Ambuja Cements (Ambuja) and ACC Ltd.

(ACC) announced complete disparity in

their operating performance in Q1CY14. While Ambuja announced very strong
set of numbers despite almost a fortnight shutdown at one of its major operating
sites in North India, ACC has disappointed on operating performance. Volume
growth in both companies has almost been similar. The disappointment in ACC
has largely come in from a sequential degrowth in realization of ~2% (+7% QoQ
in case of Ambuja). Outperformance of Ambuja over consensus and our
estimates probably imply that other pure North / West exposed cement
manufacturers outperformance over consensus may be even more better.
Maintain NEUTRAL
ACEM IN | CMP RS 219
Target Rs 191 (13%)

Downgrade to NEUTRAL
ACC IN | CMP RS 1348
Target Rs 1,301 (3%)

Company Data

Outperformance by Ambuja despite dismal volume growth: Volumes of Ambuja
and ACC grew by ~2% and 1%, YoY, respectively. Their nearest peer UltraTech
Cement has reported a volume growth of ~10% YoY, clearly proving that both
Ambuja and ACC have disappointed on volume growth. Despite this dismal
volume growth, we have seen Ambuja outperforming on operating performance
vs. all Peers. EBITDA growth of Ambuja is at 13% YoY; 100% QoQ; +9% Vs.
Consensus. Clearly, price increases in North and West India (on account of shut of
Binani facility and temporary shutdown of its own plant in State of Himachal
Pradesh) has been the key driver to cement prices and hence this excellent
operating performance by Ambuja. While ACC & UltraTech both suffered on their
operating parameters on account of Southern exposure, the most disappointing
factor with ACC was a sequential degrowth of ~2% in cement realizations (+2%
QoQ in case of UltraTech). ACCs EBITDA was 16% below Consensus estimates.

Ambuja outperforms on cost control as well: Operating costs surprisingly
(despite a major plant shut down) in case of Ambuja has stayed almost flat on
YoY basis and degrew by 4% on QoQ basis. ACCs costs have seen an escalation
of 5% YoY (3% QoQ), while opex/tonne at UltraTech is at +2% YoY; 4% QoQ. On
cost front, Ambujas cost control / efficiency has proven to be the best in the lot.

Top level Management restructuring as envisaged is now through: Mr. Onne
van der Weijde, the Managing Director at Ambuja Cements has stepped down
from the Board of the Company w.e.f. April 25, 2014. Mr. Ajay Kapur, currently
the Deputy Managing Director & CEO is promoted as the Managing Director &
CEO of the Company w.e.f. April 25, 2014.

Maintain Neutral on Ambuja given reasonable valuations; Downgrade ACC to
Neutral: Given the reasonably expensive valuations of Ambuja, we do not
foresee any immediate upside to Ambuja. Also given the dismal performance of
ACC in Q1CY14 and given the recent runup to the stock price of ACC (closer to
our earlier price target of Rs1,301), we downgrade ACC to Neutral.

Valuations:
At CMP of Rs219, Ambuja trades at 20.1x & 16.9x P/E, 10.5x & 8.4x
EV/EBITDA & US$ 169 & 164 on CY14E & CY15E earnings, respectively.
At CMP of Rs1,348, ACC trades at 21.3x & 17.7x P/E, 12.4x & 10.0x
EV/EBITDA & US$ 142 & 130 on CY14E & CY15E earnings, respectively.
Ambuja ACC
O/S Shares (Mn) : 1546 188
Market Cap (Rs bn) : 332 251
Market Cap (USD bn) : 5.5 4.1
52 Wk Hi/Lo (Rs) : 219 / 147 1402/ 912
Liquidity 3m (USD mn) : 5.4 5.9
Face Value (Rs) : 2 10

Share Holding Pattern, %
Ambuja ACC

Promoters : 50.5 50.3
FII / NRI : 33.1 20.4
FI / MF : 9.4 12.8
Non Promoter Corp. Holdings : 0.4 2.9
Public & Others : 6.7 13.5

Price Vs. Sensex (Rebased values)


190

170

150

130

110

90

70
Apr10 Apr11 Apr12 Apr13 Apr14
Ambuja Cem BSE Sensex

Price Vs. Sensex (Rebased values)

180

160

140

120

100

80

60
Apr10 Apr11 Apr12 Apr13 Apr14
ACC BSE Sensex

Source: PhillipCapital India Research

Vaibhav Agarwal (+ 9122 6667 9967)
vagarwal@phillipcapital.in



Please refer to Disclosures and Disclaimers at the end of the Research Report.
2 of 7


Net Sales 26,398 21,913 20.5% 25,448 3.7% 26,306 0%
Cement volume, mtpa 6.06 5.37 12.8% 5.96 1.7%

Net realisation, rs/tonne 4,356 4,081 6.7% 4,270 2.0%

Total operating expenses 20,622 19,024 8.4% 20,330 1.4%

EBITDA 5,776 2,890 99.9% 5,118 12.9% 5,298 9%
EBITDA margin 21.9% 13.2% 869bps 20.1% 177bps

Other income 1,414 1,063 33.1% 1,339 5.6%

Depreciation 1,197 1,228 2.5% 1,204 0.5%

EBIT 5,993 2,725 119.9% 5,253 14.1%

EBIT margin 22.7% 12.4% 1027bps 20.6% 206bps

Interest cost 161 169

132

Profit before tax 5,832 2,556 128.2% 5,121 13.9%

Total tax 632 610 203.7% 811 22.1%

Tax rate 10.8% 23.9%

15.8%

Adjusted profit after tax 5,200 3,165 64.3% 4,309 20.7% 3,410 52%
Extraordinaries 0 0

570

Reported profit after tax 0 3,165 100.0% 4,879 100.0%

Adjusted EPS 3.4 2.1 64.3% 2.8 20.7% 2.2 55%
Reported EPS 0.0 2.1 100.0% 3.2 100.0%

Per Tonne Analysis Q1CY14 Q4CY13 QoQ Q1CY13 YoY

Net realistation 4,356 4,081 7% 4,270 2%

Total expenditure 3,403 3,543 4% 3,411 0%

Raw materials 334 301 11% 296 13%

Stock adjustment 88 99 11% 114 23%

Employee cost 213 223 4% 203 5%

Power & fuel 954 932 2% 963 1%

Freight 1,099 1,076 2% 1,082 2%

Other expenditure 714 911 22% 754 5%

EBITDA 953 538 77% 859 11%








Ambuja Cements has clearly
outperformed its sister concern ACC in
Q1CY14 on all operating parameters.
Ambuja Cements Q1CY14 Results
Rs mn Q1CY14 Q4CY13 QoQ Q1CY13 YoY Consensus Vs. Consensus






























ACC Limited Q1CY14 Results
Rs mn Q1CY14 Q1CY13 YoY Q4CY13 QoQ Consensus Vs. Consensus
Net Sales 29,671 29,111 1.9% 26,934 10.2% 30,763 4%
Cement volume, mtpa 6.48 6.42 0.9% 5.85 10.8%
Total operating expenses 26,018 24,643 5.6% 24,308 7.0%
EBITDA 3,653 4,468 18.2% 2,627 39.1% 4,338 16%
EBITDA margin 12.3% 15.3% 304bps 9.8% 256bps
Other income & Others 1,708 1,475 15.8% 1,443 18.4%
Depreciation 1,390 1,383 0.5% 1,550 10.3%
EBIT 3,971 4,560 12.9% 2,519 57.7%
EBIT margin 13.4% 15.7% 228bps 9.4% 403bps
Net interest 108 108 120 0bps
Profit before tax 3,863 4,452 13.2% 2,399 61.0%
Total tax (136) 75 280.3% (359) 62.1%
Tax rate 3.5% 1.7% 521bps 14.9% 1143bps
Adjusted profit after tax 3,999 4,377 8.6% 2,758 45.0% 2,772 44%
Reported profit after tax 3,999 4,377 8.6% 2,758 45.0%
Shares outstanding 188 188 188
Adjusted EPS 21 23 8.6% 15 45.0% 17 25%
Reported EPS 21 23 8.6% 15 45.0%
Per Tonne Analysis Q1CY14 Q1CY13 YoY Q4CY13 QoQ
Net Realization 4,443 4,393 1% 4,534 2%
Total Expenditure 4,015 3,838 5% 4,155 3%
Raw Material Consumed 712 673 6% 699 2%
Employee Expenses 261 251 4% 267 2%
Power, Oil & Fuel 941 1,012 7% 999 6%
Freight 1,023 960 6% 1,041 2%
Purchase of Finished Goods 53 78 33% 104 49%
Other Expenses 1,025 864 19% 1,045 2%
EBITDA 564 696 19% 449 26%
Source: Company, PhillipCapital India Research
3 of 7


Book NAV/share (INR) 57.2 61.3 94.6 101.0
FDEPS (INR) 10.2 8.1 10.9 12.9
Balance Sheet
CEPS (INR) 13.9 11.3 16.9 19.5
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E CFPS (INR) 10.5 11.4 13.2 13.9
Cash & bank 22,602 23,450 6,932 6,932 DPS (INR) 3.6 3.6 5.5 6.5
Debtors 2,205 2,351 7,294 8,289 Return ratios

Inventory 9,869 9,364 23,795 27,004 Return on assets (%) 13.5 10.2 13.7 11.9
Loans & advances 8,923 2,714 17,132 19,527 Return on equity (%) 17.9 13.3 11.5 12.8
Other current assets 304 555 873 986 Return on capital employed (%) 15.6 11.8 15.7 13.5
Total current assets 43,903 38,433 56,026 62,738 Turnover ratios

Investments 15,917 16,839 45,212 44,729 Asset turnover (x) 1.4 1.3 1.7 1.3
Gross fixed assets 100,472 117,119 243,447 276,447 Sales/Total assets (x) 0.8 0.7 1.1 0.9
Less: Depreciation 40,965 45,901 105,498 118,415 Sales/Net FA (x) 1.5 1.3 1.8 1.4
Add: Capital WIP 5,237 3,072 50,000 25,000 Working capital/Sales (x) 0.1 (0.0) 0.1 0.1
Net fixed assets 64,745 74,290 187,948 183,031 Working capital days 19.4 (11.2) 21.5 32.8
Total assets 124,564 129,563 289,185 290,498 Liquidity ratios


Current ratio (x) 2.7 2.2 1.6 1.9
Current liabilities 16,137 17,769 35,470 32,199 Quick ratio (x) 2.1 1.6 0.9 1.1
Provisions 14,424 11,019 21,020 19,075 Interest cover (x) 23.6 16.1 18.1 14.2
Total current liabilities 30,561 28,788 56,490 51,274 Dividend cover (x) 2.8 2.3 2.0 2.0
Noncurrent liabilities 6,020 6,149 39,584 26,298 Total debt/Equity (%) 0.6 0.5 18.1 10.3
Total liabilities 36,582 34,937 96,074 77,572 Net debt/Equity (%) (43.2) (42.0) (9.7) (15.5)
Paidup capital 3,084 3,092 3,959 3,959 Valuation

Reserves & surplus 84,890 91,527 183,209 195,861 PER (x) 21.4 26.9 20.1 16.9
Shareholders equity 87,983 94,626 193,112 212,927 Price/Book (x) 3.8 3.6 2.3 2.2
Total equity & liabilities 124,564 129,563 289,185 290,498 Yield (%) 1.6 1.6 2.5 3.0
Source: Company, PhillipCapital India Research Estimates
EV/Net sales (x)

3.1 3.3 2.0 1.7

EV/EBITDA (x)

12.4 19.0 10.5 8.4

EV/EBIT (x)

12.4 19.0 10.5 8.4





Ambuja Cements Financials



Income Statement
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E
Net sales 97,395 91,180 231,471 262,689
Growth, % 14 6 154 13
Total income 97,395 91,180 231,471 262,689
Raw material expenses 4,804 7,727 24,287 28,785
Employee expenses 4,879 5,087 13,760 15,786
Other Operating expenses 63,533 62,678 149,685 164,705
EBITDA (Core) 24,179 15,689 43,739 53,412
Growth, % 26.8 (35.1) 178.8 22.1
Margin, % 24.8 17.2 18.9 20.3
Depreciation 5,687 4,937 11,813 12,917
EBIT 18,493 10,752 31,926 40,495
Growth, % 26.8 (35.1) 178.8 22.1
Margin, % 24.8 17.2 18.9 20.3
Interest paid 785 668 1,766 2,855
Other NonOperating Income 4,040 4,651 6,730 6,281
Pretax profit 21,748 14,736 36,891 43,922
Tax provided 6,039 2,199 9,368 11,155
Profit after tax 15,710 12,538 27,523 32,767
Net Profit 15,723 12,538 21,587 25,604
Growth, % 25.6 (20.3) 72.2 18.6
Net Profit (adjusted) 15,723 12,538 21,587 25,604
Unadj. shares (m) 1,542 1,546 1,979 1,979
Wtd avg shares (m) 1,538 1,544 1,979 1,979
Cash Flow
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E
Pretax profit 21,748 14,736 36,891 43,922
Depreciation 5,687 4,937 11,813 12,917
Chg in working capital 205 4,544 6,408 11,929
Total tax paid 7,002 2,035 9,368 11,155
Other operating activities 2,791 0 0 0
Cash flow from operating activities 17,437 22,183 32,928 33,755
Capital expenditure 1,978 14,482 125,471 8,000
Chg in investments 7,856 923 28,372 483
Other investing activities 1,163 567 82,458 1,716
Cash flow from investing activities 8,672 14,837 71,384 5,800
Free cash flow 8,766 7,346 38,455 27,955
Equity raised/(repaid) 303 7 867 0
Debt raised/(repaid) 150 35 33,435 13,286
Dividend (incl. tax) 6,448 6,468 12,667 15,024
Cash flow from financing activities 6,903 6,497 21,635 28,310
Net chg in cash 1,862 849 16,821 355

Valuation Ratios & Per Share Data
CY12 CY13 CY14E CY15E
Per Share data
EPS (INR) 10.2 8.1 10.9 12.9
Growth, % 25.1 (20.6) 34.3 18.6
4 of 7






ACC Ltd. Financials



Income Statement
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E
Net sales 113,582 109,084 124,747 142,606
Growth, % 13 4 14 14
Total income 113,582 109,084 124,747 142,606
Raw material expenses 16,254 16,955 19,039 22,762
Employee expenses 6,179 6,626 7,515 8,627
Other Operating expenses 69,183 71,814 78,292 86,481
EBITDA (Core) 21,966 13,690 19,901 24,737
Growth, % 29.5 (37.7) 45.4 24.3
Margin, % 19.3 12.5 16.0 17.3
Depreciation 5,689 5,838 6,429 7,168
EBIT 16,277 7,852 13,473 17,569
Growth, % 29.5 (37.7) 45.4 24.3
Margin, % 19.3 12.5 16.0 17.3
Interest paid 1,147 517 672 1,642
Other NonOperating Income 2,633 4,801 2,903 3,048
Pretax profit 17,858 12,267 15,834 19,106
Tax provided 3,911 1,319 3,959 4,776
Profit after tax 13,948 10,948 11,876 14,329
Net Profit 13,947 10,947 11,876 14,329
Growth, % 7.2 (21.5) 8.5 20.7
Net Profit (adjusted) 13,947 10,947 11,876 14,329
Unadj. shares (m) 188 188 188 188
Wtd avg shares (m) 188 188 188 188

Balance Sheet
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E
Cash & bank 6,807 5,057 5,057 5,057
Debtors 3,028 3,972 4,542 5,192
Inventory 11,344 11,223 12,835 14,672
Loans & advances 8,907 12,204 13,956 15,954
Other current assets 289 195 223 255
Total current assets 30,374 32,651 36,613 41,131
Investments 26,445 20,389 20,389 20,389
Gross fixed assets 101,293 115,755 123,255 143,255
Less: Depreciation 41,947 47,785 54,213 61,381
Add: Capital WIP 3,116 0 20,000 5,000
Net fixed assets 62,463 67,971 89,042 86,874
Total assets 119,282 121,011 146,044 148,393

Current liabilities 21,804 26,023 25,108 22,962
Provisions 13,841 11,698 13,378 12,235
Total current liabilities 35,645 37,721 38,486 35,197
Noncurrent liabilities 9,887 5,128 24,636 24,530
Total liabilities 45,532 42,850 63,122 59,727
Paidup capital 1,880 1,880 1,880 1,880
Reserves & surplus 71,845 76,254 81,015 86,760
Shareholders equity 73,750 78,161 82,922 88,666
Total equity & liabilities 119,282 121,011 146,044 148,393
Source: Company, PhillipCapital India Research Estimates
Cash Flow
Y/E Dec, Rs mn CY12 CY13 CY14E CY15E
Pretax profit 17,858 12,267 15,834 19,106
Depreciation 5,689 5,838 6,429 7,168
Chg in working capital 5,767 1,950 3,197 7,807
Total tax paid 3,923 1,417 3,959 4,776
Other operating activities 3,354 0 0 0
Cash flow from operating activities 10,503 14,739 15,107 13,690
Capital expenditure 320 11,346 27,500 5,000
Chg in investments 13,514 6,056 0 0
Cash flow from investing activities 13,771 5,269 27,500 5,000
Free cash flow 3,268 9,470 12,393 8,690
Equity raised/(repaid) 4 0 0 0
Debt raised/(repaid) 446 4,661 19,508 106
Dividend (incl. tax) 6,082 6,558 7,115 8,585
Cash flow from financing activities 6,524 11,219 12,393 8,690
Net chg in cash 9,792 1,750 0 0

Valuation Ratios & Per Share Data
CY12 CY13 CY14E CY15E
Per Share data
EPS (INR) 74.2 58.2 63.2 76.2
Growth, % 7.2 (21.5) 8.5 20.7
Book NAV/share (INR) 392.3 415.7 441.0 471.6
FDEPS (INR) 74.2 58.3 63.2 76.3
CEPS (INR) 104.5 89.3 97.4 114.4
CFPS (INR) 59.2 52.2 64.2 55.9
DPS (INR) 27.8 30.0 32.5 39.3
Return ratios
Return on assets (%) 12.4 9.4 9.2 10.4
Return on equity (%) 18.9 14.0 14.3 16.2
Return on capital employed (%) 15.6 11.7 11.4 12.5
Turnover ratios
Asset turnover (x) 1.8 1.6 1.5 1.5
Sales/Total assets (x) 1.0 0.9 0.9 1.0
Sales/Net FA (x) 1.7 1.7 1.6 1.6
Working capital/Sales (x) 0.0 0.0 0.1 0.1
Working capital days 5.7 5.3 18.9 33.6
Liquidity ratios
Current ratio (x) 1.4 1.3 1.5 1.8
Quick ratio (x) 0.9 0.8 0.9 1.2
Interest cover (x) 14.2 15.2 20.0 10.7
Dividend cover (x) 2.7 1.9 1.9 1.9
Total debt/Equity (%) 6.3 23.5 21.9
Net debt/Equity (%) (38.8) (32.6) (7.2) (6.8)
Valuation
PER (x) 18.2 23.1 21.3 17.7
Price/Book (x) 3.4 3.2 3.1 2.9
Yield (%) 2.1 2.2 2.4 2.9
EV/Net sales (x) 2.0 2.1 2.0 1.7
EV/EBITDA (x) 10.2 16.6 12.4 10.0
EV/EBIT (x) 10.2 16.6 12.4 10.0
5 of 7






Ambuja Cements Recommendation Chart

230

B (TP 255)
N (TP 180)

180
N (TP 169)
N (TP 170)
B (TP 255)



130

N (TP 170)


N (TP 153)

B (TP 161)


80
1/3/2011 6/27/2011 12/22/2011 6/12/2012 12/5/2012 5/29/2013 11/21/2013

Source: PhillipCapital India Research



ACC Ltd. Recommendation Chart

1600


1400



1200



1000


N (TP 1198)






N (TP 1038)





S (TP 1007)
S (TP 1142)




N (TP 1104)



B (TP 1362)





B (TP 1301)

800
1/3/2011 6/27/2011 12/22/2011 6/12/2012 12/5/2012 5/29/2013 11/21/2013

Source: PhillipCapital India Research
6 of 7







Management
Vi neet Bha tna ga r (Managi ng Di rector) Ji
gnes h Sha h (Hea d Equi ty Deri va ti ves )

(91 22) 2300 2999
(91 22) 6667 9735

Research
Automobiles

Economics

Pharma

Deepa k Ja i n (9122) 6667 9758 Anj a l i Verma (9122) 6667 9969 Surya Pa tra (9122) 6667 9768
Pri ya Ra nj a n (9122) 6667 9965


Engineering, Capital Goods

Retail, Real Estate

Banking, NBFCs

Ankur Sha rma (9122) 6667 9759 Abhi s hek Ra nga na tha n, CFA (9122) 6667 9952
Ma ni s h Aga rwa l l a (9122) 6667 9962 Adi tya Ba hety (9122) 6667 9986 Neha Ga rg (9122) 6667 9996
Sa chi t Motwa ni , CFA, FRM (9122) 6667 9953

Pa res h Ja i n (9122) 6667 9948 Infrastructure & IT Services

Technicals


Vi bhor Si ngha l (9122) 6667 9949 Subodh Gupta , CMT (9122) 6667 9762
Consumer, Media, Telecom

Va run Vi j a ya n (9122) 6667 9992

Na veen Kul ka rni , CFA, FRM (9122) 6667 9947

Production Manager

Vi veka na nd Subba ra ma n (9122) 6667 9766 Metals

Ga nes h Deorukhka r (9122) 6667 9966
Ma ni s h Pus hka r, CFA (9122) 6667 9764 Dha wa l Dos hi (9122) 6667 9769


Dha rmes h Sha h (9122) 6667 9974 Database Manager

Cement

Vi s ha l Ra ndi ve (9122) 6667 9944
Va i bha v Aga rwa l (9122) 6667 9967 Oil&Gas, Agri Inputs


Ga uri Ana nd (9122) 6667 9943 Sr. Manager Equities Support


Deepa k Pa reek (9122) 6667 9950 Ros i e Ferns (9122) 6667 9971
Sales & Distribution
Ki ns huk Ti wa ri (9122) 6667 9946 Sales Trader Execution
As hvi n Pa ti l (9122) 6667 9991 Di l es h Dos hi (9122) 6667 9747 Ma yur Sha h (9122) 6667 9945
Shubha ngi Agra wa l (9122) 6667 9964 Suni i l Pa ndi t (9122) 6667 9745
Ki s hor Bi nwa l (9122) 6667 9989
Si dha rth Agra wa l (9122) 6667 9934
Di pes h Soha ni (9122) 6667 9756

Contact Information (Regional Member Companies)

SINGAPORE
Phillip Securities Pte Ltd
250 North Bridge Road, #0600 Raffles City Tower,
Singapore 179101
Tel : (65) 6533 6001 Fax: (65) 6535 3834
www.phillip.com.sg

JAPAN
Phillip Securities Japan, Ltd
42 Nihonbashi Kabutocho, Chuoku
Tokyo 1030026
Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141
www.phillip.co.jp

THAILAND
Phillip Securities (Thailand) Public Co. Ltd.
15th Floor, Vorawat Building, 849 Silom Road,
Silom, Bangrak, Bangkok 10500 Thailand Tel
(66) 2 2268 0999 Fax: (66) 2 2268 0921
www.phillip.co.th

UNITED STATES
Phillip Futures Inc.
141 W Jackson Blvd Ste 3050
The Chicago Board of Trade Building
Chicago, IL 60604 USA Tel (1) 312 356 9000
Fax: (1) 312 356 9005
MALAYSIA Phillip Capital Management Sdn Bhd
B36 Block B Level 3, Megan Avenue II, No. 12,
Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel (60)
3 2162 8841 Fax (60) 3 2166 5099
www.poems.com.my

INDONESIA PT Phillip Securities Indonesia ANZ
Tower Level 23B, Jl Jend Sudirman Kav 33A,
Jakarta 10220, Indonesia Tel (62) 21 5790 0800
Fax: (62) 21 5790 0809 www.phillip.co.id

FRANCE
King & Shaxson Capital Ltd.
3rd Floor, 35 Rue de la Bienfaisance
75008 Paris France Tel (33) 1 4563 3100 Fax
: (33) 1 4563 6017
www.kingandshaxson.com

AUSTRALIA PhillipCapital Australia Level 37,
530 Collins Street Melbourne, Victoria 3000,
Australia Tel: (61) 3 9629 8380 Fax: (61) 3
9614 8309 www.phillipcapital.com.au

INDIA
PhillipCapital (India) Private Limited
HONG KONG
Phillip Securities (HK) Ltd
11/F United Centre 95 Queensway Hong Kong
Tel (852) 2277 6600 Fax: (852) 2868 5307
www.phillip.com.hk

CHINA Phillip Financial Advisory (Shanghai) Co.
Ltd. No 550 Yan An East Road, Ocean Tower Unit
2318
Shanghai 200 001
Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940
www.phillip.com.cn

UNITED KINGDOM
King & Shaxson Ltd.
6th Floor, Candlewick House, 120 Cannon Street
London, EC4N 6AS Tel (44) 20 7929 5300 Fax:
(44) 20 7283 6835 www.kingandshaxson.com

SRI LANKA Asha Phillip Securities Limited Level 4,
Millennium House, 46/58 Navam Mawatha,
Colombo 2, Sri Lanka
Tel: (94) 11 2429 100 Fax: (94) 11 2429 199
www.ashaphillip.net/home.htm
No. 1, CBlock, 2
nd
Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi Mumbai 400011
Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
7 of 7






Disclosures and Disclaimers

PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives and Private Client Group. This report has been prepared by
Institutional Equities Group. The views and opinions expressed in this document may or may not match or may be contrary at times with the views, estimates, rating, target price of the
other equity research groups of PhillipCapital (India) Pvt. Ltd.

This report is issued by PhillipCapital (India) Pvt. Ltd. which is regulated by SEBI. PhillipCapital (India) Pvt. Ltd. is a subsidiary of Phillip (Mauritius) Pvt. Ltd. References to "PCIPL" in this report
shall mean PhillipCapital (India) Pvt. Ltd unless otherwise stated. This report is prepared and distributed by PCIPL for information purposes only and neither the information contained herein
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