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ITD Cementation India Ltd. Initiating Coverage - JM Financial

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For Private Clients
JMFS Research
ITD Cementation Ltd.
20 March 2019
Current Reco :
BUY
CMP :
132.00
TP:
165.00
Upside:
25%
KEY DATA
Shares Outstanding (Cr)
17.20
ITD Cementation (ITDC) is at an inflection point, to drive topline growth based on its
diversified strategy to grow in sectors such as marine, transport, airport and water projects.
Its recent strong order wins, improving balance sheet and rebounding / stable EBITDA
margins would lead to an increase in the bottom line and better return ratios. The strong
order backlog that is well diversified across various segments and strong inflows are
expected to drive revenue and PAT CAGR of 23% and 25%, respectively, over FY19-FY21E. We
initiate coverage on the company with a price target of `165 based on 15x FY21e earnings.
CMP (INR)
132
Strong MNC parentage
Target Price (INR)
165
ITDC is one of the few construction companies with an MNC parentage with rich expertise in MRTS,
airports, marine structures, micro-tunneling and specialised projects. This helps it in gaining prequalification for large and complex EPC projects. Also access to the technologies and know-how,
skilled personnel and international design organisations through the parent company give ITDC an
edge in superior project execution.
Market Cap. (INR Cr)
2,270
52-W High/Low (INR)
177/97
Major Shareholders (as of Sep'17)
Promoter
46.64
Institutional Holding
32.60
Public & Others
20.77
Avg. Daily Turnover(3 months)
NSE Volume (000)
56.50
Source: Company, JMFS Research
Relative Price Performance
115.0
110.0
105.0
100.0
95.0
90.0
Strong order-book accretion
A major civil construction operator in urban infra, marine and specialised projects, ITDC has a
strong execution track record. Its order book, of ~`95bn on Dec’19 (3.8x TTM consol. revenue),
provides strong revenue assurance over the next three years. Also, it has L1 status for projects of
~`5bn, which should get converted into finalised orders in coming few months.
Balance sheet and profitability to improve
All of its past NHAI dues have been settled and loss making legacy projects have been closed. The
proceeds from the QIP money have been utilised to reduce debt and for working-capital
requirement. The strong order inflows with relatively better margins and completion of old low
margin orders lead us to expect the consolidated EBITDA margins to remain strong in the range of
10.5-11.5% for the coming years and return ratios to improve as well.
85.0
80.0
Valuations & Outlook:
75.0
70.0
Aug-18
Sep-18 Oct-18
Nov-18 Dec-18
ITD CEMENTATION INDIA LTD
Jan-19
Feb-19
NIFTY
Source: Company, JMFS Research
Rajiv Mehra
[email protected]
Tel: (+91 22) 67043210
We believe ITDC’s strong order backlog, deleveraging of its balance sheet and upcoming
opportunities in the infrastructure sector could improve its top and bottom line over upcoming
quarters. At the CMP, the stock trades at a PE of 12x and EV/EBITDA of 6x FY21e. We initiate
coverage with a BUY rating and a price target of 165, valuing the company at 15x FY21e EPS, in line
with multiples of its peers.
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Corporate Structure
Source: Company, JMFS Research
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Strong MNC Parentage Lineage
Italian-Thai Development Company Limited (“ITD”) acquired 80.4% from Skanska AB in 2004 and currently holds 46.64% in ITD
Cementation (India). Italian-Thai Development Company Limited is the largest construction company in Thailand and one of the largest
in south east Asia (~24% market share). This parentage makes it the only construction company with a sustained presence in India. It is
one of the few construction companies to conform to ISO standards “ISO 9001:2015, ISO 14001:2015 & OHSAS 18001:2007” for Quality
Management Systems, Occupational Health and Safety Management System and Environmental Management Systems.
This MNC parentage provides ITDC access to its parents international technologies and know-how as well skilled personnel. It also
provides the company with access to international design and engineering organizations. Geographic spread includes Bangladesh,
Cambodia, Laos, Indonesia, Myanmar, Philippines, Madagascar and Taiwan other than India providing ITDC with international exposure.
ITDC has a leadership position in marine construction, foundation and specialist works and significant presence in MRTS, Hydro / Dams
/ Tunnels / Irrigation and transportation segments.
The strong MNC parentage and many decades of experience in the Indian markets enables ITDC to have a strong clientele and good
work relationships. ITDC’s clients are largely well-established operators in the sector, and has developed strong long-term relationships
with them over the years.
They include:
Government: DMRC, RVNL, Kolkata Metro Rail Corporation, Bangalore Metro Rail Corporation, NHAI, Mazagaon Dock Ltd., Garden Reach
Shipbuilders, Airport Authority of India, Indian Railways, Mumbai Port Trust, Nagpur Metro Rail Corporation, Mumbai Metro Rail
Corporation, Nuclear Power Corporation, Inland Waterways of India, MMRDA and almost all State Governments and many more.
Private: Reliance Group, IHI Corporation, Nhava Sheva Gateway Terminal, Tata Power, PSA (Singapore), DP World, Adani Group, China
Kun Lun Contracting & Engineering Corporation, Jindal Steel, Samsung, Tata Power, L&T, Jindal Power, Mundra Port Trust, Tangedco,
Howe Engineering and many more.
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Strong Order Book
ITD Cementation is a diversified EPC service provider, offering turnkey infrastructure solutions in marine structures, industrial
structures, transportation, specialised engineering works, urban infrastructure, hydro tunnels, dams & irrigation, etc.
As of Dec’18-end, ITDC had a robust order book of ~`95.9bn (3.8x TTM consolidated revenue) and L1 status for projects worth
~`5bn in which execution is likely to pick up materially and flow into earnings over FY20-21E.
ITDC has already received order inflows of ~Rs.45bn as on Dec’18 and has a healthy order bid pipeline of ~Rs.150-180bn mainly in
the Marine (approx. Rs.45-50bn), Urban infra (approx. Rs.100bn) and Water segments (approx. Rs.30bn).
Exhibit 1: Strong Order backlog & Inflows
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Exhibit 2: Strong CAGR growth in backlog expected
5.0
14,000
12,000
4.1
3.7
3.1
3.0
4.0
3.6
8,000
3.0
2.5
2.1
10,000
2.0
6,000
4,000
2,000
0
CY14
Order Backlog
Source: Company, JMFS Research
Order Inflow
CY15
CY16
Order Backlog
Bill to Book Ratio (x)
CY17
15MFY19E FY20E
FY21E
Order Inflow
Source: Company, JMFS Research
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During the quarter, ITCD bagged orders worth ~INR 10bn for three projects: 1) Pune Airport, 2) Marine projects, and 3) track laying for
the Andheri-Dahisar project. Post December 2018, ITDC has won Kolkata Metro Railway work (underground construction) worth ~INR
469 mn.
The execution of its order book is progressing in full swing. Management believes that execution momentum will continue as work on
most of its key projects such as Mumbai Metro (35% work done), Bangalore Metro (50% work done), Nagpur Metro, Udangudi, Haldia
(40% work done), Vizag, Vizhinjam, Andaman and Dhamra Port projects are progressing as per schedule
For the Mumbai Metro project the company has achieved various milestones and expects significant contribution to flow from 3QFY20.
ITDC is executing tunneling of 5.5km stretch of which, it has completed ~50% (2.7km). Overall, ITD executed 35% of the project as on
Dec 2018. Initially it held 40% (INR.11.3bn) share in the JV, which was subsequently increased to 60% (INR 17bn) with TPL’s holding
maintained 40% share. ITDC management highlighted that payment from MMRC has been smooth and timely, as the project is JICA
funded.
However, in one of its key projects, Bangalore Metro, there is a possibility of lower margins, due to decline in order size (20% down) on a
significant decline in POQ estimates vs. actual. Management has indicated ~50% progress on this project. The scope of works (originally
worth ~ INR 24bn) is set to be slashed ~20% due to over-estimation of the bill of quantities. Management indicated due to this
unexpected contraction, margin recognition for the project would be less than previously envisaged. ITDC would be filing claims for
under-absorption of fixed costs on account of de-scoping.
ITDC’s order book is fairly diversified across various segments. The benefits of the technology assistance from its parent have led to
ITDC emerging as one of the major operators in these high technology segments. It is a leader in the marine sub-segment, which
accounts for ~34% of its order book, and also has a significant presence in the MRTS segment accounting for ~38% of its order book.
Exhibit 3: Segment breakup
Specialist
Works, 2%
Airport,
15%
Highways/Bridges,
1%
Urban
Infra/MRTS,
38%
Hydro/Dam
s/Tunnel,
34%
Marine,
10%
Source: Company, JMFS Research
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Completed & Ongoing execution
Source: Company, JMFS Research
6
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Healthy Order bid pipeline
ITD Cementation has a very healthy order bid pipeline for the near future comprising:
Marine.
• Seabird Phase III at Karwar (of ~INR 15bn), at Chhara port (a Shapoorji and HPCL Consortium)
• JNPT Phase 2 projects (of ~INR 20bn-25bn will come at the year-end)
• Ganga rejuvenation projects (of ~ INR 5bn-10bn).
Besides these, it’s also eyeing international opportunities in Sri Lanka (bid already submitted) and another marine project, in Myanmar
(with a big Indian business house). All-in-all, these represent a ~INR 45bn-50bn opportunity.
MRTS.
• Bengaluru Underground Metro-rail project 2 packages (to submit bid by March 2019)
• Delhi Metrorail Phase-IV management estimates 6-7 packages of ~`30bn-40bn each
• In near future Lucknow & Bhopal Metro extended work
Blasting and Tunnelling
•
Management has indicated six blasting and tunnelling opportunities, two each in Rishikesh and Bhutan and 3 in West Bengal.
Management pegs their cumulative value as a ~INR 100bn opportunity.
Water and Sewage.
•
Management said it has submitted bids for three sewage-treatment plants in Bombay (one each at Dharavi, Bandra and Worli) with
an operating period of ~14 years. The company has bid for these projects in a consortium with another partner (a French
conglomerate). The deal is such that ITDC will be responsible for the civil works (of ~ INR 25bn-30bn) while the partner would
provide technical and operational know-how. Management expects the bids to be opened by end April-May’19.
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Strong Financials & Balance Sheet
ITDC is poised for strong profitability going ahead on execution of its order book and with fresh orders coming in high growth margin
segments. The settlement with NHAI over old legacy road orders and recovery of its pending dues has provided the needed impetus to
balance-sheet health.
The QIP proceeds (Jan'18: INR 3.4bn) have been utilised to reduce working-capital debt, and to fortify its gearing— from 1.9x in CY13 to
0.6x in CY18.
ITDC focuses on pure EPC. With its asset-light approach, it has stayed away from bidding for BOT projects. It had experienced a slowdown
and restrained growth from CY12 due to stretched working capital because of prolonged delays and money being stuck with the NHAI
and in the Andhra Pradesh irrigation projects. Post settling its legacy issues and settlement with NHAI management has focused on
profitable order wins and executing the same. Its margin and profit trajectory have improved significantly over the last few years with
decline in debt levels
Exhibit 4: Revenue expected to post a CAGR 23% over FY19-FY21E
4,500
3,970
4,000
3,500
3,069
3,000
2,500
2,000
3,284
3,302
2,938
2,061
1,708
1,645
1,578
1,712
1,500
1,000
500
0
Source: Company, JMFS Research
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Exhibit 5: EBITDA to grow at CAGR 16% over FY19-FY21E
500
Exhibit 6: PAT to grow at CAGR of 25% over FY19-FY21E
17.0%
4.8%
200
11.1%
12.0%
439
11.6%
13.0%
394
7.1%
9.7%
200
271
5.3%
191
167
207
91
1.0%
Source: Company, JMFS Research
0.6%
23
22
5.0%
95
65
144
3.0%
1.0%
51
9
-1 .0 %
68
-
EBI TDA
1.3%
50 1.3%
5.0%
2.2%
163
143
9.0%
190
1.7%
100
364
4.4%
13.2%
150
2.1%
10.3%
300
100
4.4%
11.0%
13.2%
400
7.0%
EBI TDA M arg ins (% )
-69
-50
-100
-3 .0 %
- 4.0%
PAT
-5 .0 %
PAT Margin s (%)
Source: Company, JMFS Research
For CY18, revenue growth was a strong ~25% yoy. Lower other income (down ~52% yoy) and higher finance costs (up ~10% yoy)
mellowed growth in adj. earnings to ~26% yoy (to ~INR 1.2bn). Also although small but the associates recorded a ~INR 21mn profit
(after two straight quarters of losses) and subsidiaries saw a transfer of ~ INR 6mn losses to the minority owners.
Revenues from subsidiaries (largely the Bengaluru Metro-Rail project) substantially jumped, but margin recognition has yet not
commenced. Management intends to wait for a better sense of margins possible with the project before it starts margin recognition.
Following the likely pick-up in execution in high-growth segments, we expect the EBITDA margin to be stable going ahead between
10.5-11.5% in the next two years.
The better operating performance and low gearing would help the company improve its return ratios.
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Balance sheet strengthening to continue
Post the 1Q15MFY19 QIP, net debt had reduced to INR 1.5bn. ITDC has not availed the high cost project advance and instead has raised
working capital to execute projects. Gross debt is Rs.5bn. Management indicated that a large part of the debt is working-capital debt on
account of not drawing higher cost mobilization advances at its larger projects which lead to an increase in net debt up ~ INR 0.8bn QoQ to
~INR 5bn. Management has indicated a slight increase in debt, given the execution scale rising further. Nevertheless, it plan to maintain its
net-debt-to-equity between 0.5x-0.7x.
For the 12MFY19 ITDC has incurred ~INR 1.1bn capex and for FY20, it sees a capex level similar to FY19; however, a significant large order
constitutes a risk to this guidance. The NWC days are expected to be between 90-100 days. This may be on account of higher work-inprogress/inventory (increased in line with the scale of operations). Management does not expect any significant delay in payments as most
of its projects are multilateral agency funded.
Exhibit 7: Stable Return Ratios going ahead
Exhibit 8: Asset turns to improve
30.0
5.0
25.0
4.1
20.0
4.0
15.0
3.0
3.4
2.8
2.2
10.0
1.8
2.0
1.6
5.0
1.5
2.5
2.6
1.4
1.0
0.0
0.0
-5.0
-10.0
-15.0
ROE %
Asset Turns (x)
RONW %
Source: Company, JMFS Research
Source: Company, JMFS Research
Exhibit 9: Debt Equity & Interest coverage to improve
2.0
1.7
1.8
1.7
1.5
1.3
3.0
1.1
1.0
0.5 1.2
0.0
2.6
9.5
0.7
0.6
1.8
1.2
0.7
2.6
0.6
0.9
0.4
D/E (x)
0.2
0.5
3.6
3.1
2.6
2.1
1.6
1.1
0.6
0.1
Interest Coverage
Source: Company, JMFS Research
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Valuation & Recommendation
•
•
Initiate coverage with a Target Price of INR 165, offering potential upside of 25%.
PAT CAGR of 25%; driven by Revenue CAGR of 23%
Most of the projects undertaken by the company have started execution and should achieve strong growth momentum in coming 2-3
quarters, helping boost overall profitability. Execution in Mumbai Metro projects is strong, which should further support profitability
going forward. On the back of its strong order book, new orders accretion visibility and proven execution capabilities, ITDC is likely to
report strong revenue growth in the next two years.
Management remains confident of sustaining double-digit EBITDA margins and expects strong revenue growth. We have valued ITDC
in-line with peers, at 15x one-year forward. We believe that the ITDC’s valuation multiple should be higher, once order inflows pick up.
Other fundamental basis include (1) Improving order book, with further INR 180bn of bid pipeline in the near term, (2) revenues from
projects like Mumbai Metro / Bangalore Metro and Udangudi to start flowing from May/Jun’19 onwards and seeing big ramp up in
FY20E (3) No exposure to the capex intensive BOT segment.
We estimate that ITDC will deliver a revenue / PAT at about INR 39.7bn / INR 1.9bn for FY21E. We value ITDC at 15x its consolidated
FY21E EPS of INR 11, with a target price of INR 165 and recommend a BUY rating on the stock.
At 12x FY21E P/E, stock looks attractive.
11
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Peer Comparison
Company Name
CMP
(INR)
MCap
(INR Cr) FY19E
9,544
13.0
PE (x)
FY20E
12.4
FY21E
11.9
EV/EBITDA (x)
FY19E FY20E FY21E
6.2
5.3
5.1
DBL IN Equity
698
PNCL IN Equity
158
4,051
ITCE IN Equity
132
PSPPL IN Equity
Price/Book
FY19E FY20E FY21E
3.0
2.4
2.0
RoE (%)
FY19E FY20E FY21E
26.0
21.1
18.3
17.2
14.0
11.4
10.3
7.4
6.0
2.0
1.8
1.5
11.9
13.3
14.2
2,262
15.2
15.1
11.5
6.6
7.2
5.9
2.9
2,4
2.0
18.8
15.9
17.4
470
1,692
19.7
14.5
13.0
10.5
7.7
6.9
4.7
3.8
2.9
25.5
28.6
25.1
JMCP IN Equity
113
1,898
15.4
13.1
11.8
7.2
6.2
5.8
2.1
1.9
1.6
14.4
15.2
14.5
AHLU IN Equity
JKIL IN Equity
KNRC IN Equity
SADE IN Equity
NJCC IN Equity
348
174
255
240
105
2,330
1,316
3,579
4,109
6,316
18.1
7.8
16.8
17.6
11.1
14.5
6.4
16.4
15.6
10.3
12.2
5.4
15.4
13.8
9.2
9.7
3.5
9.6
12.2
5.7
7.9
3.0
8.9
10.0
5.1
6.7
2.7
7.6
8.7
4.7
3.1
0.8
2.6
2.0
1.3
2.6
0.7
2.3
1.8
1.2
2.1
0.6
2.0
1.6
1.1
18.3
10.7
16.8
12.0
12.8
19.3
11.8
14.8
11.9
12.3
19.1
12.4
13.8
12.2
12.4
Source: Company, Bloomberg, JMFS Research
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Financial snapshot – Income statement and Balance sheet
Income St at ement
(INR Crore)
Balance Sheet
Y/E March
CY16
CY17 15MFY19E
FY20E
FY21E
Y/E March
Net Sales
2,938
2,061
3,284
3,302
3,970
Shareholders’ Fund
-4.34%
-29.86%
59.39%
0.54%
20.22%
0
0
0
0
0
Tot al Revenue
2,938
Cost of Goods Sold/Op. Exp 1,955
2,061
1,086
3,284
1,935
3,302
1,873
3,970
2,251
Sales Growth
Other Operating Income
(INR Crore)
CY16
CY17 15MFY19E
FY20E
FY21E
552
617
761
904
1,093
16
16
17
17
17
537
602
744
887
1,076
Preference Share Capital
0
0
0
0
0
Minority Interest
0
0
0
0
0
334
447
510
550
600
-2
-3
0
0
0
Share Capital
Reserves & Surplus
Personnel Cost
222
257
411
413
496
Total Loans
Other Expenses
554
446
544
653
783
Def. Tax Liab. / Assets (-)
EBITDA
EBITDA Margin
207
7.06%
271
13.17%
394
12.01%
364
11.02%
439
11.06%
Tot al - Equit y & Liab.
Net Fixed Assets
884
385
1,061
462
1,271
483
1,454
508
1,693
500
EBITDA Growth
206.64%
30.96%
45.30%
-7.78%
20.73%
Gross Fixed Assets
714
883
983
1,083
1,150
46
58
79
75
75
0
0
0
0
0
161
214
315
289
364
364
421
500
575
650
Other Income
27
14
30
30
30
6
38
42
45
50
Finance Cost
89
88
122
110
120
Investments
1
1
0
0
0
PBT before Excep. & Forex
99
140
223
209
274
Current Assets
1,487
1,883
2,256
2,505
2,993
Excep. & Forex Inc./Loss(-)
0
0
0
0
0
Inventories
111
157
270
271
326
PBT
99
140
223
209
274
Sundry Debtors
215
240
405
407
489
Taxes
48
53
80
65
84
Cash & Bank Balances
163
111
106
126
177
Extraordinary Inc./Loss(-)
0
22
0
0
0
Loans & Advances
456
670
675
700
800
Assoc. Profit/Min. Int.(-)
0
-14
0
0
0
Other Current Assets
544
704
800
1,000
1,200
51
95
143
144
190
Current Liab. & Prov.
994
1,322
1,510
1,604
1,850
Adjust ed Net Profit
Net Margin
51
1.74%
95
4.60%
143
4.37%
144
4.35%
190
4.79%
Current Liabilities
965
1,287
1,475
1,569
1,815
29
35
35
35
35
Diluted Share Cap. (Cr)
15.52
15.52
17.20
17.20
17.20
Net Current Assets
493
560
746
901
1,143
Dilut ed EPS (Rs.)
3.3
6.1
8.3
8.4
11.1
Tot al – Asset s
884
1,061
1,271
1,454
1,693
Diluted EPS Growth
-20.82%
85.23%
36.46%
0.22%
32.29%
Total Dividend + Tax
0.0
0.0
1.2
1.2
1.2
Dividend Per Share (Rs)
0.0
0.0
0.1
0.1
0.1
Depn. & Amort.
EBIT
Reported Net Profit
Intangible Assets
Less: Depn. & Amort.
Capital WIP
Provisions & Others
Source: Company, JM FS Research
Source: Company, JM FS Research
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Financial snapshot – Cash Flow Statement, Dupont Analysis and Key Ratios
Cash Flow St at ement
Y/E March
(INR Crore)
CY16
CY17 15MFY19E
Dupont Analysis
FY20E
FY21E
Y/E March
CY16
CY17 15MFY19E
Net Margin
1.7%
4.6%
FY20E
FY21E
4.4%
4.4%
4.8%
Profit before Tax
99
140
223
209
274
Depn. & Amort.
46
58
79
75
75
Asset Turnover (x)
3.3
1.9
2.6
2.3
2.3
Net Interest Exp. / Inc. (-)
89
88
122
110
120
Leverage Factor (x)
1.6
1.7
1.7
1.6
1.5
-208
119
190
135
191
RoE
9.3%
15.4%
18.8%
15.9%
17.4%
0
-22
0
0
0
48
53
80
65
84
Key Rat ios
Operat ing Cash Flow
394
135
154
194
194
Y/E March
CY16
CY17 15MFY19E
FY20E
FY21E
Capex
-86
-167
-103
-103
-72
BV/Share (Rs.)
35.6
39.8
44.3
52.5
63.5
309
-32
51
91
122
ROIC
22.3%
22.5%
27.1%
21.8%
24.0%
Inc (-) / Dec in Investments
-1
0
1
0
0
ROE
9.3%
15.4%
18.8%
15.9%
17.4%
Others
0
0
0
0
0
Net Debt/Equity (x)
0.3
0.5
0.5
0.5
0.4
-86
0
-167
0
-103
2
-103
0
-72
0
P/E (x)
40.0
21.6
15.8
15.8
11.9
P/B (x)
3.7
3.3
3.0
2.5
2.1
0
0
-1
-1
-1
EV/EBITDA (x)
10.7
8.8
6.8
7.4
6.1
-240
113
63
40
50
EV/Sales (x)
0.8
1.2
0.8
0.8
0.7
-54
-133
-119
-110
-120
Debtor days
27
42
45
45
45
Financing Cash Flow
-294
-20
-56
-71
-71
Inventory days
14
28
30
30
30
Inc / Dec (-) in Cash
14
-52
-4
20
51
Creditor days
76
110
80
80
80
Opening Cash Balance
148
163
111
106
126
Closing Cash Balance
163
111
106
126
177
Inc (-) / Dec in WCap.
Others
Taxes Paid
Free Cash Flow
Invest ing Cash Flow
Inc / Dec (-) in Capital
Dividend + Tax thereon
Inc / Dec (-) in Loans
Others
Source: Company, JM FS Research
Source: Company, JM FS Research
14
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Annexure: Promoters & Key Management Professionals
Mr. Premchai Karnasuta: Chairman
Mr. Premchai Karnasuta is a Director and Chairman of the Company since 2004. He has more than three decades
of experience in the infrastructure construction industry.
Mr. Pathai Chakornbundit: Vice Chairman
He holds huge experience of more than four decades in the construction industry.
Mr. Adun Saraban: Managing Director
He holds a rich experience of more than three decades in Civil Engineering and Construction Project Management
and also brings in vast exposure to global best modern construction methodologies
Mr. Prasad Patwardhan: CFO
Mr. Prasad Patwardhan has been the Chief Financial Officer of ITD Cementation India Limited since July 16, 2017
and its Senior Executive Vice President.
15
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JM Financial Services Ltd. - Research Analyst
Corporate Identity Number: U67120MH1998PLC115415
Research Analyst - INH000001196 | NSE - Capital Market INB231054835 | Futures & Options INF231054835 | Currency Derivatives INE231054835 | BSE Cash Market INB011054831 | Equity Derivatives INF011054831 | MSEI - Equity INB261054838 | Equity Derivative INF261054838 | Currency Derivatives
INE261054835 | NSDL - IN-DP-NSDL-241-2004 | CDSL- IN-DP-CDSL-236-2004 | PMS - INP000000621 | AMFI - ARN0002
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