Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth,...

9
© CRISIL Limited. All Rights Reserved. Enhancing investment decisions Q1FY12 Result Update Sudarshan Chemical Industries Ltd

Transcript of Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth,...

Page 1: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved.

Enhancing investment decisions

Q1FY12 Result Update

Sudarshan Chemical Industries Ltd

Page 2: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved.

Explanation of CRISIL Fundamental and Valuation (CFV) matrix

The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process –

Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental

grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The

valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to

grade 1 (strong downside from the CMP).

CRISIL Fundamental Grade

Assessment CRISIL Valuation Grade

Assessment

5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)

4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)

3/5 Good fundamentals 3/5 Align (+-10% from CMP)

2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)

1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)

Analyst Disclosure

Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest

that can bias the grading recommendation of the company. Additional Disclosure

This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT). Disclaimer:

This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL

(Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for

any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without

any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes

investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold

any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this

Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be

reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or

published or copied in whole or in part, for any purpose.

Page 3: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1

Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline

Fundamental Grade 4/5 (Superior fundamentals)

Valuation Grade 3/5 (CMP is aligned) Industry Diversified Chemicals

Fair Value Rs 764 CMP Rs 701

August 26, 2011

Sudarshan Chemical Ltd’s (Sudarshan’s) Q1FY12 results were below CRISIL

Research’s expectations. Revenue was up a healthy 13% but EBITDA margins,

which declined y-o-y by 100 bps to 12%, were lower than expectations due to

higher raw material costs. PAT increased a marginal ~2%. Although Q1FY12

earnings failed to meet our estimates, we expect margins and profitability to

improve in FY12 with increasing contribution from high performance pigments

segment; the segment showed fairly good traction during the reported quarter

with an increase in realisations. Further with the commissioning of the captive

power plant by September 2011, we expect Sudarshan’s power expense to

decline, resulting in better margins. We are positive on Sudarshan given its

position as a leading player in the Indian pigments industry, strong demand

from end-user industries and a change in product mix. We maintain our

estimates and the fundamental grade of 4/5. Q1FY12 result analysis

• Sudarshan’s revenues grew 13.5% y-o-y to Rs 1,783 mn mainly driven by

growth in pigments (19%). The growth in pigments was largely due to

higher volumes given healthy demand from end-user industries like

paints, inks and cosmetics. The agrochemicals segment, which contributes

~10% to Sudarshan’s revenues, de-grew 13%.

• EBITDA margin fell 100 bps y-o-y to 12%, due to increased raw material

costs and higher operating expenses. The raw material costs increased

due to higher prices of CPC Blue.

• In terms of business segments, pigments reported stable EBIT margins at

~16.3%, whereas agrochemicals’ margins declined 774 bps y-o-y to

2.5%, though it improved sequentially and was in line with our estimates.

• PAT was flat y-o-y at Rs 112 mn, due to lower EBITDA margins coupled

with higher interest costs. Valuations: Current market price is aligned

We continue to use the discounted cash flow method to value Sudarshan. We maintain the fair value of Rs 764 per share. At the current market price of Rs 701, we retain the valuation grade of 3/5.

KEY FORECAST

(Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 4,621 5,942 7,235 8,059 9,212

EBITDA 542 827 842 1,112 1,317

Adj net income 120 411 389 520 603

EPS-Rs 17.3 59.4 56.2 75.2 87.1

EPS growth (%) 151.9 243.6 (5.5) 33.8 15.9

Dividend yield (%) 8.7 3.7 1.7 2.7 3.2

RoCE (%) 20.6 31.7 22.6 22.8 23.7

RoE (%) 12.3 34.9 24.4 25.7 25.0

PE (x) 6.2 6.6 12.6 9.4 8.2

P/BV (x) 0.7 2.0 2.7 2.2 1.9

EV/EBITDA (x) 2.9 4.4 7.8 6.1 5.4

CMP: Current market price Source: Company, CRISIL Research estimate

CFV MATRIX

KEY STOCK STATISTICS NIFTY 4846

NSE ticker SUDARSCHEM

Face value (Rs per share) 10

Shares outstanding (mn) 7

Market cap (Rs mn)/(US$ mn) 4,915/108

Enterprise value (Rs mn) /(US$ mn) 6,578/144

52-week range (Rs) (H/L) 804/538

Beta 0.6

Free float (%) 47.2%

Avg daily volumes (30-days) 1,109

Avg daily value (30-days) (Rs mn) 0.8

SHAREHOLDING PATTERN

PERFORMANCE VIS-À-VIS MARKET

Returns

1-m 3-m 6-m 12-m

Sudarshan -7% -5% 6% 18%

NIFTY -14% -11% -11% -13%

ANALYTICAL CONTACT Sudhir Nair (Head) [email protected]

Charulata Gaidhani [email protected]

Bhaskar Bukrediwala [email protected]

Client servicing desk

+91 22 3342 3561 [email protected]

1 2 3 4 5

1

2

3

4

5

Valuation Grade

Fu

nd

am

en

tal G

rad

e

Poor Fundamentals

ExcellentFundamentals

Str

on

gD

ow

nsi

de

Str

on

gU

psid

e52.8% 52.8% 52.8% 52.8%

0.01% 0.01% 0.01% 0.01%3.69% 3.69% 3.69% 3.69%

43.5% 43.5% 43.5% 43.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sep-10 Dec-10 Mar-11 Jun-11

Promoter FII DII Others

Page 4: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 2

Sudarshan Chemical Industries Ltd

Q1FY12 Result Summary (Rs mn) Q1FY12 Q4FY11* Q1FY11 q-o-q (%) y-o-y (%)

Net sales 1,783 1,908 1,571 (6.6) 13.5

Raw materials cost 975 1,049 848 (7.1) 14.9

Raw materials cost (% of net sales) 54.7% 55.0% 54.0% -30bps 68bps

Employees cost 131 134 122 (1.6) 7.4

Other expenses 462 496 395 (6.9) 16.9

EBITDA 214 229 204 (6.5) 4.7

EBITDA margin 12.0% 12.0% 13.0% 1bps -101bps

Depreciation 38 48 34 (20.9) 12.2

EBIT 176 181 171 (2.7) 3.3

Interest and finance charges 42 48 23 (12.9) 83.4

Operating PBT 135 134 148 1.0 (9.0)

Other income 23 10 8 132.4 206.6

PBT 158 144 156 10.1 1.5

Tax 46 47 45 (3.2) 2.1

PAT 112 96 111 16.7 1.3

Adj PAT 112 96 111 16.7 1.3

Adj PAT margin 6.3% 5.0% 7.1% 125bps -76bps

No of equity shares (mn) 6.9 6.9 6.9

Adj EPS (Rs) 16.2 13.9 16.0 16.6 1.2

*Q4FY11 are consolidated financials

Source: Company, CRISIL Research

Healthy revenue growth; pressure on EBITDA... ... led to the decline in PAT margins

Source: Company, CRISIL Research Source: Company, CRISIL Research

Pigments – robust revenues, steady EBIT margins Agro chemicals- continues to remain volatile

Source: Company, CRISIL Research Source: Company, CRISIL Research

1,51

4

1,31

2

1,57

6

1,57

1

1,92

2

1,66

2

1,90

8

1,78

3

17%

13%13%

13%

15%

11%12% 12%

8%

10%

12%

14%

16%

18%

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Sep

-09

Dec-

09

Mar

-10

Jun-

10

Sep

-10

Dec-

10

Mar

-11

Jun-

11

(Rs mn)

Net Sales EBITDA Margin (RHS)

141 85 135 111 167 170 96 112

9%

6%

9%

7%

9%

10%

5%

6%

0%

2%

4%

6%

8%

10%

12%

0

20

40

60

80

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120

140

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180

Sep-

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Dec-

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Mar

-10

Jun-

10

Sep-

10

Dec-

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Mar

-11

Jun-

11

(Rs mn)

PAT PAT Margin (RHS)

1,2

51

1,1

86

1,6

60

1,2

82

1,5

98

1,5

29

1,8

03

1,5

30

23%

15%13%

16%18%

14%

13%

16%

0%

5%

10%

15%

20%

25%

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Sep

-09

Dec-

09

Mar

-10

Jun-

10

Sep

-10

Dec-

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Mar

-11

Jun-

11

(Rs mn)

Pigments Revenue EBIT margin (RHS)

257 120 133 284 318 127 106 247

12%

6%

1%

10%9%

7%

-2%

2%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

0

50

100

150

200

250

300

350

Sep

-09

Dec-

09

Mar

-10

Jun-

10

Sep

-10

Dec-

10

Mar

-11

Jun-

11

(Rs mn)

Agrochemicals Revenue EBIT margin (RHS)

Revenues driven by

growth in pigments

Lower operating

margins and

higher interest

impact

profitability

Page 5: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 3

Sudarshan Chemical Industries Ltd

Share price movement Fair value movement since initiation

-indexed to 100

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

KEY DEVELOPMENTS

• The commissioning of Sudarshan’s captive power plant has been delayed

by three months; likely to be commissioned by September 2011 as against

the earlier deadline of June.

• Sudarshan’s capacity expansion for manufacturing organic and inorganic

pigments is onstream, with commissioning expected in December 2011.

0

100

200

300

400

500

600

Jan-0

8

Mar-

08

May-

08

Jul-

08

Oct

-08

Dec-

08

Feb-

09

Apr-

09

Jul-

09

Sep

-09

Nov-0

9

Jan-1

0

Apr-

10

Jun-

10

Aug-1

0

Nov-1

0

Jan-1

1

Mar-

11

May-

11

Aug-1

1

Sudarshan NIFTY

0

2

4

6

8

10

12

14

16

18

640

660

680

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720

740

760

780

800

07-J

un-1

1

10-J

un-1

1

15-J

un-1

1

20-J

un-1

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23-J

un-1

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28-J

un-1

1

01-

Jul-

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07-

Jul-

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12-

Jul-

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15-

Jul-

11

20-

Jul-

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25-

Jul-

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28-

Jul-

11

02-A

ug-

11

05-A

ug-

11

10-A

ug-

11

16-A

ug-

11

19-A

ug-

11

('000)(Rs)

Total Traded Quantity (RHS) CRISIL Fair Value Sudarshan

Page 6: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 4

Sudarshan Chemical Industries Ltd

VALUATION

We continue to use the discounted cash flow method to value Sudarshan. We

maintain the fair value of Rs 764 per share. At this value, the implied P/E

multiples are 10.2x FY12 earnings estimate and 8.8x FY13 earnings estimate.

One-year forward P/E band One-year forward EV/EBITDA band

Source: NSE, CRISIL Research Source: NSE, CRISIL Research

P/E – premium/discount to NIFTY P/E movement

Source: NSE, CRISIL Research Source: NSE, CRISIL Research.

CRISIL IER reports released on Sudarshan Chemical Industries Ltd

Date Nature of report

Fundamental

grade Fair value

Valuation

grade

CMP

(on the date of report)

07-Jun-11 Initiating coverage* 4/5 Rs 764 3/5 Rs 760

26-Aug-11 Q1FY12 result update 4/5 Rs 764 3/5 Rs 701

* For detailed initiating coverage report please visit: www.ier.co.in

CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

0

200

400

600

800

1,000

1,200

Apr

-07

Jun-0

7

Sep

-07

Dec

-07

Mar-

08

Jun-0

8

Sep

-08

Dec

-08

Mar-

09

Jun-0

9

Sep

-09

Dec

-09

Mar-

10

Jun-1

0

Aug-

10

Nov-1

0

Feb

-11

May-

11

Aug-

11

(Rs)

Sudarshan 2x 5x 8x 11x 14x

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Apr

-07

Jun-0

7

Sep

-07

Dec

-07

Mar-

08

Jun-0

8

Sep

-08

Dec

-08

Mar-

09

Jun-0

9

Sep

-09

Dec

-09

Mar-

10

Jun-1

0

Aug-

10

Nov-

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Feb

-11

May-

11

Aug-

11

(Rs mn)

EV 4x 5x 6x 7x

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

Apr

-07

Jul-

07

Sep

-07

Dec-

07

Mar-

08

Jun-

08

Sep

-08

Dec-

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Mar-

09

Jun-

09

Sep

-09

Dec-

09

Mar-

10

Jun-

10

Aug-

10

Nov-

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Feb-

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May-

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Aug-

11

Premium/Discount to NIFTY Median premium/discount to NIFTY

0

2

4

6

8

10

12

14

16

18

Apr-

07

Jun-

07

Sep-

07

Dec-

07

Mar

-08

Jun-

08

Sep-

08

Dec-

08

Mar

-09

Jun-

09

Sep-

09

Dec-

09

Mar

-10

Jun-

10

Aug

-10

Nov

-10

Feb-1

1

May

-11

Aug

-11

(Times)

1yr Fwd PE (x) Median PE

+1 std dev

-1 std dev

Page 7: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 5

Sudarshan Chemical Industries Ltd

FINANCIALS

Note: All ratios are computed on Adj PAT

Source: Company, CRISIL Research estimate

Income statement Balance Sheet

(Rs mn) FY09 FY10 FY11 FY12E FY13E (Rs mn) FY09 FY10 FY11 FY12E FY13E

Operating income 4,621 5,942 7,235 8,059 9,212 Liabilities

EBITDA 542 827 842 1,112 1,317 Equity share capital 69 69 69 69 69

EBITDA margin 11.7% 13.9% 11.6% 13.8% 14.3% Reserves 944 1,278 1,773 2,137 2,559

Depreciation 136 145 144 180 208 Minorities - - - - -

EBIT 406 683 698 932 1,110 Net worth 1,013 1,347 1,842 2,206 2,628

Interest 183 75 115 168 218 Convertible debt - - - - -

Operating PBT 222 608 584 764 892 Other debt 933 1,018 1,964 2,164 2,364

Other income (7) 2 39 24 22 Total debt 933 1,018 1,964 2,164 2,364

Exceptional inc/(exp) - - 93 - - Deferred tax liability (net) 69 59 122 122 122

PBT 215 610 716 788 914 Total liabilities 2,015 2,424 3,928 4,492 5,114

Tax provision 95 199 234 268 311 Assets

Minority interest - - - - - Net fixed assets 912 962 1,605 1,802 2,200

PAT (Reported) 120 411 482 520 603 Capital WIP 52 112 112 112 112

Less: Exceptionals - - 93 - - Total fixed assets 964 1,074 1,717 1,914 2,312

Adjusted PAT 120 411 389 520 603 Investments (0) (0) (0) (0) (0)

Current assets

Ratios Inventory 719 855 773 1,214 1,388

FY09 FY10 FY11 FY12E FY13E Sundry debtors 762 1,232 1,748 1,987 2,145

Growth Loans and advances 190 173 528 242 276

Operating income (%) 15.5 28.6 21.7 11.4 14.3 Cash & bank balance 91 103 302 270 181

EBITDA (%) 80.1 52.7 1.8 32.1 18.5 Marketable securities 3 23 23 23 23

Adj PAT (%) 151.9 243.6 (5.5) 33.8 15.9 Total current assets 1,766 2,386 3,374 3,736 4,014

Adj EPS (%) 151.9 243.6 (5.5) 33.8 15.9 Total current liabilities 715 1,059 1,187 1,181 1,235

Net current assets 1,051 1,327 2,187 2,555 2,779

Profitability Intangibles/Misc. expenditure - 24 24 24 24

EBITDA margin (%) 11.7 13.9 11.6 13.8 14.3 Total assets 2,015 2,424 3,928 4,492 5,114

Adj PAT Margin (%) 2.6 6.9 5.4 6.5 6.5

RoE (%) 12.3 34.9 24.4 25.7 25.0 Cash flow

RoCE (%) 20.6 31.7 22.6 22.8 23.7 (Rs mn) FY09 FY10 FY11 FY12E FY13E

RoIC (%) 15.8 23.7 18.8 18.7 18.9 Pre-tax profit 215 610 623 788 914

Total tax paid (120) (209) (171) (268) (311)

Valuations Depreciation 136 145 144 180 208

Price-earnings (x) 6.2 6.6 12.6 9.4 8.2 Working capital changes 104 (244) (662) (399) (313)

Price-book (x) 0.7 2.0 2.7 2.2 1.9 Net cash from operations 336 302 (66) 301 498

EV/EBITDA (x) 2.9 4.4 7.8 6.1 5.4 Cash from investments

EV/Sales (x) 0.3 0.6 0.9 0.9 0.8 Capital expenditure (179) (278) (787) (377) (605)

Dividend payout ratio (%) 54.1 24.5 17.7 25.8 25.8 Investments and others 3 (20) - - -

Dividend yield (%) 8.7 3.7 1.7 2.7 3.2 Net cash from investments (176) (298) (787) (377) (605)

Cash from financing

B/S ratios Equity raised/(repaid) - - - - -

Inventory days 71 69 52 71 72 Debt raised/(repaid) (116) 85 946 200 200

Creditors days 49 63 58 50 45 Dividend (incl. tax) (65) (101) (99) (156) (181)

Debtor days 57 75 85 89 84 Others (incl extraordinaries) 23 23 205 (0) 0

Working capital days 80 66 77 93 96 Net cash from financing (158) 8 1,052 44 19

Gross asset turnover (x) 1.7 2.1 2.2 2.1 2.1 Change in cash position 2 12 199 (32) (89)

Net asset turnover (x) 5.3 6.3 5.6 4.7 4.6 Closing cash 91 103 302 270 181

Sales/operating assets (x) 4.9 5.8 5.2 4.4 4.4

Current ratio (x) 2.5 2.3 2.8 3.2 3.2 Quarterly financials

Debt-equity (x) 0.9 0.8 1.1 1.0 0.9 (Rs mn) Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12

Net debt/equity (x) 0.8 0.7 0.9 0.8 0.8 Net Sales 1,571 1,922 1,662 1,908 1,783

Interest coverage 2.2 9.1 6.1 5.6 5.1 Change (q-o-q) 0% 22% -14% 15% -7%

EBITDA 204 297 190 229 214

Per share Change (q-o-q) -3% 45% -36% 20% -6%

FY09 FY10 FY11 FY12E FY13E EBITDA margin 13.0% 15.4% 11.5% 12.0% 12.0%

Adj EPS (Rs) 17.3 59.4 56.2 75.2 87.1 PAT 111 167 170 96 112

CEPS 37.0 80.3 76.9 101.2 117.1 Adj PAT 111 167 76 96 112

Book value 146.4 194.6 266.0 318.7 379.6 Change (q-o-q) -18% 50% -54% 26% 17%

Dividend (Rs) 9.4 14.6 12.3 19.4 22.5 Adj PAT margin 7.1% 8.7% 4.6% 5.0% 6.3%

Actual o/s shares (mn) 6.9 6.9 6.9 6.9 6.9 Adj EPS 16.0 24.1 11.0 13.9 16.2

Page 8: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved.

CRISIL Research Team

Senior Director

Mukesh Agarwal +91 (22) 3342 3035 [email protected]

Analytical Contacts Tarun Bhatia Director, Capital Markets +91 (22) 3342 3226 [email protected]

Prasad Koparkar Head, Industry & Customised Research +91 (22) 3342 3137 [email protected]

Chetan Majithia Head, Equities +91 (22) 3342 4148 [email protected]

Sudhir Nair Head, Equities +91 (22) 3342 3526 [email protected]

Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) 3342 8091 [email protected]

Ajay D'Souza Head, Industry Research +91 (22) 3342 3567 [email protected]

Ajay Srinivasan Head, Industry Research +91 (22) 3342 3530 [email protected]

Sridhar C Head, Industry Research +91 (22) 3342 3546 [email protected]

Manoj Mohta Head, Customised Research +91 (22) 3342 3554 [email protected]

Business Development

Vinaya Dongre Head, Industry & Customised Research +91 (22) 33428025 [email protected]

Ashish Sethi Head, Capital Markets +91 (22) 33428023 [email protected]

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Page 9: Sudarshan Chemical Industries Ltd...Sudarshan Chemical Industries Ltd Healthy revenue growth, margins decline Fundamental Grade 4/5 (Superior fundamentals) Valuation Grade 3/5 (CMP

© CRISIL Limited. All Rights Reserved.

Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in

Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : [email protected] I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : [email protected] I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : [email protected] I Phone : 9642004668

Delhi Arjun Gopalkrishnan - Manager, Business Development Email :[email protected] I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : [email protected] I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : [email protected] I Phone : 9903060685

Vinaya Dongre – Head, Business Development

Email : [email protected] I Phone : 9920225174

Sagar Sawarkar – Senior Manager, Business Development Email : [email protected] I Phone : 9821638322

Regional Contacts:

To know more about CRISIL IER, please contact our team members:

Ashish Sethi – Head, Business Development

Email : [email protected] I Phone : 9920807575

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are

India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks

and leading corporations.

About CRISIL Research CRISIL Research is the country’s largest independent and integrated research house with strong domain expertise

on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to

deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research

reports, analytical tools, subscription products and customised solutions.

Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in