1. business and industrial

2QFY2015 Result Update | Capital Goods
October 21, 2014
Crompton Greaves
BUY
Performance Highlights
CMP
Target Price
Investment Period
Quarterly Data (Consolidated)
( ` cr)
`190
`235
2QFY15
2QFY14 % chg (yoy)
1QFY15 % chg (qoq)
3,430
3,205
7.0
3,442
(0.3)
Stock Info
EBITDA
168
161
4.4
173
(2.5)
Sector
EBITDA margin (%)
4.9
5.0
(12)
5.0
(11)
Market Cap (` cr)
70
58
19.1
64
8.7
Revenues
Reported PAT
12 months
Source: Company, Angel Research
Capital Goods
11,908
Net Debt (` cr)
1,357
Beta
For 2QFY2015, Crompton Greaves (CG)’s top-line performance was below our
estimates, growing by 7% yoy to `3,430cr. On the EBITDA front, the company's
margin decline by 10bp yoy to 4.9%, which is lower than our estimate of 5.3%,
due to lower-than-expected recovery in margins of international operations.
Consequently, the profit improved by 19% yoy to `70cr, but was lower by
16% than our estimate of `83cr.
Stable standalone performance: CG reported a modest growth of 8.9% yoy in
domestic operations to `1,923cr. The growth was lead by the consumer segment,
which grew by 13% yoy. Revenue from the industrial segment grew by 6.9% yoy
and that from the power segment grew by 6.4% yoy. However, the EBITDA
margin on a standalone basis declined by 30bp yoy to 8.7%.
Board approves consumer business demerger: CG board has approved the
demerger of its consumer business into a wholly owned subsidiary Crompton Consumer
Products Ltd. CG will retain a 25% stake in the demerged business and share holders
will get 3 shares in Crompton Consumer Products Ltd for every 4 held in CG.
Outlook and Valuation: We are of the opinion that CG’s margins has room for
improvement and expect the operating margin to gradually improve over the next
year as international business recovers. Given the attractive valuation (stock
trading at 0.9x FY2015E EV/Sales compared to its five year trading range of 0.5x
to 1.5x), we maintain our Buy recommendation on the stock. We have assigned a
multiple of 1x EV/Sales to arrive at a target price of `235.
1.9
52 Week High / Low
231/94
Avg. Daily Volume
5,86,638
Face Value (`)
2
BSE Sensex
26,109
Nifty
7,780
Reuters Code
CROM.BO
Bloomberg Code
CRG IN
Shareholding Pattern (%)
Promoters
42.7
MF / Banks / Indian Fls
24.7
FII / NRIs / OCBs
15.9
Indian Public / Others
16.7
Abs. (%)
3m
1yr
3yr
Sensex
2.1
27.9
53.4
CG
(9.4)
98.7
13.1
Key Financials (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015E
FY2016E
Operating income
12,094
13,481
14,518
16,800
7.5
11.5
7.7
15.7
% chg
Adj PAT
% chg
EBITDA (%)
85
244
422
645
(77.4)
188.9
72.8
52.8
3.2
5.1
5.8
7.0
EPS (`)
(0.6)
3.9
6.7
10.3
P/E (x)
-
48.7
28.2
18.5
P/BV (x)
3.4
3.3
3.0
2.7
RoE (%)
2.4
6.8
11.1
15.4
RoCE (%)
3.7
7.8
9.8
13.7
EV/Sales (x)
1.1
1.0
0.9
0.8
33.9
19.5
15.9
11.7
EV/EBITDA (x)
Source: Company, Angel Research; Note: CMP as of October 20, 2014
Please refer to important disclosures at the end of this report
Shrenik C. Gujrathi
022 39357800 Ext: 6872
shrenik.gujrathi@angelbroking.com
1
Crompton Greaves | 2QFY2015 Result Update
Exhibit 1: Quarterly Performance (Consolidated)
(` Cr)
Net Sales
Other operating income
Total income
Stock adjustments
Raw Material
(% of total income)
2QFY15
2QFY14
% chg (yoy)
1QFY15
% chg (qoq)
1HFY2015
1HFY2014
% chg (yoy)
3,430
3,205
7.0
3,442
(0.3)
6,872
6,362
8.0
-
-
7.0
3,442
(0.3)
6,872
6,362
101
(141)
4,553
4,535
67.7
69.1
-
-
3,430
3,205
63
(8)
2,278
2,203
3.4
2,274
68.2
68.5
(0.3)
67.2
(0.4)
Employee Cost
487
489
(% of total income)
14.2
15.3
Other Expenses
434
359
(% of total income)
Total Expenditure
EBITDA
12.7
11.2
3,262
3,044
38
507
0.2
(4.0)
994
938
14.5
14.7
(3.5)
884
724
14.7
8.0
0.4
6.0
20.8
450
12.9
11.4
7.2
3,269
(0.2)
6,531
6,056
7.8
(2.5)
341
306
11.5
5.0
4.8
13.1
22.0
168
161
4.4
173
(EBITDA %)
4.9
5.0
(12)
5.0
Interest
23
19
16.6
24
(7.8)
47
39
19.1
Depreciation
66
66
(0.1)
67
(1.4)
133
119
12.0
Other Income
45
33
39.6
39
17.9
84
68
23.8
16
120
4.5
245
216
13.7
3.6
3.4
112
97
45.7
45.0
133
119
PBT
125
108
PBT (%)
3.7
3.4
Total Tax
57
51
(% of PBT)
3.5
12.7
55
3.7
45.5
46.7
Reported PAT (After Min. Int.)
70
58
PAT Margins(%)
2.0
1.8
1.9
1.9
1.9
0
0
0
-
-
Adj PAT
70
58
19.1
64
8.7
133
119
12.2
EPS (`)
1.1
0.9
23.1
1.0
8.7
2.2
1.8
16.4
Extra ordinary exp/(inc)
45.9
15.4
19
64
8.7
12.2
Source: Company, Angel Research
Exhibit 2: Actual vs Estimate
Revenue
EBITDA
PAT
Actual
Estimate
Var (%)
3,430
3,484
(1.6)
168
185
(8.8)
70
83
(16.2)
Source: Company, Angel Research
October 21, 2014
2
Crompton Greaves | 2QFY2015 Result Update
Exhibit 3: Segment-wise performance (Standalone)
Y/E March (` cr)
2QFY15
2QFY14
% chg (yoy)
1QFY15
Power Systems
709
Consumer Products
743
Industrial systems
386
% chg (yoy)
1HFY15
1HFY14
667
6.4
659
12.7
362
6.9
% chg (yoy)
592
19.9
1,301
1,231
5.6
861
(13.7)
1,604
1,448
10.8
346
11.5
733
732
0.1
Revenue
Others
94
90
4.4
118
(20.1)
213
201
6.0
1,933
1,778
8.7
1,917
0.8
3,850
3,612
6.6
Power Systems
59
62
(4.8)
47
25.9
107
108
(1.6)
Consumer Products
91
77
17.8
109
(16.7)
199
171
16.6
Industrial systems
41
38
9.4
30
36.5
72
80
(10.6)
Others
(5)
3
(274.8)
(4)
12.2
(9)
(2)
445.8
187
180
3.7
182
2.5
369
358
3.0
Power Systems
36.7
37.5
30.9
33.8
34.1
Consumer Products
38.4
37.1
44.9
41.7
40.1
Industrial systems
20.0
20.3
18.1
19.0
20.3
4.9
5.1
6.2
5.5
5.6
8.4
9.4
8.0
8.2
8.8
Consumer Products
12.2
11.7
12.6
12.4
11.8
Industrial systems
10.7
10.5
8.8
9.8
11.0
Others
(5.1)
3.0
(3.6)
(4.3)
(0.8)
Total
EBIT
Total
Revenue Mix
Others
EBIT Margin
Power Systems
Source: Company, Angel Research
October 21, 2014
3
Crompton Greaves | 2QFY2015 Result Update
Exhibit 4: Segment-wise performance (Consolidated)
Y/E March (` cr)
2QFY15
2QFY14
% chg (yoy)
1QFY15
% chg (yoy)
1HFY15
1HFY14
% chg (yoy)
Revenue
Power Systems
2,138
2,026
5.5
2,019
5.9
4,157
3,844
8.1
Consumer Products
743
659
12.7
861
(13.7)
1,604
1,448
10.8
Industrial systems
462
438
5.4
453
2.0
914
890
2.7
Others
97
93
4.0
121
(19.8)
218
206
5.8
3,440
3,217
6.9
3,454
(0.4)
6,894
6,389
7.9
Power Systems
48
41
17.0
36
34.0
83
68
22.6
Consumer Products
89
77
15.6
109
(18.3)
198
171
15.6
Industrial systems
42
33
26.3
31
37.3
73
72
1.5
Others
(4)
3
(261.6)
(4)
7.6
(8)
(1)
498.5
175
154
13.5
171
2.0
346
310
11.7
Power Systems
62.1
63.0
58.5
60.3
60.2
Consumer Products
21.6
20.5
24.9
23.3
22.7
Industrial systems
13.4
13.6
13.1
13.3
13.9
2.8
2.9
3.5
3.2
3.2
2.2
2.0
1.8
2.0
1.8
12.0
11.7
12.6
12.3
11.8
9.2
7.6
6.8
8.0
8.1
(4.4)
2.8
(3.3)
(3.8)
(0.7)
Total
EBIT
Total
Revenue Mix (%)
Others
EBIT Margin (%)
Power Systems
Consumer Products
Industrial systems
Others
Source: Company, Angel Research
International business continues to struggle: CG’s international business revenue
grew by 5% yoy to `1,506cr. The EBITDA margin remained flat at 0.1%; at the PAT
level, the company reported a loss of `57.7cr. The Management has indicated that
the international business will report better numbers in 2HFY2015 as new orders
will come for execution which are basically high margin orders. The Management
expects the international business to recover on back of strong orders in the
automation and system segment. The order inflow during the quarter for the
international business was down by 4% yoy to `1,406cr and the order book stands
at `5,600cr as at the quarter end (2QFY2015).
October 21, 2014
4
Crompton Greaves | 2QFY2015 Result Update
200
24
-
20
(200)
15
10
(1,305) (641)
(400)
6
6
5
6
6
7
6
5
7
7
6
7
International Subs
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
(1,000)
4QFY12
0
3QFY12
(800)
Standalone business
Source: Company, Angel Research
(0.6)
30
(22)
0.2
(0.1)
17
0.2
2.0
14
0.1
-
0.1
(2.0)
(4.0)
(4.8)
(600)
5
23
(76)
2QFY15
24
22
22
1QFY15
26
4QFY14
26
25
25
3QFY14
28
2QFY14
27
1QFY14
25
28
27
3QFY13
30
Exhibit 6: Reduction in losses of International operations yoy
4QFY13
Exhibit 5: Employee expense as % of total revenue
(6.0)
(8.0)
(1,200)
(10.0)
(10.6)
(1,400)
EBIDTA (`cr)
(12.0)
EBIDTA Margins (%)
Source: Company, Angel Research
Margin expected to improve
On the EBITDA front, the company's consolidated margin for the quarter fell
marginally by 10bp yoy to 4.9%. This was on account of lower-than-expected
recovery in international operations. However we expect margin to improve going
forward as new orders will come for execution which are basically high margin
orders.
Exhibit 7: Consolidated: EBITDA and EBITDA margin
8.8
7.6
6.9
185
9.0 9.1
8.4
171 167
16.0
12.0
9.1
9.0
8.7
8.0
4.0
4.0
-
EBITDA (` cr, LHS)
2QFY15
1QFY15
0.0
4QFY14
2QFY15
1QFY15
1QFY14
4QFY14
EBITDAM (%, RHS)
10.8 10.2
9.5
133 142
169
3QFY14
4.9
147
152 159
2QFY14
5.0
158
1QFY14
5.0
197
4QFY13
5.0
0.0
EBITDA (` cr, LHS)
Source: Company, Angel Research
5.0
90
175
3QFY13
2.3
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
-
4.6
180
2QFY13
4.7
2
0.1
16.0
8.0
78
5.9
6.0
173 168
12.0
3QFY14
6.9
188
1QFY13
145
137
161 167
20.0
4QFY12
167
2QFY14
183
180
270
3QFY12
213
90
Exhibit 8: Standalone: EBITDA and EBITDA margin
20.0
270
EBITDAM (%, RHS)
Source: Company, Angel Research
Consumer Products business demerger will unlock value
CG’s board has approved the demerger of its consumer business into a wholly
owned subsidiary Crompton Consumer Products Ltd (CCPL). CG will retain its 25%
stake in the demerged business and share holders will get 3 shares in CCPL for
every 4 held in CG. The demerged entity (CCPL) will have a new management and
will focus on higher growth. The Management expects CCPL’s revenue to reach
`60bn by FY2018 and EBITDA margin to improve to 14% from the current 11.9%
levels in FY2014. We believe this demerger will unlock value as CCPL has strong
brand and distribution network and healthy return ratio.
In our opinion CCPL will get a valuation multiple of as high as 25x (going by
valuation of peers in the consumer segment). In this case the consumer business
would be valued at ~`8,000cr, which illustrates that CG (excluding CCPL) is
trading at an attractive valuation. Going forward as CG’s power and industrial
October 21, 2014
5
Crompton Greaves | 2QFY2015 Result Update
segment growth improves there would be sufficient scope for margin improvement
as currently the margins are at low levels. The same would help the company in
commanding a higher valuation.
Order Book
The consolidated order intake for 2QFY2015 grew by 11.4% yoy to
`2,510cr, primarily on account of strong order inflow from domestic power and
industrial segment. The Management expects revival in industrial and rail capex
and strong export orders, especially from the MENA region. The order backlog
stood at `9,109cr, declining by 7% yoy.
Exhibit 9: Order inflow
Exhibit 10: Order backlog
3,500
10,500
35
32
30
2,800
25
(%)
5
(2)
0
9109
9,586
9,293
2
(7)
(5)
2QFY15
1QFY15
2QFY13
order backlog
4QFY14
2510
2QFY15
3QFY14
2900
1QFY15
2QFY14
2,490
4QFY14
1QFY14
2,624
3QFY14
9,126
2,250
2QFY14
4
(10)
4QFY13
2,441
1QFY14
9,200
2,983
4QFY13
Source: Company, Angel Research
7
7,500
-
3QFY13
2,267
3QFY13
9,400
2,575
700
10
10
10,074
9
9,743
9,000
9,771
(` cr)
15
15
1,400
2QFY13
(` cr)
20
2,100
Growth (yoy)
Source: Company, Angel Research
Outlook and Valuation: We are of the opinion that CG’s margins have room for
improvement and expect the operating margin to gradually improve over the next
year as international business recovers. Given the attractive valuation (stock
trading at 0.9x FY2015E EV/Sales compared to its five year trading range of 0.5x
to 1.5x), we maintain our Buy recommendation on the stock. We have assigned a
multiple of 1x EV/Sales to arrive at a target price of `235.
Exhibit 11: One year forward P/E Band
10.0 X
15.0 X
20.0 X
25.0 X
Aug-14
Apr-14
Dec-13
Aug-13
Apr-13
Dec-12
Aug-12
Apr-12
Dec-11
Aug-11
Apr-11
Dec-10
Aug-10
Apr-10
Dec-09
Aug-09
Apr-09
Dec-08
Aug-08
Apr-08
500
450
400
350
300
250
200
150
100
50
0
30.0 X
Source: Company, Angel Research
October 21, 2014
6
Crompton Greaves | 2QFY2015 Result Update
Company Background
Crompton Greaves (CG), a part of the US$4bn Avantha Group, is one of the
leading players in the power T&D equipment business in India. The company
operates across three segments - Power Systems, Consumer Products and
Industrial Systems. CG is a globally diversified company and derives ~50% of its
order backlog from international operations, led by a series of acquisitions
undertaken over FY2006-12. Europe and North America are two of the biggest
markets outside Asia for the company and jointly account for ~40% of its order
backlog.
October 21, 2014
7
Crompton Greaves | 2QFY2015 Result Update
Profit & Loss Statement (consolidated)
Y/E March (` cr)
FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
Operating income
10,005 11,249 12,094 13,481
% chg
11.5
7.7
15.7
8,661 10,445 11,711 12,799
13,675
15,624
EBITDA
1,344
804
383
682
843
1,176
(% of Net Sales)
Depreciation& Amortisation
EBIT
% chg
(% of Net Sales)
Interest & other Charges
Other Income
(% of PBT)
Recurring PBT
% chg
7.5
5.2
(40.2)
(52.3)
78.0
23.6
39.5
13.4
7.1
3.2
5.1
5.8
7.0
194
260
203
262
281
306
1,150
544
180
420
561
870
2.5
(52.7)
(66.8)
132.9
33.7
54.9
11.5
4.8
1.5
3.1
3.9
5.2
34
57
71
97
99
104
113
63
75
172
189
218
9.2
11.4
40.8
34.7
29.0
22.2
1,229
550
185
495
652
984
3.4
(55.3)
(66.4)
167.8
31.7
51.1
(38)
0
(121)
0
0
0
PBT
1,191
550
64
495
652
984
Tax
310
182
101
236
215
325
(% of Recurring PBT)
25.2
33.1
54.6
47.7
33.0
33.0
PAT (reported)
881
368
(37)
259
437
659
8
5
(0)
(15)
(15)
(15)
0.4
(1)`
(1)
(1)
(1)
(1)
0
0
0
0
0
0
889
374
(36)
244
422
645
Extraordinary Inc/(exp)
Add: Share of earnings of asso.
Less: Minority interest (MI)
Prior period items
Reported PAT (After MI)
Adjusted PAT
927
374
85
244
422
645
% chg
12.4
(59.7)
(77.4)
188.9
72.8
52.8
(% of Net Sales)
October 21, 2014
12.4
16,800
Total Expenditure
% chg
9.5
14,518
9.3
3.3
0.7
1.8
2.9
3.8
Basic EPS (`)
14.4
5.8
(0.6)
3.9
6.7
10.3
Fully Diluted EPS (`)
14.4
5.8
(0.6)
3.9
6.7
10.3
% chg
12.4
(59.7) (109.8)
786.5
72.8
52.8
8
Crompton Greaves | 2QFY2015 Result Update
Balance Sheet (consolidated)
Y/E March (` cr)
FY2011 FY2012E FY2013 FY2014 FY2015E FY2016E
SOURCES OF FUNDS
Equity Share Capital
128
128
128
125
125
125
Preference Capital
-
-
-
-
-
-
Reserves & Surplus
3,146
3,483
3,433
3,519
3,834
4,310
Share holders Funds
3,275
3,611
3,562
3,645
3,959
4,435
16
16
9
12
12
12
Total Loans
395
985
1,851
2,193
2,413
2,633
Deferred Tax Liability
124
136
147
188
188
188
Other Liabilities
266
235
218
160
160
160
4,076
4,982
5,788
6,197
6,732
7,427
Gross Block
3,780
4,409
5,342
5,862
6,382
6,902
Less: Acc. Depreciation
1,943
2,261
2,472
2,729
3,010
3,317
Net Block
1,837
2,148
2,870
3,368
3,372
3,586
104
110
196
92
92
92
-
-
-
-
-
-
272
285
290
278
278
278
Minority Interest
Total Liabilities
APPLICATION OF FUNDS
Capital Work-in-Progress
Goodwill
Investments
Deferred Tax Asset
108
187
315
341
341
341
4,967
6,036
6,481
6,938
7,422
8,385
Cash
298
498
583
815
875
821
Loans & Advances
436
522
382
545
567
648
Inventories
1,189
1,223
1,637
1,671
1,790
2,071
Debtors
2,543
3,143
3,160
3,591
3,978
4,603
501
649
719
315
212
242
Current liabilities
3,213
3,783
4,365
4,819
4,773
5,254
Net Current Assets
1,755
2,253
2,116
2,118
2,649
3,131
Net Current Assets (exc. Cash)
1,456
1,755
1,533
1,304
1,773
2,310
Total Assets
4,076
4,982
5,788
6,197
6,732
7,427
Current Assets
Others
October 21, 2014
9
Crompton Greaves | 2QFY2015 Result Update
Cash Flow Statement (consolidated)
Y/E March (` cr)
Profit before tax
Depreciation
1,229
550
64
495
652
984
194
260
203
262
281
306
(507)
(228)
222
229
(470)
(537)
(15)
75
75
172
189
218
(334)
(244)
(101)
(236)
(215)
(325)
567
413
313
579
60
211
(Inc.)/Dec.in Fixed Assets
(746)
(372)
(1,020)
(476)
(504)
(520)
(Inc.)/Dec. in Investments
(10)
(90)
(5)
12
-
-
-
-
75
172
189
218
(756)
(462)
(950)
(292)
(316)
(302)
-
-
-
(134)
-
-
(Inc)/Dec in Working Capital
Others
Direct taxes paid
Cash Flow from Operations
Other income
Cash Flow from Investing
Issue of Equity
Inc./(Dec.) in loans
(38)
423
867
342
220
220
(119)
(119)
(90)
(89)
(122)
(184)
(14)
(55)
(28)
(87)
218
1
Cash Flow from Financing
(172)
248
750
32
98
36
Inc./(Dec.) in Cash
(361)
199
85
231
60
(54)
Opening Cash balances
659
298
498
583
815
875
Closing Cash balances
298
498
583
815
875
821
Dividend Paid (Incl. Tax)
Others
October 21, 2014
FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
10
Crompton Greaves | 2QFY2015 Result Update
Key Ratios
Y/E March
FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E
Valuation Ratio (x)
P/E (on FDEPS)
13.2
32.6 (334.6)
48.7
28.2
18.5
P/CEPS
10.9
19.2
42.4
23.5
16.9
12.5
P/BV
3.7
3.4
3.4
3.3
3.0
2.7
Dividend yield (%)
0.8
0.8
0.6
0.6
1.0
1.5
EV/Sales
1.2
1.1
1.1
1.0
0.9
0.8
EV/EBITDA
8.8
15.2
33.9
19.5
15.9
11.7
EV / Total Assets
2.9
2.4
2.2
2.1
2.0
1.8
OB/Sales
0.7
0.7
0.8
0.7
0.4
0.1
EPS (Basic)
14.4
5.8
(0.6)
3.9
6.7
10.3
EPS (fully diluted)
14.4
5.8
(0.6)
3.9
6.7
10.3
Cash EPS
17.5
9.9
4.5
8.1
11.2
15.2
1.6
1.6
1.2
1.2
1.9
2.9
50.8
56.3
55.5
58.2
63.2
70.8
Per Share Data (`)
DPS
Book Value
DuPont Analysis(%)
EBIT margin
11.5
4.8
1.5
3.1
3.9
5.2
Tax retention ratio (%)
74.8
66.9
45.4
52.3
67.0
67.0
1.8
1.6
1.5
1.4
1.4
1.5
RoIC (Pre-tax)
20.1
7.9
2.2
4.5
5.6
7.9
RoIC (Post-tax)
15.1
5.3
1.0
2.4
3.7
5.3
Asset turnover (x)
Cost of Debt (Post Tax)
5.7
5.5
2.3
2.5
2.9
2.8
Leverage (x)
(0.1)
(0.0)
0.1
0.3
0.4
0.4
Operating ROE
13.8
5.3
0.9
2.3
4.0
6.3
RoCE (Pre-tax)
33.7
13.4
3.7
7.8
9.8
13.7
Angel RoIC (Pre-tax)
20.5
8.0
2.3
4.6
5.6
8.0
RoE
32.1
10.9
2.4
6.8
11.1
15.4
Asset Turnover (Gross Block) (X)
3.0
2.7
2.5
2.4
2.4
2.5
Inventory / Sales (days)
41
39
43
45
44
44
Returns (%)
Turnover ratios (x)
Receivables (days)
86
92
95
91
95
93
133
130
137
143
143
130
37
43
39
26
23
31
(0.1)
(0.0)
0.2
0.4
0.4
0.4
Net debt to EBITDA
(0.2)
(0.0)
2.0
2.0
1.8
1.5
Interest Coverage
33.5
9.6
2.5
4.3
5.7
8.4
Payables (days)
WC cycle (ex-cash) (days)
Solvency ratios (x)
Net debt to Equity
October 21, 2014
11
Crompton Greaves | 2QFY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
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Disclosure of Interest Statement
Crompton Greaves
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
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No
4. Broking relationship with company covered
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Ratings (Returns):
October 21, 2014
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
12