February 2, 2015 ICICI Securities Ltd | Retail Equity Research Result Update Sales volume picks up on new launches… • Mahindra Lifespace Developers (MLDL) reported 66.3% YoY growth in consolidated topline to | 238.8 crore with healthy EBITDA margin of 28.0% (vs. 25.5% in Q2FY15). Also, consolidated PAT grew 12.4% YoY to | 32.8 crore • In terms of sales volume in the residential segment, the company sold 627 units (0.59 million sq ft) vs. 279 units (0.31 million sq ft) in Q3FY14 across all projects worth | 310 crore • However, Mahindra Lifespace Developers’ (MLDL) standalone numbers were below our estimates where it reported net sales of | 83.7 crore (vs. our estimate: | 114.4 crore) and PAT of | 10.9 crore (vs. our estimate: | 17.6 crore) mainly due to revenue adjustment owing to increase in size of the Aura V project (temporarily impacting negatively to revenue by | 26 crore and PAT by | 6 crore in Q3FY15) Launches pilot affordable projects; adds land in Andheri on JD basis… MLDL launched two pilot affordable housing project in Chennai (0.34 mn sq ft) & Boisar (0.5 mn sq ft) in the last two months where it is targeting 100 units each per month. Additionally, MLDL has acquired a land parcel in Andheri (E) on a joint development model, which has development potential of 0.32 mn sq ft. The launch of affordable housing and forthcoming launches of 5.2 mn sq ft in the next 12-18 months provide strong visibility over sales volumes. This coupled with better sales from MWC Chennai and Jaipur lend us comfort that MLDL’s topline & bottomline will grow at 39.5% & 28.1% CAGR, respectively, in FY14-17E. Balancing SEZ play with different maturity portfolio… MLDL is the first private player in the SEZ space that demonstrated its capability by providing world class infrastructure at the Chennai SEZ (~1550 acres). Enhancing its learning curve, MLDL is leveraging its expertise in the Jaipur SEZ (~3000 acres) and North Chennai SEZ (~750 acres). We also like MLDL’s strategy of balancing out its SEZ portfolio with different maturity, which will not strain its balance sheet. Furthermore, early acquisition of large tracts of land in Jaipur and North Chennai will hugely benefit MLDL’s SEZ business as new players in the SEZ space will have to incur higher land acquisition cost under LARR bill. Reduced leverage & strong parentage also lend us comfort… MLDL’s consolidated net debt to equity has come down from 1.1x in FY14 to 0.7x in Q3FY15 with the sale of the Byculla land. Furthermore, we also derive our comfort in MLDL due to its strong parentage advantage. MLDL is promoted by the Mahindra Group, which has a diversified presence across business. The group has exhibited a strong track record of being the top players across business verticals. The strong management lends us comfort that MLDL will emerge as a dominant player in the real estate space as well. Attractive valuation with strong parentage; maintain BUY… Considering the parentage advantage and ramp up in the project portfolio led by recent land acquisition, we believe current valuations (at 0.6x potential NAV & 1.3x FY16 P/BV) are attractive. We maintain our BUY recommendation with a target price of | 700 (0.8x its potential NAV). Rating matrix Rating : Buy Target : | 700 Target Period : 24 months Potential Upside : 36 % What’s Changed? Target Unchanged EPS F Y16 E Changed from | 39.9 to | 45.0 EPS F Y17 E Introduced at | 51.8 Rating Unchanged Quarterly Performance (Consolidated) Q3FY15 Q3FY14 YoY (%) Q2FY15 QoQ (%) Revenue 238.8 143.6 66.3 181.6 31.5 EBITDA 67.0 43.4 54.2 46.3 44.5 EBITDA (%) 28.0 30.2 -219 bps 25.5 254 bps PAT 32.8 29.2 12.4 23.5 39.8 Key Financials | Crore FY14 FY 15E FY1 6E FY17E Net Sales 705 .3 1,06 2.9 1,524.9 1,9 15. 9 EBITDA 170 .2 42 8.3 376 .1 4 13. 2 Adj. PA T 100 .6 12 1.7 183 .8 2 11. 4 Adj. EPS (|) 24 .6 2 9.8 45.0 51. 8 Valuation summary FY14 FY15E FY1 6E FY17E P/E (Adjusted) 20 .9 1 7.3 11.4 9. 9 Target P/E 28 .4 2 3.5 15.6 13. 5 EV / EBITDA 20 .2 7.7 8.3 7. 1 P/BV 1.7 1.4 1.3 1. 2 RoNW (%) 8.0 1 8.7 11.6 12. 2 RoCE (%) 5.8 1 4.9 13.1 14. 4 Stock data Particular A mo unt Market Capitalization | 21 00. 8 crore Total Debt (FY14) | 121 7 crore Cash and Investments (FY14) | 79. 7 crore EV | 25 20. 1 crore 52 week H/L (|) 664 / 322 Eq uity c apital | 40. 8 crore Fac e valu e | 10 Price performance (%) (in %) Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Promoter 51.04 51.03 50.86 50.85 50.84 FII 30.20 30.11 30.06 29.37 29.03 DII 2.11 1.90 1.36 1.31 1.23 Others 16.65 16.96 17.72 18.47 18.90 Research Analyst Deepak Purswani, CFA [email protected]Nikunj Gala [email protected]Mahindra Lifespace (GESCOR) | 514
Transcript
February 2, 2015
ICICI Securities Ltd | Retail Equity Research
Result Update
Sales volume picks up on new launches… • Mahindra Lifespace Developers (MLDL) reported 66.3% YoY growth
in consolidated topline to | 238.8 crore with healthy EBITDA margin of 28.0% (vs. 25.5% in Q2FY15). Also, consolidated PAT grew 12.4% YoY to | 32.8 crore
• In terms of sales volume in the residential segment, the company sold 627 units (0.59 million sq ft) vs. 279 units (0.31 million sq ft) in Q3FY14 across all projects worth | 310 crore
• However, Mahindra Lifespace Developers’ (MLDL) standalone numbers were below our estimates where it reported net sales of | 83.7 crore (vs. our estimate: | 114.4 crore) and PAT of | 10.9 crore (vs. our estimate: | 17.6 crore) mainly due to revenue adjustment owing to increase in size of the Aura V project (temporarily impacting negatively to revenue by | 26 crore and PAT by | 6 crore in Q3FY15)
Launches pilot affordable projects; adds land in Andheri on JD basis…
MLDL launched two pilot affordable housing project in Chennai (0.34 mn sq ft) & Boisar (0.5 mn sq ft) in the last two months where it is targeting 100 units each per month. Additionally, MLDL has acquired a land parcel in Andheri (E) on a joint development model, which has development potential of 0.32 mn sq ft. The launch of affordable housing and forthcoming launches of 5.2 mn sq ft in the next 12-18 months provide strong visibility over sales volumes. This coupled with better sales from MWC Chennai and Jaipur lend us comfort that MLDL’s topline & bottomline will grow at 39.5% & 28.1% CAGR, respectively, in FY14-17E.
Balancing SEZ play with different maturity portfolio…
MLDL is the first private player in the SEZ space that demonstrated its capability by providing world class infrastructure at the Chennai SEZ (~1550 acres). Enhancing its learning curve, MLDL is leveraging its expertise in the Jaipur SEZ (~3000 acres) and North Chennai SEZ (~750 acres). We also like MLDL’s strategy of balancing out its SEZ portfolio with different maturity, which will not strain its balance sheet. Furthermore, early acquisition of large tracts of land in Jaipur and North Chennai will hugely benefit MLDL’s SEZ business as new players in the SEZ space will have to incur higher land acquisition cost under LARR bill.
Reduced leverage & strong parentage also lend us comfort…
MLDL’s consolidated net debt to equity has come down from 1.1x in FY14 to 0.7x in Q3FY15 with the sale of the Byculla land. Furthermore, we also derive our comfort in MLDL due to its strong parentage advantage. MLDL is promoted by the Mahindra Group, which has a diversified presence across business. The group has exhibited a strong track record of being the top players across business verticals. The strong management lends us comfort that MLDL will emerge as a dominant player in the real estate space as well.
Attractive valuation with strong parentage; maintain BUY…
Considering the parentage advantage and ramp up in the project portfolio led by recent land acquisition, we believe current valuations (at 0.6x potential NAV & 1.3x FY16 P/BV) are attractive. We maintain our BUY recommendation with a target price of | 700 (0.8x its potential NAV).
Income from Operation 83.7 114.4 105.7 -20.8 57.5 45.5 Revenue came in less than expected mainly due to revenue adjustment owing to increase in size of the Aura V project (temporarily impacting negatively to revenueby | 26 crore and PAT by 6 crore in Q3FY15)
Source: Company, ICICIdirect.com Research Change in estimates
(| Crore) Old New % Change Old New % Change CommentsRevenue 1,189.7 1,524.9 28.2 -- 1,915.9 -- We upgrade revenues estimates on residential projects on account of better than
ICICI Securities Ltd | Retail Equity Research Page 4
Company Analysis Sales volume pick up hinges on new project launches…
During the quarter, the company sold 627 units (0.59 million sq ft) vs. 279 units (0.31 million sq ft) in Q3FY14 across all projects worth | 310 crore. Historically, MLDL has a limited land bank in the residential segment. Hence, its sales volume declined from 1.2 million sq ft in FY12 to 0.9 million sq ft in FY14. However, in the last two years, MLDL has added land inventory of ~4 million square feet (mn sq ft) across various cities like Hyderabad, Pune, Bengaluru & Chennai.
With these acquisitions, MLDL currently has a pipeline of 5.0 mn sq ft, which will be launched over the next 12-18 months providing strong visibility over sales volumes. With these acquisitions, we build in residential sales volume of 1.6 mn sq ft and 2.2 mn sq ft in FY15E and FY16E, respectively.
Exhibit 2: Volumes remain subdued in last few quarters
0.31
0.23
0.23
0.59
0.12
131.098.0
54.093
310
0.00.10.20.30.40.50.60.7
Q3FY
14
Q4FY
14
Q1F
Y15
Q2FY
15
Q3FY
15
(mn
sq fe
et)
050100150200250300350
(| c
rore
)
Sales Volume Sales Value (RHS)
Source: Company, ICICIdirect.com, Research
Exhibit 3: Forthcoming project to boost sales volume, going ahead
1.1
0.9
2.8
2.2
1.6
822
1236
1821
294
371
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY13 FY14E FY15E FY16E FY17E
(mn
sq fe
et)
0
500
1000
1500
2000
(| c
rore
)
Sales Volume Sales Value (RHS)
Source: Company, ICICIdirect.com, Research
Exhibit 4: Strong forthcoming project pipeline to push up sales volume, going ahead
Bangalore Bannerghatta MHPL 50% 0.98Mumbai Andheri MLDL 100% 0.37Mumbai Sakinaka MLDL 100% 0.32Forthcoming projects over the next 12-18 months Total 5.01
Existing projects new phases
New projects
[
Source: Company, ICICIdirect.com Research *Joint Development
Rectangle
ICICI Securities Ltd | Retail Equity Research Page 5
Consolidated revenues to grow at 39.5% CAGR during FY14-17E…
As highlighted earlier, the limited land bank in the residential portfolio has kept MLDL’s revenues flattish in the last few years. Going ahead, with the recent addition of acquisition from the land bank, we anticipate MLDL’s sales volume will jump from 0.9 mn sq ft in FY14 to 2.2 mn sq ft in FY16E, which should lead to better revenue booking from the residential portfolio. This coupled with land leases from MWC Chennai and Jaipur SEZ will lead to a topline CAGR of 39.5% during FY14-17E compared to flattish revenues in the last couple of years.
Exhibit 5: Consolidated revenues to grow at 39.5% CAGR during FY14-17E
738.
3
705.
3
1,06
2.9
1,52
4.9
1,91
5.9
0200400600800
10001200140016001800
FY13 FY14 FY15E FY16E FY17E
(| c
rore
)
Source: Company, ICICIdirect.com, Research
Exhibit 6: Forthcoming project to boost sales volume, going ahead…
352 307616
9171258
122 67
96
190
128
10496
179
207
264
76 165
78
100
93
110
200400
600800
1000120014001600
FY13 FY14E FY15E FY16E FY17E(|
cro
re)
Standalone* MWC - Chennai MWC - Jaipur
MRDL* MITL* Others
Source: Company, ICICIdirect.com, Research * Residential segment
EBITDA margin to improve in FY16E…
Historically, MLDL has enjoyed margins in the range of 28-33% given the higher share of MWC leasing wherein margins are higher. However, the same has dipped to 24.1% in FY14 with lower leasing in Jaipur and delay in approval for remaining 40 acres at Chennai. Going ahead, we expect the EBITDA margin to expand as the leasing activity improves across World Cities.
Exhibit 7: Superior share of MWC to push up margins…
15.0
20.0
25.0
30.0
35.0
FY13 FY14 FY15E FY16E FY17E
(%)
Series1
Source: Company, ICICIdirect.com, Research
Exhibit 8: Margins to improve to ~25% in FY16E…
241.
9
170.
2
428.
3
376.
1
413.
2
32.8
24.1 24.721.6
40.3
0
100
200
300
400
500
FY13 FY14 FY15E FY16E FY17E
(| c
rore
)
1015
2025
3035
4045
(%)
EBITDA Margin (RHS)
Source: Company, ICICIdirect.com, Research * Residential segment
ICICI Securities Ltd | Retail Equity Research Page 6
Net profit to grow at 28.1% CAGR during FY14-17E…
Given the subdued performance from the residential segmental as well as decline in EBITDA margins, MLDL’s bottomline has declined from 119.1 crore in FY12 to | 100.6 crore in FY14E. Going ahead, with better sales from the residential segment coupled with high contribution from high margin land leases translating into better EBITDA margin, we anticipate MLDL’s net profit will grow at 28.1% CAGR of during FY14-FY17E. Given the improved profitability, we expect the RoE of MLDL to inch back to 12.2% vs. 8.0% currently.
Exhibit 9: PAT to grow at 28.1% CAGR during FY14-17E
108.2 100.6121.7
183.8211.4
0
50
100
150
200
250
FY13 FY14 FY15E FY16E FY17E
(| c
rore
)
Source: Company, ICICIdirect.com, Research
Exhibit 10: Return ratios to bounce back…
12.211.6
18.7
8.010.9
14.413.114.9
5.8
9.9
0
5
10
15
20
FY13 FY14 FY15E FY16E FY17E(%
)
RoNW RoCE
Source: Company, ICICIdirect.com, Research
Debt to equity ratio to improve from hereon... In Q1FY15, MSDL used the proceeds from the sale of the Byculla land to pare its debt by | 195 crore. However, in Q3FY15 MLDL’s gross D/E has remained at 0.8x. Also, we expect the debt to equity ratio to improve, going ahead, on the back of expected healthy financial performance during FY16E and FY17E.
Exhibit 11: Quarterly debt to equity ratio trend…
0.60.8
1.1 1.1 1.1 1.1
0.8 0.8 0.8
0.3
0.6
0.9 0.9 0.91.0
0.60.7 0.7
00.2
0.40.60.8
11.2
Q3FY
13
Q4FY
13
Q1FY
14
Q2FY
14
Q3FY
14
Q4FY
14
Q1FY
15
Q2FY
15
Q3FY
15
(x)
Gross D/E Net D/E
Source: Company, ICICIdirect.com, Research
Exhibit 12: Debt to equity to improve, going ahead…
0.7
1.1
0.9
0.70.6
0.6
1.1
0.8
0.7
0.5
0.0
0.2
0.4
0.6
0.8
1.0
1.2
FY13 FY14 FY15E FY16E FY17E
(x)
Gross D/E Net D/E
Source: Company, ICICIdirect.com, Research
ICICI Securities Ltd | Retail Equity Research Page 7
Outlook and valuation We have valued MLDL on the NAV methodology as this methodology captures the true value from the long term nature of its SEZ and real estate business. Considering the parentage advantage and ramp up in the project portfolio led by recent land acquisition, we believe current valuations (at 0.6x potential NAV & 1.3x FY16 P/BV) are attractive. We maintain our BUY recommendation with a target price of | 700 (0.8x its potential NAV).We have considered a discounting rate of 14% for the SEZ and real estate business. To value the commercial property such as Evolve IT Park and Canopy, we have used the cap rate of 10%.
Exhibit 13: Valuation
Project Value MLD (%) Stake value Value / share Value MLD (%) Stake va lue Value / share
ICICI Securities Ltd | Retail Equity Research Page 8
Company snapshot
100
200
300
400
500
600
700
800
Jan-
10
Apr
-10
Jul-1
0
Oct-1
0
Jan-
11
Apr
-11
Jul-1
1
Oct-1
1
Jan-
12
Apr
-12
Jul-1
2
Oct-1
2
Jan-
13
Apr-1
3
Jul-1
3
Oct-1
3
Jan-
14
Apr-
14
Jul-1
4
Oct-1
4
Jan-
15
Apr-1
5
Jul-1
5
Oct-1
5
Jan-
16
Source: Bloomberg, Company, ICICIdirect.com Research Key events Date EventFY09 The stock corrects sharply as sales volumes plummetNov-09 Launch of Aqualily, ChennaiOct-10 Buys group firm's land in Kandivali and GhatkoparFeb-11 Government imposes 18.5% MAT on SEZ developers and units in FY12 Budget, removing MAT exemptions Nov-12 Mahindra Lifespaces debuts in Hyderabad with ‘Ashvita’ - a premium residential complexQ1FY14 The consolidated net debt to equity rises to 1.1x due to loans taken for new acquisitions of land, leading to correction in stock priceQ3FY14 No new projects reach revenue recognition stage leading to sharp decline in revenuesMay-14 Cmpleted the sale of Byculla property (MLD was holder of development rights in the property) where its share of consideration was worth | 325 croreJun-14 Entered into affordable housing segment (named Happinest) by offering houses in the range of | 10 lakh to | 20 lakh, aimed at families with a combined income of |
20,000 to | 40,000 per month.Oct-14 Mahindra Lifespace launched its second affordable housing project "Happinest" in Boisar, a suburb of MumbaiOct-14 Acquired a land parcel in MMR region for residential development having an estimated development potential of around 0.33 million square feet of saleable area. It
will be a joint development project under residential housing segment.Nov-14 Launched a new residential project - 'The Serenes' in Alibaug, Maharashtra making its foray into the weekend homes segment
[
Source: Company, ICICIdirect.com Research Top 10 Shareholders Shareholding Pattern Rank Name Latest Filing Date % O/S Position (m) Change (m)1 Mahindra Group 31-Dec-14 50.8 20.9 0.02 Capital Research Global Investors 31-Dec-14 6.9 2.8 0.03 Amansa Capital Pte Ltd. 31-Dec-14 6.1 2.5 0.04 First State Investment Management (UK) Limited 31-Dec-14 5.5 2.3 0.05 ICICI Prudential Life Insurance Company Ltd. 31-Dec-14 3.2 1.3 0.06 FIL Investment Management (Hong Kong) Limited 31-Dec-14 2.6 1.1 0.07 Amundi Hong Kong Limited 30-Sep-14 1.5 0.6 -0.18 UTI Asset Management Co. Ltd. 30-Nov-14 1.0 0.4 0.09 Dimensional Fund Advisors, L.P. 30-Nov-14 0.9 0.4 0.010 Nanda (Arun) 30-Jun-14 0.3 0.1 0.1
Net Increase in CA (451.4) (261.3) (320.7) (260.4) Net Increase in CL 160.6 233.4 383.4 345.1 Net CF from op activities (129.8) 312.1 371.7 420.4
(Purchase)/Sale of FA (29.7) (61.5) (27.1) (28.2) Other Investments (168.1) - - - Others 23.4 1.1 4.1 - Net CF from Inv Activities (200.9) (61.5) (27.1) (28.2)
Change in Equity Capital 0.0 - - - Change in Loan Fund 122.7 299.0 435.4 (141.7) Others (50.3) (50.5) (226.2) (133.9) Net CF from Fin Activities 253.2 (275.6) (331.0) (303.1)
Source: Company, ICICIdirect.com Research * The FY17E numbers are estimated only for Mahindra Lifespace & Oberoi Realty and hence not included in the above table.
ICICI Securities Ltd | Retail Equity Research Page 11
RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more;
ICICI Securities Ltd | Retail Equity Research Page 12
Disclaimer
ANALYST CERTIFICATION We , Deepak Purswani, MBA (Finance), CFA; Nikunj Gala, MBA (Capital Markets) 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: ICICI Securities Limited (ICICI Securities) is full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Deepak Purswani, MBA (Finance), CFA; Nikunj Gala, MBA (Capital Markets) research analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that Deepak Purswani, MBA (Finance), CFA; Nikunj Gala, MBA (Capital Markets) research analysts do not serve as an officer, director or employee of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities. 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 ICICI Securities 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.
![Final Distribution and LifeSpace Products - … Distribution and LifeSpace Products ... C120H (15kA) 80 A9N18446 2140 ... Acti 9 Miniature Circuit Breakers (MCBs) [In] Rated Current](https://static.documents.pub/doc/80x56/5ab4a25e7f8b9a0f058c0f99/final-distribution-and-lifespace-products-distribution-and-lifespace-products.jpg)
