Date post: | 04-Apr-2018 |
Category: |
Documents |
Upload: | angel-broking |
View: | 220 times |
Download: | 0 times |
of 13
7/29/2019 Sterlite, 30th January 2013
1/13
Please refer to important disclosures at the end of this report 1
EBITDA 2,327 2,310 0.7 2,527 (7.9)
% margin 21.8 22.5 (78)bp 22.9 (115)bp
Source: Company, Angel Research
Sterlite Industries (Sterlite) reported disappointing 3QFY2013 results. Both, the
top-line as well as the net profit were lower than expected, mainly due to
lower-than-expected performance from the Copper segment.
The companys net
sales growth was mainly driven by increase in Aluminium and Zinc segment
revenues. Aluminium and Zinc segment revenues grew 3.9% and 11.4% yoy to
`832cr and `4,182cr, respectively.
On the operating front, Sterlites EBITDA
was flat yoy at `2,327cr; EBITDA margin was at 21.8% (below our estimate of
22.8%) as higher profitability from other segments was offset by lower profitability
from Copper and Power segments. Copper segments profitability was below our
estimate as its EBIT declined 50.8% yoy due to lower Tc/Rc charges and lower
by-product realizations. The adjusted net profit increased by 2.7% yoy to
`1,254cr, which was below our estimate of `1,524cr.
Balco has received stage-II forest
clearance for its coal mine which will result in significant cost savings once it is
operational. Sterlite expects to commence production from 1QFY2014 which we
feel is being optimistic considering that the land acquisition process and signing of
mining lease could potentially delay the production.
We expect Sterlite to benefit from the expansion of
Zinc-Lead smelting capacity during FY2013-14 although its Aluminium segments
profitability is expected to remain under pressure. Considering the ongoing process
of group restructuring by the promoter, Vedanta Resources, the valuation of Sterlite
will mirror the valuation of the consolidated company - Sesa Sterlite. On account of
ban on mining in Goa, we had drastically cut Sesa Goas iron ore volume estimatesfor FY2014.
% chg 24.2 35.3 4.2 6.9
% chg 34.7 (4.3) 13.7 9.0
OPM (%) 26.5 24.0 22.8 23.8
P/E(x) 7.9 7.3 6.9 6.4
P/BV(x) 0.9 0.8 0.7 0.7
RoE(%) 12.9 11.0 11.3 11.2
RoCE(%) 11.5 11.3 9.5 9.6
EV/Sales (x) 1.1 0.8 0.8 0.7
EV/EBITDA (x) 4.2 3.5 3.4 2.9
Source: Company, Angel Research
CMP `113
Target Price -
Investment Period 12 months
Stock Info
Sector
Net Debt (`cr) (9,000)
Bloomberg Code
Shareholding Pattern (%)
Promoters 53.3
MF / Banks / Indian Fls 9.4
FII / NRIs / OCBs 27.4
Indian Public / Others 9.9
Abs. (%) 3m 1yr 3yr
Sensex 7.3 16.0 22.2
STLT 14.9 (5.7) (39.8)
52 Week High / Low 138/89
Base Metals
Market Cap (` cr) 38,059
Beta 1.4
Avg. Daily Volume 655,898
Face Value (`) 1
BSE Sensex 19,991
Nifty 6,050
Reuters Code STRL.BO
STLT@IN
Tel: 022- 39357600 Ext: 6821
Tel: 022- 39357600 Ext: 6841
Performance Highlights
3QFY2013 Result Update | Base Metals
January 29, 2013
7/29/2019 Sterlite, 30th January 2013
2/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 2
Exhibit 1:3QFY2013 Performance (Consolidated)
- Consumption of Raw Material 5,023 4,905 2.4 5,105 (1.6) 15,163 14,193 6.8(% of Net Sales) 47.0 47.9 46.3 46.9 47.0
- Power& Fuel 1,008 1,000 0.7 1,216 (17.1) 3,339 2,804 19.1
(% of Net Sales) 9.4 9.8 11.0 10.3 9.3
- Staff Costs 475 413 15.0 451 5.2 1,376 1,191 15.6
(% of Net Sales) 4.4 4.0 4.1 4.3 3.9
- Other expenses 1,906 1,678 13.6 1,803 5.7 5,444 4,690 16.1
(% of Net Sales) 17.8 16.4 16.4 16.8 15.5
(% of Net Sales) 78.7 78.0 77.8 78.4 75.7
Other operating Income 45 57 (21.5) 74 (38.8) 176 156 12.7
EBITDA margin (%) 21.8 22.5 22.9 22.2 24.8
Interest 227 201 13.1 178 27.6 646 612 5.6
Depreciation 538 461 16.7 522 3.1 1,578 1,327 18.9
Other Income 859 807 6.4 848 1.3 2,655 2,450 8.4
Exceptional Items (63) (307) 302 83 (41) (302.4)
(% of Net Sales) 22.1 21.0 26.2 23.3 24.6
Tax 356 505 (29.6) 511 (30.4) 1,200 1,624 (26.1)
(% of PBT) 15.1 23.4 17.7 15.9 21.8
Minority Interest 585 466 25.6 579.3 1,742 1,611 8.1
Share of profit/(loss) in associate (226) (264) (60.7) (453) (612) (25.9)
Net income margin (%) 11.1 8.9 15.8 12.8 11.8
Source: Company, Angel Research
Exhibit 2:3QFY2013 Actual vs Angel estimates
Net sales 10,692 11,288 (5.3)
EBITDA 2,327 2,531 (8.1)
EBITDA margin (%) 21.8 22.8 (104)bp
Adj. net profit 1,254 1,524 (17.7)
Source: Company, Angel Research
7/29/2019 Sterlite, 30th January 2013
3/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 3
Sterlite reported disappointing 3QFY2013 results. Both, the top-line as well as net
profit were lower than expected, mainly due to lower-than-expected performance
from the Copper segment. The companys net sales grew 4.3% yoy to `10,692cr.
The growth was mainly driven by increase in Aluminium and Zinc segment
revenues. Aluminium and Zinc segment revenues grew 3.9% and 11.4% yoy to
`832cr and `4,182cr, respectively. On the operating front, Sterlites EBITDA was
flat yoy at `2,327cr; EBITDA margin was at 21.8% (below our estimate of 22.8%)
as higher profitability from other segments was offset by lower profitability from
Copper and Power segments. Copper segments profitability was below our
estimate as its EBIT declined 50.8% yoy due to lower Tc/Rc charges and lower
by-product realizations. The company reported an exceptional item relating to
forex loss of `63cr, compared to a forex loss of `307cr in 3QFY2012. The interest
costs during the quarter rose by 13.1% yoy to`
227cr and other income grew by6.4% yoy to `859cr. However, tax rate decreased to 15.1% compared to 23.4% in
3QFY2012, thereby leading the adjusted net profit to increase by 2.7% yoy to
`1,254cr, which was below our estimate of `1,524cr. The reported net profit
increased 30.4% yoy to `1,191cr.
During 3QFY2012, copper cathode production at the Tuticorin smelter increased
9.0% yoy to 92k tonne. Metal mined from the Australian mines increased by 8.0%yoy to 6k tonne. Copper segment revenues increased marginally by 1.0% yoy to
`5,164cr during the quarter.
Copper Tc/Rcs decreased by 22.0% yoy to USc12.4/lb. The company reported cost
of production of USc10.8lb in 3QFY2013 compared to USc2.4/lb in 3QFY2012.
The Copper business had an exceptional item of `92cr related to forex loss.
Consequently, the Copper segments PAT decreased by 58.0% yoy to `147cr in
3QFY2013. The adjusted PAT of the segment, excluding the exceptional item,
decreased by 49.0% to `239cr during the quarter.
7/29/2019 Sterlite, 30th January 2013
4/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 4
Exhibit 3:Copper segments EBIT stood at `160cr
Source: Company, Angel Research
Aluminium segment EBIT improves to `9cr
During the quarter, Balcos Aluminium production was flat at 62kt and its revenue
increased by 4.0% yoy to `832cr manly due to higher premium. The cost of
production of Aluminium at Balco increased by 10.0% yoy to `1,08,000/tonne on
account of higher coal prices. Coal prices were higher due to higher alumina costs
and tapering of coal linkages. However, the Aluminium segment posted a positive
EBIT of `9cr in 3QFY2013 mainly because of a better product mix.
Sterlites associate, Vedanta Aluminium also reported a loss of `766cr in2QFY2013 (Sterlites share of loss `226cr) compared to loss of `893cr in
3QFY2012. The lower loss in 3QFY2013 was mainly due to higher production
and better premiums.
Exhibit 4:Aluminium segments EBIT improves to `9cr
Source: Company, Angel Research
215188
158
194
298 291 309 326
273
201
277
160
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
0
50
100
150
200
250
300
350
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)
(`cr)
EBIT (LHS) EBIT margins (RHS)
163
50
126 119
195
159
21(23)
234
43
9
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
(50)
0
50
100
150
200
250
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%
)
(`c
r)
EBIT (LHS) EBIT margins (RHS)
7/29/2019 Sterlite, 30th January 2013
5/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 5
Zinc-Lead segments EBIT declines by 8.4% yoy
Refined Zinc production for 3QFY2013 declined by 10.0% yoy to 171kt tonne.
Refined Lead production grew by 11.0% to 32kt and refined silver production
increased by 103.0% to 117k tonne during the quarter.
The cost of production for Zinc (excluding royalty) stood at US$829/tonne in
3QFY2013 compared to US$785/tonne in 3QFY2012. Overall, the EBIT of the
Zinc-Lead segment (including international Zinc business) increased by 10.0% yoy
to `1,634cr.
Exhibit 5:Zinc segments EBIT stood at `1,634cr
Source: Company, Angel Research
Balcos coal block clears another milestone
Balco has received stage-II forest clearance for its coal mine which will result in
significant cost savings once it is operational. Sterlite expects to commence
production from 1QFY2014 which we feel is being optimistic, considering that the
land acquisition process and signing of mining lease could potentially delay the
production.
1,447
9051,003
1,430
2,185
1,8131,6501,486
1,705
1,4021,512
1,634
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
0
500
1,000
1,500
2,000
2,500
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)
(`cr)
EBIT (LHS) EBIT margins (RHS)
7/29/2019 Sterlite, 30th January 2013
6/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 6
Investment rationale
Sterlite had commissioned a 100ktpa Lead
smelter at Rajpura Dariba in 1QFY2012, the full benefits of which will be
witnessed in FY2013. Moreover, expansion at the Silver-rich Sindesur Khurd mine
is expected to result in robust Lead and Silver sales volume growth in FY2013 and
FY2014.
During 2QFY2013, the Goa
government had imposed a ban on iron ore mining in Goa until further review.
Later, Ministry of Environment and Forest Clearances (MOEF) also suspended
environment clearances to all functional mining leases in Goa. Sesa Goa operated
several mines in the region with an annual production of 12mn tonne. While we
believe the ban could be temporary, there are chances of iron ore production cap
by the government/MOEF which could affect Sesas production going forward. This
is likely to be a key overhang on the stock in our view.
Outlook and Valuation
We expect Sterlite to benefit from the expansion of Zinc-Lead smelting capacity
during FY2014-15. While we expect the Aluminium segments profitability to
remain under pressure, the current stock price factors these concerns.
Considering the ongoing process of group restructuring by the promoter, Vedanta
Resources, the valuation of Sterlite will mirror the valuation of the consolidated
company - Sesa Sterlite.
Exhibit 6:SOTP valuation of Sterlite (` cr)
Sterlite Industries EV/EBIDTA 4.0 5,364 100% 5,364
Balco EV/EBIDTA 4.0 1,340 51% 683
Vedanta Aluminium EV/EBIDTA 4.0 (10,208) 100% (10,208)
Hindustan Zinc (20% holding company discount) EV/EBIDTA 5.0 62,989 65% 28,616
Sterlite Energy FCFE 1.0 331 100% 331
Tasmania Copper mines P/BV 1.0 1,009 100% 1,009
International Zinc EV/EBIDTA 4.0 6,484 100% 6,484
MALCO BV 100% 1,712
Sesa Goa EV/EBIDTA 4.0 595 100% 595
Cairn India (20% holding company discount) DCF 72,847 59% 29,984
Source: Angel Research
7/29/2019 Sterlite, 30th January 2013
7/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 7
Exhibit 7:EPS Angel forecast vs consensus
FY2013E 16.3 17 (4.0)
FY2014E 17.8 19.3 (7.8)Source: Angel Research
Exhibit 8:EV/EBITDA band
Source: Bloomberg, Angel Research
Exhibit 9:P/E band
Source: Bloomberg, Angel Research
0
20,000
40,000
60,000
80,000
100,000
120,000
Feb-07Sep-07Apr-08Nov-08Jun-09 Jan-10Aug-10Mar-11Oct-11May-12Dec-12
(`cr)
2.0x 4.0x 6.0x 8.0x 10.0x
0
50
100
150
200
250
300
350
Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10Mar-11 Oct-11May-12 Dec-12
(`)
4.0x 8.0x 12.0x 16.0x
7/29/2019 Sterlite, 30th January 2013
8/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 8
Exhibit 10:P/BV band
Source: Bloomberg, Angel Research
Exhibit 11:Recommendation summary
Hindalco 115 - Neutral 22,179 - 7.7 7.4 0.6 0.6 7.1 6.3 8.8 8.4 5.8 5.6
Nalco 47 44 Reduce 12,525 (5) 23.7 14.8 1.0 1.0 13.0 8.1 4.3 6.8 1.4 4.6
HZL 127 149 Buy 54,020 17 8.6 7.8 1.7 1.4 5.1 3.7 21.1 19.8 17.7 17.7
Source: Angel Research
Company background
Sterlite is India's largest non-ferrous metals and mining company. The company
produces Zinc, Lead and Silver through its 65%-owned subsidiary, Hindustan Zinc
(HZL) which has a Zinc production capacity of 1.1mn tonne. HZL contributes
~80% to Sterlites consolidated EBITDA. Sterlite also produces Aluminium (capacity
- 0.7mn tonne). It also has world-class Copper smelting and refining operations
(capacity - 0.4mn tonne). In February 2011, Sterlite, through its wholly owned
subsidiary, Sterlite Infra, acquired 100% stake in Namibian Skorpian Mines
(Skorpian) for a cash consideration of US$707mn. Skorpion mines has reservesand resources of 8.7mn tonne of Zinc and Lead. During January 2012, Vedanta
Resources (Sesa Goas and Sterlites promoters) announced a plan to merge Sesa
Goa with Sterlite. The merger has been approved by the shareholders of both the
companies and it is currently awaiting various court approvals.
0
50
100
150
200
250
300
350
Feb-07 Sep-07 Apr-08Nov-08 Jun-09 Jan-10 Aug-10Mar-11 Oct-11May-12Dec-12
(`)
0.5x 1.0x 1.5x 2.0x
7/29/2019 Sterlite, 30th January 2013
9/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 9
Profit & Loss Statement (Consolidated)
Gross sales 22,774 25,614 32,276 43,116 46,620 49,852
Less: Excise duty 1,629 1,204 1,847 1,937 3,730 3,988
Other operating income - 182 - - - -
% chg (14.4) 16.7 23.3 35.3 4.2 6.9
Total Expenditure 16,440 18,207 22,379 31,316 33,107 34,928
Net Raw Materials 10,634 12,139 14,370 18,844 20,759 22,106
Other Mfg costs 5,050 5,214 6,877 10,859 10,546 10,896
Personnel 756 854 1,132 1,612 1,801 1,926
Other - - - - - -
% chg (40.2) 37.6 24.3 22.5 (0.8) 11.8
(% of Net Sales) 22.2 26.4 26.5 24.0 22.8 23.8
Depreciation& Amortisation 701 750 1,030 1,830 2,143 2,483
% chg (45.0) 43.0 22.6 14.4 (4.9) 10.6
(% of Net Sales) 18.9 23.2 23.1 19.5 17.8 18.4
Interest & other Charges 397 292 351 852 883 1,006
Other Income 2,154 1,506 2,522 3,163 3,517 3,761
(% of PBT) 37.4 21.7 27.4 30.6 34.2 33.6
Share in profit of Associates - - - - - -
% chg (32.4) 20.5 32.4 12.6 (0.7) 9.1
Extraordinary Inc/(Expense) 55 (297) (57) (473) - -
Tax 855 1,233 1,812 2,111 1,850 2,466
(% of PBT) 14.7 18.6 19.8 21.4 18.0 22.0
Add: Share of earnings of asso. (154) 59 (285) (772) (579) (490)
Less: Minority interest (MI) 1,267 1,724 1,995 2,161 2,359 2,273
Extraordinary Expense/(Inc.) - - - - - -
% chg (21.3) 14.1 27.7 2.7 5.0 9.0
(% of Net Sales) 16.5 16.1 16.7 12.7 12.8 13.0
% chg (21.3) (3.8) 20.8 8.5 5.0 9.0
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
7/29/2019 Sterlite, 30th January 2013
10/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 10
Balance Sheet (Consolidated)
Equity Share Capital 142 168 336 336 336 336Reserves& Surplus 25,471 36,844 41,099 45,720 50,565 55,844
Share Warrants - - - - - -
Minority Interest 6,813 8,410 10,291 12,199 14,558 16,831
Total Loans 7,014 9,260 10,948 14,473 14,973 15,473
Deferred Tax Liability 1,408 1,552 2,179 2,208 2,208 2,208
Other Long term liabilities - - 3,530 5,728 5,728 5,728
Long term Provisions - - 8,299 8,930 8,930 8,930
Gross Block 15,387 18,179 31,125 37,226 43,726 51,726
Less: Acc. Depreciation 5,155 5,913 9,727 11,755 13,898 16,380
Capital Work-in-Progress 6,979 11,084 9,919 12,092 10,092 8,092
Goodwill - - - - - -
Investments 16,206 20,304 12,904 17,623 17,623 17,623
Long term loans and adv. - - 33,918 43,442 43,442 43,442
Other Non Current Assets - - 6,051 6,806 6,806 6,806
Deferred tax assets - - 52 - - -
Cash 5,505 3,338 9,502 8,539 12,527 16,751
Loans & Advances 2,715 10,499 9,575 9,964 9,964 9,964
Other 3,416 3,674 7,147 6,316 7,308 7,815
Mis. Exp. not written off - - - - - -
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
7/29/2019 Sterlite, 30th January 2013
11/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 11
Cash Flow Statement (Consolidated)
Profit before tax 5,816 6,460 9,133 9,872 10,275 11,208
Depreciation 701 750 1,030 1,830 2,143 2,483Change in Working Capital 1,244 (7,316) (319) 552 (1,360) (310)
Others (1,421) (1,483) (3,708) (5,464) - -
Direct taxes paid 855 1,233 1,735 2,383 1,850 2,466
Share of loss from Asso. (285) (772) (579) (490)
(Inc.)/ Dec. in Fixed Assets (5,340) (6,898) 5,349 7,396 (4,500) (6,000)
(Inc.)/ Dec. in Investments 88 (4,098.3) 7,553 805 - -
(Inc.)/ Dec. in loans and adv. - - - - - -
Others - - (9,696) (1,320) - -
Issue of Equity - 7,653 - - - -
Inc./(Dec.) in loans 1,939 2,246 2,563 3,046 500 500
Dividend Paid (Incl. Tax) 248 449 (502) (1,311) (642) (700)
Others (1,128) (2,201) (457) (1,073) - -
Inc./(Dec.) in Cash 3,051 (2,167) 1,698 (460) 3,987 4,225
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with
previous year numbers
7/29/2019 Sterlite, 30th January 2013
12/13
Sterlite Industries | 3QFY2013 Result Update
January 29, 2013 12
Key Ratios
P/E (on FDEPS) 9.2 9.5 7.9 7.3 6.9 6.4P/CEPS 7.6 8.0 6.2 5.4 5.0 4.5
P/BV 1.3 1.0 0.9 0.8 0.7 0.7
Dividend yield (%) 1.3 1.2 1.6 1.6 1.7 1.8
EV/Sales 1.1 1.3 1.1 0.8 0.8 0.7
EV/EBITDA 5.1 5.1 4.2 3.5 3.4 2.9
EV / Total Assets 0.6 0.6 0.5 0.4 0.4 0.3
EPS (Basic) 12.3 11.9 15.0 14.4 16.3 17.8
EPS (fully diluted) 12.3 11.9 14.3 15.5 16.3 17.8
Cash EPS 14.8 14.1 18.2 21.0 22.7 25.2
DPS 1.4 1.3 1.8 1.8 1.9 2.1
Book Value 90.4 110.1 123.3 137.0 151.4 167.1
EBIT margin 18.9 23.2 23.1 19.5 17.8 18.4
Tax retention ratio (%) 85.3 81.4 80.2 78.6 82.0 78.0
Asset turnover (x) 0.7 0.6 0.7 0.7 0.7 0.7
ROIC (Post-tax) 12.0 11.2 12.1 11.3 10.2 9.8
Cost of Debt (Post Tax) 5.6 2.9 2.8 5.3 4.9 -
Leverage (x) 0.0 0.1 0.0 0.1 0.0 -
Operating ROE 12.2 12.2 12.2 11.9 10.4 9.8
ROCE (Pre-tax) 10.6 11.8 11.5 11.3 9.5 9.6
Angel ROIC (Pre-tax) 13.9 16.3 15.9 15.7 13.0 13.1
ROE 14.6 12.7 13.0 11.9 11.3 11.2
Asset Turnover (Gross Block) 1.4 1.5 1.2 1.2 1.1 1.0
Inventory / Sales (days) 50 41 49 43 43 43
Receivables (days) 15 8 19 19 19 19
Payables (days) 41 53 52 39 39 39
WC cycle (ex-cash) (days) 44 83 105 71 71 73
Net debt to equity 0.0 0.1 0.0 0.1 0.0 (0.0)
Net debt to EBITDA 0.1 0.7 0.1 0.4 0.2 (0.1)
Interest Coverage (EBIT / Int.) 10.1 19.6 20.0 9.4 8.7 8.4
Note: Some of the figures from FY2011 onwards are reclassified; hence some ratios may not be
comparable with previous year ratios
7/29/2019 Sterlite, 30th January 2013
13/13
Sterlite Industries | 3QFY2013 Result Update
J 29 2013 13
Disclosure of Interest Statement Sterlite Industries
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Research Team Tel: 022 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
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 securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses 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.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
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.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking orother advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.