researchnote iron&steel 02jan2019… · 2019. 1. 9. · internationalmarket. he possesses...
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RadhikaModi - Assistant Research Analyst ([email protected]); 0261-6725518
Iron & Steel
02 Jan 2019
Investors are advised to refer through important disclosures made at the last page of theResearch Report.Jainam Share Consultant research is available on www.jainam.in
Research Note |
Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
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IndexA. Company Overview
1. About…………………………………………………………………………..32. Investment Rationale………………………………………………………….43. Risk……………………………………………………………………………..6
B. Industry Overview
1. Domestic Steel Pipe Industry………………………………………………..102. Steel pipes market opportunity……………………………………..………113. Sectors………………………………………………………………………..12
C. Business of the Company
1. Products………………….………………………………………………………………………..………132. Product-wise Performance………………………………………………………………………..143. DFT Technology………………………………………………………………………………..……….154. Special Products………………………………………………………………………………………..165. Top Shareholders……………………………………………………………………………………...176. Management…………………………………………………………………………………………….17
D. Financial Outlook
1. Profit & Loss……………………………………………………….…………………………………….192. Cash Flow Statement…………………………………………………………………………………193. Balance Sheet……………………………………………………………………………………………204. Ratio…………………………………………………………………………………………………………21
E. Analysis
1. Peer Analysis………………………………………………………………….22
F. Conclusion
1. Recommendation……………………………………………………………..242. Sources………………………………………………………………………..253. Full Form & Glossary………………………………………………………….264. Report Gallery………………………………………………………………...275. Disclaimer……………………………………………………………………..28
Jainam share Consultant Pvt Ltd. Sector : Iron & Steel
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Company Overview
About
Exchange: BSE BSE Code: 533758 Current Market Price: 1225.00 Date: 02-Jan-19
Latest Date 2nd JanuaryCurrent Market Price(Rs) 1225.0052 week high (Rs) 2,587.0052 week low (Rs) 1,097.80TTM EPS(Rs) 50.01TTM P/E(x) 23.55Price/BV(x) 2.93EV/TTM EBITDA 11.64Dividend Yield(%) 1.19Current Book Value(Rs.) 401.36Market Cap (Rs in Crs) 2,906.90RoE (%) 20.56RoCE (%) 22.41
DEBT/EQUITY (x) 0.93
No. of shares (in cr.) 2.37
APL Apollo Tubes Ltd.APL Apollo Tubes Ltd. was established in 1986as Bihar Tubes Pvt. Ltd. and is a leading playerof ERW (Electric Resistance Welded) SteelTubes and Pipes in India with a 15% marketshare. The company has Pan-India presencewith 7 manufacturing facilities spread acrossIndia. The capacity expansion and Pan-Indiapresence has been a result of both organicand inorganic growth; APL has three whollyowned subsidiaries: Apollo Metalex Pvt. Ltd. – Acquired in
2007 as a measure of backwardintegration.
Shri Lakshmi Metal Udyog Ltd. – Acquiredin 2008 for penetrating in South India
Blue Ocean Projects Private Limited
Lloyds Line Pipes Ltd. which was acquired in2010 as a wholly owned subsidiary to extendfootprint to West India has beenamalgamated with Apl Apollo Tubes Ltd.
It has been a pioneer in bringing advancedglobal technologies to India and has alsosuccessfully penetrated into manufacturingniche steel products (window and doorframes) apart from its pipes and tubesportfolio. APL has also, over the yearsestablished a vast distribution network with650 distributors, 40,000 retailers and 29warehouses cum branches that give a countrywide presence to its portfolio of over 400products. It also exports to over 35 countriesworldwide.
Source : Trendlyne
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Investment Rationale
DFT Technology : Direct Forming Technology (DFT) is a latest technology pioneered byAPL Apollo Tubes ltd. It is used for making Hollow sections of superior quality and finish.This technology, unlike conventional technologies, can form rectangular and square hollowsections of different sizes and thickness directly, thus translating into huge cost-savings andbetter productivity at both the Customer and Company level.
Acquisition of High margin product :APL Apollo is acquiring stake in Apollo Tricoat Ltd which manufactures Tricoat Tubes. Thisproduct is made through latest galvent technology and it has tri-layer of protectivecoating - paint, zinc and UV organic coating. It is eco friendly product which I widely usedfor electric conduits and appliances and green houses. It is a high margin product and it willhelp APL Apollo to strengthen its position in global steel tubes company.
GST :
With 60% of the market being unorganized, GST hailed as India's biggest and most notabletax reform has opened up new opportunities for APL. The advantage APL could capitalizeupon is the shift of business from unorganized to organized segment. This works well forfurther strengthening its leadership positioning in the Indian Steel Tubes and Pipessegment. APL Apollo has close to 15% market share which could increase going ahead in ouropinion owing to GST.
Source : Investor Presentation
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Strong Distribution Network :Company has very strong distribution network to supply to the customers. 92% of therevenue comes from distributors/dealers and the rest comes from OEM (2%) and export(6%). Company is planning to increase the OEM to 10% and export to 15% in next 3 years.
Pan-India Footprint and Capacity Expansion :
Particulars 2011 2012 2013 2014 2015 2016 2017 2018No. ofdistributors 175 200 275 300 375 600 625 650
Warehouses 5 15 19 26 26 26 27 29
Zone Plant Location Capacity(TPA) DFT
TotalCapacity(TPA)
North Unit 1 Sikandarabad, UP 2,50,000 1,25,000 3,75,000
Apollo Metalex Sikandarabad, UP 2,25,000 2,25,000
East Unit 3 Raipur, Chhatisgarh 2,00,000 1,25,000 3,25,000
West Llyod Lines Pipes Murbad, Maharashtra 3,50,000 1,25,000 4,75,000
South Unit 2 Hosur, Tamil Nadu 3,50,000 1,25,000 4,75,000
SLMUL Bengaluru, Karnataka 1,25,000 - 1,25,000
Total 15,00,000 5,00,000 20,00,000
Source : Annual Report
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Risks
Volatility in Steel prices: As the raw material cost (majorly HRC and Zinc) forms 85% oftotal sales, product demand and margins are directly affected due to volatility in steel prices.Increase in prices may affect demand as consumers can alternate their purchases whereassharp decline in steel prices may lead to inventory loss. At times, the company may have tobear cost burden as price hikes could decrease the product demand due to intensecompetition and fragmented nature of industry. Further, RM price volatility could lead topressure on its operating margins and thereby profitability. However, owing to GSTimplementation, the possibility of intense competition from unorganized players coulddrastically reduce thus allowing APL Apollo to enjoy a good relationship with customers.
Borrowings: The company is continuously increasing the borrowings which can be a pointof concern for the investors.
Replacement Market: There is a shift from galvanized pipes to PVC pipes. PVC tubes areincreasingly being used in agriculture, infrastructure, construction, and sewage sectors as areplacement for galvanized pipes. They are less costly and light-weighted. It does notrequire much man-power and is easy to install. This could negatively impact the company'sgrowth prospects.
Capital Allocation : Apl Apollo ltd., through its wholly owned subsidiary Shree Udyod Ltd.is acquiring stake in Rahul Gupta’s (son of Sanjay Gupta - Executive chairman of APL ApolloTubes Ltd.) company which is Apollo Tricoat Tubes Ltd. (earlier called ‘Best Steel Logistics’).
Source : Screener.in
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* 80,30,030 shares = 8,30,030 shares + 72,00,000 shares
Shree Udyod Ltd acquired 40.43% stake (8030030 shares + 4300000 convertible warrants) ofRahul Gupta through share purchase agreement and also made an open offer of 26% to ApolloTricoat Tubes to acquire majority stake in this company. If the open offer is fully subscribed thentotal stake of APL Apollo in Apollo Tricoat Tubes will be of 66.43%.
No. of shares Price at which APL Apollo is acquiring stake (Rs.) Total Amount80,30,030 120 96,36,03,60043,00,000 30* 12,90,00,00079,30,000 135 1,07,05,50,000
216,31,53,600
*1/5th of the total price is paid at the time of subscription of warrants and the rest 4/5th is paidwhen the warrants are converted into equity shares.
So, Apl Apollo will be acquiring 66.43% stake in Apollo Tricoat Tubes at 216.31536 cr.
Apollo Tricoat tubes ltd.
No. of shares as on 31st dec-17 1,85,00,000
New Preference Allotment to Rahul Gupta 72,00,000
Convertible warrants issued to Rahul Gupta +non-promoters 48,00,000 (43,00,000 + 5,00,000)
No. of shares as on 31st mar-18 2,57,00,000 (1,85,00,000 +72,00,000)
Total number of shares after whole dilution (To be) 3,05,00,000 (2,57,00,000 +48,00,000)
Rahul Gupta
Shares held by him New PreferenceAllotment Warrant Total Shares
8,30,030 72,00,000 43,00,000 1,23,30,030
Current stake of Rahul Gupta on fully paid up equity share capital 31.25% - 80,30,030 shares*
Total stake of Rahul Gupta (including warrants) on diluted capital 40.43% - 1,23,30,030 shares
Open offer made by Shree Udyog Ltd. 26.00% - 79,30,000 shares
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*Because of the dilution the P/E will increase to 96.65.
Apl Apollo Tubes Ltd. is also diluting the shares to fund the acquisition. The company isissuing 4,00,000 equity shares and 5,00,000 convertible warrants to the promoters.
Apl Apollo Tubes ltd.
Current No. of shares (cr.) Equity Infusion(cr.) Total number of shares after dilution(cr.)
2.373 0.09 2.463
APL apollo ApolloTricoat
66.43%stake Total offer P/E
TTM PAT (cr.) 154.11 4.26 2.83 216.31536 76.44
No.of shares after dilution 2.463 3.05
EPS after dilution (Rs.) 62.57 1.40
TTM Sales (cr.) 5,979.23 42.99 28.56 216.31536 7.57
Apollo Tricoat
Pre-dilution Post Dilution Change inEps (%)
PAT (2018) (cr.) 6.98 6.98No. shares 2.57 3.05EPS (Rs.) 2.72 2.29 -15.81%
TTM PAT (cr.) 4.26 4.26
No. shares 2.57 3.05
EPS (Rs.) 1.66 1.40 -15.74%
Pre-dilution Post-dilution
Current Price (Rs.) 135 135
Eps (Rs.) 1.66 1.40
P/E (x) 81.44 96.65*
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Post acquisition the EPS of APL Apollo Tubes Ltd. will be only Rs. 63.97 cr. (62.57 + 1.40).
APL Apollo is acquiring 66.43% stake in Apollo Tricoat, therefore the PAT and Sales isconsidered accordingly.
According to this, APL Apollo will be acquiring Apollo Tricoat Tubes on 76.44 times highervaluation when calculated through PAT and on 7.57 times higher valuation when calculatedthrough Sales.
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Industry Overview
Domestic Steel Pipe and Tubes Industry Structure
Steel pipes and tube manufacturing are among the fastest growing industries across the globe.India is among the leading ERW steel tubes manufacturing hubs in the world with domesticdemand levels of 10MTPA. Other countries manufacturing steel pipes and tubes include China,Turkey, Italy and US. Demand is led by increased infrastructure construction, automobile andenergy sectors. Domestic ERW pipe industry to grow at 10-12% CAGR through FY19 and thecurrent market size is estimated at 30000 cr..
Seamless
Steel Tubes & Tubes Industry
Ductile Iron
Potable Water& SewageTransportation
Oil & Gas,Engineering,Automotiveand Power
Key PlayersElectrosteel,Jindal SAW,others
Key PlayersISMT,MaharashtraSeamless,Jindal SAW
Welded
SAW (HSAW& LSAW)
Oil & Gas,Water andsewage spiral -long distanceO&G andwatertransportation
Key PlayersJindal SAW, PSL,Welspun Corp,Man Industries,Ratnaman
ERW Precision(DOM)
Automotive,White goods
Key PlayersTI, Tata Steel,Innoventive
ERW (Structural/Commerical)
Traditional: New Age:Engineering, Auto, Power,Oil & Gas (Last mile, Citygas distribution), Waterand sewage Moderninfrastructure - airport,malls, metros, bus body,greenhouse structures,sprinklers, prefabricatedstructure, etc
Key PlayersAPL Apollo, Surya Roshni,Maharashtra Seamless,Tata Steel, Welspun Corp,Bhushan Steels
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Steel pipes market opportunity
Steel Pipe consumption is directly linked to the country’s GDP growth Steel demand expected to grow at 6-8% through FY21
Pipe demand will form 10-12% of the total steel demand, thereby providing a hugeopportunity for steel pipe consumption
SteelConsumption
Pipeconsumption
Pipeconsumptionas a % of steel
Per CapitaConsumption
Mn ton Mn ton % Steel Kg Pipe KgGlobal 1573 156 10% 208 21China 800 80 10% 568 57India 105 10 10% 75 6Rest of theWorld 673 68 10% 140 14
Global Steel Pipes Consumption (156 mn tonnes)
Indian Steel Pipes Consumption (10 mn tonnes)
Global Steel Consumption (1,573 mn tonnes)
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Sectors
Growth Potential
Strong Government impetus. increasing purchasing power. imp roving lifestyle dynamics. etcprovide a boost to all key sectors of the Indian economy.
With enormous untapped potential across all major sectors and new age applications. APLApollo's business model is well-positioned to capitalize on all emerging sectoral trends
Source : Investor Presentation
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Products
Applications:Urban Infra,Automotive,Preengineeredbuildings
Applications:Liquid & PowerTransmission,Scaffolding, Firefighting
Applications:Over & UnderGround piping,Scaffolding,Refineries
Applications:Automotive (busbody), Cabling &Ducting, Greenhouse structures
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Product-wise Performance
Source : Investor Presentation
Source : Investor Presentation
Source : Investor Presentation
Source : Investor Presentation
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DFT Technology
DFT is the latest global technology for making hollow sections of superior quality which reducesrollover time significantly.DFT would however alleviate the need to do this and help them formsquare and rectangular pipes directly. This would bring along a number of benefits andopportunities:
a) 3-10% Savings on RM: DFT would eliminate the wastage which earlier used to gather at theedges when round pipes were converted into square or rectangular pipes. Savings in the range of3-10% on RM costs are expected on the back of this.
b) Customized/Small orders to drive market share gains: Introduction of DFT would enable APLto produce pipes in smaller batches, as low as 10-20MT against the traditional requirement ofhaving to process 400-550MT before making any changes. Thus, the ability to accept small ordersin customized sizes would enable it to serve a larger part of the market. Besides, customizationwill also allow APL Apollo Tubes to be the first to offer its customers the size which just meetstheir requirement. Testimony to this customization is the introduction of 300x300mmsize in Indiafor the first time in India and being the sole producer of the same. Having received encouragingresponse to customized sizes, the company has already developed 12 new sizes which APL shallleverage upon going forward.
c) Entry into new industries: The management expects to make inroads into new industries suchas Truck & Bus Body, Agricultural Implements, Gym/Sports Equipment, Solar Tracking systems etc.led by the acceptance of the superior quality products as a result of the new technology.
d) Export opportunities: Export markets of Europe, Japan and USA hold strong potential as DFTproducts are well accepted in these advanced economies. The management is betting on DFT tobe a key catalyst in ramping
Source : Annual Report
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Special Products
Source : APL Apollo website
New Patented Design
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Top Shareholders
Management
Name of Share holders No of shares Percentage
Kitara PIIN 1001 3000000 12.64
IDFC Premier Equity Fund 867063 3.65
HDFC Trustee Company Limited - HDFC Prudence 672703 2.83
DSP Blackrock Small Cap Fund 982098 4.14
Emblem FII# 239004 1.01
Sameer Mahendra Sampat 558500 2.35
Suresh Kumar Agarwal 400,000 1.69
Ashish Kacholia 400,000 1.69
Kitara PIIN 1101 852,000 3.59
Goldman Sachs India Limited 626,434 2.64
Kotak Emerging Equity Scheme* 337,094 1.42
Name Designation About
Mr. Sanjay Gupta Executive Chairman
Founder & Promoter of APLApollo Tubes since inception.
Has a diverse experience acrossthe steel industry segments ofover 20 years.
Instrumental in driving APLtowards the growth path.
He spearheads the company instrategic road map andformulating business plans
Mr. Ashok Gupta Managing Director
A steel industry veteran withover 30 years of experience inthe industry.
He has worked in various seniormanagerial positions atcompanies like SAIL, BhushanSteel, LN Mittal (AfricanContinent), Jindal etc.
A Master's in Science (Physics)and masters in management
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from AIMA
Mr. Vinay Gupta Director
He has over 18 years ofexperience in exports andinternational market.
He possesses in-depthknowledge of manufacturingand trading pipes, tubes, sheetsand other steel products.
He has been specificallyassigned with the developmentof pre-galvanized business
Mr. Deepak Goyal Chief Financial Officer
Chartered Accountant byprofession, he has been a CFOof the company since February2015 prior to which he was theGeneral Manager Accounts
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Financial Outlook
Profit and Loss Statement
Cash Flow
Particulars FY16 FY17 FY18Income from operations 4154.23 4,377.65 5,472.38Total Expenses 3971.20 4044.68 5101.34Operating Profit 182.03 332.97 371.04Operating Profit Margin 4.38% 7.60% 6.78%Other Income -15.03 5.97 8.01Depreciation 34.10 50.90 53.41Interest 69.51 72.03 81.30Profit Before Tax (PBT) 162.98 216.01 244.34PBT Margin 15.04% 9.62% 10.75%Tax 62.42 63.90 86.21Net Profit 100.56 152.11 158.13Net Profit Margin 10.25% 6.23% 6.96%EPS 40.90 64.48 66.64
Metric/Figures (cr) 2016 2017 2018Cash Flow from Operating Activity 11.30 315.35 91.37Cash Flow from Investing Activity -92.68 -169.70 -165.37
Cash Flow from Financing Activity 80.88 -145.43 79.23
Net Cash Flow -0.50 0.22 5.23
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Balance Sheet
Metric/Figures (cr.) 2016 2017 2018Cash & Cash Equivalents 1.02 1.39 6.62Debtors 218.17 294.87 432.13Inventory 594.36 469.61 591.49Loans & Advances 1.38 0.77 1.16Investments - 0.44 1.11Fixed Assets 598.89 630.84 848.66Other Assets 213.21 446.66 299.91Total Assets 1627.03 1844.58 2181.08Share Capital 23.44 23.59 23.73Total Reserve 545.62 679.77 814.12Total Networth 569.06 703.36 837.85Current Liabilities & Provision 309.1 430.12 408.42Debt 669.56 618.52 798.69Other Liabilities 79.3 92.58 136.12Total Liabilities 1627.03 1844.58 2181.08
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Ratio Analysis
Performance Ratios 2014 2015 2016 2017 2018RoA % 5.49 5.07 6.50 8.18 7.36RoE % 15.29 14.21 19.41 24.03 20.67RoCE % 17.38 17.42 21.29 22.90 22.38
Efficiency Ratios 2014 2015 2016 2017 2018Receivable Days 30.66 22.26 15.50 21.47 24.24Inventory Days 37.72 31.87 35.82 44.36 35.39Payable Days 16.97 20.22 21.14 32.85 27.92Cash Conversion Cycle 51.41 34.51 30.18 32.98 31.79
Financial Stability Ratios 2014 2015 2016 2017 2018Total debt/equity (x) 1.22 1.00 1.15 0.85 0.93Current Ratio (x) 1.18 0.99 1.09 0.98 1.01Interest Ratio (x) 2.46 2.47 3.34 4.00 4.01
Cash Flow Ratios 2014 2015 2016 2017 2018Cash flow per Share 56.62 134.30 4.82 133.68 38.50Price to Cash flow 3.50 2.99 137.89 8.75 51.80Free Cash flow per share -26.27 16.43 -95.75 102.63 -7.53Price to Free cash flow -7.54 24.42 -6.94 11.40 -264.71Sales to Cash flow 18.82 9.97 372.88 12.44 58.39
Valuation Ratios 2014 2015 2016 2017 2018EPS (x) 25.16 27.20 42.91 64.48 66.64P/E (x) 7.87 14.76 15.49 18.15 29.93P/BV (x) 1.12 1.95 2.75 3.95 5.69EV/EBITDA (x) 5.76 7.54 7.56 9.89 14.51
Du-Pont ratios 2014 2015 2016 2017 2018RoE (%) 15.29 14.21 19.14 24.03 20.67PATM (%) 3.56 3.11 3.87 5.50 4.58Sales/Total Assets (x) 624.10 549.47 679.68 622.01 628.61Assets to Equity (x) 117.13 124.06 146.39 141.87 140.64
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ANALYSIS
Peer Analysis
Particulars APL Apollo Surya Roshni MaharashtraSeamless
PlantSikandrabad (3),Raipur, Murbad,Hosur, Bengaluru
Bahadurgarh(Haryana),
Malanpur, Gwalior(M.P.), Hindupur
(A.P.), Anjar, Kutchh(Gujarat)
Raigad, Maharashtra(2)
Products
ERW Steel Pipes(MS Black,
Galvanized Iron(GI),
Pre-Galvanized(GP), HollowSections)
ERW Steel Pipes (GI,Black and HollowSection), API &
Welded Spiral, 3LPECoated Pipes, Coldrolled strips and
sheets
Seamless Pipes, ERWPipes, Solar Power
Capacity 17,50,000 MTPA
9,00,000 MT ERWpipes includes2,50,000 MT GI
pipes
-
Segment Revenue100% revenuefrom ERW Steel
Pipes
Steel Pipes andStrips - 72%,Lightning &
Consumer durables- 28%
Steel Pipes & Tubes -95.79%
Product wise Revenue
Hollow Sections -51%, Black round- 15%, GP - 24%,
GI -11%
GI - 35%, BlackRound - 13%,
Structural Pipes -27%, CR Sheets -14%, API & Spiral -
11%
-
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CCC 39.88 79.15 141.91
Market Share 15% - -
TTM Revenue (cr.) 6201 5404 2505
Market Cap (cr.) 2870.24 1,272.08 3,470.24
ROE(%) 20.56 10.82 6.86
ROCE(%) 22.41 12.55 10.28
Promoter Holding (%) 37.25% 62.90% 61.78%
TTM PAT (Cr.) 154.11 113.71 316.03
PATM(%) 2.49 2.10 12.61
CFO (Cr.) 91.37 155.22 90.02
FCF(Cr) -81.31 88.60 -19.69
D/E (x) 0.93 1.05 0.01
EPS(Rs) 65.40 20.90 47.18
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Conclusion
RecommendationAPL Apollo Tubes Ltd. is having a strong distribution network of 650+ distributors, 40,000retailers and 29 warehouses cum branches. DFT Technology will help the company incost-optimization and also increase the efficiency of the company.
The management is focusing on brand and high margin products but the company is acquiringstake in Apollo Tricoat Tubes ltd. at higher valuation which can be a big concern for thecompany. APL Apollo Tubes Ltd. And Apollo Tricoat Ltd. Is having equity dilution which caneffect minority shareholders. The volatility in steel prices (which forms 85% part of the rawmaterial) can impact the profitability of the company. Also, the company is increasing itsborrowings which again is a concern. People shifting towards PVC pipes from galvanized pipescan be a threat for the industry. GST implementation can be beneficial for the company as thisindustry is highly dominated by unorganized players (60%).
The company is increasing its production capacity and also expanding its Pan-India presencewhich will help the company to reach to its customers. Also, the company is trying to increaseits exports and OEM’S in the coming years.
We are ‘neutral’ on this stock.
.
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Sources
Annual Report APL Apollo Tubes ltd. Website Investor Presentation Conference Call BSE website Web based Software – Ace Analyser Screener.in
Research Analyst Details
Name Designation Email IdTejas Jariwala Research Head [email protected] Zaveri Sr. Research Analyst [email protected] Patel Sr. Research Analyst [email protected] Agarwal Assistant Research Analyst [email protected] Pareek Assistant Research Analyst [email protected] Patel Assistant Research Analyst [email protected] Modi Assistant Research Analyst [email protected] Nalbandh Sr. Research Executive [email protected] Patel Jr. Research Executive [email protected] Bakshi Jr. Research Executive [email protected]
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Full Form & Glossary
Abbreviation Full FormBV Book ValueCAGR Compound Annual Growth RateCAPEX Capital ExpenditureCOGS Cost of Goods SoldDPS Dividend Per ShareEBIT Earnings before interest and taxesEBITDA Earnings before interest, tax, depreciation and amortizationEPS Earning Per ShareEV Enterprise ValueFY Financial YearGP Gross ProfitHY Half YearMCap Market capitalizationNAV Net Asset ValueNII Net Interest IncomeNOI Net Operating IncomeNOPAT Net Operating Profit after TaxNPV Net Present ValueOCF Operating Cash FlowOI Operating IncomeP&L Profit & LossP/E Price/Earnings RatioPAT Profit After TaxPATM Profit After Tax MarginPBT Profit Before TaxQOQ Quarter on QuarterRE Retained EarningROA Return on AssetsROCE Return on Capital EmployedROE Return on EquityROI Return on InvestmentROIC Return on Invested CapitalRONA Return on Net AssetTTM Trailing Twelve MonthWC Weighted Average Cost of CapitalYOY Year over Year
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Disclaimer
Research Analyst Details
Name: Radhika Modi Email Id: [email protected] Ph: +91 0261-6725518
Analyst ownership of the stock: No
Details of Associates: Not Applicable
Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their)personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is orwill be directly or indirectly related to the specific recommendation(s) or views contained in this research report.
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