Sudarshan Chemicals Industries Ltd · S U N C T I O N B E T T E R YEARS Sudarshan Chemical Industries Ltd’s (Sudarshan’s) Q3FY12 results were below CRISIL Research’s expectations

© CRISIL Limited. All Rights Reserved.

MAKING MARK

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

Enhancing investment decisions

Q3FY12 Result Update

Sudarshan Chemicals Industries Ltd


Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process –

Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental

grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The

valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to

grade 1 (strong downside from the CMP).

CRISIL Fundamental Grade

Assessment CRISIL Valuation Grade

Assessment

5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)

4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)

3/5 Good fundamentals 3/5 Align (+-10% from CMP)

2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)

1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)

Analyst Disclosure

Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest

that can bias the grading recommendation of the company.

Additional Disclosure

This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT). Disclaimer:

This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL

(Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for

any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without

any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes

investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold

any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this

Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be

reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or

published or copied in whole or in part, for any purpose.

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1

Sudarshan Chemical Industries Ltd Growth deceleration from demand weakness continues

Fundamental Grade 4/5 (Superior fundamentals)

Valuation Grade 4/5 (CMP has upside) Industry Diversified Chemicals

Fair Value Rs 600 CMP Rs 498

March 16, 2012

MAKING MARK

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

Sudarshan Chemical Industries Ltd’s (Sudarshan’s) Q3FY12 results were below CRISIL Research’s expectations. While revenue was largely in line with our estimates, the ~250 bps q-o-q decline in EBITDA margin (to 9.8%) was more than anticipated. The decline was largely because of higher-than-expected increase in operating expenses. Interest costs were higher because of higher debt availed for meeting its working capital requirement. We reduce our EBITDA and EPS estimates to factor in demand slowdown, increase in operating costs and interest expense but retain our fundamental grade of 4/5 as we remain confident on the fundamental strength of the company. Q3FY12 result analysis (standalone)

• Revenue declined by 1.5% y-o-y to Rs 1.6 bn largely because of weak

demand in end markets - inks and paints. The uncertainty in Europe also

restrained demand traction in high performance pigments.

• EBITDA margin declined to 9.8% from 12.4% and 11.5% in Q2FY12 and

Q3FY11, respectively. The ~250 bps q-o-q decline, higher than our

expectations, was largely an outcome of higher employee costs and the

increase in power and fuel costs.

• PAT margin declined ~290 bps y-o-y to 1.7% due to increase in

depreciation and interest cost expenses. The company took incremental

debt to finance its currently stretched working capital. EPS for Q3FY12 was

Rs 4.1 compared to Rs 11.0 in Q3FY11. Earnings estimates – revised downwards

We lower our FY12 and FY13 estimates to reflect the slowdown in business. FY12 and FY13 revenue estimates have been reduced to Rs 7.3 bn and Rs 8.3 bn mn from Rs 7.7 bn and Rs 8.8 bn, respectively, because demand in the end market is not improving as per our expectations. We expect H1FY13 to be weaker than previously expected. Subsequently, our FY12 and FY13 EPS estimates have been lowered to Rs 49.0 and Rs 59.9 from Rs 64.3 and Rs 69.7, respectively, on the back of lower sales and margins estimates.

Valuations: Current market price has upside We continue to use the discounted cash flow method to value Sudarshan. Based on lowered estimates, we cut our fair value estimate to Rs 600 from Rs 670 per share. At the current market price, the implied valuation grade is 4/5.

KEY FORECAST

(Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 4,621 5,942 7,252 7,293 8,306

EBITDA 542 827 883 817 1,055

Adj PAT 120 411 389 339 415

Adj EPS-Rs 17.3 59.4 56.2 49.0 59.9

EPS growth (%) 151.9 243.6 (5.5) (12.9) 22.4

Dividend yield (%) 8.7 3.7 2.9 2.5 3.1

RoCE (%) 20.6 31.7 24.0 14.7 17.8

RoE (%) 12.3 34.9 25.3 18.3 19.6

PE (x) 6.2 6.6 9.0 10.3 8.4

P/BV (x) 0.7 2.0 2.0 1.8 1.5

EV/EBITDA (x) 2.9 4.4 6.1 7.7 5.4

CMP: Current market price

Source: Company, CRISIL Research estimate

CFV MATRIX

KEY STOCK STATISTICS NIFTY 5381

NSE ticker SUDARSCHEM

Face value (Rs per share) 10

Shares outstanding (mn) 7

Market cap (Rs mn)/(US$ mn) 3,496/70

Enterprise value (Rs mn) /(US$ mn) 5,400/108

52-week range (Rs) (H/L) 804/480

Beta 0.6

Free float (%) 47.2%

Avg daily volumes (30-days) 2,070

Avg daily value (30-days) (Rs mn) 1.1

SHAREHOLDING PATTERN

PERFORMANCE VIS-À-VIS MARKET

Returns

1-m 3-m 6-m 12-m

SUDARSCHEM -7% -2% -28% -25%

NIFTY -3% 13% 6% -1%

ANALYTICAL CONTACT Chetan Majithia (Head) [email protected]

Abhijeet Singh [email protected]

Bhaskar Bukrediwala [email protected]

Client servicing desk

+91 22 3342 3561 [email protected]

1 2 3 4 5

1

2

3

4

5

Valuation Grade

Fu

nd

am

en

tal G

rad

e

Poor Fundamentals

ExcellentFundamentals

Str

on

gD

ow

nsi

de

Str

on

gU

psi

de

52.8% 52.8% 52.8% 52.8%

3.7% 3.7% 3.7% 3.7%

43.5% 43.5% 43.5% 43.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-11 Jun-11 Sep-11 Dec-11

Promoter DII Others


Sudarshan Chemical Industries Ltd MAKING MAR

K

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

Q3FY12 Result Summary (standalone) (Rs mn) Q3FY12 Q2FY12 Q3FY11 q-o-q (%) y-o-y (%) 9MFY12 9MFY11 y-o-y (%)

Net sales 1,636 2,097 1,662 (21.9) (1.5) 5,516 5,155 7.0

Raw materials cost 888 1,205 911 (26.3) (2.6) 3,068 2,816 9.0

Raw materials cost (% of net sales) 54.2% 57.5% 54.8% -323bps -60bps 55.6% 54.6% 99bps

Employees cost 142 129 123 10.6 15.6 403 392 2.8

Other expenses 445 504 437 (11.6) 2.0 1,411 1,255 12.4

EBITDA 161 259 190 (37.9) (15.5) 634 692 (8.4)

EBITDA margin 9.8% 12.4% 11.5% -252bps -163bps 11.5% 13.4% -193bps

Depreciation 51 43 32 18.4 57.5 131 98 33.2

EBIT 110 216 158 (49.0) (30.3) 503.0 593.6 (15.3)

Interest and finance charges 60 59 31 1.3 89.6 160 82 94.0

Operating PBT 51 157 127 (67.7) (60.0) 343 511 (32.9)

Other Income -4 38 21 (109.3) (116.7) 58 37 54.8

Extraordinary income/(Expenses) - - -93 - (100.0) - -93

PBT 47 196 241 (75.9) (80.4) 401 642 (37.5)

Tax 19 59 72 (68.2) (73.9) 123 195 (36.6)

PAT 29 137 170 (79.2) (83.2) 278 447 (37.9)

Adj PAT 29 137 76 (79.2) (62.7) 278 354 (21.6)

Adj PAT margin 1.7% 6.5% 4.6% -478bps -286bps 5.0% 6.9% -183bps

No of equity shares (mn) 6.9 6.9 6.9 6.9 6.9 6.9 6.9 -

Adj EPS (Rs) 4.1 19.8 11.0 (79.2) (62.7) 40.1 51.1 (21.6)

Source: Company, CRISIL Research

Continued weakness in end-market demand led to

decline in sales

PAT declined y-o-y due to higher interest and

depreciation costs

Source: Company, CRISIL Research Source: Company, CRISIL Research

Pigment sales impacted by weak demand Agrochemicals continue to be a drag on growth

Source: Company, CRISIL Research Source: Company, CRISIL Research

1,5

76

1,5

71

1,9

22

1,6

62

1,9

08

1,7

83

2,0

97

1,63

6

13% 13%

15%

11%12% 12%

12%

10%

8%

10%

12%

14%

16%

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

Q4FY1

0

Q1FY1

1

Q2FY1

1

Q3FY1

1

Q4FY1

1

Q1FY1

2

Q2FY1

2

Q3FY1

2

(Rs mn)

Revenue EBITDA Margin (RHS)

135 111 167 170 96 112 137 29

9%

7%

9%10%

5%

6%7%

2%

0%

2%

4%

6%

8%

10%

12%

0

20

40

60

80

100

120

140

160

180

Q4FY1

0

Q1FY1

1

Q2FY1

1

Q3FY1

1

Q4FY1

1

Q1FY1

2

Q2FY1

2

Q3FY1

2

(Rs mn)

PAT PAT Margin (RHS)

1,6

60

1,2

82

1,5

98

1,5

29

1,8

03

1,5

30

1,8

07

1,4

99

13%

16%

18%

14%

13%

16%15%

8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Q4FY

10

Q1FY

11

Q2FY

11

Q3FY

11

Q4FY

11

Q1FY

12

Q2FY

12

Q3FY

12

(Rs mn)

Pigments Revenue EBIT margin (RHS)

133 284 318 127 106 247 286 127

1%

10% 9%

7%

-2%

2%

11%

-2%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

0

50

100

150

200

250

300

350

Q4FY

10

Q1FY

11

Q2FY

11

Q3FY

11

Q4FY

11

Q1FY

12

Q2FY

12

Q3FY

12

(Rs mn)

Agrochemicals Revenue EBIT margin (RHS)



K

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

Share price movement Fair value movement since initiation

-indexed to 100

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

EARNINGS ESTIMATES REVISED DOWNWARDS

Particulars Unit

FY12E FY13E

Old New % change Old New % change

Revenues (Rs mn) 7,659 7,293 -5% 8,803 8,306 -6%

EBITDA (Rs mn) 950 817 -14% 1,144 1,055 -8%

EBITDA margin % 12.4% 11.2% (120) bps 13.0% 12.7% (30) bps

PAT (Rs mn) 445 339 -24% 483 415 -14%

PAT margin % 5.8% 4.6% (116) bps 5.5% 5.0% (50) bps

EPS Rs 64.3 49.0 -24% 69.7 59.9 -14%

Source: CRISIL Research estimate

Reasons for changes in estimates

Line item FY12E FY13E

Revenues • Revenue estimates lowered by 5% because of:

o End-market demand in Q4FY12 is expected to

witness negligible improvement unlike our

earlier expectations of seeing partial

improvement. Q4 has been a seasonally

strong quarter historically, but demand in

Q4FY12 is likely to remain soft.

• Revenue estimates lowered by 6% because of:

o Demand is expected to remain soft contrary to

our earlier expectations of an improvement.

o Limited traction in high performance and effect

pigments.

o We expect demand to remain weak in H1FY13

with some improvement in H2FY13.

EBITDA margins • Higher-than-expected increase in operating

expenses.

o Employee cost has increased because of

increase in labour costs.

o Power and fuel costs have increased because

of hikes in tariff rates. The company’s captive

power plant got commissioned in December

2011 and is operational from January 2012.

But due to increase in coal prices, the

company didn’t realise substantial benefits.

• Higher-than-expected increase in operating

expenses.

o Employee cost has increased because of increase

in labour costs.

o Power and fuel costs have increased because of

hikes in tariff rates. However, the captive power

plant operational from Q4FY12 is expected to offer

some respite.

o Limited expansion in EBITDA margins because of

lower traction in high-margin performance

pigments.

PAT margins • Interest costs have increased because of

incremental debt taken to finance working capital

requirement.

o Depreciation has increased because of higher-

than-expected ramp-up in capacity expansion.

• Because of incremental EBITDA margin contraction.

0

100

200

300

400

500

600

700

Jan-0

8

Mar-

08

Jun-

08

Sep

-08

Dec-

08

Mar-

09

Jun-

09

Sep

-09

Dec-

09

Mar-

10

Jun-

10

Sep

-10

Dec-

10

Mar-

11

Jun-

11

Sep

-11

Dec-

11

Mar-

12

Sudarshan NIFTY

0

5

10

15

20

25

30

35

0

100

200

300

400

500

600

700

800

900

Jun-

11

Jul-

11

Jul-

11

Aug-1

1

Sep-

11

Oct

-11

Nov-1

1

Dec-

11

Jan-1

2

Feb-

12

Mar

-12

('000)(Rs)

Total Traded Quantity (RHS) CRISIL Fair Value Sudarshan



K

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

VALUATION

We continue to use the discounted cash flow method to value Sudarshan. Based

on our changes in estimates, we have lowered our fair value estimate to Rs 600

per share. At this value, the implied P/E multiples are 12x FY12 earnings

estimate and 10x FY13 earnings estimate.

One-year forward P/E band One-year forward EV/EBITDA band


P/E – premium/discount to NIFTY P/E movement


CRISIL IER reports released on Sudarshan Chemical Industries Ltd

Date Nature of report

Fundamental

grade Fair value

Valuation

grade

CMP

(on the date of report)

07-Jun-10 Initiating coverage 4/5 Rs 764 3/5 Rs 760

24-Aug-11 Q1FY12 result update 4/5 Rs 764 3/5 Rs 723

16-Nov-11 Q2FY12 result update 4/5 Rs 670 3/5 Rs 619

16-Mar-12 Q3FY12 result update 4/5 Rs 600 4/5 Rs 498

* For detailed initiating coverage report please visit: www.ier.co.in CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

0

200

400

600

800

1,000

1,200

Apr

-07

Jul-

07

Sep-

07

Dec

-07

Mar

-08

Jun-0

8

Sep-

08

Dec

-08

Mar

-09

Jun-0

9

Sep-

09

Dec

-09

Mar

-10

Jun-1

0

Sep-

10

Dec

-10

Mar

-11

Jun-1

1

Sep-

11

Dec

-11

Mar

-12

(Rs)

Sudarshan 1x 3x 8x 13x 18x

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Apr

-07

Jul-

07

Sep-

07

Dec

-07

Mar

-08

Jun-0

8

Sep-

08

Dec

-08

Mar

-09

Jun-0

9

Sep-

09

Dec

-09

Mar

-10

Jun-1

0

Sep-

10

Dec

-10

Mar

-11

Jun-1

1

Sep-

11

Dec

-11

Mar

-12

(Rs mn)

EV 3x 5x 7x 9x

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

Apr-

07

Jul-

07

Sep

-07

Dec-

07

Mar

-08

Jun-

08

Sep

-08

Dec-

08

Mar

-09

Jun-

09

Sep

-09

Dec-

09

Mar

-10

Jun-

10

Sep

-10

Dec-

10

Mar

-11

Jun-

11

Sep

-11

Dec-

11

Mar

-12

Premium/Discount to NIFTY Median premium/discount to NIFTY

0

2

4

6

8

10

12

14

16

18

Apr

-07

Jul-

07

Oct

-07

Dec

-07

Mar

-08

Jun-0

8

Sep-0

8

Dec

-08

Mar

-09

Jun-0

9

Sep-0

9

Dec

-09

Mar

-10

Jun-1

0

Sep-1

0

Dec

-10

Mar

-11

Jun-1

1

Sep-1

1

Dec

-11

(Times)

1yr Fwd PE (x) Median PE

+1 std dev

-1 std dev



K

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

FINANCIALS

Note: All ratios are computed on Adj PAT

Source: Company, CRISIL Research estimate

Income statement Balance Sheet

(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 4,621 5,942 7,252 7,293 8,306 Liabilities

EBITDA 542 827 883 817 1,055 Equity share capital 69 69 69 69 69

EBITDA margin 11.7% 13.9% 12.2% 11.2% 12.7% Reserves 944 1,278 1,660 1,897 2,187

Depreciation 136 145 144 180 207 Minorities - - - - -

EBIT 406 683 739 637 848 Net worth 1,013 1,347 1,729 1,966 2,256

Interest 183 75 123 222 229 Convertible debt - - - - -

Operating PBT 222 608 617 415 619 Other debt 933 1,018 2,055 2,905 2,405

Other income (7) 2 6 90 9 Total debt 933 1,018 2,055 2,905 2,405

Exceptional inc/(exp) - - 93 - - Deferred tax liability (net) 69 59 121 121 121

PBT 215 610 716 505 628 Total liabilities 2,015 2,424 3,905 4,992 4,782

Tax provision 95 199 234 166 214 Assets

Minority interest - - - - - Net fixed assets 912 962 1,434 1,804 2,203

PAT (Reported) 120 411 482 339 415 Capital WIP 52 112 388 215 215

Less: Exceptionals - - 93 - - Total fixed assets 964 1,074 1,822 2,019 2,418

Adjusted PAT 120 411 389 339 415 Investments 0 0 0 0 0

Current assets

Ratios Inventory 719 855 1,180 1,399 1,252

FY09 FY10 FY11 FY12E FY13E Sundry debtors 762 1,232 1,701 1,798 1,821

Growth Loans and advances 190 173 275 729 415

Operating income (%) 15.5 28.6 22.0 0.6 13.9 Cash & bank balance 91 103 148 128 191

EBITDA (%) 80.1 52.7 6.7 (7.5) 29.2 Marketable securities 3 23 3 3 3

Adj PAT (%) 151.9 243.6 (5.5) (12.9) 22.4 Total current assets 1,766 2,386 3,307 4,057 3,682

Adj EPS (%) 151.9 243.6 (5.5) (12.9) 22.4 Total current liabilities 715 1,059 1,244 1,104 1,338

Net current assets 1,051 1,327 2,063 2,953 2,344

Profitability Intangibles/Misc. expenditure - 24 20 20 20

EBITDA margin (%) 11.7 13.9 12.2 11.2 12.7 Total assets 2,015 2,424 3,905 4,992 4,782

Adj PAT Margin (%) 2.6 6.9 5.4 4.6 5.0

RoE (%) 12.3 34.9 25.3 18.3 19.6 Cash flow

RoCE (%) 20.6 31.7 24.0 14.7 17.8 (Rs mn) FY09 FY10 FY11 FY12E FY13E

RoIC (%) 15.8 23.7 17.6 15.5 14.2 Pre-tax profit 215 610 623 505 628

Total tax paid (120) (209) (172) (166) (214)

Valuations Depreciation 136 145 144 180 207

Price-earnings (x) 6.2 6.6 9.0 10.3 8.4 Working capital changes 104 (244) (711) (910) 672

Price-book (x) 0.7 2.0 2.0 1.8 1.5 Net cash from operations 336 302 (116) (391) 1,293

EV/EBITDA (x) 2.9 4.4 6.1 7.7 5.4 Cash from investments

EV/Sales (x) 0.3 0.6 0.8 0.9 0.7 Capital expenditure (179) (278) (888) (377) (605)

Dividend payout ratio (%) 54.1 24.5 20.9 25.8 25.8 Investments and others 3 (20) 20 - -

Dividend yield (%) 8.7 3.7 2.9 2.5 3.1 Net cash from investments (176) (298) (868) (377) (605)

Cash from financing

B/S ratios Equity raised/(repaid) - - - - -

Inventory days 71 69 75 88 70 Debt raised/(repaid) (116) 85 1,036 850 (500)

C reditors days 49 63 61 50 55 Dividend (incl. tax) (65) (101) (101) (102) (124)

Debtor days 57 75 85 88 78 Others (incl extraordinaries) 23 23 93 0 0

Working capital days 80 66 78 118 109 Net cash from financing (158) 8 1,029 748 (624)

Gross asset turnover (x) 1.7 2.1 2.3 2.0 1.9 Change in cash position 2 12 45 (20) 63

Net asset turnover (x) 5.3 6.3 6.1 4.5 4.1 C losing cash 91 103 148 128 191

Sales/operating assets (x) 4.9 5.8 5.0 3.8 3.7

Current ratio (x) 2.5 2.3 2.7 3.7 2.8 Quarterly financials

Debt-equity (x) 0.9 0.8 1.2 1.5 1.1 (Rs mn) Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12

Net debt/equity (x) 0.8 0.7 1.1 1.4 1.0 Net Sales 1,662 1,908 1,783 2,097 1,636

Interest coverage 2.2 9.1 6.0 2.9 3.7 Change (q-o-q) -14% 15% -7% 18% -22%

EBITDA 190 229 214 259 161

Per share Change (q-o-q) -36% 20% -6% 21% -38%

FY09 FY10 FY11 FY12E FY13E EBITDA margin 11.5% 12.0% 12.0% 12.4% 9.8%

Adj EPS (Rs) 17.3 59.4 56.2 49.0 59.9 PAT 170 96 112 137 29

CEPS 37.0 80.3 77.0 74.9 89.8 Adj PAT 76 96 112 137 29

Book value 146.4 194.6 249.7 284.0 325.9 Change (q-o-q) -54% 26% 17% 22% -79%

Dividend (Rs) 9.4 14.6 14.5 12.6 15.5 Adj PAT margin 4.6% 5.0% 6.3% 6.5% 1.7%

Actual o/s shares (mn) 6.9 6.9 6.9 6.9 6.9 Adj EPS 11.0 13.9 16.2 19.8 4.1


CRISIL Research Team

Senior Director

Mukesh Agarwal +91 (22) 3342 3035 [email protected]

Analytical Contacts Tarun Bhatia Director, Capital Markets +91 (22) 3342 3226 [email protected]

Prasad Koparkar Head, Industry & Customised Research +91 (22) 3342 3137 [email protected]

Chetan Majithia Head, Equities +91 (22) 3342 4148 [email protected]

Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) 3342 8091 [email protected]

Ajay D'Souza Head, Industry Research +91 (22) 3342 3567 [email protected]

Ajay Srinivasan Head, Industry Research +91 (22) 3342 3530 [email protected]

Sridhar C Head, Industry Research +91 (22) 3342 3546 [email protected]

Manoj Mohta Head, Customised Research +91 (22) 3342 3554 [email protected]

Sudhir Nair Head, Customised Research +91 (22) 3342 3526 [email protected]

Business Development

Vinaya Dongre Head, Industry & Customised Research +91 (22) 33428025 [email protected]

Ashish Sethi Head, Capital Markets +91 (22) 33428023 [email protected]

CRISIL’s Equity Offerings

The Equity Group at CRISIL Research provides a wide range of services including:

Independent Equity Research

IPO Grading

White Labelled Research

Valuation on companies for use of Institutional Investors, Asset Managers, Corporate

Other services by the Research group include

Funds & Fixed Income Research

Mutual fund rankings

Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs

Valuation for all debt instruments

Developing and maintaining debt and hybrid indices

Consultancy and research support to retirement funds

Industry & Customized Research

Provide comprehensive research coverage across 65 sectors

Customised research on market sizing, demand modelling and entry strategies

Customised research content for Information Memorandum and Offer Documents


MAKING MARK

ETS

FU

NC

TIO

NB

ET

TE

R

YEARS

Delhi Arjun Gopalkrishnan - Manager, Business Development Email :[email protected] I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : [email protected] I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : [email protected] I Phone : 9967714970

Ashish Sethi – Head, Business Development Email : [email protected] I Phone : 9920807575

Regional Contacts:

Sagar Sawarkar – Senior Manager, Business Development Email : [email protected] I Phone : 9821638322

Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in

Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : [email protected] I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : [email protected] I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : [email protected] I Phone : 9642004668

To know more about CRISIL IER, please contact our team members:

About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are

India’s leading ratings agency. We are also the foremost provider of high-end research to the world’s largest banks

and leading corporations.

About CRISIL Research CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and

analysis on the Indian economy, industries, capital markets and companies. We are India's most credible provider of

economy and industry research. Our industry research covers 69 sectors and is known for its rich insights and

perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary sources, including

industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We

are India's largest provider of valuations of fixed income securities, serving the mutual fund, insurance, and banking

industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries.

We pioneered independent equity research in India, and are today India's largest independent equity research

house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with

complete objectivity. We leverage our deep understanding of the macro economy and our extensive sector coverage

to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an

innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts, and information management specialists.