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© Sumpoorna 2012 1 War Horse Ashok Leyland Ltd. October 5, 2012 Recommendation Buy Transaction Price Range Rs.23 - Rs.26 Target Rs.34 Time horizon 6 months 1-yr stock price movement (NSE) Snapshot CMP 24.65 Date 5-Oct-12 Beta 0.89 52-week High (Rs.) 33.50 52-week Low (Rs.) 18.75 Industry Automobiles FYE March Adj. EPS (Rs.) 2.05 P/EPS ratio (x) 12.02 Cash EPS (Rs.) 3.4 P/ Cash EPS (x) 7.25 P/ BV ratio (x) 2.21 BV/ Share (Rs.) 11.13 M. Cap/ Sales (x) 0.49 Market Cap (Rs. Cr) 6558.57 Dividend yield (%) 4.17 FV/ share (Rs.) 1 F&O Presence Yes Avg. Daily Trades (Rs. Crore) 18.08 Bloomberg Ticker AL IN NSE Ticker ASHOKLEY BSE Ticker 500477 Return Comparison vis-à-vis Nifty Particulars (%) 1m 3m 1yr Ashok Leyland Ltd. 17.4% -3.9% 0.4% Nifty 8.6% 7.7% 17.1% Particulars (Rs. Crore) FY13 FY12 FY11 Q1 Q4 12m Net Sales 2,941.0 4,235.8 13,317.6 Net Profit 66.9 258.7 566.0 Cash Profit 156.2 354.3 918.8 Profit (%) 2.3% 6.1% 4.2% Adj. EPS (Rs.) 0.3 1.0 2.1 Share Holding Pattern No. of shares: 2,660,676,634 Promoter holding (%): 52.04 Institutions (%): 29.89 Non-Institutions (%): 18.07 Free Float (%): 61.39 Business: Ashok Leyland Ltd. (“Ashok Leyland” or “The Company”) is one of the major commercial vehicle manufacturers in India. Ashok Leyland is the second largest player across various segments with an overall market share of 23 percent. The company manufactures a wide array of products ranging from commercial vehicles (CVs) such as trucks and buses to emergency and military vehicles. Ashok Leyland also builds spare parts and engines for industrial and marine applications. Passenger transportation offerings range from 19 to 80 seater double-decker buses while product offerings in the truck segment cover the entire range starting from 7.5 tonne to 49 tonne haulage vehicles. The company is the market leader in the bus segment and carries over 70 million passengers per day. The company has production facilities in India (seven manufacturing units) with two facilities in Prague (Czech Republic) and Ras-Al-Khaimah (UAE). Ashok Leyland has witnessed 50 percent growth in its network over the last two years with total customer touch points increasing to more than 500 spread across India. Investment Rationale: Ashok Leyland is the second largest player in the commercial vehicles space, which, seems to have bottomed out in terms of growth. The strong product portfolio along with more wide service network (500 touch points) provides Ashok Leyland with a strong competitive edge over various players. It also enjoys market leadership position in the southern market with 50 percent market share in the medium heavy commercial vehicles (‘MHCV’) segment. Despite the anticipated strong head winds in the economic environment that could impact the demand for commercial vehicles, the market is expected to see reasonable growth in Intermediate and Light Commercial Vehicles. Further the company focus is to consolidate its operations in FY13. The successful launch of 'Dost' and the Backhoe loader through Joint Ventures in FY12 has expanded the range of product offerings. The Pantnagar plant will be ramping up to full capacity. The launch of new models in the tractor and tipper segments in the second half of FY12 will keep the Company in good stead to meet the demand requirements of next year. The Company also expanded its dealer network substantially in areas where it had only limited coverage. Full service outlets grew to over 400 and for the first time, the number of outlets in the North exceeded the number in the South. Ashok Leyland’s topline rose by 14.9 percent to Rs.12,841.99 crore in 2011-12, primarily on account of revival in the southern region and growth in LCVs. However, the bottom-line declined by 10.3 percent to Rs. 565.98 Crore on account of higher interest payments and depreciation charges. Thus, aided by robust business expansions and joint ventures going forward, we strongly recommend a ‘BUY’ for the company’s stock. Business Outlook Strength: o Diversified product portfolio o Strong capex/ investment o Widening service network & in-house financing to provide level playing field o Ashok Leyland market leader in M&HCV segment with a market share of 54 percent o Lower Employee cost Risks: o Competition to pressurise market share o Diesel price hikes may pressurise fleet operators o Rise in raw material prices *Annualized Investment rating scale: Buy (>15% returns); Add (5% <15% returns); Sell (<-5% returns) 0 10 20 30 40

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© Sumpoorna 2012

1

War Horse –Ashok Leyland Ltd. October 5, 2012

Recommendation Buy

Transaction Price Range Rs.23 - Rs.26

Target Rs.34

Time horizon 6 months

1-yr stock price movement (NSE)

Snapshot

CMP 24.65

Date 5-Oct-12

Beta 0.89

52-week High (Rs.) 33.50

52-week Low (Rs.) 18.75

Industry Automobiles

FYE March

Adj. EPS (Rs.) 2.05

P/EPS ratio (x) 12.02

Cash EPS (Rs.) 3.4

P/ Cash EPS (x) 7.25

P/ BV ratio (x) 2.21

BV/ Share (Rs.) 11.13

M. Cap/ Sales (x) 0.49

Market Cap (Rs. Cr) 6558.57

Dividend yield (%) 4.17

FV/ share (Rs.) 1

F&O Presence Yes

Avg. Daily Trades (Rs. Crore) 18.08

Bloomberg Ticker AL IN

NSE Ticker ASHOKLEY

BSE Ticker 500477

Return Comparison vis-à-vis Nifty

Particulars (%)

1m 3m 1yr

Ashok Leyland Ltd.

17.4% -3.9% 0.4%

Nifty 8.6% 7.7% 17.1%

Particulars (Rs. Crore)

FY13 FY12 FY11

Q1

Q4

12m

Net Sales 2,941.0 4,235.8 13,317.6

Net Profit 66.9 258.7 566.0

Cash Profit 156.2 354.3 918.8

Profit (%) 2.3% 6.1% 4.2%

Adj. EPS (Rs.) 0.3 1.0 2.1

Share Holding Pattern

No. of shares: 2,660,676,634

Promoter holding (%): 52.04

Institutions (%): 29.89

Non-Institutions (%): 18.07

Free Float (%): 61.39

Business: Ashok Leyland Ltd. (“Ashok Leyland” or “The Company”) is one of the major commercial vehicle

manufacturers in India. Ashok Leyland is the second largest player across various segments with

an overall market share of 23 percent. The company manufactures a wide array of products

ranging from commercial vehicles (CVs) such as trucks and buses to emergency and military

vehicles. Ashok Leyland also builds spare parts and engines for industrial and marine

applications. Passenger transportation offerings range from 19 to 80 seater double-decker buses

while product offerings in the truck segment cover the entire range starting from 7.5 tonne to 49

tonne haulage vehicles. The company is the market leader in the bus segment and carries over

70 million passengers per day. The company has production facilities in India (seven

manufacturing units) with two facilities in Prague (Czech Republic) and Ras-Al-Khaimah (UAE).

Ashok Leyland has witnessed 50 percent growth in its network over the last two years with total

customer touch points increasing to more than 500 spread across India.

Investment Rationale:

Ashok Leyland is the second largest player in the commercial vehicles space, which, seems to

have bottomed out in terms of growth. The strong product portfolio along with more wide

service network (500 touch points) provides Ashok Leyland with a strong competitive edge over

various players. It also enjoys market leadership position in the southern market with 50

percent market share in the medium heavy commercial vehicles (‘MHCV’) segment.

Despite the anticipated strong head winds in the economic environment that could impact the

demand for commercial vehicles, the market is expected to see reasonable growth in

Intermediate and Light Commercial Vehicles. Further the company focus is to consolidate its

operations in FY13. The successful launch of 'Dost' and the Backhoe loader through Joint

Ventures in FY12 has expanded the range of product offerings. The Pantnagar plant will be

ramping up to full capacity. The launch of new models in the tractor and tipper segments in the

second half of FY12 will keep the Company in good stead to meet the demand requirements of

next year. The Company also expanded its dealer network substantially in areas where it had

only limited coverage. Full service outlets grew to over 400 and for the first time, the number of

outlets in the North exceeded the number in the South.

Ashok Leyland’s topline rose by 14.9 percent to Rs.12,841.99 crore in 2011-12, primarily on

account of revival in the southern region and growth in LCVs. However, the bottom-line declined

by 10.3 percent to Rs. 565.98 Crore on account of higher interest payments and depreciation

charges.

Thus, aided by robust business expansions and joint ventures going forward, we strongly

recommend a ‘BUY’ for the company’s stock.

Business Outlook

Strength:

o Diversified product portfolio

o Strong capex/ investment

o Widening service network & in-house financing to provide level playing field

o Ashok Leyland market leader in M&HCV segment with a market share of 54

percent

o Lower Employee cost

Risks:

o Competition to pressurise market share

o Diesel price hikes may pressurise fleet operators

o Rise in raw material prices

*Annualized Investment rating scale: Buy (>15% returns); Add (5% <15% returns); Sell (<-5% returns)

0

10

20

30

40

© Sumpoorna 2012

2

War Horse –Ashok Leyland Ltd. October 5, 2012

Legal History & Structure:

Founded in 1948 by Raghunandan Saran as Ashok Motors, the Hinduja Group's flagship company came to be known as Ashok Leyland

after entering into an agreement with Leyland Motors, UK in 1955. Headquartered in Chennai, Ashok Leyland is the second largest

manufacturer of medium and heavy commercial vehicles (M&HCV) and diesel engines in India.

Associate Companies: Albonair GmbH, Ashok Leyland Project Services Ltd., Automotive Components and Coaches Ltd. (ACCL),

Defiance Technologies, Hinduja Foundries Ltd. (HFL), Lanka Ashok Leyland (LAL), TVS IRIZAR1

Joint Ventures:

o 50:50 joint venture with Nissan Motor (Japan) for production of LCV

o 50:50 joint venture with John Deere (US) for construction equipment

o 50:50 joint venture with Continental AG (Germany) for design, development and adaptation of infotronic products and

services for automotive customers.

o 50:50 joint venture with the Alteams Group for producing high press die casting extruded aluminum components for both

automotive and telecommunication sectors.

Products:

o Buses: City Bus, Sub-urban Bus, Inter-City Bus, School & staff Bus, Special Buses

o Trucks: Long haul, Mining & Construction, Distribution Trucks

o Light vehicles: LCV Cargo Vehicle DOST

o Defence Vehicles: COLT, Super Stallion

o Power Solution: Leypower

Management Growth Path:

Expansion Plans: o Capital expenditure in FY12 add up to Rs.600 Cr mainly in the following areas:

Areas Amount (Rs.)

PNR Plant 178

Engine Mfg @ Ennore 49

LCV (Sunrise) project 44

IT infrastructure 78

R&D projects 150

Plant / Other projects 101

Total 600

o The company likely to spend in FY13 and Investment in JVs Rs.500 Cr (Nissan, John Deere, Hinduja Foundries, etc.)

o The company increasing their stake in Optare plc was a significant step in their global bus strategy. This strategic

partnership opens the doors for the adoption of the latest in bus technology to make buses that are comparable to the best

in the world.

o The Company is expanding their range of Defence vehicles with the up-gradation and expansion of the proven and tested

Stallion range of logistics solutions and the introduction of a heavier range christened 'Super Stallion'.

o Ashok Leyland also in the process of developing a range of tactical and armoured vehicles in strategic partnership with

globally renowned names like Krauss Maffei Wegmann, Germany and Panhard General Defense, France like the Light

Tactical Vehicle

o The company spreading their footprint with the opening of new offices in Nairobi, Kenya and Lagos, Nigeria and

inaugurated a new dealership in Algeria.

o Ashok Leyland has invested Rs.1,400 crore to promote an NBFC, its captive finance arm Hinduja Leyland Finance (HLF) to

boost sales. HLF financed more than 4500 Ashok Leyland vehicles in FY12.

© Sumpoorna 2012

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War Horse –Ashok Leyland Ltd. October 5, 2012

Manufacturing facilities:

The company has installed capacity of 150,000 vehicles per annum from across their seven manufacturing plants and one

facility in Prague (Czech Republic) and another plant in Ras-Al-Khaimah (UAE). In India, company has its production facilities

spread across the country with plants in Pantnagar, Alwar, Bhandara, Ennore and Hosur (3 units).

The Alwar unit was established in 1982, and is an assembling plant for a wide range of vehicles with an emphasis for passenger

chassis including CNG buses.

Set-up in 1982, the Bhandara unit is dedicated for gearbox assembly. Its spread over 232 acres and also has facility for assembly

of vehicles.

Ennore plant accounts for 40 percent of Ashok Leyland’s total production and is spread over 135 acres of land. The plant

employs over.

5,000 people and manufacture vehicles and vital components like engines, gearboxes, axles etc.

The Pantnagar plant is company’s largest plant (accounting for 30 percent of production) and is one of the most integrated

manufacturing facilities in the Indian CV industry. The production capacity stands at 50,000 vehicles and is spread across

200,000 sq. ms of built up area.

Markets:

o The company presence in the market place has increased significantly pan-India with more than 400 full-service outlets dotting the country. Ashok Leyland network has grown by over 15 percent last year with the addition of 60 new outlets.

o The Company has signed on the iconic Indian cricket captain, M S Dhoni as Brand Ambassador and to be the new face of the Company.

o Exports grew by 25 percent and entered new markets: Ukraine, Russia, Turkey, West/East Africa, Latin America & South East Asian markets.

Divisional Revenue FY12:

o Income from vehicles was at Rs.10,961 Crore, a growth of 12 percent over the previous year level of Rs.9,779 Crore The

increase in revenue was attributable mainly to a 0.3 percent growth in vehicle sale volumes in FY12 and impact of pricing

actions taken during these two years.

o Revenue from engines increased to Rs.318 Crore, a 3 percent increase over the previous year level of Rs.309 Crore, mainly due

to pricing action taken in FY12 despite drop in volume by 8 percent.

o Income from spare parts including sale of kits to Vehicle Factory, Jabalpur increased to Rs.1,341 Crore, an increase of 41

percent over the previous year level of Rs.950 Crore.

o Revenue from services and other operating income have increased to Rs.221 Crore against Rs.139 Crore in the previous year,

registering a growth of 59 percent mainly due to LCV contract manufacturing revenue of Rs.26 Crore, higher export incentives

due to increased exports sales in FY12 by Rs.24 Crore and higher scrap sales and others to the tune of Rs.32 Crore in FY12.

o Other income was lower by Rs.4 Crore, mainly due to lower interest receipts.

Cyclical60%

Bus16%

Defence kits, spares & Dost

10%

Exports12%

Engines2%

© Sumpoorna 2012

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War Horse –Ashok Leyland Ltd. October 5, 2012

Financial Performance (Standalone Basis):

Income Statement (Rs. Crore)

FY 12 FY 11 FY 10 FY 09 Growth June '12 Mar'12 Dec'11 Sept '11 June'11

Annual Annual Annual Annual 09- '12 3 months 3 months 3 months 3 months 3 months

Net Sales 13317.60 11416.88 7407.23 6098.43 17.27% 2940.98 4235.82 2879.80 3094.57 2483.50

Growth 16.65% 54.13% 21.46% -23.17% -30.57% 47.09% -6.94% 24.61% -34.87%

Total Income 13357.95 11461.33 7502.72 6232.62 16.85% 3020.22 4321.90 2883.03 3104.90 2520.14

Growth 16.55% 52.76% 20.38% -22.30% -30.12% 49.91% -7.15% 23.20% -34.78%

Expenses 12061.51 10203.18 6648.71 5671.96 17.15% 2766.65 3841.07 2669.43 2763.42 2268.08

Growth 18.21% 53.46% 17.22% -20.30% -27.97% 43.89% -3.40% 21.84% -32.10%

EBITDA 1296.45 1258.15 854.01 560.67 16.17% 253.56 480.83 213.60 341.48 252.06

Growth 3.04% 47.32% 52.32% -38.02% -47.27% 125.11% -37.45% 35.48% -51.87%

Int. & Fin. Charges 255.25 188.92 101.85 160.32 48.55% 83.38 72.40 55.01 62.70 56.67

Growth 35.11% 85.49% -36.47% 110.08% 15.17% 31.61% -12.26% 10.64% 3.34%

Depreciation 352.81 267.43 204.11 178.41 19.49% 89.25 95.59 86.63 85.93 84.66

Growth 31.93% 31.02% 14.40% 0.59% -6.63% 10.34% 0.81% 1.50% 9.65%

PBT 689.98 801.80 544.77 208.45 31.81% 80.94 314.43 71.96 192.85 110.73

Growth -13.95% 47.18% 161.35% -67.34% -74.26% 336.95% -62.69% 74.16% -71.73%

PAT 565.98 631.30 423.67 190.00 25.53% 66.94 258.74 66.90 154.08 86.25

Growth -10.35% 49.01% 122.99% -59.52% -74.13% 286.76% -56.58% 78.64% -71.08%

Cash Profit 918.79 898.73 627.78 368.41 18.19% 156.19 354.33 153.53 240.01 170.91

Growth 2.23% 43.16% 70.40% -43.03% -55.92% 130.79% -36.03% 40.43% -54.48%

Common-Size Statement

(% of Net Sales)

FY 12 FY 11 FY 10 FY 09

Cash Flow Statement (Rs. Crore)

FY 12 FY 11 FY 10 FY 09

Annual Annual Annual Annual

Annual Annual Annual Annual

Expenses 90.6% 89.4% 89.8% 93.0%

PBT 689.98 801.80 544.77 208.45

Int. & Fin. Charges 1.92% 1.65% 1.38% 2.63%

Adjustments 427.09 -210.42 545.29 -734.03

Depreciation 2.65% 2.34% 2.76% 2.93%

Operating Cash Flow 1117.06 591.38 1090.06 -525.58

Cash Profit 6.90% 7.87% 8.48% 6.04%

Financing Cash Flow -210.87 -13.64 123.31 459.18

EBITDA 9.73% 11.02% 11.53% 9.19%

Investing Cash Flow -1057.52 -917.73 -783.17 -664.18

Capital Employed 49.42% 55.97% 80.15% 89.14%

Free Cash Flow 199.12 54.71 -500.86 517.40

Enterprise Value 858.28% 780.25% 1074.82% 763.70%

Net Cash Flow -151.33 -339.98 430.21 -730.58

Market Capitalization 1277.03% 2139.91% 4241.29% 1267.35%

Closing Balance 24.04 175.37 515.36 85.15

Key Ratios

June'12 Mar'12 Dec'11 Sept'11

Balance Sheet (Rs. Crore)

FY 12 FY 11 FY 10 FY 09

3 months 3 months 3 months 3 months

Annual Annual Annual Annual

Interest Coverage (x) 3.04 6.64 3.88 5.45

Equity Capital 266.07 133.03 133.03 133.03

PBT Margin (%) 2.69% 7.29% 2.50% 6.23%

Reserves 3942.11 3829.93 3535.72 3340.86

PAT Margin (%) 2.23% 6.00% 2.32% 4.98%

Net worth 4208.17 3962.96 3668.76 3473.90

ROE (%) 25.06% 96.88% 25.05% 57.69%

Market Capitalization 8061.85 7569.62 7429.94 2407.91

ROCE (%) 6.92% 15.94% 5.60% 13.03%

Debt 2373.50 2426.59 2267.99 1961.99

EPS (Rs.) 0.25 0.97 0.25 0.58

Payable within 1 yr. 0.00 0.00 85.70 99.89

Capital Employed 6581.68 6389.55 5936.75 5435.88

Highlights FY 12 FY 11 FY 10 FY 09

Annual Annual Annual Annual

Gross Block 7256.42 6691.89 6018.63 4938.95

Interest Coverage (x) 3.70 5.24 6.35 2.30

Less: Depreciation 2342.93 2058.10 1769.07 1539.83

PBT Margin (%) 5.18% 7.02% 7.35% 3.42%

Net Block 4913.49 4633.79 4249.56 3399.12

PAT Margin (%) 4.24% 5.51% 5.65% 3.05%

Capital WIP 548.22 357.97 561.47 998.29

ROE (%) 13.45% 15.93% 11.55% 5.47%

ROCE (%) 18.26% 20.47% 14.93% 10.46%

Investments 2150.15 1617.79 326.15 263.56

EPS (Rs.) 2.13 2.37 1.59 0.71

Debtors 1230.25 1164.50 1022.06 957.97

Price/ EPS (x) 8.77 8.42 11.84 6.54

Cash & Bank balance 32.56 179.53 518.92 88.08

CEPS 3.45 3.38 2.36 1.38

Loans & Advances 367.58 179.77 1103.67 844.84

Price/ CEPS (x) 2.78 2.85 3.19 1.15

Other Current Assets 442.88 251.07 0.00 0.00

BV/ Share 10.88 19.97 17.52 15.78

Total Current Assets 4303.89 3983.77 4282.89 3220.91

Price/ BV (x) 2.78 2.85 3.19 1.15

Total Current Liabilities 4843.70 3759.87 3103.97 2192.24

M. Cap/ Sales (x) 12.77 21.40 42.41 12.67

Net Current Assets -539.82 223.90 1178.93 1028.67

Debt/ Equity (x) 0.82 0.91 0.97 0.93

Dividend Yield (%) 3.30% 3.51% 2.69% 5.52%

Contingent Liabilities 535.73 440.87 312.28 418.64

© Sumpoorna 2012

5

War Horse –Ashok Leyland Ltd. October 5, 2012

Where a Rupee is Spend FY12:

Financial Notes:

o Total capital employed by your Company increased by 12 percent from Rs.10,593 Crore to Rs.11,916 Crore, mainly due to

acquisitions, investments in joint ventures, facility creation and higher finished vehicle inventory.

o Share in contingent liabilities of joint ventures themselves for which the Company is contingently liable as at March 31,2012

Rs. 1,654.88 lakhs (2011 : Rs. 357.68 lakhs)

o The Term loans and External Commercial Borrowings carry varying rates of interest with the maximum rate of interest going

upto 10.75 percent per annum. The weighted average rate of interest of these loans is at around 6 percent per annum.

o Cash outflow for acquisition of assets and investing activities for FY12 amounted to Rs.1,058 Crore as against outflow of

Rs. 918 Crore in FY11. Fresh loans for Rs.550 Crore were raised to fund these activities.

Raw Materials78%

Power1%

Employee Cost9%

Other Mfg Exp.2%

General & Admin

5%

Mktg & Sales5%

Other0%

© Sumpoorna 2012

6

War Horse –Ashok Leyland Ltd. October 5, 2012

Investment rating scale: Buy (>15% returns);

Add (5% <15% returns); Sell (<-5% returns)

Source:

Sumpoorna Research, Company website and other publicly available data

Document prepared by:

Ishu Mann Nitesh Aggarwala

For further information, please contact

Sumpoorna Global Markets & Economics Research

Phone:

+91 120 4505200

Email: [email protected]

url:

www.sumpoornaonline.com

Note: The information and opinions in this report have been prepared by Sumpoorna and are

subject to change without any notice. Please contact Sumpoorna for more

information on investment decisions. Sumpoorna, its affiliates and clients may have

investment positions in the investment vehicles recommended in this report.

Disclosure Sumpoorna Portfolio Limited and its affiliates (collectively referred to as ‘Sumpoorna’) are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are underwriter of securities and participate in virtually all securities trading markets in India. Our research professionals provide important input into our investment banking and other business selection processes. Sumpoorna generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Disclaimer 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 security/ instrument 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. 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. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Sumpoorna and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Sumpoorna Portfolio Limited, its affiliates, directors, its proprietary trading and investment businesses (collectively referred to as ‘Sumpoorna’) may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. 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. Sumpoorna 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. Sumpoorna 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 Sumpoorna 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. Neither Sumpoorna, its directors, employees nor its affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.