Consumer Durables

India I Equities
Company Update
Change in Estimates  Target  Reco 

17 October 2024

KEI Industries
Rating: Hold
Revenue growth guidance maintained; retaining a Hold Target Price(12-mth): Rs.4,796
Share Price: Rs.4,381
Fluctuating copper prices dented KEI Industries’ Q2 margins. The
company retained its ~17% revenue growth guidance, with 10.5-11%
EBITDA margin for FY25. Growth would be driven by large capacity Key data KEII IN / KEIN.BO
additions and a strong orderbook. The company has announced Rs2bn 52-week high/low Rs5040 / 2317
Sensex/Nifty 81501 / 24971
via QIP to fund the required capex, thereby avoiding the debt route. We
3-m average volume $13.6m
maintain our Hold rating as we roll over to FY27e earnings with a higher Market cap Rs396bn / $4710.7m
TP of Rs4,796 (earlier Rs4,771), 43x FY27e EPS of Rs95.4. Shares outstanding 90m

Dip in EBITDA margin. Q2 revenue grew 17.1% y/y to Rs22.8bn. Cable

and wire revenue grew 20.5% y/y to Rs21.4bn. Stainless steel wire revenue Shareholding pattern (%) Sep'24 Jun'24 Mar'24
came at Rs598m, up 1.3% y/y. EPC revenue declined 58% y/y to Rs1.3bn. The Promoters 37.1 37.1 37.1
EBITDA margin declined 80bps y/y to 9.7%, led by a 118bp drop in the gross - of which, Pledged - - -
Free float 62.9 62.9 62.9
margin. The Q2 gross margin was hurt by fluctuating copper and aluminium - Foreign institutions 31.1 30.8 31.0
prices, which led to inventory adjustments. Staff cost rose 12% y/y and other - Domestic institutions 16.0 16.6 16.3
expenses, 14% y/y. PAT grew 10.4% y/y to Rs1.5bn, supported by an 8.2% - Public 15.8 15.6 15.6
y/y increase in EBITDA and a 121% rise in other income.
Targets 17% revenue CAGR. Management retained its 16-17% revenue Estimates revision (%) FY25e FY26e
growth guidance, with 10.5-11% EBITDA margin for FY25. It expects strong Sales 1 (1)
domestic and exports demand. Also, new capacities commencing would add to EBITDA (2) (4)
domestic and export volumes. Management expects significant demand from PAT 1 0
solar, wind, transmission and distribution projects and data centres.
QIP of Rs2bn to fund the required capex. KEI plans to raise Rs2bn through Relative price performance
5,200
qualified institutional placement (QIP). This fundraise would fulfil the required
4,200
capex, thereby avoiding the debt route and interest cost. Management aims for
3,200
a debt-free company and without QIP, the term loan would have increased to
Rs6bn to fund the capex. 2,200
1,200
Valuation. Post Q2 results, we have tweaked our FY26e revenue/EBITDA by 200
1%/4%. As we roll over to FY27e, we model 17%/20% revenue/net income
Feb-24
Nov-23
Dec-23
Jan-24

Jun-24
Jul-24
Aug-24
Sep-24
Mar-24
Apr-24
May-24
Oct-23

Oct-24
CAGRs over FY24-27. At the CMP, the stock trades at 57x/46x FY25e/26e
KEII Sensex
EPS of Rs76.6/Rs95.6. Our 12-mth TP, post Q2 earnings, is Rs4,796 (43x
FY27e EPS of Rs95.4). We maintain our Hold recommendation. Source: Bloomberg

Key financials (YE: Mar) FY23 FY24 FY25e FY26e FY27e

Sales (Rs m) 69,082 81,041 94,571 1,11,037 1,30,523
Net profit (Rs m) 4,773 5,811 6,915 8,631 10,072
EPS (Rs) 52.9 64.3 76.6 95.6 111.5
P/E (x) 82.9 68.1 57.2 45.8 39.3
EV / EBITDA (x) 55.8 46.6 39.2 31.0 25.7
Manish Valecha
PBV (x) 15.3 12.6 10.3 8.4 6.9
Research Analyst
RoE (%) 18.4 18.5 18.0 18.4 17.6
RoCE (%) - after tax 17.4 17.4 16.3 16.8 16.5
RoIC (%) - after tax 22.0 23.9 22.1 21.3 21.5 Surbhi Lodha
Net debt / equity (x) -0.2 -0.2 -0.0 -0.1 -0.1 Research Analyst
Source: Company

Anand Rathi Share and Stock Brokers Limited (hereinafter “ARSSBL”) is a full-service brokerage and equities-research firm and the views expressed therein are solely of
ARSSBL and not of the companies which have been covered in the Research Report. This report is intended for the sole use of the Recipient. Disclosures and analyst
certifications are present in the Appendix.

Anand Rathi Research India Equities

17 October 2024 KEI Industries – Revenue growth guidance maintained; retaining a Hold

Quick Glance – Financials and Valuations

Fig 1 – Income statement (Rs m) Fig 2 – Balance sheet (Rs m)
Year-end: Mar FY23 FY24 FY25e FY26e FY27e Year-end: Mar FY23 FY24 FY25e FY26e FY27e
Net revenues 69,082 81,041 94,571 1,11,037 1,30,523 Share capital 180 180 180 180 180
Growth (%) 20.6 17.3 16.7 17.4 17.5 Net worth 25,892 31,483 38,397 47,028 57,100
Direct costs 51,724 60,774 70,928 83,278 97,892 Debt 1,353 1,342 4,000 4,000 4,000
SG&A 10,338 11,892 13,597 15,107 17,557 Minority interest - - - - -
EBITDA 7,020 8,375 10,045 12,652 15,074 DTL / (Assets) 266 273 301 301 301
EBITDA margins (%) 10.2 10.3 10.6 11.4 11.5 Capital employed 27,511 33,098 42,698 51,328 61,401
- Depreciation 571 614 706 1,047 1,512 Net tangible assets 5,656 7,688 9,090 17,151 21,747
Other income 318 490 567 666 718 Net intangible assets 17 15 20 20 20
Interest expenses 347 439 626 687 760 Goodwill - - - - -
PBT 6,420 7,813 9,282 11,585 13,520 CWIP (tang. & intang.) 146 1,209 9,000 5,000 2,000
Effective tax rates (%) 25.6 25.6 25.5 25.5 25.5 Investments (strategic) 13 16 16 16 16
+ Associates / (Minorities) - - - - - Investments (financial) - - - - -
Net income 4,773 5,811 6,915 8,631 10,072 Current assets (excl. cash) 26,511 30,648 33,603 38,420 45,040
Adjusted income 4,774 5,811 6,915 8,631 10,072 Cash 5,372 7,004 5,850 7,052 11,522
WANS 90 90 90 90 90 Current liabilities 10,191 13,466 14,865 16,315 18,928
FDEPS (Rs) 52.9 64.3 76.6 95.6 111.5 Working capital 16,320 17,182 18,738 22,105 26,112
FDEPS growth (%) 27.2 21.7 19.0 24.8 16.7 Capital deployed 27,511 33,098 42,698 51,328 61,401
Gross margins (%) 25.1 25.0 25.0 25.0 25.0 Contingent liabilities 1,446 3,187 - - -

Fig 3 – Cash-flow statement (Rs m) Fig 4 – Ratio analysis

Year-end: Mar FY23 FY24 FY25e FY26e FY27e Year-end: Mar FY23 FY24 FY25e FY26e FY27e
PBT 6,420 7,811 9,282 11,585 13,520 P/E (x) 82.9 68.1 57.2 45.8 39.3
+ Non-cash items 844 1,028 764 1,068 1,554 EV / EBITDA (x) 55.8 46.6 39.2 31.0 25.7
Oper. prof. before WC 7,264 8,839 10,045 12,652 15,074 EV / Sales (x) 5.6 4.8 4.1 3.5 3.0
- Incr. / (decr.) in WC -349 -689 -1,556 -3,367 -4,007 P/B (x) 15.3 12.6 10.3 8.4 6.9
Others incl. taxes -1,776 -2,045 -2,367 -2,954 -3,448 RoE (%) 18.4 18.5 18.0 18.4 17.6
Operating cash-flow 5,139 6,105 6,123 6,331 7,619 RoCE (%) - after tax 17.4 17.4 16.3 16.8 16.5
- Capex (tang. + intang.) -977 -4,000 -9,903 -5,107 -3,107 RoIC(%) - after tax 22.0 23.9 22.1 21.3 21.5
Free cash-flow 4,163 2,105 -3,780 1,224 4,512 DPS (Rs) 3.0 3.5 7.0 7.0 7.0
Acquisitions - - - - - Dividend yield (%) 0.1 0.1 0.2 0.2 0.2
- Div.(incl. buyback & taxes) -271 -281 -632 -632 -632 Dividend payout (%) - incl. DDT 5.7 5.4 9.1 7.3 6.3
+ Equity raised 20 11 -0 - - Net debt / equity (x) -0.2 -0.2 -0.0 -0.1 -0.1
+ Debt raised -202 -9 2,658 - - Receivables (days) 73 68 63 60 60
- Fin investments 9 3 - - - Inventory (days) 58 60 58 58 58
- Misc. (CFI + CFF) -1,759 - 660 632 632 Payables (days) 40 45 43 40 40
Net cash-flow 1,209 1,861 (1,154) 1,203 4,470 CFO : PAT % 107.7 105.1 88.5 73.4 75.6
Source: Company Source: Company

Fig 5 – Price movement Fig 6 – Revenue mix, Q2 FY25

(Rs) Stainless steel EPC
6,000 3% 4%

5,000

4,000 LT cable
39%
Housewire/WW
3,000 32%

2,000

1,000

0
EHV
Jul-21

Jan-23

Jul-24
Jan-21

Jan-22

Jul-22

Jul-23

Jan-24
Oct-20

Apr-22

Oct-23
Apr-21

Oct-21

Oct-22

Apr-23

Apr-24

Oct-24

4% HT cable
19%
Source: Bloomberg Source: Company

Anand Rathi Research 2

17 October 2024 KEI Industries – Revenue growth guidance maintained; retaining a Hold

Fig 7 – Financial performance

(Rs m) Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 % Y/Y % Q/Q
Income 15,654 16,081 17,843 19,529 17,826 19,466 20,594 23,193 20,605 22,796 17.1 10.6
Raw material costs 11,761 12,091 13,445 14,427 13,342 14,552 15,494 17,385 15,194 17,310 19.0 13.9
Employee costs 560 508 595 657 650 662 664 695 731 743 12.3 1.6
Other expenses 1,736 1,877 1,982 2,424 2,051 2,213 2,290 2,666 2,534 2,537 14.6 0.1
EBITDA 1,596 1,606 1,822 2,022 1,783 2,039 2,146 2,446 2,146 2,206 8.2 2.8
Depreciation 139 145 144 143 147 156 154 158 155 163 4.8 5.2
Finance costs 92 76 78 101 89 75 109 165 142 133 77.0 (5.9)
Other income 35 53 138 67 83 77 142 152 178 169 121.1 (5.2)
Exceptional items - - - - - - - (2) - -
PBT 1,400 1,438 1,737 1,845 1,630 1,884 2,024 2,272 2,027 2,079 10.3 2.5
Tax 363 369 451 464 416 482 518 587 525 531 10.0 1.1
Net income 1,038 1,068 1,286 1,381 1,214 1,402 1,507 1,686 1,502 1,548 10.4 3.1
EPS (Rs) 11.5 11.8 14.3 15.3 13.5 15.5 16.7 18.7 16.6 17.2 10.4 3.1
As percent of income bps y/y bps q/q
Gross margins 24.9 24.8 24.7 26.1 25.2 25.2 24.8 25.0 26.3 24.1 (118) (219)
Employee costs 3.6 3.2 3.3 3.4 3.6 3.4 3.2 3.0 3.5 3.3 (14) (29)
Other expenses 11.1 11.7 11.1 12.4 11.5 11.4 11.1 11.5 12.3 11.1 (24) (117)
EBITDA margins 10.2 10.0 10.2 10.4 10.0 10.5 10.4 10.5 10.4 9.7 (80) (74)
Depreciation 0.9 0.9 0.8 0.7 0.8 0.8 0.7 0.7 0.8 0.7 (8) (4)
Finance costs 0.6 0.5 0.4 0.5 0.5 0.4 0.5 0.7 0.7 0.6 20 (10)
Other income 0.2 0.3 0.8 0.3 0.5 0.4 0.7 0.7 0.9 0.7 35 (12)
PBT margins 8.9 8.9 9.7 9.4 9.1 9.7 9.8 9.8 9.8 9.1 (56) (72)
Effective tax rates 25.9 25.6 26.0 25.1 25.5 25.6 25.6 25.8 25.9 25.5 (7) (37)
NI margins 6.6 6.6 7.2 7.1 6.8 7.2 7.3 7.3 7.3 6.8 (41) (50)
Segment revenues (Rs m) % Y/Y % Q/Q
Cables 14,206 14,445 16,334 17,543 16,119 17,755 18,671 20,691 18,757 21,402 20.5 14.1
Stainless steel 610 735 557 644 590 591 461 572 538 598 1.3 11.3
Turnkey projects 1,536 1,059 2,234 2,232 1,847 3,131 3,769 3,405 2,261 1,309 (58.2) (42.1)
Less: Inter-segmental 698 158 1,282 890 730 2,011 2,308 1,474 950 513 (74.5) (46.0)
Net revenue 15,654 16,081 17,843 19,529 17,826 19,466 20,594 23,193 20,605 22,796 17.1 10.6
Mix (%)
Cables 86 89 86 85 87 83 82 84 87 92
Stainless steel 4 5 3 3 3 3 2 2 2 3
Turnkey projects 9 6 12 11 10 15 17 14 10 6
Segment EBIT (%) bps y/y bps q/q
Cables 9.0 8.7 9.3 9.5 8.8 10.8 10.6 10.9 11.0 10.5 (34) (55)
Stainless steel 3.3 6.1 10.0 9.2 5.3 6.1 7.8 2.3 1.9 4.8 (132) 289
Turnkey projects 6.2 14.0 12.5 6.5 13.9 10.0 11.6 12.4 13.2 9.2 (79) (393)
Source: Company

Anand Rathi Research 3

17 October 2024 KEI Industries – Revenue growth guidance maintained; retaining a Hold

Q2 FY25: Concall highlights

◼ H1 production volume increase in the cable division was 14% (Q1:
18%), indicating that Q2 volumes were weak as some materials could
not be exported. Further, the increased finished goods inventory due to
low exports and EHV sales resulted in a low operating leverage. The
company’s FY25 guidance for 16-17% revenue growth was maintained,
with 11% EBITDA margin, thanks to strong demand and capacity
added.
◼ The company hiked prices by 10% in Q2 due to fluctuations in copper
and aluminium prices.
◼ During Q2, EHV’s idle capacity was utilised for HT cables as the
former’s sales were impacted by issues in the RoW owing to rains,
inconsistency in executing orders due to non-clearances from utilities
and other issues, which the company expects to normalize during the
year.
◼ Growth would come from the company’s a) strong order-book at end-
Q2 (Rs38.5bn; EPC Rs6.03bn, EHV Rs3.01bn, exports Rs5.75bn,
domestic cables Rs23.68bn); b) widening network of channel partners
(2,038) at end-Q2; c) rising share of exports (13% of FY25 overall sales).
◼ H1 exports contributed 11% to sales; the figure was slightly weak in Q2.
Management has guided to exports contributing 12-13% to sales for the
full year. Now, with a strong, >Rs5.75bn, exports orderbook in LT, HT,
EHV cables and execution (delivery in 3-4 months), the outlook remains
bright. However, the company aspires to grow by an overall 17%
annually, where contribution from domestic, exports and retail may vary
with overall sales.
◼ The retail channel revenue is increasing. Dealers and distributors at end-
Q2 grew to 2,038 (~1,990 at end-FY24) from good exposure to real
estate. The retail channel revenue rose 36% y/y to Rs12.58bn in Q2,
55.18% of total revenue.
◼ At end-H1, capacity utilisation was 78% in cables, 71% in house wires
and 93% in stainless steel wires.
◼ The strong industry outlook and robust domestic and exports demand
will be beneficial for the company. Also, the company’s capacities
commencing would add to domestic and export volumes. Management
expects significant demand from solar, wind, transmission and
distribution projects and data centres.
Capex
◼ H1 capex was Rs3.12bn (Rs1.69bn for greenfield expansion in Sanand,
Rs480m for the Chinchpada capacity, Rs250m for the Bhiwadi plant,
Rs380m for Pathredi and Rs320m for other plants).
◼ The company commenced brownfield expansion at its Pathredi plant in
Q2 (via Rs1.25bn funded through internal accruals) for LT cables; this
would generate an additional Rs8-9bn in revenue. The brownfield capex
for Chinchpada, Silvassa, would add capacity for wires, house wires; the
LT power cables capacity was also commissioned. The expansion would
boost growth by 15-17% in FY25 and FY26.
◼ For the next two years, the company has planned greenfield expansion
of Rs18bn-19bn for LT/HT/EHV cables in Gujarat. Of the total, Rs9-

Anand Rathi Research 4

17 October 2024 KEI Industries – Revenue growth guidance maintained; retaining a Hold

10bn will be spent in FY25 (Rs2bn spent in FY24). Further, Rs5bn-6bn

would be used to complete the project in FY26 and maintain a 15-16%
CAGR for the next three-four years. Construction began in FY24;
commercial production will begin by Mar’26.
QIP of Rs2bn to fund the required capex
◼ The company has announced plans to raise Rs2bn through qualified
institutional placement (QIP). It plans to issue equity shares or other
eligible securities as part of this initiative. This fundraise would fulfil the
required capex, thereby avoiding the debt route and interest cost.
◼ Management aims for a debt-free company and without QIP, the term
loan would have increased to Rs6bn to fund capex. Also, without QIP,
an additional working capital loan would have been needed in FY26-27
(when full capacity is to become available). Thus, internal cash accruals
would not be available post FY26-27 as the company aims to spend Rs5-
7bn a year for capacity additions to maintain a revenue CAGR of 17%.

Anand Rathi Research 5

17 October 2024 KEI Industries – Revenue growth guidance maintained; retaining a Hold

Outlook & Valuation

Outlook, Estimates. Post Q2 results, we have tweaked our FY26e
revenue/EBITDA by 1%/4%. As we roll over to FY27e, we model
17%/20% revenue/net income CAGRs over FY24-27. KEI is seeing strong
demand from data centres, solar and wind renewable energy, transmission
and power distribution projects, thermal power projects, pump storage
projects and highway tunnels.
The company will benefit from the structural demand for cables and wires.
Its focus on increasing retail sales and exports would be an additional lever
aiding growth.

Fig 8 – Estimates change

New Old Variance (%)
(Rs m) FY25e FY26e FY25e FY26e FY25 FY26
Revenue 94,571 1,11,037 93,785 1,12,105 1 (1)
EBITDA 10,045 12,652 10,284 13,182 (2) (4)
EBITDA (%) 10.6 11.4 11.0 11.8
PBT 9,282 11,585 9,159 11,569 1 0
PAT 6,915 8,631 6,824 8,619 1 0
PAT (%) 7.3 7.8 7.3 7.7
Source: Anand Rathi Research

Valuation, Rating. At the CMP, the stock trades at 57x/46x FY25e/26e

EPS of Rs76.6/95.6. Our 12-mth TP, post Q2 earnings, is Rs4,796 (43x
FY26e EPS of Rs95.4). We retain our Hold recommendation.

Fig 9 – P/E has been expanding since Mar’20 Fig 10 – The stock trades above +2SD
5,000 70

55x 60
4,000 50
46x
40 +2 SD
3,000 37x
30
+1 SD
28x 20
2,000 mean
10
-1 SD
1,000 0

-10 -2 SD

0 -20
Oct-10

Oct-11

Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22

Oct-23

Oct-24
Apr-17

Apr-18

Apr-19

Apr-20

Apr-21

Apr-22
Oct-15
Apr-16
Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
Apr-23

Apr-24
Oct-23

Oct-24

Source: Company, Anand Rathi Research Source: Company, Anand Rathi Research

Risks
◼ Significant delays in commissioning of capacity.
◼ Slow addition of dealers could restrict channel sales growth, which
commands higher margins and requires less working capital.

Anand Rathi Research 6

Appendix
Analyst Certification
The views expressed in this Research Report accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the
compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s)
in this report. The research analysts are bound by stringent internal regulations and also legal and statutory requirements of the Securities and Exchange Board of
India (hereinafter “SEBI”) and the analysts’ compensation are completely delinked from all the other companies and/or entities of Anand Rathi, and have no bearing
whatsoever on any recommendation that they have given in the Research Report.

Important Disclosures on subject companies

Rating and Target Price History (as of 16 October 2024)
TP Share
6000 KEII Date Rating (Rs) Price (Rs)
18 23-Apr-20 Buy 411 288
5000 31 19 7-Aug-20 Buy 473 354
4000 30 20 3-Nov-20 Buy 485 330
21 29-Jan-21 Buy 586 470
3000 22 31-May-21 Hold 720 616
29 23 2-Aug-21 Hold 814 749
2000 28 24 30-Jan-22 Hold 1,210 1,089
24 2526 25 28-Jul-22 Hold 1,328 1,243
1000 7 8 10 12 14 1719 22 23 27 26 21-Oct-22 Hold 1,635 1,530
1 3 5 27 25-Jan-23 Hold 1,664 1,554
911 13 1516
0 2 4 6
18 2021 28 3-May-23 Hold 1,926 1,840
May-16

May-17

Sep-18

Aug-19

Aug-20

May-23
Jul-21
Oct-17
Apr-18

Apr-24
Oct-24
Jan-15
Jun-15
Dec-15

Nov-16

Mar-19

Feb-20

Jan-21

Dec-21
Jun-22
Dec-22

Nov-23
29 1-Aug-23 Hold 2,492 2,271
30 5-May-24 Hold 4,324 3,900
31 31-Jul-24 Hold 4,771 4,330

Anand Rathi Ratings Definitions

Analysts’ ratings and the corresponding expected returns take into account our definitions of Large Caps, Mid Caps & Small Caps as described in the Ratings
Table below:
Ratings Guide (12 months)
Buy Hold Sell
Large Caps (Top 100 companies) >15% 0-15% <0%
Mid Caps (101st-250th company) >20% 0-20% <0%
Small Caps (251st company onwards) >25% 0-25% <0%

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ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of No
the month immediately preceding the date of publication of the research report?
ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company No
ARSSBL/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report? No
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months No
ARSSBL/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past twelve No
months
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage services from No
the subject company in the past twelve months
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or merchant No
banking or brokerage services from the subject company in the past twelve months
ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the subject company or third party in connection No
with the research report
ARSSBL/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company. No
ARSSBL/its Associates/ Research Analyst/ his Relative has been engaged in market making activity for the subject company. No

Other Disclosures pertaining to distribution of research in the United States of America

Research report is a product of Anand Rathi Share and Stock Brokers Ltd. (hereinafter refer as ARSSBL) under Marco Polo Securities 15a6 chaperone service which is the
employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.)
and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required
to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a
subject company, public appearances and trading securities held by a research analyst account.
Research reports are intended for distribution by only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange
Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional
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to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations
thereof by the SEC in order to conduct certain business with Major Institutional Investors, ARSSBL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Marco Polo Securities Inc. ("Marco Polo").
1. ARSSBL or its Affiliates may or may not have been beneficial owners of the securities mentioned in this report.
2. ARSSBL or its affiliates may have or not managed or co-managed a public offering of the securities mentioned in the report in the past 12 months.
3. ARSSBL or its affiliates may have or not received compensation for investment banking services from the issuer of these securities in the past 12 months and do not expect
to receive compensation for investment banking services from the issuer of these securities within the next three months.
4. However, one or more of ARSSBL or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those
securities or options thereon, either on their own account or on behalf of their clients.
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As of the publication of this report, ARSSBL does not make a market in the subject securities.
Additional information on recommended securities/instruments is available on request.
Compliance officer-Deepak Kedia, email id - [email protected], Contact no. +91 22 6281 7000
Grievance officer-Madhu Jain-email id- [email protected], Contact no. +91 22 6281 7191
ARSSBL registered address: Express Zone, A Wing, 9th Floor, Western Express Highway, Diagonally Opposite Oberoi Mall, Malad (E), Mumbai – 400097.
Tel No: +91 22 6281 7000 | Fax No: +91 22 4001 3770 | CIN: U67120MH1991PLC064106.