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INSTITUTIONAL EQUITY RESEARCH
Page | 1 | PHILLIPCAPITAL INDIA RESEARCH
Ashoka Buildcon (ASBL IN)
Core business steady – ‘diversifications’ increasing the risk
INDIA | INFRASTRUCTURE | Quarterly Update
8 June 2017
Top takeaways from Q4FY17
The company finally reported consolidated results for FY16/17 – after missing out on reporting for last three quarters and delay in finalizing the same Q4FY17 too.
The consolidated results were significantly impacted by IND-AS adoption, on account of (1) change in intangible assets/liabilities created for rescheduled premium for three projects (Sambalpur, Dhankuni and Belgaum) leading to higher ‘notional’ interest, (2) annuity projects being considered as deferred EPC, leading to lower depreciation, and (3) full consolidation of Jaora Nayagaon project. The net impact was reported PAT loss of Rs 104mn (FY16 loss of Rs 730mn) as against cash PAT of Rs 3.5bn (FY16 Rs 3.1bn).
Q4FY17 standalone results were broadly inline with expectations. Topline grew by 14% yoy to Rs 6.1bn – marginally below expectations of Rs 6.3bn. The growth was driven by execution on Eastern peripheral and captive annuity projects. EBITDA margins at 10.4% - below expectations, due to higher share of third-party and power T&D projects. PAT at Rs 654mn (+12% yoy), was boosted by higher other income – ahead of expectations.
The company received strong orderflows of Rs 39bn in FY17 – taking the orderbook to Rs 70bn (3.3x book-to-sales) – the highest ever for the company.
ACL Toll collection grew by 10.5% yoy – strong growth reported by Dhankuni (15%), Sambalpur (12.6%) and Jaora (15%) projects. Durg and Bhandara projects continued to report weak numbers. FY17 toll collection grew by 8.5% for ACL projects.
Consolidated debt was Rs 44.5bn (Rs 45.7bn at March-2016), with Rs 1.3bn at the standalone level (Rs 3.8bn at Macrh-2016).
Conference call takeaways
The management expects EPC topline of Rs 26bn in FY18 – implying strong 25% yoy growth with margins are in 12.0-12.5% range. It has targeted to win orders of Rs 50bn in FY18 – Rs 35-40bn from roads and Rs 10-15bn from Power T&D segments.
Two orders in the orderbook – Rs 2.8bn Islampur project and Rs 4.5bn Jharkhand-Chaas project continue to face delays in commencement of execution, due to land acquisition problems faced by NHAI. While the Jharkhand project is expected to commence by October, the company is contemplating terminating the Islampur project.
The company has achieved financial closure for Ludhiana HAM project. The equity requirement for the project is expected to be Rs1.5bn, to be invested over next two years. The total equity requirement for the company (across HAM, CGD and MIAL RE projects) is Rs 5.5bn – Rs 2.8bn to be invested in FY18.
The annuity projects of Chennai ORR and KSHIP are awaiting CoD letter – expected anytime in Q1FY18.
Outlook and valuation While Ashoka Buildcon has reported decent order inflow in FY17, with balance sheet remaining strong, we see business risks increasing significantly with its foray into unrelated businesses (city-gas distribution project in Ratnagiri and the recent real estate project in
Mumbai). In our recent downgrade note (read here), we had highlighted that it was THIS
very ‘indiscriminate’ nature of investments, that led to the downfall of infrastructure companies like IVRCL, Gammon, GMR, GVK and JP Associates in the last cycle. We adjust our FY18/19 estimates for IND-AS related changes, largely keeping our fundamental assumptions intact. Our price target of Rs 200 (earlier Rs 205). We maintain NEUTRAL.
NEUTRAL (Maintain) CMP RS 186
TARGET Rs 200 (+8%)
COMPANY DATA
O/S SHARES (MN) : 187
MARKET CAP (RSBN) : 37
MARKET CAP (USDBN) : 0.6
52 - WK HI/LO (RS) : 232 / 127
LIQUIDITY 3M (USDMN) : 2.6
PAR VALUE (RS) : 10
SHARE HOLDING PATTERN, %
Mar 17 Dec 16 Sep 16
PROMOTERS : 56.7 56.7 56.7
FII / NRI : 7.7 8.4 8.4
FI / MF : 24.5 23.3 22.7
NON PRO : 4.7 7.8 5.0
PUBLIC & OTHERS : 6.4 3.8 7.1
KEY FINANCIALS
Rs mn FY17 FY18E FY19E
Net Sales 29,794 34,029 37,920
EBIDTA 8,930 10,033 10,607
Net Profit -104 -422 -321
EPS, Rs (0.6) (2.3) (1.7)
PER, x (335.5) (82.5) (108.3)
EV/EBIDTA, x 9.0 7.9 7.4
PBV, x 2.1 2.1 2.2
ROE, % (0.6) (2.6) (2.0)
Debt/Equity (x) 2.8 2.8 2.8
CHANGE IN ESTIMATES (Consolidated)
__Revised Est. __ __% Revision__
Rs mn FY17E FY18E FY17E FY18E
Revenue 34,029 37,920 -1% -3%
EBITDA 10,033 10,607 -3% -4%
Core PAT -422 -321 -136% -122%
EPS (Rs) (2.3) (1.7) -136% -122% Vibhor Singhal (+ 9122 6246 4109) [email protected]
Standalone
(Rs mn)
Q4FY17 Q4FY16 yoy
growth %
Q3FY17 qoq
growth %
vs. expectations
%
Comments
Revenue 6,100 5,497 11% 5,240 16% -3% Decent topline growth driven by robust execution
EBITDA 636 796 -20% 620 3% -12%
EBITDA Margins 10.4% 14.5% 11.8% Margins tad below expectations
PAT 654 587 11% 427 53% 53% PAT significantly ahead of estimates, due to higher other
EPS 3.5 3.1 11% 2.3 53% 53% Income
Page | 2 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Quarterly performance (Standalone)
Particulars (Rs mn) 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17
Net Sales/Income from operations 5,323.8 4,659.7 4,410.1 5,177.4 6,048.0
YoY growth (%) -21.1 -1.9 -5.7 17.2 13.6
Total Income 5,496.9 4,683.5 4,427.6 5,240.0 6,099.7
Expenditure
Construction Expense 4,351.8 3,763.5 3,352.1 4,234.8 5,027.9
% of sales 79.2 80.4 75.7 80.8 82.4
Employee Expense 201.8 198.5 207.2 243.6 251.8
% of sales 3.7 4.2 4.7 4.6 4.1
Other Expenditure 147.1 78.7 170.7 141.5 183.9
% of sales 2.7 1.7 3.9 2.7 3.0
Total expenditure 4,700.6 4,040.7 3,730.0 4,620.0 5,463.6
% of sales 85.5 86.3 84.2 88.2 89.6
EBITDA 796.3 642.8 697.6 620.1 636.1
YoY growth (%) -10.5 -5.2 7.0 23.3 -20.1
EBITDA Margin (%) 14.5% 13.7% 15.8% 11.8% 10.4%
Other income 451.4 81.8 90.3 115.0 432.1
Interest (162.4) (123.5) (80.0) (90.0) (180.8)
Depreciation (180.7) (123.4) (129.9) (106.9) (147.1)
Exceptional Items (94.5) 0.0 0.0 0.0 0.0
PBT 810.1 477.7 577.9 538.1 740.2
Tax 223.4 169.5 124.6 111.1 86.7
Tax rate 28% 35% 22% 21% 12%
PAT 586.7 308.2 453.4 427.0 653.6
YoY growth (%) -14.5 -32.7 43.9 114.7 11.4
EPS 3.13 1.65 2.42 2.28 3.49
Toll collections picking up post demonetization Strong orderflow has led to robust orderbook position
Orderbook break-up (key orders) Road EPC Road BOT
Eastern Peripheral Expressway 5,348 Dhankuni Kharagpur 759 Mumbai-JNPT Port 3,167 Annuity BOT - Bagewadi 2,214 Islampur 2,756 Annuity BOT - Hungund 2,225 MoRTH - Badami 388 Hybrid Annuity - Ludhiana 11,669 MoRTH - Madhugiri 777 Hybrid Annuity - Anandpuram 9,426
Jharkhand - Dumka 1,768 Total 26,293
Jharkhand - Govindpur 1,917 Jharkhand - Chaas 4,552 Others 4,174 Power T&D 18,908
Total 24,847 Total 70,048
Source: Company, PhillipCapital India Research
631 654 654 703 642 629 656
1,772 1,905
1,997
1,714 1,702 1,739
1,921
-
500
1,000
1,500
2,000
2,500
2Q
FY1
6
3Q
FY1
6
4Q
FY1
6
1Q
FY1
7
2Q
FY1
7
3Q
FY1
7
4Q
FY1
7
Toll
Co
llect
ion
(R
s m
n)
ABL Toll Collection ACL Toll Collection
44 42 41 43 55 62 70
2.3 2.1 2.1 2.2
2.9
3.1 3.3
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
-
10
20
30
40
50
60
70
80
2Q
FY1
6
3Q
FY1
6
4Q
FY1
6
1Q
FY1
7
2Q
FY1
7
3Q
FY1
7
4Q
FY1
7
Bo
ok
to S
ale
s (x
)
Ord
erb
oo
k (R
s b
n)
Orderbook Book to Sales
Page | 3 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Quarterly toll collection
Project (Rs mn) 4QFY16 1QFY17 2QFY17 3QFY17 3QFY17 ABL Projects Indore Edalabad Road 311 351 303 219 164 Wainganga Bridge 80 76 69 54 78 Katni Bypass 53 55 42 36 51 Ahmednagar Aurangabad Road 53 48 74 37 98 Others 157 173 155 126 265
ABL Toll Collection 654 703 642 472 656
ACL Projects Belgaum Dharwad 179 186 178 141 192 Dhankuni Kharagpur 669 659 651 478 770 Bhandara 162 155 146 111 158 Durg bypass 197 189 179 138 193 Jarora Nayagaon 406 407 425 339 467 Pimpalgaon Nasik Gonde 258 0 - - - Sambalpur baragarh 125 117 123 97 141
ACL Toll Collection 1,997 1,714 1,702 1,304 1,921
Total Growth 14% -3% -4% -32% -4% Total Like-for-like growth 14% 9% 11% -21% 10%
Assumptions and valuation for the MIAL project Total area (mn sqft) 1.17 Rentals (FY 2021, Rs psf) 150.0 IRR (19 yrs) 17.3% FSI 1.30 Triennial escalation 10% IRR (49 yrs) 20.2% Leasable area (mn sqft) 1.52 Revenue share (Rs mn) 152.4
Execution start year FY18 Triennial escalation 15% NPV (Rs mn) 4,639 Leasing start year FY21 Construction cost (Rs psf) 4,000 NPV (per share) 25
Debt repayment start FY23 Debt repayment ends FY35
Particulars Rs mn Peak Occupancy year FY25 Project Cost 9,000 Peak Occupancy 90% Equity 2,500 NOI Margins 90% Debt 6,500 Interest rate on debt 10% Upfront Deposit 3,240 Tax rate 30% Source: Company, PhillipCapital India Research
SoTP valuation
Project Equity
Value (Rs mn) Stake (%)
Ashoka Equity
Value (Rs mn)
Per Share
(Rs)
ABL BOT Projects
2x FCFE of 18 BOT Projects 14 Small BOT Projects 3,544 100 3,544 18.9 Jarora Nayagaon (DCF) 7,921 38 2,986 16.0 KSHIP (DCF) 668 100 668 3.6 Two Annuity Projects (1x BV) 823 100 823 4.4
Value to Ashoka Buildcon 12,956
8,021 42.9
EPC Division
7x FY19 EV/EBITDA EPC division 3,377 7.0 23,640 126.3 Net cash at parent level 308
308 1.6
Value to Ashoka Buildcon 23,948
23,948 128.0
ACL BOT Projects
NPV @ 13% CoE
Bhandara 708 51 361 1.9
Jarora Nayagaon 7,921 62 4,935 26.4
Belgaum Dharwad 1,565 100 1,565 8.4
Durg bypass 1,632 51 833 4.4
Sambalpur Baragarh 753 100 753 4.0
Dhankuni Kharagpur 1,660 100 1,660 8.9
Chennai ORR 3,061 50 1,530 8.2
Total 17,300
11,636 62.2
Holding company discount
20% 9,309 49.7
Value to Ashoka Buildcon
61.0% 5,679 30.3
Total value of Ashoka Buildcon
37,647 200.0
Source: Company, PhillipCapital India Research
We value ABL’s BOT portfolio at 2x FY16 FCFE, with only two years of average useful life remaining for the projects, and expected increase in FCFE assumed to be equivalent to the discount rate
We value the EPC division at 7x our FY19 EV/EBITDA – a premium to our valuation for IRB (5x) We have removed PNG project and factored in higher stake in Jaora project We provide a 20% holding company discount to ACL’s valuation
While the MIAL project might appear to be an attractive investment (IRR, NPV), we are concerned about locking of significant capital (Rs 2.5-3.0bn) for a period of 49 years – along with execution risk and increasing leverage at the consolidated level.
Page | 4 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Financials (Consolidated)
Income Statement Y/E Mar, Rs mn FY16 FY17 FY18e FY19e
Net sales 28,253 29,794 34,029 37,920
Growth, % 22 5 14 11
Total income 28,253 29,794 34,029 37,920
Raw material expenses 0 0 0 0
Employee expenses -958 -1,180 -1,348 -1,502
Other Operating expenses -17,982 -19,683 -22,648 -25,812
EBITDA (Core) 9,312 8,930 10,033 10,607
Growth, % 82.2 (4.1) 12.3 5.7
Margin, % 33.0 30.0 29.5 28.0
Depreciation -2,688 -2,731 -3,569 -3,668
EBIT 6,624 6,200 6,464 6,939
Growth, % 84.4 (6.4) 4.3 7.3
Margin, % 23.4 20.8 19.0 18.3
Interest paid -7,930 -7,883 -8,213 -8,366 Other Non-Operating Income 783 1,219 1,158 1,100 Non-recurring Items -570 0 0 0
Pre-tax profit -1,092 -464 -428 -115
Tax provided -976 -788 -581 -681
Profit after tax -2,068 -1,251 -1,009 -796
Others (Minorities, Associates) 1,323 1,148 587 475
Net Profit -746 -104 -422 -321
Growth, % (142.5) (70.1) 306.5 (23.8)
Unadj. shares (m) 187 187 187 187
Wtd avg shares (m) 187 187 187 187
Balance Sheet Y/E Mar, Rs mn FY16 FY17 FY18e FY19e
Cash & bank 1,765 1,016 1,635 768
Debtors 5,287 4,895 6,060 6,753
Inventory 10,893 12,037 13,984 15,584
Loans & advances 2,333 4,115 4,661 5,195
Other current assets 2,394 3,831 3,831 3,831
Total current assets 22,673 25,895 30,172 32,131
Investments 1,838 1,479 1,479 1,479
Gross fixed assets 95,433 95,255 95,555 95,855
Less: Depreciation -8,999 -11,729 -14,377 -17,303
Add: Capital WIP 37 203 203 203
Net fixed assets 86,471 83,728 81,380 78,754
Total assets 1,11,203 1,11,304 1,13,234 1,12,566
Current liabilities 43,511 43,221 46,518 47,366
Total current liabilities 43,511 43,221 46,518 47,366
Non-current liabilities 44,574 46,517 45,702 44,639
Total liabilities 88,085 89,737 92,220 92,004
Paid-up capital 936 936 936 936
Reserves & surplus 16,137 15,833 15,280 14,828
Shareholders’ equity 23,118 21,566 21,014 20,561
Total equity & liabilities 1,11,203 1,11,304 1,13,234 1,12,566
Source: Company, PhillipCapital India Research Estimates
Cash Flow Y/E Mar, Rs mn FY16 FY17 FY18e FY19e
Pre-tax profit 231 698 -428 -115
Depreciation 2,688 2,731 3,569 3,668
Chg in working capital -50,115 -4,261 -361 -1,978
Total tax paid -1,098 -768 -581 -681
Cash flow from operating activities -48,295 -1,600 2,199 894
Capital expenditure 37,867 12 -1,221 -1,042
Chg in investments 507 359 0 0
Cash flow from investing activities 38,374 371 -1,221 -1,042
Free cash flow -9,921 -1,229 978 -148
Equity raised/(repaid) 5,262 0 0 0
Debt raised/(repaid) 5,837 1,942 -815 -1,063
Other financing activities -690 -83 0 0
Cash flow from financing activities 11,276 480 -359 -719
Net chg in cash 1,355 -750 620 -867
Valuation Ratios
FY16 FY17e FY18e FY19e
Per Share data
EPS (INR) (1.9) (0.5) (2.3) (1.7)
Growth, % (136.1) (74.2) 372.3 (23.8)
Book NAV/share (INR) 91.2 89.6 86.6 84.2
FDEPS (INR) (1.9) (0.5) (2.3) (1.7)
CEPS (INR) 15.6 14.1 16.8 17.9
CFPS (INR) (269.3) (21.3) 4.7 (2.2)
Return ratios Return on assets (%) 3.4 4.4 3.6 3.8
Return on equity (%) (2.0) (0.5) (2.6) (2.0)
Return on capital employed (%) 6.9 7.2 6.1 6.5
Turnover ratios Asset turnover (x) 0.5 0.5 0.5 0.6
Sales/Total assets (x) 0.2 0.3 0.3 0.3
Sales/Net FA (x) 0.3 0.4 0.4 0.5
Working capital days (292.0) (224.7) (192.9) (154.0)
Liquidity ratios
Current ratio (x) 0.5 0.6 0.6 0.7
Quick ratio (x) 0.3 0.3 0.3 0.3
Interest cover (x) 0.8 0.8 0.8 0.8
Total debt/Equity (x) 2.6 2.8 2.8 2.8
Net debt/Equity (x) 2.5 2.7 2.7 2.8
Valuation
PER (x) (100.5) (389.8) (82.5) (108.3)
Price/Book (x) 2.0 2.1 2.1 2.2
EV/Net sales (x) 2.7 2.7 2.3 2.1
EV/EBITDA (x) 8.3 9.0 7.9 7.4
EV/EBIT (x) 11.7 13.0 12.2 11.3
Page | 5 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Stock Price, Price Target and Rating History
Rating Methodology We rate stock on absolute return basis. Our target price for the stocks has an investment horizon of one year.
Rating Criteria Definition
BUY >= +15% Target price is equal to or more than 15% of current market price
NEUTRAL -15% > to < +15% Target price is less than +15% but more than -15%
SELL <= -15% Target price is less than or equal to -15%.
N (TP 136) N (TP 140)
N (TP 139)
N (TP 162)
B (TP 190)
B (TP 210)
B (TP 204)
B (TP 220)
B (TP 220)
B (TP 220)
B (TP 205)
B (TP 205)
N (TP 205)
0
50
100
150
200
250
M-14 J-14 A-14 O-14 D-14 J-15 F-15 A-15 J-15 J-15 A-15 O-15 D-15 J-16 F-16 A-16 J-16 J-16 B (TP 220)
O-16 D-16 J-17 M-17 A-17
Page | 6 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Management Vineet Bhatnagar (Managing Director) (91 22) 2483 1919
Kinshuk Bharti Tiwari (Head – Institutional Equity) (91 22) 6246 4101
Jignesh Shah (Head – Equity Derivatives) (91 22) 6667 9735
Research Automobiles
IT Services
Pharma & Specialty Chem
Dhawal Doshi (9122) 6246 4128
Vibhor Singhal (9122) 6246 4109
Surya Patra (9122) 6246 4121
Nitesh Sharma, CFA (9122) 6246 4126
Shyamal Dhruve (9122) 6246 4110
Mehul Sheth (9122) 6246 4123
Banking, NBFCs
Infrastructure
Strategy
Manish Agarwalla (9122) 6246 4125
Vibhor Singhal (9122) 6246 4109
Naveen Kulkarni, CFA, FRM (9122) 6246 4122
Pradeep Agrawal (9122) 6246 4113
Paresh Jain (9122) 6246 4114
Logistics, Transportation & Midcap
Telecom
Consumer & Retail
Vikram Suryavanshi (9122) 6246 4111
Naveen Kulkarni, CFA, FRM (9122) 6246 4122
Naveen Kulkarni, CFA, FRM (9122) 6246 4122
Media
Manoj Behera (9122) 6246 4118
Jubil Jain (9122) 6246 4117
Manoj Behera (9122) 6246 4118
Technicals
Preeyam Tolia (9122) 6246 4129
Metals
Subodh Gupta, CMT (9122) 6246 4136
Cement
Dhawal Doshi (9122) 6246 4128
Production Manager
Vaibhav Agarwal (9122) 6246 4124
Yash Doshi (9122) 6246 4127
Ganesh Deorukhkar (9122) 6667 9966
Economics
Mid-Caps & Database Manager
Editor
Anjali Verma (9122) 6246 4115
Deepak Agarwal (9122) 6246 4112
Roshan Sony 98199 72726
Shruti Bajpai (9122) 6246 4135
Oil & Gas
Sr. Manager – Equities Support
Engineering, Capital Goods
Sabri Hazarika (9122) 6667 9756
Rosie Ferns (9122) 6667 9971
Jonas Bhutta (9122) 6246 4119
Vikram Rawat (9122) 6246 4120
Sales & Distribution
Corporate Communications Ashvin Patil (9122) 6246 4105
Sales Trader
Zarine Damania (9122) 6667 9976
Shubhangi Agrawal (9122) 6246 4103
Dilesh Doshi (9122) 6667 9747
Kishor Binwal (9122) 6246 4106
Suniil Pandit (9122) 6667 9745
Bhavin Shah (9122) 6246 4102
Ashka Mehta Gulati (9122) 6246 4108
Execution
Archan Vyas (9122) 6246 4107
Mayur Shah (9122) 6667 9945
Contact Information (Regional Member Companies)
SINGAPORE: Phillip Securities Pte Ltd
250 North Bridge Road, #06-00 RafflesCityTower,
Singapore 179101
Tel : (65) 6533 6001 Fax: (65) 6535 3834
www.phillip.com.sg
MALAYSIA: Phillip Capital Management Sdn Bhd
B-3-6 Block B Level 3, Megan Avenue II,
No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur
Tel (60) 3 2162 8841 Fax (60) 3 2166 5099
www.poems.com.my
HONG KONG: Phillip Securities (HK) Ltd
11/F United Centre 95 Queensway Hong Kong
Tel (852) 2277 6600 Fax: (852) 2868 5307
www.phillip.com.hk
JAPAN: Phillip Securities Japan, Ltd
4-2 Nihonbashi Kabutocho, Chuo-ku
Tokyo 103-0026
Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141
www.phillip.co.jp
INDONESIA: PT Phillip Securities Indonesia
ANZTower Level 23B, Jl Jend Sudirman Kav 33A,
Jakarta 10220, Indonesia
Tel (62) 21 5790 0800 Fax: (62) 21 5790 0809
www.phillip.co.id
CHINA: Phillip Financial Advisory (Shanghai) Co. Ltd.
No 550 Yan An East Road, OceanTower Unit 2318
Shanghai 200 001
Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940
www.phillip.com.cn
THAILAND: Phillip Securities (Thailand) Public Co. Ltd.
15th Floor, VorawatBuilding, 849 Silom Road,
Silom, Bangrak, Bangkok 10500 Thailand
Tel (66) 2 2268 0999 Fax: (66) 2 2268 0921
www.phillip.co.th
FRANCE: King & Shaxson Capital Ltd.
3rd Floor, 35 Rue de la Bienfaisance
75008 Paris France
Tel (33) 1 4563 3100 Fax : (33) 1 4563 6017
www.kingandshaxson.com
UNITED KINGDOM: King & Shaxson Ltd.
6th Floor, Candlewick House, 120 Cannon Street
London, EC4N 6AS
Tel (44) 20 7929 5300 Fax: (44) 20 7283 6835
www.kingandshaxson.com
UNITED STATES: Phillip Futures Inc.
141 W Jackson Blvd Ste 3050
The Chicago Board of TradeBuilding
Chicago, IL 60604 USA
Tel (1) 312 356 9000 Fax: (1) 312 356 9005
AUSTRALIA: PhillipCapital Australia
Level 10, 330 Collins Street
Melbourne, VIC 3000, Australia
Tel: (61) 3 8633 9800 Fax: (61) 3 8633 9899
www.phillipcapital.com.au
SRI LANKA: Asha Phillip Securities Limited
Level 4, Millennium House, 46/58 Navam Mawatha,
Colombo 2, Sri Lanka
Tel: (94) 11 2429 100 Fax: (94) 11 2429 199
www.ashaphillip.net/home.htm
INDIA
PhillipCapital (India) Private Limited
No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
Page | 7 | PHILLIPCAPITAL INDIA RESEARCH
ASHOKA BUILDCON QUARTERLY UPDATE
Disclosures and Disclaimers PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives, and Private Client Group. This report has been prepared by Institutional Equities Group. The views and opinions expressed in this document may, may not match, or may be contrary at times with the views, estimates, rating, and target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.
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Sr. no. Particulars Yes/No
1 Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment banking transaction by PCIL
No
2 Whether Research Analyst, PCIL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the company(ies) covered in the Research report
No
3 Whether compensation has been received by PCIL or its associates from the company(ies) covered in the Research report No
4 PCIL or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the company(ies) covered in the Research report
No
5 Research Analyst, his associate, PCIL or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in the Research report, in the last twelve months
No
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ASHOKA BUILDCON QUARTERLY UPDATE
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