Zensar Technologies Ltd - SKP · PDF fileZensar Technologies Limited. SKP Securities Ltd Page...

Sept 30, 2013

Zensar Technologies Limited.

Accelerating on the growth path…

CMP Rs.228 Target Rs: 292 Initiating Coverage - Buy

SKP Securities Ltd www.skpmoneywise.com of 12

z

Face Value (Rs.) 10

Equity Capital (Rs.Cr) 43.6

M. Cap (Rs. Cr.) 992

52‐wk High / Low (Rs.) 302/180

Avg.Volume (qtrly) 4359

BSE code 504067

NSE code ZENSARTECH

Bloomberg code ZENT.NS

Key Share Data

Shareholding Pattern (as on June 30,2013)

48%

12%1%

39%

Promoters

FII

DII

Others

Source: Company data, BSE

Particulars FY12 FY13 FY14E FY15ENet Sales 1782 2115 2353 2648

growth (%) 19% 11% 13%

EBIDTA 230 281 317 386

PAT 158 174 203 232

growth (%) 10% 17% 14%

EPS (Rs.) 37 40 47 53

BVPS (Rs.) 133 167 205 246

Key Ratios FY12 FY13 FY14E FY15E

P/E (x) 6.2 5.7 4.9 4.3

P/BVPS (x) 1.7 1.4 1.1 0.9

M.Cap/Sales (x) 0.6 0.5 0.4 0.4

EV/EBIDTA (x) 4.5 3.6 3.2 2.2

ROCE (%) 20% 20% 21% 21%

ROE(%) 31% 27% 25% 24%

EBIDTA Mar. (%) 13% 13% 13% 15%

PAT Mar. (%) 9% 8% 9% 9%

Financials (Rs In Cr.)

Price Performance Zensar v/s CNXIT

‐50.0%

0.0%

50.0%

100.0%

Apr‐11 Apr‐12 Apr‐13

Zensar CNXIT

Analyst: Rupali Goregaonkar Singh

Tel No.:+91 22 4922 6006; Mob: +919820501348Email: [email protected]

Company Profile Zensar Technologies Limited is one of the RPG group’s company. It is a mid‐sized software and service provider organization, specialized in providing a complete range from the traditional to the transformational IT services and solutions across service lines of Application Management Services and Infrastructure Management Services.

Investment Rationale Akibia acquisition & focus on emerging technology will grapple an opportunity in growing Infrastructure Management industry. Zensar Akibia integration will lead Zensar to gear up its gamut of services

in the fastest growing Global Infrastructure Management (IM) as well as enable it to focus on multi shore transformational IM deals and total infrastructure outsourcing.

Global lM services include Application Hosting & Data center, security & Privacy, Network & Communication and Storage & Desktop management. These services have further shifted from dedicated computing models and shared services model to cloud based computing model, mobility and social media.

With these emerging technologies, the company is focusing on large strategic deals with a multi year contract and it is also supersizing existing accounts as well as acquiring new accounts.

Vertical focus strategy to pave way for further growth in the order books: The current total order pipeline is USD 340 million across both

infrastructure and application management segments. We expect Zensar’s vertical focus strategy and Akibia business will lead to grab an opportunity of growing Global IM industry and emerging new technology which in return will report healthy growth in order books.

Topline to grow at CAGR of 12% between FY13‐15E: We expect the strong order pipeline, good utilization, witnessing good

growth in the current market of the US, Africa and Europe and continue to chase large strategic deals from both the segments will lead revenue to grow at CAGR 12% between FY13‐15E.

Outlook & Recommendation: We expect Zensar to report moderate revenue on the back of healthy

order book in both segments and concentrate on large deal strategy with a multi year contract.

Zensar trades at a PE of 5.7x, 4.9x and 4.3x in FY13, FY14E and FY15E earning of Rs.40, Rs.47 and Rs.53 respectively.

We recommend Buy rating on the stock with the 12 month target price of Rs. 292 per share, implying an upside of ~28% from current levels. We have arrived at the target by assigning to PE multiple of 5.5x on FY15E.


SKP Securities Ltd. www.skpmoneywise.com of 12

The company: Snapshot

RPG Enterprises, established in 1979, is one of India’s fastest growing business groups with a turnover approx. Rs. 17000 cr. The group consists of 15 companies managing infrastructure, IT, Pharmaceutical, Plantations & Power ancillary. Zensar Technologies is one of the RPG groups.

Zensar Technologies Limited is a mid‐sized software and service provider organization. It is specialized in providing a complete range from the traditional to the transformational IT services and solutions across service lines of Application development, support, maintenance, testing & modernization, Business process management, Enterprises Solutions, Enterprises Collaboration Services, Testing and Assurance Services, Application Management Services and Infrastructure Management Services. Further, the company has also envisaged its leadership in new age areas of Social Media, Mobility, Analytics and Cloud, its known as SMAC.

Zensar is the world’s first enterprise‐ wide SEI (Software Engineering Institute at Carnegie Mellon university) CMM (Capability Maturity Model) Level 5 company. The company accelerates its growth through partnership and works extensively with the partners to extend their technology led services capabilities. It also enjoys long standing software and hardware alliances with global technology giants such as SAP, Oracle, Microsoft, Google, Cisco, Citrix, Extreme Network, Aruba Network Infoblox, Juniplex Networks, Riverbed, Blue coat System, RSA and CheckPoint.

Zensar globally operates in the US, Europe, Africa, Middle East, Singapore and Australia regions where it has delivery centers in India (Pune, Hyderabad and Bangalore), few more centers in other countries like China, Japan, UK, Amsterdam and US (Westborough).

Industry wise breakup Geographical breakup

54%

16%

10% 20%

MRD (manufacturing, Retails & Distributions)BFSI (Banking, Financial services & Insurance)

Govt., Healthcare & Utilities

Alliances & others

72%

9%

9%10%

USA Europe

Africa Rest of the world

Source: Company & SKP Research List of Subsidiaries

Sr. no Name of the subsidiaryCountry of

IncorporationHolding

1 Zensar Technologies Inc. (ZTI) USA 100%2 Zensar Technologies (Singapore) Pte. Ltd Singapore 100%3 Zensar Technology (Shanghai) Co. limited China 100%4 Zensar Technologies (UK) Limited (ZT (UK)) UK 100%5 Zensar Advanced Technologies Limited Japan 100%

6Subs. of Zensar Technologies Inc.‐ PSI holdings Group, Inc.

USA 100%

Subs. Of PSI Holding Group Inc. a) Zensar Technologies IM. Inc (formerly known as Akibia, Inc.

USA 100%

b) Aquila Technology corp USA 100%c) Akibia, B. V. Netherlands 100%

Source: Company & SKP Research



The company has gathered experiences across various industries of manufacturing, retails & distribution, Insurance, Banking, Govt. & Healthcare. It translates into a differentiated value proposition and also enables the client to introduce the product faster in the market.

Zensar has designed its offering for the manufacturing organizations to achieve rapidly changing customer demands where the company has crafted services for manufacturing companies which are logically grouped under the following categories Foundational, Edge, Consulting, Specialized offerings to meet requirements in the field of supply chain management, shop floor, decision efficiency, M&A, business impact sourcing. In the above mentioned four categories, services include process design & standardization, operation management, ERP, product life cycle management, MES (Manufacturing Execution System), CRM, Manufacturing Integration & Intelligence (SAP‐MII), Intellizen, mobility, zenquality, NXchange, business consulting, IT consulting. This division contributes around 55‐60% of the total revenue.

The 2nd division consists of Insurance, Banking and Utilities which contribute nearly 19‐20% of the total revenue. Zensar has crafted a technology solution which will help to transform Financial Institutions and provide critical insights towards adding new forms of consumer friendly products, channels of delivery, accessibility of services and competitive pricing.

Govt. healthcare & Utilities division and alliances & other division contribute 2% & 17%respectively. The company services offering caters to two segments i) Application Management services (AMS) &

ii) Infrastructure Management services (IMS). Over the years, the company has had a strong hold over AMS segment. This segment offers

traditional services like application development and maintenance for testing, infrastructure, consulting and system integration. These services provide end to end solutions to the clients (organizations) which enables organizations to develop customized applications, to support business processes, to improve agility and operational efficiency.

IMS is consistently fastest growing segment within IT services. It offers services which enables worldwide leading companies to optimize, secure, manage and support their complex infrastructure. Zensar partners with clients to align IT programs and goals, to deliver solutions with the help of enterprise strategy that will drive business process as well as improve the availability, reliability, performance of data center, network and security infrastructure. It also leverages its multi shore capabilities where Zensar combines expert consulting, integration, support and managed services with world class customer service. It helps IT organizations to reduce costs, increase efficiencies and manage risk in the data center.

Segment wise Revenue breakup:

Segment Breakup FY10 FY11 FY12 FY13% contributionApplication management services 100% 90% 62% 66%Infrastructure management services 10% 38% 34%

Revenue (Rs. in cr.)Application management services 952.76 1019.11 1099.96 1405.88Infrastructure management services 119.18 682.52 708.64

Margins (%)Application management services 18.3% 14.9% 15.4% 17.3%Infrastructure management services 9.2% 9.5% 6.5%




Investment Rationale:

Akibia acquisition & focus on emerging technology will grapple an opportunity in growing Infrastructure Management industry: Akibia Inc. Aqulla Technology Corp and Akibia B.V (AKIBIA group), are subsidiaries of PSI Holdings

Group Inc. which was acquired in 2010 for USD 66 million. The acquired firm is active in the area of infrastructure management services in North America and Europe. Akibia provides its service in Data centre management and network security solutions and has revenue of over USD100 million with 300 employees.

Through this deal, Zensar strengthened its position in the critical and fastest growing infrastructure management and data center by merging its Remote Infrastructure Management (RIM) offshore service for global clients with Akibia’s US and European data center and information security services.

Zensar Akibia

Inte

gratio

n

Multivendor data center support & maintenance

RIMs & Service Desk

Shared ServiceITIL process consulting OEM Appliance

Exchange migrationNetwork

Server & Storage Network Security SolutionsDatabase & messaging In

tegr

ation

Risk & Compliance management

Multivendor data center support & maintenance


Zensar Akibia integration will lead Zensar to gear up its gamut of services in the fastest growing Global Infrastructure Management (IM) as well as enable it to focus on multi shore transformational IM deals and total infrastructure outsourcing. The Ovum estimates that Global IM market size will grow by 5.7% 5 years CAGR to USD 355 billion in 2016 based on industry experiences and the changing nature of customer needs.

Global lM services include Application Hosting & Data center, security & Privacy, Network & Communication and Storage & Desktop management. IMS has evolved from a dedicated service model to a shared services model which is also known as an output based model. While each model has its own set of challenges, increasing customer demand and competitive market place has spurred IMS providers to innovate their delivery models as well as their services. These services has also shifted from dedicated computing models and shared services model to cloud based computing model, mobility, and social media.

With these emerging technologies, the company is focusing on large strategic deals with a multi year contract and it is also supersizing existing accounts as well as acquiring new accounts.

Global IM opportunity – by services

57.7

62.5

78.6

16.4

65.8

71.7

101.7

90.8

18.7

72.9

0

20

40

60

80

100

120

Appli

catio

n Ho

sting

&

Data

cente

r

Secu

rity &

Pr

ivacy

Netw

ork &

Co

mmun

icati

on

Storag

e

Deskt

op

Mana

geme

nt

2011 Estimated MS in 2016

USD i

n Billi

on

Source:Ovum’s Global IT forecast model, Company & SKP Research



Global IM ‐ by Geography:

0

50

100

150

APAC Central & Eastern Europe

Central & Latin

America

Middle East & Africa

North America

Western Europe

2011 Estimated MS in 2016

Source: Ovum’s Global IT forecast model, Company & SKP Research

Global IM – by Verticals: CAGR (2011‐2016) growth for IM services demand

8%

6% 6%5% 5% 5% 5% 5%

4% 4%3%

0%1%2%3%4%5%6%7%8%9%

Source: Ovum’s Global IT forecast model, Company & SKP Research

In FY13, Zensar’s IM segment accounted for 34% of its total revenue. It reported 3.8% growth to Rs.709 cr. The margin has dropped during the year mainly due to the company’s decision to shave off its low margin business in the data center division.

Recently the company has signed a five year total infrastructure outsourcing deal with a world’s leading direct selling company in the US. As a part of this deal Zensar will establish a dedicated shared services and offshore support center for the client. It will support the clients IT infrastructure across five of its remote sites.

Further, we expect the company will enhance its focus on higher margins data center, network security solutions, RIM and concentrate on new technology that will result in signing multi year contracts and large contracts in the US, Europe and other markets in IM segment.

Vertical focus strategy to pave way for further growth in the order book:

Zensar has a major revenue focus on Manufacturing, Retails & Banking, Insurance industry. During FY13, 54% of its revenue was derived from manufacturing, retail & distribution industry and 20% was derived from insurance. Recently, the company has signed a large deal with Assurant Health, a leading specialty property/ casualty insurer & reinsurer in the US, for a SAP managed services project and a leading insurance organization based in Singapore that includes support, maintenance and custom development in addition to supporting the organization for professional services in the BI space.



In the manufacturing space, Zensar is working with a primary design engineering and manufacturing company of custom lithium battery packs, power supplies and modules for a variety of applications, enterprise application implementation, support, CRM and SAP.

Millions Dollar clients (customer) FY12 FY13more than USD 20 million 1 1more than USD 10 million 1 2more than USD 5 million 7 8

more than USD 1 million 46 40Revenue % contribution FY12 FY13Revenue % ‐ top 10 clients 40% 42%Revenue % ‐ top 5 clients 34% 35%Revenue % ‐ top client 22% 23%Onsite : Offshore Mix & utilisation FY12 FY13Onsite 71% 70%Offshore 29% 30%utilisation (including trainee) 83% 82%


The current total order pipeline is USD 340 million across both infrastructure and application management segments. We expect, Zensar’s vertical focus strategy and Akibia business will lead to grab an opportunity of growing Global IM industry and emerging new technology which in return will report healthy growth in order books.

Venturing into a new divisions through partnerships: Recently Zensar has entered into an agreement with Johannesburg based equity fund manager

Kapela Holding & Tomorrow Trust to set up the South Africa venture. Zensar will be having majority shareholder in this new entity. This entity will work majorly for the government and social sector projects in South Africa. With this new venture, Zensar will expand its footprint into government contracts and also enhance its standing in the Broad Based Black Economic Empowerment (BBBEE) code of the government .

Zensar has also recently launched new Insourcing Services Division. This division will specialize in providing end to end services for captive units spanning Advisory and Strategic Consulting, Business Planning, Implementation Support and Ongoing Management services through its focused service offerings for large and small capative centre for IT, BPO and Analytics services.



Financial Outlook:

Topline to grow at CAGR of 12% between FY13‐15E: We expect the strong order pipeline, good utilization, witnessing good growth in the current

market of the US, Africa and Europe and continue to chase large strategic deals from both the segments will lead revenue to grow at CAGR 12% between FY13‐15E.

The company will continue to maintenance its Application Management services (AMS) & Infrastructure Management services (IMS) segment % contribution to 65:35.

Revenue & Revenue Growth (%)

1,138

1,782

2,115

2,353

2,648

56.6%

18.6%11.3%

12.6%

0

0.1

0.2

0.3

0.4

0.5

0.6

‐

500

1,000

1,500

2,000

2,500

3,000

FY11 FY12 FY13 FY14E FY15E

Revenue (Rs. in cr.) Revenue growth (%)

Rs. in

cr.


Increase in personnel expenses: We expect a salary hike, addition investment in the US visas and fresh recruitment of 500‐550

employees that will increase % of personnel expense/ Net sales from 48.5% in FY12 to 55.1% & 55.8% in FY14E & FY15E respectively.

1,138 1,782 2,115 2,353 2,648

57.7%

52.0%

48.5%

55.1% 55.8%

42.0%44.0%46.0%48.0%50.0%52.0%54.0%56.0%58.0%60.0%

‐

500

1,000

1,500

2,000

2,500

3,000


Revenue Personnel exp./ NS

Rs. i

ncr

.




Improvement in Margins: Recently the company’s decision to shave off its low margin business in the data center division

will enable Zensar to improve margins ahead on the basis of chasing large and high margin deal in AMS & IMS segments. With this we expect EBITDA margins to maintain around 14‐15% during FY13‐15E. EBITDA & EBITDA Margins (%) Adjusted PAT & PAT Margins(%)

153 230 281 317

386

13.5%

12.9%13.3%

13.5%

14.6%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

15.0%

‐

100

200

300

400

500


EBITDA EBITDA margins

Rs. in

cr

132 158 174

203 232

11.6%

8.8% 8.2% 8.6% 8.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

‐

50

100

150

200

250


PAT PAT margins

Rs.

in c

r.


Debt, Debt Equity & Interest coverage ratio: The company is concentrating on to reduce the debt strategy, with this it will improve debt

equity & interest coverage ratio going ahead.

236 213

170

101

31

57

110

55 58

1750.53

0.37

0.23

0.11 0.03 ‐

0.10

0.20

0.30

0.40

0.50

0.60

‐

50

100

150

200

250


Debt (Rs. in cr.) Interest coverage ratio (x) Debt‐ Equity ratio




Dividend payout Ratio: The company has been paying consistent dividends and with a payout of 20% (Rs. 8/share) in

FY13. We expect Zensar will continue to pay around 18‐19% during FY14E & FY15E.

3.50

7.00

8.00

8.00

10.0

0

11.5%

19.1% 20.0%17.2%

18.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

‐

2.00

4.00

6.00

8.00

10.00

12.00


Dividend Dividend payout

Div

iden

din

Rs.


Key concerns: Currency Volatility may impact operating margins:

The average rupee has depreciated by 19% in FY13 and by 29% in 1half of FY14. It has created margins tailwinds. If any, appreciation in the Rupee, will affect Zensar’s revenue, margins and profitability of the company.

Geographical concentration: More than 70% of revenues come from the USA. Any adverse

situation arising in the USA economy and any changes in US Immigration Bill will adversely impact the company revenues.



Valuations: We expect Zensar to report moderate revenue on the back of healthy order book in both segments

and concentrate on large deal strategy with a multi year contract. On an EV/EBITDA basis,Zensar is trading at 3.6x, 3.2x and 2.2x its FY13, FY14E and FY15E EBITDA

of Rs.281 cr., Rs.317 cr. and Rs.386 cr. respectively. Zensar trades at a PE of 5.7x, 4.9x and 4.3x in FY13, FY14E and FY15E earning of Rs.40, Rs.47 and

Rs.53 respectively.

One year forward PE Band

0.0050.00

100.00150.00200.00250.00300.00350.00400.00

Apr-

08

Aug-

08

Dec

-08

A pr-

09

Aug-

09

Dec

-09

A pr-

10

Aug-

10

Dec

-10

A pr-

11

Aug-

11

Dec

-11

Apr-

12

Aug-

12

Dec

-12

A pr-

13

Aug-

13

Dec

-13

Apr-

14

closing price 4.0 X 4.5 X

5.0 X 5.5 X 6.0 X


We recommend Buy rating on the stock with the 12 month target price of Rs. 292 per share, implying an upside of ~28% from current levels. We have arrived at the target by assigning to PE multiple of 5.5x on FY15E.



Financial Performance: (consolidated)

Income Statement (March ending) Figures: Rs in crores Cash Flow Statement Figures: Rs in crores

Particulars FY12 FY13 FY14E FY15E Particulars FY12 FY13 FY14E FY15E

Net Sales 1,782 2,115 2,353 2,648

growth % 18.6% 11.3% 12.6% Net profit Before Tax (NPBT) 236 261 308 346

Expenditure 1,553 1,834 2,036 2,263 Depreciation 33 33 37 38 (increase)/ decrease in inventories (11) (10) (11) ‐ Interest Expenses 9 10 5 2

Employee expenses 927 1,025 1,296 1,477 Other (income/ loss) (4) (8) ‐ ‐

Operating expenses 638 819 750 785 Operating PB change in w. cap 275 296 350 386

EBITDA 230 281 317 386 Change in working capital (55) (115) (144) (44)

Depreciation 33 33 37 38 Taxes paid (47) (75) (105) (114)

EBIT 196 247 280 348 Net CF from operating activites 174 106 101 228

Other Income 42 18 33 ‐ Capital Expenditure (48) (28) (43) (3)

Interest Expenses 2 5 5 2 Other income 3 3 ‐ ‐

Profit Before Tax 236 261 308 346 Net CF from Investing activites (45) (25) (43) (3)

Tax 79 87 105 114 Inc./(Dec.) in Debt (22) (64) (70) (70)

Profit After Tax 158 174 203 232 Dividend paid incl tax (32) (38) (41) (51)

growth % 10.4% 16.8% 14.0% Other adjustment (10) (12) (5) (2)

NPAT 158 174 203 232 Net CF from Financing activites (64) (114) (115) (123)

No. of shares 4.34 4.36 4.36 4.36 Net change in cash or cash equ. 64 (33) (58) 102

EPS(excl. exceptional income) 36 40 47 53 Opening cash balance 110 174 142 84

EPS 36 40 47 53 Closing cash balance 174 142 84 186

DPS 7.0 8.0 8.0 10.0

Balance Sheet (March ending) Figures: Rs in crores Ratio AnalysisParticulars FY12 FY13 FY14E FY15E Particulars FY12 FY13 FY14E FY15E

Equity Capital 43 44 44 44 Earning Ratio (%)

Reserves & Surplus 533 685 848 1,028 EBITDA Margin 12.9% 13.3% 13.5% 14.6%

Shareholder's Fund 576 729 891 1,072 Net profit Margin 8.8% 8.2% 8.6% 8.7%

Non‐ current liabilities ROCE 20.3% 19.9% 21.0% 21.2%

Long term borrowings & provis 213 170 101 31 RONW 27.6% 23.9% 22.8% 21.6%Minority Interest ‐ ‐ ‐ ‐ Valuation Ratio

Sources of funds 789 899 992 1,103 P/E (x) 6.2 5.7 4.9 4.3

Gross Block 604 634 680 683 P/BV (x) 1.7 1.4 1.1 0.9

Less: Depreciation 227 237 275 313 EV/EBIDTA (x) 4.5 3.6 3.2 2.2

Net Fixed Assets 378 397 405 370 EV/ Sales (x) 0.6 0.5 0.4 0.3

Capital WIP 3 2 ‐ ‐ Market cap/ sales (x) 0.6 0.5 0.4 0.4

Total Fixed Assets 380 399 405 370 Dividend Payout 19.3% 20.0% 17.2% 18.8%

Investments 1 1 1 1 Interest coverage (x) 110.3 54.8 58.1 175.0

Long term loans & Advances 32 29 35 40 Balancesheet Ratio

Total Current Assets 771 803 871 1,035 Inventory Days 19 18 18 18

‐Inventory 95 105 118 132 Debtors Days 60 58 65 60

‐Debtors 291 335 419 435 Debt/ Equity ratio 0.37 0.23 0.11 0.03

‐Cash & Bank Balances 174 142 84 186 Dupont Analysis (ROE) 31% 27% 25% 24%

‐Loans & Advances 164 179 200 220 NPAT/ EBT (tax burden) 0.67 0.67 0.66 0.67

‐Current investment 47 42 51 61 EBT/ EBIT (int. burden) 1.20 1.05 1.10 0.99

Total Current Liabilities 419 358 346 368 EBIT Margin 0.11 0.12 0.12 0.13

Net Current Assets 352 445 525 667 Asset /TO Ratio 3.09 3.41 3.58 3.89

Deffered Tax Assets 24 24 25 25 Asset / Equity Ratio 1.13 0.95 0.81 0.69

Uses of Funds 789 899 992 1,103




The above analysis and data are based on last available prices and not official closing rates. SKP Research is also available on Bloomberg, Thomson First Call &InvestextMyiris, Moneycontrol, Tickerplant and ISI Securities.

DISCLAIMER: This document has been issued by SKP Securities Ltd (SKP), a stock broker registered with and regulated by Securities & Exchange Board of India, for the information of its clients/potential clients and business associates/affiliates only and is for private circulation only, disseminated and available electronically and in printed form. Additional information on recommended securities may be made available on request. This document is supplied to you solely for your information and no matter contained herein may be reproduced, reprinted, sold, copied in whole or in part, redistributed or passed on, directly or indirectly, to any other person for any purpose, in India or into any other country without prior written consent of SKP. The distribution of this document in other jurisdictions may be strictly restricted and/ or prohibited by law, and persons into whose possession this document comes should inform themselves about such restriction and/ or prohibition, and observe any such restrictions and/ or prohibition. If you are dissatisfied with the contents of this complimentary document or with the terms of this Disclaimer, your sole and exclusive remedy is to stop using the document and SKP shall not be responsible and/ or liable in any manner. Neither this document nor the information or any opinion expressed therein should be construed as an investment advice or offer to anybody to acquire, subscribe, purchase, sell, dispose of, retain any securities or derivatives related to such securities or an offer to sell or the solicitation of an offer to purchase or subscribe for any investment or as an official endorsement of any investment. Any recommendation or view or opinion expressed on investments in this document is not intended to constitute investment advice and should not be intended or treated as a substitute for necessary review or validation or any professional advice. The views expressed in this document are those of the analyst which are subject to change and do not represent to be an authority on the subject. SKP may or may not subscribe to any and/ or all the views expressed herein. It is the endeavor of SKP to ensure that the analyst(s) use current, reliable, comprehensive information and obtain such information from sources, which the analyst(s) believes to be reliable. However, such information may not have been independently verified by SKP or the analyst(s). The information, opinions and views contained within this document are based upon publicly available information, considered reliable at the time of publication, which are subject to change from time to time without any prior notice. The Document may be updated anytime without any prior notice to anybody. SKP makes no guarantee, representation or warranty, express or implied; and accepts no responsibility or liability as to the accuracy or completeness or correctness of the information in this Report. SKP, its Directors, affiliates and employees do not accept any liability whatsoever, direct or indirect, that may arise from the use of the information or recommendations herein. Please note that past performance is not necessarily a guide to evaluate future performance. SKP or its affiliates, may, from time to time render advisory and other services to companies being referred to in thiss document and receive compensation for the same. SKP and/or its affiliates, directors and employees may trade for their own account or may also perform or seek to perform investment banking or underwriting services for or relating to those companies and may also be represented in the supervisory board or on any other committee of those companies or may sell or buy any securities or make any investment, which may be contrary to or inconsistent with this document. This document should be read and relied upon at the sole discretion and risk of the reader. The value of any investment made at your discretion based on this document or income there from may be affected by changes in economic, financial and/ or political factors and may go down as well as up and you may not get back the full or the expected amount invested. Some securities and/ or investments involve substantial risk and are not suitable for all investors. Neither SKP nor its affiliates or their directors, employees, agents or representatives/associates, shall be responsible or liable in any manner, directly or indirectly, for information, views or opinions expressed in this document or the contents or any errors or discrepancies herein or for any decisions or actions taken in reliance on the document or inability to use or access our service or this document or for any loss or damages whether direct or indirect, incidental, special or consequential including without limitation loss of revenue or profits or any loss or damage that may arise from or in connection with the use of or reliance on this document or inability to use or access our service or this document.

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Member: NSE BSE NSDL CDSL NCDEX* MCX* MCX‐SX FPSB*Group Entities INB/INF: 230707532, BSE INB:

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