PNC Infratech (PNCL IN)

Rating: BUY | CMP: Rs245 | TP: Rs295

February 5, 2021 Strong Execution with robust order inflows

Q3FY21 Result Update Quick Pointers:

 Change in Estimates | ☑ Target |  Reco  Execution remains strong with revenue growth of 8.6%YoY/ 25.5% QoQ and
sustained EBITDAM of 13.5% (PLe 13%).
Change in Estim ates
Current Previous  Strong order inflow of Rs78bn in YTDFY21, thereby taking order book to
FY22 E FY23 E FY22 E FY23E
Rating BUY BUY ~Rs180bn (4.1x TTM revenues) and strengthening revenue visibility.
Target Price 295 219
Sales (Rs. m)
% Chng.
62,864
-
69,958
-
62,864 69,958
 Company expects AD for all new projects (land availability at 80 -90%) by Mar-
EBITDA (Rs. m) 8,958 9,969 8,958 9,969 Apr’21 leading to entire OB moving into execution.
% Chng. - -
EPS (Rs.) 20.5 22.0 20.5 22.0
% Chng. - -
PNC Infratech (PNCL) reported strong set of numbers with revenues in line
with estimates at Rs13.2bn while EBITDAM coming in at 13.5%. Despite
Key Financials - Standalone pandemic, the company saw massive ~Rs78bn of order inflows in YTDFY21
Y/e Mar FY20 FY21E FY22E FY23E and expects further orders of ~Rs20bn in 4Q (given strong bid pipeline). Toll
Sales (Rs. m) 48,779 49,581 62,864 69,958 collection across the portfolio grew 22% YoY in 3Q and expects PCOD in 3 -4
EBITDA (Rs. m) 7,643 6,768 8,958 9,969
projects (by 4QFY21), to further boost toll revenues. With labour availability
Margin (%) 15.7 13.7 14.3 14.3
PAT (Rs. m) 4,603 3,680 5,250 5,638 at 100% pre-covid level and construction activity to commence in 6 newly
EPS (Rs.) 17.9 14.3 20.5 22.0 awarded projects (AD expected in Mar-Apr’21), execution momentum is
Gr. (%) 41.7 (20.0) 42.6 7.4
DPS (Rs.) 0.9 0.7 1.0 1.1 expected to remain strong, going ahead.
Yield (%) 0.4 0.3 0.4 0.4
RoE (%) 19.7 13.5 16.7 15.4 PNCL continues to be one of our preferred picks in road infra space given its
RoCE (%) 23.8 17.9 20.0 18.7
1) healthy order book (~Rs180bn including recently bagged projects), 2)
EV/Sales (x) 1.2 1.3 1.0 0.9
EV/EBITDA (x) 7.7 9.3 7.0 6.1 stellar execution pace and most projects getting completed within stipulated
PE (x) 13.7 17.1 12.0 11.2 time, 3) stable EBITDA margins (14-15%) and 4) low debt-equity. On the back
P/BV (x) 2.5 2.2 1.9 1.6
of robust 9MFY21 numbers and revised guidance by management, we have
revised our earnings estimate downwards for FY21 by 2.6%; while keeping
Key Data PNCI.BO | PNCL IN FY22E/FY23E estimates largely unchanged. At CMP, the stock trades at a P/E
52-W High / Low Rs.268 / Rs.80
of 17.1x/12x on FY21E/FY22E EPS and is trading at an EV of 9.3x/7x
Sensex / Nifty 50,732 / 14,924
Market Cap Rs.63bn/ $ 862m FY21E/FY22E EBITDA. We roll over to FY23 estimates and maintain BUY
Shares Outstanding 257m
3M Av g. Daily Value Rs.468.04m rating on the stock with revised SoTP based TP of Rs295 (earlier Rs219).

Shareholding Pattern (%) Strong execution with resilient margins: PNCL’s revenues came in at Rs13.2bn,
Promoter’s 56.07 up 8.6% YoY (largely in line with our estimates of Rs13.4bn) on the back of labour
Foreign 5.82 force back to pre-covid level and consequent strong execution levels in its HAM &
Domestic Institution 23.81
Public & Others 14.30 large ticket size EPC projects . EBITDA margins come in at 13.5% above our
Promoter Pledge (Rs bn) -
estimates of 13%. Adj PAT grew 33.7% to Rs1,032mn (above PLe of Rs939mn)
because of better operating margins, higher other income at Rs243mn (PLe
Stock Performance (%)
Rs172mn), finance cost down 30% QoQ to Rs153mn (PLe Rs291mn) and lower
1M 6M 12M
Absolute 32.5 91.3 23.8 depreciation cost at Rs282mn (down 14% YoY).
Relativ e 26.5 42.0 0.4

Healthy order book; Sharp uptick in order inflows: PNCL’s order book as at
Viral Shah 3QFY21 stands at Rs98.5bn (excluding 4 HAM, 2 EPC and 3 irrigation projects
viralshah@plindia.com | 91-22-66322250
worth over Rs80bn which are recently awarded/ AD is pending). Including these
Shiv ang Joshi projects, order-book-to-sales came 4.1x trailing revenues, giving comfortable
shivangjoshi@plindia.com | 91-22-66322391
revenue visibility for next 2-3 years. With land availability at 80-90%, company
expects to receive AD in 4 HAM and 2 EPC projects by Mar-Apr’21.

February 5, 2021 1
 PNC Infratech

Exhibit 1 : Quarterly Financials (Standalone): Strong execution lead to higher revenues with sustained margins
YoY gr. QoQ gr. YoY gr.
Y/e March (Rs m n) Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 9MFY21 9MFY20
(%) (%) (%)
Revenue 12,180 11,579 9,053 10,535 13,224 8.6 25.5 32,811 37,200 (11.8)
Total Revenues 12,180 11,579 9,053 10,535 13,224 8.6 25.5 32,811 37,200 (11.8)
Expenditure 10,468 10,016 7,855 9,114 11,439 9.3 25.5 28,408 31,120 (8.7)
as % of sales 85.9 86.5 86.8 86.5 86.5 86.6 83.7
Consumption of RM 8,460 8,225 6,552 7,498 9,231 9.1 23.1 23,280 25,484 (8.6)
as % of sales 69.5 71.0 72.4 71.2 69.8 71.0 68.5
Employee Cost 853 623 437 655 924 8.2 41.1 2,015 2,028 (0.6)
as % of sales 7.0 5.4 4.8 6.2 7.0 6.1 5.5
Other expenditure 1,154 1,168 866 962 1,285 11.3 33.6 3,112 3,608 (13.7)
as % of sales 9.5 10.1 9.6 9.1 9.7 9.5 9.7
EBITDA 1,712 1,563 1,198 1,421 1,785 4.3 25.6 4,404 6,080 (27.6)
Depreciation 326 324 270 272 282 (13.7) 3.5 824 940 (12.4)
EBIT 1,386 1,240 928 1,149 1,504 8.5 30.9 3,580 5,140 (30.4)
Other Income 144 159 191 148 243 69.0 63.9 582 725 (19.8)
Interest 401 316 253 218 153 (62.0) (30.0) 623 828 (24.7)
PBT 1,128 1,083 866 1,079 1,594 41.3 47.7 3,538 5,038 (29.8)
Total Tax 356 322 265 386 562 57.6 45.6 1,213 1,195 1.5
Adjusted PAT 771 761 601 693 1,032 33.7 48.9 2,326 3,842 (39.5)
(Profit)/loss from JV's/Ass/MI 0 0 0 0 0 0.0 0.0 0 0 NA
PAT after MI 771 761 601 693 1,032 33.7 48.9 2,326 3,842 (39.5)
Extra ordinary items 0 0 0 0 0 0.0 0.0 0 0 0.0
Reported PAT 771 761 601 693 1,032 33.7 48.9 2,326 3,842 (39.5)
Adjusted EPS 3.0 3.0 2.3 2.7 4.0 33.7 48.9 9.1 15.0 (39.5)
bps bps bps
EBIDTA 14.1 13.5 13.2 13.5 13.5 (55.7) 1.2 13.4 16.3 (292.2)
EBIT 11.4 10.7 10.2 10.9 11.4 (0.6) 46.7 10.9 13.8 (290.6)
EBT 9.3 9.3 9.6 10.2 12.1 279.1 181.1 10.8 13.5 (275.8)
PAT 6.3 6.6 6.6 6.6 7.8 146.8 122.6 7.1 10.3 (324.1)
Effective Tax rate 31.6 29.7 30.6 35.8 35.3 365.5 (52.6) 34.3 23.7 1054.5
Source: Company, PL; Note: YoY numb ers are not comparable as 2QFY20’s revenues include Rs1,095mn towards arb itration claim
received and Rs355mn interest on arb itration claim

Exhibit 2 : SoTP Valuation

PNC's Value Value per Proportionate (%)
Particulars Segm ent Driver Multiple Basis
share (Rsm n) share (Rs) of value per share
PNC's construction
Construction 5,638 100 12 67652 263.7 89.4% 12x on FY23 earnings
business
BOT
Ghaziabad Aligarh Toll 1181 35% 1.1 454.7 1.8 0.6% Based on P/B multiple
Kanpur Kabrai Toll 675 100% 0.8 540.0 2.1 0.7% Based on P/B multiple
Gw alior Bhind Toll 783 100% 0.8 626.4 2.4 0.8% Based on P/B multiple
Bareilly Almora Toll 746 100% 0.8 596.8 2.3 0.8% Based on P/B multiple
Rae Bareli Jaunpur Annuity 1396 100% 0.8 1116.8 4.4 1.5% Based on P/B multiple
Narela Industrial Annuity 350 100% 1 350.0 1.4 0.5% Based on P/B multiple
HAM Projects* HAM 5430 100% 0.8 4344.0 16.9 6% Based on P/B multiple
Target Price 295 100%
Source: Company, PL

Exhibit 3 : Key Assumptions

Rs m n FY18 FY19 FY20 FY21E FY22E FY23E
Order inflow 37,956 79,889 12,969 90,785 99,864 1,09,850
Revenues 18,566 30,969 48,779 49,581 62,864 69,958
Order book 73,180 1,22,100 86,290 1,27,494 1,64,493 2,04,386
Execution cycle (%) 20% 20% 36% 28% 28% 26%
Ob to sales (x) 3.9 3.9 1.8 2.6 2.6 2.9

Source: Company, PL

February 5, 2021 2
 PNC Infratech

Concall Key takeaways

 The company witnessed strong Order Inflows to the tune of ~Rs78bn in FY21
till date across roads and water infra space. Bid pipeline remains strong as
awarding momentum would continue in 4QFY21E and FY22E.

 With bids already submitted for Rs150bn highway projects (40% EPC,
60% HAM), company targets further order inflows of Rs20bn in FY21E.

 PNCL’s order book as at 3QFY21 stands healthy at Rs98.5bn (excluding 4

HAM, 2 EPC and 3 irrigation/water supply projects worth over ~Rs80bn which
are recently awarded/AD is pending). Including these projects, order-book-to-
sales stands strong at 4.1x TTM revenues, giving comfortable revenue visibility
for next 2-3 years.

 During 3QFY21 and Jan’21, PNCL bagged 3 projects in irrigation/water

supply space worth Rs37.7bn.

 Further the company received long awaited AD for Challakere Hariyur

HAM project (Rs11.6bn) in Feb'21.

 Land acquisition for new highway projects (4 HAM & 2 EPC) stands at 80 -
90% & company expects to receive AD in all projects by Mar-Apr'21.

 With robust 9MFY21 performance, management maintains its earlier guidance

of achieving YoY revenue growth in FY21E with EBITDAM in the range of 13-
13.5%, going ahead.

 Toll revenues from its BOT projects witnessed 22% YoY growth in 3QFY21.

 Toll revenue at project level: Kanpur-Ayodhya (Rs1,241mn), Ghaziabad-

Aligarh (Rs629mn), Kanpur Highway (Rs250mn), MP Hig hway
(Rs143mn), Bareilly-Almora (Rs140mn), Narela Industrial Area (99mn).

 With major work already completed, the company expects PCOD in

Aligarh Kanpur, Chitradurga-Dawangere and Jhansi-Khajuraho Pkg 2
HAM projects in 4QFY21 which will further increase toll revenues.

 Gross debt on standalone basis increased to Rs3.65bn (from Rs3.3bn

sequentially) due to capex spending for new projects. Cash & Cash equivalents
were ~Rs8.3bn as at 3QFY21 making it a Net Cash company.

 Finance cost during the quarter came down 30% QoQ as the company
repaid high interest bearing Mobilization advance pertaining to Mumbai
Nagpur project.

 PNCL infused equity of Rs5.4bn till 3Q in its 7 under-construction HAM

projects. Including the 4 new HAM projects, company expects further equity
infusion of ~Rs9.3bn.

 Incremental equity infusion would be Rs3.5bn/Rs1.7bn/Rs1.2bn in

FY22E/23E/24E respectively to be financed from internal accruals.

 With new projects bagged in irrigation/ water supply sector, the company plans
higher Capex of Rs2bn in FY21E (of which Rs500-550mn in 4Q) vs earlier
guidance of Rs1.25bn and Rs750-1,000mn in FY22E.
February 5, 2021 3
 PNC Infratech

Financials
Incom e Statement (Rs m ) Balance Sheet Abstract (Rs m )
Y/e Mar FY20 FY21E FY22E FY23E Y/e Mar FY20 FY21E FY22E FY23E

Net Revenues 48,779 49,581 62,864 69,958 Non-Current Assets

YoY gr. (%) 57.5 1.6 26.8 11.3
Cost of Goods Sold 23,466 23,229 29,703 33,055 Gross Block 9,484 10,234 11,984 13,734
Gross Prof it 25,313 26,352 33,161 36,903 Tangibles 9,484 10,234 11,984 13,734

Margin (%) 51.9 53.2 52.8 52.8 Intangibles - - - -

Employ ee Cost 2,651 3,223 3,458 3,848
Other Expenses 4,775 4,958 6,286 6,996 Acc: Dep / Amortization 3,619 4,796 6,366 8,165
Tangibles 3,619 4,796 6,366 8,165

EBITDA 7,643 6,768 8,958 9,969 Intangibles - - - -

YoY gr. (%) 67.1 (11.5) 32.4 11.3

Margin (%) 15.7 13.7 14.3 14.3 Net fixed assets 5,865 5,438 5,618 5,569
Tangibles 5,865 5,438 5,618 5,569
Depreciation and Amortization 1,264 1,177 1,570 1,799 Intangibles - - - -

EBIT 6,379 5,591 7,388 8,170 Capital Work In Progress - - - -

Margin (%) 13.1 11.3 11.8 11.7 Goodwill 16 16 16 16
Non-Current Inv estments 10,858 12,518 13,845 16,279

Net Interest 1,144 1,001 1,316 1,685 Net Def erred tax assets 1,215 1,215 1,215 1,215

Other Income 885 744 943 1,049 Other Non-Current Assets 1,850 1,951 2,340 2,751

Profit Before Tax 6,120 5,334 7,015 7,534 Current Assets

Margin (%) 12.5 10.8 11.2 10.8 Inv estments - - - -
Inv entories 2,673 6,792 8,612 9,583
Total Tax 1,517 1,653 1,766 1,896 Trade receiv ables 8,035 10,867 12,917 14,375

Effective tax rate (%) 24.8 31.0 25.2 25.2 Cash & Bank Balance 7,401 4,702 6,861 10,064
Other Current Assets 1,610 1,788 2,145 2,522

Profit after tax 4,603 3,680 5,250 5,638 Total Assets 42,888 49,436 58,789 68,726
Minority interest - - - -
Share Prof it f rom Associate - - - - Equity
Equity Share Capital 513 513 513 513

Adjusted PAT 4,603 3,680 5,250 5,638 Other Equity 24,953 28,449 33,436 38,792

YoY gr. (%) 41.7 (20.0) 42.6 7.4 Total Networth 25,466 28,962 33,949 39,305
Margin (%) 9.4 7.4 8.4 8.1
Extra Ord. Income / (Exp) - - - - Non-Current Liabilities
Long Term borrowings 3,266 4,766 6,266 7,766

Reported PAT 4,603 3,680 5,250 5,638 Prov isions - - - -

YoY gr. (%) 41.7 (20.0) 42.6 7.4 Other non current liabilities 1,352 - - -

Margin (%) 9.4 7.4 8.4 8.1

Current Liabilities
Other Comprehensiv e Income - - - - ST Debt / Current of LT Debt - - - -

Total Comprehensiv e Income 4,603 3,680 5,250 5,638 Trade pay ables 4,675 5,434 6,028 6,708

Equity Shares O/s (m) 257 257 257 257 Other current liabilities 9,344 11,489 13,760 16,161

EPS (Rs) 17.9 14.3 20.5 22.0 Total Equity & Liabilities 42,888 49,436 58,789 68,726
Source: Company Data, PL Research Source: Company Data, PL Research

February 5, 2021 4
 PNC Infratech

Cash Flow (Rs m) Key Financial Metrics

Y/e Mar FY20 FY21E FY22E FY23E Year
Y/e Mar FY20 FY21E FY22E FY23E
PBT 6,120 5,334 7,015 7,534 Per Share(Rs)
Add. Depreciation 1,264 1,177 1,570 1,799 EPS 17.9 14.3 20.5 22.0
Add. Interest - - - - CEPS 22.9 18.9 26.6 29.0

Less Financial Other Income 885 744 943 1,049 BVPS 99.3 112.9 132.3 153.2

Add. Other 1,144 1,001 1,316 1,685 FCF 28.8 (8.7) 10.5 20.2
Op. prof it bef ore WC changes 8,528 7,512 9,901 11,018 DPS 0.9 0.7 1.0 1.1

Net Changes-WC 1,303 (7,349) (3,696) (2,194) Return Ratio(%)

Direct tax (1,517) (1,653) (1,766) (1,896) RoCE 23.8 17.9 20.0 18.7

Net cash from Op. activities 8,314 (1,490) 4,439 6,928 ROIC 24.7 14.5 18.4 18.2
Capital expenditures (932) (750) (1,750) (1,750) RoE 19.7 13.5 16.7 15.4

Interest / Div idend Income - - - - Balance Sheet

Others (1,625) (773) (452) (1,508) Net Debt : Equity (x) (0.2) - 0.0 (0.1)

Net Cash from Invt. activities (2,556) (1,523) (2,202) (3,258) Net Working Capital (Day s) 12 59 61 59

Issue of share cap. / premium - - - - Valuation(x)

Debt changes (482) 1,500 1,500 1,500 PER 13.7 17.1 12.0 11.2

Div idend paid (276) (184) (262) (282) P/B 2.5 2.2 1.9 1.6

Interest paid (1,144) (1,001) (1,316) (1,685) P/CEPS 10.7 12.9 9.2 8.5
Others 450 - - - EV/EBITDA 7.7 9.3 7.0 6.1

Net cash from Fin. activities (1,452) 315 (78) (467) EV/Sales 1.2 1.3 1.0 0.9

Net change in cash 4,306 (2,699) 2,159 3,203 Div idend Y ield (%) 0.4 0.3 0.4 0.4
Free Cash Flow 7,383 (2,240) 2,689 5,178 Source: Company Data, PL Research
Source: Company Data, PL Research

Quarterly Financials (Rs m)

Y/e Mar Q4FY20 Q1FY21 Q2FY21 Q3FY21
Net Revenue 11,579 9,053 10,535 13,224
YoY gr. (%) 7.6 (31.5) (10.7) 8.6
Raw Material Expenses 8,225 6,552 7,498 9,231
Gross Prof it 3,354 2,501 3,037 3,993
Margin (%) 29.0 27.6 28.8 30.2
EBITDA 1,563 1,198 1,421 1,785
YoY gr. (%) 3.4 (33.3) (44.8) 4.3
Margin (%) 13.5 13.2 13.5 13.5
Depreciation / Depletion 324 270 272 282
EBIT 1,240 928 1,149 1,504
Margin (%) 10.7 10.2 10.9 11.4
Net Interest 316 253 218 153
Other Income 159 191 148 243

Profit before Tax 1,083 866 1,079 1,594

Margin (%) 9.3 9.6 10.2 12.1
Total Tax 322 265 386 562
Effective tax rate (%) 29.7 30.6 35.8 35.3
Profit after Tax 761 601 693 1,032
Minority interest - - - -
Share Prof it f rom Associates - - - -
Adjusted PAT 761 601 693 1,032
YoY gr. (%) (45.6) (40.0) (66.5) 33.7
Margin (%) 6.6 6.6 6.6 7.8
Extra Ord. Income / (Exp) - - - -
Reported PAT 761 601 693 1,032
YoY gr. (%) (45.6) (40.0) (66.5) 33.7
Margin (%) 6.6 6.6 6.6 7.8
Other Comprehensiv e Income - - - -

Total Comprehensive Income 761 601 693 1,032

Av g. Shares O/s (m) 257 257 257 257
EPS (Rs) 3.0 2.3 2.7 4.0
Source: Company Data, PL Research

February 5, 2021 5
 PNC Infratech

Price Chart Recommendation History

(Rs)
No. Date Rating TP (Rs.) Share Price (Rs.)
225
1 07-Jan-21 BUY 219 176

190 2 03-Nov-20 BUY 219 167

3 08-Oct-20 BUY 219 164
155
4 31-Aug-20 BUY 219 169
120 5 07-Jul-20 BUY 205 151
6 27-Jun-20 BUY 205 139
85

Jul - 20
Aug - 18

Aug - 19
Feb - 19

Feb - 20
Feb - 18

Jan - 21
7 07-Apr-20 BUY 205 94
8 06-Feb-20 BUY 264 196

Analyst Coverage Universe

Sr. No. Com pany Nam e Rating TP (Rs) Share Price (Rs)
1 ABB Hold 880 1,303
2 Ahluw alia Contracts (India) BUY 288 263
3 Ashoka Buildcon BUY 147 94
4 Bharat Electronics Accumulate 110 132
5 BHEL Hold 34 39
6 Capacite's Infraprojects BUY 270 180
7 Container Corporation of India BUY 468 378
8 Cummins India Hold 546 666
9 Engineers India BUY 115 73
10 GE T&D India Hold 86 132
11 H.G. Infra Engineering BUY 311 219
12 IRB Infrastructure Developers BUY 157 116
13 ITD Cementation India BUY 67 64
14 J.Kumar Infraprojects BUY 176 142
15 Kalpataru Pow er Transmission BUY 437 336
16 KEC International Accumulate 402 360
17 KNR Constructions BUY 336 337
18 Larsen & Toubro BUY 1,526 1,361
19 NCC BUY 83 62
20 PNC Infratech BUY 219 176
21 Pow er Grid Corporation of India BUY 205 170
22 Sadbhav Engineering BUY 87 64
23 Siemens Accumulate 1,516 1,633
24 Thermax Accumulate 1,008 1,207
25 Triveni Turbine BUY 98 88
26 Voltamp Transformers BUY 1,283 1,254

PL’s Recommendation Nomenclature (Absolute Performance)

Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

February 5, 2021 6
 PNC Infratech

ANALYST CERTIFICATION
(Indian Clients)
We/I, Mr. Viral Shah- BE Chemical Engineering, MBA Finance, Mr. Shivang Joshi- CA, MCom Research Analysts, authors and the names subscribed to this report, hereby certify that
all of the v iews expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will
be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

(US Clients)
The research analy sts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately
ref lect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific
recommendation or views expressed in this research report.

DISCLAIMER
Indian Clients
Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as “PL”) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for
third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking,
inv estment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com.
This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported
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immediately preceding the date of publication of the research report.
PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report.
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It is conf irmed that Mr. Viral Shah- BE Chemical Engineering, MBA Finance, Mr. Shivang Joshi- CA, MCom Research Analysts of this report have not received any compensation
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Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
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