1. business and industrial

October 14, 2014
Neutral
Reliance Industries
Result Update
Industry : Oil & Gas
Strong show by petchem boosts RIL’s operational performance, KG D6 continues to disappoint
RIL’s Q2FY15 operating profit (standalone) was of Rs82.4bn was ahead of our
estimate while net profit of Rs57.4bn was in line with our estimate of Rs53.4bn due
to higher interest cost and depreciation charge. GRM for the quarter at $8.3/bbl
was marginally higher than our estimate while RIL’s premium over Singapore
complex GRM increased from $2.9 to $3.5/bbl due to higher crude differentials.
Petchem EBIT for the quarter increased by 27.5% sequentially to Rs24bn (yoy -4%)
driven by strong rebound in polymers, fibre intermediates and aromatics margins.
Petchem EBIT for the quarter was 13% higher than our estimate. Gas production
from KG-D6 decreased sequentially to 12.5mmscmd (yoy/qoq -1.8/-0.6mmscmd).
Other income increased by 4.6% yoy to Rs21.4bn (29% of PBT). We maintain our
NEUTRAL rating on the stock with a revised target price of Rs950. At the CMP, the
stock is trading at 11.4x and 7.9x FY16e earnings and EV/EBITDA respectively.
Net revenues for the quarter decreased by 7% yoy
RIL’s Q2FY15 net revenues stood at Rs965bn (yoy -7%, qoq +0.1%). Refining revenues
during the quarter decreased by 5.8% yoy to Rs917bn (qoq +0.9%) driven by strong
rupee which appreciated by 2.1% yoy while crude throughput declined by 2.3% yoy.
Refining capacity utilization stood at 112%. Petchem revenues for the quarter increased
by 5.1% qoq to Rs249bn driven by strong performance of polymer segment. The Oil and
Gas segment revenue witnessed a decline of 5.7% yoy to Rs13.8bn due to fall in crude
oil price and falling production of both oil and gas. Gas production from KG-D6 declined
to 12.5mmscmd (yoy/qoq -1.8/-0.6mmscmd).
Strong show by petchem during the quarter
RIL’s Q2FY15 operating profit witnessed a sequential increase of 9.4% to Rs82.4bn
driven by 27.5% qoq increase in petchem EBIT while refining EBIT of Rs37.9bn was
constant on a sequential basis (yoy +19.3%). During the quarter, Singapore complex
GRM decreased by 17.2% qoq to $4.8/bbl on account of weakness seen in gasoline and
gasoil cracks. RIL’s GRM decreased by $0.4/bbl to $8.3/bbl which was marginally higher
than our estimate of $8.3/bbl. Consequently, RIL’s premium over Singapore GRM
increased to $3.5/bbl. Petchem EBIT for the quarter increased by 27.5% sequentially to
Rs24bn (yoy -4%) driven by strong rebound in polymers, fibre intermediates and
aromatics margins. Petchem EBIT for the quarter was 13% higher than our estimate. Oil
and Gas EBIT for the quarter decreased by 31.8% qoq to Rs3.3bn due to lower
production and fall in crude oil price.
Revise our target price to Rs950
We expect the refining business to face headwinds going forward on account of higher
capacity additions compared to demand. Lack of demand growth has weighed down on
RIL’s other key business vertical petchem. To our mind, lack of demand growth would
have a negative impact on RIL’s petchem margins. RIL’s upstream foray has been reeling
under uncertainty with gas production from KG D6 falling to 12.5mmscmd. Add to it the
uncertainty with respect to quantum and timing of gas price increase would further weigh
down on the valuation of its domestic E&P business. We maintain our NEUTRAL rating
on the stock with a revised target price of Rs950. At the CMP, the stock is trading at
11.4x and 7.9x FY16e earnings and EV/EBITDA respectively.
Chirag Dhaifule
chirag@lkpsec.com
+91 22 6635 1220
Stock Data
Current Market Price (Rs)
963
Target Price (Rs)
950
Potential upside (%)
(1)
Reuters
RELI.BO
Bloomberg
RIL IN
What’s Changed
12 month PriceTarget (Rs)
From Rs 994 to Rs 950
FY2015 EPS (Rs)
From Rs 79.6 to Rs 73
FY2016 EPS (Rs)
From Rs 90.4 to Rs 84.4
Key Data
Market Cap (Rs bn)
3,102
52-Week Range (Rs)
1,143 / 794
Avg Dly Trading Value last 6 mts (Rs.mn)
3,815
Promoters (%)
45.26
FII Holding (%)
19.46
DII Holding (%)
11.32
Public & Others Holding (%)
23.96
Fiscal YE
YE Mar
FY13
FY14
Total sales(Rs bn)
3,971
4,345
3,983
4,014
EBITDA margins(%)
8.3
8.0
9.8
11.2
PAT margins(%)
5.3
5.2
5.9
6.8
EPS(Rs)
64.7
69.6
73.0
84.4
P/E(x)
14.9
13.8
13.2
11.4
1.7
1.6
1.4
1.3
EV/EBITDA(x)
10.0
10.8
9.5
7.9
ROE(%)
11.9
11.8
11.3
11.8
ROCE(%)
9.6
9.2
8.7
9.2
Dividend yield( %)
0.9
0.9
0.9
0.9
P/BV(x)
FY15e FY16e
Relative Price Performance
140
120
100
80
60
Oct-13
Feb-14
Reliance Ind
Jun-14
Oct-14
S&P Bse Sensex
One Year Indexed
(%)
Absolute
BSE Relative
1 Month
(5)
(3)
3 Months
(4)
(7)
12 Months
10
(17)
Disclaimer:
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is
for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company makes no guarantee and
assumes no liability for any errors or omissions of the information. No one can use the information as the basis for an y claim, demand or cause of action. LKP
Securities Ltd., and affiliates, including the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positions
in, and buy or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or
compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or i nconsistent with any recommendation
and related information and opinions. LKP Securities Ltd., and affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.
Reliance Industries
Actual v/s Estimates
Y/E, Mar (Rs. m)
Q2FY15
Q1FY15
qoq (%)
Q2FY14
yoy (%)
Revenue
964,860
963,510
0.1%
1,037,580
-7.0%
915,307
5.4%
EBITDA
82,350
75,300
9.4%
78,490
4.9%
74,505
10.5%
8.5%
7.8%
72 bps
7.6%
97 bps
8.1%
39 bps
57,420
56,490
1.6%
54,900
4.6%
56,288
2.0%
EBITDA (%)
PAT
LKP Estimates Deviation (%/bps)
Result Table
Y/E, Mar (Rs. mn)
Q2FY14
Q1FY15
Q2FY15
yoy (%)
qoq (%)
H1FY14
H1FY15
yoy (%)
1,037,580
963,510
964,860
-7.0%
0.1%
1,914,030
1,928,370
0.7%
881,800
788,460
782,750
-11.2%
-0.7%
1,611,630
1,571,210
-2.5%
Purchase of products
1,160
17,160
17,360
1396.6%
1.2%
5,080
34,520
579.5%
Employee Cost
8,080
9,290
9,320
15.3%
0.3%
17,070
18,610
9.0%
Net Revenue
Raw Material Consumption
Other Expenditure
Total Operating Costs
EBITDA
68,050
73,300
73,080
7.4%
-0.3%
131,010
146,380
11.7%
959,090
888,210
882,510
-8.0%
-0.6%
1,764,790
1,770,720
0.3%
78,490
75,300
82,350
4.9%
9.4%
149,240
157,650
5.6%
EBITDA (%)
7.6%
7.8%
8.5%
97bps
72bps
7.8%
8.2%
38bps
Depreciation
22,330
20,240
22,270
-0.3%
10.0%
43,710
42,510
-2.7%
Interest
8,050
3,240
7,580
-5.8%
134.0%
16,150
10,820
-33.0%
Other Income
20,600
20,460
21,400
3.9%
4.6%
45,950
41,860
-8.9%
PBT
68,710
72,280
73,900
7.6%
2.2%
135,330
146,180
8.0%
Tax
13,810
15,790
16,480
19.3%
4.4%
26,910
32,270
19.9%
Tax Rate (%)
20.1%
21.8%
22.3%
220bps
45bps
19.9%
22.1%
219bps
Adj PAT
54,900
56,490
57,420
5%
2%
108,420
113,910
5.1%
Rep PAT
54,900
56,490
57,420
4.6%
1.6%
108,420
113,910
5.1%
3,231
3,233
3,234
3,231
3,234
17.0
17.5
17.8
33.6
35.2
5.0%
Shares outstanding (mn)
Reported EPS (Rs)
4.5%
1.6%
Segmental Breakup
Y/E, Mar (Rs. mn)
Q2FY14
Q1FY15
Q2FY15
yoy (%)
qoq (%)
H1FY14
H1FY15
yoy (%)
Petrochemicals
248,920
237,150
249,320
0.2%
5.1%
468,420
486,470
3.9%
Refining
974,560
909,980
917,810
-5.8%
0.9%
1,789,140
1,827,790
2.2%
14,640
15,570
13,800
-5.7%
-11.4%
29,180
29,370
0.7%
3,300
1,930
2,210
-33.0%
14.5%
9,460
4,140
-56.2%
Petrochemicals
25,040
18,850
24,030
-4.0%
27.5%
43,920
42,880
-2.4%
Refining
31,740
37,730
37,880
19.3%
0.4%
61,250
75,610
23.4%
3,560
4,870
3,320
-6.7%
-31.8%
7,080
8,190
15.7%
420
520
660
57.1%
26.9%
1,260
1,180
-6.3%
10.1%
7.9%
9.6%
-42bps
169bps
9.4%
8.8%
-56bps
Segment Revenue
Oil & Gas
Others
Segment EBIT
Oil & Gas
Others
EBIT Margins
Petrochemicals
Refining
3.3%
4.1%
4.1%
87bps
-2bps
3.4%
4.1%
71bps
Oil & Gas
24.3%
31.3%
24.1%
-26bps
-722bps
24.3%
27.9%
362bps
Others
12.7%
26.9%
29.9%
1714bps
292bps
13.3%
28.5%
1518bps
LKP Research
2
Reliance Industries
Refining GRM decreases to $8.3/bbl

Refining revenues during the quarter decreased by 5.8% yoy to Rs917bn (qoq
+0.9%) driven by strong rupee which appreciated by 2.1% yoy while crude
throughput declined by 2.3% yoy. Refining capacity utilization stood at 112%.

Singapore complex GRM decreased by 17.2% qoq to $4.8/bbl on account of
weakness seen in gasoline and gasoil cracks.

RIL’s GRM decreased by $0.4/bbl to $8.3/bbl which was marginally higher than
our estimate of $8.3/bbl.

Consequently, RIL’s premium over Singapore GRM increased to $3.5/bbl.

Higher crude throughput negated the effect of fall in RIL’s GRM. RIL’s refining
EBIT of Rs37.9bn was constant on a sequential basis (yoy +19.3%).
RIL’s GRM at $8.3/bbl decreased by $0.4/bbl on sequential basis
12.0
($/bbl)
10.0
8.0
6.0
4.0
2.0
Q2FY13
Q3FY13
Q4FY13
Q1FY14
RIL GRM
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Singapore Complex GRM
Source: LKP Research
RIL’s refinery utilization and crude processed for Q2FY15
18
118%
115%
17
112%
109%
16
106%
103%
15
100%
Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15
Crude Processed (mmt)
RIL's Refinery Utilization Rate
Source: LKP Research
LKP Research
3
Reliance Industries
Strong Petchem performance during the quarter

RIL’s petrochemicals revenue for the quarter increased by 5.1% qoq to
Rs249bn driven by strong performance of polymer segment.

Petchem EBIT for the quarter increased by 27.5% sequentially to Rs24bn (yoy 4%) driven by strong rebound in polymers, fibre intermediates and aromatics
margins.

Petchem EBIT for the quarter was 13% higher than our estimate.

Petchem’s EBIT margin for the quarter increased by 169bps qoq to 9.6% (yoy 42bps). Lower naphtha prices due to decline in crude oil prices also helped
petchem margin expansion.
Petchem margin increased by 169bps sequentially to 9.6%
30
(Rs bn)
14%
25
12%
20
15
10%
10
8%
5
0
6%
Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15
Petrochemicals EBIT (Rs bn)
Petrochemicals EBIT (%)
Source: LKP Research
Petchem volumes trend
5.8
(mmt)
5.6
5.4
5.2
5.0
Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15
Source: LKP Research
LKP Research
4
Reliance Industries
Upstream business affected by lower gas production from KG – D6
and lower oil price

Gas production from KG-D6 averaged 12.5mmscmd during Q2FY15 as against
13.1mmscmd in Q1FY15. Total gas production (incl PMT) averaged 19mmscmd
during the quarter.

Crude oil production from KG-D6 decreased by 2.2% yoy to 5,435bpd (qoq 6.7%) while oil production from PM fields was constant at 22kbpd. Tapti field
fields continued to witness natural decline during the quarter.

Oil and Gas EBIT for the quarter decreased by 31.8% qoq to Rs3.3bn due to
lower production and fall in crude oil price.

We have modeled gas production at 15/20mmscmd and gas price of
$4.2/6.5mmbtu for FY15e/16e.
KG-D6 gas production at 12.5mmscmd
Prodn at PM during the quarter
30
10,000
25
6.0
24,000
5.5
8,000
22,000
20
5.0
15
6,000
20,000
4.5
10
5
4,000
Q2FY13
Q4FY13
Q2FY14
KG - D6 Gas Prodn (mmscmd)
Q4FY14
Q2FY15
4.0
18,000
Q2FY13
KG - D6 Oil Prodn (bpd)
Q4FY13
Q2FY14
Q4FY14
PM Gas Prodn (mmscmd)
PM Oil Prodn (bpd)
Source: LKP Research
Source: LKP Research
Tapti gas prodn continues to fall due to natural decline
E&P segment EBIT at Rs3.3bn in Q4FY14
4.0
1,600
3.0
1,200
10
8.7
8
5.9
6
2.0
5.4
4.9
4.6
800
3.5
4
1.0
Q2FY15
3.6
3.8
Q2FY14
Q4FY14
3.3
400
2
0.0
0
Q2FY13
Q4FY13
Q2FY14
Tapti Gas Prodn (mmscmd)
Source: LKP Research
LKP Research
Q4FY14
Q2FY15
0
Q2FY13
Q4FY13
Tapti Condensate Prodn (bpd)
Q2FY15
Oil & Gas EBIT (Rs bn)
Source: LKP Research
5
Reliance Industries
Valuation & View
RIL is investing heavily in its core businesses to increase its capacities over the next
few years. In its refining division, RIL is setting up a petcoke gasification plant at an
estimated cost of $4bn while in its petchem division, RIL is spending $8bn to a) set
up a refinery off-gas cracker and b) expand capacity. We estimate RIL’s operating
profit to grow at 12.4% cagr over FY14-17e period as against a muted growth of 3%
over FY10-14, while we expect RIL’s operating profit margin to increase by 521bps
to 13.2%.
We expect the refining business to face headwinds going forward on account of
higher capacity additions compared to demand. Lack of demand growth has
weighed down on RIL’s other key business vertical petchem. This, to our mind,
would maintain pressure on RIL’s petchem margins. RIL’s upstream foray has been
reeling under uncertainty with gas production from KG D6 falling to 12.5mmscmd.
Add to it the uncertainty with respect to quantum and timing of gas price increase
would further weigh down on the valuation of its domestic E&P business.
We value RIL using SOTP method valuing each of its businesses separately. We
have valued RIL’s Refining and Petrochemicals business using EV/EBITDA. To
value the E&P business, we have valued the producing and developing assets on
NPV basis. Other new ventures have been valued at book value or acquisition cost
as they are still in a nascent stage and some time away from any meaningful
contribution to the company. We maintain our NEUTRAL rating on the stock with a
revised target price of Rs950. At the CMP, the stock is trading at 11.4x and 7.9x
FY16e earnings and EV/EBITDA respectively.
SOTP valuation - FY16e basis
Business Segments
Method
Multiple
Value (Rs mn)
EV (Rs mn)
(Rs/sh)
Refining
EV/EBITDA
6.5x
189,042
1,228,773
418
Petrochemicals
EV/EBITDA
6.5x
148,058
962,375
327
606,945
206
177,369
60
112,510
38
E&P business
Shale Gas Assets
NPV & EV/boe
EV/boe
Retail
Book Value
1x
SEZ
Book Value
1x
49,910
49,910
17
Infotel
Book Value
1x
230,446
230,446
78
3,368,329
1,146
576,556
196
2,791,773
950
Total EV
Net Debt / (Cash)
Equity Value
112,510
CMP
963
Upside / (Downside)
-1%
LKP Research
6
Reliance Industries
Financials
Income statement
Y/E, Mar (Rs. m)
Net Sales
yoy (%)
Raw Materials Exp
Purch - traded goods
Mfg Exp
Gross Profit
Employee Cost
Other Expenditure
Total Expenditure
EBITDA
EBITDA margin
yoy (%)
Depreciation
Core EBIT
Core EBIT margin
Other Income
EBIT
EBIT margin
Interest
PBT
Tax
Tax rate (%)
Adj PAT
Minority Interest
Adj PAT after MI
EOIs
Reported PAT
Balance sheet
FY13
FY14
FY15e
FY16e
39,70,620 43,44,600 39,82,674 40,14,421
10.8%
9.4%
-8.3%
0.8%
32,18,250 34,59,310 30,88,827 30,62,746
1,04,250 1,70,910 1,70,321 1,70,280
1,43,011 1,67,102 1,50,409 1,49,233
5,05,109 5,47,278 5,73,117 6,32,162
51,790
55,720
51,933
51,667
1,22,869 1,43,568 1,31,473 1,30,622
36,40,170 39,96,610 35,92,964 35,64,548
3,30,450 3,47,990 3,89,710 4,49,873
8.3%
8.0%
9.8%
11.2%
-4.2%
5.3%
12.0%
15.4%
1,12,320 1,12,010 1,33,962 1,47,866
2,18,130 2,35,980 2,55,748 3,02,007
5.5%
5.4%
6.4%
7.5%
78,000
89,110
89,610
90,110
2,96,130 3,25,090 3,45,358 3,92,117
7.5%
7.5%
8.7%
9.8%
34,630
38,360
44,334
44,334
2,61,500 2,86,730 3,01,024 3,47,783
53,310
62,150
65,148
74,954
20.4%
21.7%
21.6%
21.6%
2,08,190 2,24,580 2,35,876 2,72,829
-600
-350
0
0
2,08,790 2,24,930 2,35,876 2,72,829
0
0
0
0
2,08,790 2,24,930 2,35,876 2,72,829
Y/E, Mar (Rs. m)
Equity share capital
Reserves & surplus
Networth
Minority Interest
Secured Loans
Unsecured Loans
Loan Funds
Total Liabilities
Gross Block
Less: Depreciation
Net block
Capital WIP
Investment
Current Assets
Inventories
Sundry debtors
Cash & bank bal
Other assets
Loans & advances
Curr. Liab & Prov
Current liabilities
Provisions
Net current assets
Net Def tax liability
Misc expenditure
Total Assets
FY13
FY14
FY15e
FY16e
29,360
17,91,190
18,20,550
9,490
65,876
6,43,724
7,09,600
25,39,640
26,39,690
10,58,930
15,80,760
2,53,630
4,28,480
13,60,700
5,46,010
97,500
5,04,560
17,830
1,94,800
9,68,050
9,17,170
50,880
3,92,650
-1,15,880
0
25,39,640
29,400
19,57,470
19,86,870
9,590
94,531
9,23,729
10,18,260
30,14,720
32,46,420
11,70,940
20,75,480
2,53,630
6,13,250
13,46,070
5,59,970
94,110
3,79,840
32,540
2,79,610
11,54,460
11,07,100
47,360
1,91,610
-1,19,250
0
30,14,720
29,400
21,60,666
21,90,066
9,590
94,531
9,23,729
10,18,260
32,17,916
35,12,220
13,04,902
22,07,318
2,61,463
6,13,250
13,20,936
5,20,140
84,217
4,41,704
32,108
2,42,767
10,65,800
10,22,306
43,494
2,55,136
-1,19,250
0
32,17,916
29,400
24,00,816
24,30,216
9,590
94,531
9,23,729
10,18,260
34,58,066
37,78,020
14,52,768
23,25,252
2,61,463
6,13,250
14,50,928
5,23,634
85,084
5,64,065
32,146
2,45,999
10,73,577
10,29,744
43,833
3,77,351
-1,19,250
0
34,58,066
FY13
FY14
FY15e
FY16e
12.7%
8.3%
5.5%
5.3%
20.4%
12.6%
8.0%
5.4%
5.2%
21.7%
14.4%
9.8%
6.4%
5.9%
21.6%
15.7%
11.2%
7.5%
6.8%
21.6%
64.7
99.4
563.8
8.2
69.6
104.3
614.7
8.7
73.0
114.4
677.6
8.7
84.4
130.2
751.9
8.7
14.9
9.7
1.7
10.0
0.8
9.4
0.8
13.8
9.2
1.6
10.8
0.9
8.9
0.7
13.2
8.4
1.4
9.5
0.9
8.0
0.8
11.4
7.4
1.3
7.9
0.9
6.9
0.8
9.6%
13.6%
11.9%
0.39
0.9%
9.2%
12.2%
11.8%
0.51
0.9%
8.7%
11.1%
11.3%
0.46
0.9%
9.2%
12.0%
11.8%
0.42
0.9%
10.8%
-4.2%
-1.3%
5.9%
9.4%
5.3%
8.2%
7.7%
-8.3%
12.0%
8.4%
4.9%
0.8%
15.4%
18.1%
15.7%
Ratios
Cash Flow
Y/E, Mar (Rs. m)
Profit after Tax
Add : Depreciation
Add : Non cash
Add : Misc exp w/off
changes in Inventory
changes in debtors
changes in other CA
changes in L & A
changes in CL & prov
Net changes in WC
CFO
Capital expenditure
Investments
CFI
Increase in debt
Issue of Shares
Share Premium
dividend paid
CFF
Net cash generated
Opening balance
Closing balance
Free Cash flow
LKP Research
Y/E, Mar
FY13
2,08,790
1,12,320
-49,633
0
-79,090
71,890
17,780
-29,850
1,67,770
1,48,500
4,19,977
-3,04,937
-42,520
-3,47,457
56,080
-430
0
-30,920
24,730
97,250
4,07,310
5,04,560
1,15,040
FY14
FY15e
FY16e
2,24,930 2,35,876 2,72,829
1,12,010 1,33,962 1,47,866
-22,500
0
0
0
0
0
-13,960
39,830
-3,494
3,390
9,893
-868
-14,710
432
-38
-84,810
36,843
-3,232
1,86,410
-88,660
7,777
76,320
-1,662
146
3,90,760 3,68,177 4,20,841
-6,06,730 -2,73,633 -2,65,800
-1,84,770
0
0
-7,91,500 -2,73,633 -2,65,800
3,08,660
0
0
40
0
0
0
0
0
-32,680
-32,680
-32,680
2,76,020
-32,680
-32,680
-1,24,720
61,864 1,22,361
5,04,560 3,79,840 4,41,704
3,79,840 4,41,704 5,64,065
-2,15,970
94,544 1,55,041
Profitability
Gross profit margin
EBITDA margin
Core EBIT margin
APAT margin
Tax Rate
Per Share (Rs)
EPS
CEPS
Book Value Per Share
Dividend Per Share
Valuations Ratios (x)
PER
P/CEPS
P/BV
EV/EBITDA
EV/Sales
M-Cap/EBITDA
M-Cap/sales
Financial ratios
ROCE
ROIC
ROE
Debt/Equity
Dividend yield (%)
Growth
Net Sales
EBITDA
Core EBIT
APAT after Min int
7
Reliance Industries
Team LKP
Pratik Doshi
Director
98210 47676
pratik_doshi@lkpsec.com
S. Ranganathan
Head of Research
98212 22510
6635 1270
s_ranganathan@lkpsec.com
Ashwin Patil
Research Analyst
98195 78395
6635 1271
ashwin_patil@lkpsec.com
Chirag Dhaifule
Research Analyst
98679 80172
6635 1220
chirag@lkpsec.com
Hardik Mehta
Sales
98190 66569
6635 1246
hardik_mehta@lkpsec.com
Varsha Jhaveri
Sales
93241 47566
6635 1296
varsha_jhaveri@lkpsec.com
Hitesh Doshi
Sales
93222 45130
6635 1281
hitesh_doshi72@lkpsec.com
Bharat Shah
Dealing
98337 97256
6635 1210
bharat_shah@lkpsec.com
Kaushik Doshi
Dealing
93205 23595
6635 1207
kaushik_doshi@lkpsec.com
LKP Securites Ltd, 13th Floor, Raheja Center, Free Press Road, Nariman Point, Mumbai-400 021. Tel -91-22 - 66351234 Fax- 91-22-66351249. www.lkpsec.com