Company Update

September 19, 2014

Rating matrix

TTK Prestige (TTKPRE)

Rating
Target

:
:

Buy
| 5300

Target Period
Potential Upside

:
:

12 months
19%

Hopes pinned on revival in demand

Whats changed?
Target

Changed from | 3170 to | 5300

EPS FY15E
EPS FY16E

Changed from | 117.5 to | 123.0

Changed from | 150.9 to | 157.5

EPS FY17E
Rating

Introduced at | 189.1
Changed from Hold to Buy

Key financials
| Crore

FY14

FY15E

FY16E

FY17E

Net Sales

1,294

1,579

1,846

2,158

EBITDA
Net Profit

160
112

218
143

264
184

313
220

EPS (|)

95.9

123.0

157.5

189.1

FY14

FY15E

FY16E

FY17E

46.4

36.2

28.2

23.5

Target P/E

55.3

43.1

33.6

28.0

EV to EBITDA

32.3

23.5

19.2

15.9

Price to book

8.9

7.6

6.5

5.5

RONW (%)

19.1

21.1

23.0

23.4

ROCE (%)

23.8

28.1

29.5

30.0

Valuation summary
P/E

Stock data
Particular

Amount

Market Capitalisation (| Crore)

Debt (FY14) (| Crore)

5,176.4
115.1

Cash (FY14) (| Crore)

EV (| Crore)

32.6
5,258.9

52 week H/L
Equity Capital (| Crore)

4832 / 2693
11.7

Face Value

10

Price performance
1M

3M

6M

12M

14.1

21.4

65.5

23.5

Butterfly Gandhimathi

4.9

-6.8

-0.5

-6.1

Hawkins Cookers

7.3

25.5

85.3

103.0

TTK Prestige

| 4447

Analyst
Bharat Chhoda
bharat.chhoda@icicisecurities.com
Dhvani Modi
dhvani.bavishi@icicisecurities.com

ICICI Securities Ltd | Retail Equity Research

After growing revenues and PAT at a CAGR of 30% and 50% (FY0713), TTK Prestige (TTKP) witnessed a weak FY14 owing to varied
factors. While revenues dipped 4.8%, PAT declined 16.0% YoY due
to pressure on margins
As concerns start to ease both at the micro as well as macro level,
we change our stance on TTKP and upgrade it to BUY as we believe
that consumption oriented companies with sound fundamentals and
steady growth will continue to demand premium multiples
Hopes of revival led by multiple factors
FY14 has been a sluggish year for the company. We expect better times
to unfold, going forward. Firstly, concerns relating to south India are
easing and, secondly, there is a change in consumer sentiments. While
both factors will take time to unfold, we remain hopeful of early signs
being visible by H2FY15. The management is confident of achieving the
guided 25% revenue growth. We expect revenues to increase at a CAGR
of 18.6% (FY14-17E) on the back of a revival in demand, new product
launches and planned retail expansion.
New products to boost revival
The company launched water purifiers during Q1FY15 and is also
planning to add ~40 new products that would add to the revenue growth,
going ahead. We expect an improved performance in H2FY15 as the
companys new products are expected to be launched by H1FY15. With
revenue growth expected to revive, we expect the EBITDA margin to also
improve and remain in the range of 13-15%, going forward.
Retail expansion + improving macroeconomic environment = Recovery
Currently, TTKP has a retail network of 546 stores and plans to scale up
the same to 1,000 stores by FY18E. Considering that this addition will be
on a franchisee model there will no stress on TTKPs financials. On the
contrary, we remain hopeful of a revival in revenues owing to this retail
expansion. To push sales, the company adopts the strategy of bundling
related products together. This also aids in revenue growth. The key
factors that we believe would aid the revival are a good monsoon, an
overall improvement in consumer sentiment, an improved situation in the
southern markets and success of new launches.
Marginal revision in FY15E, FY16E; introduce FY17E EPS of | 189.1
We have marginally revised the operating margin estimates for FY15 and
FY16 owing to a pick-up in demand. We, hereby, introduce our FY17
estimates building in 16.9% YoY revenue growth to | 2,158 crore. We
expect the operating margin to improve to 14.6% by FY17E (12.5% in
FY14), translating to a PAT of | 220.4 crore and EPS of | 189.1.
Improving outlook calls for upgrade; recommend BUY
After a sluggish FY14, the companys performance showed some green
shoots in Q1FY15. We believe TTKP is well poised to capitalise on the
revival in the economy considering its retail expansion plans and
continued product launches. The improvement in consumer sentiment
and the likely revival on the back of improved economic parameters will
further aid growth. An inorganic growth, if any, may be an added positive.
We expect companies with consistent growth and healthy fundamentals
to continue to command a premium. We, thereby, upgrade TTK Prestige
to BUY with a revised target price of | 5,300 (based on 28.0x FY17E EPS
of | 189.1).

Change in estimates
(| Crore)
Revenue

Old
1,568.3

FY15E
New % Change
1,570.6
0.1

Old
1,800.7

FY16E
FY17E
New % Change Introduced
1,837.6
2.0
2,148.3

EBITDA
EBITDA Margin (%)

210.3
13.4

218.5
13.9

3.9
50 bps

256.4
14.2

263.6
14.3

2.8
11 bps

313.0
14.6

PAT
EPS (|)

136.9
117.5

143.3
123.0

4.7
4.7

175.9
150.9

183.6
157.5

4.4
4.4

220.4
189.1

Comments
We introduce FY17 estimates, building in 17% YoY growth in revenues

FY15E, FY16E: We have marginally revised the operating margin estimates

considering the pick-up in demand and easing of concerns in the southern
zone

Source: Company, ICICIdirect.com Research

Assumptions
Current
Introduced
FY15E
FY16E
FY17E

Earlier
FY15E
FY16E

FY13

FY14

55.4

54.3

62.4

70.2

79.0

61.0

68.0

49.5

44.6

53.5

63.1

73.2

53.1

61.1

12.0

7.8

8.4

9.4

10.4

15.6

17.3

921.8

909.3

932.0

941.4

960.2

940.3

949.7

494.5
1,897.4

506.9
1,840.5

537.3
1,932.5

564.2
2,048.5

586.8
2,171.4

519.5
2,032.1

545.4
2,154.1

Comments

Segment Volumes (lakh pcs)

Pressure Cooker
Cookware

We have marginally raised volume estimates considering the pick-up

in demand
As the sale of bundled products increases, the sale of cookware is
likely to pick up
Considering the weak offtake, we have lowered our volume estimates

Induction Cooktops
Avg Realisation (| per pc)
Pressure Cooker
Cookware
Induction Cooktops

We have lowered the realisation estimates owing to the delay in price

hikes
Owing to lower demand, we do not expect prices to increase in the
induction cooktop segment

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 2

Company Analysis
Improving consumer sentiment to aid revenue CAGR of 18.6% (FY14-17E)
TTKPs revenues have grown strongly over FY09-13. During FY09-11,
revenues grew at a CAGR of 38% while during FY11-13 revenue CAGR
stood at 33%. This kind of growth is commendable considering the higher
base. However, FY14 was a difficult year for the company owing to
dampened consumer sentiments. Also, issues of power in Tamil Nadu,
changed government regulations relating to the cap on cylinders and
political issues in southern India further added to the woes.
To counter the decline in southern markets, the company has increased
its penetration in the non-south markets. TTKPs products have been well
received in the non-southern markets. This is also likely to aid growth,
going forward. Apart from the non-south markets, the improving
consumer sentiment and easing tensions with regards to southern India
(a) improved power situation in Tamil Nadu and (b) easing of political
unrest in Andhra Pradesh, will further aid growth. The consumer
sentiment, in general, is also on an uptrend and the impact of the same is
likely to be visible, going forward. Furthermore, new product launches
and the planned retail expansion lend further hopes of revival. We expect
revenues to grow at 18.6% CAGR during FY14-17E to | 2,157.7 crore.
Exhibit 1: Revenue trend
2,400

2,158
1,846

2,000
1,294

FY14

| crore

1,358

FY13

1,579

1,600
1,103

1,200
764
326

401

FY09

281

400

FY08

800

508

FY17E

FY16E

FY15E

FY12

FY11

FY10

FY07

Source: Company, ICICIdirect.com Research

Exhibit 2: Product mix trend

100
75

10
18
16

50
25

56

12

11

10

13

14

14

15

21

26

32

34

31

31

30

30

21

18

18

18

20

20

18

21

49

43

38

38

39

37

36

36

FY10

FY11

FY12

FY13

FY14

FY15E

FY16E

FY17E

FY09

Cookers

Cookware

Appliances

Others

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 3

EBITDA margin to recover from lows of FY14

TTKPs EBITDA margin rose from 9.9% in FY09 to 16.5% in FY11 and
EBITDA rose at a CAGR of 79% during the period. However, the EBITDA
margin declined from its peak of 16.5% in FY11 to 15.1% in FY13, which
led to the EBITDA increasing only at 27% CAGR over FY11-13 in spite of
revenue increasing at a CAGR of 33% over the period. FY14 has been a
disappointing year for TTKP both in terms of revenue as well as EBITDA
margin. While revenues de-grew 5% in FY14, the EBITDA declined 21%
owing to a 270 bps decline in EBITDA margin to 12.5%. We expect
revenue growth to pick up from FY15 onwards. This would lead to
positive operating leverage, enabling an improvement in EBITDA margin.
We expect the EBITDA margin to improve to 13.9% in FY15E, 14.3% in
FY16E and 14.6% in FY17E, which would enable EBITDA to grow at a
CAGR of 25% over the period.
Exhibit 3: EBITDA and EBITDA margin trend
18

16.5

15.6

15.3

15.1

14.3

13.9

15

14.6

9.4

10.1

9.9

FY09

12

FY08

12.5

FY17E

FY16E

FY15E

FY14

FY13

FY12

FY11

FY10

FY07

Source: Company, ICICIdirect.com Research

PAT margin, return ratios to improve from FY15 after weak FY14
PAT margin and return ratios saw a decline in FY14 owing to lower
EBITDA generation. However, we expect the PAT margin and return ratios
to improve over FY14-17E owing to a better operational performance
compared to FY14. Driven by an improvement in PAT margin, we expect
PAT to grow at a CAGR of 25.4% over FY14-17E to | 220.4 crore.
Exhibit 4: PAT and PAT margin trend

Exhibit 5: Return ratios trend

250

220

184

13

42.2 43.7 39.7

21.4
18.7

25.026.4

38.1
23.8

28.1 29.5 30.0

33.7
23.0 23.4
19.1 21.1

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

FY17E

FY16E

FY14

FY13

FY12

FY11

FY10

Return on Equity

FY15E

FY17E

FY09

FY16E

FY15E

FY14

FY13

FY12

FY11

FY10

26

30.0

FY07

143

112

133

113

84

22

34.0

39

10
%

8.7 9.1

45.3

52

10.0 10.3

FY09

FY07

12

50

10.3 9.9

5.6

52

4.2
21

100

6.3

FY08

| crore

150

11.0

FY08

10.4

200

58.1 62.5

65

15

Return on Capital Employed

Source: Company, ICICIdirect.com Research

Page 4

Valuation

The key to the strong financial performance of TTKP has been its ability to
successfully transform from a company manufacturing pressure cookers
to one of the countrys largest branded kitchen appliances company. It
has built a strong brand patronage and offers customers a bouquet of
products in the kitchen appliances and cooking segment.
Over the last six years, FY14 has been the first year when the company
had registered a decline in earnings. The year 2014 has been a difficult
one for consumption related companies owing to the dampened
consumer sentiment, which has impacted revenue growth negatively. In
TTKPs case, it has also been hampered by the power situation in Tamil
Nadu, which has impacted the sales of its electric appliance and induction
cook-tops, which had grown at a rapid pace in FY13. The management is
strategically trying to broad base its products and markets to reduce the
impact of the sluggishness in southern markets.
With improving consumer sentiments and easing of concerns relating to
southern India, we expect the companys revenue and earnings growth to
recover, going forward. Revenues and PAT are likely to grow at a CAGR
of 18.6% and 25.4%, respectively, during FY14-17E. The non-south
markets and new product launches would further bolster growth.
After a sluggish FY14, the companys performance showed some green
shoots in Q1FY15. We believe TTKP is well poised to capitalise on the
revival in the economy considering its retail expansion plans and
continued product launches. The improvement in consumer sentiment
and the likely revival on the back of improved economic parameters are
expected to further aid growth. Organic growth, if any, may be an added
positive. We expect companies with consistent growth and healthy
fundamentals to continue to command a premium. We, thereby, upgrade
TTK Prestige to BUY with a revised target price of | 5,300 (based on 28.0x
FY17E EPS of | 189.1).
Exhibit 6: Price earning ratio trend
24.0x

4,000

20.0x
3,000

16.0x

2,000

12.0x
8.0x

1,000

Avg. Price

8.0x

12.0x

16.0x

20.0x

Apr-14

Oct-13

Apr-13

Oct-12

Apr-12

Oct-11

Apr-11

Oct-10

Apr-10

24.0x

Source: Company, ICICIdirect.com Research

Exhibit 7: Valuations

FY14
FY15E
FY16E
FY17E

Sales
(| cr)
1,286.5
1,570.6
1,837.6
2,148.3

Growth
(%)
(4.7)
22.1
17.0
16.9

EPS
(|)
95.9
123.0
157.5
189.1

Growth
(%)
(18.2)
28.2
28.1
20.0

PE
(x)
46.4
36.2
28.2
23.5

EV/EBITDA
(x)
32.3
23.5
19.2
15.9

RoNW
(%)
19.1
21.1
23.0
23.4

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 5

RoCE
(%)
23.8
28.1
29.5
30.0

Company snapshot
5,500.00

Target Price: 5300

5,000.00
4,500.00
4,000.00
3,500.00
3,000.00
2,500.00
2,000.00
1,500.00
1,000.00
500.00
0.00
Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Source: Bloomberg, Company, ICICIdirect.com Research

Key events
Date
Jun-10
Jan-11
Mar-11
Jun-11
Feb-12
Apr-12
May-12
Jan-13
Jun-13
Jul-13
Oct-13
Mar-14

Event
Launched new range of pressure cookers, induction base cookware, microwave pressure cookers, inner lid pressure cookers (Prestige Apple)
Signed an MoU with Government of Gujarat for establishing a state-of-the-art facility for manufacture of pressure cookers and kitchenware
Reported a 50% topline growth to | 760 crore & 60% YoY bottomline growth to | 88 crore
Successfully concluded a long term settlement covering all its workmen at the Hosur unit
Entered into an agreement with US based World Kitchen to market and distribute its brands - Corelle, Corningware, Vision, Pyrex and Snapware
Signed a business collaboration arrangement with Vestergaard Frandsen, Switzerland to enter the water purifying space
Entered into a JV with Schott, a German company to launch a range of products in the glass based induction cooktops
Received Japan patent for the company's microwave pressure cooker
Sold 5.6% stake to Cartica Capital for | 230 crore
Launched a new mixer grinder (Teon mixer grinder) with stackable jars, which save store space and a lid lock to facilitate hands-free usage
Signed Abhishek Bachchan and Aishwarya Rai Bachchan as brand ambassadors
Revenues dipped for the second consecutive quarter; falling 3.8% YoY in Q4FY14. This lead to a PAT de-grwoth of 6.5% YoY

Jun-14

After two sluggish quarters, revenues picked up in Q1FY15. TTKP reported a 9.8% YoY growth in revenues, while PAT remained flat owing to margin pressure

Source: Company, ICICIdirect.com Research

Top 10 Shareholders
Rank
1
2
3
4
5
6
7
8
9
10

Name
T T Krishnamachari & Company
Cartica Capital, Ltd.
Thornburg Investment Management, Inc.
Jagannathan (T T)
Venkatesh (T T)
Mukund (T T)
J.P. Morgan Asset Management (Hong Kong) Ltd.
Lakshman (T T)
Tiruvallur (Thatai Lakshman)
Nalanda India Equity Fund Ltd.

Shareholding Pattern
Latest Filing Date % O/S Position (m)n Change (m)
31-Mar-14 60.03
7.0
0.0
30-Jun-14 7.30
0.9
0.0
30-Jun-14 3.92
0.5
0.1
12-Sep-14 2.96
0.3
0.0
30-Jun-14 2.52
0.3
0.0
12-Sep-14 2.44
0.3
0.0
30-Jun-14 2.41
0.3
0.0
3-Jun-13 2.28
0.3
0.3
30-Jun-14 2.28
0.3
0.0
30-Jun-14 1.75
0.2
0.0

(in %)
Promoter
FII
DII
Others

Jun-13 Sep-13 Dec-13 Mar-14 Jun-14

71.9
70.0
70.0
70.4
70.4
16.0
20.8
22.1
20.9
21.0
4.4
2.8
1.4
2.1
2.4
7.8
6.4
6.4
6.7
6.2

Source: Reuters, ICICIdirect.com Research

Recent Activity
Investor name
Investor name
Thornburg Investment Management, Inc.
Axis Asset Management Company Limited
Deutsche Asset Management (India) Private Ltd.
Jagannathan (T T)
Mellon Capital Management Corporation
Source: Reuters, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Value
4.97m
3.14m
0.89m
0.80m
0.08m

Shares
0.08m
0.05m
0.01m
0.01m
0.00m

Investor name
Investor name
Columbia Management Investment Advisers, LLC
SBI Funds Management Pvt. Ltd.
DSP BlackRock Investment Managers Pvt. Ltd.
Veritas Asset Management (UK) Ltd.
Goldman Sachs Asset Management International

Value
-5.09m
-4.31m
-4.23m
-3.59m
-2.26m

Shares
-0.10m
-0.08m
-0.07m
-0.06m
-0.04m

Page 6

Financial summary
Profit and loss statement
(Year-end March)
Total operating Income
Growth (%)
Raw Material Expenses
Employee Expenses
Manufacturing Expenses
Selling & Distribution Expenses
Admin & Other Expenses
Total Operating Expenditure
EBITDA
Growth (%)
Depreciation
Interest
Other Income
PBT
Growth (%)
Total Tax
PAT
Growth (%)
EPS (|)

| Crore
FY14
1,293.8
-4.8
732.3
91.0
47.0
174.2
89.1
1,133.6
160.2
-21.4
14.8
8.5
7.9
151.8
-18.1
40.0
111.8
-16.0
95.9

FY15E
1,579.1
22.0
875.3
110.7
56.5
208.1
109.9
1,360.6
218.5
36.4
25.9
3.1
11.1
200.5
32.1
57.1
143.3
28.2
123.0

FY16E
1,846.5
16.9
1,028.0
121.3
66.2
238.9
128.6
1,582.9
263.6
20.6
26.9
3.0
23.1
256.8
28.1
73.2
183.6
28.1
157.5

FY17E
2,157.7
16.9
1,189.5
141.8
77.3
285.7
150.4
1,844.7
313.0
18.7
29.0
2.7
27.0
308.2
20.0
87.8
220.4
20.0
189.1

Source: Company, ICICIdirect.com Research

Cash flow statement

(Year-end March)
Profit before Tax
Add: Depreciation
(Inc)/dec in Current Assets
Inc/(dec) in CL and Provisions
Taxes Paid
Others
CF from operating activities
(Inc)/dec in Investments
(Inc)/dec in Fixed Assets
Others
CF from investing activities
Issue/(Buy back) of Equity
Inc/(dec) in loan funds
Dividend paid & dividend tax
Others
CF from financing activities
Net Cash flow
Opening Cash
Closing Cash

| Crore
FY14
151.8
14.8
-37.2
0.4
-47.1
2.3
85.0
-9.0
-70.5
6.2
-73.3
0.3
-88.1
-23.2
96.3
-14.7
-3.0
32.6
29.6

FY15E
200.5
25.9
-87.5
30.4
-57.1
3.1
115.3
0.0
-11.9
0.0
-11.9
0.0
-20.6
-50.3
-2.5
-73.4
30.0
29.6
59.6

FY16E
256.8
26.9
-85.6
30.0
-73.2
3.0
157.9
0.0
-17.0
0.0
-17.0
0.0
-0.3
-64.4
-0.5
-65.3
75.6
59.6
135.2

FY17E
308.2
29.0
-99.6
25.6
-87.8
2.7
178.0
0.0
-17.4
0.0
-17.4
0.0
-0.6
-77.4
0.1
-77.9
82.7
135.2
217.9

FY14

FY15E

FY16E

FY17E

95.9
108.6
502.2
20.0
25.4

123.0
145.2
582.0
36.9
51.1

157.5
180.6
684.3
47.3
116.0

189.1
214.0
807.0
56.7
187.0

12.5
11.8
8.7
75.7
42.3
32.3

13.9
12.8
9.1
75.0
42.0
30.0

14.3
14.0
10.0
75.0
42.0
30.0

14.6
14.3
10.3
75.0
42.0
30.0

19.1
23.8
19.5

21.1
28.1
23.3

23.0
29.5
27.8

23.4
30.0
30.7

46.4
32.3
4.0
4.0
8.9

36.2
23.5
3.3
3.3
7.6

28.2
19.2
2.7
2.8
6.5

23.5
15.9
2.3
2.4
5.5

0.2
0.0
2.1
1.0

0.0
0.0
2.2
1.1

0.0
0.0
2.5
1.3

0.0
0.0
2.7
1.5

Source: Company, ICICIdirect.com Research

Balance sheet

| Crore

(Year-end March)
Liabilities
Equity Capital
Reserve and Surplus
Total Shareholders funds
Total Debt
Deferred Tax Liability
Other LT Liabilities
Total Liabilities

FY14

FY15E

FY16E

FY17E

11.7
573.7
585.3
26.9
20.5
5.0
637.7

11.7
666.7
678.3
6.3
23.1
5.0
712.8

11.7
785.8
797.5
6.0
25.7
5.0
834.2

11.7
928.9
940.5
5.4
28.8
5.0
979.7

Assets
Gross Block
Less: Acc Depreciation
Net Block
Capital WIP
Total Fixed Assets
Investments
Inventory
Debtors
Loans and Advances
Other Current Assets
Cash
Total Current Assets
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Others Assets
Application of Funds

412.5
72.9
339.6
24.3
363.9
9.0
266.8
149.1
49.4
3.9
29.6
498.8
198.6
35.4
234.1
264.8
637.7

434.1
96.8
337.2
14.6
351.8
9.0
322.7
180.7
66.8
3.9
59.6
633.7
214.4
67.5
281.8
351.9
712.8

456.9
123.6
333.3
8.8
342.1
9.0
377.6
211.4
82.7
3.9
135.2
810.8
234.0
93.7
327.7
483.1
834.2

477.9
152.3
325.5
5.3
330.8
9.0
441.4
247.2
96.7
3.9
217.9
1,007.1
254.8
112.5
367.3
639.9
979.7

Source: Company, ICICIdirect.com Research

Key ratios
(Year-end March)
Per share data (|)
EPS
Cash EPS
BV
DPS
Cash Per Share
Operating Ratios
EBITDA Margin (%)
PBT Margin (%)
PAT Margin (%)
Inventory days
Debtor days
Creditor days
Return Ratios (%)
RoE
RoCE
RoIC
Valuation Ratios (x)
P/E
EV / EBITDA
EV / Net Sales
Market Cap / Sales
Price to Book Value
Solvency Ratios
Debt/EBITDA
Debt / Equity
Current Ratio
Quick Ratio

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 7

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

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com
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recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.

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ICICI Securities Ltd | Retail Equity Research

Page 8