TTK Prestige

1For private circulation only

Company Profile

Corporate Office11th Floor Brigade Towers,35 Brigade Road,Bangalore - 560 025,Karnataka.Website: www.ttkprestige.com

Chariman: T T JagannathanBusiness Group: TTK

Shareholding Pattern as on 31/12/2006Major Holders %

Promoters 72.37

Institution Investors 0.14

Other Investors 5.89

General Public 21.60

Stock Data

Market Cap (Rs crore) 121.27

Shares Outstanding (in crore) 1.13

52-week High (Rs) 184.60

52-week Low (Rs) 72.80

Avg. Volume 13,224

Absolute Return 3 mth (%) -19.36

Absolute Return 12 mth (%) -22.77

Sensex Return 3 mth (%) -7.89

Sensex Return 12 mth (%) 15.31

Siddhartha KhemkaSiddhartha.khemka @icicidirect.com

ICICI Brokerage Services Limited,2nd Floor, Stanrose House,Appasaheb Marathe Road,Prabhadevi, Mumbai - 400 025.

Performance Chart

Domestic AppliancesMarch 23, 2007

ICICIdirect Code: TTKPRE

Company Report

For private circulation only

TTK Prestige is a leading kitchen appliances company with products acrossthe entire kitchenware segment. The company has transformed its distributionmodel by launching exclusive retail outlets known as ‘Smart Kitchens’. Thecompany is well placed to capitalise on the consumption boom led by thedemographic shift towards nuclear families in India. We initiate coverage onthe company with an OUTPERFORMER rating.

KEY TRIGGERS

❑ Increasing urbanization, demographics to spur demand

Increasing urbanisation and fast-changing demographics have led to agrowing demand for additional homes, which in turn have increaseddemand for kitchen appliances. Shrinking household sizes due tonuclearisation, coupled with higher incomes, are expected to drive demandfor household products, including kitchenware.

❑ Innovation, diversification to boost market share

TTK Prestige has evolved from a pressure cooker company to a total kitchensolution provider. It has refurbished its product portfolio by introducinggas stoves, mixer-grinders, domestic kitchen appliances, non-stickcookware, chimneys, hobs, and modular kitchen solutions.

❑ Retail foray to increase visibility, penetration

The company has entered the fast growing retail space with its exclusive‘Smart Kitchen’ outlets, which has helped in boosting brand image anddemand. TTK Prestige is aggressively expanding the number of exclusiveoutlets, which is expected to go up from 164 in 92 towns to over 200outlets by the end FY07.

VALUATIONS

At the current price of Rs 107, the stock is trading at a P/E of 9.82x its FY07EEPS of Rs 10.9 and 7.19x its FY08E EPS of Rs 14.88. On an EV/EBIDTA basis,the stock is available at 6.87x FY07E earnings and 5.74x FY08E earnings. Giventhe company’s aggressive retail foray and product diversification, we believethe current valuations are extremely attractive. We rate the stock anOUTPERFORMER with a 12-month price target of Rs 164, at 11x FY08E earnings.

Price (16/03/07)Rs 107

Target PriceRs 164

Potential upside53%

Time Frame12 mths

TTK Prestige

OUTPERFORMER

Year to March 31 FY05 FY06 FY07E FY08E

Net Profit (Rs crore) 3.77 7.11 12.35 16.86

EPS (Rs) 3.33 6.28 10.90 14.88

% Growth 1669.9% 88.6% 73.6% 36.5%

P/E (x) 32.15 17.05 9.82 7.19

Price/Book (x) 2.78 2.56 2.18 1.80

EV/EBIDTA (x) 13.65 8.25 6.87 5.74

NPM (%) 2.06 3.20 4.30 4.74

RoNW (%) 8.65 15.04 22.18 25.07

RoCE (%) 10.26 17.80 19.28 21.35

Exhibit 1: Key Financials

Source: Company, ICICIdirect Research


TTK Prestige is a leading player in the pressure cooker market in India. It commencedmanufacturing in 1959 with technical support from the Prestige Group, UK.

The company deals in pressure cookers, non-stick cookware, gas stoves and domestic kitchenappliances under the brand name Prestige. It sells pressure cookers in the US under Indian-owned brandManttra through a wholly owned subsidiary Manttra Inc, USA. It also has tie-ups with leading overseasretail chains like Macy’s, Target, Kohl, Walmart, K-mart and Sears.

Long synonymous with pressure cookers, the company is now repositioning itself as a ‘total kitchensolutions’ provider. It commenced production at its new Coimbatore plant in April 2006 and is alsosetting up a plant in Uttaranchal, which is likely to be operational in FY08. It also has manufacturingfacilities in Bangalore and Hosur. It is in the process of decommissioning the Bangalore plant by the endof current financial year.

It is the first kitchen appliances company in India to receive the ISO 9001:2000 certification and tobe certified by all international standards which include the British Standards, BIS-India, UL-USA, AFNOR– France, DLF – Germany, PATH – US, ENERSOL – Australia and PED/CE certification by TUV, Germany.

Superbrands India Private Ltd, an independent company engaged in valuation of brands declaredPrestige a ‘Superbrand’ in the kitchen appliances category in 2006.

COMPANY BACKGROUND

Exhibit 2: TTK Prestige’s revenue model



INVESTMENT RATIONALE

(I) Increasing urbanisation, demographics to spur demandIncreasing urbanization has led to the traditional Indian joint-family system breaking down. Nuclear families arebecoming the norm in cities and towns and the number of people comprising a household has been graduallydecreasing. This has resulted in an increased demand for additional homes. This coupled with growing incomesand rising aspirations of the middle class has led to an increase in demand for household products, includingkitchen appliances.

The change in the family structure in India is clearly reflected in the reducing number of persons per household,which has fallen from 5.7 persons in 1971 to 5.3 in 2001. Going forward, we expect the trend towards nuclearfamilies to intensify, with the average number of people in a household set to fall to 5.1 by 2011.

India is also fast moving from an agriculture-based to a services-driven economy. This has meant a steady migrationof people from rural to urban areas in search of employment opportunities. In a typical rural-urban migration,either an individual or a nuclear unit of a larger family (husband, wife and children) shift to a town or city. Thisincreasing urbanisation is creating incremental demand for residential housing and related products. Further,more women are also entering the workforce. This means they need to be able to complete their cooking in a shorttime. For the urban woman, whether she is a working woman or a housewife, the pressure cooker has becomeindispensable.

Exhibit 3: Household sizes are reducing

Source: UN database, Population census of India

Exhibit 4: Growth in Indian Urbanisation (% of total population)

Source: Population census of India

According to the 2001 census, the number of people classified as urban has increased from 17% of the populationin 1951 to 27.8% in 2001. The figure is expected to increase further to 30% by 2011. The 10th Five Year Plan (2002-2007) forecasts that the urban population will reach 40% (based on a population of 135 crore) by 2025.


Exhibit 5: Product portfolio


(II) Innovation, product diversification to boost market share

Unorganized players dominate the kitchen appliances segment in India. TTK Prestige has introduced many innovativeand quality products and its portfolio now includes non-stick cookware, LP gas stoves and electrical appliances,apart form the pressure cookers. It earned more than 70% of its sales during FY06 from products launched in thelast three years. The total number of variants introduced across product categories during FY06 was around 54.

(i) Inner-lid pressure cookersThe pressure cooker market in India can be broadly divided into two – outer-lid and inner-lid categories. Customerpreferences, for either of these, vary across different regions. Outer-lid pressure cookers account for one-third ofthe pressure cooker market and are largely used in the southern and western regions where TTK Prestige is themarket leader. Inner-lid cookers are used mainly in the eastern and northern regions. Here, Hawkins is the marketleader. TTK Prestige, which was present only in the outer-lid segment of pressure cookers, has now introduced anew product in the inner-lid segment. This should give it the opportunity to penetrate in the north and easternregion and increase its market share both in volumes, as well as value share.

(ii) Constant product innovationTTK Prestige pioneered the concept of pressure-cooking in India. It has introduced many new concepts in pressurecookers like new shapes, non-stick pressure cookers and pressure indicator, which have now become standardsfor other manufacturers.

Over the years, it has launched many unique and innovative products.• Non-stick coated pressure cookers with attractive colours in unique ‘handi’ and ‘kadai’ shapes.• India’s first pressure cooker with the unique pressure indicator that serves as a visual confirmation when

it was safe to open the cooker.• India’s first metal spoon friendly non-stick cookware.• Pressure Kadai, a multipurpose cooking appliance in which one can fry, sauté and pressure-cook.

We believe constant innovation has helped the company evolve from a one-product company to a total kitchensolutions provider and kept competition at a distance.

(iii) Enhancing presence across the kitchen value chainThe company has successfully extended its Prestige brand beyond pressure cookers to cover the entire kitchenvalue chain. It has introduced high-end appliances, which are currently being sourced from China, and other newproducts. These products include chimneys, hobs, mixer grinders, rice cookers, coffee makers, grills, microwaveovens, irons, etc. It also introduced small appliances like kettles, toasters and food processors. All these haveadded significantly to the growth potential of the company.

Cookers Electrical appliances Others

Pressure cooker Mixer grinder Microwave

Pressure Handi Rice cooker Gas Stove

Pressure Kadai Food processor Hobs

Cookwares Oven toaster griller Chimney

Non-stick cookware Iron Knife Set

Hard-anodized cookware Kettle Barbeque

Di-cast cookware Toaster Accessories

The product extension has enabled the company increase its product portfolio and reach a wider spectrum ofcustomer and geographical segments. We believe this will lead to a stable earning and minimize its dependenceon a particular segment, as it now has de-risked itself from being a single product company.


Exhibit 6: Contribution from various product segments


Sales from pressure cookers amounted to Rs 137.3 crore in FY06, accounting for 59.2% of the total sales ofRs 231.83 crore. The percentage was lower compared to 64.3% in FY05 when pressure cooker sales accounted forRs 121.8 crore, or 64.3%, of total sales of Rs 189.37 crore. This clearly shows the declining dependence onpressure cookers and increasing contributions from high-margin products like electrical appliances.

(III) Retail foray to increase visibility

Over the last few years, organized retail like large format stores, malls, super markets and hypermarkets havestarted attracting huge footfalls (number of visitors), especially in urban areas. They cater to a variety of customersegments at several price points. Though these outlets currently cover barely 3% of the retail business, their shareis likely to grow significantly going forward. To capitalise on this new emerging opportunity, TTK Prestige isestablishing an extensive network of its dedicated retail outlets.

(i) Prestige Smart KitchenAs part of an aggressive retail initiative, the company made an entry into the retail space in 2003 by launching its‘Smart Kitchen’ outlets. These outlets are a one-stop shop and offer the entire range of Prestige products andkitchenware in a modern ambiance that is able to draw significant customer footfalls.

The company has been aggressively expanding its retail stores and as Dec 31, 2006 there were 164 outlets locatedin over 92 towns across India. The figure expected to further increase to around 200 by the end of FY07 and to 250outlets by FY08.

The strategy of expanding its reach through these exclusive retail outlets has yielded rich dividends. During FY06,more than 10% of the domestic sales were from its exclusive retail network. We expect this proportion to increasegoing forward. The launch of Smart Kitchens has helped the company increase its turnover and also boosted itsbottom line in terms of increased margins. Margins in direct retailing are higher than those in traditional dealersales.

The Smart Kitchen is operated through the franchise model, where TTK Prestige invests in stock, and the franchiseebears the lease/ rental cost. The model is designed to generate a 20% return on Investment after deducting theexpenses, for a franchisee to be able to continue its business as a franchisee of Smart Kitchen.


Exhibit 7: Ramp-up in number of smart kitchen outlets


Smart Kitchen outlets have also helped the company diversify its sales mix. About 55% of sales are from productsother than pressure cookers.

(ii) Prestige Kitchen Boutiques

The company entered into the modular kitchen segment in June 2005, which it currently sells through its SmartKitchen outlets. Now, it plans to sell them through a new retail format ‘Prestige Kitchen Boutiques’. This will addto revenue and improve margins at the operating level. The margin on modular kitchen is around 25%

The Kitchen Boutiques would have a large floor space of more than 3,000 square feet, where it will be exhibiting3 to 4 different kinds of modular kitchens and other furniture like hobs, chimneys and high-end cookware. Thesewill be company-owned stores and the investment is likely to be about Rs 75 lakh per boutique. The companyplans to open 5 such boutiques till FY08, and the first of these will be launched in Bangalore soon.

With the growing importance on aesthetics and simple functionality, the modular kitchen market is set to grow toRs 1,000 crore in a few years. The need for a beautiful and efficient kitchen has been felt across the spectrum anda modular kitchen more than fulfills this need.

With a focus on the value-for-money segment, TTK Prestige has priced its modular kitchens at a starting range ofRs 75,000 – 100,000 onwards. The material is sourced from Italy as well as from some domestic manufacturers.The competition is mainly in the form of foreign, unorganised and a few regional branded players.

The company is set to dominate this high-end market because its price points are competitive compared to otherbranded players. The cost for a TTK Prestige modular kitchen having an area of 10 ft x 8 ft would be Rs 100,000,including a chimney and hob. The cheapest branded modular kitchen of that size costs around Rs 1.50 lakh.Foreign players have priced their sets at Rs 300,000 and upwards.

All house in the US are equipped with modular kitchens. They are also getting popular in Europe and countries inthe Far East. In India, modular kitchens account for a meager 0.1% of the total kitchens. This means there is asignificant opportunity to expand modular kitchens, especially in urban areas.

Exhibit 8: Increasing contribution of modular kitchens to total revenue



The National Council for Applied Economic Research (NCAER) has estimated the number of people in the high-income bracket (annual income of over Rs 5 lakh) at 46.2 crore by 2006-07. We believe the sale of such high-endproducts will grow exponentially in the next few years. The growth of nuclear and double-income families hasalso fueled the demand for modular kitchens.

(iii) Rural opportunityPenetration of pressure cookers in the urban market has reached saturation levels and future growth is expectedto come from rural households. Demand for such products can be increased in rural areas with increasedawareness and proper distribution reach. TTK Prestige forayed into the rural segment in FY06, and currentlyoperates Smart Kitchen outlets in rural Karnataka. These outlets have been drawing good footfalls and aredelivering an average sales volume of Rs 40,000 per month.

The company will also be part of the TTK Group’s strategy to make a retail foray in rural regions. The TTK grouphas significance presence across several segments of industry such as consumer durables, pharmaceuticals &supplements, bio-medical devices, maps and atlases, and health-care services. The group has unveiled an ambitiousplan to open 1,500 outlets in the rural areas to sell products of the group. About 50-60% of products sold fromthese stores are expected from the TTK Prestige stable.

In order to increase the awareness of cookers in the rural areas, TTK Prestige has started a unique concept. Ittrained a team of 50 women from Mehboobnagar district in Andhra Pradesh to demonstrate pressure-cooking tothe villagers there. The idea is not to sell, but simply promote the concept.

We believe that with an increased penetration of LPG, demand for pressure cookers in rural areas will be higherand help TTK in its rural initiative.

(IV) Unlocking of land value

TTK Prestige is phasing out manufacturing operations from its Bangalore unit by the end of the current financialyear, and the land, estimated at about 2.85 lakh square feet will become available for development. This landnear Old Madras Road is valued at around Rs 75 – 80 crore going by the current market price of around Rs 2,500– 2,800 per sq foot in Bangalore. The company has hired an international consultant to look for various alternativesand suggest the best method to avail maximum benefit for all stakeholders. The options are either to totallydispose off the land in totality or let it out on a rental or lease basis, by developing it commercially. It has alreadyapplied to the Bangalore Development Authority for developing this property and based on the approval it wouldtake a decision.

If it is able to develop and rent out the property, the gross rental realisation annually would come around Rs 10– 12 crore based on a monthly rental price of Rs 30-35 per square feet, which we believe is likely to increasefurther with increasing demand for commercial property. This rental income will add another Rs 8 to the EPS,which we have not factored in our estimates.

KEY CONCERNS

Rising prices of key raw materialsA sharp rise in key raw material prices could impact the profitability of the company. The major raw materials arealuminium and stainless steel. Globally, metal prices have been very volatile in the recent past. The company hasbeen able to pass on the hike in inputs to the end customers and we believe a diversified product range will helpit mitigate some of the risks.


Exhibit 9: Key assumptions

Source: ICICIdirect Research

Exhibit 10: Projected revenues and net profit

FINANCIALS

FY07E FY08E

Sales Growth

Pressure Cookers 22% 13%

Non-stick Cookware 22% 24%

Electric Appliances 99% 49%

Gas Stoves 29% 21%

Contribution 35% 36%

Interest 9.25% 10.50%

Revenue, net profit to register strong growthNet sales are expected to grow at a CAGR of 24.37% from Rs 222 crore in FY06 to Rs 343.4 crore in FY08E, on backof the boom in the Indian retail space as well as boost in the demand for domestic appliances. Net profit isexpected to spur at a CAGR of 51.9% from Rs 7.11 crore in FY06 to Rs 16.42 in FY08E.


Return ratios to surgeReturn ratios, which were muted till now, are expected to surge on the back of improving performance. RoNW,which is currently at 15.04% is likely to spurt to 25.07% in FY08E, while RoCE at 17.8% in FY06 is expected to jumpto 21.35% in FY08E.

Exhibit 11: Improving return ratios



VALUATIONS

Exhibit 12: P/E Band


The stock has been fluctuating in the past two years trading within the P/E band of 10-24x one-year forwardearnings. At the current price of Rs 107, the stock is trading at 9.82x its FY07E EPS of Rs 10.9 and 7.19x its FY08EEPS of Rs 14.88, which is below the BSE Small Cap P/E of 12.08x. On an EV/EBIDTA basis, the stock is available at6.87x FY07E earnings and 5.74x FY08E earnings.Over the last few years, the company has successfully leveraged its brand name by expanding its product rangeand also transformed its distribution model by opening exclusive retail outlets. We believe that the current stockprice does not factor these developments and the stock is due for a re-rating. We rate the stock an OUTPERFORMERwith a price target of Rs 164 at 11x FY08E earnings.

Exhibit 13: Comparison with other retail focussed companies (TTM)

Source: CLINE, ICICIdirect Research (*FY06)

TTK Prestige Titan Industries Gitanjali Gems

Net Sales (Rs crore) 278.06 1916.74 2023.64 Net Profit (Rs crore) 10.76 101.02 79.23 EBIDTA (%) 8.69% 9.07% 5.68% NPM (%) 3.85% 5.26% 3.91% RoNW (%)* 16.89% 56.25% 10.01% RoCE (%)* 18.08% 26.89% 10.25% P/E (x) 12 32.1 14.9 EPS (Rs) 9.27 24.89 13.43


Net Profit to grow at aCAGR of 54%

FINANCIAL SUMMARY (Consolidated)

Sales to grow at aCAGR of 26.6%

Profit and Loss Account

Balance Sheet(Rs crore)

FY08E FY07E FY06 FY05

Sources of funds

Equity Share Capital 11.33 11.33 11.33 11.33

Reserves & Surplus 55.92 44.36 35.99 32.29

Secured Loans 62.65 60.25 46.15 53.14

Unsecured Loans 13.00 12.60 11.10 11.80

Current Liabilities & Provisions 62.06 48.58 41.60 38.17

Total Liability 204.96 177.12 146.17 146.74

Application of Funds

Net Block 39.63 34.00 24.32 24.93

Capital WIP 1.25 3.00 0.93 0.13

Investments 15.12 17.12 18.12 15.13

Cash 6.65 7.92 9.26 8.63

Trade Receivables 42.70 35.88 27.70 32.22

Loans & Advances 14.23 10.91 8.85 6.93

Inventory 88.96 71.76 57.29 55.41

Deferred Tax Asset -3.59 -3.59 -0.53 3.01

Miscellaneous Expenditure 0.00 0.11 0.23 0.34

Total Asset 204.96 177.12 146.17 146.74

(Rs crore)


Sales 355.85 287.06 222.00 181.05%

Growth 24.0% 29.3% 22.6% 30.7%

Operating Profit 33.24 27.21 20.62 13.12%

Growth 22.1% 32.0% 57.1% 4.5%

Other Income 0.00 0.00 0.02 2.45

EBIT 30.50 24.78 18.62 11.14%

Growth 23.1% 33.1% 67.2% 5.0%

Interest 7.94 6.74 6.62 7.29

PBT 22.56 18.04 12.00 3.850%

Growth 25.1% 50.3% 211.6% 601.3%

Taxation 5.70 5.69 4.89 0.08

PAT 16.86 12.35 7.11 3.77%

Change YoY 36.5% 73.6% 88.6% 1669.9%

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Return ratios toimprove significantly

Cash Flow Statement

Ratios

(Rs crore)


Opening Cash Balance 7.92 9.26 8.63 5.99

Profit after Tax 16.86 12.35 7.11 3.81

Misc Expenditure w/off 0.11 0.11 -0.09 0.11

Dividend Paid -5.30 -3.98 -3.23 -2.56

Depreciation 2.62 2.32 1.89 1.87

Provision for deffered tax 0.00 3.06 3.55 -0.13

Cash Flow before WC Changes 14.29 13.87 9.22 3.11

Net Increase in Current Liabilities 13.48 6.98 3.43 4.26

Net Increase in Current Assets 27.34 24.72 -0.73 -1.83

Cash Flow after WC Changes 0.43 -3.87 13.38 9.20

Purchase of Fixed Assets -6.50 -14.07 -2.07 4.95

(Increase) / Decrease in Investment 2.00 1.00 -2.99 0.00

Increase / (Decrease) in Loan Funds 2.80 15.60 -7.70 -11.51

Increase / (Decrease) in Equity Capital 0.00 0.00 0.02 0.00

Net Change in Cash -1.27 -1.34 0.64 2.63

Closing Cash Balance 6.65 7.92 9.26 8.63

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EPS (Rs.) 14.88 10.90 6.28 3.33

Book Value (Rs. Crore) 59.34 49.14 41.75 38.49

Enterprise Value (Rs. Crore) 190.27 186.20 169.25 177.57

EV/Sales (x) 0.53 0.65 0.76 0.98

EV/EBIDTA (x) 5.74 6.87 8.25 13.65

Market Cap to sales (x) 0.34 0.42 0.55 0.67

Price to Book Value (x) 1.80 2.18 2.56 2.78

Operating Margin (%) 9.34 9.48 9.29 7.25

Net Profit Margin (%) 4.74 4.30 3.20 2.06

RONW (%) 25.07 22.18 15.04 8.65

ROCE (%) 21.35 19.28 17.80 10.26

Debt/ Equity (x) 1.12 1.31 1.21 1.49

Current Ratio 2.46 2.60 2.48 2.70

Debtors Turnover Ratio 8.33 8.00 8.02 5.62

Inventory Turnover Ratio 4.00 4.00 3.88 3.27

Fixed Assets Turnover Ratio 8.70 7.76 8.79 7.22

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RATING RATIONALE

ICICIdirect endeavours to provide objective opinions and recommendations. ICICIdirect assigns ratings to its stocksaccording to their notional target price vs current market price and then categorises them as Outperformer,Performer, Hold, and Underperformer. The performance horizon is 2 years unless specified and the notional targetprice is defined as the analysts’ valuation for a stock.

Outperformer: 20% or more;Performer: Between 10% and 20%;Hold: +10% return;Underperformer: -10% or more.

DisclaimerThe report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way,transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consentof ICICI Brokerage Services Limited (IBSL). The author of the report does not hold any investment in any of the companies mentioned in this report.IBSL may be holding a small number of shares/position in the above-referred companies as on date of release of this report. This report is basedon information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracyor completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offerdocument or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutesinvestment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specificcircumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their owninvestment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This information may not betaken in substitution for the exercise of independent judgement by any recipient. The recipient should independently evaluate the investment risks.IBSL and affiliates will not accept any liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is notnecessarily a guide to future performance. Actual results may differ materially from those set forth in projections. IBSL may have issued otherreports that are inconsistent with and reach different conclusion from the information presented in this report. This report is not directed orintended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IBSL and its affiliates to anyregistration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictionsor to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe suchrestriction.

Harendra Kumar Head - Research [email protected]

ICICIdirect Research DeskICICI Brokerage Services Limited,

2nd Floor, Stanrose House,Appasaheb Marathe Road,

Prabhadevi, Mumbai - 400 [email protected]

PH

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TTK Prestige

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