researchnote iron&steel 02jan2019… · 2019. 1. 9. · internationalmarket. he possesses...

1

RadhikaModi - Assistant Research Analyst ([email protected]); 0261-6725518

Iron & Steel

02 Jan 2019

Investors are advised to refer through important disclosures made at the last page of theResearch Report.Jainam Share Consultant research is available on www.jainam.in

Research Note |

http://www.motilaloswal.com/Institutional-Equities

Jainam share Consultant Pvt Ltd. Sector : Iron & Steel

02-01-2019 2

IndexA. Company Overview

1. About…………………………………………………………………………..32. Investment Rationale………………………………………………………….43. Risk……………………………………………………………………………..6

B. Industry Overview

1. Domestic Steel Pipe Industry………………………………………………..102. Steel pipes market opportunity……………………………………..………113. Sectors………………………………………………………………………..12

C. Business of the Company

1. Products………………….………………………………………………………………………..………132. Product-wise Performance………………………………………………………………………..143. DFT Technology………………………………………………………………………………..……….154. Special Products………………………………………………………………………………………..165. Top Shareholders……………………………………………………………………………………...176. Management…………………………………………………………………………………………….17

D. Financial Outlook

1. Profit & Loss……………………………………………………….…………………………………….192. Cash Flow Statement…………………………………………………………………………………193. Balance Sheet……………………………………………………………………………………………204. Ratio…………………………………………………………………………………………………………21

E. Analysis

1. Peer Analysis………………………………………………………………….22

F. Conclusion

1. Recommendation……………………………………………………………..242. Sources………………………………………………………………………..253. Full Form & Glossary………………………………………………………….264. Report Gallery………………………………………………………………...275. Disclaimer……………………………………………………………………..28


02-01-2019 3

Company Overview

About

Exchange: BSE BSE Code: 533758 Current Market Price: 1225.00 Date: 02-Jan-19

Latest Date 2nd JanuaryCurrent Market Price(Rs) 1225.0052 week high (Rs) 2,587.0052 week low (Rs) 1,097.80TTM EPS(Rs) 50.01TTM P/E(x) 23.55Price/BV(x) 2.93EV/TTM EBITDA 11.64Dividend Yield(%) 1.19Current Book Value(Rs.) 401.36Market Cap (Rs in Crs) 2,906.90RoE (%) 20.56RoCE (%) 22.41

DEBT/EQUITY (x) 0.93

No. of shares (in cr.) 2.37

APL Apollo Tubes Ltd.APL Apollo Tubes Ltd. was established in 1986as Bihar Tubes Pvt. Ltd. and is a leading playerof ERW (Electric Resistance Welded) SteelTubes and Pipes in India with a 15% marketshare. The company has Pan-India presencewith 7 manufacturing facilities spread acrossIndia. The capacity expansion and Pan-Indiapresence has been a result of both organicand inorganic growth; APL has three whollyowned subsidiaries: Apollo Metalex Pvt. Ltd. – Acquired in

2007 as a measure of backwardintegration.

Shri Lakshmi Metal Udyog Ltd. – Acquiredin 2008 for penetrating in South India

Blue Ocean Projects Private Limited

Lloyds Line Pipes Ltd. which was acquired in2010 as a wholly owned subsidiary to extendfootprint to West India has beenamalgamated with Apl Apollo Tubes Ltd.

It has been a pioneer in bringing advancedglobal technologies to India and has alsosuccessfully penetrated into manufacturingniche steel products (window and doorframes) apart from its pipes and tubesportfolio. APL has also, over the yearsestablished a vast distribution network with650 distributors, 40,000 retailers and 29warehouses cum branches that give a countrywide presence to its portfolio of over 400products. It also exports to over 35 countriesworldwide.

Source : Trendlyne


02-01-2019 4

Investment Rationale

DFT Technology : Direct Forming Technology (DFT) is a latest technology pioneered byAPL Apollo Tubes ltd. It is used for making Hollow sections of superior quality and finish.This technology, unlike conventional technologies, can form rectangular and square hollowsections of different sizes and thickness directly, thus translating into huge cost-savings andbetter productivity at both the Customer and Company level.

Acquisition of High margin product :APL Apollo is acquiring stake in Apollo Tricoat Ltd which manufactures Tricoat Tubes. Thisproduct is made through latest galvent technology and it has tri-layer of protectivecoating - paint, zinc and UV organic coating. It is eco friendly product which I widely usedfor electric conduits and appliances and green houses. It is a high margin product and it willhelp APL Apollo to strengthen its position in global steel tubes company.

GST :

With 60% of the market being unorganized, GST hailed as India's biggest and most notabletax reform has opened up new opportunities for APL. The advantage APL could capitalizeupon is the shift of business from unorganized to organized segment. This works well forfurther strengthening its leadership positioning in the Indian Steel Tubes and Pipessegment. APL Apollo has close to 15% market share which could increase going ahead in ouropinion owing to GST.

Source : Investor Presentation


02-01-2019 5

Strong Distribution Network :Company has very strong distribution network to supply to the customers. 92% of therevenue comes from distributors/dealers and the rest comes from OEM (2%) and export(6%). Company is planning to increase the OEM to 10% and export to 15% in next 3 years.

Pan-India Footprint and Capacity Expansion :

Particulars 2011 2012 2013 2014 2015 2016 2017 2018No. ofdistributors 175 200 275 300 375 600 625 650

Warehouses 5 15 19 26 26 26 27 29

Zone Plant Location Capacity(TPA) DFT

TotalCapacity(TPA)

North Unit 1 Sikandarabad, UP 2,50,000 1,25,000 3,75,000

Apollo Metalex Sikandarabad, UP 2,25,000 2,25,000

East Unit 3 Raipur, Chhatisgarh 2,00,000 1,25,000 3,25,000

West Llyod Lines Pipes Murbad, Maharashtra 3,50,000 1,25,000 4,75,000

South Unit 2 Hosur, Tamil Nadu 3,50,000 1,25,000 4,75,000

SLMUL Bengaluru, Karnataka 1,25,000 - 1,25,000

Total 15,00,000 5,00,000 20,00,000

Source : Annual Report


02-01-2019 6

Risks

Volatility in Steel prices: As the raw material cost (majorly HRC and Zinc) forms 85% oftotal sales, product demand and margins are directly affected due to volatility in steel prices.Increase in prices may affect demand as consumers can alternate their purchases whereassharp decline in steel prices may lead to inventory loss. At times, the company may have tobear cost burden as price hikes could decrease the product demand due to intensecompetition and fragmented nature of industry. Further, RM price volatility could lead topressure on its operating margins and thereby profitability. However, owing to GSTimplementation, the possibility of intense competition from unorganized players coulddrastically reduce thus allowing APL Apollo to enjoy a good relationship with customers.

Borrowings: The company is continuously increasing the borrowings which can be a pointof concern for the investors.

Replacement Market: There is a shift from galvanized pipes to PVC pipes. PVC tubes areincreasingly being used in agriculture, infrastructure, construction, and sewage sectors as areplacement for galvanized pipes. They are less costly and light-weighted. It does notrequire much man-power and is easy to install. This could negatively impact the company'sgrowth prospects.

Capital Allocation : Apl Apollo ltd., through its wholly owned subsidiary Shree Udyod Ltd.is acquiring stake in Rahul Gupta’s (son of Sanjay Gupta - Executive chairman of APL ApolloTubes Ltd.) company which is Apollo Tricoat Tubes Ltd. (earlier called ‘Best Steel Logistics’).

Source : Screener.in


02-01-2019 7

* 80,30,030 shares = 8,30,030 shares + 72,00,000 shares

Shree Udyod Ltd acquired 40.43% stake (8030030 shares + 4300000 convertible warrants) ofRahul Gupta through share purchase agreement and also made an open offer of 26% to ApolloTricoat Tubes to acquire majority stake in this company. If the open offer is fully subscribed thentotal stake of APL Apollo in Apollo Tricoat Tubes will be of 66.43%.

No. of shares Price at which APL Apollo is acquiring stake (Rs.) Total Amount80,30,030 120 96,36,03,60043,00,000 30* 12,90,00,00079,30,000 135 1,07,05,50,000

216,31,53,600

*1/5th of the total price is paid at the time of subscription of warrants and the rest 4/5th is paidwhen the warrants are converted into equity shares.

So, Apl Apollo will be acquiring 66.43% stake in Apollo Tricoat Tubes at 216.31536 cr.

Apollo Tricoat tubes ltd.

No. of shares as on 31st dec-17 1,85,00,000

New Preference Allotment to Rahul Gupta 72,00,000

Convertible warrants issued to Rahul Gupta +non-promoters 48,00,000 (43,00,000 + 5,00,000)

No. of shares as on 31st mar-18 2,57,00,000 (1,85,00,000 +72,00,000)

Total number of shares after whole dilution (To be) 3,05,00,000 (2,57,00,000 +48,00,000)

Rahul Gupta

Shares held by him New PreferenceAllotment Warrant Total Shares

8,30,030 72,00,000 43,00,000 1,23,30,030

Current stake of Rahul Gupta on fully paid up equity share capital 31.25% - 80,30,030 shares*

Total stake of Rahul Gupta (including warrants) on diluted capital 40.43% - 1,23,30,030 shares

Open offer made by Shree Udyog Ltd. 26.00% - 79,30,000 shares


02-01-2019 8

*Because of the dilution the P/E will increase to 96.65.

Apl Apollo Tubes Ltd. is also diluting the shares to fund the acquisition. The company isissuing 4,00,000 equity shares and 5,00,000 convertible warrants to the promoters.

Apl Apollo Tubes ltd.

Current No. of shares (cr.) Equity Infusion(cr.) Total number of shares after dilution(cr.)

2.373 0.09 2.463

APL apollo ApolloTricoat

66.43%stake Total offer P/E

TTM PAT (cr.) 154.11 4.26 2.83 216.31536 76.44

No.of shares after dilution 2.463 3.05

EPS after dilution (Rs.) 62.57 1.40

TTM Sales (cr.) 5,979.23 42.99 28.56 216.31536 7.57

Apollo Tricoat

Pre-dilution Post Dilution Change inEps (%)

PAT (2018) (cr.) 6.98 6.98No. shares 2.57 3.05EPS (Rs.) 2.72 2.29 -15.81%

TTM PAT (cr.) 4.26 4.26

No. shares 2.57 3.05

EPS (Rs.) 1.66 1.40 -15.74%

Pre-dilution Post-dilution

Current Price (Rs.) 135 135

Eps (Rs.) 1.66 1.40

P/E (x) 81.44 96.65*


02-01-2019 9

Post acquisition the EPS of APL Apollo Tubes Ltd. will be only Rs. 63.97 cr. (62.57 + 1.40).

APL Apollo is acquiring 66.43% stake in Apollo Tricoat, therefore the PAT and Sales isconsidered accordingly.

According to this, APL Apollo will be acquiring Apollo Tricoat Tubes on 76.44 times highervaluation when calculated through PAT and on 7.57 times higher valuation when calculatedthrough Sales.


02-01-2019 10

Industry Overview

Domestic Steel Pipe and Tubes Industry Structure

Steel pipes and tube manufacturing are among the fastest growing industries across the globe.India is among the leading ERW steel tubes manufacturing hubs in the world with domesticdemand levels of 10MTPA. Other countries manufacturing steel pipes and tubes include China,Turkey, Italy and US. Demand is led by increased infrastructure construction, automobile andenergy sectors. Domestic ERW pipe industry to grow at 10-12% CAGR through FY19 and thecurrent market size is estimated at 30000 cr..

Seamless

Steel Tubes & Tubes Industry

Ductile Iron

Potable Water& SewageTransportation

Oil & Gas,Engineering,Automotiveand Power

Key PlayersElectrosteel,Jindal SAW,others

Key PlayersISMT,MaharashtraSeamless,Jindal SAW

Welded

SAW (HSAW& LSAW)

Oil & Gas,Water andsewage spiral -long distanceO&G andwatertransportation

Key PlayersJindal SAW, PSL,Welspun Corp,Man Industries,Ratnaman

ERW Precision(DOM)

Automotive,White goods

Key PlayersTI, Tata Steel,Innoventive

ERW (Structural/Commerical)

Traditional: New Age:Engineering, Auto, Power,Oil & Gas (Last mile, Citygas distribution), Waterand sewage Moderninfrastructure - airport,malls, metros, bus body,greenhouse structures,sprinklers, prefabricatedstructure, etc

Key PlayersAPL Apollo, Surya Roshni,Maharashtra Seamless,Tata Steel, Welspun Corp,Bhushan Steels


02-01-2019 11

Steel pipes market opportunity

Steel Pipe consumption is directly linked to the country’s GDP growth Steel demand expected to grow at 6-8% through FY21

Pipe demand will form 10-12% of the total steel demand, thereby providing a hugeopportunity for steel pipe consumption

SteelConsumption

Pipeconsumption

Pipeconsumptionas a % of steel

Per CapitaConsumption

Mn ton Mn ton % Steel Kg Pipe KgGlobal 1573 156 10% 208 21China 800 80 10% 568 57India 105 10 10% 75 6Rest of theWorld 673 68 10% 140 14

Global Steel Pipes Consumption (156 mn tonnes)

Indian Steel Pipes Consumption (10 mn tonnes)

Global Steel Consumption (1,573 mn tonnes)


02-01-2019 12

Sectors

Growth Potential

Strong Government impetus. increasing purchasing power. imp roving lifestyle dynamics. etcprovide a boost to all key sectors of the Indian economy.

With enormous untapped potential across all major sectors and new age applications. APLApollo's business model is well-positioned to capitalize on all emerging sectoral trends



02-01-2019 13

Products

Applications:Urban Infra,Automotive,Preengineeredbuildings

Applications:Liquid & PowerTransmission,Scaffolding, Firefighting

Applications:Over & UnderGround piping,Scaffolding,Refineries

Applications:Automotive (busbody), Cabling &Ducting, Greenhouse structures


02-01-2019 14

Product-wise Performance






02-01-2019 15

DFT Technology

DFT is the latest global technology for making hollow sections of superior quality which reducesrollover time significantly.DFT would however alleviate the need to do this and help them formsquare and rectangular pipes directly. This would bring along a number of benefits andopportunities:

a) 3-10% Savings on RM: DFT would eliminate the wastage which earlier used to gather at theedges when round pipes were converted into square or rectangular pipes. Savings in the range of3-10% on RM costs are expected on the back of this.

b) Customized/Small orders to drive market share gains: Introduction of DFT would enable APLto produce pipes in smaller batches, as low as 10-20MT against the traditional requirement ofhaving to process 400-550MT before making any changes. Thus, the ability to accept small ordersin customized sizes would enable it to serve a larger part of the market. Besides, customizationwill also allow APL Apollo Tubes to be the first to offer its customers the size which just meetstheir requirement. Testimony to this customization is the introduction of 300x300mmsize in Indiafor the first time in India and being the sole producer of the same. Having received encouragingresponse to customized sizes, the company has already developed 12 new sizes which APL shallleverage upon going forward.

c) Entry into new industries: The management expects to make inroads into new industries suchas Truck & Bus Body, Agricultural Implements, Gym/Sports Equipment, Solar Tracking systems etc.led by the acceptance of the superior quality products as a result of the new technology.

d) Export opportunities: Export markets of Europe, Japan and USA hold strong potential as DFTproducts are well accepted in these advanced economies. The management is betting on DFT tobe a key catalyst in ramping

Source : Annual Report


02-01-2019 16

Special Products

Source : APL Apollo website

New Patented Design


02-01-2019 17

Top Shareholders

Management

Name of Share holders No of shares Percentage

Kitara PIIN 1001 3000000 12.64

IDFC Premier Equity Fund 867063 3.65

HDFC Trustee Company Limited - HDFC Prudence 672703 2.83

DSP Blackrock Small Cap Fund 982098 4.14

Emblem FII# 239004 1.01

Sameer Mahendra Sampat 558500 2.35

Suresh Kumar Agarwal 400,000 1.69

Ashish Kacholia 400,000 1.69

Kitara PIIN 1101 852,000 3.59

Goldman Sachs India Limited 626,434 2.64

Kotak Emerging Equity Scheme* 337,094 1.42

Name Designation About

Mr. Sanjay Gupta Executive Chairman

Founder & Promoter of APLApollo Tubes since inception.

Has a diverse experience acrossthe steel industry segments ofover 20 years.

Instrumental in driving APLtowards the growth path.

He spearheads the company instrategic road map andformulating business plans

Mr. Ashok Gupta Managing Director

A steel industry veteran withover 30 years of experience inthe industry.

He has worked in various seniormanagerial positions atcompanies like SAIL, BhushanSteel, LN Mittal (AfricanContinent), Jindal etc.

A Master's in Science (Physics)and masters in management


02-01-2019 18

from AIMA

Mr. Vinay Gupta Director

He has over 18 years ofexperience in exports andinternational market.

He possesses in-depthknowledge of manufacturingand trading pipes, tubes, sheetsand other steel products.

He has been specificallyassigned with the developmentof pre-galvanized business

Mr. Deepak Goyal Chief Financial Officer

Chartered Accountant byprofession, he has been a CFOof the company since February2015 prior to which he was theGeneral Manager Accounts


02-01-2019 19

Financial Outlook

Profit and Loss Statement

Cash Flow

Particulars FY16 FY17 FY18Income from operations 4154.23 4,377.65 5,472.38Total Expenses 3971.20 4044.68 5101.34Operating Profit 182.03 332.97 371.04Operating Profit Margin 4.38% 7.60% 6.78%Other Income -15.03 5.97 8.01Depreciation 34.10 50.90 53.41Interest 69.51 72.03 81.30Profit Before Tax (PBT) 162.98 216.01 244.34PBT Margin 15.04% 9.62% 10.75%Tax 62.42 63.90 86.21Net Profit 100.56 152.11 158.13Net Profit Margin 10.25% 6.23% 6.96%EPS 40.90 64.48 66.64

Metric/Figures (cr) 2016 2017 2018Cash Flow from Operating Activity 11.30 315.35 91.37Cash Flow from Investing Activity -92.68 -169.70 -165.37

Cash Flow from Financing Activity 80.88 -145.43 79.23

Net Cash Flow -0.50 0.22 5.23


02-01-2019 20

Balance Sheet

Metric/Figures (cr.) 2016 2017 2018Cash & Cash Equivalents 1.02 1.39 6.62Debtors 218.17 294.87 432.13Inventory 594.36 469.61 591.49Loans & Advances 1.38 0.77 1.16Investments - 0.44 1.11Fixed Assets 598.89 630.84 848.66Other Assets 213.21 446.66 299.91Total Assets 1627.03 1844.58 2181.08Share Capital 23.44 23.59 23.73Total Reserve 545.62 679.77 814.12Total Networth 569.06 703.36 837.85Current Liabilities & Provision 309.1 430.12 408.42Debt 669.56 618.52 798.69Other Liabilities 79.3 92.58 136.12Total Liabilities 1627.03 1844.58 2181.08


02-01-2019 21

Ratio Analysis

Performance Ratios 2014 2015 2016 2017 2018RoA % 5.49 5.07 6.50 8.18 7.36RoE % 15.29 14.21 19.41 24.03 20.67RoCE % 17.38 17.42 21.29 22.90 22.38

Efficiency Ratios 2014 2015 2016 2017 2018Receivable Days 30.66 22.26 15.50 21.47 24.24Inventory Days 37.72 31.87 35.82 44.36 35.39Payable Days 16.97 20.22 21.14 32.85 27.92Cash Conversion Cycle 51.41 34.51 30.18 32.98 31.79

Financial Stability Ratios 2014 2015 2016 2017 2018Total debt/equity (x) 1.22 1.00 1.15 0.85 0.93Current Ratio (x) 1.18 0.99 1.09 0.98 1.01Interest Ratio (x) 2.46 2.47 3.34 4.00 4.01

Cash Flow Ratios 2014 2015 2016 2017 2018Cash flow per Share 56.62 134.30 4.82 133.68 38.50Price to Cash flow 3.50 2.99 137.89 8.75 51.80Free Cash flow per share -26.27 16.43 -95.75 102.63 -7.53Price to Free cash flow -7.54 24.42 -6.94 11.40 -264.71Sales to Cash flow 18.82 9.97 372.88 12.44 58.39

Valuation Ratios 2014 2015 2016 2017 2018EPS (x) 25.16 27.20 42.91 64.48 66.64P/E (x) 7.87 14.76 15.49 18.15 29.93P/BV (x) 1.12 1.95 2.75 3.95 5.69EV/EBITDA (x) 5.76 7.54 7.56 9.89 14.51

Du-Pont ratios 2014 2015 2016 2017 2018RoE (%) 15.29 14.21 19.14 24.03 20.67PATM (%) 3.56 3.11 3.87 5.50 4.58Sales/Total Assets (x) 624.10 549.47 679.68 622.01 628.61Assets to Equity (x) 117.13 124.06 146.39 141.87 140.64

Jainam Share Consultant Pvt Ltd Sector : Iron & Steel

21-11-2018 22

ANALYSIS

Peer Analysis

Particulars APL Apollo Surya Roshni MaharashtraSeamless

PlantSikandrabad (3),Raipur, Murbad,Hosur, Bengaluru

Bahadurgarh(Haryana),

Malanpur, Gwalior(M.P.), Hindupur

(A.P.), Anjar, Kutchh(Gujarat)

Raigad, Maharashtra(2)

Products

ERW Steel Pipes(MS Black,

Galvanized Iron(GI),

Pre-Galvanized(GP), HollowSections)

ERW Steel Pipes (GI,Black and HollowSection), API &

Welded Spiral, 3LPECoated Pipes, Coldrolled strips and

sheets

Seamless Pipes, ERWPipes, Solar Power

Capacity 17,50,000 MTPA

9,00,000 MT ERWpipes includes2,50,000 MT GI

pipes

-

Segment Revenue100% revenuefrom ERW Steel

Pipes

Steel Pipes andStrips - 72%,Lightning &

Consumer durables- 28%

Steel Pipes & Tubes -95.79%

Product wise Revenue

Hollow Sections -51%, Black round- 15%, GP - 24%,

GI -11%

GI - 35%, BlackRound - 13%,

Structural Pipes -27%, CR Sheets -14%, API & Spiral -

11%

-


21-11-2018 23

CCC 39.88 79.15 141.91

Market Share 15% - -

TTM Revenue (cr.) 6201 5404 2505

Market Cap (cr.) 2870.24 1,272.08 3,470.24

ROE(%) 20.56 10.82 6.86

ROCE(%) 22.41 12.55 10.28

Promoter Holding (%) 37.25% 62.90% 61.78%

TTM PAT (Cr.) 154.11 113.71 316.03

PATM(%) 2.49 2.10 12.61

CFO (Cr.) 91.37 155.22 90.02

FCF(Cr) -81.31 88.60 -19.69

D/E (x) 0.93 1.05 0.01

EPS(Rs) 65.40 20.90 47.18


21-11-2018 24

Conclusion

RecommendationAPL Apollo Tubes Ltd. is having a strong distribution network of 650+ distributors, 40,000retailers and 29 warehouses cum branches. DFT Technology will help the company incost-optimization and also increase the efficiency of the company.

The management is focusing on brand and high margin products but the company is acquiringstake in Apollo Tricoat Tubes ltd. at higher valuation which can be a big concern for thecompany. APL Apollo Tubes Ltd. And Apollo Tricoat Ltd. Is having equity dilution which caneffect minority shareholders. The volatility in steel prices (which forms 85% part of the rawmaterial) can impact the profitability of the company. Also, the company is increasing itsborrowings which again is a concern. People shifting towards PVC pipes from galvanized pipescan be a threat for the industry. GST implementation can be beneficial for the company as thisindustry is highly dominated by unorganized players (60%).

The company is increasing its production capacity and also expanding its Pan-India presencewhich will help the company to reach to its customers. Also, the company is trying to increaseits exports and OEM’S in the coming years.

We are ‘neutral’ on this stock.

.


21-11-2018 25

Sources

Annual Report APL Apollo Tubes ltd. Website Investor Presentation Conference Call BSE website Web based Software – Ace Analyser Screener.in

Research Analyst Details

Name Designation Email IdTejas Jariwala Research Head [email protected] Zaveri Sr. Research Analyst [email protected] Patel Sr. Research Analyst [email protected] Agarwal Assistant Research Analyst [email protected] Pareek Assistant Research Analyst [email protected] Patel Assistant Research Analyst [email protected] Modi Assistant Research Analyst [email protected] Nalbandh Sr. Research Executive [email protected] Patel Jr. Research Executive [email protected] Bakshi Jr. Research Executive [email protected]


21-11-2018 26

Full Form & Glossary

Abbreviation Full FormBV Book ValueCAGR Compound Annual Growth RateCAPEX Capital ExpenditureCOGS Cost of Goods SoldDPS Dividend Per ShareEBIT Earnings before interest and taxesEBITDA Earnings before interest, tax, depreciation and amortizationEPS Earning Per ShareEV Enterprise ValueFY Financial YearGP Gross ProfitHY Half YearMCap Market capitalizationNAV Net Asset ValueNII Net Interest IncomeNOI Net Operating IncomeNOPAT Net Operating Profit after TaxNPV Net Present ValueOCF Operating Cash FlowOI Operating IncomeP&L Profit & LossP/E Price/Earnings RatioPAT Profit After TaxPATM Profit After Tax MarginPBT Profit Before TaxQOQ Quarter on QuarterRE Retained EarningROA Return on AssetsROCE Return on Capital EmployedROE Return on EquityROI Return on InvestmentROIC Return on Invested CapitalRONA Return on Net AssetTTM Trailing Twelve MonthWC Weighted Average Cost of CapitalYOY Year over Year


21-11-2018 27

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21-11-2018 28

Disclaimer

Research Analyst Details

Name: Radhika Modi Email Id: [email protected] Ph: +91 0261-6725518

Analyst ownership of the stock: No

Details of Associates: Not Applicable

Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their)personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is orwill be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

Disclaimer: www.jainam.in is the domain owned by Jainam Share Consultants Pvt. Ltd.

SEBI (Research Analyst) Regulations 2014, Registration No. INH000006448

The views expressed are based solely on information available publicly and believed to be true. Investors are advisedto independently evaluate the market conditions/risks involved before making any investment decision.

This report is for the personal information of the authorized recipient and does not construe to be any investment,legal or taxation advice to you. This report should not be reproduced to any other person in any form. This documentis provided for assistance only and is not intended to be and must not alone be taken as the basis for an investmentdecision. Jainam Share Consultants Pvt. Ltd. or any of its affiliates or employees shall not be in any way responsible forany loss or damage that may arise to any person from any inadvertent error in the information contained in thisreport. Neither Jainam Share Consultants Pvt. Ltd., nor its employees, agents nor representatives shall be liable forany damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits thatmay arise from or in connection with the use of the information. Jainam Share Consultants Pvt. Ltd. or any of itsaffiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matterpertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particularpurpose, and non-infringement.

The recipients of this report should rely on their own investigations. Jainam Share Consultants Pvt. Ltd. and/or itsaffiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in thisreport. Jainam Share Consultants Pvt. Ltd. has incorporated adequate disclosures in this document. This should,however, not be treated as endorsement of the views expressed in the report. We submit that no material disciplinaryaction has been taken on Jainam Share Consultants Pvt. Ltd. by any regulatory authority impacting Equity ResearchAnalysis.

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researchnote iron&steel 02jan2019… · 2019. 1. 9. · internationalmarket. he possesses...

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