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IPO Review
October 25, 2016
Rating matrix
Varun Beverages
Rating
:
Price band | 440-445
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Issue Details
Issue Opens
26-Oct-16
Issue Closes
28-Oct-16
Leveraging strong brand name of PepsiCo…
QIB (%)
49.0
Non-Institutional (%)
15.0
Retail (%)
34.0
Varun Beverages (Varun) is the one of the largest franchisees for PepsiCo
globally (ex-US) in production and distribution of carbonated soft drinks
(CSDs) and non-carbonated beverages (NCBs) sold under trademarks
owned by PepsiCo. The company has been associated with PepsiCo since
1990 and has expanded its presence to 17 states and two union territories
in India, Nepal, Sri Lanka, Morocco, Mozambique and Zambia with an
estimated annual production capacity of 3,43.8 crore litre in India and 99.2
crore litre in international production facilities.
Minimum lot size (No. of shares)
33.0
Investment Rationale
Issue Size (| Crore)
1100-1112.5
Price Band (|)
440-445
Total no. of Shares on Offer (crore)
1.0
Fresh issue (crore)
1.5
Strong presence of PepsiCo brand in soft drink market
Objects of issue
Debt repayment
| 540 crore
Fresh issue proceeds
General corporate purposes
| 445 crore
| 128 crore
Shareholding Pattern
Promoter & promoter group
Pre-Issue
Post-Issue
86.4%
73.7%
Institutional
Non-institutional
0.0%
0.0%
13.7%
26.3%
Financial Summary
| Crore
Net sales
CY12
CY13
CY14
CY15
HYCY16
1,844.2
2,132.5
2,517.1
3,408.4
2,539.4
272.2
308.5
399.2
648.3
613.9
15.1
14.6
16.0
19.1
24.3
25.1
(39.5)
(20.2)
87.0
209.7
1.4
(2.2)
(1.1)
4.8
11.5
EBITDA
EBITDA margin (%)
Net profit
Diluted EPS
Valuation Summary (at | 445; upper price band)
(x)
P/E
CY12
CY13
CY14
CY15
322.5
NA
NA
93.0
4.5
3.8
3.2
2.4
35.9
32.7
25.6
15.2
Mcap/Sales
EV/EBITDA
PepsiCo is the second largest player after Coca Cola in India with 31.1%,
26.4% and 11.6% volume share in carbonates, juices and bottled water,
respectively, as of 2015 (Source: RHP). The carbonates and juice
segments are expected to grow at a volume CAGR of 7.8% and 21.5%,
respectively, in 2015-20E giving Varun a huge opportunity to increase its
distribution presence to grow in future. Varun contributed 44.1% to
PepsiCo’s total soft drinks volume sales in India in CY15.
Expansion through acquisition key for company
The company expanded its operations in India (mainly North and North
east India) through the acquisition of additional territories from PepsiCo in
the last few years. The presence of PepsiCo in the fastest growing
beverage markets, viz. India, Nepal, Morocco and Sri Lanka (source:
RHP), provides a strong volume growth outlook for the company.
Decline in interest cost
The company has a significant debt of | 2,138 crore on its books
(H1CY16), out of which | 600 crore is interest free (from PepsiCo). As per
the objects of the offer, the company plans to utilise ~| 540 crore of the
net proceeds towards prepayment and scheduled repayment, thus,
reducing its interest payout (to ~| 60-80 crore annually) and, in turn,
improving the profitability going forward.
Concerns
•
Uptrend in raw material prices
•
Higher GST on soft drinks may adversely affect company’s growth
•
Slowdown in CSDs market with change in consumers’ preference
Sanjay Manyal
[email protected]
•
Dependence on PepsiCo for brand promotion
Tejashwini Kumari
[email protected]
Varun beverage is available at 15.2x EV/EBITDA for CY15 at the upper end
of the price band of | 440-445. Leveraging the strong brand name of
PepsiCo and strong growth outlook of carbonates and juice segments
which are estimated to grow at a volume CAGR of 7.8% and 21.5% in
2015-2020E respectively, we believe Varun has a strong opportunity for
growing volume sales. We believe Varun is available at fair valuations
considering the market growth opportunity and strong brand name
associated with it. We recommend SUBSCRIBE on the IPO.
Research Analyst
ICICI Securities Ltd | Retail Equity Research
Huge market opportunity, strong brand association to drive volume
Company Background
Varun Beverage (Varun) is the one of the largest franchisees for PepsiCo
in the world (ex-US) for production and distribution of the carbonated soft
drinks (CSDs) and non-carbonated beverages (NCBs) sold under
trademarks owned by PepsiCo. The company has been associated with
PepsiCo since 1990 and has expanded its territories to 17 states (mainly
North and North East India) and two Union Territories in India, Nepal, Sri
Lanka, Morocco, Mozambique and Zambia. The company has a history of
improving the market share of PepsiCo in the territories in which it
operates, e.g. it has successfully grown the volume market share for
PepsiCo from 6% to 45% for Nepal and 9% to 52% for Sri Lanka post
acquisition of these territories. Additionally, it has increased its share of
PepsiCo’s total soft drinks volume sales in India from 26.5% in 2011 to
44.12% in 2015. Further, in anticipation of gaining the franchisee in
Zimbabwe, the company has undertaken a greenfield facility there which
will further add to the volumes of the company.
Currently, the company’s estimated annual production capacity is 343.8
crore litre (~to 60.6 crore unit cases) in India and 99.2 crore litre (~17.5
crore unit cases) in international production facilities. In India, the
company has 16 manufacturing facilities, including two production
facilities at Kosi, Uttar Pradesh and Guwahati, Assam and five
manufacturing units in international territories, which includes one
production facility in Sri Lanka. Additionally, the company has two
backward integrated facilities in Jaipur and Alwar, both in Rajasthan
which manufacture crowns, plastic shells, corrugated boxes, pads and
shrink wrap film.
The company has a 10-year agreement with PepsiCo with auto renewal. It
procures the concentrate from PepsiCo for which it pays ~22% of sales
(net taxes). However, it has to pay a 5% royalty for using the trademark
Lehar comprising Aquafina (bottled water) and Evervess (club soda).
Exhibit 1: Licensed products and respective territories
Licenced product
Pepsi
Seven-Up
Mountain Dew
Mirinda
Evervess
Tropicana Slice
Nimbooz
Tropicana Frutz
Aquafina
Territories
India, Nepal, Sri Lanka, Morocco, Zambia, Mozambique
India, Nepal, Sri Lanka, Morocco, Zambia, Mozambique
India, Nepal, Sri Lanka , Zambia
India, Nepal, Sri Lanka, Morocco, Zambia, Mozambique
India, Nepal, Sri Lanka, Zambia, Mozambique
India, Nepal
India
India, Sri Lanka
India and Sri Lanka
Source: RHP, ICICIdirect.com Research
Exhibit 2: Financial Summary
(| Crore)
Total Revenue
EBITDA
EBITDA Margin (%)
Depreciation
Interest
Total Tax
Net profit
Diluted EPS (post issue)
CY12
1,844.2
272.2
15.1
135.8
115.6
(4.3)
25.1
1.4
CY13
2,132.5
308.5
14.6
184.4
169.7
(5.2)
(39.5)
(2.2)
CY14
2,517.1
399.2
16.0
210.1
185.4
24.8
(20.2)
(1.1)
CY15
3,408.4
648.3
19.1
317.4
168.8
76.6
87.0
4.8
HYCY16
2,539.4
613.9
24.3
189.5
111.2
99.7
209.7
11.5
CY16
3,794.5
732.3
19.4
371.8
153.7
68.3
138.6
7.6
Source: RHP, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 2
Investment Rationale
Strong presence of PepsiCo brand in soft drink market
PepsiCo is the second largest player after Coca Cola in India with 31.1%,
26.4% and 11.6% volume share in carbonates, juices and bottled water,
respectively. In value terms, it has 33.2%, 24.2% and 10.8% market share
in the carbonates, juices and bottled water market, respectively.
The total carbonates segment grew at a CAGR of 10.7% by volume in
2010-15 and is expected to grow at a CAGR of 7.8% in 2015-20E (source:
RHP). Additionally, North India is expected to deliver highest volume and
value growth of 8.6% and 10.9% in 2015-20P, providing the company
strong growth potential as it has a strong presence in the region post
acquisition in 2015.
With rising health consciousness and changing food habits, the juice
segment has grown at a faster rate than carbonates at a volume CAGR of
21.6% and value CAGR of 26.3% in 2010-15 (Source: RHP). The segment
is further expected to grow at a volume CAGR of 21.5% and value CAGR
of 26.0% in 2015-20E. Additionally, growing health consciousness has
also driven the bottled water segment strongly at a volume CAGR of
25.4% and value CAGR of 31.2% in 2010-15.
The strong foothold of PepsiCo brand in these segments with a strong
growth outlook and Varun’s increasing contribution to PepsiCo’s total soft
drinks volume sales in India (44.1% in CY15 from 26.5% in CY11),
provides the company a strong potential to increase volumes through
increasing penetration.
Exhibit 3: Market share details in India for CY15 (%)
Carbonates
The Coca Cola Co
Sprite
Thums Up
Coca-Cola
Limca
Fanta
PepsiCo Inc
Pepsi
7-Up
Mountain Dew
Mirinda
Evervess
Others
Packaged juices
Maaza (The Coca-Cola Co)
PepsiCo Inc
Slice
Tropicana
Frooti (Parle Agro Pvt Ltd)
Réal (Dabur India Ltd)
Others
Bottled water
Bisleri (Parle Bisleri Ltd)
Kinley (The Coca-Cola Co)
Aquafina (PepsiCo Inc)
Others
Volume
Value
56.5
18.0
16.0
8.4
8.3
5.8
31.1
12.4
6.0
5.8
5.7
1.2
12.4
58.7
20.0
15.7
8.8
9.0
5.2
33.2
13.7
5.8
7.1
5.4
1.2
8.1
30.1
26.4
20.9
5.5
15.1
8.4
20.0
22.3
24.2
15.3
8.9
12.1
13.6
27.8
25.3
13.0
11.6
50.1
25.8
17.9
10.8
45.5
Source: RHP, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 3
Expansion through acquisition key for company
The company has expanded its operations in India (mainly North and
North east India) through the acquisition of additional territories from
PepsiCo in the last few years. Till February 2015, the licensed subterritories in India included Delhi, Rajasthan, West Bengal, Goa, Arunachal
Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and
certain designated parts of Madhya Pradesh, Uttar Pradesh (UP),
Uttarakhand, Haryana and Maharashtra. With effect from February 28,
2015, the company successfully acquired franchises for Punjab, Himachal
Pradesh, Chandigarh and the remaining parts of Haryana, Uttarakhand
and UP. The acquisition of these franchisees resulted in a significant
increase in sales volumes for the company resulting in an increase in its
share from 26.5% in 2011 to 44.12% in 2015 to PepsiCo’s total soft drinks
volume sales in India. Also, the company is in the process of setting up a
greenfield facility in Zimbabwe in anticipation of franchise rights being
granted by PepsiCo.
Presence of PepsiCo in fastest growing beverage markets, viz. India,
Nepal, Morocco, Sri Lanka (source: RHP), gives Varun a huge opportunity
to penetrate newer markets that would be a key driver for volume growth.
Exhibit 4: Contribution of various territories in revenue (CY15)
Sri Lanka
4%
Morocco
6%
Nepal
7%
India
83%
Source: RHP, ICICIdirect.com Research
Benign raw material prices aiding margins
Raw materials constitute the major cost for the company and include
primarily concentrate, sugar and packaging materials. Concentrates,
which form the major contributor of raw material cost, have witnessed a
decline of 244 bps from 15.6% in CY10 to 13.2% in CY15 of sales. Sugar
cost as a percentage of sales has also declined substantially from 15.3%
in CY10 to 11.1% in CY15 given stable sugar prices during 2011 and 2015.
Though sugar prices have seen a sharp increase in the last six months,
we expect prices to remain benign considering six to seven months sugar
inventories in the system.
ICICI Securities Ltd | Retail Equity Research
Page 4
Exhibit 5: Sugar price trend (| per kg)
Exhibit 6: Declining raw material trend (% of net sales)
45
20.0
40
15.0
35
30
10.0
25
5.0
0.0
Jul-16
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
20
CY12
CY13
Concentrate
Source: RHP, ICICIdirect.com Research
CY14
Sugar
Pet chips
CY15
Others
Source: RHP, ICICIdirect.com Research
Strategically located production units and integrated distribution network
The company’s production facilities across India are strategically located
to serve the various target markets at a lower transportation and
distribution expenses enabling it to leverage economies of scale.
Currently, the company’s estimated annual production capacity is 343.8
crore litre (~to 60.6 crore unit cases) in India and 99.2 crore litre (~17.5
crore unit cases) in international production facilities. The capacity along
with proximity to market and well connected distribution network of 57
depots and 1,389 delivery vehicles in India and six depots and 342
delivery vehicles in international territories, provide the company the
benefits of a) effective market penetration and b) effectively responding to
competitive pressure and consumer demand in short time. Further, in
India, Varun has 578 primary distributors, 1,600 self owned trucks and
4,500 visi coolers at the retailer’s end.
Decline in interest cost
The company has a significant debt of | 2,138 crore on its books
(H1CY16), out of which | 600 crore is interest free (from PepsiCo). As per
the objects of offer, the company plans to utilise ~| 540 crore of the net
proceeds towards the prepayment and scheduled repayment. This would
help the company reduce its interest payout by ~| 60-80 crore annually
(considering repayment of | 540 crore), which will directly add to the
profitability of the company.
Additionally, the company is expected to incur average capex of | 200
crore annually expand in newer territories and it would also incur a
maintenance capex of | 100 crore, which would be written off from the
P&L. The company is currently operating at a capacity utilisation of 67%
and does not expect to incur any major capex in the next two or three
years. Thus, with no new significant capex planned, the company would
be further able to pay debt from the internal cash flow.
ICICI Securities Ltd | Retail Equity Research
Page 5
Exhibit 7: Revenue trend (| crore)
4,000.0
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
-
Exhibit 8: EBITDA margin trend (%)
3,394.1
1,800.0
2,115.1
60.0
56.7
55.0
50.6
47.4
50.0
2,529.7
2,502.4
57.1
40.0
30.0
20.0
15.1
14.6
16.0
CY12
CY13
CY14
24.3
19.1
10.0
CY12
CY13
CY14
CY15
HYCY16
Net revenue (| crore)
Total Raw material (% of net sales)
CY15
HYCY16
EBITDA Margin (%)
Source: RHP, ICICIdirect.com Research
Source: RHP, ICICIdirect.com Research
Soft drink industry
The soft drinks market which comprises of carbonated soft drinks, juices
and bottled water, is still underdeveloped in India in terms of per capita
consumption of 9.4 litre in 2015, compared to the world average of 91.9
litre (US market - 347.3 litre). It has grown at a volume CAGR of 17.9%
and a value CAGR of 18.7% in 2010-15 to 1,208 crore litre and | 52,400
crore, respectively. It is further expected to grow to 2513.1 crore litre
(| 117,600 crore) by 2020PE at a volume CAGR of 15.8% and value CAGR
of 17.5% over 2015-20E (source: RHP).
Exhibit 9: Market share of cheese category in 2015 (%)
3000
140000
2500
120000
100000
2000
80000
1500
60000
1000
40000
500
20000
0
0
2010
2011
2012
2013
2014
2015
2016P 2017P 2018P 2019P 2020P
Volume (crore litre)
Value (| crore)
Source: RHP, ICICIdirect.com Research
Exhibit 10: Growth projection (region-wise)
West India
North India
South India
East and Northeast India
Volume
(crore litre)
418.4
410.4
274.4
104.9
value
(| million)
18088.5
18200.4
11864.1
4280.0
Share (%)
CAGR (%) 2015-2020P
Volume value Volume
value
3.5
3.5
15.4
17.6
3.4
3.5
16.4
18.2
2.3
2.3
15.8
16.7
0.9
0.8
14.7
16.9
Source: RHP, ICICIdirect.com Research
The total sale of carbonates grew at a CAGR of 10.7% and 12.5% by
volume and value was to 457.8 crore litre and | 25,100 crore,
respectively. The segment is estimated to grow at a volume CAGR of
7.8% in 2015-20E led by a) increase in per capita income in rural and
semi-urban consumers, b) changing preferences of consumers coupled
with affordable pricing (in different SKUs).
ICICI Securities Ltd | Retail Equity Research
Page 6
With rising health consciousness and changing food habits, the juice
segment has grown at a faster rate than carbonates at a volume CAGR of
21.6% and value CAGR of 26.3% in 2010-15. The segment is further
expected to grow at a volume CAGR of 21.5% and value CAGR of 26.0%
in 2015-20E. Additionally, growing health consciousness has also driven
the bottled water segment strongly at a volume CAGR of 25.4% and value
CAGR of 31.2% in 2010-15.
ICICI Securities Ltd | Retail Equity Research
Page 7
Key risks and concerns
Uptrend in raw material prices
Raw materials constitute 50-57% of the cost for the company. Key raw
materials are concentrates, sugar and packaging material. The company
procures concentrates from PepsiCo and the price of the same may be
impacted by any change in global demand supply environment.
Additionally, the company procures sugar and packaging materials locally
(pre-approved by PepsiCo) for which it does not enter into any long term
supply contract. Further, the company has very limited pricing power.
Hence, any fluctuation in prices may put pressure on the company’s
profitability as it would be unable to pass on higher prices to customers.
Higher GST on soft drinks may adversely affect company’s growth
The existing excise duty and VAT on soft drinks in India comes to ~30%.
If the segment is placed in the tax slab of 40% (along with tobacco), it will
lead to price hikes of ~10%, which could result in decline in consumer
purchase. Being a volume driven industry, any such decline in demand
could dampen the financials on the company.
Slowdown in CSDs market with change in consumers’ preference
Consumers are nowadays more concerned about the health problems
caused by sugar sweetened products including CSDs. CSDs contributed
81.7% and 83.5% to the total volume of the company in FY15 and FY14,
respectively. Increasing public concern about obesity, additional
governmental regulations concerning the marketing, labelling, packaging
or sale of sugar-sweetened beverages may adversely affect the
profitability of the company.
Dependence on PepsiCo for brand promotion
The company is currently dependent on PepsiCo for all brand promotion
activities. The company makes no contribution to the cost of the same in
India. However, in future, they could be asked to share such expenses as
PepsiCo is under no obligation to make such contribution or maintain
historical levels of funding in future. Any such additional expense may put
the company’s profitability under pressure. Additionally, the ability of the
company to expand the product portfolio and promotion of the same is
dependent on PepsiCo. Any reduction in marketing efforts or slowdown
in product innovation by PepsiCo could lead to pressure on the company
as it may be unable to compete in the markets with other players.
ICICI Securities Ltd | Retail Equity Research
Page 8
Valuation
Varun Beverages is available at 15.2x EV/EBITDA for CY15 at the upper
end of the price band of | 440-445. Leveraging the strong brand name of
PepsiCo and the strong growth outlook of the carbonates and juice
segments, it is estimated to grow at a volume CAGR of 7.8% and 21.5%
in 2015-2020E. We believe Varun has a huge opportunity to penetrate in
newer regions, which will help the company drive volume sales.
Additionally, the company has expanded its operations in India (mainly
North and North east India) through the acquisition of additional
territories from PepsiCo in the last few years, resulting in a significant
increase in sales volumes for the company. Hence, it is able to enjoy the
benefit of economies of scale. Further, with the repayment of debt to an
extent of | 540 crore, the company will be able to save ~| 60-80 crore
annually, which will aid profitability. We believe Varun is available at fair
valuations considering the market growth opportunity and strong brand
name associated with it. We recommend SUBSCRIBE on the IPO.
Exhibit 11: Peer valuation (FY15)
Varun Beverage
Coca Cola consolidated*
FEMSA**
EBITDA margin
P/E
Mcap/Sales
EV/EBITDA
19.1%
93.0
2.4
15.2
12.9%
RoE
4.3%
27.6
0.6
10.9
27.7%
14.7%
33.7
1.7
12.6
10.7%
Source: RHP, ICICIdirect.com Research; * Bloomberg estimates, ** Fomento Económico Mexicano, S.A.B. de C.V
ICICI Securities Ltd | Retail Equity Research
Page 9
Financial Summary
Exhibit 12: Profit and Loss Statement (Consolidated)
(Rs Crore)
Net revenue
Other income
Total Revenue
Cost of raw material consumed
Employee benefits expense
Other expenses
Total Operating Expenditure
EBITDA
Interest
Depreciation
PBT
Total Tax
Net profit before minority interest
Share of profit in associate
Minority interest
Net profit
CY12
1,800.0
44.2
1,844.2
1,027.8
152.4
391.7
1,572.0
272.2
115.6
135.8
20.8
(4.3)
25.1
0.0
25.1
CY13
2,115.1
17.4
2,132.5
1,199.2
183.0
441.8
1,824.0
308.5
169.7
184.4
(45.6)
(5.2)
(40.4)
0.8
(0.0)
(39.5)
CY14
2,502.4
14.7
2,517.1
1,376.1
216.8
525.0
2,117.9
399.2
185.4
210.1
3.8
24.8
(21.0)
0.9
(20.2)
CY15
3,394.1
14.3
3,408.4
1,716.5
323.8
719.9
2,760.1
648.3
168.8
317.4
162.1
76.6
85.5
1.5
87.0
HYCY16
2,529.7
9.7
2,539.4
1,197.8
210.8
516.8
1,925.5
613.9
111.2
189.5
313.2
99.7
213.4
1.5
5.2
209.7
Source: RHP, ICICIdirect.com Research
Exhibit 13: Balance Sheet (Consolidated)
(Rs Crore)
Share Capital
Reserve & Surplus
Total Shareholders funds
Share application money pending
Minority Interest
Long term borrowings
Deferred tax liabilities
Other long term liabilities
Long term provisions
Total non-current liabilities
Short term borrowings
Creditors
Other current liabilities
Short term provisions
Total current liabilities
Total liabilities
CY12
26.8
144.9
171.6
0.0
1,362.8
71.1
35.2
13.8
1,483.0
338.4
90.7
463.3
6.5
898.8
2553.5
CY13
133.8
41.6
175.4
40.0
0.0
1,695.2
60.0
31.4
17.6
1,804.2
337.6
139.2
482.9
6.3
966.0
2985.6
CY14
333.8
9.3
343.1
1,630.2
77.8
11.1
25.9
1,745.0
508.5
180.6
496.7
17.6
1,203.5
3291.6
CY15
583.8
88.5
672.3
1,579.5
148.4
636.3
44.0
2,408.2
252.4
184.6
879.8
37.4
1,354.2
4434.7
HYCY16
585.7
325.8
911.5
0.0
1,837.5
226.3
315.1
53.3
2,432.2
300.4
329.7
1,240.7
78.1
1,949.0
5292.7
Fixed assets
Goodwill
Non-current investments
Long term loans & advances
Other non-current assets
Total non-current assets
Current investment
Inventory
Debtors
Cash & bank balances
Short term loans & advances
Other current assets
Total current assets
Total assets
1,892.6
9.5
0.0
64.4
2.5
66.9
0.0
230.6
90.7
38.4
219.8
5.0
584.4
2553.5
2,392.5
9.5
0.9
36.9
2.1
39.9
0.0
246.4
65.2
50.9
170.9
10.2
543.6
2985.6
2,370.1
9.5
1.8
44.6
6.8
53.1
302.0
289.3
97.3
34.4
125.1
10.8
858.9
3291.6
3,527.5
9.5
3.3
119.0
5.0
127.2
0.0
424.7
97.9
58.1
180.4
9.4
770.4
4434.7
3,820.6
236.7
4.8
184.6
5.3
194.6
0.0
559.2
147.9
115.5
202.4
15.9
1,040.8
5292.7
Source: RHP, ICICIdirect.com Research
ICICI Securities Ltd | Retail Equity Research
Page 10
RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns
ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.
Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;
Pankaj Pandey
Head – Research
[email protected]
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
[email protected]
ICICI Securities Ltd | Retail Equity Research
Page 11
ANALYST CERTIFICATION
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research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific
recommendation(s) or view(s) in this report.
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Page 12