RESULTS REVIEW 2QFY16

19 JAN 2016

HCL Technologies
BUY
INDUSTRY
CMP (as on 19 Jan 2016)
Target Price

IT
Rs 839
Rs 990

Nifty

7,435

Sensex

24,480

KEY STOCK DATA

Bloomberg

HCLT IN

No. of Shares (mn)

1,409

MCap (Rs bn) / ($ mn)

1,181/17,460

6m avg traded value (Rs mn)

1,629

STOCK PERFORMANCE (%)

52 Week high / low
Absolute (%)
Relative (%)

Rs 1,058 / 798

3M
6M
(2.3) (12.3)
8.3
1.7

12M
1.9
15.3

SHAREHOLDING PATTERN (%)

Promoters

60.57

Public

39.43

Others
Source : BSE

Harit Shah
haritj.shah@hdfcsec.com
+91-22-6171-7325
Amit Chandra
amit.chandra@hdfcsec.com
+91-22-6171-7345

Solid on all counts

HCLT reported a solid quarter, with USD revenue up
1.4% QoQ (2.1% CC vs. our estimate of 1.6%) at US$
1,566mn (our estimate US$ 1,559mn). App services
revenue was subdued (+0.4% QoQ) in comparison to
IMSs growth trajectory (+2.6% QoQ, 3.4% CC).
Rupee depreciation and higher utilisation drove a
65bps QoQ rise in EBIT margin to 20%.
The US$ 1-bn deal wins retain our confidence in
HCLT. Most of the deals include IMS in various stages
of transition, with eight likely to reach steady-state
in 2HFY16. We expect 2HFY16 to be stronger for
growth, led by IMS. The IT major has retained its EBIT
margin guidance of 21-22% in 2HFY16, led by growth
leverage.
We model for around 7% USD revenue growth in
FY16 and 12% in FY17-FY18. Retain BUY and maintain
target price of Rs 990, implying 15x one-year fwd
rolling EPS.

Highlights of the quarter

IMS revenue recovery key positive: HCLTs IMS

business grew 2.6% QoQ. This is a big positive,

considering the segment was a pain-point for HCLT
in the last quarter. BPO also saw healthy growth of
5.2% QoQ in USD terms, the third quarter in the
past four to have crossed 4% QoQ growth.

Vertical-wise it was retail (+9.5% QoQ USD, 10.3%

CC) and public services (+7.5% QoQ USD, 8.4% CC)
that outperformed the company average.

Call takeaways: (1) The IT major won over

US$ 1bn TCV of deals, including 8 transformational
deals, (2) 2HFY16 will see stronger growth, led by
ramping up of 8 IMS deals won earlier, (3) HCLTs
hedge book stands at US $1.1bn, taken at a rate of
67/USD, and (4) Demand remains strong in the rebid market and among first-time outsourcers.

Financial Summary
(Rsmn)
Net Sales
Adj. EBIT
APAT
Diluted adj. EPS (Rs)
P/E (x)
EV / EBITDA (x)
RoE (%)

2QFY16
103,410
20,720
19,200
13.6

2QFY15
92,830
22,100
19,150
13.6

YoY (%)
11.4
(6.2)
0.3
0.2

1QFY16
100,970
19,570
17,260
12.2

QoQ (%)
2.4
5.9
11.2
11.3

FY15
370,610
82,490
72,540
51.4
16.3
12.2
32.4

FY16E
421,767
87,334
78,803
55.8
15.0
10.9
29.1

FY17E
473,445
98,606
88,572
62.7
13.4
9.3
27.9

FY18E
531,200
110,585
98,688
69.9
12.0
7.8
26.5

Source: Company, HDFC sec Inst Research # Consolidated

HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Quarterly Consolidated Financials Snapshot

Solid growth in the IMS
business drove the revenue
beat, which grew 1.4% QoQ in
USD and 2.1% in CC terms
We expect strong deal wins
and improved IMS revenue
predictability to drive
stronger 2HFY16 revenue
growth compared with
1HFY16

Particulars
Net Revenues (US $mn)
Net Revenues
Direct Costs
Gross Profit
SG&A Expenses
EBITDA
Depreciation
EBIT
Other Income
PBT
Tax
APAT
E/o (adj for tax)
RPAT

2QFY16
1,566
103,410
67,680
35,730
13,480
22,250
1,530
20,720
3,560
24,280
5,080
19,200
0
19,200

2QFY15
1,491
92,830
58,490
34,340
11,150
23,190
1,090
22,100
2,150
24,250
5,100
19,150
0
19,150

YoY (%)
5.1
11.4
15.7
4.0
20.9
(4.1)
40.4
(6.2)
65.6
0.1
(0.4)
0.3
0.3

1QFY16
1,545
100,970
67,420
33,550
12,630
20,920
1,350
19,570
2,410
21,980
4,720
17,260
0
17,260

QoQ (%)
1.4
2.4
0.4
6.5
6.7
6.4
13.3
5.9
47.7
10.5
7.6
11.2
11.2

2QFY16
65.4
34.6
13.0
21.5
20.0
20.9
18.6

2QFY15
63.0
37.0
12.0
25.0
23.8
21.0
20.6

YoY (bps)
244
(244)
102
(346)
(377)
(11)
(206)

1QFY16
66.8
33.2
12.5
20.7
19.4
21.5
17.1

QoQ (bps)
(132)
132
53
80
65
(55)
147

Source: Company, HDFC sec Inst Research

Margin Analysis
EBIT margin rose 65bps QoQ
to 20% aided by INR
depreciation and higher
utilisation. The company
maintained its EBIT margin
comfort band of 21-22%,
which implies strong margin
expansion in 2HFY16

Direct Costs % Net Revenues

Gross Profit Margin (%)
SG&A Expenses % Net Revenues
EBITDA Margin (%)
EBIT Margin (%)
Tax Rate (%)
APAT Margin (%)
Source: Company, HDFC sec Inst Research

Page | 2

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

QoQ USD Revenue Growth Trajectory

YoY USD Revenue Growth Trajectory

(%, QoQ)

(%, YoY)

5.1

1.4
(0.0)

2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16

Source: Company, HDFC sec Inst Research

EBITDA Margin Trajectory

Source: Company, HDFC sec Inst Research

YoY Software Services USD Revenue Trajectory

(%, YoY)

24

18

21

12

18

15

Source: Company, HDFC sec Inst Research

5.3
4.8
3.1
3.6
5.2
6.2
7.9
9.1
11.0
8.2
7.8
6.1
2.1

24

8.2

27

2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16

30

2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16

30

19.2

(%)

EBITDA margin seems to have

bottomed out, rising 80bps
QoQ to 21.5% after six
successive quarters of
sequential decline. Margin
expansion was led by increase
in utilisation and productivity

14.6
12.1
11.1
13.0
13.6
13.7
14.1
14.5
14.3
14.6
12.8
12.8
9.5
9.3
7.7

3.2

14

0.5

2.5
3.0
3.2
3.6
3.2
3.1
3.5
4.0
3.0
3.4

4.0
1.9

2.0

2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16

YoY growth has been slowing

down for the past six
quarters; however, we expect
this to improve in 2HFY16, led
by the IMS business owing to
ramp-up of deal wins

21

14.8
12.5

HCLTs QoQ USD revenue

growth of 1.4% came in better
than peers and robust deal
wins provide good visibility
for 2HFY16

18.3

Source: Company, HDFC sec Inst Research

Page | 3

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Vertical Revenue Break-up

Manufacturing, HCLTs largest

vertical, clocked a revenue
decline. However, public
services and retail clocked
strong growth

Deal wins in telecom have

been good in the quarter,
including a transformational
deal

(% of rev)
Financial Services
Manufacturing
Telecom, Media, Publishing & Entertainment
Retail & CPG
Life Sciences and Healthcare
Public Services
Others
Total

4QFY14
28.4
31.6
8.9
8.5
10.2
10.1
2.3
100.0

1QFY15
28.2
32.3
8.7
9.5
9.8
9.3
2.2
100.0

2QFY15
26.6
32.9
8.4
9.7
11.1
9.5
1.8
100.0

3QFY15
26.1
33.4
9.0
8.4
11.2
10.4
1.5
100.0

4QFY15
26.0
32.7
9.5
8.8
12.0
9.7
1.3
100.0

1QFY16
26.1
32.5
9.6
8.8
12.4
10.0
0.6
100.0

2QFY16
25.9
31.5
9.7
9.5
12.2
10.6
0.6
100.0

4QFY14
9.1
(1.9)
9.5
3.4
1.4
3.4
3.4
3.4

1QFY15
1.2
4.1
(0.4)
13.9
(2.1)
(6.2)
(2.5)
1.9

2QFY15
(1.9)
5.9
0.4
6.2
17.8
6.2
(14.9)
4.0

3QFY15
(1.9)
1.5
7.1
(13.4)
0.9
9.5
(16.7)
(0.0)

4QFY15
2.8
1.0
8.9
8.1
10.5
(3.8)
(10.6)
3.2

1QFY16
0.8
(0.2)
1.5
0.5
3.8
3.6
(53.6)
0.5

2QFY16
0.6
(1.7)
2.5
9.5
(0.2)
7.5
1.4
1.4

Source: Company, HDFC Sec Inst Research

Vertical-wise Revenue Growth

(QoQ, %)
Financial Services
Manufacturing
Telecom, Media, Publishing & Entertainment
Retail & CPG
Life Sciences and Health care
Public Services
Others
Total
Source: Company, HDFC Sec Inst Research

Page | 4

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Service Line Break-up

While software services
(applications and engg) grew
at a subdued pace, apps grew
at a health rate of 2% QoQ in
CC terms

(% of rev)
Software Services (Apps + Engg)
Infrastructure Services
Business Services
Total

4QFY14
60.4
34.5
5.1
100.0

1QFY15
60.5
34.5
5.0
100.0

2QFY15
60.7
34.4
4.9
100.0

3QFY15
60.4
34.5
5.1
100.0

4QFY15
59.6
35.2
5.2
100.0

1QFY16
59.6
35.1
5.3
100.0

2QFY16
59.0
35.5
5.5
100.0

4QFY14
2.2
3.7
17.1
3.4

1QFY15
2.1
1.9
(0.1)
1.9

2QFY15
4.3
3.7
1.9
4.0

3QFY15
(0.5)
0.3
4.1
(0.0)

4QFY15
1.8
5.2
5.2
3.2

1QFY16
0.5
0.2
2.4
0.5

2QFY16
0.4
2.6
5.2
1.4

4QFY14
54.3
33.0
12.7
100.0

1QFY15
56.3
32.3
11.4
100.0

2QFY15
57.4
31.7
10.9
100.0

3QFY15
57.5
31.0
11.5
100.0

4QFY15
58.6
30.4
11.0
100.0

1QFY16
58.7
31.7
9.6
100.0

2QFY16
61.0
29.9
9.1
100.0

4QFY14
1.3
7.3
2.5
3.4

1QFY15
5.6
(0.3)
(8.5)
1.9

2QFY15
6.0
2.1
(0.6)
4.0

3QFY15
0.2
(2.2)
5.5
(0.0)

4QFY15
5.1
1.2
(1.3)
3.2

1QFY16
0.6
4.8
(12.3)
0.5

2QFY16
5.4
(4.4)
(3.9)
1.4

Source: Company, HDFC Sec Inst Research

Service Line Growth

IMS and BPO businesses
clocked healthy growth in the
quarter, with IMS likely to
witness continuing growth,
led by deal ramp-ups

(QoQ, %)
Software Services (Apps + Engg)
Infrastructure Services
Business Services
Total
Source: Company, HDFC Sec Inst Research

Geographic Revenue Break-up

US geography did well,
delivering 5.4% QoQ (5.5% CC)
growth, highest in the past
four quarters

(% of rev)
Americas
Europe
Rest of the World
Total
Source: Company, HDFC Sec Inst Research

Europe underperformed,
clocking a decline of 4.4%
QoQ (2.4% CC)

Geographic Revenue Growth

(QoQ, %)
Americas
Europe
Rest of the World
Total
Source: Company, HDFC Sec Inst Research

Page | 5

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Headcount, Attrition And Utilisation Data

HCLTs headcount continued
to decline QoQ on a net basis
primarily due to automation
and increased utilisation
levels

(Nos.)
Total headcount
Technical
Support
Gross additions
Net additions

Utilisation ex-trainees
expanded 110bps to 84.7%,
highest since 1QFY14

Voluntary LTM attrition (%)

Utilisation excluding trainees (%)

HCLTs rev/employee at USD

60K is the highest amongst
peers

Key Assumptions

Attrition was largely rangebound; we saw a decline in

attrition level across Tier-1 IT
peers

4QFY14
91,691
83,312
8,379
8,442
1,501

1QFY15
95,522
87,029
8,493
11,631
3,831

2QFY15
100,240
91,595
8,645
11,734
4,718

3QFY15
104,184
95,190
8,994
11,041
3,944

4QFY15
106,107
97,135
8,972
9,448
1,923

1QFY16
105,571
96,541
9,030
7,889
(536)

2QFY16
103,696
94,652
9,044
6,234
(1,875)

16.9
84.5

16.6
82.7

16.4
82.9

16.2
81.9

16.5
83.5

16.3
83.6

16.7
84.7

Source: Company, HDFC Sec Inst Research

Particulars
Software services USD rev. growth (%)
IMS USD rev. growth (%)
BPO USD rev. growth (%)
Total USD revenue growth (%)
USD/INR rate
EBIT margin (%)

FY14
5.7
33.1
20.9
14.4
61.42
24.1

FY15
9.0
13.4
21.0
11.1
62.26
22.3

FY16E
4.0
11.0
22.5
7.4
66.00
20.7

FY17E
10.0
15.0
18.0
12.3
66.00
20.8

FY18E
10.0
15.0
16.0
12.2
66.00
20.8

Source: Company, HDFC Sec Inst Research

Peer Valuation
Mcap CMP
(Rs bn) (Rs)
TCS
4,502 2,285
Infosys
2,619 1,140
Wipro
1,335
541
HCL Tech.
1,181
839
Tech Mahindra
496
513
Company

Reco.
NEU
BUY
NEU
BUY
NEU

EPS (Rs)
P/E (x)
RoE (%)
TP
(Rs) FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E
2,445 122.7 135.9 151.8 18.6
16.8
15.1 37.8
34.6
32.3
1,400
58.9
68.3
76.3 19.2
16.5
14.8 23.4
24.5
24.8
563
36.7
41.3
45.3 14.7
13.1
11.9 20.6
20.0
19.1
990
55.8
62.7
69.9 15.0
13.4
12.0 29.1
27.9
26.5
550
31.4
35.6
39.7 16.3
14.4
12.9 23.2
22.5
21.7

Source: HDFC sec Inst Research

Page | 6

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Consolidated Income Statement

Year ending June (Rs mn)
Net Revenues (US $mn)
Growth (%)
Net Sales
Growth (%)
Cost of Revenue
SG&A Expenses
EBITDA
EBITDA (%)
EBITDA Growth (%)
Depreciation
EBIT
Other Income
Interest
PBT
Tax (incl deferred)
Minority Interest and
associate profit
RPAT
APAT
APAT Growth (%)
EPS
EPS Growth (%)

Consolidated Balance Sheet

FY14
5,360
14.4
329,170
27.9
202,150
40,360
86,660
26.3
48.5
7,330
79,330
979
1,149
79,160
15,470

FY15
5,952
11.1
370,610
12.6
237,980
45,630
87,000
23.5
0.4
4,510
82,490
10,010
880
91,620
19,080

FY16E
6,390
7.4
421,767
13.8
275,609
52,721
93,438
22.2
7.4
6,103
87,334
11,959
791
98,503
19,701

FY17E
7,173
12.3
473,445
12.3
307,994
60,364
105,087
22.2
12.5
6,482
98,606
12,782
673
110,715
22,143

FY18E
8,048
12.2
531,200
12.2
344,819
69,056
117,326
22.1
11.6
6,740
110,585
13,283
508
123,360
24,672

63,687
63,687
55.4
45.1
55.4

72,540
72,540
13.9
51.4
13.9

78,803
78,803
8.6
55.8
8.6

88,572
88,572
12.4
62.7
12.4

98,688
98,688
11.4
69.9
11.4

Source: Company, HDFC sec Inst Research

Year ending June (Rs mn)

SOURCES OF FUNDS
Share Capital - Equity
Reserves
Total Shareholders' Funds
Total Debt
Long-term Provisions & Others
TOTAL SOURCES OF FUNDS
APPLICATION OF FUNDS
Net Block
CWIP
Goodwill & Other Intangible Assets
Investments
LT Loans & Advances, Others
Total Non Current Assets
Debtors
Cash & Equivalents
Other Current Assets
Total Current Assets
Creditors
Other Current Liabilities & Provns
Total Current Liabilities
Net Current Assets
TOTAL APPLICATION OF FUNDS

FY14

FY15

FY16E

FY17E

FY18E

1,397
199,417
200,814
14,886
14,615
230,315

2,810
244,700
247,510
8,415
12,590
268,515

2,810
290,630
293,440
8,230
12,590
314,260

2,810
339,755
342,565
6,728
12,590
361,883

2,810
398,996
401,806
5,226
12,590
419,622

26,156
5,310
51,492
2,276
23,462
108,695
56,843
97,878
41,488
196,209
6,445
68,144
74,589
121,620
230,315

32,891
5,310
52,040
80
30,660
120,980
65,630
117,890
52,610
236,130
9,115
79,480
88,595
147,535
268,515

39,440
5,310
52,040
80
30,660
127,530
75,109
164,542
46,491
286,142
8,995
90,416
99,411
186,730
314,260

44,795
5,310
52,040
80
30,660
132,884
85,609
205,417
49,322
340,348
10,092
101,258
111,350
228,999
361,883

48,678
5,310
52,040
80
30,660
136,768
96,053
259,082
52,487
407,622
11,339
113,429
124,768
282,854
419,622

Source: Company, HDFC sec Inst Research

Page | 7

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Consolidated Cash Flow

Year ending June (Rs mn)
Reported PBT
Non-operating & EO items
Interest expenses
Depreciation
Working Capital Change
Tax paid
OPERATING CASH FLOW ( a )
Capex
Free cash flow (FCF)
Investments
Non-operating income
INVESTING CASH FLOW ( b )
Debt Issuance
Interest expenses
FCFE
Share capital Issuance
Dividend
FINANCING CASH FLOW ( c )
NET CASH FLOW (a+b+c)
Non-operating and EO items
Closing Cash & Equivalents

Key Ratios
FY14
79,160
(979)
1,149
7,330
974
(15,470)
72,164
(11,512)
60,652
(2,329)
979
(12,862)
5,933
(1,149)
65,436
8
(17,982)
(13,191)
46,111
2,398
97,878

Source: Company, HDFC sec Inst Research

FY15
91,620
(10,010)
880
4,510
(13,254)
(19,080)
54,666
(11,245)
43,421
(5,002)
10,010
(6,237)
(8,496)
(880)
34,045
1,412
(26,298)
(34,262)
14,167
5,845
117,890

FY16E
98,503
(11,974)
791
6,103
7,459
(19,701)
81,181
(12,653)
68,528
0
11,959
(694)
(185)
(791)
67,552
0
(32,873)
(33,848)
46,639
13
164,542

FY17E
110,715
(12,797)
673
6,482
(1,391)
(22,143)
81,538
(11,836)
69,702
0
12,782
946
(1,502)
(673)
67,527
0
(39,447)
(41,622)
40,863
13
205,417

FY18E
123,360
(13,298)
508
6,740
(188)
(24,672)
92,451
(10,624)
81,827
0
13,283
2,659
(1,502)
(508)
79,817
0
(39,447)
(41,457)
53,653
13
259,082

PROFITABILITY (%)
EBITDA Margin
APAT Margin
RoE
RoIC or Core RoCE
RoCE
EFFICIENCY
Tax Rate (%)
Fixed Asset Turnover (x)
Debtors (days)
Payables (days)
Cash Conversion Cycle
(days)
Net Debt/EBITDA (x)
Net Debt/Equity (x)
Interest Coverage (x)
PER SHARE DATA
EPS (Rs/sh)
CEPS (Rs/sh)
DPS (Rs/sh)
BV (Rs/sh)
VALUATION
P/E
P/BV
EV/EBITDA
OCF/EV (%)
FCF/EV (%)
FCFE/mkt cap (%)
Dividend Yield (%)

FY13

FY14

FY15

FY16E

FY17E

FY18E

22.7
15.9
32.8
22.0
28.2

26.3
19.3
37.1
30.8
34.8

23.5
19.6
32.4
27.3
27.7

22.2
18.7
29.1
28.0
25.1

22.2
18.7
27.9
29.5
24.2

22.1
18.6
26.5
31.0
23.4

23.0
4.1
63
9

19.5
4.5
63
10

20.8
4.4
65
12

20.0
4.3
65
10

20.0
4.3
66
10

20.0
4.4
66
10

55

53

53

55

56

56

(0.7)
(0.3)
48.8

(1.0)
(0.4)
69.1

(1.3)
(0.4)
93.7

(1.7)
(0.5)
110.5

(1.9)
(0.6)
146.5

(2.2)
(0.6)
217.7

29.0
33.4
12.0
101.3

45.1
49.8
22.0
142.3

51.4
54.1
16.0
175.3

55.8
59.6
20.0
207.9

62.7
66.8
24.0
242.7

69.9
74.1
24.0
284.6

28.9
8.3
19.5
4.4
3.5
2.2
1.4

18.6
5.9
12.5
6.6
5.5
5.6
2.6

16.3
4.8
12.2
5.1
4.1
2.9
1.9

15.0
4.0
10.9
7.9
6.7
5.7
2.4

13.4
3.5
9.3
8.3
7.1
5.7
2.9

12.0
2.9
7.8
10.0
8.9
6.8
2.9

Source: Company, HDFC sec Inst Research

Page | 8

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

RECOMMENDATION HISTORY
HCL Tech

1,200

Date
14-Jul-15
3-Aug-15
8-Oct-15
19-Oct-15
19-Jan-16

TP

1,100
1,000

CMP
961
937
846
857
839

Reco
BUY
BUY
BUY
BUY
BUY

Target
1,072
1,055
1,020
990
990

900
800

Jan-16

Dec-15

Nov-15

Oct-15

Sep-15

Aug-15

Jul-15

Jun-15

May-15

Apr-15

Mar-15

Feb-15

Jan-15

700

Rating Definitions
BUY
: Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL
: Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Page | 9

HCL TECHNOLOGIES: RESULTS REVIEW 2QFY16

Disclosure:
We, Harit Shah, PGDBA & Amit Chandra, MBA, 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. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in
this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate 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
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Institutional Equities
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Page | 10