INDIA

Indraprastha Medical Corp.

Healthcare

Result Update

26 May 2014
Rs54 Key Data

Target Price

Moderate growth

Rs43 Bloomberg Code

CMP*

We maintain Buy rating on Indraprastha Medical Corporation (IMCL) with a

revised target price of Rs54 (earlier Rs60) based on 8xFY16E EPS of Rs6.7. IMCLs
results for Q4FY14 were below our expectations. The company reported moderate
revenue growth of 7%, 150bps decline in EBIDTA margin and 11% growth in net
profit. Increase in material cost, consultation fees to the doctors and other
expenses led to decline in margin during the quarter. The company has better
return ratios and higher dividend yield than its peers. Key risks to our
assumptions include slowdown in the healthcare segment and increased
competition from large players.

Moderate revenue growth: IMCL reported moderate revenue growth of 7%YoY to
Rs1.67bn from Rs1.57bn during the quarter. However, revenue growth in FY14 was
higher at 12%YoY due to higher growth in previous quarters. We expect revenues
to grow at 16% over the next two years in view of increased occupancy at Sarita
Vihar hospital and increase in revenues from the outpatient department.
 Lower revenue growth results in drop in margins: IMCLs EBIDTA margin during
the quarter fell by 150bps YoY to 11.5% from 13.0% due to the increase in the
material cost, consultant fees to doctors and other expenses. The companys
material cost grew by 90bps to 23.3% from 22.4% due to lower sales growth.
Consultant fees to doctors were up by 70bps YoY to 25.7% from 25.0%.Other
expenses grew by 70bps to 19.1% from 18.4%. However, personnel expenses
declined by 90bps to 20.4% from 21.3%.
 Net profit indicates moderate growth: IMCLs net profit for the quarter grew by
11%YoY to Rs72mn from Rs65mn due to 150bps drop in EBIDTA margin. The
companys interest cost declined by 13%YoY to Rs22mn from Rs25mn due to the
better management of working capital. Its depreciation was marginally up to
Rs70mn from Rs69mn. IMCLs tax rate came down to 34.4% from 45.1% of PBT.
 Recommendation and key risks: We have revised our FY15 and FY16 EPS
estimates downwards by 12% and 9% respectively. At the CMP of Rs43, the stock
trades at 8.4x FY15E EPS of Rs5.0 and 6.3x FY16E EPS of Rs6.7 and 5.2x FY17E EPS of
Rs8.1. We maintain Buy rating with a target price of Rs54 based on 8x FY16E EPS of
Rs6.7 with an upside of 26.3% over CMP. Key risks to our assumptions include
slowdown in the healthcare segment and increased competition from large players.
Particulars (Rs mn)

Buy

Q4FY14

Q4FY13

YoY Gr%

Q3FY14

QoQ Gr%

Q4FY14E

%Var.

1671
1,478
193
11.5
8
201
109
38
72

1567
1,363
204
13.0
9
212
118
53
65

6.6
8.4
(5.3)

1,677
1,456
221
13.2
1
222
125
47
78

(0.4)
1.5
(12.8)

1809
1,555
254
14.0
3
257
155
55
100

(7.6)
(5.0)
(24.1)

Total income
Total Expenditure
EBIDTA
EBIDTA Margin (%)
Other income
PBDIT
PBT
Prov. For tax
PAT

(9.3)
(5.4)
(7.5)
(29.5)
10.5

(9.5)
(12.3)
(19.5)
(8.0)

160.0
(21.9)
(29.5)
(31.6)
(28.4)

Source: Company, Centrum Research Estimates

IPMC IN

26.3% Curr Shares O/S (mn)

Upside

91.7

Previous Target

Rs60 Diluted Shares O/S(mn)

Previous Rating

Buy Mkt Cap (Rsbn/USDmn)

91.7
3.9/67

52 Wk H / L (Rs)

Price Performance (%)*

45/29.2

1M

6M

1Yr

5 Year H / L (Rs)

IPMC IN

6.2

20.3

16.3

Daily Vol. (3M NSE Avg.)

45/25

Nifty

7.7

22.9

23.5

146922

Source: Bloomberg, Centrum Research, *as on 23 May 2014

Shareholding pattern* (%)

Mar-14

Dec-13

Sept-13

June-13

51.0

51.0

51.0

51.0

FIIs

0.5

0.0

0.0

0.0

DIIs

0.9

0.9

0.9

0.9

47.6

48.1

48.1

48.1

Promoter

Others

Source: BSE, *as on 23rd May 2014

Trend in EBIDTA margin (%)

16

14.5

14.3

13.2

13.0

11.5

12

0
Q4FY13

Q1FY14

Q2FY14

Q3FY14

Q4FY14

Source: Company, Centrum Research

Trend in material cost (%)

24
23.3
22.9

23

22.4
21.9

22
21.1
21

20
Q4FY13

Q1FY14

Q2FY14

Q3FY14

Q4FY14

Source: Company, Centrum Research

Earning Revision
Particulars
(Rs mn)

FY15E

FY16E

New

Old

Chg (%)

New

Old

Chg (%)

Sales

7,865

8,030

(2.1)

9,128

9,328

(2.1)

EBITDA

1,114

1,207

(7.7)

1,383

1,481

(6.6)

EBITDA Margin (%)

14.2

15.0

(80)bps

15.2

15.9

(70)bps

PAT

458

518

(11.6)

611

670

(8.8)

Source: Centrum Research

Ranjit Kapadia, ranjit. kapadia@centrum.co.in; 91 22 4215 9645

Y/E Mar (Rsmn)

FY13
FY14
FY15E
FY16E
FY17E

Revenue
6,067
6,776
7,865
9,128
10,285

YoY (%)
16.3
11.7
16.1
16.1
12.7

EBITDA
785
909
1,114
1383
1638

EBITDA (%)
12.9
13.4
14.2
15.2
15.9

Adjust. PAT
288
355
458
611
738

YoY (%)
6.5
23.4
29.1
33.4
20.8

DEPS Rs.
3.1
3.9
5.0
6.7
8.1

RoE (%)
17.4
19.8
23.0
26.6
27.1

RoCE (%)
13.7
16.1
19.1
22.4
24.1

Source: Company, Centrum Research Estimate

Centrum Equity Research is available on Bloomberg, Thomson Reuters and FactSet

P/E (x)
13.7
11.1
8.6
6.5
5.3

EV/EBITDA (x)
5.6
4.7
3.7
2.9
2.3

Other developments
 The constant fee for FY14 was 25.7% of revenues. This is likely to come down to 25.6% in FY15,
25.4% in FY16 and 25.2% in FY17. Consultant fees depend on patient composition, indoor and
outdoor patients and high value surgeries performed at the hospitals. This is shown in the
following chart:
Exhibit 1: Consultant fees
26.4

26.2

26.2
26.0
25.8
25.7

(%)

25.8

25.6

25.6

25.4

25.4
25.2

25.2

25.2

25.0
24.8
24.6
FY11

FY12

FY13
FY14
As % of revenues

FY15E

FY16E

FY17E

Source: Centrum Research

 We expect 16.0% CAGR in revenues, 23.3% CAGR in EBIDTA and 31.2% CAGR in net profit for IMCL
for FY14-FY16. These figures are better than that of its competitors.
 The next hearing of the Supreme Court case for the PIL filed against the company is scheduled for
October14.

Earnings Revision
We have revised our FY15 and FY16 EPS estimates downwards by 12% and 9% respectively. At the
CMP of Rs43, the stock trades at 8.4x FY15E EPS of Rs5.0 and 6.3x FY16E EPS of Rs6.7 and 5.2x FY17E
EPS of Rs8.1. Our target price of Rs54 is based on 8x FY16E EPS of Rs6.7 with an upside of 26.3% over
CMP. Key risks to our assumptions include slowdown in the healthcare segment and increased
competition from the large players.
Exhibit 2: Earning revision
Particulars

FY15E

FY16E

Current

Earlier

Chg(%)

Current

Earlier

Chg(%)

Sales

7,865

8,030

(2.1)

9,128

9,328

(2.1)

EBIDTA

1,114

1,207

(7.7)

1,383

1,481

(6.6)

EBIDTA margin (%)

14.2

15.0

(80)bps

15.2

15.9

(70)bps

Net profit

458

518

(11.6)

611

670

(8.8)

Source: Centrum Research

Indraprastha Medical Corp.

Valuation & key risks

Exhibit 3: Sensitivity Analysis
Sensitivity to key variables FY15E

% change

% impact on EBITDA

% impact on EPS

1
1

7.1
(1.5)

17.2
(3.7)

Sales
Material cost
Source: Company, Centrum Research Estimates

Exhibit 5: 1 year forward P/E chart

10

14

12

10

EV/EBITDA
Mean + Std Dev

Mean
Mean - Std Dev

P/E
Mean + Std Dev

May-14

Nov-13

May-13

Nov-12

May-12

Nov-11

May-11

Nov-10

May-10

Nov-09

May-09

May-08

May-14

Nov-13

May-13

Nov-12

May-12

Nov-11

May-11

Nov-10

May-10

Nov-09

May-09

Nov-08

May-08

Nov-08

Exhibit 4: 1 year forward EV/EBITDA chart

Mean
Mean - Std Dev

Source: Bloomberg, Company, Centrum Research Estimates

Source: Bloomberg, Company, Centrum Research Estimates

Exhibit 6: Comparative Valuations

Sector

EBITDA Margin (%)

PE (x)
EV/EBITDA (x)
RoE (%)
Div Yield (%)
Mkt Cap CAGR FY14-FY16E (%)
(Rs mn) Rev. EBITDA PAT FY14A/E FY15E FY16E FY14A/E FY15E FY16E FY14A/E FY15E FY16E FY14A/E FY15E FY16E FY14A/E FY15E FY16E

Indraprastha
Medical
Apollo Hospitals

23.3

31.2

13.4

14.2

15.2

11.1

8.6

6.5

4.7

3.7

2.9

19.8

23.0

26.6

4.2

4.7

5.1

127,571

18.6

11.9

15.8

15.8

15.9

16.0

37.1

30.8

25.1

19.5

16.5

13.8

11.8

13.0

14.3

0.7

0.7

0.9

Fortis Healthcare

52,295

4.8

(8.6)

(75.3)

5.7

6.5

8.5

(385.9)

116.4

39.0

29.8

26.8

17.5

(0.8)

0.6

2.8

3,942 16.0

Source: Company, Centrum Research Prices as on 23rd May14

Indraprastha Medical Corp.

Quarterly financials, Operating Metrics and Key Performance Indicators

Exhibit 7: Quarterly Financials
PARTICULARS (Rs mn)
P&L
Total Revenues
Material cost
Personnel expenses
Consultancy fees to doctors
Other expenses
Total Expenses
EBIDTA
Other income
PBDIT
Depreciation
Interest
Profit before tax
Tax provision
Net profit
Growth (%)
Revenues
EBIDTA
Net profit
Margin (%)
EBIDTA
Profit before tax
Net margin

Q1FY13

Q2FY13

Q3FY13

Q4FY13

Q1FY14

Q2FY14

Q3FY14

Q4FY14

1,484
372
287
403
230
1,293
191
5
196
58
15
123
42
81

1,516
364
314
398
246
1,321
195
1
196
63
17
115
38
77

1,500
337
332
396
240
1,305
196
1
196
69
29
99
34
65

1,567
351
333
392
288
1,363
204
9
212
69
25
118
53
65

1,656
379
325
422
292
1,418
237
1
238
70
25
144
48
96

1,773
388
381
453
293
1,515
257
1
258
71
23
164
55
109

1,677
354
371
436
295
1,456
221
1
222
71
26
125
47
78

1,671
389
341
430
318
1,478
193
8
201
70
22
109
38
72

17.6
13.7
15.7

17.4
14.2
9.7

16.0
32.4
18.5

14.4
12.4
(13.7)

11.6
24.1
18.4

16.9
31.8
41.4

11.8
12.9
20.1

6.6
(5.3)
10.5

12.9
8.3
5.5

12.9
7.6
5.1

13.0
6.6
4.3

13.0
7.5
4.1

14.3
8.7
5.8

14.5
9.2
6.1

13.2
7.4
4.6

11.5
6.5
4.3

Source: Company, Centrum Research

Exhibit 8: Key performance indicators

Key performance indicator
Sales Growth %
Consultantation fees %
Material cost %

FY13

FY14

FY15E

FY16E

FY17E

16.3
26.2
23.4

11.7
25.7
22.3

16.1
25.6
21.9

16.1
25.4
21.4

12.7
25.2
21.1

Source: Centrum Research Estimates

Indraprastha Medical Corp.

Financials -standalone
Exhibit 9: Income Statement

Exhibit 11: Balance Sheet

Y/E March

FY13

FY14

FY15E

FY16E

FY17E

Y/E March

Net Sales
Material Cost
% of sales
Personnel Expenses
% of sales
Other Expenses
% of sales
Operating Expenses
% of sales
EBIDTA
-EBIDTA margin (%)
Depreciation
EBIT
Interest Income/(expenses)
PBT from operations
Other non operating income
PBT
-PBT margin (%)
Provision for tax
Effective tax rate (%)
Net profit
Adj. PAT

6,067
1,423
23.4
1,266
20.9
2,593
42.7
5,282
87.1
785
12.9
259
527
(86)
440
14
455
7.5
167
36.7
288
288

6,776
1,510
22.3
1,418
20.9
2,939
43.4
5,867
86.6
909
13.4
281
627
(96)
532
10
542
8.0
187
34.5
355
355

7,865
1,720
21.9
1,635
20.8
3,396
43.2
6,751
85.8
1,114
14.2
312
802
(117)
685
13
698
8.9
240
34.4
458
458

9,128
1,950
21.4
1,870
20.5
3,925
43.0
7,745
84.8
1,383
15.2
337
1,046
(140)
906
25
931
10.2
320
34.4
611
611

10,285
2,170
21.1
2,085
20.3
4,392
42.7
8,647
84.1
1,638
15.9
368
1,270
(165)
1,105
28
1,133
11.0
395
34.9
738
738

Share capital
Reserves & surplus
Total shareholder's fund
Loan fund
Minority interest
Deferred tax liability
Total capital employed
Gross block
Accumulated depreciation
Net Block
Capital WIP
Net fixed assets
Deferred tax asset
Intangible assets
Investments
Cash and bank
Inventories
Debtors
Other current assets and loans and
advances
Total current assets and loans and
advances
Current liabilities and provisions
Net current assets
Total assets

FY13

FY14

FY15E

FY16E

FY17E

16.3
17.6
6.5

11.7
15.7
23.4

16.1
22.6
29.1

16.1
24.1
33.4

12.7
18.4
20.8

12.9
8.9
4.7

13.4
9.4
5.2

14.2
10.4
5.8

15.2
11.7
6.7

15.9
12.6
7.2

17.4
13.7
22.0

19.8
16.1
25.0

23.0
19.1
32.3

26.6
22.4
38.8

27.1
24.1
43.7

6.6
28.2
92.7

6.5
31.5
89.2

6.4
31.4
89.0

6.6
31.2
90.3

7.0
31.8
90.1

0.3
0.3
0.8
6.3

0.2
0.2
0.8
6.7

0.2
0.1
0.9
7.0

0.2
0.0
1.0
7.7

0.1
(0.1)
1.1
7.9

1.6
3.7
51.0

1.8
4.2
46.5

2.0
4.7
40.0

2.2
5.1
33.0

2.4
5.6
29.8

3.1
3.1
3.1
18.7
6.0

3.9
3.9
3.9
20.4
6.9

5.0
5.0
5.0
23.1
8.4

6.7
6.7
6.7
27.1
10.3

8.1
8.0
8.1
32.3
12.1

13.7
2.3
5.6
0.7

11.1
2.1
4.7
0.6

8.6
1.9
3.7
0.5

6.5
1.6
2.9
0.4

5.3
1.3
2.3
0.4

Source: Company, Centrum Research Estimates

Exhibit 10: Key Ratios

Y/E March

FY13

FY14

FY15E

FY16E

FY17E

917
793
1,710
519
338
2,566
5,068
(2,069)
2,998
5
3,003
48
117
525

917
955
1,871
408
355
2,634
5,281
(2,351)
2,930
17
2,947
55
124
644

917
1,196
2,113
470
370
2,953
5,788
(2,663)
3,126
20
3,146
275
153
710

917
1,569
2,486
450
377
3,313
6,260
(3,000)
3,261
25
3,286
381
178
850

917
2,048
2,964
360
390
3,714
6,830
(3,368)
3,463
33
3,496
556
214
940

688

719

1,044

1,195

1,515

1,378

1,541

2,181

2,604

3,225

1,815
(437)
2,566

1,854
(313)
2,634

2,373
(192)
2,953

2,576
28
3,313

3,006
219
3,714

FY13

FY14

FY15E

FY16E

FY17E

288
259
113
24
683

355
281
(118)
18
536

458
312
100
15
885

611
337
(114)
7
841

738
368
(16)
13
1,103

Cash flow from investments

Capex
Cash flow from investments

(504)
(504)

(225)
(225)

(511)
(511)

(477)
(477)

(578)
(578)

Cash flow from financing

Inc / (dec) in long term debt
Dividends paid
Cash flow from financing

(6)
(171)
(176)

(111)
(193)
(304)

62
(216)
(154)

(20)
(238)
(258)

(90)
(260)
(350)

220

106

175

Source: Company, Centrum Research Estimates

Exhibit 12: Cash Flow

Growth Matrices (%)

Net sales
EBIDTA
Adjusted PAT
Profitability Matrices (%)
EBIDTA margin
EBIT margin
PAT margin
Return ratios (%)
ROE
ROCE
ROIC
Turnover Ratios (days)
Inventory
Debtors
Creditors
Solvency Ratio (X)
Debt-equity
Net Debt -equity
Liquidity ratio
Interest coverage
Dividend
DPS Rs.
Dividend Yield (%)
Dividend Payout (%)
Per share (Rs)
Basic EPS (reported)
FDEPS (reported)
FDEPS(adjusted)
BVPS
CEPS
Valuation metrices (x)
P/E
P/BV
EV/EBIDTA
EV/Sales

Y/E March
Cash flow from operations
Net Profit
Depreciation and amortization
Change in working capital
Deferred tax liability
Cash flow from operations

Net Cash Flow

Source: Company, Centrum Research Estimates

Source: Company, Centrum Research Estimates

Indraprastha Medical Corp.

Appendix A
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The projections and forecasts described in this report were based upon a number of estimates and assumptions and are inherently subject to significant
uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates
on which the projections and forecasts were based will not materialize or will vary significantly from actual results, and such variances will likely increase
over time. All projections and forecasts described in this report have been prepared solely by the authors of this report independently of the Company.
These projections and forecasts were not prepared with a view toward compliance with published guidelines or generally accepted accounting
principles. No independent accountants have expressed an opinion or any other form of assurance on these projections or forecasts. You should not
regard the inclusion of the projections and forecasts described herein as a representation or warranty by or on behalf of the Company, Centrum, the
authors of this report or any other person that these projections or forecasts or their underlying assumptions will be achieved. For these reasons, you
should only consider the projections and forecasts described in this report after carefully evaluating all of the information in this report, including the
assumptions underlying such projections and forecasts.
The price and value of the investments referred to in this document/material and the income from them may go down as well as up, and investors may
realize losses on any investments. Past performance is not a guide for future performance. Future returns are not guaranteed and a loss of original capital
may occur. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to
change without notice. Centrum does not provide tax advice to its clients, and all investors are strongly advised to consult regarding any potential
investment. Centrum and its affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Foreign currencies
denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from
the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume currency risk.
Certain transactions including those involving futures, options, and other derivatives as well as non-investment-grade securities give rise to substantial
risk and are not suitable for all investors. Please ensure that you have read and understood the current risk disclosure documents before entering into any
derivative transactions.
This report/document has been prepared by Centrum, based upon information available to the public and sources, believed to be reliable. No
representation or warranty, express or implied is made that it is accurate or complete. Centrum has reviewed the report and, in so far as it includes
current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. The opinions expressed in
this document/material are subject to change without notice and have no obligation to tell you when opinions or information in this report change.
This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible
media and should not be reproduced, transmitted or published by the recipient. The report is for the use and consumption of the recipient only. This
publication may not be distributed to the public used by the public media without the express written consent of Centrum. This report or any portion
hereof may not be printed, sold or distributed without the written consent of Centrum.
The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform
themselves about, and observe, any such restrictions. Neither Centrum nor its directors, employees, agents or representatives shall be liable for any
damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with
the use of the information.
This document does not constitute an offer or invitation to subscribe for or purchase or deal in any securities and neither this document nor anything
contained herein shall form the basis of any contract or commitment whatsoever. This document is strictly confidential and is being furnished to you
solely for your information, may not be distributed to the press or other media and may not be reproduced or redistributed to any other person. The
distribution of this report in other jurisdictions may be restricted by law and persons into whose possession this report comes should inform themselves

Indraprastha Medical Corp.

about, and observe any such restrictions. By accepting this report, you agree to be bound by the fore going limitations. No representation is made that
this report is accurate or complete.
The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking
and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this
report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection.
This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its
directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its
directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or
any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection
therewith.
Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and
affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this
report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a
merger/acquisition or some other sort of specific transaction.
As per the declarations given by them, Mr. Ranjit Kapadia, research analyst and and/or any of his family members do not serve as an officer, director or
any way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the
above companies in the preceding twelve months. He does not hold any shares by him or through his relatives or in case if holds the shares then will not
to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid
a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to
know at the time of publication of the research report or at the time of the public appearance.
While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are
under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum
from doing so.
Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other
circumstances.
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject
Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does
not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any
transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this
document may be distributed in Canada or used by private customers in United Kingdom.
The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading,
dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk
Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian
Securities Market.
Rating Criteria

Rating
Buy
Hold
Sell

Market cap < Rs20bn

Upside > 25%
Upside between -25% to +25%
Downside > 25%

Market cap > Rs20bn but < 100bn

Upside > 20%
Upside between -20% to +20%
Downside > 20%

Market cap > Rs100bn

Upside > 15%
Upside between -15% to +15%
Downside > 15%

Member (NSE, BSE, MCX-SX), Depository Participant (CDSL) and SEBI registered Portfolio Manager
Registration Nos.
CAPITAL MARKET SEBI REGN. NO.: BSE: INB011454239, NSE: INB231454233
DERIVATIVES SEBI REGN. NO.: NSE: INF231454233 (TRADING & SELF CLEARING MEMBER)
CDSL DP ID: 12200. SEBI REGISTRATION NO.: IN-DP-CDSL-661-2012
PMS REGISTRATION NO.: INP000004383
MCX SX (Currency Derivative segment) REGN. NO.: INE261454230
Website: www.centrum.co.in
Investor Grievance Email ID: investor.grievances@centrum.co.in
Compliance Officer Details:
Mr. K. Sandeep Nayak; Tel: (022) 4215 9000; Email ID: compliance@centrum.co.in

Centrum Broking Limited

Registered Office Address
Bombay Mutual Building ,

Correspondence Address
Centrum House

2nd Floor,
Dr. D. N. Road,
Fort, Mumbai - 400 001

6th Floor, CST Road, Near Vidya Nagari Marg, Kalina,

Santacruz (E), Mumbai 400 098.

Tel: (022) 4215 9000

Indraprastha Medical Corp.