Result Update

June 1, 2016
Rating matrix
Rating : Sell SAIL (SAIL) | 42
Target : | 35
Target Period : 12 months
Potential Upside : -17%
Dismal performance continues…
What’s Changed? • SAIL reported a dismal set of Q4FY16 numbers wherein the EBITDA
Target Unchanged and bottomline came in notably lower than our estimate, primarily on
EPS FY17E Changed from | 2.8 to | 2.0
the back of subdued realisations and elevated operating costs
EPS FY18E Introduced at | 3.7
Rating Unchanged
• The company reported a net income from operations of | 11371.6
crore for the quarter, up 27.2% QoQ, down 1.8% YoY and higher
than our estimate of | 10400.1 crore. Sales volumes came in at ~3.8
Quarterly Performance
million tonnes (MT), higher than our estimate of 3.6 MT
Q4FY16 Q4FY15 YoY (%) Q3FY16 QoQ (%)
Revenue 11,371.6 11,585.1 -1.8 8,939.0 27.2
• The company reported an EBITDA loss of | 1123.5 crore, significantly
EBITDA -1,123.5 929.9 PL -1,381.5 -18.7 higher than our estimate of EBITDA loss of | 96 crore. Subsequently,
EBITDA (%) -9.9 8.0 (1790) bps -15.5 560 bps the EBITDA/tonne came in at negative | 2957/tonne (our estimate of
PAT -1,230.9 334.2 PL -1,528.7 -19.5 negative EBITDA/tonne of ~ | 300/tonne)
• Subsequent net loss came in at | 1230.9 crore, notably higher than
Key Financials our estimate of loss of | 781.0 crore
(| Crore) FY15 FY16 FY17E FY18E Muted demand scenario to adversely impact capacity utilisation level…
Total Operating Inc. 45711 39086 47952 51560
EBITDA 4602 -3633 4916 6748 The steel sector is currently facing headwinds in the form of a muted
Net Profit 2092 -4137 827 1514 demand scenario both domestically as well as globally. For the current
EPS (|) 5.1 -10.0 2.0 3.7 fiscal year, domestic steel demand grew 4.3% YoY to 80.3 MT, primarily
driven by higher imports. The management has given a sales volume
Valuation summary guidance of ~14-15 MT for FY17E. We expect SAIL’s capacity utilisation
FY15 FY16 FY17E FY18E to remain muted over the next couple of years considering moderate
PE (x) 8.3 NA 21.0 11.5 demand growth, threat of imports and capacity expansion by peer group
Target PE (x) 6.8 NA 17.2 9.4 companies such as Tata Steel and JSW Steel. We have modelled sales
EV/EBITDA (x) 9.7 NA 10.4 6.8 volume of 14 MT for FY17E and 15 MT for FY18E. For FY16, SAIL’s steel
P/BV (x) 0.4 0.4 0.4 0.4 saleable steel sales volumes were at 12.1 MT.
RoNW (%) 4.9 -10.0 2.1 3.8
Modelled EBITA/tonne of | 3500/tonne for FY17E, | 4500/tonne for FY18E
RoCE (%) 4.0 -7.9 3.4 5.2
Despite the company having access to captive iron ore, the operating
Stock data performance has been subdued due to higher operating costs. High
Particular Amount
operating costs coupled with declining realisations reduced the
Market Capitalisation | 17348.1 Crore EBITDA/tonne of the company from | 6560/tonne in FY11 to negative
Debt (FY16P) | 33217 Crore | 3002/tonne in FY16. Going forward, we expect benefit of MIP to flow in
Cash (FY16P) | 297.7 Crore Q1FY17. However, higher operating costs would cap the benefit. Going
EV | 50267.0 Crore forward, we have modelled EBITDA/tonne of | 3500/tonne for FY17E
52 week H/L | 67 / 33 (downward revised from | 3750/tonne earlier). The same has been
Equity capital | 4130.5 Crore introduced for FY18E at | 4500/tonne.
Face value | 10
Elevated cost structure; muted EBITDA/tonne; maintain SELL
Price performance (%) The company reported a muted performance on account of relatively
Return % 1M 3M 6M 12M higher operating costs. On account of headwinds, we have downward
JSW Steel 1.2 23.3 54.0 51.6 revised FY17E EBITDA estimates by 6.7% and introduced FY18E sales
SAIL -9.7 22.6 -6.3 -35.1 volume at 15 MT, EBITDA/tonne of FY18E at | 4500/tonne. We have
Tata Steel -4.8 34.2 45.6 1.8 valued the stock at 6x FY18E EV/EBITDA, given a 25% discount to the
company’s CWIP and arrived at a target price of | 35. We have a SELL
Research Analyst recommendation on the stock.
Dewang Sanghavi
dewang.sanghavi@icicisecurities.com

ICICI Securities Ltd | Retail Equity Research

Variance analysis
Q4FY16 Q4FY16E Q4FY15 YoY (%) Q3FY16 QoQ (%) Comments
Total Operating Income 11,371.6 10,400.1 11,585.1 -1.8 8,939.0 27.2 The topline came in higher than our estimate
Other Income 173.3 200.0 279.3 -38.0 104.6 65.6
Employee Expense 2,640.4 2,346.0 2,613.3 1.0 2,420.2 9.1 The employee cost came in higher than our estimate
Raw Material Expense 5,816.7 3,956.1 4,406.9 32.0 4,139.3 40.5 The raw material cost came in higher than our estimate
Power & Fuel Expense 1,498.1 1,144.9 1,275.3 17.5 1,381.7 8.4
Other operating Expenses 2,539.9 3,049.2 2,359.9 7.6 2,379.5 6.7

EBITDA -1,123.5 -96.0 929.9 PL -1,381.5 -18.7 The EBITDA loss came in higher than our estimate
EBITDA Margin (%) -9.9 -0.9 8.0 (1790) bps -15.5 560 bps The resulting EBITDA marrgin came in lower compared to our estimate
Depreciation 778.6 731.2 507.0 53.6 459.1 69.6 Depreciation expense came in higher than our estimate
Interest 612.1 572.9 426.9 43.4 524.2 16.8 Interest expense came in higher than our estimate
Exceptional Item 0.0 0.0 0.0 NA 0.0 NA
PBT -2,340.9 -1,200.1 275.2 PL -2,260.3 3.6
Tax Outgo -1,109.8 -419.1 -59.0 1,781.0 -731.5 51.7
Reported PAT -1,230.9 -781.0 334.2 PL -1,528.7 -19.5 The PAT level losses enlarged compared to our estimates
Key Metrics
Sales Volume (MT) 3.8 3.6 3.2 18.8 2.9 31.0 The saleable steel volumes came in higher than our estimate
EBITDA/tonne (|/tonne) -2,957 -267 2,943 PL -4,764 -37.9 The EBITDA/tonne came in lower than our estimate
Source: Company, ICICIdirect.com Research

Change in estimates
FY17E FY18E
(| Crore) Old New % Change New Comments
Total Operating Income 48329 47952 -0.8 51560 Marginally downward revised topline estimate for FY17E
EBITDA 5267 4916 -6.7 6748 Downward revised EBITDA estimate for FY17E
EBITDA Margin (%) 10.9 10.3 -65 bps 13.1
PAT 719 827 15.1 1514 PAT estimate revised upwards for FY17E
EPS (|) 1.7 2.0 15.1 3.7 EPS estimate revised upwards for FY17E
Source: Company, ICICIdirect.com Research

Assumptions
Current Earlier Comments
FY15 FY16 FY17E FY18E FY16E FY17E
Steel Sales Volume (MT) 11.7 12.1 14.0 15.0 12.5 14.0 Maintained sales volume estimate for FY17E
EBITDA/tonne (|/tonne) 3,929 -3,002 3,500 4,500 400 3,750 EBITDA/tonne revised downwards for FY17E
Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research Page 2

 Company Analysis
SAIL, a public sector Maharatna company, is one of the largest steel
manufacturers in India. The company has a wide product range covering
both basic and special steel products, mainly catering to the railways,
construction, engineering, power, defence and automotive sectors. SAIL
is currently in the process of expanding its steel making capacity (crude
steel capacity being expanded from 13.3 MT to 21.4 MT), which is
expected to result in volume led growth, going forward. With an
improvement expected in infrastructure spending and the company’s
high exposure to it (SAIL has the highest share of long products in the
total product mix vis-à-vis its peers), steel sales volumes should rebound,
going forward.
Muted demand scenario to adversely impact capacity utilisation level…
The steel sector is currently facing headwinds in the form of a muted
demand scenario both domestically as well as globally. For the current
fiscal year, domestic steel demand grew 4.3% YoY to 80.3 MT, primarily
driven by higher imports. The management has given a sales volume
guidance of ~14-15 MT for FY17E. We expect SAIL’s capacity utilisation
to remain muted over the next couple of years considering moderate
demand growth, threat of imports and capacity expansion by peer group
companies such as Tata Steel, JSW Steel, etc. We have modelled sales
volume of 14 MT for FY17E and 15 MT for FY18E. For FY16, SAIL’s steel
saleable steel sales volume was at 12.1 MT.

Exhibit 1: We model sales volume of 14 MT for FY17E, 15.0 MT for Exhibit 2: ..with EBITDA/tonne to turn positive
FY18E…
6000 5317
16.0
5000 4500
4200 3929
15.0 3750
15.0 4000
14.0 3000
14.0
2000
|/tonne

13.0 1000
MT

12.1 0
12.0 11.7
11.4 -1000 FY12 FY13 FY15 FY16 FY17E FY18E
11.1
11.0 -2000
-3000
10.0 -2750
FY12 FY13 FY15 FY16 FY17E FY18E -4000

Source: Company, ICICIdirect.com Research Source: Company, ICICIdirect.com Research

Model EBITA/tonne of | 3500/tonne for FY17E, | 4500/tonne for FY18E

Despite the company having access to captive iron ore, the operating
performance has been subdued due to higher operating costs. High
operating costs coupled with declining realisations reduced the
EBITDA/tonne of the company from | 6560/tonne in FY11 to negative
| 3002/tonne in FY16. Going forward, we expect the benefit of MIP to flow
in Q1FY17. However, higher operating costs would cap the benefit. Going
forward, we have modelled EBITDA/tonne of | 3500/tonne for FY17E
(downward revised from | 3750/tonne earlier). The same has been
introduced for FY18E at | 4500/tonne.

ICICI Securities Ltd | Retail Equity Research Page 3

 Outlook & valuation
The company reported a muted performance on account of relatively
higher operating costs. On account of headwinds, we have downward
revised FY17E EBITDA estimates by 6.7% and introduced FY18E sales
volume at 15 MT and EBITDA/tonne of FY18E at |4500/tonne. We have
valued the stock at 6x FY18E EV/EBITDA, given a 25% discount to the
company’s CWIP and arrived at a target price of | 35. We have a SELL
recommendation on the stock
Exhibit 3: Valuation matrix
Sales Growth EPS PE Growth P/BV (x) EV/EBITDA RoNW ROCE
(| Cr) (%) (|) (x) (%) (x) (%) (%)
FY15 45710.8 -2.1 5.1 8.3 -20.0 0.4 9.7 4.9 4.0
FY16 39086.2 -14.8 -10.0 NA PL 0.4 NA -10.0 -7.9
FY17E 47952.0 23.0 2.0 21.0 LP 0.4 10.4 2.1 3.4
FY18E 51560.3 7.5 3.7 9.4 LP 0.4 6.8 3.8 5.2

Source: Company, ICICIdirect.com Research

Exhibit 3: Target price calculation

(| Crore) FY18E
EBITDA 6748
Exp EV/EBITDA Multiple 6.0
Expected EV 40489
Add Cash 2600
Less Debt 31301
Add: FY18E CWIP (25% discount) 2472
Fair Value Market Cap (| crore) 14261
No. of Shares(Cr) 413.1
Target Price/Share (|) 35

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research Page 4

Company snapshot

300

250

200

150

100
Target Price: 35

50

0
Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

Jan-12

Apr-12

Jul-12

Oct-12

Jan-13

Apr-13

Jul-13

Oct-13

Jan-14

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17
Source: Bloomberg, Company, ICICIdirect.com Research
Key events
Date Event
May-10 The Government of India accords Maharatna status to the company
Mar-11 Coking coal price sky rockets touching highs of US$330/tonne on account of floods in Queensland (Australia )
Dec-11 Mines & Mineral (Development & Regulation) Bill introduced in parliament. Proposes payment of amount equivalent to royalty for development of the areas in which the
miners operate. Export duty increased to 30% iron ore exports from India
Mar-12 The company increases prices of long products on the back of strong demand on account of robust spending on infrastructure (highways) by the GoI. Coking coal spot
prices drop raising speculation over a drop in coking coal pricing contract when contracts come up for renewal next quarter
Sep-12 The company aims at a capex of | 12000 crore for FY13 as a part of its ongoing expansion & modernisation plan
Mar-13 GoI divests its 5.82% equity stake in SAIL via OFS. Floor price set at | 66 per share
Oct-13 The company increases prices of its steel products by ~ | 1500-2000/ tonne on account of increasing raw material costs (coking coal)
Nov-13 The company reports subdued quarterly results for Q2FY14. Reports decadal low EBITDA/tonne of | 2871/tonne
May-15 ArcelorMittal and SAIL signed a MoU on automotive steel joint venture in India
Mar-16 CARE Ratings downgraded credit rating from CARE AAA to CARE AA+ and reaffirmed the short term rating at CARE A1+
Apr-16 Fitch Ratings downgrade SAIL's credit rating from BBB- to BB
Source: Company, ICICIdirect.com Research
Top 10 Shareholders Shareholding Pattern
Rank Name Latest Filing Date % O/S Position (m) Change (m) (in %) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15
1 Government of India 31-Mar-16 0.75 3,097.8 0.0 Promoter 80.0 75.0 75.0 75.0 75.0
2 Life Insurance Corporation of India 31-Dec-15 0.11 441.9 0.0 FII 5.7 6.2 6.0 6.1 5.6
3 LIC Nomura Mutual Fund Asset Management Company Ltd 31-Dec-15 0.01 51.1 0.0 DII 10.8 15.2 15.4 15.3 15.7
4 Capital International, Inc. 31-Dec-15 0.01 33.2 0.0 Others 3.5 3.6 3.6 3.6 3.8
5 The Vanguard Group, Inc. 31-Mar-16 0.01 28.3 0.8
6 ICICI Prudential Asset Management Co. Ltd. 31-Mar-16 0.01 26.8 0.0
7 APG Asset Management 30-Sep-15 0.00 14.3 -0.7
8 Eastspring Investments (Singapore) Limited 31-Dec-15 0.00 7.4 -0.8
9 Mellon Capital Management Corporation 31-Mar-16 0.00 6.9 0.2
10 Hirtle, Callaghan & Co., LLC 30-Sep-15 0.00 5.8 0.0

Source: Reuters, ICICIdirect.com Research

Recent Activity
Buys Sells
Investor name Value (m) Shares (m) Investor name Value (m) Shares (m)
The Vanguard Group, Inc. 0.5 0.8 The Boston Company Asset Management, LLC -1.5 -2.4
Mellon Capital Management Corporation 0.2 0.2 Eastspring Investments (Singapore) Limited -0.6 -0.8
Emerging Global Advisors, LLC 0.0 0.0 APG Asset Management -0.5 -0.7
MLC Investment Management Ltd. 0.0 0.0 Kotak Mahindra Asset Management Company Ltd. -0.1 -0.2
Goldman Sachs Asset Management (India) Private Ltd. 0.0 0.0 Birla Sun Life Asset Management Company Ltd. -0.1 -0.2
Source: Reuters, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research Page 5

Financial summary
Profit and loss statement (| crore) Cash flow statement (| crore)
(Year-end March) FY15 FY16 FY17E FY18E (Year-end March) FY15 FY16 FY17E FY18E
Net Sales 45208.1 38513.7 47360.0 50923.7 Profit after Tax 2,092.5 -4,137.3 827.5 1,513.8
Other Operating Income 502.7 572.5 592.0 636.5 Add: Depreciation 1,773.3 2,099.5 2,414.9 2,970.4
Total Operating Income 45,710.8 39,086.2 47,952.0 51,560.3 (Inc)/dec in Current Assets -2,773.6 3,155.4 -479.5 -1,808.4
Growth (%) -2.1 -14.8 23.0 7.5 Inc/(dec) in CL and Provisions 2,359.9 2,220.2 1,061.0 6,235.9
Raw Material Expenses 17115.3 17691.2 17502.1 17853.0 Others 354.7 -2,395.2 0.0 0.0
Employee Expenses 9736.6 9893.8 9721.0 10693.1 CF from operating activities 3,806.8 942.7 3,824.0 8,911.7
Other expenses 14256.5 15134.0 15812.6 16266.0 (Inc)/dec in Investments -198.9 -324.0 0.0 0.0
Total Operating Expenditure 41,108.3 42,719.0 43,035.7 44,812.1 (Inc)/dec in Fixed Assets -6,716.5 -5,881.1 -4,000.0 -3,000.0
EBITDA 4,602.5 -3,632.8 4,916.3 6,748.2 Others 0.0 0.0 0.0 0.0
Growth (%) 15.0 -178.9 -235.3 37.3 CF from investing activities -6,915.4 -6,205.0 -4,000.0 -3,000.0
Depreciation 1,773.3 2,099.5 2,414.9 2,970.4 Issue/(Buy back) of Equity 0.0 0.0 0.0 0.0
Interest 1,454.2 2,046.8 2,704.1 2,644.1 Inc/(dec) in loan funds 3,811.9 3,341.1 2,000.0 -3,500.0
Other Income 983.8 580.6 839.2 1,028.8 Dividend paid & dividend tax -966.5 0.0 -966.5 -966.5
PBT 2,358.7 -7,198.4 636.5 2,162.5 Inc/(dec) in Share Cap -287.0 -86.1 0.0 0.0
Exceptional Item 0.0 0.0 0.0 0.0 Others 0.0 0.0 0.0 0.0
Total Tax 266.2 -3,061.2 -191.0 648.8 CF from financing activities 2,558.4 3,255.0 1,033.5 -4,466.5
Reported PAT 2,092.5 -4,137.3 827.5 1,513.8 Net Cash flow -550.2 -2,007.4 857.4 1,445.2
Growth (%) -20.0 PL LP LP Opening Cash 2,855.2 2,305.0 297.7 1,155.1
EPS (|) 5.1 -10.0 2.0 3.7 Closing Cash 2,305.0 297.7 1,155.1 2,600.3
Source: Company, ICICIdirect.com Research Source: Company, ICICIdirect.com Research

Balance sheet (| crore) Key ratios

(Year-end March) FY15 FY16 FY17E FY18E (Year-end March) FY15 FY16 FY17E FY18E
Liabilities Per share data (|)
Equity Capital 4,130.5 4,130.5 4,130.5 4,130.5 Adj EPS 5.1 -10.0 2.0 3.7
Reserve and Surplus 39,374.1 35,150.7 35,011.7 35,558.9 Cash EPS 9.4 NA 7.8 10.9
Total Shareholders funds 43,504.6 39,281.3 39,142.2 39,689.4 BV 105.3 95.1 94.8 96.1
Total Debt 29,459.9 32,801.0 34,801.0 31,301.0 DPS 2.0 0.0 2.0 2.0
Deferred Tax Liability 2,395.2 0.0 0.0 0.0 Cash Per Share 5.6 0.7 2.8 6.3
Minority Interest / Others 0.0 0.0 0.0 0.0 Operating Ratios (%)
Total Liabilities 75,359.7 72,082.3 73,943.2 70,990.4 EBITDA Margin 10.1 -9.3 10.3 13.1
PBT / Total Operating income 5.2 -18.4 1.3 4.2
Assets PAT Margin 4.6 -10.6 1.7 2.9
Gross Block 65,583.6 81,964.7 93,664.7 104,364.7 Inventory days 143.2 143.4 148.0 148.0
Less: Acc Depreciation 29,415.0 31,514.5 33,929.4 36,899.8 Debtor days 25.8 26.9 24.0 26.0
Net Block 36,168.6 50,450.2 59,735.2 67,464.8 Creditor days 193.5 248.2 210.0 240.0
Capital WIP 29,195.9 18,695.9 10,995.9 3,295.9 Return Ratios (%)
Total Fixed Assets 65,364.5 69,146.0 70,731.1 70,760.7 RoE 4.9 -10.0 2.1 3.8
Investments 919.1 1,243.0 1,243.0 1,243.0 RoCE 4.0 -7.9 3.4 5.2
Inventory 17,736.4 15,134.9 19,203.5 20,648.5 RoIC 6.8 -10.8 4.0 5.8
Debtors 3,192.0 2,833.2 3,114.1 3,627.4 Valuation Ratios (x)
Loans and Advances 7,563.6 7,835.0 4,965.0 4,965.0 P/E 8.3 NA 21.0 11.5
Other Current Assets 2,246.2 1,779.6 779.6 629.6 EV / EBITDA 9.7 NA 10.4 6.8
Cash 2,305.0 297.7 1,155.1 2,600.3 EV / EBITDA (adj for CWIP) 3.3 NA 8.1 6.3
Total Current Assets 33,043.1 27,880.4 29,217.3 32,470.8 EV / Net Sales 0.3 0.8 0.8 0.8
Current Liabilities 17,622.9 4,002.7 4,813.7 10,799.6 Market Cap / Sales 0.4 0.5 0.4 0.3
Provisions 6,344.1 22,184.5 22,434.5 22,684.5 Price to Book Value 0.4 0.4 0.4 0.4
Current Liabilities & Prov 23,967.0 26,187.2 27,248.2 33,484.1 Solvency Ratios
Net Current Assets 9,076.2 1,693.2 1,969.1 -1,013.3 Debt/EBITDA 6.4 -9.0 7.1 4.6
Others Assets 0.0 0.0 0.0 0.0 Debt / Equity 0.7 0.8 0.9 0.8
Application of Funds 75,359.7 72,082.3 73,943.2 70,990.4 Current Ratio 1.4 1.1 1.1 1.0
Source: Company, ICICIdirect.com Research Quick Ratio 0.6 0.5 0.4 0.4
Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research Page 6

ICICIdirect.com coverage universe (Metals & Mining)
CMP M Cap EPS (|) P/E (x) EV/EBITDA (x) ROCE(%) ROE(%)
Company (|) TP (|) Rating (| Cr) FY15 FY16 FY17E FY15 FY16 FY17E FY15 FY16 FY17E FY15 FY16 FY17E FY15 FY16 FY17E
Hindalco Industries 105 100 Hold 21734 4.1 1.3 8.3 25.4 82.3 12.6 8.6 8.8 6.9 5.0 4.3 5.9 2.2 0.7 4.3
Hindustan Zinc 171 175 Hold 72142 19.4 19.3 16.0 8.9 8.9 10.8 5.7 5.7 6.7 20.9 21.6 18.9 18.9 21.8 16.1
JSW Steel 1389 1250 Hold 33579 76.3 57.2 95.0 17.5 NM 14.1 6.9 11.0 6.7 10.3 4.8 10.6 8.0 6.4 9.4
NMDC 88 90 Hold 34991 7.6 7.8 8.8 12.1 11.8 10.6 2.4 7.4 7.3 23.6 9.4 10.0 19.9 10.1 10.0
SAIL 43 35 Sell 17679 5.1 -10.0 2.0 8.3 NA 21.0 9.7 NA 10.4 4.0 -7.9 3.4 4.9 -10.0 2.1
Vedanta 109 100 Hold 29650 19.8 7.3 1.9 5.2 14.2 53.0 4.5 6.2 6.5 11.3 6.5 5.9 10.9 4.8 1.3
Tata Steel 322 335 Hold 32479 NM -23.1 24.6 NM NA 13.1 8.2 14.8 7.8 5.8 2.1 7.5 0.0 -7.3 7.4
Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research Page 7

RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns
ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;

Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

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ANALYST CERTIFICATION
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