141 - - - -

Miscellaneous Expenditure 73 45 45 45 45 45

Total Assets 10,196 9,632 10,907 12,311 12,912 13,480


10/13

United Spirits

April 2, 2012

Quick take

Cash flow statement (Consolidated)

Y/E Dec. (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014EProfit before tax (317) 170 834 730 799 975

Depreciation 93 95 102 131 164 180Change in Working Capital (354) (474) (1,121) (412) (300) (308)

Direct taxes paid 92 193 265 241 264 322

Cash Flow from Operations (670) (402) (450) 208 399 525(Inc.)/ Dec. in Fixed Assets (569) (148) (358) (1,067) (460) (422)

(Inc.)/ Dec. in Investments (738) 824 (28) - - -

Cash Flow from Investing (1,307) 676 (385) (1,067) (460) (422)Issue/(Buy Back) of Equity - 14,487 (794) - - -

Inc./(Dec.) in loans 756 (1,854) 875 1,000 150 -

Dividend Paid (Incl. Tax) 25 37 38 38 38 38

Others 1,101 (12,623) 585 (123) (123) (123)

Cash Flow from Financing 1,882 46 704 915 65 (85)Inc./(Dec.) in Cash (95) 320 (132) 56 4 18

Opening Cash balances 544 449 769 637 693 697Closing Cash balances 449 769 637 693 697 715


11/13

United Spirits

April 2, 2012

Quick take

Key ratios (Consolidated)

Y/E Dec. FY2009 FY2010 FY2011 FY2012E FY2013E FY2014EValuation Ratio (x)P/E (on FDEPS) (15.6) (338.3) 14.1 16.4 15.0 12.3P/E (on basic, reported EPS) (15.6) (338.3) 14.1 16.4 15.0 12.3

P/CEPS 98.0 24.2 15.0 14.1 11.5 9.6

P/BV 2.7 2.0 1.9 1.7 1.6 1.4

Dividend yield (%) 0.3 0.4 0.4 0.4 0.4 0.4

Market cap. / Sales 1.2 1.2 1.1 0.9 0.8 0.8

EV/Sales 2.4 2.0 1.9 1.7 1.6 1.4

EV/EBITDA 17.2 12.0 11.9 11.2 9.9 8.8

EV / Total Assets 1.3 1.3 1.3 1.2 1.1 1.1

Per Share Data (`)EPS (Basic) (40.8) (1.9) 45.2 38.9 42.5 51.9

EPS (fully diluted) (40.8) (1.9) 45.2 38.9 42.5 51.9

Cash EPS 6.5 26.3 42.4 45.2 55.6 66.2

DPS 2.1 2.6 2.6 2.6 2.6 2.6

Book Value 238 313 332 368 407 456

Dupont Analysis (%)EBIT margin 12.4 14.7 14.2 13.9 14.0 14.2

Tax retention ratio 128.9 (13.6) 68.2 67.0 67.0 67.0

Asset turnover (x) 0.6 0.7 0.8 0.8 0.8 0.9

ROIC (Post-tax) 10.3 (1.5) 7.6 7.3 7.6 8.2

Cost of Debt (Post Tax) 13.2 (1.3) 5.7 6.3 6.1 6.0

Leverage (x) 2.5 1.4 1.2 1.3 1.3 1.2

Operating ROE 3.1 (1.7) 9.9 8.7 9.5 10.6

Returns (%)ROCE (Pre-tax) 7.1 9.4 10.2 10.2 10.5 11.4

Angel ROIC (Pre-tax) 19.3 21.5 21.1 18.9 18.2 19.1

ROE (1.2) 7.2 10.8 11.1 11.0 12.0

Turnover ratios (x) Asset Turnover (Gross Block) 2.7 2.7 2.9 2.6 2.3 2.3

Asset Turnover (Net Block) 4.1 3.8 4.0 3.5 3.1 3.1

Asset Turnover (Total Assets) 0.6 0.6 0.7 0.7 0.8 0.8

Opt. Inc. / Invested Capital 0.6 0.7 0.8 0.8 0.8 0.9Inventory / Sales (days) 108 100 96 100 103 104

Receivables (days) 58 64 70 69 69 70

Payables (days) 99 98 93 92 93 92

WC cycle (ex-cash) (days) 118 125 147 161 157 152

Solvency ratios (x)Gross debt to equity 3.1 1.5 1.5 1.6 1.5 1.3

Net debt to equity 2.5 1.2 1.3 1.4 1.3 1.2

Net debt to EBITDA 7.7 4.5 4.9 5.0 4.5 4.0

Interest Coverage (EBIT / Int.) 0.9 1.5 2.1 1.8 2.0 2.2


12/13

United Spirits

April 2, 2012

Quick take

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMERThis 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.

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investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

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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.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking 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. WhileAngel Broking Limited endeavours 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.

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement United Spirits

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock Yes

3. Angel and its Group companies' Directors ownership of the stock Yes

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors


13/13

United Spirits

A il 2 2012

Quick take

6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093.

Tel: (022) 39357800

Research Team

Fundamental:

Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]

Vaibhav Agrawal VP-Research, Banking [email protected]

Bhavesh Chauhan Sr. Analyst (Metals & Mining) [email protected]

Sharan Lillaney Analyst (Mid-cap) [email protected]

V Srinivasan Analyst (Cement, Power, FMCG) [email protected]

Yaresh Kothari Analyst (Automobile) [email protected]

Nitin Arora Analyst (Infra, Cap Goods) [email protected]

Ankita Somani Analyst (IT, Telecom) [email protected]

Varun Varma Analyst (Banking) [email protected]

Saurabh Taparia Analyst (Cement, Power, Media) [email protected]

Shareen Batatawala Research Associate [email protected]

Twinkle Gosar Research Associate [email protected]

Tejashwini Kumari Research Associate [email protected]

Technicals:

Shardul Kulkarni Sr. Technical Analyst [email protected]

Sameet Chavan Technical Analyst [email protected]

Sacchitanand Uttekar Technical Analyst [email protected]

Derivatives:

Siddarth Bhamre Head - Derivatives [email protected]

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales [email protected]

Hiten Sampat Sr. A.V.P- Institution sales [email protected]

Meenakshi Chavan Dealer [email protected]

Gaurang Tisani Dealer [email protected]

Akshay Shah Sr. Executive [email protected]

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Bharat Patil Production [email protected]

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United Spirits Result Updated