Chaman Lal Setia Exports Ltd.

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Chaman Lal Setia Exports Ltd.
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 Chaman Lal Setia Exports Ltd.
Industry LTP Recommendation Base Case Fair Value Bull Case Fair Value Time Horizon
Agricultural Products Rs. 128.5 Buy at LTP and add on dips to Rs 108 Rs. 154 Rs. 172 2 quarters
HDFC Scrip Code CHASETEQNR Our Take:
BSE Code 530307 Chaman Lal Setia Exports (CLSE) Ltd. is an India-based manufacturer and exporter of basmati rice. The company manufactures Raw,
NSE Code CLSEL Steamed & Parboiled Rice. The company’s diverse product line covers products like Sella Rice, Bhatti Sella Rice for Diabetic peoples,
Bloomberg CMLTX IN Smoked rice, Pesticide Residue free rice. The company derives its strength from the experienced promoters and management team, long
CMP May 12, 2021 128.5 track record of operations, favorable manufacturing location along with established business relationship with customers and suppliers,
Equity Capital (Rs cr) 10.35 and geographically diversified revenue profile. The long outstanding experience of the directors has helped the company to expand its
Face Value (Rs) 2 global footprint. CLSE uses its strong relationship with domestic and global business partners for market penetration and presence. The
Equity Share O/S (cr) 5.17 company has a global reach in over 83 countries with over 272 Private Brands all over the world.
Market Cap (Rs cr) 664.8
Book Value (Rs) 52.8
Valuations & Recommendation:
Avg. 52 Wk Volumes 71390
CLSE Ltd is one of the oldest rice millers in the country. Although it has a small milling capacity, the company procures rice from domestic
52 Week High 138.9
market and exports it under its brand Maharani and also under private labels. CLSE Ltd has very low working capital requirement due to its
52 Week Low 37.0
large trading portfolio and has favourable debt to equity ratio. It has a strong dividend payment record and high return ratios. The focus
Share holding Pattern % (Mar 2021) on promoting its brand Maharani should lead to better recall value in the future. The management team has an experience of more than
Promoters 73.9 four decades in the rice industry and is supported by strong and competent third generation promoters. Although the company is
Institutions 0.1 relatively a small player in this segment, it stands to benefit from industry wide shift towards premiumization and higher share of
Non Institutions 26.0 regulated/branded players. Strategic spending to improve the brand’s presence in domestic market and expanding its exports reach under
Total 100.0 private label business could help in achieving double digit revenue growth.

Fundamental Research Analyst Given the consistency in earnings and the niche space occupied by the company, the current valuations are undemanding. We think the
Hemanshu Parmar base case fair value of the stock is Rs.154 (8.5x FY23E EPS) and the bull case fair value is Rs.172 (9.5x FY23E EPS) over the next two
[email protected] quarters. Investors can buy the stock at LTP and add more on dips to Rs.108 (6x FY23E EPS). At LTP of Rs. 128.5 it quotes at 7.1x FY23E EPS.

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Chaman Lal Setia Exports Ltd.
Financial Summary:
Particulars (Rs cr) Q3FY21 Q3FY20 YoY-% Q2FY21 QoQ-% FY19 FY20 FY21E FY22E FY23E
Total Operating Income 194.8 191.2 1.9 187.2 4.1 765.0 797.7 867.0 946.6 1,020.3
EBITDA 27.5 22.6 21.5 23.6 16.6 62.5 79.0 119.4 126.6 132.1
Depreciation 1.3 1.0 31.7 0.9 49.4 4.4 4.9 4.9 5.3 5.6
Other Income 1.4 2.0 -30.1 0.4 307.4 2.2 2.7 2.2 2.4 3.1
Interest Cost 1.5 1.6 -7.7 1.6 -5.9 7.5 6.7 6.1 5.7 4.9
Tax 6.6 5.5 19.5 5.4 21.5 18.5 17.7 27.9 29.7 31.4
PAT 19.5 16.6 18.0 16.1 21.6 34.4 52.5 82.7 88.3 93.3
EPS (Rs) 3.8 3.2 18.0 3.1 21.6 6.7 10.2 16.0 17.1 18.0
RoE-% 16.4 21.0 26.4 22.3 19.3
P/E (x) 19.3 12.7 8.0 7.5 7.1
EV/EBITDA 12.3 9.1 5.5 5.0 4.5
(Source: Company, HDFC sec)
Q3FY21 Result Review:
Chaman Lal Setia Exports Ltd posted strong set of numbers in Q3FY21 mainly due to lower RM (input) cost. In 9MFY21, the company
reported revenue of Rs 625.9cr (up 8.9% YoY). Q3FY21 revenue came in at Rs 194.8cr, marginally up 4% YoY. Sharp improvement in Gross
margin was seen during the quarter. The company reported gross margin of 39.4% in Q3FY21 as against 29.3% in Q3FY20 and 25.3% in
Q2FY21. Disruptions in North-India due to farm bill agitations, seems to have no impact on the company as it reported robust margin
number in Q2 & Q3. EBITDA margins were pulled down on account of higher ‘other expenses’ which were more than double compared to
the previous quarter. PAT for the quarter stood at Rs. 19.55cr, up 18% YoY.

Triggers:
Established business relationship with suppliers and customers:
CLSE Ltd primarily deals in basmati rice, which contributes to 90-95% of the sales. Presence of the company in the rice industry for over
four decades and favorable location of the plant in close proximity to paddy growers in Haryana and Punjab has led to development of
long term relationships with the suppliers and therefore easy procurement of raw materials. Strong relationships with suppliers enable
the procurement of quality rice throughout the year at competitive prices.

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Chaman Lal Setia Exports Ltd.
The company has a global reach; has presence in 83 countries around the world with over 272 Private Brands all over the world. In FY20,
the company derived ~88% of its total operating income from exports (~89% in FY19). The company has a long track record with its
customers. Delivering quality products in its own brand name and private labels has enabled the company to establish strong business
relationships with its diverse clientele. The company exports to more than 80 countries which results in geographically diversification of
its the revenue profile.

Favorable Manufacturing Locations:

The company’s manufacturing unit is in close proximity to paddy producing regions in Karnal (Haryana), which has an installed capacity of
12 metric tonnes per hour, this facility is a state of art and automated rice processing unit. Its grading and sorting facilities are in Amritsar
(Punjab) and in Kandla (Gujarat) near the port to support its export business. These areas are a hub for paddy/rice, leading to its easy
availability of raw material. The company’s processing facility is at a proximity to the paddy producing region resulting in easy availability
of raw material at competitive rates. The favorable location also puts the company in a position to cut on the freight component of the
incoming raw materials.

Gain from increase share of branded players and premiumisation:

Indian Basmati Rice market is largely dominated by unregulated players whose share is ~55-60%. This share could be attributed to
unbranded basmati being cheaper (~20-25% lower than branded players) and its non-inclusion in GST. Despite that, over the years the
industry has witnessed gradual fall in share of the unorganised players. The company can stand to gain from this increasing share of
branded players. Although the company’s share in domestic market is low (12% of its topline), brand penetration limits the ability to
benefit in a big way from this increasing share of branded players. Low brand penetration also limits the ability to charge high margin in
comparison with industry leaders such as KRBL Ltd. Significant increase in brand penetration should strengthen the market position and
operating margin. Strategic plans to increase its brand presence in domestic market and to expand its exports reach under private label
business could help in achieving double digit revenue growth. Also, the key Paddy producing states like Punjab, Haryana and UP have
reduced the market and rural development fees (Mandi Fees) on purchase of Paddy which is likely to be positive for branded basmati
players like CLSE.

The share of Basmati consumption as percent of rice consumption in India is low (2%); compared to other countries. Increasing disposable
income, shift towards premiumisation is likely to increase consumption of Basmati rice as well as preference for branded players.
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Chaman Lal Setia Exports Ltd.
Changing lifestyle and consumer patterns opens up vast opportunity for increased consumption of basmati rice. Nuclear families, the rise
in per-capita income, and greater and wider aspirations have resulted in mounting demand in India for basmati. While the global market
continues to expand, swelling demand for branded basmati in India could further support the sector.

Resilient Margins:
CLSE Ltd has sound operating efficiency, backed by continued healthy RoCE of over 20% in the four years fiscal. The company’s EBITDA
margins is quite resilient over the years, considering that it deals in Rice - agricultural commodity which is subject to wide fluctuations.
Stable operating margins gives confidence about the company’s ability to pass on input cost escalations to its customers under private
label business (contributes ~75-80% of revenue). The same is also reflected in the company’s brand - Maharani, Mithas and Begum where
price escalations are absorbed by the end consumers which protects its profitability.

In the domestic market, majority income is derived from own brand sales (Maharani, Begum and Mithas) while majority of the exports by
CLSE are under customers' brands (private label business). To maintain quality, customers continue to procure their requirement from
CLSE; this helps in maintaining margin.

(Source: Company, HDFC Sec)

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Chaman Lal Setia Exports Ltd.
Strong Financial risk profile:
CLSE's capital structure has been healthy because of reduced reliance on external funds, leading to low debt to equity ratio of less than
0.4 times over the four years ended March 31, 2020. CSEL's working capital management continues to be prudent compared to its peers.
Further the company has adequate financial resources to meet its working capital requirement. Liquidity is supported by unsecured loans
from the promoters. Current ratio was healthy at over 4 times as on March 31, 2020. High promotor holding (73.87%) and consistent
dividend payment track record instills confidence about the company’s operating performance. The company’s installed capacity of 12MT
(per hr) is sufficient to cater higher single digit revenue growth over medium term.

Industry Insights & Triggers:

Rice Industry:
Rice is the staple food for more than half of the world’s population and more than 500 million metric ton of rice is produced annually,
across the globe. It is the second-most important cereal crop after maize and ensures food security for numerous developing countries in
East Asia and the Southeast Asian regions, with India being among the leading rice producers in the world. With a share of around 23%,
India is the world’s second largest producer of rice in the world, after China. The global rice production in 2020-21 was at ~501.96 million
tons; up by 4.7 million tonnes or 1.65% from the previous year largely owing to better crop production in countries like China and India.
Rice is the most important food crop in India contributing to more than 40% of total food grain production and cultivated/consumed
across the country. The major rice-producing states in India are Punjab, Andhra Pradesh, Uttar Pradesh, West Bengal, Tamil Nadu, Bihar,
Chhattisgarh and Orissa. Together, they contribute almost 72% of the total area of rice production in the country. Growing at about 4%
over the last five years, the Indian rice market is primarily dominated by unorganised players because of the presence of several local
players and the easy availability of rice through small retail stores which are also called as Kirana stores. India’s total rice production
during FY20 is estimated to have stood at record 117.47 million tonnes, 9.67 million tonnes higher than the five years’ average production
of 107.80 million tonnes. Non-basmati rice commands a larger market share compared to basmati rice as the production of basmati rice is
limited to only seven states and is considered in the premium rice segment. Crop Marketing Year (MY) 2020-21 consumption is forecast to
increase by about 6% to 108 MMT as the government is likely to push more ‘subsidized’ government rice under PDS and other programs.

Basmati Rice Industry:

Basmati, a long-grain aromatic variety grown in the Himalayan plains of India and Pakistan, is a Geographically Identified product. Thus,
there is little competition to brand-named basmati in the global market. Exclusively grown in the northern Indian states of Punjab,
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Chaman Lal Setia Exports Ltd.
Haryana, West Uttar Pradesh, Uttarakhand, and Himachal Pradesh, India is a renowned exporter of the globally popular long-grain
aromatic Basmati rice. The high yielding (less water-dependent hybrid variant) PUSA Basmati 1121 variety introduced in 2003 and the
shorter duration semi-dwarf PUSA Basmati 1509 variety introduced in 2013, have supported strong growth in Basmati rice production in
the last two decades. India accounts for over 70% of the world’s basmati rice production. The country has exported 44,54,745 MT of
Basmati Rice to the world for the worth of US$ 4,371 million during the year 2019-20. Although by volume, Basmati rice constitutes a very
small portion of the total rice produced in India, but in terms of value Basmati rice exports account for ~45-50% of India’s total rice
exports.
India exports rice to more than 90 countries, gross exports of Basmati rice from India in terms of volume is for period Apr-Oct 2020 was
around 60% (at 2.7 million tonnes) of previous fiscal owing to a number of external socio-economic factors and the outbreak of Covid-19.
Further, the sudden sharp increase of in freight rates of shipping containers can also prove to be a cause of concern for the Indian basmati
rice exporters. Global basmati rice consumption market is led by Middle East countries, accounting for about 45% of global consumption
of basmati rice. India’s major basmati exports are to Iran, Saudi Arabia, the United Arab Emirates, Iraq and Kuwait; together they make up
~75% of India’s basmati exports by volume in FY20. US and UK account for respectively ~3.3% and 2%.

(Source: Ministry of Commerce, DGCIS, HDFC Sec)

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Chaman Lal Setia Exports Ltd.
Iran is the largest export market for Indian Basmati rice (~30% of Indian exports) saw sharp decline during period Apr-Oct 2020 (33% of
previous fiscal compared to more than 60% exports to other middle east countries). For the first time in decades, basmati rice exports
from India to Iran have fallen drastically in the first half of 2020-21 fiscal owing to disruption in payments, a result of the US-led sanctions.
Indian exporters cut shipments to Iran because of delay in payments linked to the Islamic nation running out of dollars. But the situation
has improving, we expect similar levels of trade dealing in the coming years.

Basmati rice enjoys an excellent position among all the other rice varieties in the world market due to its delicious taste and distinctive
flavor. Rice is an important part of Middle Eastern cuisine and also is considered a staple in many countries. Accounting for ~2.1% of the
global rice industry. Basmati rice’s aroma, distinctive taste and extensively usage in a number of rice-will catalyse its growth. MY 2020/21
Basmati rice production is forecast higher at 9.8 MMT, compared to 9.2 MMT last year. Although the near-term outlook is shaken up
because of the pandemic, the outlook for the India Basmati rice remains stable. The India basmati industry is likely to sustain its growth
momentum and is expected to grow at a CAGR of 7% over the next four years. The superior taste and aroma of basmati rice remains a key
driver for its increasing preference across diverse consumer groups. In India, other factors such as rising disposable income, desire to
consume superior quality food drives growth in the basmati rice market. In the medium term, demand prospects from key destinations
such as Iran and Saudi Arabia will play a significant role.

Concerns:
Volatility in raw material prices: Raw material (paddy) constitutes ~75% of the sales, and its prices directly impact operating profitability.
Paddy, being a kharif crop, is harvested only in September-December. The water requirement for basmati is high, and though the rice-
growing states (Haryana, Uttar Pradesh, Uttarakhand and Punjab) have good irrigation systems, there is dependence on the monsoons.
The cost and availability of basmati paddy is impacted by many factors like inadequate irrigational facilities, change in crop patterns and
farmer's preference for other crops that yield better realization. These factors can impact basmati production impacting costs, volumes
and realization.

Changing Government Policies: Factors such as Minimum Support Price, import bans and sanctions may affect the operations and
profitability of the company. Trade restrictions with key basmati rice importers (Iran, Saudi Arabia etc.) can impact the realisation prices
among all industry peers. Moreover, government regulations directly impact raw material availability through minimum support price and

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Chaman Lal Setia Exports Ltd.
procurement policies. Stringent regulations every year led to higher restrictions in terms of pesticide residues levels allowed on the rice. It
resulted in subdued Basmati rice export scenario for the Indian companies in key international markets such as Europe and US.

Foreign Exchange Risk: As majority of the revenues of the company are derived from exports, any major fluctuation in exchange rates will
affect the profitability of the company.

Impact due to Covid: Continued Covid incidence could result in repeated lockdowns and resultant impact on HORECA sales across the
globe and especially in India.

Company Profile:
Chaman Lal Setia Export Ltd. is one of the oldest and hi-Tech Rice Millers cum Exporters of Basmati rice of all varieties from India with its
state-of-the-art processing units based in Karnal, Amritsar, Delhi and corporate office in New Delhi. The company is engaged in the
business of milling and processing of basmati rice. The company processes rice in-house and uses parboiled, raw, steam process using the
finest equipment to ensure physical, aromatic and taste qualities remain intact. The flagship brand of Chaman Lal Setia Exports Limited is
‘Maharani’ rice, along with ‘Mithas’ and ‘Begum’ as other basmati brands. The company is also involved in selling non-basmati rice - under
its brand ‘Green World Aromatic Rice’. The company also offers private labeling to all its customers. The company also sells other
innovative products such as ‘Maharani Diabetics Rice’, ‘Basmati Rice Plus’ and organic products such as ‘Maharani - Brown Basmati Rice’.

The company was established back in 1974 in Amritsar in Punjab and went on to become one of the largest manufacturer-exporter of
basmati rice. The company started its exports in 1982 and got recognized as an export house by Ministry of Commerce, Govt. of India in
1989. In the international market, the company exports to more than 80 countries around the world, which included European, Middle-
eastern, American, Asian and many other markets across the world in the Maharani brand or under the private labels of the customers.
The company has an installed manufacturing capacity of 12 metric tonnes per hour in Karnal (Haryana) as on March 31, 2020. The
company also has a rice grading and sorting facilities in Amritsar (Punjab) and Kandla (Gujarat). The company derives most of its revenue
from exports (~88% in FY20). CLSE is accredited as an ISO 9001-2008 and haccp certified a Trading House Recognized by Govt. of India for
excellence in exports.

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 Chaman Lal Setia Exports Ltd.
Peer Comparison:
Mcap (Rs Sales EBITDA Margin (%) PAT
cr) FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
Chaman Lal Setia Exports Ltd 664.8 798 867 947 1020 9.9 13.8 13.4 13.0 52 83 88 93
KRBL Ltd 5468.1 4499 4381 4816 5368 19.3 19.8 19.8 20.1 551 592 670 766
LT Foods 2635.5 4146 4606 4956 5360 11.2 12.2 12.3 12.7 185 268 229 333

RoE (%) P/E

FY20 FY21E FY22E FY23E FY20 FY21E FY22E FY23E
Chaman Lal Setia Exports Ltd 21.0 26.4 22.3 19.3 12.7 8.0 7.5 7.1
KRBL Ltd 19.0 18.0 17.0 17.0 9.7 9.7 8.5 7.3
LT Foods 13.0 17.0 16.0 16.0 14.2 9.8 8.8 7.9
(Source: Company, HDFC sec)

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 Chaman Lal Setia Exports Ltd.
Financials:
Income Statement Balance Sheet
(Rs Cr) FY19 FY20 FY21E FY22E FY23E As at March FY19 FY20 FY21E FY22E FY23E
Net Revenues 765.0 797.7 867.0 946.6 1020.3 SOURCE OF FUNDS
Growth (%) 2.5 4.3 8.7 9.2 7.8 Share Capital 10.4 10.4 10.4 10.4 10.4
Operating Expenses 702.5 718.7 747.6 819.9 888.2 Reserves 215.2 262.9 343.0 427.4 516.8
EBITDA 62.5 79.0 119.4 126.6 132.1 Shareholders' Funds 225.6 273.3 353.4 437.8 527.2
Growth (%) 3.8 2.3 4.0 9.7 8.3 Long Term Debt 45.3 47.8 44.4 37.3 30.3
EBITDA Margin (%) 8.2 9.9 13.8 13.4 13.0 Net Deferred Taxes 1.2 1.3 1.4 1.4 1.4
Depreciation 4.4 4.9 4.9 5.3 5.6 Long Term Prov & Others 0.0 0.0 0.0 0.0 0.0
EBIT 58.1 74.2 114.5 121.3 126.6 Total Source of Funds 272.1 322.3 399.1 476.5 558.9
Other Income 2.2 2.7 2.2 2.4 3.1 APPLICATION OF FUNDS
Interest expenses 7.5 6.7 6.1 5.7 4.9 Net Block & Goodwill 29.3 36.9 52.0 54.7 57.1
PBT 52.9 70.1 110.6 118.0 124.7 CWIP 1.8 10.0 0.0 0.0 0.0
Tax 18.5 17.7 27.9 29.7 31.4 Other Non-Current Assets 0.3 0.3 0.4 0.5 0.5
RPAT 34.4 52.5 82.7 88.3 93.3 Total Non Current Assets 31.4 47.2 52.5 55.2 57.7
APAT 34.4 52.5 82.7 88.3 93.3 Current Investments 13.0 0.8 10.8 25.8 50.8
Growth (%) -17.4 52.5 57.7 6.7 5.6 Inventories 182.1 213.1 204.3 233.4 251.6
EPS 6.7 10.2 16.0 17.1 18.0 Trade Receivables 113.3 100.8 111.6 119.3 128.6
Cash & Equivalents 3.1 15.4 67.2 85.9 113.8
Other Current Assets 53.2 46.3 54.6 60.9 64.3
Total Current Assets 364.7 376.4 448.6 525.3 609.1
Short-Term Borrowings 60.9 20.2 18.7 15.8 12.8
Trade Payables 11.9 22.7 19.0 18.2 19.6
Other Current Liab & Prov 51.2 58.4 64.1 70.0 75.5
Total Current Liabilities 124.0 101.3 101.9 103.9 107.8
Net Current Assets 240.7 275.1 346.7 421.3 501.2
Total Application of Funds 272.1 322.3 399.2 476.5 558.9

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 Chaman Lal Setia Exports Ltd.
Cash Flow Statement Key Ratios
(Rs Cr) FY19 FY20 FY21E FY22E FY23E FY19 FY20 FY21E FY22E FY23E
Reported PBT 52.9 70.1 110.6 118.0 124.7 EBITDA Margin 8.2 9.9 13.8 13.4 13.0
Non-operating & EO items -0.5 -0.8 -0.1 0.0 0.0 EBIT Margin 7.9 9.6 13.5 13.1 12.7
Interest Expenses 7.5 6.7 6.1 5.7 4.9 APAT Margin 4.5 6.6 9.5 9.3 9.1
Depreciation 4.4 4.9 4.9 5.3 5.6 RoE 16.4 21.0 26.4 22.3 19.3
Working Capital Change -67.0 1.2 -8.4 -38.0 -24.0 RoCE 20.1 22.8 30.8 27.3 24.4
Tax Paid -18.9 -17.7 -27.9 -29.7 -31.4 Solvency Ratio
OPERATING CASH FLOW ( a ) -21.6 64.5 85.2 61.2 79.8 Debt/EBITDA (x) 1.7 0.9 0.5 0.4 0.3
Capex -5.1 -20.7 -10.0 -8.0 -8.0 D/E 0.5 0.2 0.2 0.1 0.1
Free Cash Flow -26.6 43.8 75.2 53.2 71.8 PER SHARE DATA
Investments 0.0 0.0 -10.0 -15.0 -25.0 EPS 6.7 10.2 16.0 17.1 18.0
Non-operating income 0.3 0.8 0.0 0.0 0.0 CEPS 7.5 11.1 16.9 18.1 19.1
INVESTING CASH FLOW ( b ) -4.8 -19.9 -20.0 -23.0 -33.0 Dividend 0.5 0.5 0.5 0.8 0.8
Debt Issuance / (Repaid) 32.9 -38.3 -4.9 -10.0 -10.0 BVPS 43.6 52.8 68.3 84.6 101.9
Interest Expenses -7.5 -6.7 -6.1 -5.7 -4.9 Turnover Ratios (days)
FCFE -1.2 -1.2 64.3 37.5 56.8 Debtor days 47 49 45 45 44
Share Capital Issuance 0.0 0.0 0.0 0.0 0.0 Inventory days 80 90 88 84 87
Dividend 0.0 0.0 -2.6 -3.9 -3.9 Creditors days 5 8 9 7 7
Others 0.3 0.1 0.0 0.0 0.0 VALUATION
FINANCING CASH FLOW ( c ) 25.7 -44.9 -13.6 -19.6 -18.8 P/E 19.3 12.7 8.0 7.5 7.1
NET CASH FLOW (a+b+c) -0.7 -0.3 51.7 18.6 27.9 P/BV 2.9 2.4 1.9 1.5 1.3
EV/EBITDA 12.3 9.1 5.5 5.0 4.5
EV/Revenues 1.0 0.9 0.8 0.7 0.6
Dividend Yield (%) 0.4 0.4 0.4 0.6 0.6
Dividend Payout 7.2 4.9 3.1 4.4 4.2
(Source: Company, HDFC sec)

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Chaman Lal Setia Exports Ltd.
One Year Price Chart

(Source: Company, HDFC sec)

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 Chaman Lal Setia Exports Ltd.
Disclosure:
I, Hemanshu Parmar, (ACA), 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 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 may 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.
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Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

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