Stock Update

RETAIL RESEARCH

27 Sep 2016

Lumax Industries Ltd

Industry
Auto Ancillary
HDFC Scrip Code

CMP
Rs. 788
LUMINDEQNR

BSE Code

517206

NSE Code

LUMAXIND

Bloomberg

LUMX IN

CMP (Sep 26, 2016)

Rs. 788

Equity Capital (Rs cr)

9.35

Face Value (Rs)

10.0

Equity Share O/S (cr)

0.94

Market Cap (Rs crs)

736.5

Book Value (Rs)

287.0

Avg. 52 Wk Volumes

7121

52 Week High

824.8

52 Week Low

356.5

Shareholding Pattern % (June, 2016)

Indian Promoters

36.07

Foreign Promoters

37.50

Institutions

1.77

Non Institutions

24.66

Total

100.0

Recommendation
Buy at CMP and add on dips

Add on dips to band

Rs. 695-724

Sequential Target Price

Rs. 869-961

Time Horizon
2-3 quarters

Company Background
Lumax Industries Ltd (Lumax) was founded as a trading company in 1945 under the aegis of its founder, Mr. S.C. Jain. In 1955,
the company set up an automotive lighting equipment manufacturing unit and later diversified into manufacturing
automotive filters and rear view mirrors. The company went public in 1984, and entered into a technical collaboration with
Stanley Electric Co. Ltd (SECL), Japan in the same year. SECL picked up a financial stake in Lumax in 1994. In 2003, Lumax
decided to focus on its core products and de-merged its mirror, filters and plastic parts manufacturing unit into a separate
company, Lumax Automotive Systems Ltd.
Lumax Industries is the largest automotive lighting company in India. It manufactures Head lamps, Tail lamps, Sundry &
Auxiliary lamps. Lumax provides high quality automotive lighting solutions for four wheelers, two wheelers, CVs & Tractors.
The company has continued to expand its manufacturing presence in last few years and currently has nine plants spread
across Maharashtra, Haryana, Uttarakhand and Gujarat. SECL holds a 37.5% equity stake in the company while the Indian
promoters (D.K. Jain family) hold 36.2% and the balance 26.3% is held by the public.
Lumax has an associate namely SL Lumax Ltd in which Lumax has about 21.3% stake (balance of 79% held by SL Corporation
(Korea)). Lumax has invested Rs. 3.54 crore in the company. This company supplies auto components like lamps, chasis, trim
to Hyundai, Ford and GM. SL Lumax reported Sales of Rs. 900 crore (up 30% YoY) and PAT of Rs. 71.1 crore for FY16. The
sharp increase in sales and profitability was due to price increase, new product introduction and cost control measures
implemented by the company. SL Lumax is almost debt free and has a book value of ~Rs. 168.
We had issued a report on Lumax Industries on 4th June 2016 as our Pick of the Week and recommended the investors to buy
the stock at the then CMP of Rs. 525.95 and add on declines in the band of Rs. 465-485 for sequential target prices of Rs. 640778 in 2-3 quarters. On 15th June 2016 and 25th July 2016, both the target prices were achieved, respectively. Here is the link
to our report; http://hdfcsec.com/Research/ResearchDetails.aspx?report_id=3017976

Fundamental Research Analyst

Zececa Mehta
zececa.mehta@hdfcsec.com

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Annual Report 2015-16 Highlights
During FY16, the company recorded revenue growth of about 10% to Rs. 1245.3 crore which is high as compared to growth rates of 2% in FY15, 4% in FY14 and 8% in
FY13. Due to lower raw material cost as a percentage to sales (67.4% in FY16 vs 69.9% in FY15), the operating margin rose by ~190 bps YoY to 7.1% and operating profit
rose by 49% YoY to Rs. 88.6 crore. Due to a fall in interest cost by about 7% to Rs. 13.4 crore and single digit growth of 5% in depreciation charges, PAT came in at Rs.
37.4 crore as against Rs. 16.6 crore in FY15 which resulted in PAT margins rising by 153 bps YoY to 3%.
During FY16, the company made investment to the tune of Rs. 518 million towards upgradation of its Research and Development facilities, modernization of its existing
manufacturing facilities including its Bawal, Dharuhera and Chakan plants.
Automobile Sector
Almost 7% of the countrys GDP is contributed by the automotive sector. In between April 2015 and March 2016, a total of 23.96 million vehicles were produced as
compared to the production of 23.35 million in the previous financial year. Out of this huge lot, 79% of the total market share is constituted by two-wheelers, i.e. 18.83
million. The overall passenger vehicle segment has 14% market share. As of FY 2014-15 about 31% of small cars sold globally are manufactured in India.

Indian automotive sector today is a $74 billion industry and by 2026, the industry is expected to achieve a turnover of $300 billion clocking CAGR of ~15%.. The Indian
automotive industry has grown by 2.58% during FY16. The growth rate has, however declined as compared to that of FY2014-15, i.e. 8.68%. According to the research
reports, the decline in growth has been noticed in the third quarter of the current financial year. The reason been portrayed is the reduced demand for motorcycles and
tractors, because of unseasonal rainfall in the rural areas that led to uneven incomes. Domestic sales of passenger vehicles in FY2015-16 grew by 7.24% as compared to
FY2014-15. Within this section, sales of passenger cars grew by 7.87%. On the other hand, sales of commercial vehicles have been increased by 11.51%. Within this
section, the biggest gainer has been the Medium & Heavy Commercial Vehicles (M&HCVs) which has witnessed a growth of 29.91%.
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Only 18 people per 1000 own a car in India, which is far from the figures in other developed nations. In the USA, 809 out of 1000 own a vehicle, while the numbers are
519 and 101 in UK and China, respectively. Such a statistic illustrates the possible scope of growth for the automotive sector in the years to come.
India is on path to be among the top three automotive industries in the world. Setting a roadmap for the automobile industry for the next 10 years, SIAM and
Government of India on 2nd September 2015, unveiled the second Automotive Mission Plan 2016-26 (AMP 2026). Indian automotive industry is to grow 3.5 to 4 times
of the current value of USD 74 billion to USD 260 billion to 300 billion over this period. The Governments push to manufacturing through the Make in India initiative
has garnered considerable attention from the industry and brought the spotlight back on the manufacturing sector. In order to develop effective and prominent
communication between the administration and the automotive industry, different councils have been set up. Setting up of the National Automotive Testing and R&D
Infrastructure Project (NATRiP) centres and a National Automotive Board are some of the steps initiated for the overall welfare of the automotive and auto component
sector. Also with international auto players shifting from China to India for taking advantage of cheaper production costs with high quality levels has led to increase in
global OEMs shifting their bases to India.
The automobile Industry is also expecting a clear road map for the Goods and Services Tax (GST) Bill that proposes value added tax soon. The countrys key strengths
such as a large domestic consumption base, a cost competitive value chain (that includes low design, testing and validation costs, frugal engineering capabilities and
low labor costs) and strategic geographical location would go a long way to develop the country as a world class automotive manufacturing base.
Design centre at Taiwan
As a strategic move to expand its presence across the globe, and strengthen the synergies of cost and technology, the company recently set up its first international
design centre at Taiwan in May 2016. The move is a testimony to the strengthening relationship of companys business partnerships with Taiwan, which spans for more
than three decades. With this office, the company expects to further expand its presence in South Asia in countries like Japan, South Korea and Mainland China.
Taiwan offers many advantages viz. an excellent geographic location, comprehensive supply chain, industrial clusters, strong manufacturing technology, a hardworking
quality workforce, innovative R&D and management capabilities. The Design Centre-Taiwan will fulfill ever evolving market needs for innovative lighting solutions and
reduce the development time for technologically advanced products. It will also be an interface with key markets of automotive lighting tool makers including China
and Korea and Program Management Team of Lumax.
Q1FY17 Result Review
For Q1FY17, Sales came down by 4% YoY to Rs. 302.2 crore. Sales were lower on account of lower sales of Lighting Systems to Maruti Suzuki, its largest customer (-4.5%
YoY), who contributes about 35% to Lumaxs sales. Marutis production at its Manesar and Gurgaon plants was severely affected for several days in the month of June
2016 due to the fire at Manesar plant of Subros, supplier of air-conditioning systems to Maruti. Also the Tooling business recorded low sales as it varies significantly
from quarter to quarter depending on the number of new vehicle models launched by OEMs. It is a high margin business.
Raw Material Consumption was lower at 63.8% of sales against 67.8% of Sales. It was due to tight cost control and increasing contribution from value added products.
However, Operating profit came in lower by 12% YoY to Rs. 23.4 crore and margin came in at 7.7% as against 8.4% in Q1FY16. It was due to higher fixed cost (employee
and other expenses) absorbed by lower sales of Lighting Systems and Toolings.
Profit after Tax on standalone level came in at Rs. 9.67 crore as against Rs. 11.37 crore in Q1FY16. But, Share of Profit of Associate Company, SL Lumax Ltd (Lumax
Industries holds 21% equity stake), was up 91% from Rs. 1.91 crore to Rs. 3.65 crore. Thus the consolidated PAT came in at Rs. 13.32 crore vs Rs. 13.27 crore in Q1FY16.

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For Q2FY17, sales are expected to be higher due to higher sales of Lighting Systems to Maruti Suzuki, its largest customer. Maruti has ramped up production at its
Manesar and Gurgaon plants as seen from its sales volume for the month of July 2016 (+2.6% YoY) and August 2016 (+3.2% YoY), better product mix of Marutis sales higher large sized cars sold - and higher sales of Toolings. OPM is expected to be high due to robust contribution from high margin toolings business and absorption of
fixed costs by higher sales, cost control measures and increasing contribution from value added products.
FY17 Outlook
After a subdued growth of about 2.8% during FY16, Indian auto-component industry is likely to gain momentum and register a growth of 10% in the current fiscal FY17,
with some traction in the passenger vehicle (PV) and motorcycle segments. Over the medium to long term, growth in the auto component industry is expected to be
higher than the underlying automotive industry growth, given the increasing localisation by OEMs, higher component content per vehicle and rising exports from India.
Over the medium term, operating margins are expected to stabilise at around 13.5%-14% level, given bottoming out of commodity prices in the current year. The
implementation of the 7th Pay Commission is expected to support urban/ semi-urban segments like PV and scooter, whereas rural demand will be driven by expected
above-average monsoon. In exports, robust demand for PV in North America as well as Europe is likely to offset expected decline in the M&HCV segment in those
markets. Relatively better OE and exports demand, coupled with stable aftermarket demand, is likely to drive overall auto component industry growth in FY17. (Source:
ICRA reports).
Risks/Concerns
Automobile Industry
The automobile industry is cyclical to some extent with few dull years thrown in between. The fortunes of the company are directly dependent on the automobile
manufacturers (OEMs) growth and business plans. The OEM market is very competitive and component manufacturers have to compromise on margins to bag bulk
orders. Moreover, delivery schedules and quality standards have to be adhered to very strictly. The macroeconomic conditions also have a huge impact on the
automobile industry and its operations.
Financial Risks & client concentration risks
The Company is exposed to financial risk from changes in interest rates, foreign exchange rates and commodity prices. The only way to evade these risks is to
strengthen their R&D capabilities, deepen their OEM engagement, and establish close customer relationships with continuous self-reliant technology and their young
and dynamic workforce that will also give them a competitive edge. Since a significant portion of revenue of the auto component business comes from major clients like
Maruti (35%), Hero Motocorp (13%), M&M (12%), HMSI (8%), Honda Cars (7%), any adverse impact from these clients can hurt its revenue.
Operating margins lower in the past
The companys unabsorbed overheads and high royalty and design charges to technology partner had restricted growth of operating margins in the past. However, the
return indicators are expected to improve as the companys profitability strengthens on account of anticipated volume growth, cost reduction and better pricing
initiatives which got reflected in FY16 results where OPM increased by ~190 bps to 7.1% as against 5.2% in FY15 & 4.6% in FY14.
Competition
Lumax manufactures automotive lights for both four wheelers and two wheelers vehicles. Lighting has become not just a component in cars but has now gained
importance for aesthetic appeal. The OEMs want the best design and quality from manufacturers like Lumax and at a competitive rate. There are quite a few players
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like Fiem Industries who want to grab the market share by servicing customers with good products. Lumax poses a risk of competition from these players as well as
from foreign players who want to set up business in India considering the robust opportunity that India has.
Any hiccups in the technical collaboration with Stanley Electric Co. Ltd., Japan
As said earlier, Lumax has a technical tie up with Stanley Electric (which has 37.5% stake in Lumax). If there are any changes in the agreement with the Japanese
company or if there is a hike in the royalty given by Lumax to Stanley, this can affect the operational performance of the company.
Forex Fluctuations
The company does export its products (though marginal) to overseas and has taken foreign currency loans. Any volatility in the forex rates can affect the companys
financials. Further Royalty and other charges paid to Stanley Electric in JY terms can also get impacted by Forex Fluctuations.
Conclusion and Recommendation
The year 2015-16 was a good year for the company and robust results were delivered by the company driven by many initiatives taken to improve profitability over the
last three years towards cost reduction, supplier rationalization and integration between manufacturing and engineering functions.
Lumax Industries is well positioned to tap these opportunities for long-term profitable growth with its strong market presence, technology leadership and financial
strength. The stock is cheap compared to its peers despite large market share and large size (probably because of relatively poor margins in the past which seem to be
on the way to improvement from hereon). Lumaxs minority stake in SL Lumax also is not adequately discounted in the current market price.
The Sept 2016 quarter numbers will look good on a YoY and QoQ basis, due to a dull June 2016 result on Standalone basis. We have revised downwards our FY17
estimates post a dull Q1FY17, but are maintaining the FY18 estimates as of now.
At the current market price (of Rs. 788) the company is trading at 11.8x its FY17RE consolidated EPS of Rs. 66.6 and 8.6x its FY18RE consolidated EPS of Rs. 91.5. We
think that investors could buy the stock at the CMP and add on declines to Rs. 695-724 band (~7.75x FY18RE EPS) for sequential targets of Rs. 869 and Rs. 961 (9.5x and
10.5x FY18RE EPS) over 2-3 quarters.
Financial Summary
Particulars (Rs in Cr)
Total Operating Income
Operating Profit
Reported Profit After Tax
EPS (Rs.)
P/E (x)
EV/EBITDA
RoNW (%)

FY12
985.2
45.8
12.8
13.7
57.5
17.1
8.0

FY13
1070.2
61.1
13.6
14.5
54.3
12.7
8.0

FY14
1116.7
51.1
7.7
8.2
95.7
14.4
4.4

FY15
1142.6
59.3
16.6
17.7
44.5
12.8
9.2

FY16
1255.2
88.6
52.0
55.6
14.2
8.9
19.4

FY17E
1392.3
106.8
67.1
71.7
11.0
7.3
20.7

FY17RE
1379.9
100.5
62.3
66.6
11.8
7.7
19.5

FY18E
1572.5
129.3
85.5
91.5
8.6
5.9
21.6

(Source: Company, HDFC sec Consolidated numbers)

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Financials
Quarterly
Particulars (Rs cr)
Income from Operations
Other Operating Income
Total Income
Raw Material Cost
Employee Expenses
Freight
Other Expenses
Total Expenditure
Operating Profit
Other Income
PBIDT
Interest
PBDT
Depreciation
PBT
Tax (including DT & FBT)
Standalone Profit After Tax
Profit of Associate
Consolidated Profit After Tax
EPS (Rs.)
Equity
OPM (%)
PATM (%)

Q1FY17
302.2
1.3
303.5
192.9
38.4
0.0
48.8
280.1
23.4
1.1
24.5
3.2
21.4
10.0
11.4
1.7
9.7
3.7
13.3
14.2
9.4

Q1FY16
315.1
2.8
317.9
213.7
35.0
0.0
42.6
291.3
26.6
0.9
27.5
3.4
24.1
9.3
14.8
3.5
11.4
1.9
13.3
14.2
9.4

7.75
4.39

8.45
4.17

% chg
-4.1%
-53.1%
-4.5%
-9.7%
9.7%
14.7%
-3.8%
-12.0%
29.1%
-10.7%
-6.2%
-11.4%
7.6%
-23.2%
-50.1%
-15.0%
92.1%
0.4%

bps
-70
21

Q4FY16
319.4
3.8
323.2
215.4
37.0
0.0
49.4
301.7
21.5
1.4
22.8
3.7
19.2
9.7
9.5
-0.8
10.3
0.0
10.3
11.1
9.4
6.73
3.20

% chg
-5.4%
-66.3%
-6.1%
-10.5%
3.8%
-1.1%
-7.2%
9.1%
-17.8%
7.5%
-13.6%
11.5%
3.2%
20.0%
-6.5%
28.8%

bps
103
119

FY16
1245.3
9.9
1255.2
839.7
142.7
0.0
184.2
1166.6
88.6
3.9
92.4
13.4
79.0
37.9
41.1
4.2
36.9
15.2
52.0
55.6
9.4

FY15
1132.7
9.8
1142.6
792.0
124.6
0.0
166.6
1083.3
59.3
5.6
64.9
14.4
50.4
36.2
14.3
-2.3
16.6
0.0
16.6
17.7
9.4

7.11
4.14

5.24
1.45

% chg
9.9%
0.7%
9.9%
6.0%
14.5%
10.6%
7.7%
49.3%
-30.2%
42.5%
-6.9%
56.6%
4.8%
187.7%
122.5%
213.9%

bps
187
269

(Source: Company, HDFC sec)

Profit & Loss Consolidated

Particulars
Net Sales
Other Operating Income
Total Income
Total Expenditure
Raw Material expense
Employee expense
Contract execution expenses
Other Expenses
Operating Profit

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FY12
981.6
3.6
985.2
939.4
732.5
79.2
0.0
127.8
45.8

FY13
1064.4
5.8
1070.2
1009.1
757.8
97.0
0.0
154.3
61.1

FY14
1110.3
6.4
1116.7
1065.6
802.2
107.7
0.0
155.8
51.1

FY15
1132.7
9.8
1142.6
1083.3
792.0
124.6
0.0
166.6
59.3

FY16
1245.3
9.9
1255.2
1166.6
839.7
142.7
0.0
184.2
88.6

FY17OE
1382.3
10.1
1392.3
1285.5
927.5
154.8
0.0
203.2
106.8

FY17RE
1369.8
10.1
1379.9
1279.4
879.4
176.7
0.0
223.3
100.5

FY18E
1562.0
10.6
1572.5
1443.2
1043.4
173.4
0.0
226.5
129.3

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Other Income
PBIDT
Interest
PBDT
Depreciation
PBT
Tax (including DT & FBT)
Adjusted Profit After Tax
Share of Associate
Reported PAT

3.7
49.4
12.2
37.2
23.7
13.5
0.7
12.8
0.0
12.8

4.7
65.8
18.6
47.2
31.6
15.6
2.0
13.6
0.0
13.6

6.7
57.8
17.4
40.4
36.6
3.8
-3.9
7.7
0.0
7.7

5.6
64.9
14.4
50.4
36.2
14.3
-2.3
16.6
0.0
16.6

3.9
92.4
13.4
79.0
37.9
41.1
4.2
36.9
15.2
52.0

4.1
110.9
12.1
98.9
39.7
59.1
10.1
49.1
18.0
67.1

4.1
104.6
12.7
91.9
40.5
51.4
8.7
42.7
19.6
62.3

4.4
133.7
10.8
122.9
42.4
80.4
16.9
63.5
22.0
85.5

(Source: Company, HDFCSec, RE: Revised Estimates, OE: Original Estimates)

*PAT of Associate Company has been consolidated for the first time in FY16 due to the new accounting standards of the Companies Act. Hence FY17 & FY18 projections are inclusive of share of associates

Balance Sheet
Particulars (Rs in Cr)
Equity & Liabilities
Shareholders Funds
Equity Share Capital
Reserves & Surplus

FY12

FY13

FY14

FY15

FY16

FY17E

FY17RE

FY18E

160.8
9.4
151.5

169.4
9.4
160.1

173.3
9.4
163.9

180.3
9.4
171.0

268.4
9.4
259.0

323.6
9.4
314.3

318.8
9.4
309.5

396.2
9.4
386.9

Non-Current Liabilities
Long Term borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions

169.8
113.5
21.4
29.3
5.5

157.1
101.0
23.4
25.4
7.2

126.8
74.5
19.9
25.2
7.3

87.2
37.6
15.2
25.1
9.2

64.2
10.6
19.4
24.9
9.3

68.3
11.1
20.4
27.4
9.5

68.6
11.4
20.4
27.4
9.5

74.5
11.7
21.4
31.5
9.9

Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions

383.3
30.1
277.3
66.7
9.4

410.6
27.2
288.2
87.5
7.7

429.1
38.0
286.2
97.5
7.4

496.2
78.8
296.1
112.0
9.4

526.0
84.8
307.2
128.4
5.6

564.8
76.3
344.0
138.7
5.7

569.0
80.6
344.0
138.7
5.7

603.0
68.7
378.4
149.8
6.0

Total Equity & Liabilities

713.9

737.1

729.1

763.7

858.6

956.8

956.5

1073.7

Assets
Non-Current Assets
Fixed Assets
Non-Current Investments
Long -term Loans and Advances
Other Non-Current Assets

426.4
401.3
4.6
14.2
6.3

453.5
424.5
4.6
16.3
8.1

451.9
418.9
4.5
17.8
10.8

451.0
422.1
4.5
18.9
5.6

525.6
425.0
68.7
30.6
1.2

574.0
446.3
92.0
33.7
2.0

568.5
454.8
78.0
33.7
2.0

635.7
482.0
112.0
38.7
3.0

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Current Assets
Current Investments
Inventories
Trade Receivables
Cash & Cash Equivalents
Short Term Loans & Advances
Other Current Assets

287.5
0.1
90.1
126.7
30.8
33.6
6.2

283.5
0.1
108.0
109.9
28.3
24.6
12.8

277.2
0.1
77.2
131.1
16.0
37.0
15.9

312.7
0.1
109.9
144.2
19.0
30.6
8.9

333.0
0.1
104.6
181.2
3.5
36.6
7.1

382.8
0.1
123.4
199.3
12.5
40.3
7.2

388.0
0.1
123.4
199.3
17.7
40.3
7.2

438.0
0.1
145.6
219.2
20.3
45.1
7.6

Total Assets

713.9

737.1

729.1

763.7

858.6

956.8

956.5

1073.7

(Source: Company, HDFCSec, RE: Revised Estimates, OE: Original Estimates)

*PAT of Associate Company has been consolidated for the first time in FY16 due to the new accounting standards of the Companies Act. Hence FY17 & FY18 projections are inclusive of share of associates

Key Financial Ratios

Particulars
No of Equity Shares
Current Market Price
Market Capitalization
Enterprise Value
FD EPS
Cash EPS (PAT + Depreciation)
PE(x)
Book Value (Rs.)
P/BV (x)
OPM (%)
PBT (%)
NPM (%)
ROCE (%)
RONW (%)
Debt-Equity
Current Ratio
Mcap/Sales(x)
EV/EBITDA

FY12
0.9
788.0
736.8
849.5
13.7
39.0
57.5
172.0
4.6
4.6
1.4
1.3
8.5
8.0
0.9
0.8
0.7
17.2

FY13
0.9
788.0
736.8
836.6
14.5
48.3
54.3
181.2
4.3
5.7
1.5
1.3
11.5
8.0
0.8
0.7
0.7
12.7

FY14
0.9
788.0
736.8
833.2
8.2
47.4
95.7
185.3
4.3
4.6
0.3
0.7
7.4
4.4
0.6
0.6
0.7
14.4

FY15
0.9
788.0
736.8
834.1
17.7
56.4
44.5
192.8
4.1
5.2
1.2
1.5
9.7
9.2
0.6
0.6
0.6
12.9

FY16
0.9
788.0
736.8
828.6
55.6
96.2
14.2
287.0
2.7
7.1
3.3
4.1
15.0
19.4
0.4
0.6
0.6
9.0

FY17E
0.9
788.0
736.8
811.6
71.7
114.2
11.0
346.1
2.3
7.7
4.2
4.8
17.3
20.7
0.3
0.7
0.5
7.3

FY17RE
0.9
788.0
736.8
810.9
66.6
109.9
11.8
341.0
2.3
7.3
3.7
4.5
15.6
19.5
0.3
0.7
0.5
7.8

FY18E
0.9
788.0
736.8
796.7
91.5
136.9
8.6
423.8
1.9
8.2
5.1
5.4
19.2
21.6
0.2
0.7
0.5
6.0

(Source: Company, HDFC Sec, RE: Revised Estimates, OE: Original Estimates)
*PAT of Associate Company has been consolidated for the first time in FY16 due to the new accounting standards of the Companies Act. Hence FY17 & FY18 projections are inclusive of share of associates

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Fundamental Research Analyst: Zececa Mehta (zececa.mehta@hdfcsec.com)

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website:
www.hdfcsec.com Email: hdfcsecretailresearch@hdfcsec.com.
____________________________________________________________________________________________________________________________________________________________________________________________

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