investment research… · overall progress of project is as per schedule with the total expenditure...

Price ` 143

Fair Value 180

Upside 26%

Div Yield 1.40%

Tenure 1 Year Well timed capex to bridge structural demand supply gap

Sensex 37665.80

Nifty 11389.45

Group/Index A / S&P

BSE 500

M.cap (` in cr) 5943

Equity (` In cr) 416.21

52 wk H/L ` 209.45/117.15

Face Value ` 10.00

NSE code CHAMBLFERT

BSE code 500085

RONW 19%

P/E 12.00

P/BV 2.3

EV/EBIDTA 12.94

IN `

EV (ìn cr) 12356.68

BV (ìn cr) 61.83

NW(ìn cr) 2573.58

Adj.EPS 11.90

FY 19Est. Earnings 553.86

Equity Share Capital 416.21

10.00

41.62

EPS(FY19Est.) 13.31

Estimated P/E Ratio 14

Estimated Price/share 180

Year End 201803 201703 201603 201503

Tax Rate % 33.08 34.07 52.13 39.13

Rece. days 151.00 185.00 152.00 118.00

Div. Pay. % 16.80 23.01 43.74 28.10

Source: Google

BUY Investment Rationale

Corporate Governance Transparency Ratio's

Share Holding Pattern

Dated : 07 th Aug. 2018

INVESTMENT RESEARCH

FUNDAMENTAL COVERAGE - CHAMBAL FERTILISERS & CHEMICALS LTD

Key Valuation Ratios

With no new capacity addition during the last 2 decades , India is now a urea deficit market where itproduces 24 Mn MT against demand of 32 Mn MT. With a view to bridge this gap & government’sfavorable New Investment Policy, Chambal is setting up a 1.34 MMTPA Brownfieldammonia‐urea plant at Gadepan, Rajasthan at a capex of USD 917 Mn of which USD 711 Mnwill be funded through debt, is expected to commission by January 2019. With this expansion,existing capacity of Urea will increase from 2.01 MMTPA to 3.35 MMTPA, further strengtheningChambal’s leadership position in the industry.

Stock Details

VALUATION (` In Cr except per share)

FV

No. of Equity Shares

Largest private urea manufacturer with robust distribution network and has planned a

well timed capex to bridge structural demand supply gap in the industry.

Overall progress of project is as per schedule with the total expenditure on new Urea Project tillJune 30, 2018 is ` 4469.26 Crore

Chambal has entered into long term agreement with GAIL w.e.f. April 1, 2018 for supply of24,955 bn British Thermal Units annually natural gas for Gadepan III unit. The gas can also be used in existing plants Gadepan I & Gadepan II. Rationale of long term tie-up of natural gas is thatthere is acute shortage of gas in the industry.

Key Financial

Gadepan - Ill Project will be governed by the New Investment Policy 2012 of theGovernment of India. In NIP 2012, the base price of gas is taken as USO 6.5 per MMBTU and

for each USO 0.1 per MMBTU change in the delivered price of gas, the floor and ceiling pricefor the purpose of determination of subsidy will change by USO 2 per MT up to the deliveredgas price of USO 14 per MMBTU.

New Investment Policy 2012 will remain effective for eight years after commencement ofproduction which provides assurance of the cash flows for repayment of debt taken forGadepan- 111 Project. During first 1-2 years of operations of Gadepan - Ill Project, theCompany plans to focus on reduction of debt.

59%

41%

Promoter Others

www.rudrashares.com

Government regulations - Augurs well for company

Post implementation of the Nutrient Based Subsidy (NBS) in 2010 for non-urea fertilizers there has been asignificant price differential between urea and P&K fertilizers which has resulted in farmers showingpreference for urea due to lower price. The total domestic production in FY2018 was around 24.1 MMT, asagainst domestic demand of ~30.3 MMT which resulted in significant dependence on imports to meet theshortfall. Thus, the demand risk for urea remains low.

Fertilizer industry is highly regulated & with an aim to boost investments, GOI has initiated policy steps thatcould structurally improve fertilizer industry’s dynamics with schemes like gas price pooling, DBT, NPS III,Modified NPS III, New Investment Policy, and New Urea policy. The policy aims to reduce the import offertilizers components and make India self-sufficient. Under DBT , government aims to transfer thesubsidy amount directly to manufacturers and importers on the basis of actual sales made by retailers tobeneficiaries. Currently, pilot projects are being conducted and pan-India DBT rollout will take sometime. Post DBT implementation, companies across sector are likely to benefit in terms of better workingcapital cycle. Under Gas Pooling policy, GOI proposed pooling of Domestic Gas with Re-Gasified LNGwhich is imported. This would help provide natural gas at uniform delivered price to all Natural gas gridconnected Urea manufacturing plants. The new gas pooling policy encourages production above cut-offwhich is beneficial for Chambal as it enjoy strong energy efficiency at its plant.

Primary fertilizers sales witnessed a modest growth of around 2% in FY2018, on the back of low systemicinventory maintained by the fertilizer companies in view of pan-India implementation of Direct Benefit

Transfer (DBT) while, Non-urea fertilizer sales volume also grew at a fair rate of 2% during FY2018 driven byhealthy sales of DAP, MOP and complexes .

Recent softening of spot R-LNG prices is expected to partially offset the higher domestic price in H1FY2019 as well as crude oil linked long-term R-LNG prices, which have seen significant upward movementin recent months. Subdued pooled gas prices will enable indigenous urea production to remaincompetitive against imported urea , low gas prices result in lower subsidy for urea players which inturn, leads to lower working capital borrowings and associated interest costs. However, with pan-Indiaimplementation of Direct Benefit Transfer (DBT) the working capital cycle of the industry may witnessmarginal elongation owing to shifting of subsidy payment from point of dispatch to point of sale to farmers .

CCEA has approved an increase in the nutrient-based subsidy (NBS) rates for phosphate and sulphur forfinancial year 2018-19 . The subsidy for phosphate (P) has been increased to ` 15.216/kg from `

11.997/kg (27% increase) while the rate for sulphur (S) has been raised by 22% to `2.722/kg from

2.240/kg. The subsidy for Potash (K) has been reduced by 10% to ` 11.124/kg from ` 12.395/kg. With

the revision in NBS rates the subsidy for Di-ammonium phosphate (DAP) will rise by nearly 16% whilefor various grades of complex fertilizers the increase in subsidy will be 4%-10% y-o-y.

Demand for fertilizers in H1 FY2019 is expected to remain stable given the outlook for normal monsoonduring the kharif season and expected higher farm realization for crops supported by assurance by theGovernment of India for MSP at 150% of the cost incurred by farmers. In the union budget of FY2018-19,GoI had increased the subsidy allocation for P&K fertilizers to ` 250 billion from ` 222 billion in FY2017-

18; the increased allocation should enable the government to meet the increased subsidy outgo for theP&K fertilizers (estimated at ` 230 billion for FY2018-19). The revision in NBS rates is largely neutral for

the fertilizer industry unless monsoon acts as a disappointment in the upcoming kharif season leading todiminution of demand and impacting profitability of the industry

RUDRA SHARES &

STOCK BROKERS LTD.

Favorable demand-supply scenario of urea in India due to price differential with non-urea fertilizers - Fertilizers sales witnessed growth of around 2% in FY2018

www.rudrashares.com

Key Concerns

An Eye on the Quarterly numbers:-

Graphical presentation Q1 FY 19 & FY 2018 Results:

` in crores

Consolidated Results

Q1 FY 19 Q4 FY 18 Q1 FY 18

2190.36 1056.92 1966.29 107.24% 11.40% 7541.02 7553.45 -0.16%

285.06 118.44 261.72 140.68% 8.92% 977.23 915.88 6.70%

13.01% 11.21% 13.31% - - 12.96% 12.13% -

228.09 73.31 199.92 211.13% 14.09% 736.66 569.73 29.30%

10.41% 6.94% 10.17% - - 9.77% 7.54% 29.51%

155.38 48.02 135.29 223.57% 14.85% 491.73 380.11 29.37%

7.09% 4.54% 6.88% - - 6.52% 5.03% 29.58%

3.73 1.15 3.25 224.35% 14.77% 11.90 9.15 30.05%

Company’s revenue for Q1FY19 came in at ` 2190.36cr, up 11.4% yoy.The adjusted net profit after tax

(excluding discontinued operations) stood at ` 155.38cr, up 14.9% yoy.Gross profit margin increased

significantly by 525bps yoy to 38.1% in Q1FY19 on account of likely higher levels of change in finishedgoods inventory and improvement in overall realizations.

% change

Y-0-Y

Heavily dependent on Government policiesfertilizer business of Chambal is heavily dependent on Government policies for it success. For instance, underNUP 2015, government has reduced energy consumption norms in comparison to NPS III. This meansefficiency of Urea units consuming more energy have to be revamped up, which requires huge capital.

Government have not provided any window for capital requirement for such revamp. Any such negative movefrom government may negatively impact the profitability of the Company.

Delay in subsidy receipts impact profitability and cash flowsSubsidy from Government is a major component of revenue of the Company. The delay in payment of subsidyby the Government of India creates stress on the working capital and increases the finance cost of theCompany. Total subsidy outstanding for Chambal during FY18 is ` 23.6 bn (including ` 14.6 bn from

Urea) vis-a-vis ` 26.3 bn in FY17

Low international urea prices could impact profitability; favorable policy measures by DoF regardingproduction beyond the RAC to largely protect profitabilityInternational urea prices have remained subdued in the past one year owing to oversupply situation in theglobal markets. While CFCL’s production has remained competitive against urea imports due to high energyefficiency, recent policy measures by GoI to increase the IPP linked realization for production beyond RAC andautonomy given to DoF to take decision in case of any material decline in international urea prices are positivefor the industry.

Qu

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Ha

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Re

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lysi

s

Quarter Ended

EBITDA %

PAT %

EPS

% change

Y-0-YFY 17

Revenue

PBT

EBITDA

RUDRA SHARES &

STOCK BROKERS LTD.

Results Snapshot

PAT

PBT%

% change

Q-0-Q

Standalone Results

Particulars FY18

www.rudrashares.com

Largest private urea manufacturer with robust distribution network and has planned a well timed capexbridge structural demand supply gap in the industry. Post FY19, it is well placed to reap the benefits ofreforms such as DBT of fertilizer subsidy and possible steps towards removing price regulations onurea in the long term. Its earnings and margins profile is also likely to improve substantially.

RUDRA SHARES &

STOCK BROKERS LTD.

Company Overview

Recent favorable changes in policies, expected commissioning of new capacity in Jan 2019, increasedfocus on agriculture and food production , business reorganization coupled with better than averagemonsoon is one of the reasons to boost demand of urea would enabled Chambal to focus on its corebusiness of urea manufacturing and trading in complex fertilizers, where it is planning an aggressiveexpansion.

Valuation Conclusion

Estimating the share price of the company as per P/E valuationP/E of FY19E at 14x , EPS(Est.) at ` 13.31, the estimated share price for next 1 year tenure turns around

to be ` 180. We recommend to BUY this script.

The implementation of NBS Policy by the Government of India few years back has opened newbusiness avenues and company has grabbed this opportunity with rapid expansion of its DAP and MOPbusiness. The Company has utilized its marketing and brand strength to increase the business volumesin the existing territory and to expand its reach to the new territories. The Company has establisheditself as a significant player in this segment and it gave a major boost to the revenue and profitabilityof the Company.

Chambal Fertilizers and Chemicals Limited is one of the largest private sector fertilizer producers in India. It waspromoted by Zuari Industries Limited in the year 1985. Its two hi-tech nitrogenous fertilizer (urea) plants arelocated at Gadepan in Kota district of Rajasthan. The two plants produce about 2 million MT of Urea perannum.The company is also in process of setting up a third Urea plant at Gadepan with an annual capacity of 1.34

million MT of Urea per annum which is expected to be completed by January 2019. Once commissioned, Gadepanwill be a unique and only site in the country with single largest production at one place.

www.rudrashares.com

LTM 201806 201803 201712 201709

7685.20 2190.37 1056.93 2330.10 2107.80

955.10 285.08 119.97 279.13 270.96

61.10 16.09 8.76 18.28 17.96

894.00 268.99 111.21 260.85 253.00

136.20 55.74 45.11 -17.22 52.55

147.10 40.90 36.38 31.46 38.34

747.00 228.09 74.84 229.40 214.66

251.70 72.71 25.28 80.31 73.41

495.30 155.38 49.55 149.09 141.25

- - - - -

495.30 155.38 49.55 149.09 141.25

11.90 3.73 1.19 3.58 3.39

11.90 3.70 1.20 3.60 3.40

Particulars 201503 201603 201703 201803 2019E 2020E 2021E

Sales 9723.66 9007.95 7553.45 7541.02 7808.46 8452.62 9523.92

Other operating Income 14.09 - - - - - -

Total Inc. from operations 9737.75 9007.95 7553.45 7541.02 7808.46 8452.62 9523.92

Operating EBITA 517.34 455.86 658.72 711.12 750.22 830.16 964.26

Total Inc. from operations 9737.75 9007.95 7553.45 7541.02 7808.46 8452.62 9523.92

TOTAL EXPENDITURE 9003.92 8440.84 6802.53 6744.51 6970.61 7527.91 8457.24

EBITDA 733.83 567.11 750.92 796.51 837.85 924.72 1066.68

Depreciation (216.49) (111.25) (92.20) (85.39) (87.63) (94.56) (102.42)

Goodwill amortization - - - - - - -

OTHER INCOME 105.08 117.82 139.72 184.41 219.23 257.45 276.18

Net financials

Interest income - - - - - - -

Interest expenses (163.18) (265.86) (253.95) (155.19) (142.80) (141.50) (143.81)

Net Financial Items (163.18) (265.86) (253.95) (155.19) (142.80) (141.50) (143.81)

Reported Pre-tax profit 459.24 307.82 544.49 740.34 826.65 946.11 1096.63

Reported Tax charge (179.72) (160.46) (185.52) (244.93) (272.80) (312.22) (361.89)

Reported Net profit 279.52 147.36 358.97 495.41 553.86 633.90 734.74

Minorities (15.09) - - - - - -

P/L OF ASSOCIATE CO. - - - - - - -

294.61 147.36 358.97 495.41 553.86 633.90 734.74

Extra Ordinary income - (42.97) (2.76) - - - -

Dividend Paid (82.79) (83.24) (83.24) (83.24) (83.36) (83.04) (83.39)

Retained earnings 211.82 107.09 278.49 412.17 470.50 550.86 651.35

Reported EPS 7.12 4.57 8.69 11.90 13.31 15.23 17.65

Adjusted Basic EPS 7.08 4.57 8.69 11.90 13.31 15.23 17.65DPS - originally declared 2.00 2.00 2.00 2.00 2.00 2.00 2.00

Opening Balance 413.96 413.96 416.21 416.21 416.21 416.21 416.21

Iss. during the Period - 2.25 - - - - -

Closing Balance 413.96 416.21 416.21 416.21 416.21 416.21 416.21

FV 10.00 10.00 10.00 10.00 10.00 10.00 10.00

Wtd. Avg. no. of shares 41.40 41.62 41.62 41.62 41.62 41.62 41.62

Note:- The figures shown in the brackets means NEGATIVE.

Adj. EPS

Extraord. Items

Rep Net Inc

EPS

Income Statement and Estimates ( ` in Cr except per share)

Particulars

Net Sales

EBITDA

Depreciation

Op Income

RUDRA SHARES &

STOCK BROKERS LTD.

Quarterly Results (` in cr except per share)

Rep. profit before othrinc.,

fin.cost,tax & excp. Item517.34 455.86 658.72 711.12

Profit & Loss

Misc.Inc (Exp.)

Interest Exp

EBT

Taxes

Net Inc(Reg)

750.22 830.16 964.26

750.22 830.16 964.26

969.45 1087.61 1240.44

Rep. NP after min. Int.

Rep.Net Income after

extra ordinary items294.61 190.33 361.73 495.41 553.86

Profit from ordinary act. Before

Fin.Cost ,TAX & Exp.Items 622.42 573.68 798.44 895.53

Rep. profit before othrinc.,

fin.cost,tax & excp. Item517.34 455.86 658.72 711.12

633.90 734.74

EPS and Dividend

Number Of Shares

www.rudrashares.com

201503 201603 201703 201803 2019E 2020E 2021E

Equity & Liabilities

Shareholders' Fund

Share Capital 413.96 416.21 416.21 416.21 416.21 416.21 416.21

Reserves and Surplus 1837.15 1450.69 1707.33 2089.35 2559.85 3110.71 3762.06

54.77 (76.87) (82.57) (87.36) (87.36) (87.36) (87.36)

Total Shareholders' Fund 2305.88 1790.03 2040.97 2418.20 2888.70 3439.56 4090.91

Non-Current Liabilities

Long-term Borrowings 781.87 1072.87 1431.98 3516.04 3674.75 3986.09 4102.39

Other LT Liabilities 3.41 2.25 4.40 3.04 3.10 3.16 3.23

Deferred Tax Liability 427.70 246.29 183.34 213.14 234.45 257.90 283.69

Long term Provisions 11.71 4.49 5.24 3.73 4.10 4.51 4.96

Total Non-Current Liab. 1224.69 1325.90 1624.96 3735.95 3916.41 4251.66 4394.27

Current Liabilities

Short term Borrowings 3017.82 3920.72 3185.90 2562.99 2444.55 2216.68 2327.51

Trade Payables 354.94 449.33 240.57 319.73 363.09 397.27 457.15

Other current liability 595.67 612.25 937.28 411.81 312.34 333.88 366.67

Short term Provisions 139.30 25.47 27.45 30.87 33.96 37.35 41.09

Total current Liab. 4107.73 5007.77 4391.20 3325.40 3153.94 2985.18 3192.42

Total Equity & Liab. 7638.30 8123.70 8057.14 9479.55 9959.05 10676.44 11677.64

Assets

Non-Current Assets

Fixed Assets

Tangible fixed Assets 2841.19 2384.63 2840.32 5334.43 5754.35 6209.21 6725.85

G/W On Consolidation 226.24 47.23 33.90 34.07 34.07 34.07 34.07

Non-current Investment 30.11 211.08 173.58 207.08 227.79 250.57 275.62

Long term L&A 95.97 1.61 1.24 0.94 1.03 1.14 1.25

Other Non current Ass. 14.30 222.82 137.88 112.39 135.30 143.50 164.00

Deferred tax receiv. - 0.39 0.35 1.29 1.35 1.42 1.49

Total Non-Current Ass. 3207.81 2867.76 3187.27 5690.20 6153.90 6639.91 7202.28

Current Assets

Current Investments - - - - - - -

Inventories 738.71 868.39 849.35 795.10 780.85 760.74 857.15

Trade Receivables 3171.16 3861.20 3036.20 2534.69 2498.71 2692.16 2980.99

Cash & cash Equi. 203.93 54.27 132.14 77.64 134.82 155.58 160.66

Short Term L&A 231.17 0.48 0.32 0.31 0.33 0.34 0.36

Other current Assets 85.50 471.57 851.86 381.60 390.42 427.70 476.20

Total current Assets 4430.47 5255.91 4869.87 3789.34 3805.12 4036.52 4475.36

Total Assets 7638.30 8123.70 8057.14 9479.55 9959.05 10676.44 11677.64

Cash & cash equivalents 203.93 54.27 132.14 77.64 134.82 155.58 160.66

Other int. bearing assets 30.11 211.08 173.58 207.08 227.79 250.57 275.62

Interest-bearing debt 4395.36 5605.84 5555.16 6490.84 6431.64 6536.64 6796.57

Net interest-bearing debt 4161.32 5340.49 5249.44 6206.12 6069.03 6130.49 6360.29

Net gearing (%) 180.47% 298.35% 257.20% 256.64% 210.10% 178.23% 155.47%

Tangible assets

Gross capex (191.41) (639.56) (1032.36) (2579.50) (507.55) (549.42) (619.05)

Sale of fixed assets 6.12 1.03 153.17 - - - -

Net capex (185.29) (638.53) (879.19) (2579.50) (507.55) (549.42) (619.05)

Depreciation tangibles (216.49) (111.25) (92.20) (85.39) (87.63) (94.56) (102.42)


Minority Interests

Investments

RUDRA SHARES &

STOCK BROKERS LTD.

BALANCE SHEET

Particulars

www.rudrashares.com

201503 201603 201703 201803 2019E 2020E 2021E

Return on assets - 2.42% 4.47% 5.65% 5.70% 6.14% 6.57%

Return on equity - 9.29% 18.88% 22.22% 20.87% 20.03% 19.51%

ROCE - 9.91% 13.54% 9.37% 7.28% 7.33% 7.77%

EBIT Margin - 6.37% 10.57% 11.88% 12.42% 12.87% 13.02%

Pre tax margin - 3.42% 7.21% 9.82% 10.59% 11.19% 11.51%

Net Profit Margin - 2.11% 4.79% 6.57% 7.09% 7.50% 7.71%

Total asset turnover - 1.14 0.93 0.86 0.80 0.82 0.85

Fixed asset turnover - 3.45 2.89 1.84 1.41 1.41 1.47

Equity turnover - 4.40 3.94 3.38 2.94 2.67 2.53

Current Ratio - 1.05 1.11 1.14 1.21 1.35 1.40

Quick Ratio - 0.88 0.92 0.90 0.96 1.10 1.13

Cash Ratio - 0.01 0.03 0.02 0.04 0.05 0.05

Receivable Days - 152.05 185.05 150.74 131.78 125.84 122.42

Inventory Days - 34.75 46.08 44.50 41.26 37.37 34.91

Payable Days - 17.13 18.56 15.28 17.91 18.48 18.23

Conversion Cycle (Days) - 169.67 212.57 179.96 155.13 144.73 139.10

Financial Leverage Effect - 2.98 2.08 1.61 1.51 1.46 1.45

Debt to Capital - 0.76 0.73 0.73 0.69 0.66 0.62

Debt to Equity - 3.13 2.72 2.68 2.23 1.90 1.66


RATIO ANALYSIS

Particulars

RUDRA SHARES &

STOCK BROKERS LTD.

www.rudrashares.com

Disclosures :

1) Business Activity :

2)

3)

4)

Sr. No. Yes/No

a) No

b) No

c) No

5)

Sr. No. Yes/No

a) No

b) No

c) No

6) Other Disclosures:

Yes/No

Sr. No.

a) No

b) No

c) No

Rudra or its associates have received any compensation or other benefits from the subject

company or third party in connection with the research report .

Rudra or its research analysts, or his/her relative or associates have actual/beneficial

ownership of one per cent or more securities of the subject company.

Rudra or its associates have managed or co-managed public offering of securities for the

subject in the past twelve months.

Disclosures

Rudra or its associates have received any compensation from the subject company in the past

twelve months.

Rudra or its research analysts, or his/her relative or associate has any direct or indirect

financial interest in the subject company.

Disclosures with regard to receipt of compensation :

The Research report is issued to the registered clients. The Research Report is based on the facts, figures and

information that are considered true, correct and reliable. The information is obtained from publicly available media or

other sources believed to be reliable. The report is prepared solely for informational purpose and does not constitute an

offer document or solicitation to buy or sell or subscribe for securities or other financial instruments for clients.

Disclosures with regard to ownership and material conflicts of interest :

RUDRA SHARES &

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Rudra or its research analysts, or his/her relative or associate has any other material conflict

of interest at time of publication of the research report.

Disclosures

Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribution of

various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research Analyst) Regulations,

2014. SEBI Reg. No. INH100002524.

Disclosures & Disclaimers

Terms & Conditions of issuance of Research Report:

There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regulation/administrative

agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and records of Rudra, as a Stock Broker,

SEBI has not issued any Administrative warning to Rudra.

Disciplinary History :

Disclosures

The research analyst has served as an officer,director,employee of the subject company.

Rudra or its research analyst has been engaged in market making activity for the subject

company.

Rudra or its or associates have received any compensation from the subject company in the

past twelve months.

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RUDRA SHARES & STOCK BROKERS LTD.

Phone: +91 – 512 – 67011001

Disclaimers:

This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK BROKERS

LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities. The information presented in

this report, are for the intended recipients only. Further, the intended recipients are advised to exercise restraint in placing any

dependence on this report, as the sender, Rudra Shares & Stock Brokers Limited, neither guarantees the accuracy of any information

contained herein nor assumes any responsibility in relation to losses arising from the errors of fact, opinion or the dependence placed

on the same.

Despite the information in this document has been previewed on the basis of publicly available information, internal data , personal

views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as accurate, complete or

exhaustive. It should not be relied on as such, as this document is for general guidance only. Besides this, the research analyst(s) are

bound by stringent internal regulations and legal and statutory requirements of the Securities and Exchange Board of India( SEBI)

and the analysts' compensation was, is, or will be not directly or indirectly related with the other companies and/or entities of Rudra

Shares & Stock Brokers Ltd and have no bearing whatsoever on any recommendation, that they have given in the research report.

Rudra Shares & Stock Brokers Ltd or any of its affiliates/group companies shall not be in any way responsible for any such loss or

damage that may arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock

Brokers Ltd has not independently verified all the information, which has been obtained by the company for analysis purpose, from

publicly available media or other sources believed to be reliable. Accordingly, we neither testify nor make any representation or

warranty, express or implied, of the accuracy, contents or data contained within this document. Rudra Share & Stock Brokers Ltd and

its affiliates are engaged in investment advisory, stock broking, retail & HNI and other financial services. Details of affiliates are

available on our website i.e. www.rudrashares.com.

We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore, it is advised to

use own discretion and judgment while entering into any transactions, whatsoever.

Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to deal or trade in

securities, within thirty days before and five days after the publication of a research report as prescribed under SEBI Research

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Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and their relative may:

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investment research… · overall progress of project is as per schedule with the total expenditure...

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