Professional Documents
Culture Documents
8 JAN 2015
Oil - Downstream
Achchhe din*
Absolute Stock Returns (%)
1M
3M
1Y
BPCL
(6.4)
(0.9)
99.3
HPCL
0.4
17.2
156.5
(2.3)
(6.2)
67.8
IOC
6.2
1.0
149
IOC
2.1
1.0
120
Target Upside
CMP
(Rs/sh)
TP
(Rs/sh)
Upside
(%)
BPCL
645
790
22.6
HPCL
569
740
30.1
IOC
335
425
26.7
Satish Mishra
satish.mishra@hdfcsec.com
+91-22-6171-7334
BPCL
HPCL
IOC
Rating
BUY
BUY
BUY
MCap
(Rs bn)
466
193
813
FY14
80.9
52.4
156.1
FY17E
89.0
67.1
210.5
Source: Company, HDFC sec Inst Research, # all numbers are standalone
* Hindi for the good times
FY14
40.6
17.7
58.5
FY17E
49.7
31.2
98.1
FY14
22.5
12.4
9.2
RoE (%)
FY15E FY16E
11.6
17.4
11.4
13.9
6.1
9.9
FY17E
19.8
16.7
12.8
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
Summary
BPCL
Key Arguments
Benefits from
lower oil UR in
FY17 over FY14
Benefits from
diesel marketing
margin expansion
Additional EPS
(Rs/sh)
IOC
Additional EPS
(Rs/sh)
Additional EPS
(Rs/sh)
Lower net
under recovery
3.4
Lower net
under recovery
6.9
Lower net
under recovery
2.1
Lower interest
cost
6.9
Lower interest
cost
13.7
Lower interest
cost
4.9
Target Valuation
(on FY17E)
HPCL
Refining
Marketing
Pipelines
EBITDA
share
29%
64%
6%
EV/EBITDA
multiple
4.0
5.0
8.0
EBITDA
share
9%
82%
10%
EV/EBITDA
multiple
2.5
5.0
8.0
EBITDA
share
29%
43%
20%
8%
EV/EBITDA
multiple
3.5
5.0
8.0
4.0
Page | 2
Dec-14
Dec-14
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
Dec-07
P/BV
Aug-14
Apr-07
Aug-07
Dec-14
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
Dec-07
Aug-07
Apr-07
Dec-06
Aug-06
Apr-06
Dec-05
Aug-05
Apr-05
Dec-04
P/BV
Apr-14
P/BV
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
Dec-07
IOC
Apr-07
2.2
Aug-07
0.8
Dec-06
Dec-06
Aug-06
1.2
Aug-06
Apr-06
Dec-05
1.6
Apr-06
Dec-05
Aug-05
HPCL
Aug-05
2.4
Apr-05
Apr-05
Dec-04
Aug-04
Dec-04
Aug-04
Apr-04
2.9
Aug-04
Apr-04
BPCL
Apr-04
2.4
20.0
1.9
15.0
1.4
10.0
0.9
5.0
0.4
-
2.0
0.4
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
RoE (%)
25.0
1.8
20.0
0.2
-
Page | 3
10.0
GDP Gr (%)
Avg GDP Gr (%)
Avg Energy Multiplier (RHS)
1.0
8.0
0.8
6.0
0.6
4.0
0.4
2.0
0.2
CY13
CY12
CY11
CY10
CY09
CY08
CY07
CY06
CY05
CY04
12.0
10.0
8.0
6.0
4.0
2.0
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
FY06
FY05
Page | 4
Consumption (mn T)
mn T
79%
78%
77%
76%
75%
74%
73%
72%
71%
70%
69%
68%
160
140
120
100
80
60
40
20
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
FY06
FY05
INR-USD (RHS)
$/bbl
48
120
55
61
70
60
100
80
40
60
30
40
20
46
108
110
50
114
87
47
70
46
85
40
82
45
64
58
42
20
45 44
10
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
FY06
FY05
Page | 5
LPG (RHS)
Rs/l
Rs/cyl
320
300
280
260
240
220
200
FY10
o
o
o
o
MS
FY09
50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
HSD
FY08
SKO
FY07
FY06
FY05
MS
Rs/l
LPG (RHS)
Rs/cyl
70.0
450
400
60.0
50.0
350
40.0
300
30.0
20.0
250
10.0
-
200
FY14
o
o
o
o
80.0
HSD
FY13
SKO
FY12
FY11
FY10
Page | 6
60
40
20
LPG RSP
1,500
Rs/l
40
1,000
20
500
Apr-12
May-12
Jul-12
Aug-12
Oct-12
Nov-12
Jan-13
Feb-13
Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
Apr-12
May-12
Jul-12
Aug-12
Oct-12
Nov-12
Jan-13
Feb-13
Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
SKO RSP
Rs/l
60
Diesel RSP
80
LPG UR
Rs/l
Apr-12
May-12
Jul-12
Aug-12
Oct-12
Nov-12
Jan-13
Feb-13
Apr-13
May-13
Jul-13
Aug-13
Oct-13
Dec-13
Jan-14
Mar-14
Average oil under recovery for FY12-14 was ~Rs 1.5tn p.a., the biggest hazard to Indias fiscal health.
Total oil under recover (Rs tn)
Petrol
1.8
Diesel
SKO
LPG
Rs tn
1.6
1.39
1.4
1.0
0.8
0.4
0.2
-
0.20
0.1
0.1
0.0
FY05
0.40
0.49
0.1
0.1
0.1
0.1
0.2
0.2
FY06
FY07
0.77
0.2
0.2
0.2
0.3
0.4
0.5
FY08
FY09
1.61
0.4
0.3
1.03
1.2
0.6
Total
0.78
0.46
0.1
0.2
0.1
FY10
0.3
0.3
0.8
0.9
FY12
FY13
0.3
FY11
0.5
0.3
0.2
0.2
1.40
0.6
FY14
Page | 7
40
SKO RSP
350
20
35
(5)
250
10
Apr-14
Dec-14
Nov-14
Oct-14
Sep-14
Jul-14
Aug-14
Dec-14
45
Nov-14
30
Rs/l
40
Oct-14
450
Jun-14
SKO UR
Sep-14
Rs/cyl
May-14
Dec-14
LPG UR
Aug-14
LPG RSP
Apr-14
Nov-14
55
Dec-14
Oct-14
10
Sep-14
550
65
Aug-14
Jul-14
Jun-14
May-14
Apr-14
30
Diesel UR
UR Rs/l
50
Jul-14
Rs/l
60
Jun-14
Diesel RSP
70
May-14
INR-USD (RHS)
$/bbl
120
110
100
90
80
70
60
50
40
Oct-14
Aug-14
Crude ($/bbl)
Jun-14
Apr-14
Page | 8
COAL
60%
OIL
50%
40%
Oil 29%
20%
10%
Coal will remain the major energy source with more than 50% contribution. Currently
domestic/import forms 80/20% of the total requirement
Coal India contributes ~80% of the domestic supply. Supply from Coal India has grown at a CAGR of
3% over the last 5 years. Even with removal of railway bottlenecks and environmental clearance, we
anticipate a production growth of no more than 5-7% in the near future
Imports will continue to rise. However, port limitations will keep growth in the range of ~10%
Oil consumption (~3.8 bbl/d) has increased at a CAGR of ~4.2% over the last decade
Domestic oil production growth was muted at ~1.2% with domestic sources contributing ~24% of the
total need
However, with domestic product growth remaining at 1-3%, the proportion of imports is set to rise
Oil contribution will remain at 29-30% with rising imports. Govt will incentivise gas usage;
however, we dont see any significant domestic gas addition in the near future
Nuclear (1%), renewable (2%) and hydroelectric (5%) contribute 8% of the total requirement
Nuclear, wind and solar are relatively small contributors, and even if they grow at a faster pace,
Indias energy dynamics will not change
India has a huge opportunity with regards to hydroelectric power (just ~25% is tapped so far).
However, long gestation period (~10 years for large projects) restricts any major near term additions
Gas is cleaner (vs. coal/oil), cheaper (vs. oil) and easy to use. As against global share of 24%, gas
accounts for just 9% of Indias energy needs
~78% of oil is imported. Thus, ~22% of the energy demand can be replaced with low cost gas
We expect both domestic (driven by favourable govt policies) and imported gas supply to increase
Coal 55%
70%
30%
Others 8%
OTHERS
(incl.
RENEWABLE)
Natural Gas 8%
0%
NATURAL
GAS
Our View : Oils share will remain at 29-30%. There can be higher consumption in the near future as at current crude
prices, fuel oil is cheaper than RLNG.
Page | 9
Way Ahead
70
RO OMCs ('000)
RO Private ('000)
Pvt Gr (%)
OMC Gr (%)
'000 RO
60
1.4
2.8
3.3
3.0
3.5
12%
10%
50
8%
40
62
6%
30
10
2%
0%
49
51
53
4%
FY20E
46
FY19E
42
60
58
FY18E
20
56
FY17E
FY16E
FY15E
FY14
50
FY13
FY12
100
FY20E
150
FY19E
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
FY18E
KL/RO/m
FY17E
200
Pvt/RO/month
GDP Growth (%)
FY16E
FY15E
FY14
OMCs/RO/month
MS + HSD Growth (%)
FY13
FY12
Page | 10
67
77
245
479
780
1,148
Upstream
OMCs
Rs bn
1,600
1,400
600
1,200
550
1,000
670
800
600
400
200
303
835
1000
410
708
424
233
178
194
159
204
FY17E
67
64
233
472
781
1,159
FY16E
65
50
207
429
717
1,070
FY15E
Crude
(USD/bbl)
Crude
(USD/bbl)
INR-USD
63
38
183
389
656
985
200
FY17E
50
65
80
95
110
61
26
159
349
597
903
389
397
400
FY16E
65
64
219
437
718
1,062
627
600
FY15E
61
40
172
359
601
899
782
FY14
59
29
150
322
546
823
1,399
FY13
50
65
80
95
110
INR-USD
63
52
195
397
659
979
800
FY12
Total
1,200
FY11
LPG
1,610
1,385
1,400
1,000
Rs bn
1,600
SKO
FY14
1,800
Diesel
FY13
Petrol
FY12
FY11
Page | 11
The past...
BPCL Gross UR
HPCL Gross UR
IOC Gross UR
Government bore ~58% of the UR burden over FY1214 averaging at ~Rs 850bn/year.
1,500
500
Rs bn
Rs bn
500
400
300
1,000
200
100
FY17E
FY16E
FY15E
FY14
FY13
FY11
2,000
FY12
1,600
400
Rs bn
Rs bn
1,400
120
100
1,200
80
1,000
800
60
600
40
20
200
FY17E
FY16E
FY15E
FY14
FY13
HPCL Debt
IOC Debt
FY11
BPCL Debt
FY12
The future...
Page | 12
IOC
Diesel Margin RS
Rs/t
Rs/l
5,000
2.00
1.75
4,000
3,000
1.50
2,000
1.25
1,000
FY17E
1.00
FY16E
FY15E
6,000
HPCL
FY14
BPCL
FY13
FY12
FY11
Diesel Vol.
FY14 (mn T)
18.3
16.0
36.9
PBT FY14
(Rs bn)
220
167
511
Incremental
PBT (Rs bn)
3.1
2.7
6.2
(%)
increase)
5.2%
10.1%
6.3%
Page | 13
COMPANY UPDATE
8 JAN 2015
Rs 645
Target Price
Rs 790
Nifty
8,102
Sensex
26,909
BPCL IN/BPCL.BO
723
466/7,375
1,126
Rs 785/315
3M
6M
12M
Absolute (%)
(0.9)
8.7
99.3
Relative (%)
(3.3)
5.6
69.3
54.93
15.78
FIIs
12.57
16.72
Source : BSE
Satish Mishra
satish.mishra@hdfcsec.com
+91-22-6171-7334
FY13
FY14
FY15E
FY16E
FY17E
2,401.16 2,600.61 2,238.47 2,061.55 2,063.16
61.07
80.86
49.27
71.52
89.01
26.43
40.61
23.40
38.73
49.69
36.6
56.2
32.4
53.6
68.7
17.6
11.5
19.9
12.0
9.4
10.3
7.6
10.9
7.5
6.1
16.8
22.5
11.6
17.4
19.8
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
80%
Rs bn
400
60%
300
40%
200
20%
100
FY17E
FY16E
0%
FY15E
FY14
500
Govt share
Govt Receivables
FY13
BPCL Gross UR
FY12
FY11
The past
FY10
250
Rs bn
Rs bn
200
150
100
50
20
18
16
14
12
10
8
6
4
2
-
FY17E
FY16E
FY15E
FY14
Total Debt
FY13
FY12
FY11
FY10
The future
Page | 15
72
69
74
26
22
77
76
19
20
FY17E
81
FY16E
80%
60%
82
84
40%
20%
0%
17
25
14
12
Rs/t
Rs/l
1.4
1.5
1.7
1.9
2.0
62.4
65.4
68.7
72.4
76.4
1.6
1.5
4,000
1.4
1.3
3,500
1.2
3,000
1.1
FY17E
FY16E
FY15E
FY14
FY13
1.0
FY12
2,500
FY11
1.8
1.7
5,000
4,500
Pipeline
FY15E
100%
Marketing
FY14
Refining
FY13
FY12
FY11
FY10
Page | 16
FY17E
FY16E
FY15E
FY14
FY10
FY17E
FY16E
FY15E
FY14
FY13
2.8
3.3
3.8
4.3
4.8
1,400
40.3
45.5
50.6
55.7
60.8
1,680
46.3
51.4
56.6
61.7
66.8
59
61
63
65
67
60
52.1
53.3
54.4
55.6
56.8
100
50.3
51.3
52.3
53.3
54.3
GRM ($/bbl)
INR-USD
FY12
FY11
0.2
FY10
20
FY13
10
0.4
Dividend Yield
15
0.6
40
RoIC
20
0.8
60
GRM ($/bbl)
25
1.0
80
INR-USD
RoE
1.2
Rs bn
FY12
100
Rising returns
FY11
3.5
4.0
4.5
5.0
5.5
59
61
63
65
67
1,400
52.1
57.2
62.4
67.5
72.6
2,050
66.2
71.3
76.4
81.5
86.6
60
66.8
68.2
69.6
71.0
72.4
100
65.0
66.2
67.4
68.7
69.9
Page | 17
ASSUMPTIONS
Refining Business
Throughput (mnT)
GRM (US$/bbl)
Marketing Business
Total Sales (mnT)
YoY Gr (%)
Diesel Volume (mn T)
Diesel Volume Gr (%)
Petrol Volume Gr (%)
Diesel's Margin (Rs/l)
Macro
INR-US$
Crude Price (US$/bbl)
Total Sector UR (Rs bn)
BPCL gross UR (Rs bn)
BPCL net UR (Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY18E
22.9
3.2
23.2
5.0
23.4
4.3
23.4
2.1
23.4
3.8
23.4
4.5
23.4
5.0
31.1
6.4
16.3
13.2
6.1
1.40
33.3
6.9
18.0
10.3
7.0
1.40
34.0
2.1
18.3
11.3
8.4
1.40
34.8
2.5
18.5
1.0
5.0
1.40
35.7
2.5
19.0
2.5
4.0
1.54
36.6
2.5
19.2
1.1
1.3
1.69
37.5
2.5
19.4
1.1
1.3
1.86
47.9
114.5
1,385
326
0.1
54.5
110.0
1,610
390
2.5
60.5
107.8
1,399
345
5.1
61.3
90.5
627
155
2.3
63.0
80.0
397
98
1.5
63.0
80.0
389
96
1.4
63.0
80.0
377
93
1.4
Multiple
89.01
4.9#
436
57
378
664
88
577
EV/EBIDTA on FY17E
FY17E
0.85
134
13
204
19
223
120
103
68
42
111
790
79
0.65
0.85
69
33
Source : Company, HDFC sec Inst Research, * Valuation is based on 656 mn shares (net of treasury shares)
# Refining 4.0x, Marketing 5.0x, Pipelines 8.0x
Page | 18
FY12
FY13
FY14
FY15E
FY16E
FY17E
Revenues
2,119.73
2,401.16
2,600.61
2,238.47
2,061.55
2,063.16
Growth %
39.8
13.3
8.3
(13.9)
(7.9)
0.1
849.61
960.18
1,071.67
946.55
900.27
914.06
1,121.59
1,258.20
1,308.98
1,100.39
942.06
907.93
22.61
27.69
28.96
28.81
30.25
31.77
LT Loans
ST Loans
190.87
180.58
81.84
36.84
36.84
36.84
Total Debt
212.46
235.67
199.92
124.92
122.92
120.92
14.01
16.56
13.61
13.61
13.61
13.61
Raw Material
Trading
Employee Cost
Other expenses
87.25
94.03
110.13
113.45
117.45
120.38
EBITDA
38.67
61.07
80.86
49.27
71.52
89.01
9.0
57.9
32.4
(39.1)
45.1
24.5
EBITDA growth %
EBITDA Margin %
Depreciation
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
3.62
7.23
7.23
7.23
7.23
7.23
145.52
159.11
187.36
202.64
227.83
260.18
Net Worth
149.14
166.34
194.59
209.87
235.07
267.41
21.59
55.08
118.08
88.08
86.08
84.08
SOURCES OF FUNDS
Share capital
1.8
2.5
3.1
2.2
3.5
4.3
Other LT Liabilities
0.56
0.61
0.61
0.61
0.61
0.61
18.85
19.26
22.47
22.33
24.07
25.81
4.10
10.92
11.57
11.57
11.57
11.57
380.27
430.09
420.30
360.58
383.78
414.12
166.12
166.90
179.38
187.05
192.98
197.17
Other income
17.02
16.80
14.69
16.11
16.56
17.05
Total liabilities
EBIT
36.84
58.61
73.08
43.05
64.01
80.26
APPLICATION OF FUNDS
Interest Cost
18.00
18.25
13.59
8.12
6.20
6.10
PBT
18.84
40.36
59.49
34.93
57.81
74.16
Capital WIP
11.19
24.20
41.67
76.67
111.67
141.67
Taxes
5.73
13.93
18.88
11.53
19.08
24.47
LT Investments
49.70
69.42
72.38
72.38
72.38
72.38
RPAT
13.11
26.43
40.61
23.40
38.73
49.69
34.59
25.12
32.67
32.67
32.67
32.67
0.01
0.28
1.66
1.66
1.66
1.66
13.11
26.43
40.61
23.40
38.73
49.69
159.48
166.90
190.71
162.52
149.67
149.79
18.1
36.6
56.2
32.4
53.6
68.7
Debtors
63.78
40.25
40.80
33.73
31.06
31.09
(13.7)
101.6
53.7
(42.4)
65.5
28.3
69.26
74.90
48.13
55.39
49.74
48.24
7.93
11.58
9.41
9.41
9.41
9.41
94.00
90.16
107.47
20.05
15.00
16.54
394.45
383.80
396.52
281.10
254.89
255.08
Trade Payables
128.66
87.85
120.35
107.32
98.84
102.88
133.66
135.16
156.94
156.94
156.94
156.94
Excep items
APAT
EPS
EPS Growth %
Provisions
13.48
16.61
26.69
26.69
26.69
26.69
275.80
239.62
303.98
290.95
282.47
286.50
118.65
144.17
92.54
(9.85)
(27.58)
(31.42)
Total Assets
380.27
430.09
420.30
360.58
383.78
414.12
Page | 19
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
Reported PAT
13.11
26.43
40.61
23.40
38.73
49.69
PROFITABILITY %
FY12
FY13
FY14
FY15E
FY16E
FY17E
Non-operating income
7.47
8.71
9.84
10.79
11.09
11.43
EBITDA margin
1.8
2.5
3.1
2.2
3.5
4.3
5.64
17.72
30.77
12.61
27.64
38.26
EBIT margin
1.7
2.4
2.8
1.9
3.1
3.9
18.00
18.25
13.59
8.12
6.20
6.10
APAT margin
0.6
1.1
1.6
1.0
1.9
2.4
RoE
9.1
16.8
22.5
11.6
17.4
19.8
Core RoCE
6.0
10.0
13.6
6.8
12.9
15.3
RoCE
7.1
9.5
11.6
7.3
11.5
13.4
30.4
34.5
31.7
33.0
33.0
33.0
Interest
Depreciation
18.85
19.26
22.47
22.33
24.07
25.81
(57.98)
(3.81)
16.58
109.66
12.07
2.35
(15.49)
51.42
83.41
152.72
69.98
72.52
Capex
(26.31)
(33.15)
(52.41) (65.00)
(65.00)
(60.00)
EFFICIENCY
(41.81)
18.28
31.00
87.72
4.98
12.52
Tax rate %
Total Asset turnover (x)
6.0
5.9
6.1
5.7
5.5
5.2
Inventory (days)
27
25
27
27
27
27
Debtor (days)
11
Payables (days)
22
13
17
18
18
18
Non-operating income
11.40
11.26
9.84
10.79
11.09
11.43
Investments
(0.25)
(19.72)
(2.96)
(15.16)
(41.61)
(45.53) (54.21)
3.62
47.88
23.20
Interest
(18.00)
(18.25)
(13.59)
FFCE
(11.92)
23.23
(18.34)
Dividend
(4.55)
(9.23)
Others
(0.00)
(3.61)
25.34
(4.28)
(5.31)
5.54
(23.82)
69.26
74.90
48.13
(53.91)
(48.57)
(35.75) (75.00)
(2.00)
(2.00)
16
18
16
15
15
14
(8.12)
(6.20)
(6.10)
3.7
2.6
1.9
1.4
1.0
0.8
4.60
(3.22)
4.42
Net D/E
1.0
1.0
0.8
0.3
0.3
0.3
(14.26)
(8.12)
(13.54)
(17.34)
Interest coverage
2.0
3.2
5.4
5.3
10.3
13.2
1.90
0.00
(61.70) (91.24)
(21.73)
(25.44)
EPS (Rs)
18.1
36.6
56.2
32.4
53.6
68.7
7.27
(5.66)
(1.49)
CEPS (Rs)
88.4
63.2
87.2
63.2
86.9
104.4
55.39
49.74
48.24
DPS (Rs)
11.0
11.0
17.0
9.6
16.0
20.5
BV (Rs)
412.5
230.0
269.1
290.2
325.1
369.8
35.6
17.6
11.5
19.9
12.0
9.4
7.3
10.2
7.4
10.2
7.4
6.2
P/BV (x)
1.6
2.8
2.4
2.2
2.0
1.7
EV/EBITDA (x)
15.8
10.3
7.6
10.9
7.5
6.1
EV/Revenue (x)
0.3
0.3
0.2
0.2
0.3
0.3
OCF/EV (%)
(2.5)
8.2
13.5
28.5
13.0
13.5
(6.9)
2.9
5.0
16.4
0.9
2.3
(2.6)
5.0
(3.9)
1.0
(0.7)
0.9
1.7
1.7
2.6
1.5
2.5
3.2
VALUATION
P/E (x)
Page | 20
COMPANY UPDATE
8 JAN 2015
Rs 569
Target Price
Rs 740
Nifty
8,102
Sensex
26,909
HPCL IN/HPCL.BO
339
193/3,045
1,085
Rs 628/214
3M
6M
12M
Absolute (%)
17.2
39.2
156.5
Relative (%)
14.8
36.1
126.5
51.11
20.02
FIIs
14.10
14.77
Source : BSE
Satish Mishra
satish.mishra@hdfcsec.com
+91-22-6171-7334
FY13
FY14
FY15E
FY16E
FY17E
2,067.22 2,232.71 1,904.27 1,767.66 1,813.19
36.55
52.38
45.49
54.31
67.12
8.25
17.75
17.84
23.48
31.21
24.4
52.4
52.7
69.3
92.2
23.3
10.9
10.8
8.2
6.2
1.4
1.3
1.2
1.1
1.0
6.1
12.4
11.4
13.9
16.7
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
60
50
300
40
200
30
20
100
10
-
FY17E
FY16E
and
FY15E
debt
Rs bn
FY14
FY13
400
Govt Receivables
FY12
Govt share in UR
FY11
HPCL Gross UR
FY10
The past
Rs bn
Rs bn
300
25
20
250
200
15
150
10
100
50
FY17E
FY16E
FY15E
FY14
350
FY13
Total Debt
FY12
FY11
FY10
The future
Page | 22
82
86
81
86
84
83
13
14
11
12
FY17E
FY16E
FY15E
100%
Pipeline
Marketing
FY14
Refining
FY13
FY12
80%
60%
81
71
40%
20%
0%
14
23
FY11
FY10
5,000
Rs /l
Rs /t
1.8
1.7
4,500
1.6
1.5
4,000
1.4
3,500
80.6
86.1
92.2
98.8
106.2
1.2
3,000
1.1
2,500
1.0
FY17E
2.0
FY16E
1.9
FY15E
1.7
FY14
1.5
FY13
1.4
FY12
1.3
FY11
Page | 23
Rising returns
FY10
FY17E
1,400
49.9
56.9
63.9
70.9
77.9
59
61
63
65
67
60
69.1
70.1
71.1
72.1
73.0
100
65.5
66.2
66.9
67.5
68.2
GRM ($/bbl)
1.5
2.0
2.5
3.0
3.5
INR-USD
FY16E
FY15E
FY14
FY13
FY12
FY11
FY17E
0.2
FY16E
0.4
FY15E
0.6
Dividend Yield
FY14
0.8
FY13
1.0
RoIC
FY11
1.2
GRM ($/bbl)
18
16
14
12
10
8
6
4
2
-
1.4
INR-USD
RoE
Rs bn
FY10
80
70
60
50
40
30
20
10
-
FY12
2.0
2.5
3.0
3.5
4.0
1,400
66.6
73.6
80.6
87.6
94.5
59
61
63
65
67
60
91.5
92.7
93.9
95.1
96.3
2,050
92.2
99.2
106.2
113.2
120.2
100
87.9
88.8
89.6
90.5
91.4
Page | 24
ASSUMPTIONS
Refining Business
Throughput (mnT)
GRM (US$/bbl)
Marketing Business
Total Sales (mnT)
YoY Gr (%)
Diesel Volume (mn T)
Diesel Volume Gr (%)
Petrol Volume Gr (%)
Diesel's Margin (Rs/l)
Macro
INR-US$
Crude Price (US$/bbl)
Total Sector UR (Rs bn)
BPCL gross UR (Rs bn)
BPCL net UR (Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY18E
16.2
2.9
15.8
2.1
15.5
3.4
15.5
2.0
15.5
2.5
15.5
3.0
15.5
3.3
29.5
9.1
14.2
15.3
7.5
1.4
30.3
2.8
15.5
8.7
5.2
1.4
31.0
2.1
16.0
3.3
8.6
1.4
31.7
2.5
16.1
1.0
5.0
1.4
32.5
2.5
16.5
2.5
4.0
1.5
33.3
2.5
16.7
1.1
1.3
1.7
34.2
2.5
16.9
1.1
1.3
1.9
47.9
114.5
1,385
304
0.1
54.5
110.0
1,610
362
2.1
60.5
107.8
1,399
325
4.8
61.3
90.5
627
146
2.2
63.0
80.0
397
92
1.4
63.0
80.0
389
90
1.4
63.0
80.0
377
88
1.3
Multiple
67.12
5.1#
344
144
200
1015
424
591
EV/EBIDTA on FY17E
FY17E
0.65
0.80
20
47
38
111
149
740
Page | 25
FY12
FY13
FY14
FY15E
FY16E
FY17E
1,783.36
2,067.22
2,232.71
1,904.27
1,767.66
1,813.19
33.6
15.9
8.0
(14.7)
(7.2)
2.6
1,654.90
1,921.56
2,065.26
1,745.13
1,597.26
1,627.43
15.83
25.26
20.30
21.72
23.24
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
SOURCES OF FUNDS
Share Capital
3.39
3.39
3.39
3.39
3.39
3.39
Reserves
127.84
133.87
146.73
158.20
173.28
193.31
24.87
131.23
137.26
150.12
161.59
176.67
196.70
71.32
83.86
94.77
91.93
92.85
93.78
62.91
89.47
155.55
150.55
140.55
130.55
EBITDA
41.31
36.55
52.38
45.49
54.31
67.12
211.88
235.11
163.75
93.75
83.75
73.75
Total Debt
274.79
324.58
319.30
244.30
224.30
204.30
Deferred Taxes
30.85
35.98
39.08
39.08
39.08
39.08
10.30
Other LT Liabilities
54.71
62.11
72.08
82.17
93.67
106.79
2.3
1.8
2.3
2.4
3.1
3.7
24.9
(11.5)
43.3
(13.2)
19.4
23.6
10.26
11.02
9.74
9.92
10.11
Depreciation
17.13
19.84
22.02
19.92
21.81
23.70
LT Provisions
EBIT
34.44
27.74
40.10
35.49
42.60
53.71
Interest
22.24
14.13
13.36
8.45
7.03
6.43
0.00
(1.13)
0.58
PBT
12.20
12.48
27.32
27.03
35.57
47.28
Tax
3.08
5.70
8.82
9.19
12.10
RPAT
9.12
6.78
18.51
17.84
23.48
Exceptional items
APAT
Growth (%)
AEPS (Rs/sh)
4.37
4.99
5.88
5.88
5.88
5.88
495.95
564.93
586.46
533.01
539.60
552.75
208.50
225.49
259.12
281.20
301.39
319.69
CWIP
44.44
51.73
45.86
43.86
41.86
39.86
16.08
LT Investments
74.83
82.66
57.36
57.36
57.36
57.36
31.21
14.99
19.38
14.61
14.61
14.61
14.61
APPLICATION OF FUNDS
Net Block
9.12
8.25
17.75
17.84
23.48
31.21
(33.8)
(9.5)
115.0
0.5
31.6
32.9
Inventories
26.9
24.4
52.4
52.7
69.3
92.2
Debtors
0.67
0.89
1.46
1.46
1.46
1.46
194.55
164.39
187.75
156.52
145.29
149.03
35.65
49.35
54.66
46.95
43.59
44.71
31.13
25.09
51.59
52.39
53.77
46.42
101.51
140.70
100.08
46.88
42.12
43.58
4.81
2.79
3.29
3.29
3.29
3.29
367.65
382.31
397.37
306.02
288.06
287.03
Creditors
125.61
110.72
106.51
88.69
82.33
84.45
74.07
68.80
65.39
65.39
65.39
65.39
Provisions
15.47
18.01
17.42
17.42
17.42
17.42
215.15
197.52
189.32
171.50
165.14
167.26
152.51
184.79
208.05
134.52
122.92
119.77
495.95
564.93
586.46
533.01
539.60
552.75
Page | 26
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
Reported PAT
9.11
9.05
17.34
17.84
23.48
31.21
6.87
8.15
6.14
6.65
6.77
6.90
2.25
0.90
11.20
11.19
16.71
24.31
17.13
19.84
22.02
19.92
21.81
23.70
22.24
14.13
13.36
8.45
7.03
(24.30)
(31.40)
20.11
84.41
24.49
Depreciation
Interest expenses
Working Capital Change
OPERATING CASH FLOW ( a )
FY12
FY13
FY14
FY15E
FY16E
FY17E
EBITDA margin
2.3
1.8
2.3
2.4
3.1
3.7
EBIT margin
1.9
1.3
1.8
1.9
2.4
3.0
APAT margin
0.5
0.4
0.8
0.9
1.3
1.7
6.43
RoE
7.1
6.1
12.4
11.4
13.9
16.7
8.92
Core RoCE
4.8
2.4
4.3
3.7
5.0
6.5
RoCE
5.5
3.1
4.6
4.2
5.2
6.5
25.2
41.9
33.0
34.0
34.0
34.0
3.8
3.9
3.9
3.4
3.3
3.3
Inventory (days)
40
29
31
30
30
30
PROFITABILITY %
17.31
3.46
66.69
123.98
70.04
63.35
Capex
(45.27)
(42.49)
(48.50)
(40.00)
(40.00)
(40.00)
EFFICIENCY
(27.96)
(39.02)
18.19
83.98
30.04
23.35
Tax rate %
(1.59)
(7.83)
25.30
6.87
7.39
6.53
6.65
6.77
6.90
(39.99)
(42.93)
(16.67) (33.35)
(33.23)
(33.10)
Debtor (days)
38.50
49.79
(5.28)
(75.00)
(20.00)
(20.00)
Payables (days)
26
20
17
17
17
17
Interest expenses
(22.24)
(14.13)
(13.36)
(8.45)
(7.03)
(6.43)
21
18
22
22
22
22
FCFE
(11.70)
(3.36)
(0.46)
0.53
3.01
(3.07)
3.8
4.7
3.8
3.8
2.9
2.1
Net D/E
1.2
1.3
1.3
1.1
0.9
0.7
Dividend
(3.35)
(3.37)
(6.14)
(6.38)
(8.40)
(11.17)
Interest coverage
1.5
2.0
3.0
4.2
6.1
8.4
Others
(0.00)
0.36
1.66
0.00
12.91
32.65
(23.13) (89.83)
(35.43)
(37.60)
EPS (Rs)
26.9
24.4
52.4
52.7
69.3
92.2
(9.77)
(6.81)
26.89
0.80
1.38
(7.35)
CEPS (Rs)
77.5
82.9
117.4
111.5
133.8
162.1
EO Items
(0.00)
0.76
(0.39)
DPS (Rs)
8.5
8.5
15.5
16.1
21.2
28.2
31.13
25.09
51.59
52.39
53.77
46.42
387.5
405.4
443.3
477.2
521.7
580.9
21.1
23.3
10.9
10.8
8.2
6.2
7.3
6.9
4.8
5.1
4.3
3.5
P/BV (x)
1.5
1.4
1.3
1.2
1.1
1.0
EV/EBITDA (x)
8.5
10.0
7.4
8.1
6.5
5.0
EV/Revenue (x)
0.2
0.2
0.2
0.2
0.2
0.2
OCF/EV (%)
4.9
0.9
17.1
33.8
20.0
18.8
FCFF/EV (%)
(8.0)
(10.7)
4.7
22.9
8.6
6.9
(6.1)
(1.7)
(0.2)
0.3
1.6
(1.6)
1.5
1.5
2.7
2.8
3.7
5.0
Investments
Other Income
INVESTING CASH FLOW ( b )
Debt Issuance
BV (Rs)
VALUATION
P/E (x)
Page | 27
COMPANY UPDATE
8 JAN 2015
Rs 335
Target Price
Rs 425
Nifty
8,102
Sensex
26,909
IOCL IN/IOC.BO
2,428
814/12,874
465
Rs 411/194
3M
6M
12M
Absolute (%)
(6.2)
(2.0)
67.8
Relative (%)
(8.6)
(5.1)
37.8
68.57
4.42
FIIs
2.61
Satish Mishra
satish.mishra@hdfcsec.com
+91-22-6171-7334
24.40
FY13
FY14
FY15E
FY16E
FY17E
58.49
41.38
70.30
98.12
EPS (Rs)
20.6
24.1
17.0
29.0
40.4
P/E (x)
16.3
13.9
19.7
11.6
8.3
P/BV (x)
1.3
1.2
1.2
1.1
1.0
RoE (%)
8.4
9.2
6.1
9.9
12.8
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
80
600
60
400
40
200
20
FY17E
FY16E
FY15E
FY14
FY13
1,200
600
Rs bn
Rs bn
70
60
1,000
50
800
40
30
400
20
200
10
-
FY17E
FY16E
120
100
800
FY15E
FY14
Rs bn
FY13
The future
FY12
Govt Receivables
FY12
1,000
Govt share
FY11
IOC Gross UR
FY10
FY11
The past
FY10
Page | 29
80.0
Throughput - Paradeep
$/bbl
mn T
8.0
70.0
7.0
60.0
6.0
50.0
5.0
40.0
4.0
30.0
3.0
20.0
2.0
10.0
1.0
FY17E
FY16E
FY15E
FY14
FY13
FY12
FY11
FY10
Page | 30
23
200
150
1.0
20
0.8
15
0.6
100
0.4
FY10
FY17E
FY16E
FY15E
FY14
FY13
FY12
FY11
0.2
FY10
Dividend Yield
10
50
RoIC
FY17E
1.2
Rs bn
25
FY16E
FY15E
1.0
1.2
FY17E
10
17
1.4
FY14
FY11
FY10
0%
59
1.8
1.6
FY16E
16
20
30
63
Rs/l
Rs/t
FY13
24
68
4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000
FY15E
16
FY14
20%
7
12
Marketing Margins
FY14
61
40%
8
14
FY13
63
FY13
68
7
13
FY12
60%
7
13
FY12
58
80%
7
14
Diesel Margins RS
FY12
65
4
12
FY11
1
12
Chemical
FY17E
10
Pipeline
FY16E
100%
Marketing
FY15E
Refining
FY11
Page | 31
59
61
63
65
67
60
27.2
28.4
29.5
30.7
31.8
GRM ($/bbl)
1.5
2.0
2.5
3.0
3.5
1,400
19.7
23.4
27.1
30.8
34.5
100
26.0
27.1
28.1
29.2
30.2
INR-USD
INR-USD
GRM ($/bbl)
1.5
2.0
2.5
3.0
3.5
59
61
63
65
67
1,400
28.9
32.7
36.4
40.2
43.9
2,050
37.1
40.8
44.6
48.3
52.0
60
37.9
39.4
41.0
42.6
44.1
100
36.6
38.1
39.6
41.0
42.5
ASSUMPTIONS
Refining
Throughput (mnT)
GRM (USD/bbl)
Paradeep Throughput (mnT)
Paradeep GRM (USD/bbl)
Marketing
Volumes (mnT)
YoY Gr (%)
Diesel Volume Gr (%)
Petrol Volume Gr (%)
Diesel's Margin (Rs/l)
Petchem Volumes (mn T)
Pipeline
Volumes (mnT)
Revenues (Rs/kg/km)
Macro
Crude Price (USD/bbl)
USD - INR
Total sector's UR
IOC's UR
Net UR
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY18E
55.6
3.6
54.6
3.2
53.1
4.2
54.7
2.0
55.3
3.3
4.5
5.0
55.8
4.0
12.0
7.5
55.8
4.5
15.0
8.0
75.7
3.8
7.9
5.2
1.4
1.55
76.5
1.0
4.4
4.1
1.4
2.08
79.7
4.1
3.5
3.5
1.4
2.12
81.7
2.5
1.0
5.0
1.4
2.16
83.7
2.5
2.5
4.0
1.5
2.20
85.8
2.5
1.1
1.3
1.7
2.25
87.9
2.5
1.1
1.3
1.9
2.29
75.0
62.6
75.6
76.9
73.1
79.5
74.2
81.1
75.3
82.7
77.5
84.4
78.7
86.1
114.5
47.9
1,385.41
754.68
3.64
110.0
54.5
1,610.29
857.94
5.49
107.8
60.5
1,398.69
729.38
10.83
90.5
61.3
627.25
327.09
4.91
80.0
63.0
397.32
207.19
3.11
80.0
63.0
388.53
202.61
3.04
80.0
63.0
377.25
196.73
2.95
Page | 32
Multiple
210.54
5.1#
0.65
0.80
450
283
125
78
42
120
425
EV/EBIDTA on FY17E
FY17E
305
35% discount to CMP
20% discount to BV
Source : Company, HDFC sec Inst Research, * Valuation is based on 2.37 bn shares (net of treasury shares)
# Refining 2.5x, Marketing 5.0x, Pipelines 8.0x, petchem 4.0x
Page | 33
FY12
FY13
FY14
FY15E
FY16E
FY17E
3,984.78
4,470.96
4,732.10
4,127.32
3,769.59
3,786.55
21.8
12.2
5.8
(12.8)
(8.7)
0.4
3,542.22
4,027.06
4,220.96
3,649.94
3,222.26
3,160.08
49.77
72.71
66.19
69.50
72.97
76.62
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
SOURCES OF FUNDS
Share Capital
24.28
24.28
24.28
24.28
24.28
24.28
Reserves
554.49
586.96
635.64
662.54
708.12
771.87
578.77
611.24
659.92
686.82
732.40
796.15
208.35
233.82
288.89
291.78
312.60
339.32
168.27
214.14
316.84
311.84
306.84
301.84
EBITDA
184.44
137.37
156.06
116.11
161.75
210.54
534.97
569.11
489.16
269.16
194.16
139.16
Total Debt
703.24
783.25
805.99
580.99
500.99
440.99
52.42
55.13
56.16
56.16
56.16
56.16
3.33
114.35
134.12
134.12
134.12
134.12
2.58
3.75
3.90
3.90
3.90
3.90
4.6
3.1
3.3
2.8
4.3
5.6
57.3
(25.5)
13.6
(25.6)
39.3
30.2
31.98
35.15
34.17
32.17
31.56
30.52
Other LT Liabilities
LT Provisions
48.68
52.01
57.60
51.43
60.93
68.92
167.74
120.51
132.63
96.85
132.38
172.14
Deferred Taxes
55.91
64.09
50.84
38.14
32.67
32.97
(74.29)
0.06
17.47
PBT
37.54
56.48
99.26
58.70
99.71
139.17
Tax
(2.00)
6.43
29.06
17.32
29.41
41.06
RPAT
39.55
50.05
70.19
41.38
70.30
98.12
APAT
Exceptional items
Net Block
601.38
606.33
629.49
643.06
907.13
868.20
CWIP
134.15
262.30
338.79
338.79
78.79
113.79
LT Investments
49.18
50.33
163.11
178.11
193.11
208.11
96.44
48.76
46.26
46.26
46.26
46.26
91.19
50.05
58.49
41.38
70.30
98.12
Growth (%)
20.9
(45.1)
16.9
(29.2)
69.9
39.6
Inventories
AEPS
37.6
20.6
24.1
17.0
29.0
40.4
Debtors
0.17
0.14
0.70
0.70
0.70
0.70
568.29
593.14
646.97
564.29
515.38
517.70
97.25
112.57
110.23
96.14
87.81
88.21
140.68
141.42
98.91
89.08
76.53
64.50
325.25
397.57
415.74
250.05
239.38
242.64
85.80
67.63
73.92
73.92
73.92
73.92
993.01
986.96
303.45
296.68
356.97
311.35
284.36
285.64
305.90
199.14
243.19
243.19
243.19
243.19
Provisions
148.90
216.65
263.88
263.88
263.88
263.88
758.26
712.47
864.05
818.42
791.44
792.72
459.01
599.87
481.73
255.06
201.57
194.24
Page | 34
(Rs bn)
FY12
FY13
FY14
FY15E
FY16E
FY17E
Reported PAT
39.55
50.05
70.19
41.38
70.30
98.12
(28.35)
23.59
34.60
21.55
21.15
20.45
67.89
26.46
35.59
19.83
49.15
77.67
Depreciation
48.68
52.01
57.60
51.43
60.93
68.92
Interest expenses
Working Capital Change
OPERATING CASH FLOW ( a )
55.91
64.09
50.84
38.14
32.67
32.97
(183.27)
22.49
98.51
216.84
40.94
(4.70)
(10.79)
165.05
242.55
326.24
183.69
174.86
Capex
(65.00)
(65.00)
(65.00)
(120.32)
85.30
261.24
118.69
109.86
(20.05)
Investments
(2.15)
(1.15) (112.79)
Other Income
21.43
23.55
(15.00)
(15.00)
(15.00)
22.90
21.55
21.15
20.45
(58.45)
(58.85)
(59.55)
Debt Issuance
200.15
80.01
22.74 (225.00)
(80.00)
(60.00)
Interest expenses
(55.91)
(64.09)
(50.84)
(38.14)
(32.67)
(32.97)
23.92
(4.13)
57.20
(1.90)
6.02
16.89
(14.08)
(17.61)
(24.71)
(14.49)
(24.71)
(34.37)
(0.02)
0.04
3.20
(0.00)
0.00
0.00
130.14
(1.65)
FCFE
Share capital Issuance
Dividend
Others
FINANCING CASH FLOW ( c )
NET CASH FLOW (a+b+c)
29.10
0.70
(54.21)
(9.84)
(12.55)
(12.03)
EO Items
(49.77)
0.04
11.70
140.68
141.42
98.91
89.08
76.53
64.50
PROFITABILITY %
EBITDA margin
EBIT margin
APAT margin
RoE
Core RoCE
RoCE
EFFICIENCY
Tax rate %
Total Asset turnover (x)
Inventory (days)
Debtor (days)
Payables (days)
Cash conversion cycle (days)
Net Debt/EBITDA (x)
Net D/E
Interest coverage
PER SHARE DATA
EPS (Rs)
CEPS (Rs)
DPS (Rs)
BV (Rs)
VALUATION
P/E (x)
P/Cash EPS (x)
P/BV (x)
EV/EBITDA (x)
EV/Revenue (x)
OCF/EV (%)
FCFF/EV (%)
FCFE/M CAP (%)
Dividend Yield (%)
FY12
FY13
FY14
FY15E
FY16E
FY17E
4.6
4.2
2.3
16.1
11.2
12.2
3.1
2.7
1.1
8.4
6.0
7.3
3.3
2.8
1.2
9.2
5.0
5.9
2.8
2.3
1.0
6.1
3.5
4.4
4.3
3.5
1.9
9.9
6.0
6.5
5.6
4.5
2.6
12.8
8.6
8.5
(5.3)
3.4
52
9
28
33
3.1
1.0
3.0
11.4
3.3
48
9
24
33
4.7
1.1
1.9
29.3
3.3
50
9
28
31
4.5
1.1
2.6
29.5
3.0
50
9
28
31
4.2
0.7
2.5
29.5
3.0
50
9
28
31
2.6
0.6
4.1
29.5
3.1
50
9
28
31
1.8
0.5
5.2
37.6
57.6
5.0
238.4
20.6
42.0
6.2
251.8
24.1
47.8
8.7
271.8
17.0
38.2
5.1
282.9
29.0
54.1
8.7
301.7
40.4
68.8
12.1
327.9
8.9
5.8
1.4
7.2
0.3
(0.8)
(13.3)
2.9
1.5
16.3
8.0
1.3
10.2
0.3
11.7
(6.0)
(0.5)
1.9
13.9
7.0
1.2
8.7
0.3
17.9
2.5
7.0
2.6
19.7
8.8
1.2
9.7
0.3
28.9
19.8
(0.2)
1.5
11.6
6.2
1.1
6.5
0.3
17.6
8.2
0.7
2.6
8.3
4.9
1.0
4.7
0.3
17.8
7.8
2.1
3.6
Page | 35
Rating Definitions
BUY
: Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL
: Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Disclosure:
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issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
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Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
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Any holding in stock No
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Page | 36
HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013
Board : +91-22-6171 7330
www.hdfcsec.com
Page | 37