Fertilizer Industry Jun10

8/3/2019 Fertilizer Industry Jun10

1/22

India

Research

1 July 2010

DOLATCAPITAL

Sector

Note

Analyst : Neha SarwalTel : +9122 4096 9740E-mail: [email protected]

Fertilizer Sector Report

Sowing the seeds of Change...!!!


2/22

1 July 2010 2

DOLATCAPITAL

Inte

ntionally

Left

Blan

k


3/22

1 July 2010 3

DOLATCAPITAL

Sowing the seeds of Change...!!!

We expect the sector to continue to gradually re-rate with pro active and favorable policy initiatives. With the

step forward on complex fertilizer already in place, we hope that the government would follow through with

similar steps on the urea segment.

We believe companies with strong raw-material tie-ups, plans for expansion and offering customized products

would lead to higher volume growth. We therefore prefer stock specific approach .We are positive on Coromandel

International (CIL) due to its strong business model and GSFC- beneficiary of NBS policy and high earnings

visibility.

Relooking the Fertilizer Sector:The latest Government Policy on Fertilizer Pricing and Subsidy is encouraging and a welcome step in the direction of de-

regulation of the industry.

We have identified the following drivers for industry that would act as a game changer and would make the sector

attractive for the future growth potential which till now witnessed restricted growth due to its controlled regime.

Nutrient Based Subsidy (NBS) Raw-Material Sourcing

New Investment Policy-4 (NPS-4)

Positive on Complex FertilizerThe shift in policy regime from product based subsidy to nutrient based subsidy opens a plethora of opportunities for

complex players. This change would encourage use of right nutrients as per requirement of soil, thus limiting the excess

use of highly subsidized nutrient which has resulted in soil degradation and effected productivity (annexure). With this

new policy, players with established raw-material linkages and offering customized products would enjoy an edge over

the other players. This in turn shall benefit players like Coromandel International as they have build up strategic tie-ups

and strong marketing and distribution networks.

The Nutrient Based Subsidy has also introduced a fixed subsidy regime and has left the market price floating in accordancewith the demand and supply situation with a possibility of intervention by Government if the prices rise unreasonably. This

has already led to an increase in prices of DAP (Di-Ammonium Phosphate) and MOP (Muriate of Potash) by Rs. 600 per

tonne i.e. 6.4% and 13.5% respectively. This would result in efficient players being rewarded over their counterparts.

The sourcing of raw material is the key to enjoy the fruit of efficiency as it is the most critical factor determining sustainability

of business. We believe that this is the key area where Coromandel shall perform better than its peers. Its tie-up with

Foskor and Tunisian Joint Venture with GSFC would lead to additional flow of phosphoric acid which would in turn lead

to production growth of 18% and 11% in FY11 and FY12. GSFC will also get access to the additional raw-material and

would lead to production of customized complex fertilizers.

We remain positive on the complex fertilizer space and we recommend an accumulate on Coromandel International

Fertilizer and a buy on GSFC.

Urea opportunities aheadSimilar to the policy pronouncements for the complex fertilizers, we expect the New Investment Policy IV to address the

key issues for the urea segment as well. The key focus shall be to reduce the dependency on imports and encourage

capacity expansion in India. The current urea capacity at 20 Mn MT has been stagnant for over a decade now.

We also observe that the expected policy is part of the ongoing series of steps that the government has been taking to

move towards deregulation of the sector. The first leg of this has been witnessed with gas replacing all other high cost

and unviable feedstocks. Further, the linking of additional production through Greenfield/Brownfield /Revamping to

International Parity Pricing (IPP) has brought in the much needed impetus required to attract investments. NPS-III was in

effect till 31st March, 2010.We believe ,the NPS-IV which is just around the corner shall continue with the pro active

mode and attract capacity expansion. One of the provisions that would be looked into keenly would be revising the floor

price which currently is fixed at US $ 250 per tonne.With the above backdrop, we believe Chambal will stand to benefit as it has recently commenced its brownfield expansion

which will make any additional production over and above the cut-off limit qualify for IPP. We assume the volumes to

increase from 1.9 MT to 2.1 in FY10 and 2.4MT in FY11E.However,we recommend a reduce on the stock as it is fairly

priced and trades at 10.8x FY11E EPS.


4/22

1 July 2010 4

DOLATCAPITAL

Corrective stepGovernment of India has been introducing corrective measures in phases. Recent volatility in fertilizer price scenario has

led to the formation of New Policy reducing government control. The Policies introduced recently have led to partial

decontrol and is gradually shifting the focus from Government as a Regulator to it acting as an Enabler.

Nutrient Based Subsidy (NBS) PolicyThe main objective of nutrient based subsidy (NBS) is to encourage balanced use of fertilizer. In the current framework,

consumption is skewed towards Urea and subsidy is floating and disbursed according to the final product. But with

change in policy subsidy would be based on per nutrient consumption thereby ensuring proper intake of nutrient as per

the soil requirement. This would result into higher productivity. Also the subsidy allocation has been capped by the GOI

leaving the MRP floating for the non-Urea companies. This would ensure efficient player to be awarded for its efficiency.

The ultimate goal would be to introduce a mechanism to directly provide subsidy to end users. However, that has a long

way to go. Nevertheless, the recent policy announcements are the need of the hour for increasing the competitiveness

among the producers and attracting investments to enhance the capacity. The below table reflects the effect of balanced

use of fertilizers.

Importance of Balanced (NPK) Fertilization of Crops in India

% increase due toCrop Group No.of Trials Control(kg/ha) N NP NPK

Cereals 2997 1803 46.8 74.3 96.3

Oilseeds 369 897 30.7 63.4 87.6

Pulses 42 586 33.4 99.2 117

Source:faidelhi.org-Seminar-2009

Changing the Landscape - New Investment Policy on the Verge of Announcement

The Fertilizer space in India did not attract investments due to strict price controls. NPS-3 saw attractive investment

policies for Urea players by way of incentivising them for capacity expansion. Further to that, NPS-4 policy is verge on

announcement and we believe it would further increase the scope for capacity expansion. This policy would be meaningful

if there is a hike in floor price which currently is fixed at $250 per tonne. Higher floor price would act as a cushion to thecurrently ruling high gas prices. Looking at these efforts of the GOI towards self-sufficiency and size of opportunity

available we are optimistic on the prospects for the Fertilizer players, and see potential for stock specific re-ratings.

The main driving factors for fertilizer business is regulation and raw-material availability and accordingly we have positioned

the companys .We believe that companies that

Expand its product profile and invest in product development

Have linkages of raw-materials

Plans in for Greenfield/Brownfield Expansion would be able to stand out from their counterparts.

Under this backdrop, we feel Coromandel Fertilizer, Chambal Fertilizer and GSFC are well placed to plunge on the

opportunities available.

Competitive Advantage Ranking based On

Energy Potential on

Companies Consumption (Gcal) Unregulated Capacity(Mt)

Chambal 2 1

Tata Chemicals (TCL) 1 2

RCF 4 4

Nagarjuna 3 3

Industry Key Drivers-Company Positioning

Source : Dolat Research


5/22

1 July 2010 5

DOLATCAPITAL

Gujarat State Fertilizer

GSFC is well poised to capitalize on opportunity to cater to the fastest growing state in agriculture. We are positive on the

business model on back of diversified product portfolio based on a common sulphur based raw-material, and capacity

addition (Methanol- 180,000 tpa and Caprolactam-70% increase in capacity to 120,000 tpa) these shall be the key

drivers of volume growth. The restructuring of debt post 2004 has resulted in lower debt-equity ratio (2.26 in FY04 to

0.17 in FY09) and lower interest outgo. Further, favorable government policy announcement of Nutrient Based Subsidyhave set the pace for a sustained growth momentum. We initiate coverage with a Buy rating (target price Rs.325 implying

8xFY11E earnings)

Coromandel International

CIL, a Murugappa Group company, is a leading manufacturer of a wide range of Farm inputs and is the second largest

manufacturer of phosphatic fertilizers. The company is diversifying its revenue base towards the non-subsidy farm business

by entering into high margin products like specialty nutrients and pesticides. Its presence in niche areas of complex

fertilizers and assured supply of key raw materials places it in an advantageous position. CIL has also forayed into

increasing its reach through aggressive initiatives on the rural areas . At CMP of Rs 466, CFL trades at a P/E of 12x

FY11E EPS. We recommend an Accumulate with a price target of Rs 561 (15x FY11E EPS).


6/22

1 July 2010 6

DOLATCAPITAL

Chambal Fertilizer

Chambal Fertilizer and Chemicals (CFCL), being one of the largest private player in Urea, is set to benefit from likely

policy initiatives under NPS-4. The ongoing efforts to increase production capacity coupled with focus on cost of critical

inputs like power (energy) would benefit at the level of operating margin. Also, linking of additional production to IPP over

and above the cut-off limit would be visible at the top-line level. With the revival of economy, the other business divisions

viz., textile and shipping revenues are also in a better position verses last year. However at CMP of Rs.65 the stocktrades at 10.8x FY11E earnings and is fairly valued and hence we initiate coverage with a Reduce recommendation.


7/22

1 July 2010 7

DOLATCAPITAL

BSE Sensex 17,503

NSE Nifty 5249

Scrip Details

Equity Rs.797mn

Face Value Rs.10/-

Market Cap Rs.20.6bn

US$443.9mn

52 week High/Low Rs.265.85 / 130.15

1-Month Avg. Volume 2703164

BSE Code 532160

NSE Symbol GUJSTATFIN

Bloomberg Code GSF IN

Reuters Code GSFN.BO

Business Group - State Govt. Gujarat

Shareholding Pattern as onMar10(%)

Promoter 37.84

FIIs 6.57

MF/Banks/FIs 25.07

Public / Others 30.52

Segmental Push to drive growth...!!!

GSFC is well poised to capitalize on opportunity to cater to the fastest growing state in agriculture. We are

positive on the business model on back of diversified product portfolio based on a common sulphur based raw-

material, and capacity addition (Methanol- 180,000 tpa and Caprolactam-70% increase in capacity to 120,000 tpa) these shall be the key drivers of volume growth. The restructuring of debt post 2004 has resulted in lower

debt-equity ratio (2.26 in FY04 to 0.17 FY09) and lower interest outgo. Further, favorable government policy

announcement of Nutrient Based Subsidy have set the pace for a sustained growth momentum. We initiate

coverage with a Buy rating (target price Rs.325 implying 8xFY11E earnings)

Gujarat State Fertilizer and Chemicals

CMP: Rs 259

Target Price: Rs 325 Fertilizer / Buy

Investment Rationale

Productive use of ideal capacity

GSFC is currently refurbishing an old ammonia unit with a cost of Rs.3.3Bn at

Baroda to produce 175,000 mtpa of methanol. This expansion is relatively cheaper

than Greenfield set up for a Methanol Unit by 35%.The production is expected to

commence by 1QFY12. This captive capacity of methanol, assured availability ofgas and strong demand would help sustain revenue growth. Based on our

assumption of average realization of USD 300 per tonne, and at full capacity, the

incremental revenue for the company will be Rs.2.4Bn.

Playing on the Strength

GSFC enjoys higher OPM on account of value added chemicals. It has drawn

plans to expand its capacity for Caprolacturm by 70% to 120000 tonnes .It is also

de-bottlenecking its existing capacity by 10% at a cost of Rs.1 billion. The enhanced

capacity would be operational by Q3FY11. The plant over 3-4 years operates at

100% capacity and hence we believe the company would achieve 100% utilization

of increased capacity over a period of time. At full potential the incremental revenue

accrued to the company would be approx Rs.3750-4000 Mn.Assured Raw-Material Linkage

GSFC has entered into a JV with GCT Tunisia and Coromandel International for

producing 3,60,000 Mt of phosphoric acid. GSFC will have right on half of the

production. The production would go into mainstream from 4QFY11. This will

ensure increase in production which was hampered due to raw-material constraints

in FY09 (production fell by 8%). The impact of increased raw-material availability

would be visible from FY12. We estimate the revenue to be Rs.28 Bn in FY12.

Policy flow-Sector Perspective

The recent policy initiatives by the government are favorable for complex players.

With GSFC focusing on this category, we believe it would reap benefit from the

Nutrient Based Subsidy policy. Its DAP market share at 7% and raw-materialefficiency through tie-ups will augur well for the company. Also, lower dependence

on subsidy and fertilizer bonds would ease the working capital flow for GSFC.

Valuation

GSFC has sustained continuous growth in its cash flows which have grown from

Rs.1.4 billion in FY06 to Rs.5.4 billion in FY2008, and to Rs.8.2 billion in FY2009.

Our assumptions reflect only maintenance capex, we expect GSFC to generate

sustainable cash flow of Rs. 3- 4 bn per annum. We initiate coverage and

recommend a Buy with a target price of Rs.325 to trade at 8xFY11E earnings.Financial

Year Net Sales % Growth EBIDTA OPM % PAT NPM % EPS (Rs.) % Growth PER (x) EV/EBIDTA (x) ROANW(%) ROACE (%)

FY09 58,808 64.8 8,501 14.5 4,994 8.4 62.8 108.0 4.1 2.8 29.3 33.0FY10P 40,192 (31.7) 4,477 11.1 2,545 6.2 31.9 (49.1) 8.1 6.0 12.5 15.5

FY11E 39,720 (1.2) 6,126 15.4 3,238 8.0 40.6 27.2 6.4 2.6 14.2 17.1

FY12E 44,193 11.3 7,256 16.4 3,900 8.7 48.9 20.4 5.3 2.1 15.0 18.9

Figure in Rs mn, P = Balance Sheet figures are projected.

GSFC relative to Sensex

60

70

80

90

100

110

120

130

140

Jun-09 Sep-09 Dec-09 Mar-10 Jun-10

GSFC Sensex


8/22

1 July 2010 8

DOLATCAPITAL

Company BackgroundGSFC is privately owned with stakeholders including Government of Gujarat (40% stake). GSFCs portfolio constitutes

of fertilizers and Industrial Products. In fertilizer segment, it has one of the largest market shares in Diammonium Phosphate

(DAP) in domestic market, and marginal presence in Urea segment. In Industrial segment it enjoys monopoly in melamine

and MEK oxime and is also the largest manufacturer of caprolactum and Nylon-6 in the country. It enters into contracts

for its gas requirement. Fertilizer segment contributed 70% to the topline in FY2010.

Location Capacities

Fertilizer Nagar (Baroda) Urea -3.64 Lakh tpa

Ammonium Sulphate-1.96 Lakh tpa

Caprolactam- 70,000 tpa

Sulphuric Acid Plant-1.32 Lakh tpa

Melamine-15,000 tpa

MEK-Oxime-4450 tpa

Sikka (Jamnagar) DAP-7.22 Lakh tpa

Joint Venture

TIFERT:GSFC along with Coromandel International Ltd ,Groupe Chimique Tunisien(GCT) and Compagnie des phosphates de

Gafsa entered into an agreement to set up 0.36Mn tpa phosphoric acid plant called TIFERT (Tunisian Indian Fertilizer).

GSFC and CIL will hold 15% stake each and rest would be held by other stakeholders. Through this JV, it will have

access to 0.18 Mn tonnes of raw material. The production will begin in 4QFY11.

Caprolactum Segment:

GSFC plans to increase its Caprolactum capacity from 70,000 tonnes pa to 1, 20,000 tonnes per annum.. The key raw-

materials for manufacturing Caprolactum are Benzene and Sulphuric Acid.

Methanol Plant:

GSFC plans to set up methanol plant of 525 tonnes per day by converting existing Ammonia-1 plant with total investmentof Rs.3300 Mn.The key raw material for production of methanol is natural gas.


9/22

1 July 2010 9

DOLATCAPITAL

INCOME STATEMENT Rs.mn

Particulars Mar09 Mar10P Mar11E Mar12E

Net Sales 58,808 40,192 39,720 44,193

Other income 713 1,130 759 797

Total Income 59,521 41,322 40,478 44,989

Total Expenditure 50,307 35,715 33,594 36,936

Raw Material 38,192 25,422 23,692 25,728

Employee Expenses 3,890 2,902 2,607 3,063

Power, Oil & Fuel 3,069 3,019 2,940 3,316Selling & Administrative Expenses 3,581 2,846 3,196

Provisions & Write Offs

Other Expenses 1,574 4,372 1,509 1,634

EBIDTA (Excl. Other Income) 8,501 4,477 6,126 7,256

EBIDTA (Incl. Other Income) 9,214 5,607 6,885 8,053

Interest 392 306 370 400

Gross Profit 8,822 5,300 6,515 7,653

Depreciation 1,430 1,409 1,682 1,832

Profit Before Tax & EO Items 7,392 3,891 4,832 5,820

Extra Ordinary Exps/(Income) 8 0 0

Profit Before Tax 7,399 3,891 4,832 5,820

Tax 2,406 1,346 1,595 1,921

Net Profit 4,994 2,545 3,238 3,900

BALANCE SHEET


Sources of FundsEquity Capital 797 797 797 797

Preference Capital

Share Premium 3,052 3,052 3,052 3,052

Other Reserves 15,465 17,561 20,350 23,800

Net Worth 19,315 21,410 24,199 27,650

Revaluation reserve

Secured Loans 1,548 1,958 2,139

Unsecured Loans 1,692 2,900 3,100

Loan Funds 3,240 6,876 4,858 5,239

Deferred Tax Liability 1,716 1,497 2,000 2,000

Total Capital Employed 24,271 29,783 31,057 34,889

Applications of Funds

Gross Block 32,153 34,269 36,653 39,403

Less: Accumulated Depreciation 20,130 21,667 23,349 25,182

Net Block 12,023 12,602 13,304 14,222

Capital Work in Progress 509 100 100

Investments 6,061 4,250 2,041 2,041

Current Assets, Loans & Advances

Inventories 7,456 6,111 6,529 7,022

Sundry Debtors 4,807 6,216 5,441 7,265

Cash and Bank Balance 381 601 9,382 10,992

Loans and Advances 1,987 8,109 2,525 2,600

Other Current Assets 0 0 0

sub total 14,631 21,037 23,877 27,879

Less : Current Liabilities & Provisions

Current Liabilities 4,690 4,217 4,678 4,912

Provisions 4,264 3,889 3,587 4,441

sub total 8,954 8,106 8,265 9,353

Net Current Assets 5,677 12,931 15,612 18,526

Misc Expenses

Total Assets 24,271 29,783 31,057 34,889

CASH FLOW


Profit before tax and extra ordinary items 7,399 3,891 4,832 5,820

Depreciation & w.o. 1,429 1,409 1,682 1,832

Net Interest Exp 392 306 370 400

Direct taxes paid (2,442) (1,346) (1,595) (1,921)

Change in Working Capital (Non Cash) 1,035 (7,033) 6,099 (1,304)

Other 467

(A) Cash Flow from Operating Activities 8,280 (2,773) 11,389 4,828

Capex {Inc./ (Dec.) in Fixed Assets n WIP} (1,291) (1,607) (2,484) (2,750)

Free Cash Flow 6,989 (4,380) 8,905 2,078

Inc./ (Dec.) in Investments (4,435) 1,811 2,209 0

Other 199

(B) Cash Flow from Investing Activities (5,527) 205 (275) (2,750)

Issue of Equity/ Preference 0 0 0 0

Inc./(Dec.) in Debt (2,348) 3,636 (2,018) 382

Interest exp net (428) (306) (370) (400)

Dividend Paid (Incl. Tax) (356) (449) (449) (449)

Other (61)(C) Cash Flow from Financing (3,192) 2,881 (2,837) (468)

Net Change in Cash (439) 312 8,277 1,610

Opening Cash balances 820 381 601 9,382

Closing Cash balances 381 601 9,382 10,992

E-estimates

IMPORTANT RATIOS

Particulars Mar09 Mar10E Mar11E Mar12E

(A) Measures of Performance (%)

Contribution Margin

EBIDTA Margin (excl. O.I.) 14.5 11.1 15.4 16.4

EBIDTA Margin (incl. O.I.) 15.5 13.6 17.0 17.9

Interest / Sales 0.7 0.8 0.9 0.9

Gross Profit Margin 14.8 12.8 16.1 17.0

Tax/PBT 32.5 33.0 33.0 33.0Net Profit Margin 8.4 6.2 8.0 8.7

(B) As Percentage of Net Sales

Raw Material 64.9 63.3 59.6 58.2

Employee Expenses 6.6 7.2 6.6 6.9

Power, Oil & Fuel 5.2 7.5 7.4 7.5

Selling & Administrative Expenses 6.1 0.0 7.2 7.2

Provisions & Write Offs 0.0 0.0 0.0 0.0

Other Expenses 2.7 10.9 3.8 3.7

(C) Measures of Financial Status

Debt / Equity (x) 0.2 0.3 0.2 0.2

Interest Coverage (x) 23.5 18.3 18.6 20.1

Average Cost Of Debt (%) 8.9 6.1 6.3 7.9

Debtors Period (days) 29.8 57.6 50.0 60.0

Closing stock (days) 46.3 59.6 60.0 58.0

Inventory Turnover Ratio (x) 7.9 6.6 6.1 6.3

Fixed Assets Turnover (x) 1.8 1.2 1.1 1.1

Working Capital Turnover (x) 10.4 3.1 2.5 2.4

Non Cash Working Capital (Rs Mn) 5,296.1 12,329.4 6,230.1 7,534.4

(D) Measures of Investment

EPS (Rs.) (excl EO) 62.8 31.9 40.6 48.9

EPS (Rs.) 62.7 31.9 40.6 48.9

CEPS (Rs.) 80.6 49.6 61.7 71.9

DPS (Rs.) 4.5 5.0 5.0 5.0

Dividend Payout (%) 7.2 15.7 12.3 10.2

Profit Ploughback (%) 92.8 84.3 87.7 89.8

Book Value (Rs.) 242.4 268.7 303.6 346.9

RoANW (%) 29.3 12.5 14.2 15.0

RoACE (%) 33.0 15.5 17.1 18.9

RoAIC (%) (Excl Cash & Invest.) 33.8 15.8 20.5 27.3

(E) Valuation Ratios

CMP (Rs.) 259.0 259.0 259.0 259.0P/E (x) 4.1 8.1 6.4 5.3

Market Cap. (Rs. Mn.) 20,641.1 20,641.1 20,641.1 20,641.1

MCap/ Sales (x) 0.4 0.5 0.5 0.5

EV (Rs. Mn.) 23,499.7 26,915.7 16,117.0 14,888.4

EV/Sales (x) 0.4 0.7 0.4 0.3

EV/EBDITA (x) 2.8 6.0 2.6 2.1

P/BV (x) 1.1 1.0 0.9 0.7

Dividend Yield (%) 1.7 1.9 1.9 1.9

E-estimates


10/22

1 July 2010 10

DOLATCAPITAL

Inte

ntion

ally

Left

Bla

nk


11/22

1 July 2010 11

DOLATCAPITAL

BSE Sensex 17,503

NSE Nifty 5249

Scrip Details

Equity Rs.280.3mn

Face Value Rs.2/-

Market Cap Rs.65.3bn

US$1404.5mn

52 week High/Low Rs.377.40 / 133.65


BSE Code 506385

NSE Symbol COROMANDEL

Bloomberg Code CRIN IN

Reuters Code CORF.BO

Business Group - Murugappa Group


Promoter 64.34

FIIs 3.55MF/Banks/FIs 10.45


Fertile Connections...!!!CIL, a Murugappa Group company, is a leading manufacturer of a wide range of Farm inputs and is the second

largest manufacturer of phosphatic fertilizers. The company is diversifying its revenue base towards the non-

subsidy farm business by entering into high margin products like specialty nutrients and pesticides. Its presencein niche areas of complex fertilizers and assured supply of key raw materials places it in an advantageous

position. CIL has also forayed into increasing its reach through aggressive initiatives on the rural areas . At

CMP of Rs 466, CFL trades at a P/E of 12x FY11E EPS. We recommend an Accumulate with a price target of Rs

561 (15x FY11E EPS).

Coromandel International (CIL)

CMP: Rs 466

Target Price: Rs 561 Fertilizer / Accumulate


Revised policy to benefit complex fertilizer manufacturers

Coromandel fertilizer stands to differentiate itself from other fertilizer players by

catering to the non-nitrogenous fertilizer segment where demand growth is higher

and government regulatory control is lower verses urea. Further, the latest

government policy has brought all the subsidized prices of NPK at a fixed level,thereby encouraging farmers to ensure balanced consumption of nutrients. This

would help boost use of non-urea fertilizers.

Established raw material linkages

CILs strategic tie-ups with companies in South Africa and Tunisia shall ensure

availability of key raw materials including rock, sulphur and phosphoric acid. CIL

JV TIFERT will commence its production in 4QFY11, ensuring 0.18 Mn tpa of

secured phosphoric acid supplies. The company is also spreading its wing to

West Asia and is in talks to set-up an urea and ammonia manufacturing plant in

gas rich countries

Leveraging its strong Brand EquityCIL has a strong hold in the southern market and is trying to leverage it by focusing

on brand building and expanding its retail reach. It has increased its retail network

from 20 centers last year to 400 centres. These centers would focus on marketing

of farm inputs. These initiatives may drag the return ratios in near term; however

long term these shall help deliver strong operating performance

Focus on high margin business

In order to diversify, CFL also plans to focus on high margin segments of pesticides

and specialty nutrients like water soluble fertilizers and micro-nutrients. CFL has

entered into a JV with SQM, Chile, for manufacturing water soluble fertilizers at

Kakinada, AP which would be operational from 3QFY11

ValuationThere has been an increased impetus to complex fertilizer manufacturers by way

of policy amendment along with better visibility of raw material supplies.

Furthermore focus on higher margin non fertilizer businesses enable the company

to reduce vulnerability to controlled sector exposure. CIL has been a consistent

dividend paying company with a dividend yield of 3% in FY10. At CMP of Rs 466,

CFL trades at a P/E of 12x FY11E EPS. We recommend an Accumulate with a

price target of Rs 561 (15x FY11E EPS).Financials


FY09 93,750 149.5 6,521 7.0 4,009 5.8 28.7 90.8 16.3 12.1 55.7 32.2

FY10P 63,947 (31.8) 7,100 11.1 4,677 7.2 33.4 16.4 14.0 10.2 32.7 25.2

FY11E 68,331 6.9 8,123 11.9 5,248 7.6 37.4 12.2 12.4 7.7 27.6 27.5

FY12E 83,986 22.9 10,426 12.4 6,576 7.8 46.9 25.3 9.9 5.5 26.6 32.6


CIL relative to Sensex

60

80

100

120

140

160

180

200

220

240

Jun-09 Sep-09 Dec-09Mar-10 Jun-10

CIL Sensex


12/22

1 July 2010 12

DOLATCAPITAL

Company Background:

Coromandel International Ltd (CIL), a Muruguppa group company, is the leading manufacturer of phosphatic fertilizers.EID

Parry holds 62.8% in CIL. The fertilizer plants are located at Vishakapatnam and Kakinada in AP, Ennore and Ranipet in

Tamil Nadu. It has a combined capacity of 2.3 million tonnes of complex Fertilizers.

CIL currently drives its major revenues from the own manufactured fertilizer and traded goods. This revenue stream shall

diversify with increasing contribution from plant protection and specialty nutrients segments from the current 10% of

revenue to 25% over 3 years time frame. CILs strong distribution reach across states like Andhra Pradesh (425 outlets)

and southern states at large shall be the key to these plans.

Manufacturing process of DAP:

Location CapacitiesKakinada & Vishakapatnam in AP DAP/Complex Fertilizer-22 Lakh tpa

Ennore & Ranipet in TN SSP -1.32 Lakh Tonnes

Ranipet,TN,Jammu,Maharashtra Plant Protection Capacity

Technicals-14580 Mt

Formulations-10900 KL

Others-5600

Right tie-ups:

CIL has scored on its prudent tie-ups:

Strategic Moves Objective

1 Acquisition in EID Parry Broaden Product Portfoilo

2 Acquisition in Godavari fertilizer & Chemicals Braodening its base and giving bargaining power

3 CIL 15% stake in FOSKOR Ensure raw-material availability

4 CIL acquired 50.7% of equity in FICOM Increase its Pesticides exposure

5 CIL and GSFC JV with GCT Tunisia with CIL share of 0.18 mn mt Increase raw-material availability

6 Acquires Pasura Biotech Increase its reach in Pesticides segment


13/22

1 July 2010 13

DOLATCAPITAL



Net Sales 93,750 63,947 68,331 83,986

Other income 2,066 1,362 752 500

Total Income 95,816 65,309 69,083 84,486


Raw Material 80,212 48,593 52,111 64,352


Power, Oil & Fuel 630 1,367 1,512Selling & Administrative Expenses 2,128 2,850 3,100

Provisions & Write Offs 1,335 102 70

Other Expenses 1,588 6,580 1,968 2,124



Interest 876 782 399 420

Gross Profit 7,711 7,680 8,476 10,506

Depreciation 562 594 643 691


Extra Ordinary Exps/(Income) (1,586)


Tax 3,140 2,409 2,585 3,239

Net Profit 5,595 4,677 5,248 6,576

BALANCE SHEET


Sources of Funds

Equity Capital 280 280 280 280

Preference Capital

Share Premium 601 601 601 601

Other Reserves 11,239 15,588 20,678 27,096

Net Worth 12,120 16,469 21,559 27,977

Revaluation reserve

Secured Loans 3,478 5,300 3,300 3,500

Unsecured Loans 14,230 9,200 2,400 2,500

Loan Funds 17,708 14,500 5,700 6,000

Deferred Tax Liability 795 795 795 795



Gross Block 12,101 12,401 13,401 14,401


Net Block 7,688 7,394 7,751 8,059

Capital Work in Progress 278 150 150 150

Investments 2,208 3,500 3,500 3,500


Inventories 13,475 8,410 11,607 13,346

Sundry Debtors 1,015 701 936 1,150

Cash and Bank Balance 4,253 7,046 8,774 14,484


Other Current Assets 8,803 8,000

sub total 38,074 32,052 28,028 35,826



Provisions 1,242 1,118 1,677 1,710

sub total 17,626 11,333 11,375 12,764


Misc Expenses

Total Assets 30,622 31,764 28,054 34,772

CASH FLOW



Depreciation & w.o. 562 594 643 691

Net Interest Exp 1,534 782 399 420

Direct taxes paid (3,238) (2,409) (2,585) (3,239)

Change in Working Capital (Non Cash) (7,392) 2,521 5,794 (699)

Other (43)

(A) Cash Flow from Operating Activities 159 8,574 12,084 6,988

Capex {Inc./ (Dec.) in Fixed Assets n WIP} (1,161) (172) (1,000) (1,000)

Free Cash Flow (1,002) 8,402 11,084 5,988

Inc./ (Dec.) in Investments (1,740) (1,292) 0 0

Other 1,241

(B) Cash Flow from Investing Activities (1,661) (1,464) (1,000) (1,000)

Issue of Equity/ Preference 0 1 0 0

Inc./(Dec.) in Debt (971) (3,208) (8,800) 300

Interest exp net (870) (782) (399) (420)

Dividend Paid (Incl. Tax) (1,529) (328) (158) (158)

Other 8,052

(C) Cash Flow from Financing 4,683 (4,317) (9,357) (278)

Net Change in Cash 3,181 2,793 1,727 5,710

Opening Cash balances 1,072 4,253 7,046 8,774

Closing Cash balances 4,253 7,046 8,774 14,484

E-estimates

IMPORTANT RATIOS



Contribution Margin







Raw Material 85.6 76.0 76.3 76.6


Power, Oil & Fuel 0.7 0.0 2.0 1.8



Other Expenses 1.7 10.3 2.9 3.1


Debt / Equity (x) 1.5 0.9 0.3 0.2





Inventory Turnover Ratio (x) 7.0 7.6 5.9 6.3Fixed Assets Turnover (x) 7.7 5.2 5.1 5.8


Non Cash Working Capital (Rs Mn) 16,194.9 13,673.5 7,879.5 8,578.3


EPS (Rs.) (excl EO) 28.7 33.4 37.4 46.9

EPS (Rs.) 40.0 33.4 37.4 46.9

CEPS (Rs.) 44.0 37.6 42.0 51.9

DPS (Rs.) 10.0 10.0 5.0 5.0

Dividend Payout (%) 25.0 30.0 13.4 10.7


Book Value (Rs.) 86.6 117.5 153.8 199.6

RoANW (%) 55.7 32.7 27.6 26.6

RoACE (%) 32.2 25.2 27.5 32.6


(E) Valuation RatiosCMP (Rs.) 466.0 466.0 466.0 466.0

P/E (x) 11.7 14.0 12.4 9.9

Market Cap. (Rs. Mn.) 65,192.0 65,309.9 65,309.9 65,309.9

MCap/ Sales (x) 0.7 1.0 1.0 0.8

EV (Rs. Mn.) 78,647.0 72,763.7 62,236.3 56,825.9

EV/Sales (x) 0.8 1.1 0.9 0.7

EV/EBDITA (x) 12.1 10.2 7.7 5.5

P/BV (x) 5.4 4.0 3.0 2.3

Dividend Yield (%) 2.1 2.1 1.1 1.1

E-estimates


14/22

1 July 2010 14

DOLATCAPITAL

Inte

ntionall

yLeft

Blan

k


15/22

1 July 2010 15

DOLATCAPITAL

BSE Sensex 17,503

NSE Nifty 5249

Scrip Details

Equity Rs.4162.1mn

Face Value Rs.10/-

Market Cap Rs.23.5 bn

US$510.3mn

52 week High/Low Rs.75.60 / 40.10


BSE Code 500085

NSE Symbol CHAMBLFERT

Bloomberg Code CHMB IN

Reuters Code CHMB.BO

Business Group - Birla KK


Promoter 53.24FIIs 7.82

MF/Banks/FIs 11.18


Chambal Fertilizer and Chemicals

CMP: Rs 65

Target Price: Rs 66 Fertilizer / Reduce


Better Economics to creep in

CFCL undertook de-bottlenecking of both its plants at Gadepan, Rajasthan in

April 2009. This led to an enhancement in production capacity by 20% to 2.1 mn

MT. This enhanced capacity shall also help CFCL qualify for 85% of IPP of Urea,

with a floor and ceiling price of USD 250-450 per tonne. The impact of this enhancedcapacity and the therein policy benefit is yet to be reflected in the bottom-line. Our

initial calculation suggests that the company has captured only part of the gain on

account of this policy and the ramp up to full capacity will be delivered in FY11.

For our projection of FY11 & FY12, we are assuming volumes to increase to 2.4

mn MT and 2.5 mn MT

Operating Efficacy

The company has aggressively focused on managing its costs inputs, especially

the power costs, in line with GoI policy on switching the operations to gas based

plant. The reductions on this front have led to energy consumption declining by

0.2 Gcal per MT of Urea .The companys energy and feedstock cost for FY10 is

Rs.19Bn, we expect energy efficiency initiative will lead to savings of 3% andwould lead to improvement in EBIDTA margins

Road towards decontrol

CFCL, being one of the largest private players in the Urea segment, shall be the

biggest beneficiary of deregulation of the segment. The Government has recently

announced 10% increase in price of Urea to Rs.5310 a tonne, which shall benefit

the company to the extent of easing working capital flow in terms of lower

dependence on subsidy to that extent. The more beneficial component of the

deregulation shall lie in a favorable policy in relation to investment in Greenfield

Projects and further decontrol in prices of Urea.

Optimum Capacity Utilization

CFCL has over the years achieved capacity utilization over 100%. Also, given theeffectiveness of Urea as a fertilizer, the long term demand is sustainable. With

the increased gas supply of 1.1 mmscmd and additional capacity, we expect an

increase in volume from 1.9MT as on March 2009 to 2.4MT in FY11E

ValuationBeing a significant player in the Urea segment, any positive trigger in form of

positive investment policy announcement or revision in floor and ceiling prices

will make the stock attractive. However, at CMP of Rs.65, the stock trades at

10.8 FY11E EPS and is fairly valued and hence we initiate coverage with a reduce

recommendation.Financials


FY09 55,974 74.6 6,653 11.9 2,256 4.0 5.2 31.9 12.0 7.2 18.4 12.2

FY10P 41,487 (25.9) 6,802 16.4 2,172 5.2 5.2 (1.4) 12.4 7.2 16.1 9.6

FY11E 43,435 4.7 7,548 17.4 2,505 5.7 6.0 16.8 10.8 5.9 16.8 10.6

FY12E 45,813 5.5 8,327 18.2 2,960 6.4 7.1 18.1 9.1 4.7 17.7 12.1


All eyes on Policy...!!!

Chambal Fertilizer and Chemicals (CFCL), being one of the largest private player in Urea, is set to benefit from

likely policy initiatives under NPS-4. The ongoing efforts to increase production capacity coupled with focus on

cost of critical inputs like power (energy) would benefit at the level of operating margin. Also, linking of additional

production to IPP over and above the cut-off limit would be visible at the top-line level. With the revival of

economy, the other business divisions viz., textile and shipping revenues are also in a better position verses

last year. However at CMP of Rs.65 the stock trades at 10x FY11E earnings and is fairly valued and hence we

initiate coverage with a reduce recommendation.

CFL relative to Sensex

40

50

60

70

80

90

100

110

Jun-09 Sep-09 Dec-09 Mar-10 Jun-10

CFL Sensex


16/22

1 July 2010 16

DOLATCAPITAL

Company Profile

CFCL is one of the largest players in Urea, with a market share of 10% of the domestic Urea capacity. It has its production

facilities in Gadepan Rajasthan of 2 million tones. CFCL has been allocated 1.1 mmscmd of gas from KG basin in the

first phase. Both of its plants are gas based plants and are along the HBJ gas pipeline. The company also has strong

rural distribution network.

Own manufactured fertilizer & Traded Fertilizer:

CFCL mainly derives its revenue from the fertilizer segment. They source their key raw-material i.e. gas through GAIL,

IOC, RLNG, KG basin and APM. Currently they receive 3.3 mmscmd of gas. They utilize their strong distribution network

for traded activities and trade in agro-chemicals, specialty fertilizers, pesticides and micro-nutrients.

Shipping Segment

CFCL is also present in Shipping, mainly with a perspective of focusing on the transportation of crude. In order to support

this business further, the company has added one more Aframax vessel in end of FY10 to the already existing fleet size

of 5 ships. This would increase contribution to topline in FY11.

The shipping segment amounted for approximately 7% of the total consolidated revenue in FY10.

Others

CFCL has also entered into textiles, food processing and IT segments. However, contribution from this segment to

revenues is insignificant.

Location Capacities

Gadepan,Rajasthan Urea- 17.3 Lakhs tpa

Subsidiaries and Joint-Ventures

Subsidiaries Objective to set up

CFCL Infrastructure Ventures Ltd Development of Power Projects

CFCL Overseas Ltd,cayman Islands For consolidation of its software business

India Steamship Pte Ltd,Singapore Tap opportu nit ies in Shipping segment

Strategic Stake in IMACID:

In order to ensure the supply of scarce raw-material i.e phosphoric acid in India, CFCL has entered into strategic tie-up

with IMACID Morocco. CFCL holds 33% stake, other investors with equal stake are Tata Chemicals and Office Cherifien

Des Phosphates (OCP), Morocco.


17/22

1 July 2010 17

DOLATCAPITAL



Net Sales 55,974 41,487 43,435 45,813

Other income 738 462 432 497

Total Income 56,712 41,949 43,867 46,309


Raw Material 30,731 19,754 20,092 20,929


Power, Oil & Fuel 8,123 5,697 5,953 6,326Selling & Administrative Expenses 2,544 2,803 2,908

Provisions & Write Offs 455 109 115

Other Expenses 5,533 7,243 4,888 5,055



Interest 1,386 888 1,279 1,333

Gross Profit 6,005 6,376 6,701 7,491

Depreciation 2,817 3,189 3,359 3,405


Extra Ordinary Exps/(Income) (82) (28)


Tax 1,027 1,142 936 1,226

Net Profit 2,243 2,073 2,406 2,860

Minority Interest 13 99 99 99

Net Profit 2,256 2,172 2,505 2,960

BALANCE SHEET


Sources of Funds

Equity Capital 4,162 4,162 4,162 4,162

Preference Capital 26

Share Premium 1,162 1,162 1,162 1,162

Other Reserves 7,495 8,776 10,343 12,364

Net Worth 12,845 14,100 15,667 17,689

Revaluation reserve

Secured Loans 20,946 23,040 20,736 21,773

Unsecured Loans 4,092 3,274 3,437 3,609

Loan Funds 25,038 26,314 24,174 25,382

Deferred Tax Liability 3,281 3,281 3,281 3,281



Gross Block 51,019 54,019 54,819 54,919


Net Block 29,656 29,466 26,907 23,602

Capital Work in Progress 2,247 1,247 447 0

Investments 3,193 500 500 500


Inventories 3,791 3,978 4,165 4,393

Sundry Debtors 6,880 4,547 4,760 5,021

Cash and Bank Balance 4,321 4,509 6,930 13,563


Other Current Assets 3,683 3,500 3,500 3,500

sub total 21,074 18,214 21,119 28,329



Provisions 1,288 1,402 1,447 1,492

sub total 17,139 5,732 5,851 6,079


Misc Expenses 17

Total Assets 41,164 43,695 43,122 46,352

CASH FLOW



Depreciation & w.o. 2,817 3,189 3,359 3,405

Net Interest Exp 801 888 1,279 1,333

Direct taxes paid (1,357) (1,142) (936) (1,226)

Change in Working Capital (Non Cash) 5,105 (8,359) (365) (348)

Other 1,578 2,261 99 99

(A) Cash Flow from Operating Activities 12,214 25 6,778 7,349

Capex {Inc./ (Dec.) in Fixed Assets n WIP} (10,630) (2,000) 0 347

Free Cash Flow 1,584 (1,975) 6,778 7,695

Inc./ (Dec.) in Investments (3,032) 2,693 0 0

Other (372)

(B) Cash Flow from Investing Activities (14,034) 693 0 347

Issue of Equity/ Preference 6 (26) 0 0

Inc./(Dec.) in Debt 5,746 1,276 (2,140) 1,209

Interest exp net (1,238) (888) (1,279) (1,333)

Dividend Paid (Incl. Tax) (743) (891) (938) (938)

Other (127)

(C) Cash Flow from Financing 3,644 (530) (4,357) (1,062)

Net Change in Cash 1,824 188 2,421 6,633

Opening Cash balances 1,447 4,321 4,509 6,930

Closing Cash balances 3,271 4,509 6,930 13,563

E-estimates

IMPORTANT RATIOS



Contribution Margin







Raw Material 54.9 47.6 46.3 45.7


Power, Oil & Fuel 14.5 13.7 13.7 13.8



Other Expenses 9.9 17.5 11.3 11.0


Debt / Equity (x) 1.9 1.9 1.5 1.4





Inventory Turnover Ratio (x) 14.8 10.4 10.4 10.4

Fixed Assets Turnover (x) 1.1 0.8 0.8 0.8


Non Cash Working Capital (Rs Mn) (385.6) 7,973.0 8,338.4 8,686.7


EPS (Rs.) (excl EO) 5.2 5.2 6.0 7.1

EPS (Rs.) 5.4 5.2 6.0 7.1

CEPS (Rs.) 12.2 12.9 14.1 15.3

DPS (Rs.) 1.8 1.9 2.0 2.0

Dividend Payout (%) 33.2 36.4 33.2 28.1


Book Value (Rs.) 30.9 33.9 37.6 42.5

RoANW (%) 18.4 16.1 16.8 17.7

RoACE (%) 12.2 9.6 10.6 12.1


(E) Valuation Ratios

CMP (Rs.) 64.9 64.9 64.9 64.9P/E (x) 12.0 12.4 10.8 9.1

Market Cap. (Rs. Mn.) 26,991.1 26,991.1 26,991.1 26,991.1

MCap/ Sales (x) 0.5 0.7 0.6 0.6

EV (Rs. Mn.) 47,708.1 48,795.9 44,234.9 38,810.2

EV/Sales (x) 0.9 1.2 1.0 0.8

EV/EBDITA (x) 7.2 7.2 5.9 4.7

P/BV (x) 2.1 1.9 1.7 1.5

Dividend Yield (%) 2.8 2.9 3.1 3.1

E-estimates


18/22

1 July 2010 18

DOLATCAPITAL

Inte

ntionally

Left

Blan

k


19/22

1 July 2010 19

DOLATCAPITAL

Annexure

Fertilizer Industry: At a glance..!

Fertilizer Next to water for Indian agriculture

Agricultural sector is the foundation of the rural Indian economy around which socio-economic privileges and hardshipsrevolve, and any change in its structure draws a corresponding impact on the existing pattern of social equality. Fertilizer

being the key efficiency booster in the entire production process occupies a center stage in rural economy. It is so

significant that even the Indian National political scenario gets influenced by any amendments in the Fertilizer Policy.

The Efforts.The Result

Government of India since independence has been striving hard to maintain this socio-economic status. Green Revolution

adopted by India in 1965 was a right step towards achieving self sufficiency. However, with passage of time and lack of

awareness among farmer communities, this movement has not progressed much and has led to biggest threat of Food

Security and Soil Degradation. We can see that there has been a gradual fall in the crops response to fertilizer from the

5th Plan to the 11th Plan.

Declining crop response to FertilizerPeriod Kg foodgrains per kg nutrients(NPK)

5th Plan (1974-79) 15.0

8th Plan (1992-97) 7.5

9th Plan (1997-02) 7.0

10th Plan(2002-07) 6.5

11th Plan(2007-12) 6.0

Source: Dr.R.K.Tewatia - Emerging as pects of balanced fertilizer use in India

In an attempt to enhance agricultural productivity, fertilizer intake gained importance. Government of India (GOI) introduced

subsidies to fertilizer companies with an aim to make it affordable to the farmers. Though the policies were revised at

regular intervals, prices of key fertilizers remained stagnant since 2002 as any increase in the same led to huge agitations.With severe government control and regulations, it proved to be feeble framework. There was virtually no capacity

addition since 2002 and dependence on import increased. It is clearly visible from the graph, wherein the production

remained stagnant leading to incremental demand being met through imports which grew 5 times to 16.2 Mn Tonne.

Over time the cost of subsidy started weighing heavily on Indias fiscal balance. Indias position in world trade weakened

and currently India is worlds largest importer of Urea fertilizer. Increase in crude oil prices resulted in volatility in fertilizer

prices leading to rising import bills which put India in an economic imbroglio. Fertilizer subsidy in India has grown at a

CAGR of 48.03% since FY03.

Fertilizer Subsidy: Weighing Heavily on India Fiscal Balance Fertilizer Industry: Worsening Margins

*Aggregate of Coromandel, RCF, GSFC, ChambalSource: http://indiabudget.nic.in


20/22

1 July 2010 20

DOLATCAPITAL

The Ultimate Objective

Subsidies directly to the farmers: To entrench the benefit of the subsidies to the actual user of the fertilizers, GOI

plans to directly disseminate it at the ground level. Tools like Unique identification project and kisan credit cards

can prove to be handy. However, it still remains a far-fetched idea till proper mechanism is in place to reach out

to lakh of farmers.

Adopted by other countries: Internationally too countries have adopted voucher system and have found it to be a

great success. A case in example is of states of Kano and Tarba in Nigeria which have turned out to be net grain

exporter from a 4 year long famine state.

a. They identified the reason for effect on productivity was due to problems associated with government policies

rather than from lack of farmers awareness

b. They introduced voucher system wherein the goal was to devise a sustainable Targeted Input Marketing

System (TIMS) that will ensure efficient, cost effective and expedient subsidies to targeted farmers

c. Steps undertaken by the government were to develop a private sector fertilizer distribution system which will

allow the government to exit from fertilizer supply chain.

d. Voucher a discount coupon was handed to the farmers to be used to make payments to specified dealerswho could thereby redeem it against an agreed margins

e. Built in the system is a targeting mechanisms, a subsidy mechanism, as well as a voucher redemption

system with built - in safe guards against fraud which include the use of picture and thumbprint of the farmer

groups representatives.

f. Upon completing the voucher distribution in Kano, part of the success recorded is that targeted farmers

(many of them for the first time) are receiving government subsidy in a transparent and cost effective manner.

An effective chain for fertilizer distribution has been established between the major fertilizer companies and

retailers in all local government areas of the state. Agro dealers have been brought to the limelight by

enabling them to participate actively in their businesses.

g. Stunning developments in these states have set an example for others to emulate fertilizer voucher scheme.

What does it mean to fertilizer Companies in India?

Fertilizer sector in India is witnessing a gradual move from the clutches of Government. The recent policy announcements

are the need of the hour for increasing the competitiveness among the producers and attracting investments to enhance

the capacity.

Source : Dolat Research


21/22

1 July 2010 21

DOLATCAPITAL

Inte

ntiona

lly

Left

Bla

nk


22/22

DOLATCAPITAL

BUY Upside above 20%

ACCUMULATE Upside above 5% and up to 20%

REDUCE Upside up to 5%

SELL Negative Returns

DolaDolaDolaDolaDolatttttCapital Market Pvt. Ltd.20 R j b h d M i 1 Fl A b l l D hi M F M b i 400 001

Sector / Tel. No.

Principal

Purvag Shah

[email protected] +9122 4096 9747

[email protected]

Amit Khurana, CFA Head of [email protected] +9122 4096 9745

Senior Analysts

Bhavin Shah Pharma & Agro Chem


Jyoti Khatri Banking


Priyank Chandra Oil & Gas


Rahul Jain IT


Ram Modi Metals & Mining

[email protected] +9122 4096 9756Sameer Panke Construction & Infrastructure


Analysts

Ankit Babel Engineering, Textile


Gracy Mittal Utilities


Jaynee Shah Financials


Kapil Yadav Logistics, Maritime & Rail


Namrata Sharma Media, FMCG & [email protected] +9122 4096 9726

Neha Sarwal Agro Chem & Fertiliser


Associate

Rohit Natarajan Construction & Infrastructure


Support Staff

Paresh Girkar +9122 4096 9742

[email protected]

Rajesh Shinde +9122 4096 9743

[email protected]

Tel. No.

[email protected]

Mayur Shah +9122 4096 9796

[email protected]

R. Sriram +9122 4096 9706

[email protected]

Vikram Babulkar +9122 4096 [email protected]

Equity Sales [email protected] +9122 4096 9797

Chandrakant Ware +9122 4096 9707

[email protected]

Jignesh Shahukar +9122 4096 9727

[email protected]

P. Sridhar +9122 4096 9728

[email protected]

Parthiv Dalal +9122 4096 9705

[email protected]

Derivatives Team

Vijay Kanchan +9122 4096 9704

[email protected]

Derivatives Sales Traders

Chirag Makati +9122 4096 9702-03

[email protected]

Mihir Thakar +9122 4096 9701

[email protected]

Quantitative Research

[email protected]

Prachi Save Derivatives Research


Bloomberg Id

[email protected]

Board Lines +9122 4096 9700+9122 2265 9200

Fax Lines +9122 2265 0410+9122 2265 1278

DOLADOLADOLADOLADOLATTTTTTEAM

Date post:	06-Apr-2018
Category:	Documents
Upload:	ajit-ajitabh
View:	225 times
Download:	2 times

Fertilizer Industry Jun10

Documents