14 October 2021 2QFY22 Results Preview Cement
Transcript of 14 October 2021 2QFY22 Results Preview Cement
14 October 2021 2QFY22 Results Preview
Cement
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Strong demand; rising costs to hit margin
Demand recovery continues post COVID second wave impact: Cement
demand picked up Jun-21 onwards, as COVID impact started to recede.
Subsequently, we estimate our coverage universe (15 companies) to deliver
4% QoQ volume growth in 2QFY22 (on a lower base of Q1), leading to 11%
jump YoY. Thus, average utilisation should recover to 75% vs 72/70%
QoQ/YoY.
Seasonal price correction: We estimate the average NSR of our coverage
universe in 2Q would fall 3% QoQ, mainly on account of monsoon impact.
On a YoY basis, we estimate NSR would remain higher by ~2%. On QoQ
basis, our channel check suggests cement prices corrected ~4% each in east
and south regions, followed by ~3% fall in north and flattish in central and
west regions.
Rising fuel and diesel prices to inflate operating costs: While pet coke
prices have surged another 20% QoQ (~double YoY), imported thermal coal
prices have also spiked up by 33% QoQ (~140-150% YoY). Rising crude
prices have pushed up diesel prices by 7% QoQ (+20% YoY). Thus, we have
built in ~INR 80-100/MT input cost inflation and ~INR 20-40/MT freight cost
increase QoQ for our coverage universe. Subsequently, we estimate unitary
opex to firm up 3/8% QoQ/YoY, pulling the margin down. We estimate
average unitary EBITDA would fall 19/13% QoQ/YoY to INR 1,117/MT.
Performance of companies: We expect aggregate revenue for our coverage
universe to rise 14% YoY on higher volumes in 2QFY22E. However, we
estimate EBITDA/APAT would fall 3/6% YoY on account of rising costs. We
expect Orient Cement, UltraTech, Ambuja, and Nuvoco to deliver EBITDA
growth YoY. We expect all other companies to deliver an EBITDA decline
YoY (on their high bases), barring ACC (flattish EBITDA).
Sector outlook and recommendation: Cement demand is recovering well;
this has supported limited price correction during the monsoon period. We
expect cement prices to rise during H2FY22, as cost inflation is firming up
unabated and has impacted the whole industry. Good demand and
increased consolidation should support the industry’s cost pass through
ability. Thus, despite the rising cost pressure, we expect average unitary
EBITDA for our coverage universe to remain flattish YoY at ~INR 1,210/MT
in FY22E (vs INR 1,230/MT in FY21), owing to a healthy pricing outlook. We
roll forward valuations to Sep’23E (vs Jun’23E earlier). Post the sharp run-up
in stocks, we downgrade our ratings on Sagar Cements to ADD from BUY
earlier. We also upgrade Ramco Cements to ADD from REDUCE earlier,
owing to comfortable valuations. We maintain our ratings for the rest. Our
top picks are – UltraTech (in large caps) and Birla Corp and Nuvoco Vistas
(in mid-caps).
COMPANY RATING TP (INR)
UltraTech Cem BUY 8,490
Shree Cem REDUCE 28,400
Ambuja Cem ADD 400
ACC BUY 2,670
Dalmia Bharat ADD 2,240
Nuvoco Vistas BUY 827
Ramco Cem ADD 1,096
JK Cement ADD 3,295
Birla Corp BUY 1,634
Heidelberg Cem ADD 250
Star Cement BUY 130
JK Lakshmi BUY 780
Orient Cem BUY 185
Sagar Cement ADD 295
Deccan Cem ADD 785
Rajesh Ravi
+91-22-6171-7352
Keshav Lahoti
+91-22-6171-7353
Page | 2
2QFY22E estimates
Y/E March
(INR mn)
Net sales (INR mn) EBITDA (INR mn) EBITDA Margin (%) Adj. PAT (INR mn)
Sep-21 YoY (%) QoQ (%) Sep-21 YoY (%) QoQ (%) Sep-21 YoY (pp) QoQ (pp) Sep-21 YoY (%) QoQ (%)
ACC $ 38,434 8.7 (1.1) 6,753 0.6 (22.3) 17.6 (1.4) (4.8) 4,182 14.9 (26.6)
Ambuja 32,700 14.6 (3.0) 7,218 6.1 (24.8) 22.1 (1.8) (6.4) 4,750 7.8 (34.3)
Birla Corp $ 16,339 (1.2) (6.6) 2,587 (32.4) (24.7) 15.8 (7.3) (3.8) 800 (52.0) (43.5)
Dalmia $ 26,843 11.4 3.7 5,655 (19.4) (19.2) 21.1 (8.1) (6.0) 1,635 (29.5) (38.5)
Deccan Cem 1,884 (4.9) (16.0) 340 (31.9) (38.6) 18.1 (7.2) (6.6) 208 (38.5) (43.5)
Heidelberg Cem 5,312 3.4 (4.5) 1,005 (20.2) (23.4) 18.1 (5.6) (4.7) 432 (30.8) (37.1)
JK Cement$ 19,291 18.0 12.5 3,985 (7.6) (1.1) 20.7 (5.7) (2.8) 1,928 (13.0) 0.4
JK Lakshmi $ 12,666 11.9 (4.5) 1,827 (18.7) (29.2) 14.4 (5.4) (5.1) 699 (22.0) (46.8)
Nuvoco Vistas $ 21,890 23.0 (0.6) 4,055 6.1 (21.2) 18.5 (2.9) (4.8) 324 731.2 (71.6)
Orient Cem 7,171 50.2 3.8 1,551 37.0 (16.7) 21.6 (2.1) (5.3) 718 106.1 (19.8)
Ramco Cem 13,193 5.0 7.4 3,654 (17.3) 0.4 27.7 (7.5) (1.9) 1,644 (30.3) (2.7)
Sagar Cem $ 3,957 21.4 0.8 874 (16.5) (18.4) 22.1 (10.1) (5.2) 347 (30.9) (32.4)
Shree Cement 32,476 7.5 (5.9) 8,485 (14.1) (16.3) 26.1 (6.6) (3.3) 3,947 (27.9) (40.4)
Star Cem $ 4,197 4.4 (17.9) 579 (26.6) (37.5) 13.8 (5.8) (4.3) 327 (47.0) (52.0)
UltraTech Cem $ 1,24,319 19.7 5.1 30,163 11.8 (8.8) 24.3 (1.7) (3.7) 13,414 9.0 (21.2)
Total 3,60,672 14.2 1.0 78,732 (2.5) (15.4) 21.8 (3.7) (4.2) 35,354 (6.4) (29.1)
Source: Company, HSIE Research, $ - Consol numbers, For ACC/Ambuja, estimates to pertains to Q3CY21E, In case of Nuvoco, 2QFY21
EBITDA/APAT are our estimates
2QFY22E operational estimates
Y/E March Sales volume (mn MT) NSR (INR/MT) EBITDA (INR/MT) Opex (INR/MT)
Sep-21 YoY (%) QoQ (%) Sep-21 YoY (%) QoQ (%) Sep-21 YoY (%) QoQ (%) Sep-21 YoY (%) QoQ (%)
ACC $ 7.0 8.6 3.0 5,148 0.0 (3.0) 938 (12.4) (25.5) 4,210 3.3 4.0
Ambuja 6.4 13.2 0 5,094 1.2 (3.0) 1,124 (6.3) (24.8) 3,969 3.6 5.7
Birla Corp $ 3.4 4.3 1.7 4,806 (1.5) (3.0) 737 (36.1) (26.1) 4,069 9.2 2.8
Dalmia $ 5.3 10.0 8.0 5,083 1.2 (4.0) 1,071 (26.8) (25.2) 4,012 12.7 3.9
Deccan Cem 0.4 (3.3) (13.3) 4,300 (1.6) (3.2) 776 (29.6) (29.2) 3,524 7.8 5.4
Heidelberg Cem 1.2 4.7 (2.0) 4,578 (1.3) (2.5) 866 (23.8) (21.8) 3,712 6.1 3.5
JK Cement $ 3.0 20.4 7.0 4,676 1.3 (2.5) 936 (15.5) (19.0) 3,739 6.6 2.7
JK Lakshmi $ 2.8 9.2 (2.0) 4,575 2.5 (2.5) 660 (25.5) (27.8) 3,915 9.4 3.6
Nuvoco Vistas $ 4.3 10.5 1.0 4,726 2.6 (3.5) 949 (1.1) (21.3) 3,777 3.6 2.3
Orient Cem 1.5 42.6 7.0 4,924 5.3 (3.0) 1,065 (4.0) (22.2) 3,859 8.2 4.1
Ramco Cem 2.4 7.3 11.0 5,397 (2.8) (4.5) 1,404 (25.8) (14.2) 3,992 9.1 (0.5)
Sagar Cem $ 0.9 27.9 5.0 4,285 (5.0) (4.0) 947 (34.7) (22.2) 3,338 9.0 2.8
Shree Cement 6.6 1.6 (3.0) 4,826 5.1 (3.0) 1,271 (15.9) (13.8) 3,555 15.4 1.5
Star Cem $ 0.7 0.3 (14.5) 6,456 8.9 (4.0) 891 (26.9) (27.0) 5,565 18.2 1.1
UltraTech Cem $ 23.1 14.8 7.2 5,385 4.3 (2.0) 1,306 (2.6) (15.0) 4,078 6.7 3.0
Total 68.9 11.3 3.5 5,089 2.4 (2.7) 1,117 (12.5) (19.1) 3,973 7.6 3.2
Source: Company, HSIE Research, $ - Consol numbers, For ACC/Ambuja, estimates to pertains to Q3CY21E, In case of Nuvoco, 2QFY21
EBITDA/APAT are our estimates
Cement: 2QFY22 Results Preview
Page | 3
Cement: 2QFY22 Results Preview
Estimates revision summary
Estimates revision summary
Sales vol (mn MT) Vol chg. (%) Net sales (INR bn) Net sales chg. (%)
FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E
UltraTech $ 93.8 101.1 113.0 - - - 500.7 547.9 618.0 - - -
Shree Cem 29.1 32.6 36.8 - - - 139.1 157.8 181.9 - - -
Ambuja Cem 27.2 29.3 31.4 3.4 3.4 3.4 139.4 152.7 165.7 3.0 3.0 3.0
ACC $ 30.4 32.5 37.0 - - - 169.7 183.6 209.8 0.9 0.9 0.9
Dalmia Bharat $ 23.8 27.1 30.5 - - - 122.0 136.2 154.6 - - -
Nuvoco Vistas $ 15.9 20.0 23.1
74.9 103.4 122.0
Ramco Cem 10.8 12.6 13.6 - - - 59.8 69.7 76.0 1.9 0.9 0.9
JK Cement $ 13.4 15.0 17.3 - - - 75.5 86.2 100.4 - - -
Birla Corp $ 15.4 19.2 21.1 - - - 74.3 86.9 95.3 - - -
Heidelberg 5.2 5.6 6.0 - - - 24.6 26.7 29.1 (1.5) (1.5) (1.5)
Star Cem $ 3.4 4.0 4.6 (2.3) (2.3) (2.3) 21.2 24.6 27.9 (2.2) (1.2) (0.6)
JK Lakshmi $ 11.7 12.6 13.5 - - - 53.8 58.6 63.6 - - -
Orient Cem 5.9 6.4 7.0 - - - 28.0 29.9 32.6 - - -
Sagar Cem $ 3.7 5.1 5.6 - - - 16.0 21.4 23.8 - - -
Deccan Cem 1.9 2.0 2.5 - - - 8.3 8.8 11.0 - - -
Source: Company, HSIE Research, $ - Consol numbers, For ACC and Ambuja, the financial year is CY21E/22E/23E resp
EBITDA (INR bn) EBITDA chg. (%) APAT (INR bn) APAT chg. (%)
FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E
UltraTech $ 123.75 138.26 157.27 - - - 59.76 73.11 97.09 - - -
Shree Cem 44.15 51.69 59.56 - - - 24.82 29.00 32.81 - - -
Ambuja Cem 33.79 35.14 38.91 3.5 (2.0) 1.6 22.92 23.82 26.82 3.9 (2.1) 1.7
ACC $ 32.20 32.72 37.97 4.9 (1.7) (1.7) 20.28 20.59 22.94 5.8 (2.0) (2.1)
Dalmia Bharat $ 29.75 32.87 36.03 - - - 11.24 11.90 11.53 - - -
Nuvoco Vistas $ 14.61 23.23 28.04 - - - (0.26) 5.91 10.63 - - -
Ramco Cem 16.65 19.85 21.54 2.9 (0.8) (0.8) 8.08 10.31 11.69 4.1 (4.1) (5.5)
JK Cement $ 18.32 21.66 24.61 - - - 8.93 11.34 12.54 - - -
Birla Corp $ 14.71 17.35 19.68 - - - 4.86 5.82 7.80 - - -
Heidelberg 5.16 5.89 6.63 (17.9) (13.2) (11.6) 2.70 3.11 3.89 (21.8) (16.2) (14.3)
Star Cem $ 3.98 5.20 6.19 (11.2) (5.9) (2.9) 2.77 3.97 4.83 (14.0) (6.9) (3.4)
JK Lakshmi $ 9.49 11.45 12.70 (6.7) (2.7) (2.6) 4.28 5.56 6.39 (9.6) (3.6) (3.5)
Orient Cem 5.83 5.77 6.21 - - - 2.47 2.54 2.91 - - -
Sagar Cem $ 3.92 5.01 5.42 - - - 1.50 1.98 2.20 - - -
Deccan Cem 1.69 1.68 2.20 - - - 1.09 1.07 1.28 - - -
Source: Company, HSIE Research, $ - Consol numbers, For ACC and Ambuja, the financial year is CY21E/22E/23E resp
Page | 4
Cement: 2QFY22 Results Preview
Operating assumptions summary
Operational assumptions/estimates for coverage universe
Sales Vol (mn MT) Sales Vol YoY (%) NSR (INR/MT) EBITDA (INR/MT) Opex (INR/MT)
FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E FY22E FY23E FY24E
UltraTech $ 93.8 101.1 113.0 8.6 7.8 11.7 5,280 5,359 5,413 1,262 1,309 1,335 4,018 4,050 4,078
Shree Cem 29.1 32.6 36.8 8.3 12.1 13.0 4,722 4,787 4,889 1,512 1,580 1,612 3,209 3,204 3,274
Ambuja Cem 27.2 29.3 31.4 19.9 8.0 7.0 5,129 5,202 5,278 1,244 1,197 1,239 3,885 4,005 4,039
ACC $ 30.4 32.5 37.0 19.1 7.0 13.7 5,083 5,131 5,173 1,002 947 969 4,081 4,184 4,204
Dalmia
Bharat $ 23.8 27.1 30.5 15.0 14.0 12.3 5,122 5,019 5,069 1,249 1,211 1,181 3,872 3,808 3,888
Nuvoco $ 20.0 23.1 24.1 25.7 15.5 4.3 4,666 4,713 4,689 1,134 1,177 1,130 3,532 3,536 3,559
Ramco Cem 10.8 12.6 13.6 8.0 17.0 8.0 5,482 5,476 5,529 1,507 1,544 1,554 3,976 3,932 3,975
JK Cement $ 13.4 15.0 17.3 12.0 11.5 15.6 5,618 5,752 5,796 1,363 1,446 1,421 4,255 4,306 4,376
Birla Corp $ 15.4 19.2 21.1 15.3 24.4 9.9 4,744 4,833 4,934 963 985 1,041 3,781 3,848 3,893
Heidelberg 5.2 5.6 6.0 16.0 7.0 7.0 4,718 4,789 4,885 991 1,058 1,112 3,727 3,731 3,773
Star Cem $ 3.4 4.0 4.6 27.4 17.0 15.0 6,145 6,107 6,029 1,158 1,293 1,338 4,994 4,814 4,691
JK Lakshmi $ 11.7 12.6 13.5 12.1 7.8 7.0 4,592 4,638 4,708 810 907 940 3,783 3,732 3,768
Orient Cem 5.9 6.4 7.0 17.0 9.0 8.0 4,740 4,645 4,692 987 896 893 3,754 3,749 3,799
Sagar Cem $ 3.7 5.1 5.6 16.5 37.7 10.1 4,339 4,221 4,264 1,063 987 972 3,276 3,234 3,292
Deccan Cem 1.9 2.0 2.5 7.0 7.0 23.8 4,317 4,295 4,338 881 818 869 3,436 3,477 3,469
Source: Company, HSIE Research, $ - Consol number, For ACC and Ambuja, the financial year is CY21E/22E/23E resp
Peer set valuations and TP revisions
Rating and target price revision summary
Company Mcap
(INR bn)
CMP
(INR/sh)
New
Rating
Old
Rating New TP Old TP
Valuation
multiple^
EV/EBITDA (x) EV/MT (INR bn)
FY22E FY23E FY24E FY22E FY23E FY24E
UltraTech $ 2,144.1 7,428 BUY BUY 8,490 8,155 16.0 17.7 15.3 12.9 17.9 16.7 14.9
Shree Cem 1,010.4 28,005 REDUCE REDUCE 28,400 27,500 16.5 21.6 18.3 15.7 21.8 19.6 17.5
Ambuja Cem 812.1 409 ADD ADD 390 400 14.0 20.1 17.3 15.2 21.7 19.3 18.9
ACC 434.5 2,314 BUY BUY 2,670 2,610 12.0 11.6 12.2 10.4 10.8 10.2 10.1
Dalmia Bharat 385.6 2,067 ADD ADD 2,240 2,210 13.0 13.6 13.1 12.3 11.7 12.4 10.0
Nuvoco Vistas 166.4 528 BUY BUY 827 827 11.0 9.6 7.7 7.4 9.3 8.6 8.3
Ramco Cem 235.0 996 ADD REDUCE 1,096 1,044 13.0 15.6 13.0 11.8 13.4 12.6 12.5
JK Cement 266.6 3,450 ADD ADD 3,295 3,210 11.5 15.7 13.3 11.5 14.7 14.7 12.0
Birla Corp 109.9 1,427 BUY BUY 1,634 1,545 8.5 10.1 8.6 7.2 7.6 7.3 7.0
Heidelberg 58.2 257 ADD ADD 250 283 8.5 10.8 9.7 8.9 8.9 9.1 9.5
Star Cem 42.9 104 BUY BUY 130 130 8.0 9.5 7.2 6.3 8.1 7.5 6.2
JK Lakshmi 74.5 633 BUY BUY 780 850 8.0 9.0 7.2 6.7 6.1 6.0 5.2
Orient Cem 33.4 163 BUY BUY 185 187 7.5 6.4 7.2 7.5 4.4 4.9 5.5
Sagar Cem 34.8 296 ADD BUY 295 285 7.5 10.6 8.3 7.6 5.0 5.0 5.0
Deccan Cem 10.8 768 ADD ADD 785 800 6.5 6.5 7.8 6.8 4.9 4.3 3.5
Source: Company, HSIE Research, For ACC and Ambuja, the financial year is CY21E/22E/23E resp, ^ Target multiples are EV/EBITDA based on Sept’23E
Page | 5
Cement: 2QFY22 Results Preview
HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board: +91-22-6171-7330 www.hdfcsec.com
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: > 10% Downside return potential
Disclosure: We, Rajesh Ravi, MBA & Keshav Lahoti, CA, 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/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 HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475. Disclaimer: This report has been prepared by HDFC Securities Ltd and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete. HSL is not obliged to update this report for such changes. HSL has the right to make changes and modifications at any time. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently sent or has reached any person in such country, especially, United States of America, the same should be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published in whole or in part, directly or indirectly, for any purposes or in any manner. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with HSL. HSL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report. HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report. HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Compliance Officer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600 HDFC Securities Limited, SEBI Reg. No.: NSE, BSE, MSEI, MCX: INZ000186937; AMFI Reg. No. ARN: 13549; PFRDA Reg. No. POP: 11092018; IRDA Corporate Agent License No.: CA0062; SEBI Research Analyst Reg. No.: INH000002475; SEBI Investment Adviser Reg. No.: INA000011538; CIN - U67120MH2000PLC152193