Dalal & Broacha Stock Broking Pvt. Ltd.

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Initiating Coverage @ Dalal & Broacha

Gujarat State Fertilizers & Chemicals Ltd.

March 5, 2012

value for money....

BUY Curre n t Pri ce Ta rge t Pri ce Upside 52 We e k Ra nge

Apurva Shah (Research Analyst) apurva.shah@dalal-broacha.com Milind Karmarkar (Head Research) (022) 6630 8667 Nilay Dalal / Sagar Mehta(Equity Sales) (022) 3290 3017

Investment Case:
Rs 397 Rs 552 39% Rs 316 / Rs 504

KEY SHARE DATA Ma rket Ca p Rs 31.6 BN/$645.7MN EV / Sa l es 0.6 EV / EBIDTA 2.5 Vol ume (BSE + NSE) 85498 No of o/s s ha res 79.7 Fa ce Va l ue 10 Book Va l ue 354.9 BSE / NSE 500690 / GSFC Reuters GSFC.BO Bl oomberg GSFC IN Equi ty
Shareholding (%) Period Promote rs MF / Ba nks / FI FII Publ i c & Others Total
170.0 150.0 130.0 110.0 90.0 70.0 50.0

Ammonium sulphate, a byproduct of Caprolactam has come under NBS (Nutrient Based Subsidy), which offers margin stability in Fertilizer business Before NBS EBIT from fertilizer segment was highly volatile, post NBS company has consistently reported EBIT more than 13.4%. Pre NBS company has reported average 11% EBIT since Q1 FY09 and post NBS (i.e. Q1 FY11 onwards) it has reported average 17.4% EBIT. Increasing Caprolactam - Benzene spread GSFC is the largest Caprolactam producer in India with 70000 MT followed by FACT's 50000 MT capacity. It is better placed due to its integration of Nylon chips, filament yarn and well established company in fertilizer industry (By product Ammonium sulphate is used as fertilizer). After recent correction in Caprolactam prices, it has again started moving upwards. We expect the spread to stabilize around 1400-1700 USD per ton in FY13. Key fertilizer player in Gujarat region According to ASSOCHAM's independent research, Gujarat has recorded highest agriculture growth in real terms among 15 non-special category states. Gujarat has recorded growth rate of 10.97% between 2000-01 to 2009-10. GSFC's "Sardar" is a very strong brand name in Gujarat and enjoys more than 50% market share in DAP, Ammonium sulphate and ammonium phosphate sulphate. Strong financials with intrinsic value As on H1 FY12 it has a debt of Rs. 3.3 bn and cash of Rs. 8.5 bn, thus company holds Rs. 65.6 per share as cash. It also has investment value in listed companies comes to Rs. 58.4 per share. It has constantly maintained its EBIDTA margin above 12% and net margin above 6% despite of government regulations (in fertilizer segment) and presence in commodity products due to its structural advantage. Its return ratios are also attractive compared to other fertilizer companies (excluding Coromandel International). ROCE and ROE was 32% and 30% respectively for FY11. Outlook and valuation: Net debt free company with Rs. 65.6 per share as cash, Rs. 58.4 per share investment value per share, positive operational cash flow and consistent dividend track record with average 2.5% dividend yield puts GSFC in value stock category. The stock is trading at 4.4x FY12E earnings of Rs. 89.5 and 5.0x FY13E earnings of Rs. 79.7. We initiate coverage with a BUY recomendation on the stock at CMP for a price target of Rs. 552.

Dec-11 37.8 27.1 11.4 23.6 100.0

Sep-11 37.8 27.1 10.3 24.8 100.0

GSFC

Sensex

Year Net Sales % Growth EBIDTA OPM % PAT FY 10 40,191.9 -31.66 4,496.8 11.2 2,544.7 FY 11 47,550.5 18.3 11,718.9 24.6 7,493.7 FY 12E 50,979.7 7.2 11,320.4 22.2 7,135.2 FY 13E 53,810.7 5.6 10,536.0 19.6 6,355.5 Dalal & Broacha Research is available on Bloomberg DBVS<GO>

% Growth (49.0) 194.5 -4.8 -10.9

EPS 31.9 94.0 89.5 79.7

P/E (x) 7.0 3.7 4.4 5.0

ROE % 12.5 30.1 22.6 16.9

RoCE % 17.6 36.6 30.5 24.6

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Structural and environmental benefits

GSFC Ltd.

Ammonium sulphate, a byproduct has come under NBS, which offers margin stability in fertilizer business. Ammonium sulphate is a byproduct of Caprolactam. Every ton of caprolactam generates approx. 2.5 tons of ammonium sulphate. It contributes around 14% to fertilizer product revenue and 9% of total revenue for the company.

Before NBS EBIT from fertilizer segment was highly volatile (please refer above figure), post NBS company has consistently reported EBIT more than 13.4%. Pre NBS company has reported average 11% EBIT since Q1 FY09 and post NBS (i.e. Q1 FY11 onwards) it has reported average 17.4% EBIT. Increasing Caprolactam - Benzene spread Caprolactam mostly goes into the production of nylon, which is widely used in the manufacturing of hosiery, knitted garments, threads, ropes, filaments, nets and tyre cords.

Caprolactam is a global commodity and suffers from cyclical profitability for following reasons: o Volatile feedstock pricing o Variable Ammonium sulphate credit in fertilizer industry o Inter-polymer competition of Nylon 6 with other materials, principally Nylon 66 and Polyesters
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GSFC Ltd.

Average Benzene-caprolactam spread for last 6 years is visible in following table, 9M FY12 was best for Caprolactam manufacturers, but recently price of Caprolactam has started coming down and spread should also come down due to stability in Benzene prices. We expect the spread to stabilize around 1400-1700 USD per ton in FY13.

Year FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 9M FY12

Avg. spread (USD) 1213 1016 1197 1019 994 1552 2022

GSFC is the largest Caprolactam producer in India with 70000 MT followed by FACT's 50000 MT capacity. It is better placed due to its integration of Nylon chips, filament yarn and well established company in fertilizer industry (By product Ammonium sulphate is used as fertilizer). Caprolactam demand in India is expected to be around 1.22 lacs MTPA.

Wide product offering and product integration

GSFC's 65-70% of revenue comes from fertilizer division and contributes 45-55% at EBIDTA level; balance is contributed by Industrial products. So in a nutshell Industrial products are more profitable compared to fertilizer business. Following charts reflects break up of fertilizer and industrial product business.

Above charts reflects segment wise top line and EBIT contribution. In FY 11 total revenue from fertilizer products was Rs. 31 bn (65.4% of revenue) and industrial products was Rs. 16.2 bn (34.2%). Break up of both the divisions is shown in following charts

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GSFC Ltd.

GSFC's major advantage comes due to its product integration in industrial products and its strong foot holding in fertilizer business. Following are the key advantages for the company. Fertilizer Segment Key for complex fertilizer (DAP, NPK) lies in sourcing the key raw materials like Phosphoric Acid / Rock Phosphate, Sulphuric acid etc., GSFC has tie up with world majors for the key raw material that plays a very important role amongst complex fertilizer producers with 8% market share.

It has also invested in JV in Tunisia; TIFERT where company has invested Rs. 120 Crs for 15% equity stake and will get 50% of the total output i.e. 1.8 lacs tons of assured supply of phosphoric acid.

Industrial Products As mentioned earlier profitability in Caprolactam is associated with usability of Ammonium Sulphate and product demand of alternative products. GSFC's major advantage comes from product integration from Caprolactam to yarn and usage of Ammonium sulphate. Following is the broad chain of Caprolactam and its contribution to revenue. Benzene---Caprolactam---Nylon chips---Nylon filament yarn

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Key fertilizer player in Gujarat region

GSFC Ltd.

According to ASSOCHAM's independent research, Gujarat has recorded highest agriculture growth in real terms among 15 non-special category states. Gujarat has recorded growth rate of 10.97% between 2000-01 to 2009-10. GSFC's "Sardar" is a very strong brand name in Gujarat and enjoys more than 50% market share in DAP, Ammonium sulphate and ammonium phosphate sulphate. In Urea apart from GSFC other major players are GNFC (GSFC's subsidiary), Kribhco and IFFCO. GSFC has wide product offerings in fertilizer, bio fertilizer and seeds. It has marketing and service network with 133 farm information centers in Gujarat. It also provides 'Agro Development & Agro Services' to farmers.

New capex and top line addition

The company has already lined up investments in several projects and some projects are under consideration. List of projects under construction and project under consideration is illustrated in following tables with expected project cost, expected commissioning and additional turnover from the projects. Methanol and TIFERT will start contribution in the coming 2 quarters. PROJECTS UNDER CONSTRUCTION
Project Methanol TIFERT (GSFCs stake) Wind Mill V Nylon 6 Annone Modernization Bio fertilizers, WSF and Plant growth promoter Project cost (Rs. Cr) 173000 MTPA 301 180000 MTPA 120 50.4 MW 281 15000 MTPA 125 2500 MTPA 90 Capacity 50 Expected commissioning Q1 FY13 Q2 FY13 H2 FY12 Q3 FY14 H2 FY13 FY13 Additional turnover (Rs. Cr) 347 1244 31 285 20

PROJECTS UNDER CONSIDERATION

Project 4th DAP / NPK train of 0.4 mn MT / year at Sikka Methyl Ethyl Ketone of 24000 MTPY Phosphoric Acid / SSP at Sikka Integrated Fertilizer and petrochemical complex at Dahej Urea (1 mn MTPY), Caprolactam (0.1 mn MTPY), Melamine (40000 MTPY) Estimated investment 250 120 1000 7000

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GSFC Ltd.

Strong financials (net debt free company with consistent margins and attractive ratios) with intrinsic value GSFC's current D/E is 0.1 and it has constantly maintained its EBIDTA margin above 12% and net margins above 6% despite of government regulations (in fertilizer segment) and presence in commodity products due to its structural advantage. Its return ratios are also attractive compared to other fertilizer companies (excluding Coromandel International). ROCE and ROE was 32% and 30% respectively for FY11. It has generated cash profit above Rs. 4 bn since FY 07. Excluding capex requirement for Dahej all the planned capex can be easily met through their internal cash flow generation. As on H1 FY12 it has a debt of Rs. 3.3 bn and cash of Rs. 8.5 bn, thus company holds Rs. 65.6 per share as cash and its investment value in listed companies comes to Rs. 58.4 per share. Investment value of listed companies is shown in following table.
Rs. Cr GSFC's market value of Stake Co's mkt cap investment 19.80% 1383 273.8 14.85% 2.25% 1135 1016 168.5 22.9 465.2 7.97 58.4

Sr. No. Company Name 1 GNFC 2 GIPCL 3 GACL Total No. of Outstanding shares Per share investment value

Besides the above investment GSFC has also investment in several unlisted companies like Gujarat chemical port terminal co. ltd, Gujarat green revolution company ltd, GSPC Gas company ltd, Gujarat state petronet etc.,

Company Background
The Gujarat State Fertilizer Company (GSFC) was promoted by the Government of Gujarat in 1962, in the joint sector, for the manufacture of fertilisers and heavy chemicals. GSFC, along with the Gujarat government, promoted Gujarat Narmada Valley Fertilizer Company (GNFC), which has the largest fuel-based ammonia plant and the largest single stream urea plant in the world when commissioned. GSFC's first fertilizer rolled out of its production unit in 1967. During the years 1974 to 1982 with serene policies of alteration, GSFC turned into manufacturing of Caprolactam, Nylon-6, Melamine and Argon. Subsequently, capacities were enhanced in Caprolactam and Melamine. GSFC's incessant strive for product diversification and value addition has created a product mix ranging from more than 24 brands of fertilizers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products.

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Plant details

GSFC Ltd.

Plant Baroda Unit Sikka

Details An integrated fertilizer and chemical unit

Major Products Urea, Ammonium sulphate, , Ammonium Phosphate Sulphate, Caprolactam, Nylon 6, Cyclohexanone, Ammonia etc

A coastal Phosphatic fertilizer DAP unit Polymer Unit An acrylic based Industrial Methyl Monomer, Sheets, Pellet Nandesari product unit at Nandesari A Nylon 6 Filament yarn and Fibre Unit - Kosamba Nylon 6 chips, Nylon filament yarn Chips production
Companies promoted by GSFC / Investments Gujarat Narmada Valley Fertilizers Company (GNFC) - Fertilizer & Chemical company Gujarat Industrial Power Company Ltd (GIPCL) - a Joint power plant Gujarat Green Revolution Company Ltd (GGRC) - Micro irrigation Tunisian Indian Fertilizers (TIFERT) - a JV in Tunisia to ensure phosphoric acid Gujarat Chemical Port Terminal Company Ltd (GCPTCL) - Port Effluent Channel Projects Ltd (ECPL) Bhavnagar Energy Company Ltd (BECL) - Power project

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Concerns: Volatility in Benzene - Caprolactam prices Rupee fluctuation Dependence on Phosphoric Acid, a key raw material for manufacturing complex fertilizers. Down side revision in subsidy rate for FY13 will result in reduced selling price which may also affect volume of complex fertilizer.

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Financials:

GSFC Ltd.

Net sales for 9M FY12 period have grown by 3.8% to Rs. 37.7 bn and PAT has de grown by 3.1% to Rs. 5.6 bn. EPS for the 9 months stood at Rs. 66.2 For our FY13 projections we have taken Caprolactam prices at USD 2800 / T considering its average price in last one year, increasing Benzene prices, GSFC's leadership position and its product integration capabilities. For DAP we have taken 10% reduction in realization due to lower expected rates of subsidy for FY13 and softening raw material prices globally. We expect net sales to grow at 8.5% CAGR for FY11-FY14 period

Outlook:
We expect a stable volume growth in Fertilizer and chemicals business. We have assumed 8% and 8.5% CAGR growth respectively for Chemicals and fertilizer segment during FY12-FY14 mainly on account lower realizations. GSFC is a net debt free company with Rs. 65.6 per share as cash, Rs. 58.4 per share investment value per share, positive operational cash flow and consistent dividend track record with average 2.5% dividend yield. This puts GSFC in value stock category.

Valuation:
The stock is trading at 4.4x FY12E earnings of Rs. 89.5 and 5.0x FY13E earnings of Rs. 79.7. We initiate coverage with a BUY recomendation on the stock at CMP for a price target of Rs. 552.

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Valuation:
Weighted average target price M ethodologies Target price using DCF approach Target price using EV/EBITDA approach Target price using P/E approach Weighted average target price Current price Upside/(downside) fromcurrent levels

GSFC Ltd.

Target Weight Weighted Comments price assigned Avg price 233.4 Based on DCF for 9 years &3% terminal growth rate 583.6 40.0% 583.8 30.0% 175.1 Bsaed on 3.4x EV/EBIDTA FY11E 478.5 30.0% 143.5 Bsaed on 6x P/E FY11E 552.0 397.2 39.0%

EV/EBIDTA method Figures (Rs mn) Company Deepak Fertilizers Tata Chemicals Coromandel International Gujarat State Fertilizers & Average EV/EBIDTA Valuation metrics Target EV/EBITDA multiple 2013E EBITDA 2013E EV 2013E Debt 2013E Cash 2013E Market Cap. No. of shares Target Price CM P Upside/(Downside) P/E method Figures (Rs mn) Company Deepak Fertilizers Tata Chemicals Coromandel International Gujarat State Fertilizers & Average P/E Valuation metrics Target P/E multiple 2013E EPS Target Price CM P Upside/(Downside)

Price 156.3 354.8 291.9 397.2

Sales 16,278.9 108,946.2 75,279.5 47,550.5

EBIDTA 3,610.7 16,979.8 9,450.4 11,718.9

FY11 OPM 22.2 15.6 12.6 24.6

PAT PAT % 1,875.2 11.5 6,534.7 6.0 6,936.6 9.2 7,493.7 15.8

EV/EBIDTA FY12E FY13E 3.5 2.9 7.6 6.3 8.5 7.6 2.1 2.0 5.4 4.7

3.4 10,536.0 35,822.5 3,323.3 14,023.1 46,522.4 79.7 583.8 397.2 47.0

Price 156.3 354.8 291.9 397.2

FY11 21.3 25.6 24.6 94.0

EPS FY12E 24.2 33.7 26.9 89.5

FY13E 27.7 35.2 31.0 79.7

P/E FY12E FY13E 6.5 5.6 10.8 10.3 10.8 9.4 4.4 5.0 8.1 7.6

6.0 79.7 478.5 397.2 20.5

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FY 10 FY 11 3,087.5 10,254.8 (33.5) (33.5) 2,053.2 6,819.5 1,409.3 1,464.0 1,935.6 (7,033.2) (840.0) (162.8) 4,558.2 1,087.6 -76.1% 12.0% 0 FY 12E 9,733.0 (33.0) 6,521.1 1,587.5 4,277.6 (3,256.4) 9,129.7 739.5% 12.0% 0 9129.7 FY 13E FY 14E 8,775.7 10,213.0 (33.0) (33.0) 5,879.7 6,842.7 1,760.3 1,933.2 (1,219.4) (533.7) (3,000.0) (4,200.0) 3,420.6 -62.5% 12.0% 1 3054.5 4,042.2 18.2% 12.0% 2 3223.2 FY15E 10825.8 (33.0) 7,253.3 2049.2 (565.8) (4,452.0) 4,284.7 6.0% 12.0% 3 3050.9 FY16E 11475.3 (33.0) 7,688.5 2172.2 (599.7) (4,719.1) 4,541.8 6.0% 12.0% 4 2887.8 FY17E 12163.9 (33.0) 8,149.8 2302.5 (635.7) (5,002.3) 4,814.3 6.0% 12.0% 5 2733.5 FY18E 12650.4 (33.0) 8,475.8 2394.6 (661.1) (5,202.4) 5,006.9 4.0% 12.0% 6 2538.5 FY19E 13156.4 (33.0) 8,814.8 2490.4 (687.6) (5,410.5) 5,207.2 4.0% 12.0% 7 2357.5

GSFC Ltd.

DCF Valuation:
Year EBIT Effective Tax Rate EBIT*(1-Tax Rate) Depreciation / Amortization Change in W orking Capital Capex FCFF FCF Growth Cost of Capital W eight Assigned Present Value Sumof PV of FCFF Terminal Value calculation Terminal Growth rate Terminal year Free Cash Flow Terminal Value PVof Term Value inal Enterprise Value Less: Debt Add: Cash &Investm ent M arket Capitalization No. of Shares Value per Share Calculationof W ACC W for explicit forecast ACC Expected M arket Return (Rm) Risk Free Rate (Rf) CountryPrem (Rm ) ium -Rf Beta Cost of Equity Cost of Debt Tax rate Post Tax Cost of Debt W ACC Debt Equity Total W for term grow ACC inal th Expected M arket Return (Rm) Risk Free Rate (Rf) CountryPrem (Rm ) ium -Rf Beta Cost of Equity Cost of Debt Tax rate Post Tax Cost of Debt Long termdebt to capital ratio W ACC Terminal Growth Rate Terminal Year Free Cash Flow Terminal Enterprise Value W eight Assigned Terminal Value FY20E 13682.7 (33.0) 9,167.4 2590.0 (715.1) (5,626.9) 5,415.4 4.0% 12.0% 8 2189.4 FY21E 14230.0 (33.0) 9,534.1 2693.6 (743.7) (5,851.9) 5,632.1 4.0% 12.0% 9 2033.2

24,068.5 3% 5,801.0 52,332.1 15,985.0 40,053.5 (3,923.3) 10,376.5 46,506.7 79.7 583.6

Term (g) inal

1% 2% 3% 4% 5%

12.1% 618.2 641.5 669.9 705.4 750.9

13.1% 582.1 600.1 621.6 647.9 680.7

W ACC 14.1% 552.9 567.0 583.6 603.4 627.7

15.1% 528.9 540.1 553.1 568.4 586.8

16.1% 509.0 518.0 528.3 540.3 554.5

15.0% 8.5% 6.5% 0.70 13.1% 6.5% 33.6% 4.3% 12.0% 3923.3 28286.5 32209.8

15.0% 8.2% 6.8% 1.00 15.0% 9.0% 35.0% 5.9% 10.0% 14.1% 3.0% 5157.1 46523.1 6.0 21100.7

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FINANCIALS
FY 10 FY 11 40,191.9 47,550.5 (25,422.1) (25,827.1) (2,901.9) (2,641.2) (7,371.1) (7,363.3) (35,695.1) (35,831.7) 4,496.8 (1,409.3) 3,087.5 1,130.1 (306.2) 3,911.4 (1,346.6) 2,564.9 (20.3) 0.1 2,544.7 11,718.9 (1,464.0) 10,254.8 1,012.0 (137.9) 11,128.9 (3,630.8) 7,498.1 (4.4) 0.0 7,493.7 Gujarat State Fertilizers & Chemicals Ltd FY 12E FY 13E Cash Flow Statement (Rs Mn) 50,979.7 53,810.7 Net Profit Add: Dep. & Amortization (28,038.9) (30,672.1) Cash Profit (3,565.6) (4,100.5) (8,054.8) (8,502.1) (Inc) / Dec in (39,659.3) (43,274.7) Sundry Debtors Inventories 11,320.4 10,536.0 Loans & Advances (1,587.5) (1,760.3) Sundry Creditors 9,733.0 8,775.7 Others 906.2 811.5 Change in Working Capital (99.7) (199.4) CF from Operating Activities 10,539.4 (3,404.2) 7,135.2 0.0 0.0 7,135.2 9,387.7 (3,032.2) 6,355.5 0.0 0.0 6,355.5 CF from Investing Activities CF from Financing Activities Cash Generated (Utilised) Cash at the start of year Cash at the end of year Ratios OPM NPM Tax Rate Growth Ratio Net Sales Operating Profit PAT Per Share Earning Per Share (EPS) Cash Earnings (CPS) Dividend Book Value Free Cash flow Valuation Ratios P/E (x) P/B (x) EV / Sales EV / EBIDTA Div. Yield (%) FCF Yield (%) Return Ratios (%) ROE ROCE FY 10 2,544.7 1,409.3 3,954.0 FY 11 7,493.7 1,464.0 8,957.7

GSFC Ltd.

Profit & Loss (Rs Mn) Net Sales Raw Materials Employee Cost Other Expenses Cost of Sales Operating Profit Depreciation PBIT Other Income Interest Profit Before Tax Provision for Tax PAT Minority Interest Extraordinary Items Reported PAT Balance Sheet (Rs Mn) Equity Capital Reserves Net Worth Def. Tax Lib + Def. Tax Assets Secured Loan Unsecured Loan Total Debt Capital Employed Gross Block Accumulated Depreciation Net Block Capital WIP Total Fixed Assets Goodwill Investments Inventories Sundry debtors Cash & bank Loans & advances and Other CA Sundry creditors Other Liabi. Provisions Working Capital Deffered Tax Misc. Expense Capital Deployed

FY 12E 7,135.2 1,587.5 8,722.7

FY 13E 6,355.5 1,760.3 8,115.9

(1,409.0) 1,344.9 (6,121.7) (455.8) (391.6) (7,033.2) (3,079.1) 300.5 3,298.9 520.2 381.4 901.6 FY 10 11.2 6.3 (34.4)

(2,665.3) 463.1 6,246.7 1,027.9 (794.9) 4,277.6 13,235.3 (4,655.1) (3,317.0) 5,263.2 601.2 5,864.4 FY 11 24.6 15.8 (32.6)

500.8 (1,615.0) (279.4) (194.8) 368.9 (1,219.4) 7,503.3 (987.9) (1,300.5) 5,214.8 6,126.7 11,341.5 FY 12E 22.2 14.0 (32.3)

(465.4) (403.3) (321.3) 250.4 405.8 (533.7) 7,582.1 (4,200.0) (700.5) 2,681.6 11,341.5 14,023.1 FY 13E 19.6 11.8 (32.3)

FY 10 FY 11 FY 12E FY 13E 797.0 797.0 797.0 797.0 20,644.3 27,489.6 33,924.3 39,579.3 21,441.2 28,286.5 34,721.2 40,376.2 1,497.0 1,747.5 5,128.3 6,875.8 29,814.1 2,043.3 980.8 2,942.5 3,923.3 34,253.1 2,043.3 980.8 2,342.5 3,323.3 40,087.8 2,043.3 980.8 2,342.5 3,323.3 45,742.8

(31.7) (47.1) (49.0)

18.3 160.6 194.5

7.2 (3.4) (4.8)

5.6 (6.9) (10.9)

32,316.0 35,572.4 38,572.4 42,772.4 (21,501.1) (22,959.5) (24,547.0) (26,307.4) 10,814.8 12,612.9 14,025.4 16,465.0 1,819.0 3,212.1 1,200.0 1,200.0 12,633.8 15,824.9 15,225.4 17,665.0 0.0 4,249.8 6,111.0 6,215.8 601.2 8,109.1 (3,622.4) (594.8) (3,889.4) 12,930.4 0.0 0.0 29,814.1 0.0 4,249.8 5,647.9 8,881.0 6,126.7 1,862.4 (4,650.3) (733.5) (2,955.8) 14,178.4 0.0 0.0 34,253.1 0.0 4,249.8 7,262.9 8,380.2 11,341.5 2,141.7 (4,455.5) (806.9) (3,251.4) 20,612.6 0.0 0.0 40,087.8 0.0 4,249.8 7,666.2 8,845.6 14,023.1 2,463.0 (4,705.9) (887.5) (3,576.5) 23,828.0 0.0 0.0 45,742.8

31.9 49.6 4.5 269.0 (34.9)

94.0 112.4 7.0 354.9 107.7

89.5 109.5 7.5 435.7 81.8

79.7 101.8 7.5 506.6 42.4

7.0 0.8 0.6 5.3 2.0 -15.7

3.7 1.0 0.5 2.1 2.0 31.4

4.3 0.9 0.4 2.0 1.9 21.1

4.9 0.8 0.4 1.9 1.9 11.0

12.5 17.6

30.1 36.6

22.6 30.5

16.9 24.6

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Disclaimer This document has been prepared and compiled from reliable sources. While utmost care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the Company nor any of its Directors, Officers or Employees shall in any way be responsible for the contents. The Company, its Directors, Officers or Employees may have a position or may otherwise be interested in the investment referred in this document. This is not an offer or solicitation to buy, sell or dispose off any securities mentioned in this document. For Further details Contact Mr. Milind Karmarkar Mr. Chirag Shah Ms. Hiral Sanghvi Mr. Kunal Bhatia Mr. Lalitabh Shrivastawa Mr. Ashutosh Garud, CFA Ms. Purvi Shah Mr. Apurva Shah Email ID milind.karmarkar@dalal-broacha.com chirag.shah@dalal-broacha.com hiral.sanghvi@dalal-broacha.com kunal.bhatia@dalal-broacha.com lalitabh.s@dalal-broacha.com ashutosh.garud@dalal-broacha.com purvi.shah@dalal-broacha.com apurva.shah@dalal-broacha.com Contact No. 022 67141445 022 67141447 022 67141444 022 67141442 022 67141450 022 67141448 022 67141446 022 67141449 Sector Head Research Head Equity Sales IT, Retail Auto, Auto Ancillary, FMCG Banking & NBFCs Capital goods Pharma Agrochemicals, Fertilizers Fax:

Address :- 508, Maker Chambers V, 221 Nariman Point, Mumbai 400 021 Tel: 91-22- 2282 2992, 2287 6173, (D) 6630 8667 91-22-2287 0092