Freight Forward

July 27, 2016

Sector
Shipping - Neutral

Shipping & Logistics Monthly Report: July 2016

Logistics - Overweight

Freight rates/Indices & container volumes - June 2016

VLCC

Suezmax

Aframax

Capesize

Panamax

Supramax

Handysize

Container Volume (YoY)

Railway Earnings (YoY)

Research Analyst
Bharat Chhoda
bharat.chhoda@icicisecurities.com
Ankit Panchmatia
ankit.panchmatia@icicisecurities.com

ICICI Securities Ltd | Retail Equity Research

Volatility in Baltic dry index (BDI) has stabilised at 600 levels. Average
BDI for June was at 600 compared to 620 in May 2016. Indices for dry
bulk remained firm during the month with a slight negative bias for
certain asset classes. Indices for Capesize improved for a third
consecutive month with 13% growth to an average of 882 for Q1FY17
vis--vis an average of 778 in Q1FY16. Continued demand for iron ore,
coal and foodgrains would enable continued revival in BDI
Tanker rates across asset classes tapered for June, with VLCC
declining the most. Tanker rates for VLCC de-grew 22% MoM to
$27500 per day. Broader indices for tankers Baltic Dirty Tanker (BDTI)
and Baltic Clean Tanker Index (BCTI) declined for a fourth consecutive
month to an average of 722 (-6% MoM) and 463 (-1% MoM) levels,
respectively. For Q1FY17, the BDTI and BCTI corrected by 13% and
28%, respectively as compared to Q1FY16

Total volumes handled by rail for June grew 3% YoY to 92.3 million
tonnes (MT). Volumes for key commodities like coal, iron ore and
fertilisers grew 4%, 12% and 3%, respectively. The YTD (April-June)
volumes for railways remained flat at 271 MT. For major ports, total
traffic grew by 6% on YTD basis (April-June) to 159 MT compared to
150 MT. Growth in container volumes was spirited with growth of
10% YoY to 726000 TEUs
Outlook
Tankers remain in bearish mode; Dry bulk sustains
As tanker markets heads towards the summer months, tanker indices and
rates continue to tread down. In addition to the same higher supplies of
VLCCs (19 - delivered; 38 - to be delivered throughout rest of the year)
mainly impacted the daily rates for the asset which de-grew by 28% YoY
(down 22% MoM). Also, the daily rates for Aframax and Clean
sequentially declined 1% MoM and 29% MoM, respectively. Dry bulk
indices continue to remain on firm foothold of 600 levels. BDI remained
supportive of increase in demand in China for seaborne coal, due to the
governments drive to cut domestic supplies. For the first six months, the
imports of coal increased by 8% YoY to 108 MT. Rise in crude prices
coupled and oversupply tonnage would continue to haunt the outlook for
the shipping sector. I-direct shipping universe earnings and profitability
would remain sluggish, given the phenomenal performance in FY16,
following which we continue to retain HOLD on the same.
Sustainability in port volumes indicates recovery; earnings to follow....
Container volumes at major ports for June attained double digit growth of
10% YoY to 726000 TEUs. JNPT, the largest container port, was the major
contributor with 7% YoY growth. Total port volumes (all commodities) for
June grew by 6.2% on YTD (April-June) to 159 MT. Iron ore volumes now
contribute 6% to total volumes compared to 1% in FY16. Increased
volumes affirm our revenue estimates for Concor and Gujarat Pipavav.
Higher utilisation levels would lead to better margins for coverage
companies.
E-commerce takes back seat; GST & revival in economy to drive growth
With the new guidelines on discounting, volumes for e-commerce
companies are expected to taper. However, better monsoon coupled with
revival in trade economy would be at the forefront for the earning growth
of logistics players. In addition to the same, higher probability of passage
of Goods and Services Tax (GST) would change operational landscape of
logistics players. Organised players with a pan-India reach are expected to
benefit form the same, subsequently we remain positive.

Exhibit 1: Spot freight rates (US$ per day)

Asset class

VLCC rates de-grew for a second consecutive month

to $27000 compared to earlier $35000. Aframax and
Clean followed the downward trend, albeit at slower
pace. However, Suezmax rates recovered during the
month due to favourable route-rate dynamics.

VLCC

CY15

Feb-16

Mar-16

Apr-16

May-16

Jun-16

20178

54876

41355

46228

47162

35412

27560

Suezmax

11488

29777

27220

24380

28233

17401

20370

Aframax

11972

23390

18971

21272

17127

11838

11751

5903

14818

10231

10786

10574

8250

5858

Clean

BDI continue to remain range bound around 600 odd

levels. During June, the Capesize index grew 13% YoY
Baltic Dry Index (BDI) grew to an average of 621
levels. The indices for Capesize and Supramax grew
by 9% and 1%, respectively. However, Panamax and
Handysize de-grew by 6% each.

CY14

Tankers

Bulk Indices
Baltic Dry index

1016

746

307

383

621

620

608

Capesize

1875

1169

203

187

630

861

938

Panamax

855

719

324

445

637

601

565

Supramax

883

678

280

424

493

567

571

Handysize

469

366

197

251

288

350

330

Source: Bloomberg, ICICIdirect.com Research.

Exhibit 2: China's monthly iron ore inventory

120

For June 2016, Chinas inventory of iron ore grew for

a third consecutive month with a MoM growth of
2.7%. However, on annual basis, the inventory grew
28%. Given the arrival of summer, the uptrend is
expected to taper going ahead

mn tonnes

100
80
60
40
20

Jun-16

Dec-15

Jun-15

Dec-14

Jun-14

Dec-13

Jun-13

Dec-12

Jun-12

Dec-11

Jun-11

Source: Bloomberg, ICICIdirect.com Research

Exhibit 3: Country wise China iron ore import

70
60
50
mn tonnes

Chinese iron-ore imports for June de-grew by 6% MoM

(up 9% YoY) to 81.6 MT. On YTD basis, the growth in
imports stood at 9% YoY to 494 MT. Imports from India
continue to grow with YTD volume of 7.5 MT as
compared to 1 MT in the same period previous year.
Imports from Australia (largest exporter) and Brazil grew
by 6% and 21% respectively.

40
30
20
10

Australia

Brazil

India

Jun-16

Feb-16

Oct-15

Jun-15

Feb-15

Oct-14

Jun-14

Feb-14

Oct-13

Jun-13

S. Africa

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 2

Exhibit 4: China iron ore inventory trend analysis

1250

The average monthly iron ore imports grew 4% on

YTD basis to 82.3 MT which continues to remain
significantly above the six year average level of 64.1
MT. Imports for first half of the year stood at 493.9
MT as compared to 453.1 MT

100
953
933

1000
750

628

52.4

619

687
51.6

745
57.2

820
62.1

82.3

79.4

77.8

80

68.4
60
494

500

40

250

20

China Iron Ore Imports

CY16

CY15

CY14

CY13

CY12

CY11

CY10

CY09

Avg Monthly Chinese iron ore imports

Source: Bloomberg, ICICIdirect.com Research

Exhibit 5: Chinas monthly steel production

80
70
60
mn tonnes

Chinese monthly steel output continues to inch

upwards with a growth of 1% for the month of June
to 70.5 MT. The YTD (Jan to June) output de-grew by
2% YoY to 331.6 MT as compared to 339 MT in the
earlier year

50
40
30
20
May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Source: Bloomberg, ICICIdirect.com Research

Exhibit 6: Coal Index

1400
1200
1000
Index

The World Coal Index and Asia Pacific Coal Index

continued to decline from July 2015 levels. Both the
indices stood at de-growth of 35% YoY each for the
month of June.

800
600
400
200
0
Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

BWCOAL Index

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

BPRCOAL Index

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 3

Exhibit 7: Dry bulk indices

3000

2000
Index

BDI over FY16 was mainy impacted by slowdown in

China. However, as there are green shoots visible in
Chinese manufacturing, coupled with revival in
commodity prices have led BDI stabilize. The average
BDI remained flattish for the month of June at 600
levels. The YTD average (January to June) for BDI
stood at 486, de-growth of 22% as compared to an
average of 623 in the same period previous year.

1000

BDI

Jun-16

Dec-15

Jun-15

Dec-14

Jun-14

Dec-13

Jun-13

Dec-12

Jun-12

BPI

Source: Bloomberg, ICICIdirect.com Research

Exhibit 8: Tanker indices

1400

1000
Index

The average BCTI and BDTI levels continue to correct

for the second consecutive month to an average of
464 levels (-6% MoM) and 722 levels (-1% MoM)
respectively. The YTD average (Jan to June) for BDTI
and BCTI sequentially de-grew by 8% and 21%
respectively.

600

Baltic clean tanker index

Jun-16

Dec-15

Jun-15

Dec-14

Jun-14

Dec-13

Jun-13

200

Baltic dirty tanker index

Source: Bloomberg, ICICIdirect.com Research

Exhibit 9: International crude oil prices trend

140
120

$/barrel

100
Average crude prices revived for a sixth consecutive
month to $48.4. The prices grew 3% MoM; however
the YTD (January to June) average stood at a steep
discount of 31%, as compared to same period
pervious year

80
60
40
20
0
Jun-12

Feb-13

Oct-13

Jun-14

Feb-15

Oct-15

Jun-16

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 4

Exhibit 10: Tanker rates trend

90000
80000
70000
60000
US$/day

Post sharp decline in the month of January and

February, the freight rates in March and April
rebounded. Post this, the rates resumed its
downward trend. For the month of June, apart form
Suezmax, daily rates for VLCC and Aframax corrected
by 22% and 1%, respectively. Rates for Suezmax
benefited from the favourable route dynamics.
Notably, the YoY decline has been steep, with a
correction of 47%, 37% and 62% for VLCC, Suezmax
and Aframax respectively.

50000
40000
30000
20000
10000
0
Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

VLCC

Feb-15

Jun-15

Suezmax

Oct-15

Feb-16

Jun-16

Aframax

Source: Bloomberg, ICICIdirect.com Research

Exhibit 11: Container volume at major ports

(000's TEUs)

Container volumes for June were spirited with a volume

growth of 10% YoY to 726000 TEUs. JNPT (the largest
container port) was the major growth driver with volume
growth of 7% YoY to 387000 TEUs. Smaller ports like
Vizag and Kolkata continued its growth trend. Following
the above average normal growth, the YTD growth
inched up to 6% as compared to 4% in the earlier month

FY12

FY13

FY14

FY15

FY16

YTDFY16

Kolkata

600

552

563

630

662

147

YTDFY17 YoY Monthly

188

27.9%

Paradip

13

0.0%

Vizag

248

234

263

248

293

63

87

38.1%

Ennore

0.0%
-5.0%

Chennai

1539

1558

1468

1552

1565

398

378

Tuticorin

479

477

508

560

612

148

162

9.5%

Cochin

326

336

351

365

421

94

120

27.7%

New Mangalore

48

45

50

63

76

19

18

-5.3%

Mormugoa

20

22

22

25

26

20.0%

Mumbai

58

58

41

45

43

10

11

10.0%

4259

4321

4161

4460

4491

1108

1144

3.2%

0.0%

2118

6.3%

JNPT
Kandla

118

168

29

Total

7708

7779

7465

7952

8197

1993

Source: Indian Ports Association, ICICIdirect.com Research

Exhibit 12: Container volume at major ports

800

12.0
9.8

750

5.8

650
2.1

4.0
2.0
726

0.0
-2.0

Jun-16

706

686
Apr-16

744

673
Feb-16

694

683

643

666

693

-1.2

Dec-15

Aug-15

678

0.1
730

660
Jun-15

4.9

1.3

0.9

Oct-15

1.1

550

6.0

5.4
3.9

3.1

600

500

10.0
8.0

700
('000 TEUs)

For June 2016, container volumes at major ports grew

10% YoY (3% QoQ). Volumes at JNPT (largest port) grew
7% YoY to 387000 TEUs. Chennai, post de-growth for
two consecutive quarter, managed to grow by 2% YoY in
June. However, smaller ports like Kolkata and Tuticorin
continue to grow with YTD growth of 28% and 38%
respectively.

10.0

Source: Indian Ports Association, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 5

Exhibit 13: Railways segment-wise earnings

Indian Railways passenger revenues for FY2016 grew by 4%
YoY to | 163650 crore as compared budgeted estimate (BE)
of | 167780 crore. Passenger and Goods revenues grew by
6% and 4% respectively.
Indian Railways passenger revenues grew by 3% YoY on
YTD basis (Apr-June). However goods revenue which forms
the biggest portion (65% of total revenue) de-grew by 11%.
Post de-growth revenue contribution from freight declined
from 68% to 65% in June 2016

| Crore
Passenger
Other Coaching
Goods
Sundry
Total

FY12

FY13

FY14

FY15

28631.5

32536.1

37478.3

42866.2

YTDFY16
YTDFY17
YTD
FY16 (Apr-June) (Apr-June) Growth (%)
45353.6

11619.8

11976.1

3%

2848.6

3197.9

3818.0

4035.6

4461.5

1082.9

1174.7

8%

69382.2

86255.4

94955.9

107074.8

110340.3

28743.0

25690.1

-11%

2828.3

3913.2

4509.0

3903.9

3493.0

682.1

798.9

17%

103690.7

125902.6

140761.3

157880.5

163648.4

42127.8

39639.7

-6%

Source: Indian Railways, ICICIdirect.com Research

Exhibit 14: Railways Commodity wise Earnings

| Crore
Coal
RM for steel plants
except iron-ore
Pig Iron &
Finished Steel

Commodity per se, Coal continues to remain the largest

contributor to the total railway earnings. However, post
lower import of coal, the revenues from the same declined
by 14% on YTD basis. With lifting of ban and increase of
iron ore exports, the earnings from the same grew by 10%
on YTD basis. Other commodities like Cement & fertilizers
continue to experience downward pressure

YTDFY16
YTDFY17
YTD
FY16 (Apr-June) (Apr-June) Growth (%)

FY12

FY13

FY14

FY15

28611.6

36802.4

39986.9

49273.7

49988.5

13372.5

11450.0

-14%

1163.7

1387.3

1560.8

1964.3

2022.7

535.0

443.3

-17%

4080.7

5182.1

5805.3

6488.7

7046.5

1732.1

1725.9

0%

Iron Ore

7285.0

7421.3

9163.4

7804.5

7072.6

1772.1

1945.0

10%

Cement

6719.7

8229.2

8665.3

9241.6

9155.0

2605.2

2159.3

-17%

Foodgrains

4634.2

6792.2

7894.4

8474.9

7811.3

1885.4

1772.7

-6%

Fertilizers

4270.8

4732.1

4536.0

5600.4

6919.9

1610.6

1313.6

-18%

POL

3667.3

4720.3

5405.7

5738.3

6002.9

1582.8

1575.9

0%

Other Goods

5115.3

5684.4

6111.4

7111.3

7776.4

1970.6

1803.1

-9%

921.2

953.8

1239.9

1263.4

1248.8

331.4

284.3

-14%

EXIM Container

2495.9

2879.6

3098.7

3676.3

4234.4

1034.4

1011.3

-2%

Total Container

3417.1

3833.4

4338.6

4939.7

5483.2

1365.9

1295.6

-5%

68965.4

84784.7

93467.7

106637.4

109278.9

28432.1

25484.4

-10%

Domestic Container

Grand Total

Source: Indian Railways, ICICIdirect.com Research

Exhibit 15: Railways Commodity wise Tonnage

Over the period FY11-16, coal tonnage increased at a CAGR

of 6%. For the same period cement and food grains volume
has increased by 1% and 2% respectively. Coal tonnage as
a percentage of total volume has increased from 44% in
FY10 to 50% in FY16, whereas iron ore tonnage has
declined from 15% in FY10 to 10% in FY16.
On YTD basis, the total tonnage remained flattish. Coal, the
largest commodity de-grew by 1%. However, majority of
de-growth continued from commodities like Cement,
Fertilizers and Foodgrains. Container volumes for EXIM
route grew by 5%, however for domestic route it de-grew
by 18%.

Million Tonnes

FY12

FY13

FY14

FY15

YTDFY16
YTDFY17
YTD
FY16 (Apr-June) (Apr-June) Growth (%)

Coal
RM for steel plants
except iron-ore
Pig Iron &
Finished Steel

455.8

496.4

508.1

547.6

551.7

135.7

133.9

-1%

14.5

15.7

17.3

19.0

20.3

4.9

4.9

-1%

34.5

35.3

38.6

40.2

42.7

10.4

10.9

5%

Iron Ore

104.7

111.5

124.2

112.3

117.0

28.5

31.9

12%

Cement

107.6

105.8

109.9

109.7

106.1

28.3

26.1

-8%

45.6

48.3

54.4

53.8

45.8

10.6

10.1

-5%

Foodgrains
Fertilizers

52.7

45.9

44.4

48.1

52.3

12.0

11.2

-7%

POL

41.2

41.6

42.0

42.7

44.0

11.1

11.3

2%

Domestic Container

9.3

9.3

10.9

10.3

9.0

2.4

2.0

-18%

EXIM Container

29.1

31.9

32.6

38.3

37.1

9.2

9.7

5%

Total Container

38.5

41.2

43.5

48.5

46.1

11.6

11.7

1%

Other Goods

74.3

68.1

71.2

76.8

78.0

19.3

19.2

0%

Grand Total

969.5

1009.8

1053.5

1098.7

1104.0

272.4

271.1

0%

Source: Indian Railways, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 6

ICICIdirect.com coverage universe (Shipping)

Sector/Company
G.E Shipping
Reliance Defence & Eng.
SCI
Dredging Corp Ltd.

CMP
(|)
338
65
72
424

TP (|)
325
80
65
500

Rating
HOLD
BUY
HOLD
BUY

Mcap
(| Cr)
5,111.4
4,785.3
3,353.8
1,139.6

EPS (|)
P/E (x)
FY16 FY17E FY18E FY16 FY17E FY18E
68.9 70.3 62.8
4.5
4.4
4.9
-8.0
-3.1 -0.3
NA
NA
NA
8.1 10.1 10.5
8.5
6.9
6.6
28.5 30.5 41.7 14.9
13.9
10.2

EV/EBITDA (x)
FY16 FY17E FY18E
3.4
3.5
3.5
-77.4
39.5
22.6
5.1
5.3
4.5
10.9
9.3
8.2

RoCE (%)
FY16 FY17E FY18E
10.2
8.4
7.3
-4.1
0.5
2.6
4.8
4.3
4.3
7.4
8.0
9.0

EV/EBITDA (x)
FY16 FY17E FY18E
25.8 20.0 15.4
12.5 11.4
9.6
37.0 31.0 25.7
14.9
9.7
7.8
19.2 16.7 13.5

RoCE (%)
FY16 FY17E FY18E
8.8 10.5 12.7
17.4 18.4 20.1
35.9 39.1 43.1
11.4 15.8 17.9
13.4 14.0 15.7

RoE (%)
FY16 FY17E FY18E
12.5 11.6
9.7
-26.9
-9.4 -1.1
5.5
6.3
6.2
5.3
5.1
6.2

Source: ICICIdirect.com Research

ICICIdirect.com coverage universe (Logistics)

Sector / Company
Container Corporation
Transport Corp (TRACOR)
BlueDart
Gati Ltd.
Gujarat Pipavav (GPPL)

CMP
M Cap
(|)
TP(|) Rating (| Cr)
1,470 1,600
BUY 26,321
307
320
BUY 2,335
5,820 7,300
BUY 13,828
162
150
BUY 1,414
164
190
BUY 7,928

EPS (|)
FY16 FY17E FY18E
53.7 40.4 51.1
10.8 12.2 15.0
81.2 87.0 109.6
4.2
7.1
8.6
4.9
4.6
5.5

P/E (x)
FY16 FY17E FY18E
36.4 28.8 23.0
26.4 23.5 19.0
72.6 67.8 53.8
40.7 24.0 19.8
36.6 39.0 32.6

RoE (%)
FY16 FY17E FY18E
9.7 11.2 12.8
11.9 12.5 13.7
46.6 41.1 42.5
6.6 10.6 11.7
11.7
9.9 10.5

Source: ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 7

Glossary
Tankers
VLCC

Very large crude carrier - capacity 300000 DWT

Suezmax

Capacity 120000 to 200000 DWT

Aframax

Capacity 80000 and 120000 in DWT

Small Tankers

Capacity 10000 to 60000 DWT

Bulkers
Capesize

Capacity 80000 to 200000 DWT

Panamax

Capacity 60000 to 100000 DWT

Handymax

Capacity 40000 to 60000 DWT

Handysize

Capacity 10000 to 40000 DWT

Offshore
Drill ship

Offshore drilling vessel capable to drill in water depths up to 6000 meter. (Deepwater drilling)

Semi submersible rig Offshore drilling vessel capable to drill in water depths up to 2000 meter. (Deepwater drilling)
Jack up rig

Offshore drilling vessel capable to drill in water depths up to 350 meter. (Shallow water drilling)

AHTS

Anchor handling tag supply vessel used for positioning of jack up rigs.

PSV

Platform support vessel used for transport of men and material to oil platform and jack up rigs.

LPG
VLGC

Very large gas carrier capacity 70000+ CBM

LGC

Large sized gas carrier capacity 50000 - 70000 CBM

MGC

Mid sized gas carrier capacity 20000 - 50000 CBM

Miscellaneous
DWT

Dead weight tonne

LDT

Light displacement tonne

TCY
TEU

Time Charter Yield measures the operating profit of a ship on a daily basis.
Twenty-foot Equivalent Units

ICICI Securities Ltd | Retail Equity Research

Page 8

RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.
Sector view:
Over weight compared to index
Equal weight compared to index
Under weight compared to index
Index here refers to BSE 200

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
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ICICI Securities Ltd | Retail Equity Research

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ANALYST CERTIFICATION
We /I, Bharat Chhoda, MBA; Ankit Panchmatia, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views 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.

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ICICI Securities Limited (ICICI Securities) is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking
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and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without
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material conflict of interest at the time of publication of this report.
It is confirmed that Bharat Chhoda, MBA; Ankit Panchmatia, MBA, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the
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Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject
company/companies mentioned in this report.
It is confirmed that Bharat Chhoda, MBA; Ankit Panchmatia, MBA, Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
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We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
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ICICI Securities Ltd | Retail Equity Research

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