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 rajiv.mehra@jmfl.com 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. 1 For Private Clients JMFS Research Corporate Structure Source: Company, JMFS Research 2 For Private Clients JMFS Research 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. 3 For Private Clients JMFS Research 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 4 For Private Clients JMFS Research 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 5 For Private Clients JMFS Research Completed & Ongoing execution Source: Company, JMFS Research 6 For Private Clients JMFS Research 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. 2 For Private Clients JMFS Research 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 8 For Private Clients JMFS Research 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. 9 For Private Clients JMFS Research 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 10 For Private Clients JMFS Research 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 For Private Clients JMFS Research 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 12 For Private Clients JMFS Research 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 13 For Private Clients JMFS Research 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 For Private Clients JMFS Research 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 For Private Clients JMFS Research Research Analyst(s) Certification The Research Analyst(s), with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately reflect his or her or their personal views about all the issuers and their securities; and No part of his or her or their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research report. 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Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. 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 18