11 November 2014

2QFY15 Results Update | Sector: Agri

Jain Irrigation
BSE SENSEX
27,910
Bloomberg

S&P CNX
8,363
JI IN

Equity Shares (m)

443.1

M.Cap. (INR b) / (USD b)

39.9/0.6

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

CMP: INR88

133/56
11/-16/-37

Financials & Valuation (INR Million)

Y/E MAR

2015E 2016E 2017E

Net Sales

64,388 76,059 90,055

EBITDA

8,471 10,664 12,626

Adj PAT

1,424

3,487

5,252

EPS (INR)

3.1

7.5

11.4

Gr. (%)

113.5

144.9

50.6

BV/Sh(INR)

49.0

55.6

65.8

RoE (%)

6.4

14.4

18.7

RoCE (%)

10.1

13.8

16.7

P/E (x)

28.4

11.6

7.7

1.8

1.6

1.3

P/BV (x)

TP: INR120

Buy

Results below expectations: Jain (JI) reported overall revenue of INR12.7b (est.
INR13.3b), as against INR12.1b in 2QFY14, marking a YoY growth of 4.4%. EBITDA
stood at INR1.6b (est. INR1.7b) in 2QFY15, with EBITDA margin at 12.4% YoY (est.
12.8%). Interest costs were flat YoY and stood at INR1.1b in 2QFY15, as against
INR1.1b in 2QFY14. Forex loss for the quarter stood at INR254m due to MTM
impact of INR depreciation on forex loans. PAT for the quarter stood at INR(235m) (est. INR8m), against INR(-807m) in 2QFY14, impacted by forex loss.
Domestic MIS reports strong growth, exports and PE pipes drag growth lower:
Segmental performance during 2Q was mixed, with major positives being 1)
overall Micro Irrigation (MIS) grew by 29.6%, domestic MIS grew by 67.6%, within
which retail business grew by 37% and project business grew by 184%, 2) working
capital trajectory for domestic MIS continued to progress well with sequential
decline in receivable days by 32 days (from 242 to 211 days), 3) PVC pipe business
bounced back in terms of growth, up 21.5% YoY. In terms of negatives, 1) MIS
export performance was worse-than-expected, with a decline of 64% YoY, 2) PE
pipe business declined by 55.5%, 3) fruit processing revenue declined by 12.2%
and 4) MIS working capital up 20 days (QoQ) due to a decline in payable days.
Going forward, MIS margins will be positively impacted by decline in crude related
polymer prices and recent price hikes (~5%) allowed in Maharashtra and Gujarat.
Food processing stake sale on cards: JIs board has approved subsidiarizing the
food processing unit into a 100% subsidiary, which is a step in the right direction,
as this can now be followed by a stake sale and an eventual demerger.
Management highlighted the process of subsidiarizing can take up to four months
from now; and is actively evaluating fund raising in this entity through a 25% stake
sale. Stake sale will ensure accelerated debt reduction for the parent entity and
entry of an external investor will strengthen the overall focus on the business.
Maintain Buy: We expect strong free cash generation over FY14-17E led by
domestic MIS business, which should aid to reduce the debt-equity from 1.8x in
FY14 to 1x in FY17E. We cut the earnings estimates for FY15E and FY16E by 28%
and 15% respectively to reflect the sharp de-growth in PE pipes and MIS exports.
We maintain Buy, with a revised target price of INR120 (16x FY16E EPS of INR7.5).

Atul Mehra (Atul.Mehra@MotilalOswal.com); +91 22 3982 5417

Niket Shah (Niket.Shah@MotilalOswal.com); +91 22 3982 5426
Investors are advised to refer through disclosures made at the end of the Research Report.

Jain Irrigation

Results below expectations

n
n
n
n
n
n

JI reported overall revenue of INR12.7b (est INR13.3b) as against INR12.1b in

2QFY14 marking a YoY growth of 4.4%.
EBITDA stood at INR1.6b (est INR1.7b) in 2QFY15 with EBITDA margins at 12.4%
YoY (est 12.8%).
Interest costs were flat YoY and stood at INR1,152m in 2QFY15 as against
INR1,153m in 2QFY14.
Forex loss for the quarter stood at INR254m due to MTM impact of INR
depreciation on forex loans.
PAT for the quarter stood at INR-235m (est INR8m) as against INR-807m in
2QFY14 impacted by forex loss.
Going forward, MIS margins will be positively impacted by decline in polymer
prices and recent price hikes (~5%) allowed in Maharashtra and Gujarat.

Exhibit 1: Revenue growth at 4.4%

Consolidated Revenue (INR m)
9.0
10.2

4.4
12,702

15,534

2QFY15

3QFY14

18,333

4QFY14

12,171

1QFY14

14,094

2QFY14

11.5
13,746

Growth (YoY) %

1QFY15

22.3

26.6

Source: Company, MOSL

Exhibit 2: EBITDA growth at 3%

EBITDA

Exhibit 3: PAT lower due to forex loss

PAT

Margins (%)

Growth (%)

14.8

Source: Company, MOSL

753

-807

-280.5

NM
-235

2QFY15

203

3QFY14

2QFY14

-603

1QFY14

2,006

1,572

259

NM

1QFY15

12.4

2QFY15

2,562

1QFY15

1,710

12.9

4QFY14

1,523

3QFY14

1QFY14

2,086

12.4

2QFY14

12.5

39.4

23.8

4QFY14

14.0

-155.2

Source: Company, MOSL

Food processing stake sale on cards

n

11 November 2014

JIs board has approved subsidiarizing the food processing unit into a 100%
subsidiary, which is a step in the right direction as this can now be followed
up by stake sale and an eventual demerger.
Management highlighted the process of subsidiarizing can take up to four
months from now; and is actively evaluating fund raising in this entity
through a 25% stake sale. Stake sale will ensure accelerated debt reduction
for the parent entity and entry of an external investor will strengthen the
overall focus on the business.
2

Jain Irrigation

Domestic MIS business posts strong 68% growth led by projects business
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Domestic MIS business grew by 68% led by strong growth in the project business
which grew by 184% YoY from INR466m to INR1,322m and healthy growth in
retail business which grew by 37% this quarter from INR1,589m to INR2,177m.
Growth in retail MIS business seen in all geographies (Maharashtra by 31%,
North East by 43% and Gujarat by 25%).
Exports declined sharply by 64% YoY from INR878m to INR318m as one large
order amounting to INR1.25b from Africa executed during the previous year
which no longer recurs in FY15.
Going forward, management is confident of posting 15-20% growth in MIS
business in FY15 with retail contributing INR13b, projects contributing INR4b
and exports contributing the balance INR2.5b to INR3.0b.
NBFC-Sustainable Agro Finance (SAFL) has disbursed loan of INR0.4b in 1HFY15.
Loan Book of SAFL stood at INR1.3b as on 1HFY15.

Exhibit 4: MIS business growth by segment

Segment

MIS business contribution by segment

2QFY14

2QFY15

YoY

Segment

2QFY14

2QFY15

YoY

1,589

2,177

37%

Retail

54%

57%

3%

Project

466

1,322

184%

Project

16%

35%

19%

Export

878

318

-64%

Export

30%

8%

-22%

2,933

3,817

30%

Total

100%

100%

0%

Retail

Total

Source: Company, MOSL

Most of government subsidy receivables have been recovered

n

n
n

Government subsidy receivables have been reduced from INR9.7b in FY12 to

INR2.6b in 2QFY15. This has been led shift in favor of business to more
progressive states like Maharashtra, Gujarat and Rajasthan.
Management believes government subsidy receivables will further decline to
less than INR2.0b in FY15. This is despite higher growth for the MIS business.
Further, if we adjust for project receivable days, retail receivable days for
1HFY15 stand at 170 days. Management is targeting retail receivable days of 135
for FY16.
However, in the project business, receivables increased by INR0.4b QoQ.
Milestone based payments in project business will help reduce receivable days
to be less than 200 days receivables by the end of FY15 as against 365 days
currently. Hence, on a blended basis receivable days will decline to 180 for FY15.

Exhibit 5: Break-up of MIS receivables

MIS -Receivables

FY12

FY13

FY14

1QFY15

2QFY15

Dealer

2.5

1.7

2.2

2.1

1.7

Institutional

1.8

1.1

1.3

1.2

1.2

Project

3.1

2.4

3.4

4.0

4.4

Govt. Subsidy

9.7

7.1

3.9

3.4

2.6

Export

0.6

0.4

1.0

0.8

0.6

Total

17.7

12.7

11.9

11.5

10.5

Source: Company, MOSL

11 November 2014

Jain Irrigation

MIS working capital improvement on track

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Receivable days in MIS business reduced from 279 days in 2QFY14 (243 days in
1QFY15) to 211 days in 2QFY15.
Inventory days in MIS business reduced from 113 days to 102 days YoY.
Net working capital reduced from 317 days to 255 days in MIS business.
Management is confident about the new MIS business model and lower project
receivables and expects receivables to decline to < 180 days by FY15 end.
Cash based model is now operational in Maharashtra, Karnataka and Madhya
Pradesh. By end of FY15, most of the retail business will be cash based.
Target for MIS gross receivables is 180 days in FY15, 120 days in FY16.

Exhibit 6: MIS strong domestic growth, exports declined

MIS revenue (INR M)
25.7

Net Working Capital

296

317

306
255

255

10.2
4,074

6,225

4,248

3,801

4QFY14

1QFY15

2QFY15

1QFY14

2QFY14

3QFY14

4QFY14

Source: Company, MOSL

Exhibit 8: MIS inventory days decreased by 9 days YoY

116

235

2,933

3QFY14

1QFY14

3,855

Growth (YoY %)
29.6

17.2

2QFY14

16.5

24.8

Exhibit 7: MIS net working capital days decline 62 days YoY

Inventory days
113

103

102

1QFY15

2QFY15

2QFY15

Source: Company, MOSL

Exhibit 9: MIS receivable days decreased by 68 days YoY

308

113

1QFY15

Debtor days (Gross)

279

265

257

243

211

98

1QFY14

2QFY14

3QFY14

4QFY14

Source: Company, MOSL

11 November 2014

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

2QFY15

Source: Company, MOSL

Jain Irrigation

PVC piping business growth recovers; PE pipes reports weak performance

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PVC piping business grew by 21.5% YoY from INR1.1b in 2QFY14 to INR1.3b in
2QFY15. PE piping segment revenues declined by 55.5% YoY.
PE sheets business recorded also reported weak performance with -30% growth.
Inventory days in piping business reduced from 60 days to 37 days.
Receivable days in piping business reduced from 58 days to 49 days.
Net working capital remained negative at -11 days in piping business.

Exhibit 10: PVC Piping revenue growth bounces back

36.5

PVC Pipes Revenue (INR m)

1.6
3,247

1,089

3.0

-8.3
2,440

Exhibit 11: Piping net working capital days negative

Growth (YoY %)

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

2QFY15

21.5

-20.6

-7
2,578

1,323

-8

-11

-11

1,976

2QFY15

1QFY15

4QFY14

3QFY14

-20
Net Working Capital

Source: Company, MOSL

Exhibit 12: Piping inventory days down 23 days YoY

1QFY14

60

2QFY14

Exhibit 13: Piping receivable days down 9 days YoY

Inventory days

58

54

3QFY14

Debtor days (Gross)

67

35

37

37

4QFY14

1QFY15

2QFY15

51
39

1QFY14

2QFY14

3QFY14

4QFY14

Source: Company, MOSL

Exhibit 14: PE piping revenues decline 55% YoY

PE Piping Revenue

1QFY15

49

2QFY15

Source: Company, MOSL

Exhibit 15: PVC Sheets revenues decline 30% YoY

Growth (YoY %)

PVC Sheets revenue

197.7

Rev. YoY

117
95.9

65

3QFY14

4QFY14

753

539

604

676

4QFY14

2QFY14

696

19.1

3QFY14

1,259

22
-17
342

2QFY14

1,479

-55.4

1QFY14

1,688

-7.5

2QFY15

752

1QFY14

-3.3

1QFY15

22.8

Source: Company, MOSL

11 November 2014

44

407

-30.0
377

2QFY15

58

Source: Company, MOSL

1QFY15

2QFY14

1QFY14

-16

Source: Company, MOSL

Jain Irrigation

Food processing business reports mixed performance

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n

Fruit processing reported mixed performance with onion business posting

strong 40% growth while fruit processing revenues declined 12% YoY.
Inventory days in Food processing business reduced from 315 days to 276 days
in 2QFY15. Receivable days in Food processing business increased from 66 days
to 102 days. Net working capital increased from 155 days to 195 days.
Management is confident of concluding stake sale in food processing business in
FY15 and has thus approved subsidarization this business this quarter.

Exhibit 16: Dehydrated Onions growth trend

31.7

920

652

616

2QFY15

286

2QFY14

3QFY14

264

4QFY14

802

1300

Debtor days (Gross)

276
66

190

1QFY14

1,946

Source: Company, MOSL

Exhibit 19: FP receivable days up 36 days YoY

Inventory days
315

963

1QFY15

913

4QFY14

3QFY14

Exhibit 18: FP inventory days down 39 days YoY

881

3QFY14

2QFY14

Source: Company, MOSL

345

47.6

39.6

-12.2

2QFY14

439

Rev. YoY

-16.3

1QFY14

495

172

49.1

40.4

-29.5

1QFY14

8.9

Fruit Processing revenue (INR m)

50.7

19.3

1QFY15

74.9

Rev. YoY

4QFY14

Onion Dehydration revenue (INR m)

Exhibit 17: Fruit processing growth trend

88

87

4QFY14

1QFY15

102

66
48

1QFY15

2QFY15

1QFY14

2QFY14

3QFY14

Source: Company, MOSL

2QFY15

Source: Company, MOSL

Exhibit 20: FP net working capital days increased by 40 days YoY

Net Working Capital

162

155

195

176
135
78

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

2QFY15

Source: Company, MOSL

11 November 2014

Jain Irrigation

Net working capital on an improvement trajectory

n

On a consolidated (C/L) basis net working capital reduced from 174 days to 158
days in 2QFY15 (145 days in 1QFY15).

Exhibit 21: C/L inventory days declined by 14 days YoY

Exhibit 22: C/L receivable days declined by 26 days YoY

Inventory days
137

135

126
104

1QFY14

2QFY14

3QFY14

4QFY14

Debtor days (Gross)

141

137

119

121

1QFY15

2QFY15

1QFY14

2QFY14

123

129

122

115

3QFY14

4QFY14

1QFY15

2QFY15

Source: Company, MOSL

Source: Company, MOSL

Exhibit 23: C/L net working capital days declined by 16 days YoY
Net Working Capital
162

1QFY14

174

2QFY14

161

3QFY14

158

142

145

4QFY14

1QFY15

2QFY15

Source: Company, MOSL

Consolidated debt to reduce by INR3b annually

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n

11 November 2014

Consolidated Net debt for 2QFY15 stood at INR42.4b as against INR39.8b in

1QFY15, marking an increase of INR2.6b on a QoQ basis.
Increase in debt sequentially was primarily seasonal as higher inventory needs
to be stocked for the fruit processing business in 1H.
On a YoY basis debt was flat at INR42.4b vs INR41.9b.
Interest costs were flat YoY and stood at INR1,152m as against INR1,153m.
Management is targeting to reduce debt by atleast INR3b in FY15 by improving
working capital efficiency. Capex for FY15 is expected to be INR2.0b.

Jain Irrigation
Exhibit 24: Standalone net debt

Exhibit 25: Consolidated net debt

Standalone Net Debt (INR b)

30.8

Consolidated Net Debt (INR b)

31.6

31.1

29.9

41.9

29.4

42.4

42

40.1

39.8

28.2

1QFY14

2QFY14

3QFY14

4QFY14

38.9

1QFY15

2QFY15

1QFY14

2QFY14

3QFY14

4QFY14

Source: Company, MOSL

1QFY15

2QFY15

Source: Company, MOSL

Exhibit 26: Debt Equity to decline from 1.8x in FY14 to 1.0x in FY17
Net Debt (INR m)
2.0

34,442

1.6

1.8

35,654

38,601

Net DER (x)

1.6

1.3

35,651

33,183

1.0

30,390
FY12

FY13

FY14

FY15E

FY16E

FY17E

Source: Company, MOSL

Exhibit 27: RoCE to improve from 10.0% to 16.7%

Exhibit 28: RoE to improve from 3.1% to 18.7%

RoCE (%)
16.7
14.0

14.4

13.5

13.8
10.8

FY12

18.7

RoE (%)

FY13

10.0

FY14

10.1

FY15E

6.4

FY16E

FY17E

Source: Company, MOSL

11 November 2014

FY12

2.4

3.1

FY13

FY14

FY15E

FY16E

FY17E

Source: Company, MOSL

Jain Irrigation

Story in charts
Exhibit 29: JI is the market leader in MIS business in India

Exhibit 30: MIS penetration in India is lowest in world

MIS penetration across countries (%)

Market share of key players in micro irrigation systems in India

55%

90%

78%

65%

25%

20%

55%

52%

10%
Jain Irrigation

Netafim

Others

Israel

Russia

Spain

US

Brazil

Source: Company, MOSL

Exhibit 31: Gross debtors set to decline

369

343

Net Debt (INR m)

2.0

257
180

FY10

FY11

FY12

FY13

1.6

150

FY14 FY15E FY16E

1.8

FY12

35,654

1.6

FY13

35,651

FY14

Source: Company, MOSL

Exhibit 33: Food processing is another key opportunity for JI

Net DER (x)

1.3

38,601
34,442

FY09

India

Exhibit 32: Hence, debt to equity to decline from 1.8x to 1.3x

329

255

China

Source: Company, MOSL

Gross Sundry Debtors

316

3%

FY15E

33,183
FY16E

Source: Company, MOSL

Exhibit 34: RoE to improve to 13.8% in FY16E

RoCE (%)
14.0

FY12

Source: Company, MOSL

11 November 2014

13.8
10.8

10.0

10.1

FY13

FY14

FY15E

FY16E

Source: Company, MOSL

Jain Irrigation

Jain Irrigation: an investment profile

Company description

Established in 1986, JI is a transnational organization

headquartered at Jalgaon, Maharashtra, India. JI
employs over 5,000 associates and manufactures a
number of products, including drip and sprinkler
irrigation systems, PVC & PE piping systems, plastic
sheets, green houses, bio-fertilizers, solar products
including
water-heating
systems,
photovoltaic
appliances and solar pumps. JI processes fruits and
vegetables into aseptic concentrates, frozen fruits and
dehydrated vegetables, respectively. It has 21
manufacturing plants spread over 5 continents and its
products are supplied to 110 countries through 3,000
dealers and distributors worldwide.

Thus, we expect gross debtor days in MIS

business to decline from 257 days in FY14 to 150
days in FY16.
The new government at the Center can possibly
replicate GGRC model across other states which
can be a game changer event for MIS players like
JI.

Key investments risks

n
n
n

High receivables.
Increase in raw material price.
Reduction/removal of subsidy provided for micro
irrigation equipments.

Valuation and view

Key investments arguments

JIs management has moved away from doing

business in TN, Karnataka and AP due to substantial
delays in payments. As a result, revenue
contribution from these states has declined from
21% in FY12 to 8% in FY14 and is further slated to
decline to 3% of total MIS revenue in FY16E.
JI is focusing on NBFC-based model wherein
payment to dealers will be made instantly by the
farmer and farmers financiers.

Target price and recommendation

Current
Price (INR)
88

EPS: MOSL forecast v/s consensus (INR)

Target
Price (INR)

Upside
(%)

Reco.

120

36.4

Buy

Shareholding pattern (%)

MOSL
Forecast
FY15
FY16

3.1
7.5

Consensus
Forecast
3.8
6.5

Variation
(%)
-18.2
16.3

Stock performance (1-year)

Sep-14

Jun-14

Sep-13

28.7

28.7

27.5

DII

3.3

3.5

0.8

FII

48.0

51.0

52.7

Others

20.1

16.8

19.1

Promoter

We expect strong free cash generation over

FY14-17E led change in business model for
domestic MIS, which should aid to reduce the
debt-equity from 1.8x in FY14 to 1.0x in FY17E.
We cut our earnings estimates for FY15E and
FY16E by 28% and 15% respectively to reflect
sharp de-growth in PE pipes and MIS exports. We
maintain Buy, with a revised TP of INR120 (16x
FY16E EPS of INR7.5).

Note: FII Includes depository receipts

11 November 2014

10

Jain Irrigation

Financials and valuations

Income statement
Y/E March
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Min. Int. & Assoc. Share
Adj Cons PAT

(INR Million)
2014
58,281
16.1
7,700
13.2
2,045
5,654
4,676
463
2,300
-860
-462
53.7
-398
667
34.9
0
667

2015E
64,388
10.5
8,471
13.2
2,455
6,016
4,534
193
254
1,421
213
15.0
1,208
1,424
113.5
0
1,424

Balance sheet
Y/E March
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets

11 November 2014

2016E
76,059
18.1
10,664
14.0
2,563
8,101
3,969
228
0
4,360
872
20.0
3,488
3,488
144.9
0
3,487

2017E
90,055
18.4
12,626
14.0
2,692
9,934
3,639
270
0
6,565
1,313
20.0
5,252
5,252
50.6
0
5,252

(INR Million)
2014
925
20,831
21,755
40,583
1,412
63,955
41,514
13,742
27,771
807
14
52,258
18,364
17,994
1,968
13,932
18,089
17,473
617
34,169
63,955

2015E
925
21,714
22,639
37,583
1,412
61,838
44,621
16,197
28,423
0
14
52,334
20,268
16,917
1,918
13,230
20,127
19,503
624
32,207
61,839

2016E
2017E
925
925
24,768 29,479
25,693 30,404
34,583 31,583
1,412
1,412
61,893 63,604
46,921 49,221
18,760 21,452
28,160 27,768
0
0
14
14
56,850 64,054
23,598 27,957
17,279 18,882
1,386
1,179
14,587 16,037
24,325 29,427
23,527 28,445
798
982
32,524 34,627
61,893 63,604
E: MOSL Estimates

Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)

2014

2015E

2016E

2017E

1.4
5.9
47.0
0.6
-68.0

3.1
8.4
49.0
0.7
26.9

7.5
13.1
55.6
0.9
12.4

11.4
17.2
65.8
1.1
10.3

60.7
14.9
1.9
1.4
10.3
0.7

28.4
10.4
1.8
1.2
9.0
0.8

11.6
6.7
1.6
1.0
6.9
1.0

7.7
5.1
1.3
0.8
5.6
1.3

3.1
10.0

6.4
10.1

14.4
13.8

18.7
16.7

0.9
109.7
115.0
96.9

1.0
95.1
114.9
98.5

1.2
82.2
113.2
102.2

1.4
75.8
113.3
105.0

1.8

1.6

1.3

1.0

2014
-860
2,045
0
4,676
41
-1,551
5,731
-2,615
-407
138
-2,885
0
1,216
-4,638
-265
-3,202
-356
2,324
1,968

2015E
1,675
2,455
0
4,340
213
1,912
9,915
-2,300
0
193
-2,107
0
-3,000
-4,534
-325
-7,859
-50
1,968
1,918

2016E
4,360
2,563
0
3,741
872
-850
8,942
-2,300
0
228
-2,072
0
-3,000
-3,969
-433
-7,402
-532
1,918
1,386

Cash flow statement

Y/E March
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance

(INR Million)
2017E
6,565
2,692
0
3,369
1,313
-2,310
9,003
-2,300
0
270
-2,030
0
-3,000
-3,639
-541
-7,180
-207
1,386
1,179

11

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