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Areva T&D India Ltd.
Analyst
P0rv 0ordshd
purvi.gorashia@acm.co.in
Tel: (022) 2858 3403
Key Data (INR)
CMP 1631
Target Price 1795
Key Data
Bloomberg Code ATD IN
Reuters Code AREV.BO
BSE Code 522275
NSE Code AREVAT&D
Face Value (INR) 10
Market Cap. (INR Bn.) 77.99
52 Week High (INR) 3280
52 Week Low (INR) 1199
Avg. Daily Volume (6m) 26332
1Year Beta (Sensex) 0.85
Shareholding %
Promoters 72.2
Indian Institutions 11.5
Foreign Institutional Investors 1.5
Private Corporate Bodies 3.0
Individuals & Others 11.8
Total 100.00
(INR Mn) CY07 CY08E CY09E
Net Turnover 20062.7 25868.9 34923.0
Operating Profit 3574.6 4460.0 6159.9
OPM (%) 17.8 17.2 17.6
PAT 2163.0 2733.3 3576.6
PAT Margin (%) 10.8 10.6 10.2
EPS (Rs.) 45.2 57.2 74.8
30 July, 2008
H O L D
Background
Areva T&D (India) Ltd, is a subsidiary of Areva T&D (France), a leading player in
transmission & distribution (T&D) business, globally. Formerly Alstom Ltd., the
company was taken over by Areva T&D in 2005 as Areva took control of Alstoms
world-wide T&D business.
Areva T&D India Ltd. is among the top three T&D players in India. The company
is engaged in providing products and systems to transmit and distribute electricity,
manage smooth energy fows and operate effcient networks through information
management. Its product offerings include power & distribution transformers,
switchgears, circuit breakers and products in the area of energy automation. The
company offers high-end T&D solutions such as 765 KV and HVDC transmission
projects and Gas Insulated Substations.
Highlights:
With increase in unit sizes of the power projects and requirement of power
transmission over longer distances, the demand for power transmission at higher
voltage levels and technological requirements are expected to increase.
Areva T&D Indias ability to offer high-end solutions can be attributed to its
access to the parents global R&D pool. The company claims a smooth technology
transfer process with its parent.
To cater to the increasing demand for its existing product line and manufacturing
Extra High Voltage equipments, Areva T&D India is expanding its product range
to cater to the expected pick up in demand from these areas.
Companys performance in terms of order intake during H1 of the current year
improved signifcantly. Order book increased to Rs. 39.3 Bn at the end of H1
CY08, from Rs. 20.3 Bn at the end of H1 CY07, registering an increase of 93%
YOY. Order intake during Q2 CY08 was of the order of Rs. 15 Bn with some
signifcant orders, like an order for Mundra UMPP. Company claims that it is a
market leader in terms of order intake during H1 CY08.
Outlook and Valuation
Strengthening of T&D infrastructure, increase in demand for higher voltage levels
and high-end technology offer good opportunities to the company with support from
its global parent. Capacity expansion coupled with healthy order infow are expected
to result in 32% CAGR in revenues and 29% CAGR in net proft over CY07 to
CY09E. At the CMP of Rs 1631, the stock trades at P/E multiple of 21.8 times its
CY09E EPS of Rs.74.8. We initiate coverage on the stock with Hold recommendation
and price target of Rs 1795, which is equivalent to P/E multiple of 24 times to its
CY09E EPS.

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Industry
Development of power Transmission and Distribution (T&D) infrastructure is carried
out in tandem with growth in generation capacities. T&D infrastructure is developed
particularly for, evacuation of power from power generating utilities and strengthening
the T&D system for smooth and reliable fow of power to the consumers. During
Eleventh fve year plan (2007-12), emphasis is expected to be given to strengthening
of inter regional transmission capacity or National Grid of the country. Similarly, intra
state transmission system development at 220kV and 132kV and sub-transmission
and distribution system is planned.
National Grid with higher capacities is expected to enable adequate utilisation of
thermal generation potential of coal rich eastern region, and hydro generation potential
of north-east region, mainly for the power defcit western and northern region. For
instance, according to planning commissions estimates, untapped hydro potential
in North Eastern region for development during the 11th plan and beyond is of the
order of 35000 MW. Taking into account the local demand of North East region,
Sikkim and Bhutan, the transmission capacity required for carrying power to the
defcit regions works out to around 45000 MW.
Inter-regional transmission capacity of 17,000 MW exists as on December 2007.
Power Grid Corporation of India (PGCIL) plans to increase it to 37,150 MW by the
end of 11th Plan. Thus, addition of around 20000 MW of inter regional transmission
capacity is planned by 2012. Transmission system within the regions to support the
inter-regional transmission capacity is also planned.
The government estimates the investments in transmission sector to be at Rs 1400Bn
during the Eleventh Plan. Inter State and Inter Regional Transmission system will be
developed by PGCIL, and private players/ SEBs in association with PGCIL. Intra
State Transmission will be developed by respective states. While most of the inter
state and inter regional transmission will be carried at 400 KV and above, intra state
transmission will be in the range of 220 KV to 66 KV.
Government is encouraging investments at distribution level to increase the access
to reliable power supply and reduce technical and commercial losses in the system
through schemes like APDRP. Government is soon expected to announce APDRP 2
with an increased outlay of Rs. 500 Bn, against Rs.400 Bn of planned outlay in the
frst phase.
Planned investments towards T&D system and related schemes during eleventh plan:
Rs Bn
Inter State system 750
Intra State system 650
Sub Transmission and Distribution, APDRP &Other schemes 2370
Source: Working group on Power
Source: ACMIIL Research
Emphasis to strengthening
inter regional transmission
capacity
Government expected to
announce APDRP 2 with an
increased outlay
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As a thumb rule, around 50% of the investments in a transmission system go towards
setting up of the transmission lines while the balance 50% goes towards setting up
substations part of the transmission system. However this ratio is subject to change, and
may vary depending on amount of power to be transferred and technology in use.
Apart from utilities, T&D related investments also come from industrial capex.
Investments in industries such as steel, oil refning, cement and paper are signifcant
drivers of T&D investments in an economy.
Investments in Power sector are a priority
Investments in Power sector are a priority with the government for sustaining
economic growth momentum as well as achieving its fagship programme of power
for all by 2012.
The overall growth of T&D can be related to growth in generation capacities, apart
from the requirements for strengthening the T&D system. The government has targeted
achieving a cumulative generation capacity of 207,000 MW by 2012. Generation
capacity addition target for the 11th plan (2007-12) is 78,577 MW. Looking at capacity
under construction at the beginning of the 11th plan, around 50,000 MW of capacity
addition is expected to be achieved during the 11th plan.
Opportunity in High-end Technology
In order to address issues related to, frequency mismatch in various regions (in case
of inter regional transmission), and reduce the technical losses during transmission,
PGCIL is increasingly adopting HVDC technology and 765 KV transmission systems
for inter-regional transmission lines. Also, with increase in higher size generation
projects coming up, e.g. mega and ultra mega power projects, requirement for power
evacuation at higher voltage is expected to increase.
765kV, HVDC, 400kV and 220 kV transmission line and substation programme for
the 11th Plan period:
Few players in the high-end bracket
Major players in the high-end T&D, ie 400 KV and above include, ABB, Siemens,
Areva T&D India, Crompton Greaves and BHEL. Out of these only ABB, Siemens,
Areva T&D India and Crompton Greaves are present in the 765 KV range. Crompton
Greaves is mainly present in the transformers segment and not the EPC segment.
In line with the planned investments in 765 KV,HVDC and 400 KV transmission lines,
the investments in substation projects and high voltage transformers are expected to
pickup over next 2-3 years.
ckm (circuit km), Source: Power Ministry
Around 50,000 MW of capacity
addition is expected to be
achieved during the 11th plan
PGCIL is increasingly adopting
HVDC technology and 765 KV
transmission systems
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Large projects by PGCIL
To put it in perspective:
According to industry, PGCIL projects for around 13-14 Extra High Voltage sub
stations are expected to come up for tendering in next one year. Out of which 3-4
substation tenders may to come during CY08. Prominent players in substation
segment of 765 KV are ABB, Areva T&D India and Siemens with Areva T&D India
setting up countrys frst 765 KV substation for NTPCs Sipat project.
Currently HVDC project for transmitting power through the chicken-neck area is under
tendering. The project cost for HVDC substations is estimated at around Rs 45 Bn.
Large sized projects by PGCIL, investments by SEBs for developing T&D
infrastructure, industrial investments sustaining the momentum and increased focus
on exports market can result in healthy order fow for the players in the industry
over next 2-3 years.
Areva T&D India Ltd.
Background
Areva T&D (India) Ltd, is a subsidiary of Areva T&D (France), a leading player
in T&D business, globally. Formerly Alstom Ltd., the company was taken over by
Areva T&D in 2005 as Areva took control of Alstoms world-wide T&D business.
Areva group, apart from T&D, has strong presence in Nuclear Power and is the
global leader in this area.
Areva T&D India Ltd is among the top three transmission & distribution (T&D)
players in India. The company is engaged in providing products and systems to
transmit and distribute electricity, manage smooth energy fows and operate effcient
networks through information management. Its product offerings include power &
distribution transformers, switchgear and circuit breakers and products in the area
of energy automation. The company offers high-end T&D solutions such as 765 KV
and HVDC transmission projects and Gas Insulated Substations. Company caters
to both, private and the public sector clients. The Company has a network of eight
manufacturing units and twenty-two sales offces in India with an employee base
of around 3600.
Business
Areva T&D India divides its business in verticals like, Systems, Products,
Automation, and Services.
Products
Companys Products segment comprises of Power Transformers, Instrument
Transformers, Circuit breakers and Medium Voltage Switch Gears. The company
is present in products of upto 765 KV. Areva T&D mainly focuses on Medium
Voltage (MV) to Extra High Voltage (EHV) products.
EHV Products: 132 KV and above
HV Products: 66 KV and Above
MV Products: 33 KV and Below
LV Products: 11 KV and Below (Not present)
Systems
Under this segment the company undertakes turnkey projects like building
substations and switchyards. The company is also present in high-end areas like
765 KV substations, HVDC Substations and Gas Insulated Substations.

Among the top three T&D

players in India
Offers high-end T&D solutions
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Automation
Automation segment comprises of hardware and software for managing energy
fows from Load Dispatch Centres. It includes Supervisory Control and Data
Acquisition (SCADA) used for managing smooth energy fows from a centralised
location.
Services
This segment comprises services for network planning and after sales services
for products and systems business.
Some Major projects ordered on Areva T&D India
Maharashtra State Electricity Transmission Co. Ltd. (MSETCL)s frst Gas
Insulated Switchgear (GIS) complete turnkey solutions order
Order from Power Grid Corporation of India to establish the national load dispatch
center (NLDC). The project included planning, design, engineering and supply of
the state-of-the-art hardware and software implementation of the NLDC. The load
dispatch centre will provide real time data acquisition and schedule and dispatch
electricity to fve Regional Load Dispatch Centres. Apart from NLDC, three
Regional load dispatch centers out of the fve are set up by Areva T&D India.
Order from ESSAR Constructions (India) Ltd for Electrical Balance of Plant
(e-BOP) and equipments for Essar Powers power plant projects in Gujarat and
Madhya Pradesh. The scope included Design, Engineering, Supply and Erection
of 400 kV class Generator Transformers, Switchyards with equipments like
Extra High Voltage Breakers, SCADA, Generator Circuit Breakers, Distribution
Transformers, etc. e-BOP offers the advantage of reducing complexity in
coordination and improving project delivery time for the client.
765 KV AIS (air insulated substation) for NTPCs Sipat project in 2007 frst
765 KV substation in India
Contract from its parent to execute a part of the order received from Kahramaa,
(Qatar). Areva T&D Indias share in the contract is worth Euro 86 Mn (around
Rs. 5000 Mn) out of full contract value of Euro 500 Mn for turnkey execution of
14 gas-insulated substations (GIS) of 66KV.

The company setup Indias frst

765KV substation for NTPC
Source: Company
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Order intake during H1 of the
current year improved further
High-end technology offered through access to Arevas global R&D pool
Areva T&D India has been a leader in localizing the high-end T&D technology in
many areas. The company will be the frst to offer Gas Insulated Substations (GIS)
from domestic operations, which offers advantages of compactness, modularity and
reliability.
The company has setup Indias frst 765KV substation for NTPCs Sipat project. It
setup the national load dispatch center for PGCIL.
A part of Areva T&D Indias ability to offer high-end solutions, can be attributed to
its access to the parents global R&D pool. The company claims a smooth technology
transfer process with its parent.
Diversified client base
For CY07, 60 % of the revenues came from clients in public sector. Company also
has strong focus on private sector, with around 26% of CY07 revenues from this
segment.
From the public sector, Arevas clients include SEBs, central power utilities like
NTPC, NHPC and PGCIL. Major clients from private sector include Reliance Energy,
Essar , Lanco, Adani and Tata group. Company also has signifcant presence in
exports markets, particularly in Middle East and Africa. Company plans to increase
the contribution of exports to around 25% of its revenues.
Order Book: Higher by 93% YOY
Companys performance in terms of order intake during H1 of the current year
improved further. While, order book of Rs.27.5 Bn at the end of CY07 was 46%
higher than order book of Rs 18.7 Bn at the end of CY06, it increased to Rs. 39.3
Bn at the end of H1 CY08, from Rs. 20.3 Bn at the end of H1 CY07, an increase of
93% YOY. Order intake during Q2 CY08 was of the order of Rs. 15 Bn as compared
with Rs.8 Bn during Q1 CY08. Company claims that it was a market leader in terms
of order intake during H1 CY08..
Source: Company
Source: Company
Support from global parent
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Order-book breakup: CY07
Expansion of capacities and capabilities
To cater to the increasing demand, the company has over the years, reorganized
layouts of its factories resulting in increase in production capacities.
During CY07, the company started a programme for expanding its capacities and
localizing high-end technology.
To cater to the increasing demand for its existing product line and manufacturing Extra
High Voltage equipments, in anticipation of demand from upcoming investments in
higher voltage segment, AREVA T&D India has taken up 3 new Greenfeld projects
in Baroda (Gujarat), Hosur (Karnataka) & Padappai (Tamil Nadu) during CY07.
These facilities are expected to be operational by December, 2008.
Baroda facility will manufacture Power transformers up to 765 kV and eventually
up to the 1200 KV range. It will also house companys second manufacturing
facility for Distribution transformers and Medium voltage switchgears. This
facility is expected to involve a capital expenditure of Rs. 5 Bn.
Hosur facility (near Bangalore) will manufacture Instrument transformers up to
765 kV and eventually up to the l200 kV range. It will also house R&D centre
for Instrument Transformers, to support groups global operations. This facility
is expected to involve a capital expenditure of Rs. 1 Bn.
The site at Padappai (near Chennai) will manufacture Circuit breakers up to 765
kV and eventually up to the l200 KV. The site will also manufacture High Voltage
GIS Switchgears as well as Disconnectors. This facility is expected to involve a
capital expenditure of Rs. 1 Bn.
The company plans to enhance the facilities to produce 1200 kv equipment by 2010.
According to the company, with the expansions, Transformers manufacturing
capacity will increase from 15000 MVA, to 50000 MVA p.a. while Circuit Breakers
and Switch gears capacity will more than double.
Parent:Global leader in nuclear energy
Areva (France) is a global leader in providing technological solutions for nuclear
power generation. It covers all industrial activities related to nuclear power generation,
from uranium exploration and mining, enrichment and fabrication of uranium to
design and construction of nuclear reactors, and recycling of nuclear fuel.
Although the group is exploring the potential opportunities in Indias nuclear power
development, the role of groups Indian subsidiary, Areva T&D India in the same
is not clear.

Expanding capacities and

localizing high-end technology
Source: Company
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Financial Analysis
Sales and Margins: Over the period of last 3 years, (January 2005 to December
2007), companys sales has increased at a CAGR of 37%. During the period, company
has moved out of non-core businesses, and merged group entities in similar line of
business with itself. Company has improved its operational performance by moving
out of non-core businesses, cost control, rationalizing manpower and improvement
in processes and factory layouts. Coupled with this, increase in scale of operations
has led to improved performance in terms of proftability. resulting in companys
PAT growth at a CAGR of 122% over the period.
We expect the company to register a CAGR of 32% in revenues from CY07 to CY09.
During the same period, we expect a CAGR of 29 % in its in net profts.
Raw material prices: The company manages its raw material cost, partially by
entering into supply contracts with the vendors as the contacts are received, and
partially through Price Variation Clause available in case of public undertakings.
Raw material cost for the company ( % to sales) reduced from 67.6% in CY06 to
63.2% in CY07.
Interest cost for Capex: Company has undertaken capacity expansion programme
through 3 green feld projects, involving capex of Rs. 7 Bn. Capex is expected to
be funded largely through debt, due to which we expect gearing of the company to
increase from negligible levels in CY06 to 0.7 times in CY08, resulting in higher
interest out go for the company. We expect the companys debt to equity ratio to
reduce to 0.4 times during CY09, as new facilities start its operations.
Debtors days : Companys debtors turnover ratio decreased to 2 times at the end of
CY07 from 2.6 times at the end of CY06, resulting in higher requirement of working
capital. Company attributes a part of this to higher revenue booking during the last
quarter of the accounting period and expects to improve it going forward. However,
we have estimated a marginal improvement in debtors turnover to 2.2 times during
CY09.
Performance during H1 CY08: During H1 CY08, the companys net sales grew by
50% to Rs. 11.2 Bn from Rs.7.5Bn during H1 CY07. The operating margin improved
from 15.5% to 17.7% in H1 CY08, while net margin increased to 10.6% compared
with 9.7% during H1 CY07. Net proft for H1 CY08 increased to Rs. 1187 Mn from
Rs. 731 Mn , registering an increase of 62%.
Concerns
Slow implementation of T&D schemes by the public sector and down turn in
industrial capex due to reasons like increasing interest rate scenario and slow
demand growth may lead to slow down in order infow or project execution, in
turn affecting companys performance.
Debtors turnover has reduced during CY07. Going forward, the company expects
to improve the same. However, no improvement in the same can put pressure on
companys cash fows.
The company expects to insulate it self from fuctuations in raw material prices
with PVC clauses and supply agreement with vendors, however increase raw
material prices may put more than expected pressure on companys margins.

We expect the company to

register a CAGR of 32% in
revenues from CY07 to CY09
During H1 CY08 net sales grew
by 50%
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Outlook and Valuation
Strengthening of T&D infrastructure, increase in demand for higher voltage levels
and high-end technology offer good opportunities to the company with support from
its global parent. Capacity expansion coupled with healthy order infow are expected
to result in 32% CAGR in revenues and 29% CAGR in net proft over CY07 to
CY09E. At the CMP of Rs 1631, the stock trades at P/E multiple of 21.8 times its
CY09E EPS of Rs.74.8. We initiate coverage on the stock with Hold recommendation
and price target of Rs 1795, which is equivalent to P/E multiple of 24 times to its
CY09E EPS.
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Profit & Loss Account (INR Mn)
CY06 CY07 CY08E CY09E
Net Turnover 16058.1 20062.7 25868.9 34923.0
Operational Expenditure 13960.2 16488.1 21408.9 28763.1
Operating Profit 2097.9 3574.6 4460.0 6159.9
Other Income 150.9 177.9 232.8 314.3
Depreciation and Amortization 186.8 231.2 316.0 615.0
EBIT 2062.1 3521.2 4376.8 5859.2
Interest 44.0 84.9 250.7 356.7
Profit Before Tax before extra ordinary items 2018.0 3436.3 4126.1 5502.5
Less: Extra ordinary items -70.7 4.5 -79.0 0.0
Profit before Tax 2088.8 3431.8 4205.1 5502.5
Less: provision for Taxation 718.6 1268.8 1471.8 1925.9
Profit After Tax 1370.2 2163.0 2733.3 3576.6
Source: ACMIIL Research & Company
Balance Sheet (INR Mn)
CY06 CY07 CY08E CY09E
Share Capital 478.2 478.2 478.2 478.2
Reserves & Surplus 3356.7 5015.3 7245.4 10318.9
Share Holders funds 3834.9 5493.5 7723.6 10797.1
Loan Funds 33.2 1012.1 5112.1 4250.0
Total Sources of Funds 3868.1 6505.5 12835.7 15047.1
Gross Block 2743.3 3587.0 8587.0 9087.0
Less Depreciation / Amortization to date 1709.0 1879.9 2195.9 2810.9
Net Block 1034.3 1707.1 6391.1 6276.1
Capital Work in Progress 99.7 586.2 500.0 250.0
Investments 96.5 0.0 0.0 0.0
Deferred Tax Assets 250.9 282.6 284.7 284.7
Current Assets, Loans and Advances 10193.8 14591.4 18210.9 23963.2
Current Liabilities & Provisions 7807.0 10661.7 12550.9 15726.9
Net Current Assets 2386.8 3929.7 5659.9 8236.3
Total Application of Funds 3868.1 6505.5 12835.7 15047.1
Source: ACMIIL Research & Company
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Cash Flow Statement (INR Mn)
CY06 CY07 CY08E CY09E
Net Profit before Tax 2088.8 3431.8 4205.1 5502.5
Operating Profit before working capital changes 2377.5 3926.9 4692.8 6474.2
Cash generated from operations 936.6 1542.8 3356.4 4115.9
Direct Taxes paid -687.4 -1114.3 -1471.8 -1925.9
Employee voluntary seperation scheme and related payments -28.7 -20.2 0.0 0.0
Net Cash from operating activities 220.5 408.3 1884.7 2190.0
Net Cash from Investing activities 105.6 -1263.1 -4829.8 -250.0
Net Cash from Financing activities -305.3 556.5 3345.8 -1721.9
Net Increase/ Decrease in Cash and Cash Equivalents 20.9 -298.3 400.6 218.1
Opening balance of cash and cash equivalents of transferor companies 88.8 0.0 0.0 0.0
Opening Balance of Cash and Cash Equivalents 412.1 521.8 223.5 624.1
Closing Balance of Cash and Cash Equivalents 521.8 223.5 624.1 842.2
Source: ACMIIL Research & Company
Ratios
CY06 CY07 CY08E CY09E
Profitability Ratios
Operating Margin % 13.1 17.8 17.2 17.6
EBIT Margin % 12.8 17.6 16.9 16.8
PAT Margin % 8.5 10.8 10.6 10.2
RONW/ROE % 35.7 39.4 35.4 33.1
ROCE % 53.3 54.1 34.1 38.9
Leverage Ratios
Debt/Equity 0.0 0.2 0.7 0.4
Debt Service Coverage Ratio 46.8 41.5 17.5 16.4
Turnover Ratios
Inventory Turnover 6.7 7.4 7.3 7.1
Debtors Turnover 2.6 2.0 2.1 2.2
Creditors Turnover 2.3 2.1 2.3 2.5
Fixed Asset Turnover 15.5 11.8 4.0 5.6
Valuation Ratios
EPS (Rs.) 28.7 45.2 57.2 74.8
CEPS (Rs.) 32.6 50.1 63.8 87.7
Book Value (Rs.) 80.2 114.9 161.5 225.8
P/E @ Rs.1631 56.9 36.1 28.5 21.8
P/CEPS @ Rs.1631 50.1 32.6 25.6 18.6
P/BV @ Rs.1631 20.3 14.2 10.1 7.2
Source: ACMIIL Research & Company
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History:
General Electric Company of India amalgamated with English Electric Company of India in Apr.93
GEC Alsthom India
Alstom Ltd.
Areva T&D India Ltd
GEC Alsthom India, was originally incorporated as General Electric Company of India (GECI) in 1911. GECI was amalgamated
with the English Electric Company of India (incorporated in 1957) in Apr.93, and the name was changed to GEC Alsthom
India. Name of the company was later changed to Alstom Ltd. and then to Areva T&D India Ltd from October 2005 as Areva
took control of Alstoms world-wide T&D business. In 2006 the company transferred its non T&D business (Meters & Motors)
to Alstom Industrial Products Ltd for a consideration of Rs.413 mn. Further the company merged its group entities in similar line
of business, like Areva T&D Systems India Ltd., Areva T&D Instrument Transformers India Pvt Ltd. and Areva T&D Lightning
Arresters Pvt Ltd. with it self.
ANNEXURE
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Disclaimer:
This report is based on information that we consider reliable, but we do not represent that it is accurate or complete and it should not be relied upon such. ACMIIL or
any of its affliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information
contained in the report. ACMIIL and/or its affliates and/or employees may have interests/positions, fnancial or otherwise in the securities mentioned in this report.
To enhance transparency we have incorporated a Disclosure of Interest Statement in this document. This should however not be treated as endorsement of the views
expressed in the report
Disclosure of Interest Areva T&D India Ltd
1. Analyst ownership of the stock NO
2. Broking Relationship with the company covered NO
3. Investment Banking relationship with the company covered NO
4. Discretionary Portfolio Management Services NO
This document has been prepared by the Research Desk of Asit C Mehta Investment Interrmediates Ltd. and is meant for use of the recipient only and is not for
circulation. This document is not to be reported or copied or made available to others. It should not be considered as an offer to sell or a solicitation to buy any security.
The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We
may from time to time have positions in and buy and sell securities referred to herein.
Notes:
HNI Sales:
Raju Mewawalla, Tel: +91 22 2858 3220
Institutional Sales:
Bharat Patel, Tel: +91 22 2858 3732
Kirti Bagri, Tel: +91 22 2858 3731
Himanshu Varia, Tel: +91 22 2858 3732