SIMPLEX INFRASTRUCTURES LTD. - hdfcsec.com Infrastructures... · PICK OF THE WEEK Jan 15, ... (x) 25.1 20.6 12.2 9.1 ... Source: (Company, HDFC sec) Company Overview Incorporated

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PICK OF THE WEEK Jan 15, 2018

SIMPLEX INFRASTRUCTURES LTD.

Recommendation

Buy at CMP and add on declines

Add on dips to

Rs. 530-540

Sequential Targets

Rs. 704 & Rs. 771

Time Horizon

3-4 Quarters

Industry

Infrastructure

CMP

Rs. 609

FUNDAMENTAL ANALYST Atul Karwa [email protected]

HDFC Scrip Code SIMINFEQNR BSE Code 523838 NSE Code SIMPLEXINF Bloomberg SINF IN CMP (15-Jan-18) 608.6 Equity Capital (Rs Cr) 9.9 Face Value (Rs) 2.0 Eq. Shares O/S (Cr) 4.9 Market Cap (Rs Cr) 3010.9 Book Val (Rs) 319.7 Avg.52 Wk Volume 53,500 52 Week High 617.6 52 Week Low 273.6

Shareholding Pattern % (Sep 30, 2017) Promoters 56.3 Institutions 21.1 Non Institutions 22.6 Total 100.0

Incorporated in 1924, Simplex Infrastructures Ltd (SIL) is the largest pure play civil construction and engineering contractor in India, with more than nine decades of successful operations and execution of over 2900 projects in India and abroad. SIL has established its presence across various construction verticals including piling, industrial plants, power plants, power transmission, urban infrastructure & utilities, building & housing, marine ports and railways. SIL is currently working on over 200 projects across 9 verticals and 9 countries. It has an outstanding order book of more than Rs 17,300 cr giving revenue visibility of over 3 years. This is post Rs. 3,337 cr orders received in H1FY18. Investment Rationale:

Diversified infrastructure player Strong order book, improving order inflows to enhance visibility Focus on improving working capital Revenues to gain traction on back of higher execution Increased investment in infrastructure & construction to provide huge opportunities

Concerns:

Stretched working capital Execution delay Slowdown in order flows Return ratios have been low, but could improve from hereon

View and Valuation SIL is well placed in the current environment in India due to its varied/diversified presence, history of execution and old relationships. Its order book gives confidence and visibility of revenue growth. Its margins have been steady. Its expertise in areas like marine, urban infra, piling and power gives it an edge over its peers. Its valuations also leave scope for an upside based on expected execution and order wins. Improvement in working capital is a key for rerating of the stock on which the management is working upon. This will result in lower borrowings, lower interest costs and higher PAT. Higher order flows from the Govt sector (which is keen to finish projects on time) also will help in relieving the working capital situation. Since Dec 2016, the promoters have done gradual creeping acquisition from the market raising their stake from 56.01% to 56.33% in Sept 2017. This also reflects their confidence about the future of the company. We feel investors could buy the stock at the CMP and add on declines to Rs 530-540 band (8x FY20E EPS) for sequential targets of Rs 704 (10.5x FY20E EPS) and Rs 771 (11.5x FY20E EPS) in 3-4 quarters. At CMP of Rs 608.6 the stock is trading at 9.1x FY20E EPS.

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Financial Summary - Standalone Particulars (Rs Cr) Q2FY18 Q2FY17 YoY-% Q1FY18 QoQ-% FY17 FY18E FY19E FY20E Operating Income 1246.0 1263.5 -1.4 1511.9 -17.6 5607.5 6063.4 6921.5 7573.8 EBITDA 169.6 159.9 6.1 172.8 -1.9 688.7 760.6 875.7 975.2 Reported PAT 27.8 17.9 55.4 28.7 -3.3 120.3 146.3 248.2 332.5 EPS (Rs) 5.6 3.6 5.8 24.2 29.5 50.0 67.0 P/E (x) 25.1 20.6 12.2 9.1 EV/EBITDA (x) 9.2 8.3 7.0 6.0 RoE (%) 8.1 9.1 13.8 16.0

Source: (Company, HDFC sec)

Company Overview Incorporated in 1924, Simplex Infrastructure Ltd (SIL) is the largest pure play civil construction and engineering contractors in India, with more than nine decades of successful operations and execution of over 2900 projects in India and abroad. SIL has established its presence across various construction verticals including piling, industrial plants, power plants, power transmission, urban infrastructure & utilities, building & housing, marine ports and railways. SIL is currently working on over 200 projects across 9 verticals and 9 countries. It has an outstanding order book of more than Rs. 17300 cr giving revenue visibility of over 3 years. This is post Rs.3,337 cr orders received in H1FY18. 5% of Order Book and 9% of revenue came from overseas for H1FY18. It has 7527 permanent employees and owns Construction Equipment of Rs.2,980 cr as of Sept 2017. It has very low and selective exposure to BOT and its entire focus is on EPC business. It raised Rs.400 cr by way of QIP in Dec 2007 from institutional investors @Rs.625 per share. After setting its first overseas office in Sri Lanka in 1980, SIL has expanded its footprint to Africa, West Asia, CIS countries and SAARC countries. Overseas projects range from hotels, residential and commercial buildings to flyovers, power plants, marine works, sports complex, road projects and dewatering plants. Simplex reputation is particularly strong in the Middle East. Some of the landmark projects undertaken by the company include: Supreme Court of India West Bengal Assembly Building Kolkata GPO Campus of IIT (Guwahati) Campus of IIM (Indore)

RBI Building, Lucknow King George Docks (JNPT), Mumbai Salt Lake Stadium, Kolkata Jaitkhamb Tower, Chhattisgarh

Milestones SIL was incorporated in 1924 as it pioneered the cast-in-situ driven piles in Asia. It diversified into construction of industrial, power, roads, building and other verticals over the years.

KEY HIGHLIGHTS

SIL is a diversified construction company and currently working on over 200 projects across 9 verticals and 9 countries

Strong order book position of over Rs 17,300 cr at the end of H1FY18. Over the last 5 years the company has received average order inflows of ~Rs 6800 cr per annum which is higher than its revenues of ~Rs 5600 cr p.a

SIL is focusing on improving its

working capital requirement. In H1FY18 debtor position has improved by ~Rs.500 cr and management is targeting to recover ~Rs 1,000 cr in the next 2 years

Significant plans announced for

roads, housing, railways, water supply & sanitation, etc. would result in higher order inflows and 10.5% CAGR revenue growth over FY17-FY20E

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Year Milestone 1924 Pioneered cast-in-situ driven piles in Asia. 1935 Foray into construction of Industrial Structures 1940 Built King George Docks in Mumbai 1947 Current promoters Mundhras take over 1958 Designed and constructed the first RCC framed structure in Asia, the 17-storied National Tower in Kolkata 1960 Foray into construction of Thermal Power Plants ranging 10 to 4000 MW 1990 Piling jobs in UAE – Abu Dhabi 1992 Built international class hotel at Tashkent, Uzbekistan 1993 Went public 2000 Added more construction verticals 2004 Began Overseas Expansion 2010 Foray into Power T&D and Road BOT 2011 Entry in Ethiopia, Bangladesh & Saudi Arabia 2012 Foray in underground mining

As of FY17 SIL had six subsidiary companies, three associates and two joint ventures.

Company Name Location Ownership % FY17 Revenues FY17 PAT Simplex Infrastructures Ltd. India Standalone 5607.5 120.3 Subsidiaries Maa Durga Expressways Pvt. Ltd. India 100 0.0 0.0 Jaintia Highway Private Ltd. India 100 0.0 0.0 Simplex Infra Development Pvt Ltd. India 100 0.0 (0.1) Simplex (Bangladesh) Pvt. Ltd. Bangladesh 95 0.0 0.0 Simplex (Middle East) Ltd. Dubai, UAE 100 16.4 8.5 Simplex Infrastructure Libya Joint Venture Co. Libya 65 0.0 (8.5) Associates Shree Jagannath Expressways Pvt. Ltd. India 34 (1.4) Raichur Sholapur Transmission Co. Pvt. Ltd. India 33.33 (1.0) Simplex Infrastructures LLC Oman 45 (0.1) Joint Ventures Arabian Construction Co. India 50 0.0 Simplex Almoayyed W.L.L. Bahrain 49 1.7 Adjustments arising out of consolidation 15.0 Consolidated PAT 134.2

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Investment Rationale Diversified infrastructure player SIL is a diversified construction company with projects spanning across various verticals of the infrastructure industry. The company undertakes EPC contracts in the field of building & housing, piling, urban utilities, power, roads, railways, bridges, industrial, etc. In FY17 Building & Housing segment accounted for 37% of its revenues, followed by urban utilities (13%), industrial (13%) and ground engineering (12%). SIL is currently working on over 200 projects across 9 verticals and 9 countries. Clientwise its average single client exposure stood at 0.78% with the highest exposure at 7.6%. The diversified revenue stream as well as exposure protects the company from downside in any particular contract, vertical, client or country. Vertical-wise revenue breakup (%)

(Source: Company, HDFC sec)

Strong order book, improving order inflows to enhance visibility SIL had a strong order book position of over Rs 17,300 cr at the end of H1FY18. Over the last 5 years the company has received average order inflows of ~Rs 6800 cr per annum which is higher than its revenues of ~Rs 5600 cr p.a. Order inflows during the last couple of years have declined due to slowdown in industrial activity, project delays and implementation of GST. We expect tendering activity to pick up H2FY18 onwards. The current order book provides a revenue visibility of 3.3x FY17 revenues.

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Domestic orders accounted for 92% of the order book while overseas orders formed the balance 8%. Government orders comprise 62% of the orders and private sector contributed to 38%. Among verticals, Power contributes the largest chunk at 32% followed by Urban utilities, Roads & Bridges and Buildings at 25%, 20% and 10% respectively. Recently on Jan 09, 2018, the company has been awarded the contract to design & construct the 12km long viaduct & 11 elevated stations on the D.N. Nagar-Mankhurd corridor of Metro Line 2 at a cost of Rs 1080 cr.

Orderbook breakup – H1FY18 Order book trend


Focus on improving working capital The management is focusing on improving its working capital requirement. In H1FY18 debtor position have improved by ~Rs.500 cr as the company is working towards recovering its payments which have been stuck under litigation. The management expects to receive most of the claims in the near to medium term. The management is targeting to recover ~Rs 1,000 cr in the next 2 years and utilize it for paring down its debt. Improvement in working capital is crucial for the company as it would help in reducing its debt levels which would improve its profitability. Lower debt and improved profits could also trigger a rating upgrade which would further enable the company to borrow at lower rates and decrease blended cost of borrowing. Its old outstandings of Rs1500 cr+ is spread over 600 customers with hardly 1-2 large outstandings. It also regularly writes off old debtors amounting to 0.25% of revenues every year.

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Debtors and unbilled revenues have been on an increasing trend


Revenues to gain traction on back of higher execution Revenues of the company has remained flat over the last 5 years due to lack of order inflows and lower execution as working capital was stretched. However, we expect revenues to increase at CAGR of 10.5% over FY17-FY20 driven by ramp-up in execution and increased order inflows. The diversified nature of SIL’s revenues protects it from slowdown in any of its verticals. This can be reflected by the increasing share from Building & Housing vertical to 38% in FY17 from 9% in FY11 even as revenue share from Power vertical declined from 30% to 10% during the same period.

Revenue growth to pick up traction


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Increased investment in infrastructure construction to provide huge opportunities The Indian construction industry contributes to ~8% of GDP and is the second largest employer, next only to agriculture. Policy hurdles (mainly environment clearance and land acquisitions) resulted in growth in construction sector dipping to below 2% in FY14. Post the new and stable Government coming at the centre, it has taken steps to remove the policy hurdles and revive construction sector growth. FDI in construction has been liberalized to facilitate higher investments in the sector. The government has announced significant plans for roads under the Bharatmala road project to develop approximately 83,677 km of roads at an investment of Rs. 6.92 Lakh cr by 2022. Incentives given to affordable housing schemes as well as rising income & living standards is likely to generate an estimated construction demand of ~$60 bn in the Building & Housing sector. Metro projects are coming up in large cities and Government is investing in upgrading rail infrastructure and develop Eastern & Western Direct Freight corridors & High Speed Railway. Budgetary support of $23 bn is expected over next 5 yrs for improvement in rural water supply & sanitation. All these projects are likely to result in higher order inflows in the coming years. Q2FY18 Results Review - Standalone Net sales in Q2FY18 dipped marginally by 1.4% yoy to Rs 1246 cr impacted by GST led disruptions. EBITDA grew by 6.1% yoy to Rs 170 crand EBITDA margins expanded 96 bps to 13.6% driven by favourable revenue mix and change in method of reporting (netting of GST from revenues and cost). Other income was up by 1.9% yoy to Rs 29.4 cr led by notional interest of 10 cr on financial assets. Management expects this impact to continue for next 10 quarters. PAT increased by 55.4% yoy to Rs 27.8 cr while margins expanded 81 bps while PAT margins were up 81 bps yoy to 2.2% aided by lower depreciation and taxation during the quarter. Order inflows almost doubled to Rs 1931 cr from Rs 978 cr in Q2FY17 driven by Marine, Urban Infra and Buildings segment. L1 orders stood at Rs 1357 cr. Outstanding order book increased by 28.3% yoy to Rs 17301 cr. The management has guided for 10-12% revenues growth in FY18 with EBITDA margin between 11.5-12%. Order inflows are expected to be ~Rs 8000 cr. It is targeting to reduce its gross debt by ~Rs 200 cr and capex is estimated to be ~Rs 80 cr.

Particulars (Rs Cr) Q2FY18 Q2FY17 YoY (%) Q1FY18 QoQ (%) H1FY18 H1FY17 YoY (%) Operating Income 1246.0 1263.5 -1.4 1511.9 -17.6 5811.6 5581.6 4.1 Material consumed 368.1 343.2 7.2 520.8 -29.3 1936.9 1874.6 3.3 Employee expenses 140.4 125.0 12.3 140.3 0.1 506.5 481.1 5.3 Other expenses 568.0 635.5 -10.6 678.0 -16.2 2802.0 2663.8 5.2 Total expenses 1076.5 1103.7 -2.5 1339.1 -19.6 5245.4 5019.6 4.5 EBITDA 169.6 159.9 6.1 172.8 -1.9 566.2 562.0 0.8 Depreciation 47.0 49.9 -5.8 47.9 -1.8 137.5 136.8 0.5 Other Income 29.4 28.9 1.9 24.7 19.2 97.0 53.0 83.0 Finance cost 117.6 109.4 7.5 113.2 3.8 429.3 384.3 11.7

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PBT 34.4 29.5 16.8 36.4 -5.5 96.4 93.9 2.7 Tax expenses 6.6 11.6 -42.8 7.7 -13.5 30.1 31.5 -4.3 PAT 27.8 17.9 55.4 28.7 -3.3 66.3 62.4 6.2 EPS (Rs) 5.6 3.6 55.4 5.8 -3.3 13.3 12.6 6.2 EBITDA (%) 13.6% 12.7% 96 bps 11.4% 218 bps 9.7% 10.1% -33 bps PAT (%) 2.2% 1.4% 81 bps 1.9% 33 bps 1.1% 1.1% 2 bps


Concerns Stretched working capital SIL has a stretched working capital and operates close to its short term loans limit of Rs 2400 cr. If SIL’s working capital continues to be stretched, the company’s revenue and profitability will be impacted, going forward. Debtors and unbilled revenue for SIL has increased in H1FY18 due to GST related disruptions, but that could soon reverse. Large portion of retention monies also impacts the working capital. Execution delay Project delay due to a delay at the client’s end or other regulatory bottlenecks could adversely affect SIL’s revenue and profitability. Infrastructure projects in India are highly susceptible to hurdles caused by land acquisition issues and delays in securing approvals and clearances. Delay in order intake Any capex delay by the private and government sectors will lead to a delay in awarding of orders to SIL, thereby negatively impacting its revenue and profitability. Forex fluctuations Almost 10-15% of the revenues is derived from overseas projects. Although the company regularly enters into forward contracts to hedge its exposure, the unhedged portion (net of imports) could result into losses in case of sharp currency movements. Return ratios continue to be low, but could improve from hereon SIL’s return ratios have been low in the range of 5-8% (RoE) and 10-12% (RoCE) due to low PAT margins. This has been due to rising interest costs which we believe can remain stable (on higher sales) resulting in better return ratios going forward.

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View and Valuation Simplex Infra is well placed in the current environment in India due to its varied/diversified presence, history of execution and old relationships. Its order book gives confidence and visibility of revenue growth. Its margins have been steady. Its expertise in areas like marine, urban infra, piling and power gives it an edge over its peers. Its valuations also leave scope for an upside based on expected execution and order wins. Improvement in working capital is a key for rerating of the stock on which the management is working upon. This will result in lower borrowings, lower interest costs and higher PAT. Higher order flows from the Govt sector (which is keen to finish projects on time) also will help in relieving the working capital situation. Since Dec 2016, the promoters have done gradual creeping acquisition from the market raising their stake from 56.01% to 56.33% in Sept 2017. This also reflects their confidence about the future of the company.

We feel investors could buy the stock at the CMP and add on declines to Rs 530-540 band (8x FY20E EPS) for sequential targets of Rs 704 (10.5x FY20E EPS) and Rs 771 (11.5x FY20E EPS) in 3-4 quarters. At CMP of Rs 608.6 the stock is trading at 9.1x FY20E EPS.

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Financial Statements - Standalone

Income Statement Cash Flow statement Particulars FY16 FY17 FY18E FY19E FY20E Particulars FY16 FY17 FY18E FY19E FY20E Income from operations 5904.6 5607.5 6063.4 6921.5 7573.8 Profit Before Tax 148.2 134.6 203.2 349.6 474.9 Cost of materials consumed 1971.4 1642.2 1869.0 2131.2 2323.8 Depreciation 137.5 197.8 200.6 206.9 212.9 Employee Cost 511.1 514.3 588.2 664.5 719.5 Others 449.6 399.4 446.3 417.1 394.4 Other expenses 2739.8 2762.3 2845.7 3250.1 3555.3 Change in working capital -171.2 -75.2 -226.2 -240.4 -133.2 Total expenses 5222.4 4918.8 5302.9 6045.8 6598.6 Tax expenses 3.8 -16.1 -56.9 -101.4 -142.5 EBITDA 682.2 688.7 760.6 875.7 975.2 CF from Operating activities 568.1 640.5 566.9 631.8 806.5 Depreciation 203.6 197.8 200.6 206.9 212.9 Net Capex -175.6 -100.0 -80.0 -80.0 -80.0 Other Income 98.1 89.1 90.4 103.3 109.2 Other investing activities 42.2 26.0 0.0 0.0 0.0 EBIT 576.8 580.0 650.4 772.1 871.5 CF from Investing activities -134.0 -117.8 -82.5 -82.5 -82.5 Finance Cost 428.6 445.4 447.2 422.6 396.6 Proceeds from Eq Cap 0.0 0.0 0.0 0.0 0.0 Profit Before Tax 148.2 134.6 203.2 349.6 474.9 Borrowings / (Repayments) 25.3 -68.8 -25.0 -100.0 -300.0 Tax Expenses 42.1 14.3 56.9 101.4 142.5 Dividends paid -3.0 -3.0 -4.2 -4.8 -6.0 Profit After Tax 106.1 120.3 146.3 248.2 332.5 Interest paid -415.5 -442.8 -447.2 -422.6 -396.6 Adj. PAT 106.1 120.3 146.3 248.2 332.5 CF from Financing activities -392.3 -523.7 -476.4 -527.3 -702.5 EPS 21.4 24.2 29.5 50.0 67.0 Net Cash Flow 41.8 -0.9 8.0 21.9 21.5 Balance Sheet Financial Ratios Particulars FY16 FY17 FY18E FY19E FY20E Particulars FY16 FY17 FY18E FY19E FY20E EQUITY AND LIABILITIES EPS (Rs) 21.4 24.2 29.5 50.0 67.0 Share Capital 9.9 9.9 9.9 9.9 9.9 Cash EPS (Rs) 62.4 64.1 69.9 91.7 109.9 Reserves and Surplus 1415.1 1520.4 1662.5 1905.9 2232.4 BVPS (Rs) 287.1 308.3 336.9 386.0 451.8 Shareholders' Funds 1425.0 1530.3 1672.4 1915.8 2242.3 Long Term borrowings 644.8 624.3 549.3 349.3 -50.7 PE (x) 28.5 25.1 20.6 12.2 9.1 Deferred Tax Liabilities (Net) 79.8 106.4 106.4 106.4 106.4 P/BV (x) 2.1 2.0 1.8 1.6 1.3 Other Long Term Liabilities 0.0 0.0 3.0 1.1 1.7 Mcap/Sales (x) 0.5 0.5 0.5 0.4 0.4 Long Term Provisions 10.4 12.1 14.0 16.0 17.5 EV/EBITDA 9.4 9.2 8.3 7.0 6.0 Non-current Liabilities 735.0 742.8 672.6 472.8 74.8 Short Term Borrowings 2754.3 2701.1 2751.1 2851.1 2951.1 EBITDAM (%) 11.6 12.3 12.5 12.7 12.9 Trade Payables 1526.8 1711.9 1817.0 1999.7 2166.9 EBITM (%) 9.8 10.3 10.7 11.2 11.5 Other Current Liabilities 1423.2 1715.1 1783.9 1980.9 2063.7 PATM (%) 1.8 2.1 2.4 3.6 4.4 Short Term Provisions 51.3 16.6 19.1 21.8 23.8 Current. Liabilities 5755.6 6144.6 6371.1 6853.5 7205.5 ROCE (%) 12.2 12.0 13.2 15.3 17.0 TOTAL 7915.6 8417.7 8716.1 9242.1 9522.7 RONW (%) 7.4 8.1 9.1 13.8 16.0

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ASSETS Net Block 1281.1 1173.0 1052.4 925.5 792.6 Current Ratio (x) 1.1 1.2 1.2 1.2 1.2 Capital work-in-progress 12.3 11.5 14.0 16.5 19.0 Quick Ratio (x) 1.0 1.0 1.0 1.0 1.0 Non current Investments 123.5 131.6 131.6 131.6 131.6 Debt-Equity (x) 2.4 2.2 2.0 1.7 1.3 Long-Term Loans and Advances 18.8 21.2 24.1 27.5 30.1 Other Non-current Assets 4.7 0.1 1.2 1.4 1.5 Debtor days 107 92 99 96 93 Non-current Assets 147.0 152.8 156.9 160.5 163.2 Inventory days 52 48 50 51 50 Current Investments 4.6 2.3 2.3 2.3 2.3 Creditor days 102 106 107 101 101 Inventories 728.1 746.4 908.5 999.9 1052.5 Trade Receivables 1289.0 1529.4 1734.4 1886.6 1960.5 Cash and Bank Balances 23.3 32.9 41.0 62.9 84.4 Short-Term Loans and Advances 796.1 896.4 925.0 1037.6 1135.0 Other Current Assets 3634.1 3872.9 3881.7 4150.4 4313.1 Current Assets 6475.1 7080.3 7492.9 8139.6 8547.8 TOTAL 7915.6 8417.6 8716.1 9242.1 9522.7


1-year Forward P/E 1-year Price chart

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Fundamental Research Analyst: Atul Karwa ([email protected]) HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: [email protected]. Compliance Officer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600 __________________________________________________________________________________________________________________________________________________________________________________________________ Disclosure: I, (Atul Karwa, MMS), authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. 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. Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate does not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any holding in stock – No HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475. Disclaimer: This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. 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Documents

SIMPLEX INFRASTRUCTURES LTD. - hdfcsec.com Infrastructures... · PICK OF THE WEEK Jan 15, ... (x) 25.1 20.6 12.2 9.1 ... Source: (Company, HDFC sec) Company Overview Incorporated