RESULTS REVIEW 2QFY17

28 OCT 2016

Maruti Suzuki
BUY
INDUSTRY

AUTOS

CMP(as on 27 Oct 2016)

Rs 5,860

Target Price

Rs 6,606

Nifty

8,615

Sensex

27,916

KEY STOCK DATA

Bloomberg

MSIL IN

No. of Shares (mn)

302

MCap (Rs bn) / ($ mn)

1,770 / 26,473

6m avg traded value (Rs mn)

3,464

STOCK PERFORMANCE (%)

52 Week high / low

Rs 5,950 / 3,193
3M

6M

12M

Absolute (%)

28.6

51.8

30.3

Relative (%)

29.0

44.7

27.9

SHAREHOLDING PATTERN (%)

Promoters

56.21

FIs & Local MFs

13.58

FIIs

23.59

Public & Others

Source : BSE

Abhishek Jain
abhishekkumar.jain@hdfcsec.com
+91-22-6171-7320
Sneha Prashant
sneha.prashant@hdfcsec.com
+91-22-6171-7336

6.62

Upping the ante

Maruti Suzuki's 2QFY17 EBITDA at Rs 30bn (+35%
YoY, +37% QoQ) was 10% above our estimates.
Higher volume, favourable product mix, lower ad exp
contributed to highest-ever EBIDTA margins at 17%
(+87bps YoY, +218bps QoQ). Revenue at Rs 178bn
(+28% YoY, +20% QoQ) was marginally below est led
by lower than expected other operating income.
APAT stood at Rs 24bn (+60% YoY), boosted by
218bps QoQ expansion in OPM and higher other
income (+71% YoY, 68% QoQ) owing to revaluation
of MF investment.
We believe there are several levers to broad-based
recovery over next 12-18 months (1) normal
monsoon driving rural market recovery, (2) benefit of
7th Pay Commission payouts, (3) reduction in
interest rates and (4) GST-led reduction in cost by 78%. We believe the recent success of new launches,
especially in the premium segment (where
historically MSIL has been weak) will enable it to
chart a sustained high realization per unit.
Financial Summary
(Rs mn)
Net Sales
EBITDA
APAT
Diluted EPS (Rs)
P/E (x)
EV / EBITDA (x)
RoE (%)

2QFY17
1,78,428
30,374
23,980
79.4

2QFY16
1,39,029
22,455
14,970
49.6

YoY (%)
28.3
35.3
60.2
60.2

1QFY17
1,49,273
22,157
14,862
49.2

With 30% EPS CAGR FY16-19E and structural

improvement in RoE (at ~24.5% by FY19E v/s 10 year
average of ~17%) we expect MISL to trade at a
premium to historical mean (18x). Our revised TP of
Rs 6,606 is based on 22x Sept-18E. Maintain BUY

Highlights of the quarter

Market share Gain: With the launch of Ciaz, S-Cross,

Baleno and Vitara Brezza, MSIL has strengthened its
position in the premium segment. The premium
segment contributed 23% of MSILs volumes in
1HFY17, much higher than 3% in FY15. The launch of
Brezza in the compact UV segment, along with the roll
out of Ertiga in FY15 helped MSIL to expand share to
25% in UV space (Vs 14% in 1HFY17).

Near-term outlook: The management indicated that

rural sales started to pick up and will strengthen
further in H2. We believe MSILs volume growth
momentum will remain healthy in 2H owing to
turnaround in rural growth and high waiting period for
premium segment products like Baleno and Brezza.
QoQ (%)
19.5
37.1
61.4
61.4

FY16
5,77,462
90,571
46,499
153.9
38.1
19.5
18.0

FY17E
6,63,669
99,882
62,052
205.4
28.6
17.3
20.8

FY18E
7,82,595
1,22,665
81,242
268.9
21.8
13.7
23.4

FY19E
9,02,866
1,53,188
1,00,168
331.6
17.7
10.6
24.2

Source: Company, HDFC sec Inst Research

HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Higher sales of Brezza and

Baleno aided in 11% YoY rise
in net ASP.

Other expenses were lower

owing to lower marketing and
ad expenses

Royalty stood 6.1% of net

sales vs 6.6% in Q1 owing to
INR based Royalty on all the
new models starting with
Brezza.

Quarterly Financials Snapshot: Standalone

Particulars
Volumes (in units)
Net ASP (Rs/veh)
Net sales (incl OOI)
Material Expenses
Employee Expenses
Other Operating Expenses
EBITDA
Depreciation
EBIT
Other Income
Interest Cost
PBT
Tax
APAT
Adj EPS

2QFY17
4,15,796
4,26,758
1,78,428
1,20,741
5,191
22,122
30,374
6,300
24,074
8,126
197
32,003
8,023
23,980
79.4

2QFY16
3,53,335
3,84,191
1,39,029
93,124
4,111
19,339
22,455
6,694
15,760
4,735
178
20,318
5,348
14,970
49.6

YoY (%)
17.7
11.1
28.3
29.7
26.3
14.4
35.3
(5.9)
52.8
71.6
10.8
57.5
50.0
60.2
60.2

1QFY17
3,46,375
4,23,082
1,49,273
1,01,254
5,790
20,072
22,157
6,389
15,768
4,833
181
20,420
5,558
14,862
49.2

QoQ (%)
20.0
0.9
19.5
19.2
(10.3)
10.2
37.1
(1.4)
52.7
68.1
8.8
56.7
44.4
61.4
61.4

2QFY17
67.7
2.9
12.4
17.0
25.1
13.4

2QFY16
67.0
3.0
13.9
16.2
26.3
10.8

YoY (bps)
69
(5)
(151)
87
(125)
267

1QFY17
67.8
3.9
13.4
14.8
27.2
10.0

QoQ (bps)
(16)
(97)
(105)
218
(215)
348

Source: Company, HDFC sec Inst Research

Margin Analysis: Standalone

EBITDA margin benefited
from operating leverage and
richer product mix

Other income witnessed

a sharp jump due to
accounting under IND AS
(investment in mutual funds
at fair value)

Material Expenses % Net Sales

Employee Expenses % Net Sales
Other Operating Expenses % Net Sales
EBITDA Margin (%)
Tax Rate (%)
APAT Margin (%)
Source: Company, HDFC sec Inst Research

Page | 2

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Volume Assumptions
We estimate volume growth
at ~12% CAGR for FY16-19E
vs 6% CAGR for FY12-16 on
the back of demand recovery
driven by normal monsoon,
7th Pay Commission
payouts, lower interest rates
and GST

Increase in the contribution

of the premium segment will
help in increase realization

(in units)
Domestic Petrol
% YoY
Domestic Diesel
% YoY
Domestic LCV
% YoY
Domestic sales
% YoY
Export sales
% YoY
Total sales
% YoY

FY14
7,21,925
9.7
3,31,764
-15.6
-

FY15
8,28,187
14.7
3,42,516
3.2
-

FY16
9,02,933
9.0
4,02,418
17.5
-

FY17E
9,96,557
10.4
4,65,479
15.7
10,000
14,72,037
12.8
1,30,092
5.0
16,02,128
12.1

FY18E
11,35,836
14.0
5,25,893
13.0
12,600
26.0
16,74,329
13.7
1,49,606
15.0
18,23,935
13.8

FY19E
12,43,621
9.5
5,62,038
6.9
14,112
12.0
18,19,771
8.7
1,67,558
12.0
19,87,329
9.0

10,53,689
0.3
1,01,352
-15.8
11,55,041
-1.4

11,70,703
11.1
1,21,713
20.1
12,92,416
11.9

13,05,351
11.5
1,23,897
1.8
14,29,248
10.6

FY14
3,25,727
0.5
4,05,765
7.3

FY15
3,36,824
3.4
3,76,763
(7.1)

FY16
3,49,955
3.9
4,14,628
10.1

FY17E
3,59,539
2.7
4,31,213
4.0

FY18E
3,76,788
4.8
4,48,462
4.0

FY19E
4,03,227
7.0
4,66,400
4.0

Source: Company, HDFC sec Inst Research

Net Realisations
(Rs/vehicle)
Dom vehicle ASP
% YoY
Exports ASP
% YoY
Source: Company, HDFC sec Inst Research

Change In Estimates
We maintain our estimates
for FY17/18E and introduce
FY19E numbers

In Rs mn
Net Sales
EBITDA
Adj PAT
Adj EPS (in Rs)

New
FY17E
663,669
99,882
62,052
205

FY18E
782,595
122,665
81,242
269

Old
FY19E
902,866
153,188
100,168
332

FY17E
663,669
99,882
62,052
205

FY18E
782,595
122,665
81,242
269

% chg
FY19E
-

FY17E
-

FY18E
-

FY19E
-

Source: HDFC sec Inst Research

Page | 3

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

6.0
2.0

60
40

(2.0)

21

23

21

21

20

20

21

24

26

6
16

7
14

6
12

17

17

15

16

17

6
17

18

19

21

20

22

23

23

22

23

30

28

28

28

27

27

28

28

27

2QFY15

2QFY17

1QFY17

4QFY16

3QFY16

2QFY16

1QFY16

4QFY15

3QFY15

2QFY15

(4.0)

20

Source: Company, HDFC sec Inst Research

Source: Company, HDFC sec Inst Research

MSILs Diesel Sales Mix Down QoQ

EBITDA Margin On The Rise

Diesel

EBITDA/vehicle (Rs)

100%

2QFY17

4.0

Petrol

EBITDA margin - RHS

20%

30,000

8.0%

0%

20,000

6.0%

31

32

30

60%

Source: Company, HDFC sec Inst Research

68

70

2QFY17

69

1QFY17

72

4QFY16

72

3QFY16

72

2QFY16

68

1QFY16

68

4QFY15

68

3QFY15

70

2QFY15

40%

2QFY17

10.0%

28

1QFY17

40,000

28

4QFY16

12.0%

28

3QFY16

50,000

32

2QFY16

14.0%

32

1QFY16

60,000

32

4QFY15

16.0%

30

3QFY15

70,000

80%

2QFY15

18.0%

1QFY15

80,000

1QFY15

Higher volume, favourable

product mix, lower ad exp
contributed to highest-ever
EBIDTA margins at 17%

80

1QFY17

8.0

100

4QFY16

10.0

Entry-Sedans
MPV

3QFY16

12.0

Premium Hatch
UV

2QFY16

20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-

Compact
Mid-size

1QFY16

Net ASP ( % YoY) - RHS

4QFY15

Volume (% YoY)

1QFY15

Launch of Vitara Brezza and

increase in the mix of higher
ASP models such as Ciaz, SCross and Baleno aided in
healthy ASP growth in
2QFY17

Premiumisation Trend in PVs Remains Intact

3QFY15

ASP Growth Improved On Richer Product Mix

Source: Company,HDFC sec Inst Research

Page | 4

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

44.5%

40

44.9%

44.0%

20

43.5%

21

23

21

21

20

20

21

24

26

6
16

7
14

6
12

17

17

15

16

17

6
17

18

19

21

20

22

23

23

22

23

30

28

28

28

27

27

28

28

27

2QFY15

Source: SIAM, HDFC sec Inst Research

Source: SIAM, HDFC sec Inst Research

JPY/INR Trend Turned Adverse

Valuations Above Median Levels

0.70
0.58

0.54 0.52 0.52 0.53 0.54

0.59

0.62

0.65

P/E

Avg P/E

+ 1 SD

- 1 SD

28
26
24
22

0.40

20

0.30

18

0.20

16
14

0.10

12

Source: Bloomberg, HDFC sec Inst Research

Oct-16

Jun-16

Feb-16

Oct-15

Jun-15

Feb-15

Oct-14

10

Jun-14

2QFY17

1QFY17

4QFY16

3QFY16

2QFY16

1QFY16

4QFY15

3QFY15

Feb-14

0.60

2QFY15

We revised target price to Rs

6,606 (based on 22x Sept-18E)
vs Rs 6,057 earlier

2QFY17

1QFY17

4QFY16

3QFY16

2QFY16

1QFY16

4QFY15

2QFY15

43.0%

0.50

With 30% EPS CAGR FY16-19E

and structural improvement
in RoE (at ~24.5% by FY19E
v/s 10 year average of ~17%)
we expect MISL to trade at a
premium vis--vis its historic
valuations

60

2QFY17

45.2%

46.2%

1QFY17

46.1%

45.5%

4QFY16

46.0%

3QFY16

80

45.9%

2QFY16

46.5%

100

Oct-13

JPY/INR has been trending

adversely with the current
rate at 0.65 vs 0.62 in 1Q
owing to INR based royalty
payment for new models
(started from Breeza)

46.6%

46.8%

Entry-Sedans
MPV

1QFY16

47.0%

Premium Hatch
UV

4QFY15

47.2%

47.5%

45.0%

The structural trend of

premiumisation in the PV
industry continues to be on
the rise

Compact
Mid-size

47.7%

48.0%

3QFY15

MSILs PV market share

improved QoQ (Q1 was
impacted by production loss
owing to fire at its suppliers
plant in Jun-16)

Premiumisation Trend in PVs Remains Intact

3QFY15

MSILs PV Market Share Improved Sequentially

Source: Company, Bloomberg, HDFC sec Inst Research

Page | 5

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Peer Valuations

Tata Motors
Maruti Suzuki
Bajaj Auto
M&M
Hero Motocorp
Eicher Motors
Ashok Leyland
Force Motors
SML Isuzu
Atul Auto

Mcap
(Rs bn)

CMP
(Rs/sh)

Reco

TP

1,773
1,770
799
768
662
664
242
59
18
10

522
5,860
2,762
1,300
3,314
24,492
85
4,422
1,269
474

BUY
BUY
NEU
BUY
BUY
BUY
BUY
BUY
BUY
BUY

625
6,606
2,716
1,615
3,731
28,463
91
4,952
1,588
569

Adj EPS (Rs/sh)

FY16 FY17E FY18E
6.5
47.2
56.1
153.9 205.4 268.9
126.2 139.4 157.1
55.5
69.9
89.8
156.8 180.1 212.5
587.1 672.5 894.4
3.9
4.2
6.2
137.1 157.2 192.5
25.5
35.4
53.6
21.6
26.0
32.3

FY16
80.1
38.1
21.9
23.4
21.1
41.7
21.7
32.3
49.7
21.9

P/E (x)
FY17E
11.1
28.5
19.8
18.6
18.4
36.4
20.3
28.1
35.9
18.2

FY18E
9.3
21.8
17.6
14.5
15.6
27.4
13.8
23.0
23.7
14.7

EV/EBITDA (x)
FY16 FY17E FY18E
6.0
5.5
4.8
19.4
17.3
13.7
14.8
13.1
11.3
13.9
11.3
9.0
14.1
12.0
9.9
23.5
20.6
16.3
11.7
11.2
8.2
20.1
17.0
13.4
27.0
21.9
15.1
13.5
10.7
8.6

FY16
20.1
18.3
31.8
15.6
43.1
41.0
20.9
12.8
12.8
34.4

RoE (%)
FY17E
18.2
21.2
17.9
17.5
41.2
42.4
20.5
13.1
15.9
32.6

FY18E
18.2
23.7
30.8
19.8
41.5
37.5
26.7
14.1
21.0
32.3

Source: Company, HDFC sec Inst Research

Page | 6

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Income Statement (Standalone)

Year ending March (Rs mn)
Net Revenues
Growth (%)
Material Expenses
Employee Expenses
SG&A Expenses
Other Operating Expenses
EBITDA
EBITDA Margin (%)
EBITDA Growth (%)
Depreciation
EBIT
Other Income (Including EO Items)
Interest
PBT
Tax (Incl Deferred)
APAT
APAT Growth (%)
Adjusted EPS (Rs)
EPS Growth (%)
EO (Loss) / Profit (Net Of Tax)
RPAT

Balance Sheet (Standalone)

FY15
FY16 FY17E
FY18E
FY19E
5,00,708 5,77,462 6,63,669 7,82,595 9,02,866
14.3
15.3
14.9
17.9
15.4
3,50,771 3,87,800 4,48,640 5,33,730 6,12,143
16,066 19,886 23,068 24,913 26,906
24,255 28,594 32,864 36,150 39,629
41,485 50,612 59,216 65,137 71,000
68,131 90,571 99,882 1,22,665 1,53,188
13.6
15.7
15.0
15.7
17.0
31.3
32.9
10.3
22.8
24.9
24,703 28,239 30,078 30,085 33,058
43,428 62,332 69,804 92,580 1,20,130
8,316
4,619 14,205 17,292 15,319
2,060
815
155
85
85
49,684 66,135 83,854 1,09,787 1,35,364
11,570 19,636 21,802 28,545 35,195
38,114 46,499 62,052 81,242 1,00,168
37.0
22.0
33.4
30.9
23.3
126.2
153.9
205.4
268.9
331.6
37.0
22.0
33.4
30.9
23.3
(785)
38,114 45,714 62,052 81,242 1,00,168

Source: Company, HDFC sec Inst Research

Year ending March (Rs mn)

SOURCES OF FUNDS
Share Capital - Equity
Reserves
Total Shareholders Funds
Long Term Debt
Short Term Debt
Total Debt
Net Deferred Taxes
Long Term Provisions & Others
TOTAL SOURCES OF FUNDS
APPLICATION OF FUNDS
Net Block
CWIP
Investments
LT Loans & Advances
Total Non-current Assets
Inventories
Debtors
Other Current Assets
Cash & Equivalents
Total Current Assets
Creditors
Other Current Liabilities & Provns
Total Current Liabilities
Net Current Assets
TOTAL APPLICATION OF FUNDS

FY15

FY16

FY18E

FY19E

1,510
1,510
1,510
1,510
2,35,532 2,69,661 3,12,837 3,68,590
2,37,042 2,71,171 3,14,347 3,70,100
5,156
774
774
774
5,156
774
774
774
4,809
4,741
4,741
4,741
16,530 21,365
27,506 35,242
2,63,538 2,98,051 3,47,367 4,10,858

1,510
445,480
446,990
774
774
4,741
34,148
486,653

1,22,593
23,540
98,176
20,509
2,64,818
26,150
10,698
3,697
30,147
70,692
62,557
9,415
71,972
(1,280)
2,63,538

157,232
19,853
172,128
40,629
389,842
39,578
29,683
3,842
157,156
230,259
102,696
30,751
133,447
96,812
486,653

1,17,894
19,853
1,69,128
29,062
3,35,936
31,321
12,986
2,592
10,221
57,120
70,133
24,872
95,005
(37,885)
2,98,051

FY17E

1,31,669
19,853
1,70,128
33,183
3,54,833
32,729
18,183
3,092
42,624
96,628
77,231
26,862
1,04,093
(7,465)
3,47,367

1,45,437
19,853
1,71,128
35,217
3,71,634
38,594
21,441
3,592
95,009
1,58,635
90,401
29,011
1,19,412
39,223
4,10,858

Source: Company, HDFC sec Inst Research

Page | 7

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Cash Flow (Standalone)

Year ending March (Rs mn)
Reported PBT
Non-operating & EO items
Interest expenses
Depreciation
Working Capital Change
Tax Paid
OPERATING CASH FLOW ( a )
Capex
Free cash flow (FCF)
Investments
Non-operating Income
INVESTING CASH FLOW ( b )
Debt Issuance/(Repaid)
Interest Expenses
FCFE
Share Capital Issuance
Dividend
FINANCING CASH FLOW ( c )
NET CASH FLOW (a+b+c)
EO Items, Others
Closing Cash & Equivalents

Key Ratios (Standalone)

FY15
49,684
2,060
24,703
15,265
(12,627)
79,085
(32,243)
46,842
(85,128)
(1,762)
(1,19,133)
(13,083)
(2,060)
31,699
(9,090)
(24,233)
(64,281)
30,147

Source: Company, HDFC sec Inst Research

FY16
66,135
(785)
815
28,239
12,961
(19,704)
87,661
(19,853)
67,808
(70,952)
0
(90,805)
(4,382)
(815)
62,611
(12,370)
(17,567)
(20,711)
785
10,221

FY17E
83,854
155
30,078
4,002
(21,802)
96,287
(43,853)
52,434
(1,000)
(0)
(44,853)
(155)
52,280
(18,876)
(19,031)
32,403
42,624

FY18E
1,09,787
85
30,085
11,400
(28,545)
1,22,812
(43,853)
78,959
(1,000)
(0)
(44,853)
(85)
78,874
(25,489)
(25,574)
52,385
95,009

FY19E
1,35,364
85
33,058
(1,948)
(35,195)
1,31,364
(44,853)
86,511
(1,000)
0
(45,853)
(85)
86,426
(23,279)
(23,365)
62,147
1,57,156

PROFITABILITY (%)
GPM
EBITDA Margin
APAT Margin
RoE
RoIC (or Core RoCE)
RoCE
EFFICIENCY
Tax Rate (%)
Fixed Asset Turnover (x)
Inventory (days)
Debtors (days)
Other Current Assets (days)
Payables (days)
Other Current Liab & Provns (days)
Cash Conversion Cycle (days)
Debt/EBITDA (x)
Net D/E (x)
Interest Coverage (x)
PER SHARE DATA (Rs)
EPS
CEPS
Dividend
Book Value
VALUATION
P/E (x)
P/BV (x)
EV/EBITDA (x)
EV/Revenues (x)
OCF/EV (%)
FCF/EV (%)
FCFE/Mkt Cap (%)
Dividend Yield (%)

FY15

FY16

FY17E

FY18E

FY19E

29.9
13.6
7.6
17.1
14.8
16.5

32.8
15.7
8.1
18.3
31.9
18.0

32.4
15.0
9.3
21.2
32.8
20.8

31.8
15.7
10.4
23.7
33.2
23.4

32.2
17.0
11.1
24.5
38.2
24.2

23.3
1.9
19.1
7.8
2.7
45.6
6.9
(22.9)
0.1
(0.1)
21.1

29.7
2.0
19.8
8.2
1.6
44.3
15.7
(30.4)
0.0
(0.0)
76.5

126.2
207.9
25.0
784.7

153.9
205.4
268.9
331.6
247.4
305.0
368.5
441.0
35.0
53.4
72.6
66.3
897.7 1,040.6 1,225.2 1,479.7

46.5
7.5
25.7
3.5
4.5
2.7
1.8
0.4

38.1
6.5
19.5
3.1
5.0
3.8
3.5
0.6

26.0
26.0
26.0
2.0
2.1
2.1
18.0
18.0
16.0
10.0
10.0
12.0
1.7
1.7
1.6
42.5
42.2
41.5
14.8
13.5
12.4
(27.5)
(26.0)
(24.4)
0.0
0.0
0.0
(0.1)
(0.3)
(0.3)
450.9 1,087.4 1,411.0

28.6
5.6
17.3
2.6
5.6
3.0
2.9
0.9

21.8
4.8
13.7
2.1
7.3
4.7
4.4
1.2

17.7
4.0
10.6
1.8
8.1
5.4
4.9
1.1

Source: Company, HDFC sec Inst Research

Page | 8

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

RECOMMENDATION HISTORY
Maruti

Date
27-Oct-15
29-Jan-16
8-Apr-16
27-Apr-16
27-Jul-16
5-Oct-16
28-Oct-16

TP

Oct-16

Sep-16

Aug-16

Jul-16

Jun-16

May-16

Apr-16

Mar-16

Feb-16

Jan-16

Dec-15

Nov-15

Oct-15

7,500
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000

CMP
4,497
4,103
3,471
3,872
4,558
5,861
5,860

Reco
BUY
BUY
BUY
BUY
BUY
BUY
BUY

Target
4,991
4,786
4,674
4,564
4,912
6,057
6,606

Rating Definitions
BUY
: Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL
: Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Page | 9

MARUTI SUZUKI : RESULTS REVIEW 2QFY17

Disclosure:
We, Abhishek Jain, MBA, & Sneha Prashant, MBA, 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.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No
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Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475

HDFC securities
Institutional Equities
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Senapati Bapat Marg, Lower Parel,Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com
Page | 10