takeaways from defence expo...

INSTITUTIONAL EQUITY RESEARCH

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Takeaways from Defence Expo 2018

High on ambition, low on finance INDIA | Sector Update

16 April 2018

A common thread across our meetings with 15+ companies – stakeholders remained buoyant about the structural increase in their target opportunities, but delays in award timelines (caused due to lack of funds) is an issue. BEL (Rating: Buy; TP Rs 190): Management expects Akash and LRSAM orders (slipped from FY18) to fructify in 1HFY19 helping garner Rs 180‐200bn (+80%‐100% yoy) of order inflows in FY19. For now, FY20 order pipeline implies yoy decline (typical in general election years). However, BEL‐OFB will compete with the private sector for the CIWS Air Force program (Rs 80‐100bn); bid submission likely in May 2018 and even after accounting for 18 months of decision‐making this project is a potent opportunity for FY20. BEL expects revenue run rate to accelerate to 15% yoy over 2‐3 years vs. historical 10‐12%. EBITDA margins should stabilise at 18% (vs. 19.5% in 9MFY18) in FY19 even after factoring low‐margin EVM orders. FY18 capex (Rs 6bn) was on two new factories for electronic warfare and missile integration.

CSL (Rating: Buy; TP Rs 595): CSL expects execution of IAC‐1 to pick up pace in FY19 as all major agreements with Russia related to aeronautical complex are now settled. It also expects execution on the Rs 54bn ASW ships to begin by 2HFY19. In addition, it expects orders from ONGC for rig‐conversion, opening a new market opportunity in shipbuilding. In ship repairs, it hopes to start refurbishing combat ships of the Navy from its recently set up operations in Mumbai. However, initially, the Navy’s own dockyard in Mumbai will repair the weapon‐system package; subsequently, it will transfer know‐how to CSL. This too should lead to new business opportunities.

BDL (Rating: Neutral; TP Rs 445): FY18 revenues Rs 46bn (flat yoy) continue to be driven by Akash (Army) missile project as BDL awaits award of three big ticket projects viz. VSHORADs (Rs 300bn), MRSAM‐Army (Rs 100‐120bn) and Akash Next Gen‐Army (Rs 100‐130bn). Management expects VSHORADs and Akash Next Gen orders to be awarded in FY19/FY20. BDL expects its sales to largely remain flat over FY18‐20 but sees EBTIDA margins expanding on higher sales from localised products, aiding a modest growth in earnings.

L&T (Rating: Neutral; TP Rs 1390): L&T still sees robust opportunities in defence shipbuilding in the near term, despite losing out on three large orders in FY18. It expects clarity on the Landing Platform Dock project (Rs 200bn) to emerge by 2HFY19 and order award by 1HFY20. L&T will also participate in next‐gen missile vessels, survey vessels and cadet training ships. It is also best positioned to benefit from ship repair orders from the Indian Navy for combat ships. Since L&T has been one of the key suppliers of control and weapon systems to Indian Navy ships, it is best placed to repair these ships. L&T also expects the decision on the armoured vehicle project (Future Infantry Combat Vehicle, Rs 500‐600bn) to see some progress in the next 12 months. It expects the government to select two development agencies for the project shortly.

Our take: Upcoming elections should keep the government’s focus on DPSUs Almost all companies we met indicated that their optimism on long‐term opportunities remains intact, but that they were disappointed with the pace of decision making on order awards. In most cases, delays in project awards have more to do with prioritisation (due to limited funds) than procedural bottlenecks. We see US$ 35bn of projects that large private sector companies are vying for, of which US$ 10bn have seen material progress and should be awarded in the next 24 months. However, with upcoming general elections in 2019, we expect slower decision making. If the government does award projects, we expect orders to be skewed towards DPSUs while decisions on large private sector contracts are likely to only happen after 2019. Hence, we expect DPSUs to be beneficiaries of large contracts in the near term. We see US$ 80bn of opportunity for four government companies – HAL, BEL, CSL and BDL – over 5‐10 years for products that they have already developed.

PE (x)

Company CMP Rating FY19E FY20EBDL IN 376 Neutral 10.8 14.8BHE IN 143 Buy 21.8 18.5COCHIN IN 524 Buy 14.6 13.8HNAL IN 1,123 Buy 22.4 16.0LT IN 1,355 Neutral 22.2 19.6

Source: PhillipCapital India Research Estimates Jonas Bhutta (+ 9122 6246 4119) [email protected] Vikram Rawat (+ 9122 6246 4120) [email protected]


DEFENCE SECTOR SECTOR UPDATE

Defence Expo ‐ 2018 BDL ‐ Light weight torpedo (TAL) BDL ‐ Heavy weight torpedo (Varunastra)

Source: Company, PhillipCapital India Research Estimates

BDL ‐ Akash Missile System BDL ‐ Akash missile

Source: Company, PhillipCapital India Research Estimates BEL ‐ Air defence fire control radar (Atulaya) BEL ‐ RAWL 03 3D C/D Band long range air surveillance radar




HAL ‐ Advanced light helicopter (ALH ‐ Dhruv)


CSL ‐ Indigenous Aircraft Carrier (IAC‐1) L&T ‐ Light weight torpedo launcher




Focus Charts We forecast a US$ 80bn opportunity for HAL, BEL, BDL and CSL realizable over next five to ten years

While current consolidated revenue base of the coverage list is $5.5bn


Typical EBITDA margin profile over the lifecycle of a defence equipment

Near term downside risk to margins are not structural in nature


Consolidated earnings of coverage companies ROE’s in mid to high teens


43

80

268 3

0

20

40

60

80

HAL BEL BDL CSL Total order oppourtunity

(US$ bn)

5.5 5.9

6.3 6.5

7.9

‐

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

FY18E FY19E FY20E FY21E FY22E

(US$ bn) Revenues (US$ bn)

0%

5%

10%

15%

20%

25%

30%

Yr‐1

Yr‐4

Yr‐7

Yr‐10

Yr‐13

Yr‐16

Yr‐19

Yr‐22

Yr‐25

Yr‐28

Yr‐31

Yr‐34

Yr‐37

Yr‐40

Spares & services phase (20 years)

Manufacturing phase

(10 years)

Development phase

(8‐10 years)

10%

12%

14%

16%

18%

20%

22%


EBITDA margins (%)

HAL BEL BDL CSL

648 681

805 816

992

‐

200

400

600

800

1,000


(US$ mn) Recurring PAT (US$ mn)

10%

15%

20%

25%

30%


RoE (%)

HAL BEL BDL CSL



Bharat Electronics (BEL) We see US$ 26bn order opportunities over next 10 years Pace of execution to increase: 12% CAGR in FY18‐20


Margins should be resilient after a decline in FY19 despite higher share of integration sales

BEL should generate growth capital of Rs 22bn over FY18‐20 vs. Rs 16bn in FY15‐17


BEL’s PE is highly correlated to order inflows BEL: Two‐year forward EV/order book – average 0.4x


817

1,689 722

150

‐

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Next 3 years 3‐5 years 5‐10 years Total Oppotunity

(Rs bn)

57.7

61.0

62.8

68.4

73.3

86.1

106.2

119.0

133.0

0%

5%

10%

15%

20%

25%

10

30

50

70

90

110

130

150

FY12

FY13

FY14

FY15

FY16

FY17

FY18E

FY19E

FY20E

Revenues (Rs bn) % yoy (rhs)

12% CAGR

8.3% CAGR

6.1

6.4

8.9

11.4

13.7

19.0

20.8

22.0

25.3

10.7% 10.5%

14.2%

16.7%

18.7%

22.0%

19.6%18.5% 19.0%

5%

8%

11%

14%

17%

20%

23%

0

5

10

15

20

25

30

FY12

FY13

FY14

FY15

FY16

FY17

FY18E

FY19E

FY20E

EBITDA (Rs bn) EBITDA margin (%)

0

2

4

6

8

10

FY12

FY13

FY14

FY15

FY16

FY17

FY18E

FY19E

FY20E

(Rs bn) Operational cash flow

‐

50

100

150

200

250

0

5

10

15

20

25

30

35

Apr‐06

Apr‐07

Apr‐08

Apr‐09

Apr‐10

Apr‐11

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

(Rs bn)(x)BEL 1yr fwd PE (x) 1yr fwd inflows

Correl 0.8x

‐0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Apr‐07

Nov

‐07

Jun‐08

Jan‐09

Aug‐09

Mar‐10

Oct‐10

May‐11

Dec‐11

Jul‐1

2Feb‐13

Sep‐13

Apr‐14

Nov

‐14

Jun‐15

Jan‐16

Aug‐16

Mar‐17

Oct‐17

2yr fwd EV/OB Average

+1SD 0.7x

Avg 0.4x

‐1SD 0.1x



Hindustan Aeronautics (HAL) Going back to its roots of design, development, and assembly A US$ 43bn opportunity pipeline for HAL, with no competition

Products Units Value (Rs bn) Aircrafts Tejas ‐ LCA Mk1A (RFP received) 83 600 Tejas ‐ LCA Mk1A 121 681 Total 204 1,281 Helicopters ALH Dhruv & Rudra 500 863 Kamov 226T 100 40 LUH 600 276 LCH (RFP received) 15 45 LCH 125 277 Total 1,340 1,501 Total Opportunity 1,544 2,781 Total Opportunity (US$ bn) 43

Source: RHP, PhillipCapital India Research Focus on R&D to limit the threat of competition Expect 10% CAGR in revenues over FY18‐22 led by a pickup

in production of indigenous products, along with ROH

Source: RHP, PhillipCapital India Research Gross margins to vary between 47‐51% due to sales mix; EBITDA margins to expand on operating leverage

17% CAGR in recurring PAT with improved quality of earnings on lower other income contribution

Source: RHP, PhillipCapital India Research

19.5 10.8 10.4 11.9 12.8 5.1

12.9%

7.2%6.7%

7.1% 7.4%

9.9%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

0

5

10

15

20

25

FY13 FY14 FY15 FY16 FY17 1HFY18

(Rs bn) R&D expenses (Rs bn) % of net sales

0%

5%

10%

15%

20%

25%

30%

35%

0

50

100

150

200

250

300FY16

FY17

FY18e

FY19e

FY20e

FY21e

FY22e

(Rs bn) Revenues (Rs bn) % yoy

47.2% 47.9% 48.9% 49.4% 50.6%47.4%

15.6% 13.8% 14.1% 16.0% 16.4% 17.0%

0%

20%

40%

60%

FY17 FY18e FY19e FY20e FY21e FY22e

Gross margins EBITDA margins

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

50%

0

10

20

30

40

FY16

FY17

FY18e

FY19e

FY20e

FY21e

FY22e

(Rs bn) Recurring PAT (Rs bn) % yoy

17% CAGR



RoEs should improve after a dip in FY18...

...and generate growth capital of Rs 64bn over FY18‐22 vs. Rs 55bn in FY13‐17

Source: RHP, PhillipCapital India Research

19.0%

13.5% 13.1%

16.9%15.6%

18.3%

0%

3%

6%

9%

12%

15%

18%

21%

FY17 FY18e FY19e FY20e FY21e FY22e

RoE (%)

0

5

10

15

20

25

FY13

FY14

FY15

FY16

FY17

FY18e

FY19e

FY20e

FY21e

FY22e

(Rs bn)Operational cash flow



Cochin Shipyard (CSL) Robust book to bill… …to support 30% CAGR in Shipbuilding segment revenues

Source: Company, PhillipCapital India Research New locations to help grow ship repair revenues Hence total revenues to grow at 25% CAGR FY18‐21 vs 9%

FY15‐18

Source: Company, PhillipCapital India Research EBITDA growth of 18% CAGR FY18‐21… …while PAT growth will be lower on declining other income

Source: Company, PhillipCapital India Research

6.3

5.4

4.1

5.2

3.7

2.6

‐

1

2

3

4

5

6

7

FY16 FY17 FY18E FY19E FY20E FY21E

Book to bill (x)

0

5

10

15

20

25

30

35

40

FY15 FY16 FY17 FY18E FY19E FY20E FY21E

(Rs bn)IAC Non‐IAC

2% CAGR

29.7% CAGR

‐40%

‐20%

0%

20%

40%

60%

80%

100%

0

2

4

6

8

10

FY14 FY15 FY16 FY17 FY18E FY19E FY20E FY21E

(Rs bn) Ship repair revenues % yoy

0%

10%

20%

30%

40%

‐

5

10

15

20

25

30

35

40

45

50


(Rs bn) Revenues % yoy

25.3% CAGR

8.8% CAGR

12%

14%

16%

18%

20%

‐

2

4

6

8


(Rs bn)EBITDA EBITDA margins (%)

17.6% CAGR

11.3% CAGR

‐10%

0%

10%

20%

30%

40%

‐

1

2

3

4

5

6


(Rs bn) Recurring PAT % yoy

11.5% CAGR

18.1% CAGR



ROE’s to contract on lower fixed asset turn as new capacities come onstream

CSL is entering a high capex phase which should impact FCF


15.3%16.3% 16.1% 16.7%

14.8% 14.1% 13.6% 13.1%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


RoE (%)

‐10

‐5

0

5

10

15

20


(Rs bn) Free cash flow



Bharat Dynamics (BDL) BDL addresses 54% of India's missiles and torpedoes market

Segment Market

(US$ bn) % oftotal

Addressed by BDL (US$ bn)

Addressed by BDL (%)

Ballistic 0.7 3% ‐ 0%Tactical 19.6 80% 11.5 59%Cruise 1.7 7% ‐ 0%Special mission 0.2 1% ‐ 0%Torpedo 2.2 9% 1.6 73%Total 24.5 100% 13.1 54%

Order book to jump 5x over FY18‐22 led by large orders for VSHORAD, Akash, and MRSAM...

Source: RHP, Frost & Sullivan, PhillipCapital India Research ...however, revenues to see 12% CAGR decline over FY18‐21 due to initial slow pick up in execution of large orders

...and EBITDA by 16% on contraction in margins due to adverse sales mix and negative operating leverage

Source: Company, PhillipCapital India Research PAT decline will be lower than contraction in EBITDA due to higher other income, led by advances on large orders...

...resulting in weak quality of earnings as other income would account for 63% of PAT in FY21 vs. 23% in FY17...


88

444

‐

100

200

300

400

500

OB FY18E

VSHO

RADs

Other

orde

rs

Sales

FY19

‐20E

Akash ‐A

rmy

MRSAM

‐Army + IAF

Other

orde

rs

Sales

FY21

‐22E

OB FY22E

(Rs bn)

37.9 46.3 44.6 47.5 29.5 27.8 0

10

20

30

40

50


(Rs bn) Revenues (Rs bn)

‐12.0% CAGR

13.6%

17.9% 18.2%17.6%

14.5% 15.1%

5%

7%

9%

11%

13%

15%

17%

19%

21%

0

2

4

6

8

10


(Rs bn) EBITDA (Rs bn) EBITDA margin (%)

5.6

6.6

6.1 6.4

4.7

5.7

3.0

4.0

5.0

6.0

7.0


(Rs bn) Rec PAT (Rs bn)

‐3.9% CAGR

46%

23%20% 22%

51%

63%

0%

10%

20%

30%

40%

50%

60%

70%


Other income, net % of PAT



...Though RoE should still be 19% in FY21 Operational cash flow generation of Rs 9.8bn


32.1% 32.7%

27.9% 27.2%

17.2%18.6%

10%

15%

20%

25%

30%

35%


RoE (%)

2.0

4.0

3.2

2.6

0.7

3.4

0.0

1.0

2.0

3.0

4.0

5.0


(Rs bn) Operational cash flow



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%.

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 Engineering, Capital Goods Pharma & Specialty Chem Dhawal Doshi (9122) 6246 4128 Jonas Bhutta (9122) 6246 4119 Surya Patra (9122) 6246 4121 Nitesh Sharma, CFA (9122) 6246 4126 Vikram Rawat (9122) 6246 4120 Mehul Sheth (9122) 6246 4123 Agro Chemicals IT Services Raag Haria (9122) 6667 9943 Varun Vijayan (9122) 6246 4117 Vibhor Singhal (9122) 6246 4109 Strategy Banking, NBFCs Shyamal Dhruve (9122) 6246 4110 Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Manish Agarwalla (9122) 6246 4125 Infrastructure Neeraj Chadawar (9122) 6246 4116 Pradeep Agrawal (9122) 6246 4113 Vibhor Singhal (9122) 6246 4109 Telecom Paresh Jain (9122) 6246 4114 Logistics, Transportation & Midcap Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Consumer & Retail Vikram Suryavanshi (9122) 6246 4111 Technicals Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Media Subodh Gupta, CMT (9122) 6246 4136 Preeyam Tolia (9122) 6246 4129 Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Production Manager Vishal Gutka (9122) 6246 4118 Vishal Gutka (9122) 6246 4118 Ganesh Deorukhkar (9122) 6667 9966 Akshay Mokashe (9122) 6246 4130 Metals Editor Cement Dhawal Doshi (9122) 6246 4128 Roshan Sony 98199 72726 Vaibhav Agarwal (9122) 6246 4124 Vipul Agrawal (9122) 6246 4127 Sr. Manager – Equities Support Economics Mid-Caps Rosie Ferns (9122) 6667 9971 Anjali Verma (9122) 6246 4115 Deepak Agarwal (9122) 6246 4112 Sales & Distribution Asia Sales Corporate Communications Ashvin Patil (9122) 6246 4105 Dhawal Shah 8522 277 6747 Zarine Damania (9122) 6667 9976 Kishor Binwal (9122) 6246 4106 Sales Trader Bhavin Shah (9122) 6246 4102 Dilesh Doshi (9122) 6667 9747 Ashka Mehta Gulati (9122) 6246 4108 Suniil Pandit (9122) 6667 9745 Archan Vyas (9122) 6246 4107 Execution Mayur Shah (9122) 6667 9945

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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 No4 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

Independence: PhillipCapital (India) Pvt. Ltd. has not had an investment banking relationship with, and has not received any compensation for investment banking services from, the subject issuers in the past twelve (12) months, and PhillipCapital (India) Pvt. Ltd does not anticipate receiving or intend to seek compensation for investment banking services from the subject issuers in the next three (3) months. PhillipCapital (India) Pvt. Ltd is not a market maker in the securities mentioned in this research report, although it, or its affiliates/employees, may have positions in, purchase or sell, or be materially interested in any of the securities covered in the report.

Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic, or political factors. Past performance is not necessarily indicative of future performance or results.



Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material, and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the information current. Without limiting any of the foregoing, in no event shall PCIL, any of its affiliates/employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this document.

Copyright: The copyright in this research report belongs exclusively to PCIPL. All rights are reserved. Any unauthorised use or disclosure is prohibited. No reprinting or reproduction, in whole or in part, is permitted without the PCIPL’s prior consent, except that a recipient may reprint it for internal circulation only and only if it is reprinted in its entirety.

Caution: Risk of loss in trading/investment can be substantial and even more than the amount / margin given by you. Investment in securities market are subject to market risks, you are requested to read all the related documents carefully before investing. You should carefully consider whether trading/investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. PhillipCapital and any of its employees, directors, associates, group entities, or affiliates shall not be liable for losses, if any, incurred by you. You are further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek independent third party trading/investment advice outside PhillipCapital/group/associates/affiliates/directors/employees before and during your trading/investment. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. PhillipCapital and any of its employees, directors, associates, and/or employees, directors, associates of PhillipCapital’s group entities or affiliates is not inducing you for trading/investing in the financial market(s). Trading/Investment decision is your sole responsibility. You must also read the Risk Disclosure Document and Do’s and Don’ts before investing.

Kindly note that past performance is not necessarily a guide to future performance.

For Detailed Disclaimer: Please visit our website www.phillipcapital.in

For U.S. persons only: This research report is a product of PhillipCapital (India) Pvt Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S.‐regulated broker‐dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker‐dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances, and trading securities held by a research analyst account.

This report is intended for distribution by PhillipCapital (India) Pvt Ltd. only to "Major Institutional Investors" as defined by Rule 15a‐6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by the U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated, and/or transmitted onward to any U.S. person, which is not a Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a‐6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, PhillipCapital (India) Pvt Ltd. has entered into an agreement with a U.S. registered broker‐dealer, Decker & Co, LLC. Transactions in securities discussed in this research report should be effected through Decker & Co, LLC or another U.S. registered broker dealer. If Distribution is to Australian Investors This report is produced by PhillipCapital (India) Pvt Ltd and is being distributed in Australia by Phillip Capital Limited (Australian Financial Services Licence No. 246827). This report contains general securities advice and does not take into account your personal objectives, situation and needs. Please read the Disclosures and Disclaimers set out above. By receiving or reading this report, you agree to be bound by the terms and limitations set out above. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately. PhillipCapital (India) Pvt. Ltd. Registered office: No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013

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