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P I Industries Ltd.
April 3, 2012

a niche agri custom synthesis company....

BUY Current Pri ce Target Price Upside 52 Week Range

Apurva Shah (Research Analyst) (022) 6714 1449 Milind Karmarkar (Head Research) (022) 6630 8667 Nilay Dalal / Sagar Mehta(Equity Sales) (022) 3290 3017

Investment Case:
Rs 525 Rs 683 30% Rs 290 / Rs 630
Net sales and profit is growing at 23.8% and 117.6% CAGR since FY08. We expect top line growth of 23.2% (FY12-FY14) on the back of strong order book in Custom Synthesis business and established brands in domestic agri input market and PAT growth of 37.5% during FY12-FY14 due to margin expansion of 180 bps and reduction in effective tax rate. Custom Synthesis manufacturing (CSM) (~40% of FY12E revenue) offers better revenue visibility and differentiates PI from peers: The segment has recorded 62.7% CAGR growth in last 4 years. We expect the segment to grow by 35-40% till FY14 as the R&D pipeline advances and molecules are accepted in the market. Revenue visibility: CSM segment has order book of USD 340 mn (~Rs. 1600 crs) which is 4.6x FY12E CSM revenue . The order book is executable over next 3-4 years. Margin Expansion: Operating margin from CSM segment is around 19% vs 15-16% in agri input business, as revenue contribution from CSM increases, we expect overall EBIDTA margin to improve by 180 bps in FY14. Relationship with innovator companies helps in domestic market: PI uses its relationship with innovator companies (through CSM space) to launch their potential molecules in India through in licensing arrangements. Those products are higher margin products compared to other branded products. Strong presence in domestic agri input industry: PI is one of the leading agrochemical companies in India, at present insecticides contribute 50% of agri business, herbicide 30% and other agri inputs contribute around 20%. Focus on limited products: PI focuses on products which are affordable to small farmers, new molecules with unique application capabilities and in licensing of products. Company has product basket of around 25 products compared to more than 50 products for other companies. New product introduction: There are 7-8 products in the pipeline and company plans to launch at least 2 new products every year. The management is confident of achieving 30% CAGR growth over next 2-3 years. Jambusar plant will be operational in Q2 FY13: The Jambusar plant is expected to commercialize in Q2 FY13, and may add Rs. 300-350 Crores to the top line. Outlook and valuation: PI is a fast growing agrochemical company with ROE and ROCE of 35% and 26% respectively (FY11). Going forward there is a strong possibility of re-rating of the stock looking at revenue visibility, margin expansion and cash flow improvement.

KEY SHARE DATA Market Cap Rs 13.1 BN/$257.8MN EV / Sales 2.0 EV / EBIDTA 12.5 Volume (BSE + NSE) 14354 No of o/s share mn 25.0 Face Value 5 Book Value 85.4 BSE / NSE 523642 / PIIND Reuters PIIL.BO Bloomberg PI IN Equity
Shareholding (%) Period Promote rs MF / Ba nks / FI FII Publ i c & Othe rs Total
240 220 200 180 160 140 120 100 80 60 40

Dec11 63.7 1.6 7.7 27.1 100.0

Sep11 63.7 2.0 6.3 28.0 100.0

PI INDS

Sensex

At CMP of Rs. 525 stock is trading at 11.3x FY13E earnings of Rs. 46.6. We recommend a BUY at current level, with a price target of Rs. 683.

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P I Industries Ltd.

Custom Synthesis manufacturing (CSM) offers better revenue visibility and differentiates PI from peers: What does P I Industries do in custom synthesis? PI essentially works with innovators in the area of process research for their newly discovered molecules. Most of these molecules are in the early stage of their life cycle and thus company may capitalize on the complete product life cycle. Such early stage association makes PI their partner rather than a supplier which de risks its business. As most of the business is tied up, company is focused on delivery schedule to the customers. These contracts are structured in a way that most of the risks are passed on to the customers. PI has built a very strong customer base comprising of leading companies in Europe & Japan. Significance of model: PI is one of the pioneers in CSM segment in India and started the business 15 years ago. The company's major focus is towards patented products, this business requires good relationship with clients and credibility along with R&D capability. CSM business focuses on patented molecules, which is a time consuming process and scale up is much slower in the initial stage. High entry barriers and no conflict business model eliminate probability of competition in near future. PI has a strong R&D base with more than 100 employees. Over the years it has established strong relationships with MNCs which resulted in strong order book pipeline and rapid growth in revenue from CSM segment. Currently they are working on more than 22-24 molecules at different stages of life cycles. The segment has recorded 62.7% CAGR growth in last 4 years. We expect the segment to grow by 35-40% till FY14 as the R&D pipeline advances and molecules are accepted in the market.

In CSM, apart from agrochemicals (12% of total CSM opportunity) PI is also exploring opportunities in other fine chemicals, emerging chemicals, electronic chemical and pharma early intermediates (The combine opportunity is 18% of total CSM business). Currently agrochemical is the largest contributor to the segment but going forward other industries will also start contributing. PI-Sony research centre is an example of its focus on other industries.
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Strong presence in domestic agri input industry

P I Industries Ltd.

PI is one of the leading agrochemical company in India, it manufacturers and markets agrochemicals, plant nutrients, specialty fertilizers and hybrid seeds. In agrochemicals in-licensing molecules constitute 40-45% of the agri input business and is expected to rise to 60-65% in next 23 years. At present insecticides contribute 50% of agri business, herbicide 30% and other agri inputs contribute around 20%. Focus on limited products, in licensing products and branding PI focuses on products which are affordable to small farmers, new molecules with unique application capabilities and in licensing of products. Company has product basket of around 25 products compared to more than 50 products for other companies. New product introduction In FY12 the company has launched 2 new products in agri input segment; one insecticide in tie up with Bayer and one fungicide in tie up with BASF. Both are high potential products with insecticide catering to crops like Tea, Chilies etc. and fungicide catering to fruits & vegetables. There are 7-8 products in the pipeline and company plans to launch at least 2 new products every year. For the coming Kharif season it plans to launch broader spectrum insecticide and fungicide each. The management is confident of achieving 30% CAGR growth over next 2-3 years. Distribution presence and branding capabilities PI has one of the oldest and robust marketing networks in India. For effective marketing the country is divided into 7 zones, 26 regions and 140 territories. The distribution channel has ~8000 distributors / dealers and more than 35000 retail outlets across the country. PI had successfully built brands over a period of time, apart from Nominee Gold, Fosmite, Biovita, Rocket, Foratox are leading brands for company. PI's distribution strength and branding capabilities provide global companies a ready network and easy entry to high growth Indian market.

Benefit over Peers Revenue visibility

CSM segment has order book of USD 340 mn (~ Rs. 1600 crs) which is 4.6x CSM revenue for FY12E. The order book is executable over next 3-4 years and we expect continuous addition to the order book due to 1) Repeat business from existing molecules and 2) Successful commercialization of new molecules. Most of the Indian companies are focused on off patent products which have lower margins compared to patented molecules. Indian agrochemical industry has to be dependent on weather conditions, thus growth is dependent on monsoon and pest occurrence during the season. While in case of PI, CSM (~40% of revenue) offers better revenue visibility.

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P I Industries Ltd.

Higher contribution to total revenue along with higher margin in CSM business will lead to margin expansion by 180 bps over FY12-14. CSM segment enjoys higher margins compared to other agri input business. We expect it to continue due to its non-compete and IP driven business model. 95% of CSM revenue comes from patented molecules and PI either is the only or one of the only two suppliers. Operating margin from CSM segment is around 19% vs 15-16% in agri input business, as revenue contribution from CSM will increase we expect overall EBIDTA margin to improve by 180 bps by FY14.

Relationship with innovator companies help in domestic market As a part of their business model PI drives its agri input business through CSM space. If PI finds any molecule that has good potential in India, it enters into an in licensing arrangement with the innovator. Currently in licensing products contributes around 45-45% of their agri input business (~60% of total revenue). These products are higher margin products compared to other branded products in the category. We expect in licensing product contribution to reach to 60-65% of agri input segment in the near future. "Nominee Gold", a flagship brand of PI is an evidence of such association. It is a rice herbicide and launched in India with in licensing arrangement from Japan's Kumiai Chemical, within 2 years of its launch, it is close to becoming largest selling herbicide in India.

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Hived off polymer business to focus on core business

P I Industries Ltd.

PI sold their polymer compounding business to France based Rhodia in December 2010 to concentrate on agri inputs and custom synthesis business. The division has contributed ~10% to the FY11 top line and 6.5% at EBIT level. EBIT from polymer business was significantly lower compared to their other businesses (avg. EBIT margin in polymer business was 8-10% vs. 14% in chemical business), which might result in 50-70 bps margin improvement.

Jambusar plant will be operational in Q2 FY13

Company's Jambusar plant is expected to commercialize in Q2 FY13, the plant will be located in a SEZ and will be eligible for 10 years tax holiday. The planned capex is Rs. 125 Crores spread over 2 years. This facility may add Rs. 300-350 crores to the top line which will be used for custom synthesis. Once the plant is operational, effective tax rate will come down; we expect tax rate to come down to 28% from FY14 onwards.

Strong financials
PI's focus on agri input has helped the company to improve margin significantly. OPM and NPM improved significantly to 15.7% and 8.2% respectively in FY11 from 7.8% and 1.5% respectively in FY08. The return ratios also improved considerably which is visible in following charts.

We expect 180 bps margin improvement by FY14 due to higher contribution from CSM segment and inlicensing products, the NPM will increase much higher due to reduction in effective tax rate. Post Jambusar plant no significant capex is lined up for the company, we expect Rs. 80 Crores as normal capex. We expect D/E to come down from 1.2x in FY11 to 0.4x in FY14. We believe that cash flow will also improve due to margin improvement, reduction in effective tax rate and no significant capex requirement in near term.

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PI-Sony R&D partnership

P I Industries Ltd.

In January 2011, PI Industries opened PI-Sony research center at Udaipur. Both will jointly undertake research in the area of synthetic organic chemicals for applications in the electronic industry. This is part of PI's R&D facilities at Udaipur and first of its kind where Sony Corporation will jointly conduct research in partnership with PI. PI will be a joint patent holder along with Sony for any product developed at the centre.

Company Background
P I Industries, an Udaipur based company was founded in 1947. It is a leading company in domestic agrochemical industry with presence in insecticides, fungicides, herbicides, plant nutrients and specialty products. In nineties it diversified into polymer compounding and custom synthesis businesses. Recently company sold off their polymer division to Rhodia, a French multinational to concentrate on agrochemicals and custom synthesis business. It operates three formulation and two manufacturing facilities at Gujarat & Jammu. PI has R&D facility in Udaipur, Rajasthan and offers end-to-end solutions in the fine and specialty chemicals space to multinationals. PI exports its products to Americas, Asia Pacific, Europe, Africa and Japan etc. PI's Jambusar plant is expected to start in Q2 FY13 which will be used for custom synthesis.

PI has collaboration with many leading chemical companies in Japan like Sony Corporation, Mitsui Chemicals, Kumiai Chemical Industry, Nihon Nohyaku; Bayer & BASF in Europe etc., Concerns Weather effect: Apart from monsoon Agrochemical business is also dependent on pest occurrences and other environmental factors thus demand dynamics is dependent on weather. Execution Risks: The main risks are on proper execution of expansion projects. Any delay in setting up enhanced capacities may impact projected growth from custom synthesis business segment.

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Financials:

P I Industries Ltd.

Excluding polymer division, chemical business has grown by 22.3% CAGR in last 3 years (FY09FY11). The agri input business grew by 12.4% CAGR during FY08-FY11 and custom synthesis grew by 68.7% CAGR on a low base during the same time. The EBIT margin also improved significantly from ~11.5% in FY08 to 14.9% in FY11 due to increasing contribution from CSM business and higher margin products in agri input segment. We expect 22.7% CAGR growth (FY12-FY14) in agri input business on account of established brands and higher contribution from in-licensing products. The CSM business is expected to grow at 37.3% CAGR over FY12-FY14 due to strong order book of USD 340 mn and commercialization of Jambusar plant. We expect top line growth of 23.2% CAGR and PAT growth of 37.5% CAGR over FY12-FY14. The higher bottom line growth is due to ~180 bps increase in EBIDTA margin and reduction in effective tax rate post Jambusar plant is commercialization. We expect re-rating of the stock due to higher revenue visibility in CSM business, margin improvement and significant higher growth rate compared to other industry players.

9M FY12 performance review

Net sales grew by 41% to Rs. 6.4 bn vs. 4.5 bn in 9M FY11 (excluding polymer revenue). EBIT has grown by 58.8% to Rs. 985 mn. In Q1 FY12 company has reported Rs. 303 mn from its polymer division sell off. Including the extraordinary income company has reported EPS of Rs. 31.5 for 9M FY12, the EPS from continuing activity stands at Rs. 21.8.

Valuation:
Going forward there is a strong possibility of rerating of the stock looking at revenue visibility, margin expansion, business focus and management's capabilities. At CMP of Rs. 525 stock trades at 11.3x FY13E earnings of Rs. 46.6. We recommend BUY on the stock at current level with a price target of Rs. 683.
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P I Industries Ltd.

Valuation:
Weighted average target price Methodologies Target price using DCF approach Target price using EV/EBITDA approach Target price using P/E approach Weighted average target price Current price Upside/(downside) from current levels Target Weight Weighted Comments price assigned Avg price 793.2 40.0% 317.3 Based on DCF for 9 years & 4% terminal growth rate 612.1 30.0% 183.6 Bsaed on 8.5x EV/EBIDTA FY13E 606.4 30.0% 181.9 Bsaed on 13x P/E FY13E 683.0 525.0 30.1%

EV/EBIDTA method Figures (Rs mn) Company Bayer Cropscience Rallis India Divis Laboratory Hikal P I Industries Average EV/EBIDTA Valuation metrics Target EV/EBITDA multiple 2013E EBITDA 2013E EV 2013E Debt 2013E Cash 2013E Market Cap. No. of shares Target Price CMP Upside/(Downside) P/E method Figures (Rs mn) Company Bayer Cropscience Rallis India Divis Laboratory Hikal P I Industries Average P/E Valuation metrics Target P/E multiple 2013E EPS Target Price CMP Upside/(Downside)

Price Sales 802.5 20,386.8 121.6 10,657.0 766.7 13,071.1 271.7 5,023.0 525.0 7,918.0

EBIDTA 2,404.4 1,713.4 5,279.8 895.0 1,241.2

FY11 OPM 11.8 16.1 40.4 17.8 15.7

PAT 1,330.1 1,260.4 4,292.7 370.2 651.1

PAT % 6.5 11.8 32.8 7.4 8.2

EV/EBIDTA FY12E FY13E 11.4 10.7 10.5 8.3 14.8 11.7 8.7 7.2 10.3 7.7 11.1 9.1

8.5 2,079.0 17,671.1 2,478.0 132.8 15,325.9 25.0 612.1 525.0 16.6

Price 802.5 121.6 766.7 271.7 525.0

FY11 40.8 6.4 32.4 21.6 29.1

EPS FY12E 46.8 7.5 36.9 27.0 40.3

FY13E 57.3 9.6 46.3 32.4 46.6

P/E FY12E FY13E 17.1 14.0 16.4 12.9 19.5 15.7 10.1 8.4 13.0 11.3 15.2 12.5

13.0 46.6 606.4 525.0 15.5

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FY 10 743.6 (33.5) 494.5 128.5 129.5 (334.0) 418.5 FY 11 1,087.8 (33.5) 723.4 153.4 (810.0) (693.1) (626.3) -249.7% 9.1% 0 FY 12E 1,359.2 (33.5) 903.9 185.5 (230.0) (800.0) 59.4 -109.5% 9.1% 0 59.4 FY 13E 1,859.8 (28.0) 1,339.1 219.1 (613.5) (800.0) 144.7 143.5% 9.1% 1 132.6 FY 14E 2,540.8 (28.0) 1,829.3 252.7 (804.0) (800.0) 478.0 230.4% 9.1% 2 401.7 FY15E 3175.9 (28.0) 2,286.7 315.9 (1,005.0) (1,000.0) 597.6 25.0% 9.1% 3 460.2 FY16E 3969.9 (26.0) 2,937.8 394.9 (1,256.3) (1,250.0) 826.4 38.3% 9.1% 4 583.3 FY17E 4763.9 (26.0) 3,525.3 473.8 (1,507.5) (1,500.0) 991.6 20.0% 9.1% 5 641.6

P I Industries Ltd.

DCF Valuation:
Year EBIT Effective Tax Rate EBIT*(1-Tax Rate) Depreciation / Amortization Change in W orking Capital Capex FCFF FCF Growth Cost of Capital W eight Assigned Present Value Sumof PV of FCFF Terminal Value calculation Terminal Growth rate Terminal year Free Cash Flow Terminal Value PVof Term Value inal Enterprise Value Less: Debt Add: Cash &Investm ent M arket Capitalization No. of Shares Value per Share Calculationof W ACC W for explicit forecast ACC Expected M arket Return (Rm) Risk Free Rate (Rf) CountryPrem (Rm ) ium -Rf Beta Cost of Equity Cost of Debt Tax rate Post Tax Cost of Debt W ACC Debt Equity Total W for term grow ACC inal th Expected M arket Return (Rm) Risk Free Rate (Rf) CountryPrem (Rm ) ium -Rf Beta Cost of Equity Cost of Debt Tax rate Post Tax Cost of Debt Long termdebt to capital ratio W ACC Terminal Growth Rate Terminal Year Free Cash Flow Terminal Enterprise Value W eight Assigned Terminal Value FY18E 5716.7 (26.0) 4,230.4 568.6 (1,809.0) (1,800.0) 1,189.9 20.0% 9.1% 6 705.8 FY19E 6860.1 (26.0) 5,076.4 682.3 (2,170.8) (2,160.0) 1,427.9 20.0% 9.1% 7 776.3 FY20E 7889.1 (26.0) 5,837.9 784.7 (2,496.4) (2,484.0) 1,642.1 15.0% 9.1% 8 818.3 FY21E 9072.4 (26.0) 6,713.6 902.4 (2,870.9) (2,856.6) 1,888.4 15.0% 9.1% 9 862.6

5,382.4 4% 1,964.0 19,349.6 5,880.2 11,262.5 (2,478.0) 89.1 8,873.7 11.2 793.2

Term (g) inal

2% 3% 4% 5% 6%

12.2% 883.8 951.2 1035.0 1142.4 1284.6

13.2% 785.5 836.5 898.7 976.1 1075.2

W ACC 14.2% 706.7 746.0 793.2 850.6 922.2

15.2% 642.6 673.5 709.9 753.5 806.6

16.2% 590.0 614.6 643.1 676.8 717.1

15.0% 8.5% 6.5% 0.53 11.9% 10.0% 33.6% 6.6% 9.1% 2478.0 2137.3 4615.3

15.0% 8.5% 6.5% 1.00 15.0% 10.0% 35.0% 6.5% 10.0% 14.2% 4.0% 1237.5 12192.6 6.0 5511.1

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FINANCIALS
FY 10 5,953.0 (3,183.1) (445.1) (1,452.6) (5,080.9) 872.1 (128.5) 743.6 11.2 (182.5) 572.3 (152.9) 419.4 0.0 0.3 419.7 FY 10 276.9 1,269.0 1,545.8 270.0 1,053.2 444.5 1,497.7 3,313.5 2,923.8 (922.8) 2,001.0 86.4 2,087.4 0.0 5.2 1,028.1 1,034.1 54.1 346.9 (652.0) (539.4) (50.8) 1,220.9 0.0 0.0 3,313.5 FY 11 7,918.0 (4,204.0) (565.8) (1,907.0) (6,676.8) 1,241.2 (153.4) 1,087.8 7.3 (181.4) 913.7 (262.9) 650.8 0.0 0.3 651.1 FY 11 192.9 1,944.4 2,137.3 325.8 1,559.8 918.2 2,478.0 4,941.1 3,616.9 (1,076.4) 2,540.5 334.6 2,875.1 0.0 5.2 1,409.8 1,765.9 84.0 502.9 (1,163.5) (404.1) (134.2) 2,060.8 0.0 0.0 4,941.1 P I Industries Ltd - Financials FY 12E FY 13E Cash Flow Statement (Rs Mn) 9,035.3 11,550.9 Net Profit Add: Dep. & Amortization (5,023.6) (6,480.1) Cash Profit (712.9) (874.1) (1,754.1) (2,117.8) (Inc) / Dec in (7,490.6) (9,472.0) Sundry Debtors Inventories 1,544.7 2,079.0 Loans & Advances (185.5) (219.1) Sundry Creditors 1,359.2 1,859.8 Others 13.1 14.5 Change in Working Capital (205.7) (205.7) CF from Operating Activities 1,166.7 (396.9) 769.7 0.0 238.8 1,008.5 FY 12E 130.8 2,879.6 3,010.4 325.8 1,559.8 918.2 2,478.0 5,814.2 4,416.9 (1,261.9) 3,155.0 200.0 3,355.0 0.0 5.2 1,609.0 1,732.8 247.2 578.4 (1,101.1) (464.7) (147.6) 2,454.0 0.0 0.0 5,814.2 1,668.6 (500.6) 1,168.0 0.0 0.0 1,168.0 FY 13E 130.8 3,959.6 4,090.4 325.8 1,559.8 918.2 2,478.0 6,894.2 5,216.9 (1,481.0) 3,735.9 200.0 3,935.9 0.0 5.2 2,057.0 2,215.2 132.8 665.1 (1,420.3) (534.4) (162.4) 2,953.1 0.0 0.0 6,894.2 CF from Investing Activities CF from Financing Activities Cash Generated (Utilised) Cash at the start of year Cash at the end of year Ratios OPM NPM Tax Rate Growth Ratio Net Sales Operating Profit PAT Per Share Earning Per Share (EPS) Cash Earnings (CPS) Dividend Book Value Free Cash flow Valuation Ratios P/E (x) P/B (x) EV / Sales EV / EBIDTA Div. Yield (%) FCF Yield (%) Return Ratios (%) ROE ROCE FY 10 419.7 128.5 548.2

P I Industries Ltd.

Profit & Loss (Rs Mn) Net Sales Raw Materials Employee Cost Other Expenses Cost of Sales Operating Profit Depreciation PBIT Other Income Interest Profit Before Tax Provision for Tax PAT Minority Interest Extraordinary Items Reported PAT Balance Sheet (Rs Mn) Equity Capital + Pref. Share Reserves Net Worth Def. Tax Lib Secured Loan Unsecured Loan Total Debt Capital Employed Gross Block Accumulated Depreciation Net Block Capital WIP Total Fixed Assets Goodwill Investments Inventories Sundry debtors Cash & bank Loans & advances and Other CA Sundry creditors Other Liabi. Provisions Working Capital Deffered Tax Misc. Expense Capital Deployed

FY 11 651.1 153.4 804.5

FY 12E 1,008.5 185.5 1,194.1

FY 13E 1,168.0 219.1 1,387.1

(111.5) 14.1 (100.8) 159.9 167.7 129.5 677.7 (351.3) (323.3) 3.0 51.1 54.1 FY 10 14.7 7.1 (26.7)

(731.8) (381.7) (156.1) 511.5 (52.0) (810.0) (5.6) (941.1) 976.5 29.9 54.1 84.0 FY 11 15.7 8.2 (28.8)

33.1 (199.2) (75.4) (62.4) 74.0 (230.0) 964.1 (665.4) (135.4) 163.2 84.0 247.2 FY 12E 17.1 8.5 (34.0)

(482.4) (448.0) (86.8) 319.2 84.5 (613.5) 773.6 (800.0) (88.0) (114.4) 247.2 132.8 FY 13E 18.0 10.1 (30.0)

15.0 34.7 73.1

33.0 42.3 55.1

14.1 24.5 18.2

27.8 34.6 51.7

16.8 21.9 0.6 61.7 13.0

26.0 32.1 2.0 85.4 (37.8)

30.7 38.1 2.5 120.2 11.9

46.6 55.4 3.0 163.4 (1.1)

31.3 8.5 2.6 17.8 0.1 2.5

20.2 6.2 2.0 12.5 0.4 -7.2

17.1 4.4 1.7 10.0 0.5 2.3

11.3 3.2 1.3 7.5 0.6 -0.2

33.8% 22.8%

35.4% 26.4%

29.9% 25.3%

32.9% 29.3%

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Disclaimer This document has been prepared and compiled from reliable sources. While utmost care has been taken to ensure that the facts stated are accurate and opinions given are fair and reasonable, neither the Company nor any of its Directors, Officers or Employees shall in any way be responsible for the contents. The Company, its Directors, Officers or Employees may have a position or may otherwise be interested in the investment referred in this document. This is not an offer or solicitation to buy, sell or dispose off any securities mentioned in this document. For Further details Contact Mr. Milind Karmarkar Mr. Chirag Shah Ms. Hiral Sanghvi Mr. Kunal Bhatia Mr. Lalitabh Shrivastawa Mr. Ashutosh Garud, CFA Ms. Purvi Shah Mr. Apurva Shah Email ID milind.karmarkar@dalal-broacha.com chirag.shah@dalal-broacha.com hiral.sanghvi@dalal-broacha.com kunal.bhatia@dalal-broacha.com lalitabh.s@dalal-broacha.com ashutosh.garud@dalal-broacha.com purvi.shah@dalal-broacha.com apurva.shah@dalal-broacha.com Contact No. 022 67141445 022 67141447 022 67141444 022 67141442 022 67141450 022 67141448 022 67141446 022 67141449 Sector Head Research Head Equity Sales IT, Retail Auto, Auto Ancillary, FMCG Banking & NBFCs Capital goods Pharma Agrochemicals, Fertilizers Fax:

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