Pidilite Industries (PIDIND)

CMP: | 1345 Target: | 1475 (10%) Target Period: 12 months HOLD

November 15, 2019

Near term pressure in volume growth…

Pidilite’s Q2FY20 performance was lower than our estimate with continuous
pressure in volume growth in the consumer & bazaar segments (C&B volume
growth during Q4FY19, Q1FY20 and Q2FY20 were ~4%, ~6% and -1%, Particulars

Result Update
respectively). Volume growth was largely impacted by a slowdown in the Particular Amount
Market Cap (| Crore) 68,950.1
real estate sector and decline in interior decoration activities. On the other
Total Debt (FY19) (| Crore) 111.1
hand, gross margins expanded notably by ~400 bps YoY in Q2FY20 largely
Cash & Inv (FY19) (| Crore) 190.4
on account of benign raw material prices (VAM prices declined ~8% QoQ EV (| Crore) 67,719.4
at US$ ~900/t) and price hikes. However, the company reported a slight 52 week H/L 1495/ 1049
contraction in EBITDA margin by 48 bps YoY to 20.4% (vs. I-direct estimate: Equity capital (| Crore) 50.8
21.8%) mainly due to higher advertisement & promotion and employee Face value (|) 1.0
costs. The management sees a demand recovery in C&B segments from
sse

FY21E onwards with no major fluctuations in raw material prices given a

stable demand-supply scenario. We cut our revenue, earnings estimate by Key Highlights
4% & 3% for FY20E, 5% & 6% for FY21E, respectively.
 Gross margins improved owing
to decline in VAM prices from
Muted topline growth ~US$900/t to ~US$890/t
The company reported consolidated revenue growth at ~3% YoY (I-direct
 Performance of domestic
estimate: 12% YoY), led by ~14% growth in revenue of industrial segments
subsidiaries remained under
while C&B segment was impacted by slow volume offtake in Q2FY20. The
pressure owing to slowdown in
standalone C&B volume de-grew ~1% YoY led by poor demand (from real
demand from construction

ICICI Securities – Retail Equity Research

estate), liquidity issue and extended monsoon. On the industrial font,
sector
volumes grew 13% YoY. Further, while the performance of domestic
subsidiaries (revenue declined ~17% YoY) was marred by a slowdown in  We revise our rating from BUY
construction activities, overseas subsidiaries recorded revenue growth of to HOLD with revised target
13% led by strong performance by the company in Bangladesh and Sri price of | 1475/share
Lanka. We cut our volume growth estimate for FY19-21E to 8% from 11%
factoring H1FY20 performance.

Higher A&P spends offset gross margin expansion

Consolidated EBITDA margins declined 48 bps YoY to 20.4% (down ~162
bps QoQ) as expansion in gross margin (up 400 bps YoY) was completely
offset by ~240 and 140 bps YoY increase in A&P expenditure and employee Research Analyst
cost, respectively. However, the management guided that VAM prices are
likely to remain benign (as the spot price of VAM was hovering at ~US$890/t Sanjay Manyal
sanjay.manyal@icicisecurities.com
compared to Q2FY20 average consumption cost of US$900/t). We model an
increase in EBITDA margin by 300 bps in FY20E. Hitesh Taunk
hitesh.taunk@icicisecurities.com
Valuation & Outlook
We believe that at the CMP the stock discounts major key factors like strong
revenue, earning growth along with strong balance sheet (with healthy
return ratios). Hence, we revise our recommendation from BUY to HOLD
with a target price of | 1475 considering the sustained pressure in volume
growth in the near term.
Key Financial Summary
s sf

| Crore FY17 FY18 FY19 FY20E FY21E (CAGR 19-21E)

Net sales 5616.8 6078.4 7078.7 7840.7 8947.4 12.4
EBITDA 1259.8 1341.2 1368.3 1751.3 2019.3 21.5
EBITDA Margin(%) 22.4 22.1 19.3 22.3 22.6
Net Profit 863.2 966.1 928.4 1285.2 1509.8 27.5
EPS (|) 16.8 18.8 18.1 25.1 29.5
P/E(x) 79.9 71.4 74.3 53.6 45.7
Price /book (x) 19.9 19.3 16.6 14.1 12.0
Mcap /sales (x) 12.3 11.3 9.7 8.8 7.7
RoE (%) 24.9 27.0 22.7 26.7 26.3
RoCE (%) 33.0 33.6 29.6 32.8 32.8
Source: Company, ICICI Direct Research
 Result Update | Pidilite Industries ICICI Direct Research

Exhibit 1: Variance Analysis

Q2FY20 Q2FY20E Q2FY19 YoY (%) Q1FY20 QoQ (%) Comments
Muted performance by consumer & bazaar segment hit the
Revenue 1806.6 1979.1 1757.2 2.8 2016.8 -10.4
overall revenue growth during Q2FY20
Other Income 55.8 27.6 27.6 101.9 39.9 39.9

Benign raw mateial prices (mainly VAM prices) helped in

Raw Material Exp 724.5 860.9 790.0 -8.3 887.2 -18.3
expansion in gross margins by 400 bps YoY
Employee Exp 234.5 253.3 203.7 15.1 243.6 -3.8
Higher other expenditure largely attributable to increased A&P
Admin & Other exp 361.7 342.4 297.8 21.5 349.0 3.6
spend (up by ~240 bps YoY) during Q2
Purchase of Traded goods 117.7 91.5 99.1 18.7 93.3 26.1
Total Expenditure 1438.3 1548.2 1390.6 3.4 1573.1 -8.6

EBITDA 368.2 430.9 366.6 0.5 443.7 -17.0

Impact of higher gross margin was partailly offset by higher other
EBITDA Margin (%) 20.4 21.8 20.9 -48 bps 22.0 -162 bps
expenditure and employee cost resulting muted EBITDA margin
Depreciation 40.2 38.3 31.6 27.4 37.7 6.6
Interest 8.3 9.1 6.0 37.5 7.3 12.8
Exceptional items
PBT 353.3 411.1 356.6 -0.9 438.5 -19.4
Transistion into new corporate tax rate helped in saving tax
Total Tax 29.3 103.5 123.0 -76.2 144.4 -79.7
outflow
PAT 325.0 307.9 232.9 39.6 294.4 10.4
Key Metrics
On standalone basis, C&B segment volume & mix de-grew by
Consumer & Bazaar 1,535.0 1,726.2 1,511.4 1.6 1,736.4 -11.6 ~1% YoY led by challenging market condition and extended
monsoon
Revenue growth was largely driven by volume & mix which
Industrial 289.9 270.5 253.7 14.3 293.5 -1.2
increased by ~13% YoY
Source: Company, ICICI Direct Research

Exhibit 2: Change in estimates

(| crore) FY20E FY21E Comments
Old New % Chg Old New % Chg
We have tweaked our revenue estimate for FY20E-21E considering
Revenue 8,129.4 7,840.7 (3.6) 9,411.7 8,947.4 (4.9)
H1FY20 performance of the company
EBITDA 1,803.7 1751.3 (2.9) 2,162.7 2019.3 (6.6)
Despite higher fixed cost, the EBITDA margin likley to remain at elevated
EBITDA Margin (%) 22.2 22.3 15bps 23.0 22.6 -41bps
level owing to expansion in gross margin
PAT 1319.9 1285.2 (2.6) 1599.5 1509.8 (5.6)
EPS (|) 25.7 25.1 (2.6) 31.2 29.5 (5.6)
Source: Company, ICICI Direct Research

Exhibit 3: Assumptions
Current Earlier Comments
FY18 FY19E FY20E FY21E FY20E FY21E
Dealer network expansion coupled with revival in performance of
Consumer & Bazaar (%) 2.8 15.1 8.1 14.7 13.7 15.6
subsidiary to help drive segment revenue
Industrial Growth (%) 3.3 7.1 13.2 11.8 10.4 8.4
Others Growth (%) 13.8 18.3 12.2 3.4 15.0 12.0
Source: Company, ICICI Direct Research

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Conference call highlights

 Decline in volume growth in the C&B business was largely on
account of poor demand (from real estate and interior decoration
segments), liquidity crunch and extended monsoons
 According to the management, the adhesive and sealant category
did not face any significant competition. However, wood adhesive
category is facing competition from other players
 Spot price of VAM declined to US$890/tonne from the average
consumption cost US$900 in Q1FY20
 Performance of rural India remained strong with double digit growth
while demand from urban areas remained sluggish. The company
plans to add 1500-2000 villages under its distribution network every
year
 A&P spends was 4.8% of revenue in Q2FY20 (4.5% in H1FY20)
compared to 2.4% in Q2FY19 (3% in H1FY19). The company expects
A&P spends to be ~3.8% of revenue for FY20E
 Among overseas subsidiaries, Bangladesh and Sri Lankan
subsidiaries reported strong sales of ~20% and 21%, respectively,
with improvement in the EBITDA margin. However, performance of
Middle East subsidiaries were impacted by high competition
 On the domestic front, Nina percept and Cipy continue to face
challenging market conditions in the wake of economic slowdown
in real estate, auto and engineering industry resulting in adverse
demand and liquidity conditions. This was further accentuated by
prolonged monsoon in many regions
 Nina Percept and Cipy reported a sharp dip of ~25% and ~30% in
topline, respectively, while ICA Pidilite registered revenue growth of
3.4% YoY
 The company has decided to liquidate its asset related to synthetic
elastomer project. Pidilite expects total impairment loss from sales
of asset at | 60 crore of which it has booked | 22 crore during
Q2FY20. The remaining | 38 crore would be booked in the coming
periods
 The company has adopted a new corporate tax rate by which the
future tax rate would be 25.2%

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 Result Update | Pidilite Industries ICICI Direct Research

Financial story in charts

Exhibit 4: Growth trend in C&B business Exhibit 5: Growth trend in industrial business
8,000 1,600.0
CAGR ~11% CAGR ~ 12%
7,000 1,400.0

7,522

1,425.5
6,000 CAGR ~13% 1,200.0

6,560

1,280.5
CAGR ~ 8%

6,070
5,000 1,000.0

1,131.6
| in crores

| in crore
5,274

1,050.6
5,132

1,012.4
992.4
4,000 800.0
4,805

914.4
4,023

3,000 600.0

747.2
728.0
3,513

650.7
3,020

2,000 400.0
2,536

1,000 200.0
- -
FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19
FY20E

FY21E

FY20E

FY21E
Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research

Exhibit 6: Consolidated sales growth trend Exhibit 7: EBITDA margin trend

10,000.0 CAGR 12% 2,500.0 25.0
9,000.0
2,000.0 20.0
8,000.0
8,947.4

2,019.3
7,000.0
7,840.7

1,500.0 15.0

1,751.3
CAGR 12.5%
| crore
7,078.7

6,000.0
| in crores

%
1,368.3
1,341.2
1,000.0 10.0
6,078.4

5,000.0

1,259.8
1,173.5
5,701.6

5,616.8

4,000.0
483.7

600.5

671.5

776.6
4,820.4

500.0 5.0
4,260.6

3,000.0
3,657.9
3,109.7

2,000.0 - -
1,000.0
FY12

FY13

FY14

FY15

FY16

FY18

FY19
FY17

FY20E

FY21E
-
FY13

FY14

FY16

FY17

FY18

FY19
FY12

FY15

FY20E

FY21E

EBIDTA EBIDTA Margin %

Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research

Exhibit 8: PAT growth trend Exhibit 9: Return ratios trend

1,600.0 45.0 40.4
CAGR ~28%
1,400.0 40.0 34.3 35.8
33.0 33.6
1,509.8

35.0 29.4 29.6

1,200.0
1,301.8

CAGR ~16% 30.0

1,000.0
30.6
| in crore

25.0
800.0 27.0
966.1

25.8
928.4

20.0 24.9 25.1

863.2

22.9 22.7
807.2

600.0 15.0
400.0 10.0
512.6
324.3

423.8

454.6

200.0 5.0
0.0
-
FY15 FY16 FY17 FY18 FY19E FY20E FY21E
FY13

FY14

FY15

FY16

FY17

FY18

FY19
FY12

FY20E

FY21E

RoCE ROE
es

Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research

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 Result Update | Pidilite Industries ICICI Direct Research

Exhibit 10: Recommendation History vs. Consensus

1,800 70.0

1,500 60.0

50.0
1,200
40.0
(|)

900

(%)
30.0
600
20.0
300 10.0

0 Mar-17 Jun-17 Aug-17 Nov-17 Jan-18 Mar-18 Jun-18 Aug-18 Nov-18 Jan-19 Apr-19 Jun-19 Aug-19 Nov-190.0

Price Idirect target Consensus Target Mean % Consensus with Buy

Source: Bloomberg, Company, ICICI Direct Research

Exhibit 11: Top 10 Shareholders

Rank Name Latest Filing Date % O/S Position (m) Change (m)
1 Parekh (Narendrakumar Kalyanji) 30-Sep-19 10.7 54.3 0.0
2 Parekh (Madhukar Balvantray) 30-Sep-19 10.2 52.1 0.0
3 Parekh (Ajay Balvantray) 30-Sep-19 9.3 47.4 0.0
4 Parekh (Sushil Kumar Kalyanji) 30-Sep-19 8.1 41.4 -0.2
5 Devkalyan Sales Pvt. Ltd. 30-Sep-19 5.2 26.2 0.0
6 Ishijas Chemical Pvt. Ltd. 30-Sep-19 4.9 24.9 0.0
7 Axis Asset Management Company Limited 30-Sep-19 3.3 17.0 0.4
8 Life Insurance Corporation of India 30-Sep-19 3.3 16.6 1.7
9 Harton Pvt. Ltd. 30-Sep-19 2.4 12.4 0.0
10 Vaccum Forming Company Pvt. Ltd. 30-Sep-19 2.3 11.5 0.0
Source: Reuters, ICICI Direct Research

Exhibit 12: Recent Activity

Buys Sells
Investor name Value(m) Shares(m) Investor name Value(m) Shares(m)
Life Insurance Corporation of India 34.0 1.7 Capital Research Global Investors -23.1 -1.1
Parekh (Apurva N) 16.3 0.9 Fidelity International -17.1 -1.0
Axis Asset Management Company Limited 7.4 0.4 Driehaus Capital Management, LLC -8.3 -0.4
IDFC Asset Management Company Private Limited 3.8 0.2 Parekh (Sushil Kumar Kalyanji) -4.1 -0.2
kumar (Ajay) 1.7 0.1 Genesis Investment Management, LLP -3.6 -0.2
Source: Reuters, ICICI Direct Research

Exhibit 13: Shareholding Pattern

(in %) Sep-18 Dec-18 Mar-19 Jun-19 Sep-19
Promoter 69.7 69.8 69.8 69.8 69.7
FII 11.9 11.4 11.7 11.5 11.1
DII 8.0 7.8 7.5 7.7 8.4
Others 10.4 11.0 11.0 11.0 10.9
Source: Company, ICICI Direct Research

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 Result Update | Pidilite Industries ICICI Direct Research

Financial summary

Exhibit 14: Profit and loss statement | crore Exhibit 15: Cash flow statement | crore
(Year-end March) FY18 FY19 FY20E FY21E (Year-end March) FY18 FY19 FY20E FY21E
Total Operating Income 6078.4 7078.7 7840.7 8947.4 Profit after Tax 966.1 928.4 1285.2 1509.8
Growth (%) 16.5 10.8 14.1 Depreciation 119.9 132.7 141.1 150.3
CF bef working cap chan 1102 1087 1457 1694
Raw Material Expenses 2887.7 3586.6 3706.9 4282.1 Net Inc in Current Assets -386.0 -209.9 -276.3 -355.2
Employee Expenses 712.4 836.6 929.2 1009.9 Net Inc in Current Liab. 168.4 111.1 123.7 192.8
Marketing Expenses 39.3 225.0 0.0 0.0 Net CF from Op activities 883.9 988.4 1304.6 1531.7
Other Expenses 1097.9 1062.3 1453.2 1636.1
Total Operating Expenditure 4737.2 5710.5 6089.3 6928.1
EBITDA 1,341.2 1,368.3 1,751.3 2,019.3 (Purchase)/Sale of FA -223.2 -245.0 -250.0 -280.0
Growth (%) 2.0 28.0 15.3 Increase/decrease in other investment -77.7 -265.3 -50.0 -50.0
Others 334.2 -59.4 -198.0 -308.0
Other Income 148.4 146.6 155.7 177.7
Net CF from Inv Activities 33.2 -569.7 -498.0 -638.0
Interest 15.5 26.1 30.8 34.0
Inc / (Dec) in Equity Capital -0.5 0.0 0.0 0.0
PBDT 1474.1 1488.9 1876.2 2163.0
Inc / (Dec) in Loan Funds 25.0 -11.5 -20.0 -10.0
Depreciation 119.9 132.7 141.1 150.3
Total Outflow of dividend -370.2 -401.1 -555.3 -555.3
Total Tax 392.7 413.3 431.6 507.2
Others -508 21 -31 -134
Profit from Associates 4.6 3.6 4.0 4.4
Net CF from Fin. Activities -853.4 -391.9 -606.1 -699.3
PAT 966.1 928.4 1,285.2 1509.8
Growth (%) -3.9 38.4 17.5
Net Cash flow 63.7 26.8 200.5 194.4
EPS (|) 18.8 18.1 25.1 29.5
Cash and Cash Equi beg. 99.9 163.6 190.4 390.8
Source: Company, ICICI Direct Research
Cash 163.6 190.4 390.8 585.3
Source: Company, ICICI Direct Research

Exhibit 16: Balance sheet | crore Exhibit 17: Key ratios | crore
(Year-end March) FY18 FY19 FY20E FY21E (Year-end March) FY18 FY19 FY20E FY21E
Equity Capital 50.8 50.8 50.8 50.8 Per Share Data
Reserve and Surplus 3523.3 4097.3 4827.2 5681.7 EPS 18.8 18.1 25.1 29.5
Total Shareholders funds 3574.1 4148.1 4877.9 5732.5 Cash EPS 21.2 20.7 27.8 32.4
Total Debt 122.6 111.1 91.1 81.1 BV 69.7 80.9 95.2 111.8
Deferred Tax Liability 110.7 120.1 120.1 120.1 DPS 7.2 7.8 10.8 10.8
Minority Interest 175.0 207.2 209.2 211.2 Operating Ratios
EBITDA Margin 22.1 19.3 22.3 22.6
Total Liabilities 4073.5 4672.4 5384.3 6230.8 PAT Margin 15.9 13.3 16.6 16.9
Return Ratios
Assets RoE 27.0 22.7 26.7 26.3
Total Gross Block 2333.1 2658.1 2908.1 3188.1 RoCE 33.6 29.6 32.8 32.8
Less acc depreciation 1168.3 1301.0 1442.2 1592.5 RoIC 44.7 36.9 43.2 44.9
Net Block 1164.8 1357.0 1465.9 1595.6 Valuation Ratios
Total Fixed Assets 1392.5 1504.8 1613.6 1743.3 EV / EBITDA 50.5 49.5 38.4 33.1
Other Investments 131.0 396.3 446.3 496.3 P/E 71.4 74.3 53.6 45.7
Goodwill on consolidation 177.4 184.99 184.99 184.99 EV / Net Sales 11.2 9.6 8.6 7.5
Market Cap / Sales 11.3 9.7 8.8 7.7
Inventory 804.3 934.5 1035.0 1181.1 Price to Book Value 19.3 16.6 14.1 12.0
Debtors 938.1 1056.0 1203.0 1372.8 Turnover Ratios
Loans and Advances 11.9 12.1 15.3 17.4 Asset turnover 1.5 1.5 1.5 1.4
Other Current Assets 276.0 237.6 263.2 300.3 Debtor Days 56.3 54.5 56.0 56.0
Cash 163.6 190.4 390.8 585.3 Creditor Days 32.7 29.9 29.9 29.9
Total Current Assets 2193.8 2430.5 2907.3 3456.9 Solvency Ratios
Debt / Equity 0.0 0.0 0.0 0.0
Total Current Liabilities 1131.0 1242.1 1365.8 1558.6 Current Ratio 3.4 3.5 3.6 3.6
Net Current Assets 1062.9 1188.4 1541.5 1898.3 Quick Ratio 2.1 2.0 2.1 2.1
Total Assets 4073.5 4672.4 5384.2 6230.9 Source: Company, ICICI Direct Research
Source: Company, ICICI Direct Research

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 Result Update | Pidilite Industries ICICI Direct Research

Exhibit 18: ICICI Direct Coverage Universe (Consumer Discretionary)

CMP M Cap EPS (|) P/E (x) EV/EBITDA (x) RoCE (%) RoE (%)
Sector / Company
(|) TP(|) Rating (| Cr) FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E
Asian Paints (ASIPAI) 1,775 2,050 Buy 170,223 23.0 32.1 38.5 77.1 55.3 46.1 45.2 38.4 31.8 30.4 32.1 33.6 23.2 28.1 28.2
Astral Polytecnik (ASTPOL) 1,086 1,275 Hold 16,362 13.1 18.1 23.7 82.9 60.0 45.8 44.8 35.4 27.6 20.8 22.2 25.4 15.5 17.8 19.2
Bajaj Electricals (BAJELE) 321 270 Sell 3,276 16.3 3.3 11.0 19.7 98.7 29.3 13.9 19.6 14.1 13.8 9.4 12.6 15.5 3.3 10.5
Havells India (HAVIND) 672 720 Hold 41,926 12.7 13.3 18.0 53.0 50.6 37.3 34.5 35.4 26.5 25.3 23.7 27.5 18.7 19.0 22.0
Kansai Nerolac (KANNER) 540 620 Buy 29,102 8.7 11.9 13.7 62.3 45.5 39.5 39.0 32.1 26.5 20.2 21.6 22.9 13.6 17.4 17.5
Pidilite Industries (PIDIND) 1,345 1,475 Hold 68,955 18.8 19.2 24.1 71.5 70.1 55.9 50.4 40.6 35.7 29.6 33.6 34.5 22.7 26.9 27.3
Essel Propack (ESSPRO) 138 95 Reduce 4,336 6.2 7.1 8.0 22.3 19.3 17.3 7.5 6.8 5.9 16.9 16.6 18.5 13.9 13.9 14.9
Supreme Indus (SUPIND) 1,132 1,420 Buy 14,379 35.3 43.0 49.3 32.1 26.3 22.9 19.2 18.0 14.5 25.0 24.7 27.6 18.7 23.1 22.8
Symphony (SYMLIM) 1,216 1,295 Hold 8,507 13.0 23.0 34.1 93.5 52.9 35.7 39.2 65.9 32.4 41.3 18.7 34.0 31.5 16.2 29.2
V-Guard Ind (VGUARD) 234 230 Hold 9,961 3.9 5.0 5.7 60.0 46.8 41.1 53.2 45.0 33.9 23.7 23.7 29.1 17.7 18.4 22.1
Voltas Ltd (VOLTAS) 713 765 Hold 23,581 15.5 18.7 24.3 45.9 38.2 29.4 33.5 35.3 26.3 19.8 17.3 22.5 14.8 12.7 16.3
Time Techno (TIMTEC) 62 70 Hold 1,402 9.0 9.3 10.9 6.9 6.6 5.7 4.5 4.2 4.0 14.9 15.0 14.3 12.2 12.1 11.5
Source: Company, ICICI Direct Research

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 Result Update | Pidilite Industries ICICI Direct Research

RATING RATIONALE
ICICI Direct endeavors to provide objective opinions and recommendations. ICICI Direct assigns ratings to its
stocks according to their notional target price vs. current market price and then categorizes them as Buy, Hold,
Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined
as the analysts' valuation for a stock

Buy: >15%
Hold: -5% to 15%;
Reduce: -15% to -5%;
Sell: <-15%

Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Direct Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

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 Result Update | Pidilite Industries ICICI Direct Research

ANALYST CERTIFICATION
I/We, Sanjay Manyal, MBA (Finance) and Hitesh Taunk, MBA (Finance) 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. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in
the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.

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ICICI Securities | Retail Research 9