IPO Note

Sector: Construction & Infrastructure

RESEARCH

Ashoka Buildcon Ltd. SUBSCRIBE

Well established to capitalise on future BOT project opportunity 24 September 2010

Ashoka Buildcon Ltd. (ABL) enjoys the first mover advantage in Vinod Nair +91-22-6618 6379
BOT segment, with 23 projects under its ambit; of which 17 vinod.nair@pinc.co.in
projects are operational and six are under construction, totaling
3,498 lane km in five states. ABL is one of the few companies who Subramaniam Yadav +91-22-6618 6371
has seen the complete life cycle of a BOT project and has subramaniam.yadav@pinc.co.in
transferred three projects back to the government.
Order book set to grow
ABL, currently, has a order book position of Rs16.2bn, which does
not reflect the orders from newly bagged BOT projects which is
ISSUE SNAPSHOT
Rs16.4bn, totaling to Rs32.6bn. Current order book of Rs16.2bn
constitutes ~37% from Power and distribution companies, ~13% No. of shares offered 7.6-6.9mn shares
from own BOT projects and ~50% from associate and third party Proposed Price band Rs 297-324 per share
Proposed Issue size Rs2.25bn
contracts. The company is looking for larger projects and has also
Issue period 24-28 Sep., 2010
been qualified for Rs15bn of NHAI project.
Mkt Cap Rs15.8-17.1bn
Integrated business model - helps reduce cost and timely Listing BSE & NSE
completion Equity pre issue 45.7mn shares
ABL over the years has developed an integrated model, from Equity post issue 53.3-52.6mn shares
bidding to completion of project relying on their strong in house
capabilities. ABL has developed its own traffic database over the
years which aide during bidding process and has also developed
IPO Note

in house capabilities in design, engineering, construction and PROMOTERS OF THE ISSUE

also has RMC plants. The company has also leveraged its existing Promoters : Ashok Katariya
BOT projects to fund its newer projects, out of 20 projects 15 has Satish Parakh
been refinanced. It has also developed its own proprietary software Ashish Katariya
for toll collection which helps minimise cash pilferages. Aditya Parakh
VALUATIONS AND RECOMMENDATION
Given the limited availability of information about the BOT projects
we employ a simple P/BV valuation method on the net equity
invested in BOT projects by ABL. We believe these project can be SHAREHOLDING PATTERN
valued between 1.5x to 2x P/BV and construction business at 6x PreIssue (%) Post Issue (%)
EV/EBIDTA FY12 and thus arrive at a SOTP based target price @297 @324
band of Rs378 and Rs429 per share. i.e. expected return of 17%
Promoter group 84.4 72.4 73.2
and 32% respectively. We recommend ‘SUBSCRIBE’ on the higher
IDFC PE 15.6 13.4 13.5
price band of Rs324 per share.
Public & others - 14.2 13.3
KEY FINANCIALS Rs mn
FY06 FY07 FY08 FY09 FY10
Revenues 1,791 4,031 3,228 5,184 7,956
YoY Gr. (%) - 125.0 (19.9) 60.6 53.5 BOOK RUNNING LEAD MANAGERS
Operating Profit 452 1,055 1,233 1,640 2,143 ENAM
OPM (%) 25.2 26.2 38.2 31.6 26.9 IDFC
Adjusted Net Profits 43 241 331 348 859 Motilal Oswal
YoY Gr. (%) - 464.4 37.1 5.2 146.7
KEY RATIOS
Dil. EPS (Rs)* 0.9 5.3 7.2 7.6 18.8
ROACE (%) 13.9 13.3 12.6 16.0 21.2
ROANW (%) 5.8 11.1 11.1 10.6 21.2
PER (x) # 346.2 61.3 44.7 42.5 17.2
EV/Sales (x) # 9.4 4.4 5.9 4.1 3.2
EV/EBIDTA (x) # 37.1 16.9 15.3 13.0 11.8
* calculated on FY10 equity capital # @ Higher end of band of Rs 324

PINC Research reports are also available on Reuters, Thomson Publishers and Bloomberg PINV <GO>
 RESEARCH
Ashoka Buildcon Ltd.

Issue details
Ashoka Buildcon Ltd (ABL) plans to raise Rs2.25bn via fresh issue at a price band of
Rs297 (lower end) to Rs324 (higher end) which would represent 7.6mn shares or 6.9mn
shares respectively, which is a dilution of 14.2% and 13.2% on the post issue capital. At
these prices ABL is asking a market capitalisation of Rs15.8bn to Rs17.1bn, which did a
consolidated turnover of Rs12.4 with profit after tax at Rs1.25bn for FY10 i.e. Mcap/Sales
of 1.4x & 1.3x and P/E of 13.6x & 12.6x.
ABL is planning to utilise the IPO proceeds for the following purposes:

Object of the issue

Particulars Amount Rsmn
Investment in capital equipment 250
Working capital requirements 450
Prepayment/ repayment of project loans 550
Funding certain subsidiaries for prepayment/ repayment of their loans 600
General corporate purposes & issue exp 400
Total 2,250

Source: RHP, PINC Research

The objectives, thus, are largely to subsidies BOT assets making them more feasible and
improve future cash accrual which could be employed in future project wins.
Business Profile
ABL is present in entire value chain of road construction from RMC division to
construction, operation and maintenance and toll collection. It also has presence in
power transmission and distribution, manufacture and sales of pre cast concrete poles,
RMC and bitumen to third party. ABL is amongst the highest number of toll road operator
in India and own around 26 BOT projects, of which 17 are operational, six under
construction and three handed over to government.
ABL has four key divisions:
a) BOT division
b) EPC division (for own and third party works)
c) RMC and bitumen division
d) Toll collection contract division

subramaniam.yadav@pinc.co.in 2
 RESEARCH
Ashoka Buildcon Ltd.

Company Structure

Company

Toll collection EPC Division BOT Division RMC and Bitumen

Contract Division Division

99.80% 50.99 26%

Ashoka Technolgies Ashoka Pre L&T PNG Tollway
Pvt. Ltd. Con Pvt. Ltd. Private Ltd. (NH 3
Pimpalgaon-Nashik-

100% 86.74%(1) 100% 100% 50% 50%

Company’s BOT projects Viva Highways Ashoka Ashoka Jayaswals Ashoka

(Ahmednagar - Karmal Road) Private Ltd. Infrastrucuture Ltd. Infraways Ashoka Bridgeways
(Nashirabad railway-over Bridge) Private Ltd. Infrastructure
(Sheri Nallah Bridge) (Indore-Edalabad (Pune-Shirur Road) Private Ltd. (Anawali-
(Ahmednagar - Aurangabad Rd.) Road) (Dewas Bypass) (Wainganga Kasegaon Road)
(Shopping mall-campus of Bridge)
Rukmin, Bai Hospital, Kalyan,
Maharashira) 99.99% 99.99%
(Shopping mall-Adhawardi, 98.67% 98.67%
Kalyan City, Maharashtra) Ashoka Ashoka High-way Ashoka Sambalpur Ashoka Belgaum
(Waghur Hydro electric Power Infrastructures Ad Baragarh Tollway dharwad Tollway
Plant) Private Ltd. Pvt. Ltd.
(8) (Dhule Bypass) (6 foot-over-bridges (NH-6 Sambalpur- (NH-4 Belgauvn-
in Mumbai) Bargarh Rd)(6) Dharwhd)(7)

99.89 52.02 53.18 13.76

Ashoka-DSC Katni Ashoka Highways Ashoka Highways Jaora Nayagoan Toll

Bypass Road Pvt. Ltd. (Bhandara) (Durg) Ltd. Road Company

(Katni Bypass) (NH-6 Bhandara Rd.)(3) (NH-6 322.4) km- (Jaora-Nayagaon

405 km) (3) Road.)(4)

Source: RHP, PINC Research

ABL was Incorporated in 1976 with its head office in Nashik. Prior to 1997, ABL was
engaged in EPC work for residential, commercial, industrial and institutional buildings.
Post acquiring EPC skills, ABL ventured into BOT segment. ABL’s first BOT win was, the
Dhule bypass in Maharashtra in 1997, which was also the first BOT project in
Maharashtra. In FY2000, ABL ventured into manufacturing of RMC solely for use in its
own EPC division and by FY02 they started selling it to third party as well. In FY05
processing of bitumen to a higher grade was also initiated in Pune for use in road
projects. Having developed systems and procedures for collecting tolls in own BOT
projects, including developing proprietary computerised toll revenue auditing system,
ABL tendered for and were awarded the first contract to collect the tolls on a road owned
and constructed by a third party.
In FY09, ABL began undertaking EPC work in the power sector with the first project
coming from Maharashtra State Electricity Distribution Company Limited for, the
construction and commissioning of sub-transmission lines, distribution lines, power
transformers and new sub-stations.

subramaniam.yadav@pinc.co.in 3
 RESEARCH
Ashoka Buildcon Ltd.

In September 2008 ABL won the contract to construct and develop two shopping malls
on a BOT basis while in September 2009 it started manufacturing pre-cast concrete
poles. Currently, ABL has operations across the states of Maharashtra, Madhya Pradesh,
Chhattisgarh, Rajasthan, Karnataka and Orissa. As at March 31, 2010, our work force
consisted of 2,412 full-time employees, including 1,153 technical staff.
BOT division
At present, it operates 23 BOT road projects, i.e. 3,498.35 km of lanes in Maharashtra,
Madhya Pradesh, Chhattisgarh, Karnataka and Orissa. The weighted average concession
period (including toll collection period) for these 23 BOT road projects was 21.09 years
as at March 31, 2010. Out of the 23 BOT projects mentioned above, 17 are operational
and six are under construction. Of the 17 BOT projects in operation four are operated by
the company; 11 are operated by the subsidiaries of the company/joint ventures
controlled by the company, one is operated by an associate company in which the
Company has a 50% interest; and one is operated by a joint venture in which the company
has a 5% interest.
Of the six BOT projects under construction: four are being developed by subsidiaries of
the company, one is being developed by PNG Tollway Private Limited, in which the
company has a 26% interest, and one is being developed by Jaora Nayagoan Toll Road
Company Private Limited in which the Company has a 13.76% beneficial interest. In
addition, it has successfully transferred three BOT projects to the Govt.
ABL has also entered into agreements to develop two shopping malls in Kalyan,
Maharashtra on a BOT basis. The construction of these projects has not yet begun.

BOT projects under operation

Lane Company’s Project cost
Project name kilometers beneficial int. (Rs mn) Granted by Concession period
Indore - Edalabad Road proj. 407 86.74% 1653 MPRDC Nov. 2002 - April 2007
Pune -Shirur Road proj. 216 100.00% 1610 PWD, Mah July 2005 - Oct. 2015
Ahmednagar -Aurangabad road proj. 168 100.00% 1027 PWD, Mah May 2008 - Sept. 2016
Katni Bypass 35 99.89% 709 PWD, MP Feb. 2008 -Sept. 2018
Dewas Bypass 40 100.00% 613 PWD, MP May 2004 - Aug. 2015
Ahmednagar -Karmala Rd Proj. 160 100.00% 504 PWD, Mah. Aug. 1999 -Nov. 2015
W ainganga Bridge 26 50.00% 409 MRTH, N.Delhi Mar. 2001 - Feb. 2018
Nashirabad railway over-bridge 8 100.00% 147 MRTH, N.Delhi July 2000 - Nov. 2010
Sheri Nallah bridge 7 100.00% 142 PWD, Mah. Oct. 2000 - June 2015
Dhule bypass 12 99.99% 58 PWD, Mah. March 1998 - Jan. 2011
Foot-over-bridge (Godrej) N.A. 99.99% 7 PWD, Mah. April 2002 - Aug. 2016
Foot-over-bridge (Priyadarshini) N.A. 99.99% 7 PWD, Mah. Jan. 2003 - Aug. 2012
Foot over bridge (Pravin Hotel) N.A. 99.99% 8 PW D, Mah. May 2003 - Aug. 2017
Foot over bridge (Tagore Nagar) N.A. 99.99% 7 PW D, Mah. July 2003 -Aug. 2018
Foot over bridge (Louis Wadi) N.A. 99.99% 4 PW D, Mah. Feb. 2003 -Aug. 2013
Foot over bridge (Mental Hospital) N.A. 99.99% 5 PW D, Mah. July 2002 -Aug. 2013
Anawali-Kasegaon Road 22 5.00% 74 PWD, Mah. March 2007 - May 2017
Source: RHP, PINC Research

subramaniam.yadav@pinc.co.in 4
 RESEARCH
Ashoka Buildcon Ltd.

Upcoming BOT projects

Lane Company's Project cost
Project name kilometers beneficial interest (Rs mn) Granted by Concession period
NH-6 Bhandara Road 320 51.00% 5,350 NHAI Sept. 2010 -Mar. 2028
NH-6 Durg Bypass 332 51.00% 5,870 NHAI Jan. 2011 - Mar. 2028
Jaora - Nayagaon Road 319 14.47% 8,180 MPRDC Feb. 2011 -Feb. 2033
NH-3 Pimpalgaon-Nashik-Gonde Road 452 26.00% 14,070 NHAI July 2012 - July 2032
NH-4 Belgaum-Dharwad Road 454 98.67% 6,300 NHAI Yet to achieve fin. closure
NH-4 Sambalpur-Baragarh Road 408 98.67% 10,080 NHAI Yet to achieve fin. closure

Source: RHP, PINC Research

EPC division (for own and third party works)
The EPC division primarily does engineers and designs works, procures raw material
and equipment for own BOT division and third parties. It also (1) maintains and repairs
existing roads for own BOT division, (2) constructs and modernises power distribution
networks, comprising distribution transformers and electricity substations, for third
parties and (3) constructs commercial, industrial and institutional buildings for third
parties. ABL, has constructed 44 roads and bridges and built over 5.4 million square feet
of commercial, industrial and institutional projects.
RMC and bitumen division
The RMC and bitumen division sells ready-mix concrete and bitumen and supports the
EPC division. ABL owns 14 RMC plants with a total production capacity of 650 cubic
metres per hour and 86 concrete transit trucks and 19 concrete pumps. This division also
sells and processes bitumen to a higher grade for use in road projects from its plant in
Pune with a capacity of 60 metric tonnes per day.
Toll collection contract division
ABL also has a toll collection contract division to leverage its experience of collecting
tolls on our BOT projects and has proprietary computerised toll revenue auditing system.
It has entered into four agreements to collect tolls on roads/bridges owned and
constructed by third parties, but currently they are not tolling any project, their last
contract expired in February 2007.

subramaniam.yadav@pinc.co.in 5
 RESEARCH
Ashoka Buildcon Ltd.

Investment Arguments
Well established to capitalise on future BOT project opportunity
ABL enjoys the first mover advantage in BOT segment, with 23 projects under its ambit;
of which 17 projects are operational and six are under construction, totaling 3,498 lane
km in five states. ABL is among the few company who has seen the complete life cycle of
a BOT project and has transferred three projects back to the government.
ABL is capitalizing its past experience and are now bidding for larger projects and has
tasted success recently by bagging two large BOT projects, Belgaum-Dharwad section
of NH4 of 454 lane km in Karnataka, with estimated EPC cost of Rs10.1bn and another in
Orissa from Sambalpur to Baragarh on NH6 of 408 lane km with estimated EPC cost of
Rs6.3bn. ABL has also recently received letter of allotment from government of
Maharashtra to develop 1500 KW per hour of hydro electric power plant in Waghur on
BOOT model.
Order book set to grow
ABL currently has a order book position of Rs16.2bn, which does not reflect the orders
from newly bagged BOT projects which is Rs16.4bn, totaling to Rs32.6bn. Current order
book of Rs16.2bn constitutes ~37% from Power and distribution companies, ~13% from
own BOT projects and ~50% from associate and third party contracts. The company is
looking for larger projects and has also been qualified for Rs15bn of NHAI project.

Order book details (Rs mn)

Projects Contract price Outstanding order book
In-house road projects
NH-6 Bhandara Road 5,400.0 208.4
NH-6 Durg Bypass 5,390.0 1,716.5
W ork for Pune-Shirur and Indore-Edalabad road 164.8 139.5
Third party road projects
NH3 Pimpamgaon-Nashik-Gonde 5,853.3 5,562.2
Jaora - Nayagaon Road 4,557.0 317.9
BRTS in Bhopal City 1,319.7 1,181.7
MMRDA BKC Concrete Road 152.8 3.7
BRTS in Surat City 867.0 867.0
Integrated road for Shirdi town 93.9 93.9
Maintenance road from Phalodi to Pachpadra 84.5 60.5
EPC power
Aurangabad MSEDCL project -T8 2,679.1 810.8
Jalna MSEDCL project -T36 2,763.5 1,979.0
Karjat MSEDCL project -T52 1,315.1 807.5
Dondaicha MSEDCL project - T54 1,034.9 816.7
Dharangaon MSEDCL project - T59 1,229.5 830.0
Shahada MSEDCL project - T65 1,166.3 758.5
Total 34,071.5 16,153.7

Source: RHP, PINC Research

subramaniam.yadav@pinc.co.in 6
 RESEARCH
Ashoka Buildcon Ltd.

Integrated business model – helps reduce cost and timely completion

ABL over the years has developed an integrated model, from bidding to completion of
project they rely on their strong in house capabilities. It has developed its own traffic
database over the years which aide during bidding process and has also developed in
house capabilities in design, engineering, construction and also has RMC plants. ABL
has also leveraged its existing BOT projects to fund its newer projects, out of 20 projects
15 has been refinanced. ABL has also developed its own proprietary software for toll
collection which helps minimise cash pilferages.

Business Model

Traffic Estimate Design & Engg. Inhouse construction

z Indepth knowledge, database z have inhouse team z Majority of work completed
built since 1998) inhouse

Toll collection and O&M Re leveraging RMC

z Proprietary software and z 15 of 20 project refinanced z 14 RMC plant, Rs1304 of
have inhouse O & M plants

Source: Company, PINC Research

VALUATIONS AND RECOMMENDATION

Please note that ABL consolidated accounts are stated as per AS 27, which does not
allow business and profits earned from own/subsidiary companies to be consolidated,
hence the consolidated results of ABL are not comparable to the likes of IRB.
We understand that ABL’s FY10 consolidated results have been reported post netting off
Rs4,420mn in the turnover which are EPC work done for the own BOT projects. Hence
consolidated revenue includes only Rs5527mn of third party and associate EPC work.
This has led to understatement of sales and PAT for valuation purpose. We also understand
that this would have impacted PAT for FY10 by approximately ~Rs450mn and net worth
by ~Rs800mn. Hence the restated PAT after minority interest for FY10 will be Rs1254mn
and Net worth will be Rs5300mn.

subramaniam.yadav@pinc.co.in 7
 RESEARCH
Ashoka Buildcon Ltd.

Relative valuation with IRB is attractive @ Rs324

We have valued the construction arm of IRB at 13x P/E on FY12E basis, which works out
to Mcap/EBITDA of 8x on FY12 basis. In the case of IRB the EPC division largely undertakes
own BOT EPC work with EBITDA margin of 16%-18%. IRB EPC division is expected to
grow at 100% for FY11 and 60% for FY12 with EBITDA margins of 16% and PAT is expected
to grow at 89% in FY11 and 30% in FY12.
Whereas in the case of ABL’s EPC division third party EPC work stood at 56%, though we
do not have any guidance in term of the mix going forward or orders bided for, we
understand that ABL’s current order book of Rs32bn is tilted more towards own BOT EPC
work. Historically the EPC division has grown at a CAGR of 70% over FY06-10.
For FY10, ABL ended the year with a blended PBIT margin of 11% (EPC + RMC &
Bitumen), The EBIDTA margin ABL makes in the EPC division is between 11% to 13%
depending on the type of project. We believe given the current order book the EPC
division can be scaled up to Rs18bn by FY12 i.e. 35% CAGR growth at which the EBITDA
on lower case assumption of 11% will stand at Rs2bn. At 25% discount to IRB @ 6x EV/
Mcap ABL’s EPC division can be valued at Rs12bn.
Given the limited availability of information about the BOT projects we employ a simple
P/BV valuation method on the net equity invested in BOT projects by ABL. We understand
that ABL has invested about Rs2.7bn as equity in existing projects which did a turnover
of Rs1,653mn in FY10. ABL has 2400km of lane project under construction and is
expecting about 600km-700km to start tolling in the near future. ABL has invested about
Rs2.6bn in these projects. The management is expecting about 20% – 22% RoE in these
projects over the life of these projects. We believe these project can be valued between
1.5x to 2x P/BV. ABL has also won two new projects accumulating to Rs16bn where
financial closure is expected during FY11; ABL would have to put in about Rs3.5bn as
equity in this project over the construction state, which is difficult to value due to lack of
project details. Thus based on the available information we arrive at a target price band
of Rs378 and Rs429 per share. i.e. expected return of 17% and 32% repectively. We
recommend ‘SUBSCRIBE’ on the higher price band of Rs324 per share.

SOTP
Particulars Rsmn Rs mn
Construction & RMC 1,994 (FY12E EBITDA) 6x (Mcap/EBITDA) 11,963
BOT Projects 2x (P/BV) 1.5x (P/BV)
Exisiting invested equity
Operational 2,700 5,400 4,050
Under Construction 2,600 5,200 3,900
New Projects 3,500 - -
Market cap 22,563 19,913
Target Price 428.7 378.4
Appreciation 32.3% 16.8%
Source: PINC Research

subramaniam.yadav@pinc.co.in 8
 RESEARCH

Ashoka Buildcon Ltd.

Year Ended March (Figures in Rs mn)

Income Statement FY06 FY07 FY08 FY09 FY10 Cash Flow Statement FY06 FY07 FY08 FY09 FY10
Revenues 1,791 4,031 3,228 5,184 7,956 Profit before tax 65 264 403 499 1,177
Growth (%) - 125.0 (19.9) 60.6 53.5 Depreciation 243 500 583 646 661
Operating Profit 452 1,055 1,233 1,640 2,143 Income from inv & int. (profit) 5 (25) (43) (41) (46)
Other Income 67 159 176 150 186 Interest paid 212 452 495 646 490
EBIDTA 519 1,213 1,409 1,790 2,329 Taxes (18) (26) (57) (111) (307)
Growth (%) - 133.8 16.1 27.0 30.1 (Inc)/Dec in working capital (750) 270 (368) 491 (379)
Depreciation & Amortization 61 79 103 119 152 Other operating activities 12 (2) (45) (37) (58)
EBIT 458 1,134 1,306 1,671 2,177 Cash from operations (232) 1,433 968 2,093 1,553
Interest Charges (Net) 212 452 474 646 490 Net capital expenditure (228) (3,279) (1,523) (3,665) (4,777)
PBT (Before E/o items) 245 683 832 1,025 1,687 Net Investments (51) 294 (8) (153) (526)
Tax provision 33 19 38 116 319 Interest & dividend recd - - - - 415
E/o Income / (Loss) - - - - - Cash from inv. activities (279) (2,985) (1,531) (3,818) (4,887)
Net Profits 43 241 331 348 859 Equity raised/(repaid) - 1,003 (84) (36) (16)
Adjusted Net Profits 43 241 331 348 859 Debt raised/(repaid) 921 1,918 745 2,105 837
Growth (%) - 464.4 37.1 5.2 146.7 Dividend (incl. tax) - - - - -
Basic EPS (Rs)* 0.9 5.3 7.2 7.6 18.8 Other financing activities (212) (452) (495) (646) (490)
Diluted EPS (Rs)* 0.9 5.3 7.2 7.6 18.8 Cash from finan. activities 709 2,469 167 1,423 3,488
Growth (%) - 464.4 37.1 5.2 146.7 Inc/(Dec.) in cash 198 917 (396) (302) 154

* calculated on FY10 equity capital

Balance Sheet FY06 FY07 FY08 FY09 FY10 Key Ratios FY06 FY07 FY08 FY09 FY10
Share Capital* 211 224 587 587 581 OPM (%) 25.2 26.2 38.2 31.6 26.9
Reserves & Surplus 1,260 2,649 2,526 2,886 4,042 Net Margin (%) 2.4 6.0 10.3 6.7 10.8
Shareholders' Funds 1,472 2,874 3,113 3,473 4,623 Net Debt/Equity (x) 1.3 1.0 1.3 1.9 2.2
Minorities Interest - - - - - Net working capital (days) 180.6 61.4 122.4 50.4 73.6
Total Debt 2,458 4,376 5,121 7,226 11,221 ROACE (%) 13.9 13.3 12.6 16.0 21.2
Deferred Tax liability 27 32 13 18 30 ROANW (%) 5.8 11.1 11.1 10.6 21.2
Capital Employed 3,956 7,281 8,247 10,717 15,874 EV/Sales @ Rs297 8.7 4.1 5.5 3.9 3.0
Fixed Assets 1,897 4,677 5,616 8,636 12,750 EV/Sales @ Rs324 9.4 4.4 5.9 4.1 3.2
Cash & cash eq. 473 1,390 994 692 845 EV/EBDITA @ Rs297 34.4 15.7 14.3 12.3 11.2
Net current assets 1,360 2,068 2,076 1,408 2,451 EV/EBDITA @ Rs324 37.1 16.9 15.3 13.0 11.8
Investments 755 662 717 911 1,487 P/E(x) @ Rs297 317.4 56.2 41.0 39.0 15.8
Total Assets 4,012 7,407 8,409 10,955 16,688 P/E(x) @ Rs324 346.2 61.3 44.7 42.5 17.2

*includes Preference share capital

subramaniam.yadav@pinc.co.in
 RESEARCH

T E A M

EQUITY DESK
Sadanand Raje Head - Institutional Sales sadanand.raje@pinc.co.in 91-22-6618 6366
Technical Analyst

RESEARCH
Vineet Hetamasaria, CFA Auto, Cement vineet.hetamasaria@pinc.co.in 91-22-6618 6388
Nikhil Deshpande Auto, Auto Ancillary, Cement nikhil.deshpande@pinc.co.in 91-22-6618 6339
Vinod Nair Construction, Power, Capital Goods vinod.nair@pinc.co.in 91-22-6618 6379
Ankit Babel Capital Goods ankit.b@pinc.co.in 91-22-6618 6551
Hitul Gutka Power hitul.gutka@pinc.co.in 91-22-6618 6410
Subramaniam Yadav Construction subramaniam.yadav@pinc.co.in 91-22-6618 6371
Madhura Joshi Power madhura.joshi@pinc.co.in 91-22-6618 6395
Satish Mishra Fertiliser, Engineering satish.mishra@pinc.co.in 91-22-6618 6488
Rohit Kumar Anand IT Services rohit.anand@pinc.co.in 91-22-6618 6372
Namrata Sharma Media namrata.sharma@pinc.co.in 91-22-6618 6412
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Bikash Bhalotia Metals, Mining bikash.bhalotia@pinc.co.in 91-22-6618 6387
Harleen Babber Metals, Mining harleen.babber@pinc.co.in 91-22-6618 6389
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Chirag Dagli Pharma, FMCG, Fertiliser chirag.dagli@pinc.co.in 91-22-6618 6462
Naveen Trivedi Pharma, FMCG naveent@pinc.co.in 91-22-6618 6384

SALES
Anil Chaurasia Equities anil.chaurasia@pinc.co.in 91-22-6618 6483
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Shailesh Kadam Derivatives shaileshk@pinc.co.in 91-22-6618 6349
Ganesh Gokhale Derivatives ganeshg@pinc.co.in 91-22-6618 6347

DEALING
Mehul Desai Head - Sales Trading mehul.desai@pinc.co.in 91-22-6618 6303
Naresh Panjnani Co-Head - Sales Trading naresh.panjnani@pinc.co.in 91-22-6618 6333
Amar Margaje amar.margaje@pinc.co.in 91-22-6618 6327
Ashok Savla ashok.savla@pinc.co.in 91-22-6618 6321
Raju Bhavsar rajub@pinc.co.in 91-22-6618 6322
Manoj Parmar manojp@pinc.co.in 91-22-6618 6326
Hasmukh D. Prajapati hasmukhp@pinc.co.in 91-22-6618 6325
Sajjid Lala sajjid.lala@pinc.co.in 91-22-6618 6337

DIRECTORS
Gaurang Gandhi gaurangg@pinc.co.in 91-22-6618 6400
Hemang Gandhi hemangg@pinc.co.in 91-22-6618 6400
Ketan Gandhi ketang@pinc.co.in 91-22-6618 6400

COMPLIANCE
Rakesh Bhatia Head Compliance rakeshb@pinc.co.in 91-22-6618 6400
 Infinity.com
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