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MSFL Research
Fertilizers Q3FY13 Preview
Fertilizer Volumes Qtrly
Q3FY13 DAP Manf DAP Impt Complex Manf Complex Impt 516.2 1521.6 1297.0 422.9 Q3FY12 730.0 2134.8 1951.3 898.7 y-o-y -29% -29% -34% -53%

Raw material availability to hold the key going forward

A continuous rise in DAP & Complex fertilizer prices through FY12-FY13 (due to increase in raw material prices) and distorted subsidy policy of the government has resulted in demand destruction of non-urea fertilizers with DAP and Complex Apr-Dec12 consumption volumes declining by 23% & 14% respectively. In Q3FY13 volumes have declined by ~30%, consequently most companies are expected to report de-growth in bottom line for the quarter. The DAP imports have also taken a hit and with India ceasing any imports the global prices of DAP have declined to USD 480-490/mt (fob Tampa, India cfr equivalent USD 540-550/mt). In our opinion the prices of fertilizer stocks are likely to underperform in the near term and are likely to take cues from the governments fertilizer subsidy announcements under the NBS scheme. We are positive on Coromandel International & GSFC in the fertilizer space & United Phosphorus in the crop protection space with GSFC being our top pick in the 1sector. Expect subsidy to be neutral to marginally positive Distorted subsidy policy & rise in raw material prices has seen continuous rise in farm gate prices of Non urea fertilizers resulting in unfavorable Value/Cost ratio for farmers. With fiscal consolidation being the underlying of the recent policy changes the market is understandably nervous about subsidy under the NBS scheme. We expect subsidy to be either at similar or marginally higher than previous year. Our key arguments being, Govt. need for food procurement under the proposed food security bill may drive it to incentivize farmer for balanced nutrition & higher yield (current fertilizer consumption has resulted in nutrition deviating from its ideal NPK-4:2;1 ratio) and consideration for higher INR/USD as compared to previous year. Expect lower price realization vs. previous year for the year ahead With India sitting on a 3mln mt of fertilizer inventory and its reluctance to avail of the remaining shipments under the PhosChem contract and tap into the global trade has seen the DAP prices correct by ~10%. OCP has also set its Q1CY13 Phos acid contract price with India lower by USD 85/mt at USD 770/mt. While we can expect India to contract its Phosphate & Potash imports post subsidy announcement by the government we suspect the players will be vary of high volume commitments due to the presence of excessive inventory, unpredictable weather & fear of nutrient residue due to drought like conditions in some parts of the country. Hence we expect lower price realizations going forward and could see a pent up demand in FY14. Global crop protection to remain buoyed on South American demand We expect United Phosphorus to post 16% & 37% topline & bottomline growth in Q3FY13 bottomline driven by strong volume growth in Latin America & Rest of the World regions coupled with marginal price increase in some its key geographies. Our expectation of growth delivery is supported by the latest USDAs WASDE report & earnings commentary from MOSAIC & Monsanto.

Relative Performance %
1M BSE Sensex TATA Chem Chambal Coromandel GSFC United Phosphorus 3 8 1 (3) 2 14 3M 7 12 (1) (11) (10) 17 6M 17 16 (7) 2 (3) 14

Rahul Metkar rahul.metkar@msflibg.in (+ 91 22 4915 6415) Shraddha Kamdar shraddha.kamdar@msflibg.in (+91 281 3011809) January 21, 2013

Outlook Notwithstanding moderation in global price levels, RM availability to hold the key While hit in demand has had its desired results on global DAP & Phos acid prices, availability of key raw material like Phos Acid (read TIFFERT coming on stream) & Ammonia shall hold the key for profitability of non-urea manufacturers like Coromandel International & GSFC. In the absence, importers shall continue to have an upper hand on the manufacturers. We prefer GSFC & United Phosphorus.

Summary Financial (Q3FY13E)

` (mln) TATA Chem Chambal Coromandel GSFC Uni. Phos. Net Sales y-o-y q-o-q EBITDA y-o-y q-o-q PAT y-o-y q-o-q

38368 19272 20132 14522 22361

1% 8% -21% 12% 16%

-8% -18% -21% 3% 24%

5717 2065 2313 2035 3980

6% -4% -2% -21% 14%

-9% 6% -29% 0% 46%

2340 969 1449 1418 1543

5% -7% -14% -18% 37%

-9% -3% -38% -6% 29%

Institutional Business Group, MSFL

@p-sec, 306, Gresham Assurance House, 132, Mint Road, Fort, Mumbai 400 001 India Tel + 91 22 49156400 / 401 www.marwadionline.com
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MSFL Research
Phosphate market looking weak going into 2013 The global phosphate market is trading weak in the absence of Indian demand. Since India accounts for approximately 50% of the global trade of DAP, Indias stoppage of taking volumes under contracts has seen the DAP prices move down to USD 480-490/mt fob Tampa (which is equivalent to USD 540-550/mt cfr India). News reports indicate that total global DAP shipments to India during Apr-Nov12 were 5.34mln tonnes as compared to 5.31mln tonnes in the previous year. With domestic sales declining by 23% DAP importers have been asked to cease any procurement of DAP. Mosaic commented in its Q1FY13 th concall on 4 Jan13 that there are two more shipments to be delivered to India under the existing PhosChem contract and expected negotiations for the new season to begin only in Q2CY13 since they estimate the Indian inventory to be in the range of 2.9-3.1mln tonnes. With the Indian volumes drying up & no demand from other regions the prices of DAP have softened to ~USD 480/mt fob Tampa. Consequently, OCP has settled the Q4FY13 phos acid contract at USD 770/mt, a decline of USD 85/mt from the previous contract. Exhibit 1: DAP price trend (fob Tampa)
700 600 500 525 448 606 503 651 611 553 573 525 499

( USD/mt)

400 300 200 100 0

Aug-10

Aug-11

Aug-12

Jun-10

Jun-11

Jun-12

Source: Indexmundi

Post Canpotex deal Potash to see some direction The Chinese buyers settled the H1CY13 potash contracts with Canpotex (representing Mosaic, Potash and Agrium) at USD 400/mt cfr, a USD 70/mt reduction as compared to the previous year contract. Also, Canpotex volume commitments at 1ml tonnes for H1CY13 were meaningfully above the H1CY12 (0.5ml tonnes fixed plus 0.2ml tonnes optional). News reports suggest that post the Canpotex-Sinofert deal the Russian distributor BPC (representing Uralkali and Belaruskali) has settled with the Chinese buyers at same price and similarly higher volume commitments at 0.7ml tonnes fixed plus 0.3ml tonnes optional as compared to 0.4ml tonnes fixed plus 0.1ml tonnes optional in H1CY12. Mosaic expects India to settle potash contracts at a USD 20-30 /mt premium to Chinese buyers and hopes for the settlement to come through in Q1CY13. Pick in September monsoons fails to bring cheers to Rabi season The monsoon activity picked up in late august and helped reduce the overall rainfall deficiency to 7% in 2012 as opposed to ~20% recorded till the first half of August. However, a lower cumulative rainfall during the months of Oct-Dec12 (21% less than the LPA) has resulted in below normal sowing in the Rabi season. Rainfall and Sowing Condition as on 28 December, 2012 Rainfall in the four broad geographical divisions of the country during the above period was (-) 59% in North West India, (-) 29% in Central India, (-) 6% in South Peninsula and (-) 17% in East & North East India. 2
th

Dec-12

Dec-10

Dec-11

Oct-10

Oct-11

Apr-11

Feb-11

Feb-12

Apr-12

Oct-12

MSFL Research
Central Water Commission monitors 84 major reservoirs in the country which have a total live capacity of 154.42 BCM at Full Reservoir Level (FRL). Current live storage in these reservoirs as on th 27 December, 2012 was 91.43 BCM as against 98.85 BCM on 27.12.2011 and 85.78 BCM of normal storage (average storage of the last 10 years). Current years storage is 92% of the last year and 107% of the normal storage. However, major agricultural states such as Andhra Pradesh, Karnataka, Maharashtra & West Bengal have reported lower than normal storage levels. 542.26 lakh ha. Area has been sown under various Rabi crops upto 28.12.2012 as compared to average sown area of 547.01 lakh ha. Upto the corresponding period of previous years. Major decline (compared to average area) has been reported under Wheat (-4.0 lakh ha.) and Rice (-1.2 lakh ha.)

Exhibit 2: All India Crop situation Rabi (2012-2013) In Lakh Hectares Crop Name Wheat Rice Jowar Maize Barley Total Coarse Cereals Total Cereals Gram Lentis Peas Kulthi (Horse Gram) Urad Moong Lathyrus Others Total Pulses Total Foodgrains Rapeseed & Mustard Groundnut Safflower Sunflower Sesamum Linseed Others Total Oilseed All Crops Normal Area 282.62 44.99 44.99 11.36 6.57 62.92 390.53 80.57 14.46 7.15 2.36 7.46 6.40 5.46 3.61 127.46 518.00 62.80 8.97 3.05 10.26 2.56 4.03 0.00 91.56 609.55 Avg Area as on date 262.76 4.02 42.90 9.59 7.24 60.19 326.97 81.55 14.33 7.16 4.56 5.56 3.03 4.19 5.46 125.84 452.80 64.13 4.06 2.48 6.56 0.59 4.17 0.84 82.83 535.64 Area sown reported 28/12/2012 272.79 1.87 38.11 10.10 7.28 56.22 330.88 87.77 14.53 7.52 4.84 5.45 3.09 3.52 5.80 132.52 463.39 65.01 4.03 1.34 4.78 0.48 2.72 0.50 78.86 542.26 86.10 89.00 % of Normal 96.50 4.20 84.70 88.90 110.90 89.30 84.70 108.90 100.50 105.20 205.40 73.00 48.30 64.50 160.60 104.00 89.50 103.50 45.40 44.10 46.60 18.90 67.60 28/12/2011 276.81 3.02 36.85 10.35 7.28 55.16 334.99 85.77 14.77 8.02 4.87 7.43 3.48 4.08 5.73 134.14 469.13 63.83 3.87 1.87 3.37 0.42 3.91 0.61 77.88 547.01 Absolute change over Avg as on date 10.0 -2.2 -4.8 0.5 0.0 -4.0 3.9 6.2 0.2 0.4 0.3 -0.1 0.1 -0.7 0.3 6.7 10.6 0.9 0.0 -1.1 -1.8 -0.1 -1.4 -0.3 -4.0 6.6 Last Year -4.0 -1.2 1.3 -0.2 0.0 1.1 -4.1 2.0 -0.2 -0.5 0.0 -2.0 -0.4 -0.8 0.1 -1.6 -5.7 1.2 0.2 -0.5 1.4 0.1 -1.2 -0.1 1.0 -4.8

Source: Department of Agriculture and Cooperation, MSFL Research

MSFL Research
Dismal performance of Non-Urea fertilizers continues indicates rejection of prices by farmers Non urea fertilizer sales degrew by 34% in Q2FY13 compared to Q2FY12. Manufactured DAP and manufactured complex volumes degrew by 29% and 34% respectively, whereas imported DAP and imported complex volumes declined by 27% and 66% respectively. Increase in imported volumes for indigenous manufacturers of non urea fertilizers can be attributed to globally high prices of ammonia resulting from unplanned shutdowns taken by some major players like Maaden Phosphate Company (MPC) in the Middle East. Supply side issues with phosphoric acid still persists as players like GSFC, Coromandel International relied on trading DAP as opposed to manufacturing on their own. Exhibit 3: Sales of non urea fertilizers (in 000 tonnes) DAP Manufactured DAP Imported Complex Manufactured Complex Imported Total Q3FY13 516.16 1521.673 1296.977 422.826 3757.636 Q3FY12 730.037 2134.792 1951.291 898.657 5714.777 y-o-y -29% -29% -34% -53% -34% Q2FY13 790.969 1776.424 2001.07 1013.844 5582.307 q-o-q -35% -14% -35% -58% -33%

Source: Ministry of Agriculture, MSFL Research

Exhibit 4: Company wise sales of DAP Imported (tonnes) Company Chambal Fertilizers & Chemicals Coromandel International Greenstar Fertilizers GSFC IFFCO Indian Potash Ltd. Indo gulf KPR Fertilizers Ltd. Krishak Bharati Co-operative Mangalore Chemicals and Fertilizers Mosaic India (P) Ltd. Nagarjuna Fertilizers & Chemicals Paradeep Phosphates Ltd. Rashtriya Chemicals and Fertilizers Tata Chemicals Ltd Zuari Industries Ltd. Total
Source: Ministry of Agriculture, MSFL Research

Q3FY13 191,021 69,943 41,840 113,142 76,186 415,467 106,044 3,592 57,662 0 123,749 54,038 129,965 9,688 79,343 20,411 1,492,091

Q3FY12 136546 94609 35673 0 182759 931527 38040 18396 112276 26780 177996 59550 60038 0 66833 168343 2,109,366

y-o-y 40% -26% 17% NA -58% -55% 179% -80% -49% -100% -30% -9% 116% NA 19% -88% -29%

Q2FY13 245651 80013 56732 48601 72384 546753 39372 1078 31851 0 68833 165557 143165 20013 144574 95430 1,760,007

q-o-q -22% -13% -26% 133% 5% -24% 169% 233% 81% NA 80% -67% -9% -52% -45% -79% -15%

MSFL Research
Exhibit 5: Company wise sales of DAP Manufactured (tonnes) Company Coromandel Greenstar GSFC Hindalco IIFCO Mangalore Paradeep Phosphates Tata Chemicals Ltd. Zuari Industries Ltd. Total Q3FY13 20368 28513 0 42387 328076 16105 63770 16522 419 516160 Q3FY12 23294 46366 116339 59991 232495 21486 152785 63043 14238 730037 y-o-y -13% -39% -100% -29% 41% -25% -58% -74% -97% -29% Q2FY13 17217 43305 18251 58338 470551 36094 79172 42108 25933 790969 q-o-q 18% -34% -100% -27% -30% -55% -19% -61% -98% -35%

Source: Ministry of Agriculture, MSFL Research

Exhibit 6: Company wise sales of Complex manufactured (tonnes) Company Coromandel International Deepak Fertilizers & Petrochemicals Fertilizers and Chemicals Travancore Greenstar Fertilizers Limited Gujarat Narmada Valley Fertilizers Gujarat State Fertilizers & Chemicals IFFCO Madras Fertilizer Mangalore Chemicals and Fertilizers Paradeep Phosphates Rashtriya Chemicals and Fertilizers Tata Chemicals Zuari Holdings Total
Source: Ministry of Agriculture, MSFL Research

Q3FY13 211954 0 159583 31674 38351 122385 215270 30700 9296 118147 102744 194038 62666 1296808

Q3FY12 427560 42771 195889 46386 53250 66321 606703 23482 6357 114842 157157 120034 90539 1951291

y-o-y -50% -100% -19% -32% -28% 85% -65% 31% 46% 3% -35% 62% -31% -34%

Q2FY13 538491 0 180962 47626 48341 158153 432388 23446 11343 172658 167778 110463 109421 2001070

q-o-q -61% NA -12% -33% -21% -23% -50% 31% -18% -32% -39% 76% -43% -35%

In our Fertilizer Initiation note released on 25 Apr12 & two subsequent sector preview notes we have focused on establishing price elasticity of demand for non-urea fertilizers. In our opinion, the two most important factors that influence the demand for non-urea fertilizers, in that order, are the Value-to-Cost ratio of the fertilizer & the DAP-to-Urea price ratio. While the first ratio indicates the feasibility of usage of the non-urea fertilizer to a farmer the other ratio can be used as indicator of the possibility of the farming community considering a tradeoff between the two types of fertilizers although they are not exact substitutes. The consistent increase in farm gate prices of DAP & other complex fertilizers over the last 6 quarters has resulted in poor value to cost ratio for P & K fertilizers vis--vis urea inspite of a ~30% increase in MSP across agri-commodities. The result of dismal Value to Cost ratio is reflected in the YTD sales volume of DAP & Complex fertilizers which have recorded a 23% & 14% decline respectively. On the other hand urea sales volume has registered a minor growth which may be attributed to rather small quantities of urea being used for non-urea fertilizers.

th

MSFL Research
Exhibit 7: Marginal utility of fertilizers declining even after hike in MSPs Increase in yield/kg N 12 (paddy) Increase in yield /kg of Phosphorus 7 (paddy) Increase in yield per kg of Potash 5 (paddy) Increase in yield if N:P:K is added in 4:2:1 ratio 25 (paddy) Crop price (`/kg) 10.0 Crop price (`/kg) 10 Crop price (`/kg) 10 Crop price (`/kg) 10 FY11 Inc. in Cost Of Value/ value /Kg Urea Cost of nutrient (`/kg) 120.0 5.3 10.4 Inc. in Cost Of Value/ value/Kg DAP Cost of nutrient (`/kg) 70 10 3.2 Value /Cost 6.7 Value/ Cost 18.0 Inc. in Cost Of value/Kg Potash of nutrient (`/kg) 4.5 Weight Inc. in ed value/Kg Cost of nutrient (`/kg) 250 6.5 50 Crop price (`/kg) 10.8 Crop price (`/kg) 10.8 Crop price (`/kg) 10.8 Crop price (`/kg) 10.8 FY12 Inc. in Cost Of value/Kg Urea of nutrient (`/kg) 129.6 5.3 Inc. in value/Kg of nutrient 75.6 Inc. in value/Kg of nutrient 54 Inc. in value/Kg of nutrient 270 Cost Of DAP (`/kg) 15.5 Cost Of Potash (`/kg) 5.1 Weight ed cost (`/kg) 8.1 Value/ Cost 11.2 Value/ Cost 2.2 Value/ Cost 6.4 Value/ Cost 15.5 Crop price (`/kg) 12.5 Crop price (`/kg) 12.5 Crop price (`/kg) 12.5 Crop price (`/kg) 12.5 FY13* Inc. in Cost Of Value/ value/Kg Urea Cost of nutrient (`/kg) 150 5.3 12.9 Inc. in Cost Of Value/ value/Kg DAP Cost of nutrient (`/kg) 87.5 21.0 1.9 Inc. in Cost Of Value/ value/Kg Potash Cost of nutrient (`/kg) 62.5 12.5 3.0

Inc. in Weight Value/ value/Kg ed cost Cost of nutrient (`/kg) 312.5 8.1 13.8

Source: Ministry of Agriculture, FAO, MSFL Research *assumed farm gate prices for DAP at ` 21000/Mt and MOP at ` 12500/MT for FY13

Exhibit 8: YTD fertilizer sales volume 9MFY11 DAP Complex Urea Total DAP Imported DAP Manufactured Complex Imported Complex Manufactured
Source: Company, MSFL Research

9MFY12 7,651,426 8,034,899 21,947,915 37,634,240 4,985,450 2,665,976 2,138,766 5,896,133

Y-o-Y chg 13.30% 6.60% 50.60% 30.40% 24.60% -3.20% 130.10% -10.80%

9MFY13 5,887,874 6,906,735 22,069,513 34,864,122 3,959,805 1,928,069 2,290,112 4,616,623

Y-o-Y chg -23.00% -14.00% 0.60% -7.40% -20.60% -27.70% 7.10% -21.70%

6,755,012 7,540,626 14,573,797 28,869,435 4,000,873 2,754,139 929,333 6,611,293

Margin decline expected for non urea manufacturers in Q3FY13 We expect a decline in EBIDTA margins in this quarter due to an increase in traded volumes as opposed to manufactured volumes. Due to lesser availability of phosphoric acid and high ammonia prices, we believe companies refrained from manufacturing of non urea fertilizers. As a result, margins declined as companies preferred to trade non urea fertilizers rather than indigenously manufacturing them. We expect Caprolactam-Benzene spreads to decline from 1330 USD/6one to 1200 USD/6one for GSFC but Rupee depreciation should help negate some of the loss in margins for the company.

MSFL Research
Exhibit 9: EBIDTA Margins
Chambal 25% 20% 15% 10% 5% 0% Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13E Corormandel GSFC Tata Chem

Source: Company, MSFL Research

Exhibit 10: What to look out in Conference call for Q3FY13? Trigger Commissioning of TIFERT Stocks to be impacted Positively GSFC, Coromandel International All stocks impacted positively if ammonia Prices decline. Rupee appreciation to impact stocks positively- Most fertilizer companies Increase in spreads to impact GSFC Positively Rupee Appreciation to be negative for Tata Chemicals Stocks to be impacted negatively All trading companies such as Chambal Fertilizers, Indian potash Limited, Tata Chemicals

Ammonia prices Rupee Outlook Caprolactam Benzene spread

Source: Company, MSFL Research

Crop protection Expect United Phosphorus to deliver 16% & 37% revenue & profit growth We expect United Phosphorus to deliver strong growth both in the topline & bottomline driven by strong volume growth in Latin America & Rest of the World regions coupled with marginal price increase in some its key geographies. Our expectation of growth delivery is supported by the latest USDAs WASDE report & earnings commentary from MOSAIC & Monsanto. The latest USDAs WASDE report indicated a downward revision in stock-to-use ratio for US corn and slightly upped its ratio for Soybean stocks. This along with high prices of corn & soybean has prompted Brazilian & Argentinean farmers to plant corn & soybean which is expected to result in higher consumption of fertilizers & crop protection. This is evident from the following comments of Mr. Mike Rahm, VP, Market Analysis & Strategic Planning, th Mosaic during their Q1FY13 concall on 4 Jan13 And in the Western Hemisphere, we have seen record

shipments of P&K during the fall season, which we define as June through November. And if you look at shipments in Brazil of P&K, they also are at record levels, up, I believe, 6% this year on the tail of an 11% increase the year before. So P&K demand in the Western Hemisphere, frankly, is booming
In addition, Monsanto, in their earnings concall indicated towards price increase in their herbicide segment which gives us confidence on UPL being able to deliver growth in Q3FY13.

MSFL Research
Outlook Notwithstanding moderation in global price levels, RM availability to hold the key Distorted subsidy policy & rise in raw material prices has seen continuous rise in farm gate prices of Non urea fertilizers resulting in unfavorable Value/Cost ratio for farmers. With fiscal consolidation being the underlying of the recent policy changes the market is understandably nervous about subsidy under the NBS scheme. We expect subsidy to be either at similar or marginally higher than previous year. Our key arguments being, Govt. need for food procurement under the proposed food security bill may drive it to incentivize farmer for balanced nutrition & higher yield (current fertilizer consumption has resulted in nutrition deviating from its ideal NPK-4:2;1 ratio) and consideration for higher INR/USD as compared to previous year. With India sitting on a 3mln mt of fertilizer inventory and its reluctance to avail of the remaining shipments under the PhosChem contract and tap into the global trade has seen the DAP prices correct by ~10%. We suspect the players will be vary of high volume commitments due to the presence of excessive inventory, unpredictable weather & fear of nutrient residue to drought like conditions in some parts of the country. Hence we expect lower price realizations going forward While hit in demand has had its desired results on global DAP & Phos acid prices, availability of key raw material like Phos Acid (read TIFFERT coming on stream) & Ammonia shall hold the key for profitability of non-urea manufacturers like Coromandel International & GSFC. In the absence, importers shall continue to have an upper hand on the manufacturers. Exhibit 11: Summary Financial (Q3FY13E) ` in Mln TATA Chem Chambal Fert. Coromandel GSFC United Phosphorus Net Sales 38368 19272 20132 14522 22361 y-o-y 1% 8% -21% 12% 16% q-o-q -8% -18% -21% 3% 24% EBITDA 5717 2065 2313 2035 3980 y-o-y 6% -4% -2% -21% 14% q-o-q -9% 6% -29% 0% 46% EBIDTA Margins 14.90% 10.72% 11.49% 14.01% 17.80% PAT 2340 969 1449 1418 1543 y-o-y 5% -7% -14% -18% 37% q-o-q -9% -3% -38% -6% 29%

Source: Company, MSFL Research

Exhibit 12: Sector valuation Company CMP Target Mcap (` bln) 93.52 29.13 70.93 27.49 62.41 P/E FY13P TCL CFCL CIL GSFC United Phosphorus 367 70 251 69 141 394 72 360 107 154 10.6 9.4 12.4 4.1 9.2 FY14P 9.1 8.8 8.3 3.3 7.6 P/BV FY13P 1.3 1.5 2.6 0.7 1.4 FY14P 1.2 1.3 2.1 0.6 1.2 EV/EBITDA FY13P 5.3 9.1 9.7 1.8 6.0 FY14P 4.6 7.9 6.6 1.1 4.8 ROE FY13P 17.9% 16.5% 22.4% 17.7% 17.1% FY14P 19.0% 15.6% 27.9% 18.4% 18.1% ROCE FY13P 9.3% 5.4% 11.6% 12.6% 10.8% FY14P 10.2% 5.8% 16.2% 13.6% 12.4%

Source: Company, MSFL Research

MSFL Research
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All information/opinion contained/expressed herein above by MSFL has been based upon information available to the public and the sources, we believe, to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Neither MSFL nor any of its employees shall be in any way responsible for the contents. Opinions expressed are subject to change without notice. This document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. This document is for the information of the addressees only and is not to be taken in substitution for the exercise of judgement by the addressees. All information contained herein above must be construed solely as statements of opinion of MSFL at a particular point of time based on the information as mentioned above and MSFL shall not be liable for any losses incurred by users from any use of this publication or its contents.

Analyst declaration
We, Rahul Metkar & Shraddha Kamdar hereby certify that the views expressed in this report are purely our views taken in an unbiased manner out of information available to the public and believing it to be reliable. No part of our compensation is or was or in future will be linked to specific view/s or recommendation(s) expressed by us in this research report. All the views expressed herewith are our personal views on all the aspects covered in this report.

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