Você está na página 1de 9

NTPC Ltd

Q1FY12 Result Update

Enhancing investment decisions


CRISIL Limited. All Rights Reserved.

Explanation of CRISIL Fundamental and Valuation (CFV) matrix


The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP).

CRISIL Fundamental Grade


5/5 4/5 3/5 2/5 1/5

Assessment
Excellent fundamentals Superior fundamentals Good fundamentals Moderate fundamentals Poor fundamentals

CRISIL Valuation Grade


5/5 4/5 3/5 2/5 1/5

Assessment
Strong upside (>25% from CMP) Upside (10-25% from CMP) Align (+-10% from CMP) Downside (- 10-25% from CMP) Strong downside (<-25% from CMP)

Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company.

Disclaimer:
This Company-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person especially outside India or published or copied in whole or in part, for any purpose.

CRISIL Limited. All Rights Reserved.

NTPC Ltd
Results in line , better placed amongst power generators
Fundamental Grade Valuation Grade Industry 5/5 (Excellent fundamentals) 5/5 (CMP has strong upside) Independent power producer & utilities

August 3, 2011
Fair Value Rs 232 CMP Rs 181

CFV MATRIX
Excellent Fundamentals

Fundamental Grade

NTPCs Q1FY12 results were broadly in line with CRISIL Researchs expectations. The continued backing down by state electricity boards (SEBs) due to higher hydropower generation and weak financials - resulted in decline in NTPCs gas-based generation. However, we continue to believe that NTPC is better placed among power generators on account of its fixed-return business model, large project pipeline, experience and strong balance sheet. We maintain our fundamental grade of 5/5. Q1FY12 result analysis NTPCs Q1FY12 revenues increased by 11.7% y-o-y (down 9.1% q-o-q) to Rs 145 bn. While overall generation declined by 2% y-o-y (6% q-o-q), higher fuel cost and full-tax gross-up (as against MAT gross-up in Q1FY11) resulted in higher tariffs. Revenues include write-back of Rs 2,635 mn of provision for tariffs made in the previous year. Despite higher installed capacity (up ~2000 MW y-o-y), coal-based generation grew only 1% due to the decline in PLFs from 89.51% in Q1FY11 to 86.85% (in Q4FY11 the PLF was 93.68%) because of lower offtake by SEBs. However, the company maintained its availability at 89.9% ( 90.1% in Q1FY11). Generation from NTPCs gas-based stations declined by 22% as higher hydropower generation (all-India) resulted in lower demand for high-cost, gas-based power in the merit-order system. Further, weak financial conditions of state utilities resulted in lower demand for gas-based power, which is expensive compared to coal. Nevertheless, the availability of NTPCs gas stations increased to 89.82% (85.93% in Q1FY11). Depreciation declined by 6% y-o-y due to change in the methodology - in Q1FY11 NTPC followed The Companies Act whereas in Q1FY12 it followed CERC regulations. Although PBT was up 19.6% y-o-y (declined 27.8% q-o-q), a higher tax rate (~27% compared to 22% in Q1FY11) resulted in PAT increasing by only 12.7% y-o-y (down 25.4% q-o-q). Adjusted EPS increased by 12.7% y-o-y (down 25.4% q-o-q) to Rs 2.5 in line with PAT. Valuations: Current market price has strong upside We continue to use the discounted cash flow method and maintain our fair value of Rs 232 per share. This fair value implies P/E multiples of 18.9x FY12E and 16.4x FY13E earnings. Our valuation grade is 5/5.
85% 95%

5 4 3 2 1

Poor Fundamentals

Valuation Grade
Strong Downside Strong Upside

KEY STOCK STATISTICS


NIFTY/SENSEX NSE/BSE ticker Face value (Rs per share) Shares outstanding (mn) Market cap (Rs bn)/(US$ bn) Enterprise value (Rs bn) /(US$ bn) 52-week range (Rs) (H/L) Beta Free float (%) Avg daily volumes (30-days) Avg daily value (30-days) (Rs mn) 5405/17941 NTPC 10 8,246 1,492/34 1,848/42 222/165 0.78 16% 1,433,590 265

SHAREHOLDING PATTERN
100%
3.8% 3.7% 3.7% 3.7%

8.8%

8.4%

8.3%

8.3%

90%
2.9% 3.4% 3.5% 3.5%

80%

84.5%

84.5%

84.5%

84.5%

KEY FORECAST (CONSOLIDATED)


(Rs mn) Operating income EBITDA Adj PAT Adj EPS-Rs EPS growth (%) Dividend yield (%) RoCE (%) RoE (%) PE (x) P/BV (x) EV/EBITDA (x) FY09 442,068 101,267 67,904 8.2 (16.3) 2.0 8.5 12.3 21.8 2.6 16.8 FY10 484,671 126,501 82,908 10.1 22.1 1.8 9.6 13.8 20.6 2.7 15.6 FY11# 573,241 137,160 90,080 10.9 8.7 2.1 9.6 13.8 16.6 2.2 13.4 FY12E 673,145 172,653 101,051 12.3 12.2 2.3 10.5 14.2 14.8 2.0 11.1 FY13E 786,302 212,830 116,255 14.1 15.0 2.6 11.5 14.9 12.8 1.8 9.5

75% Sep-10 Promote r Dec-10 FII Mar-11 DII Jun-11 Others

PERFORMANCE VIS--VIS MARKET


Returns 1-m NTPC NIFTY -3% -3% 3-m 0% -4% 6-m 0% 0% 12-m -9% 0%

ANALYTICAL CONTACT
Chetan Majithia (Head) Onkar Kulkarni Vishal Rampuria Client servicing desk +91 22 3342 3561 clientservicing@crisil.com chetanmajithia@crisil.com okulkarni@crisil.com vrampuria@crisil.com

NM: Not meaningful; CMP: Current market price #FY11 numbers are based on abridged financials Source: Company, CRISIL Research estimate CRISIL Limited. All Rights Reserved.

CRISIL RESEARCH | 1

NTPC Ltd

Q1FY12 Standalone Result Summary


(Rs mn) Net sales Fuel Cost Fuel cost as % of sales Other expenses Employees Cost EBITDA EBITDA margin Depreciation EBIT Interest and finance charges Operating PBT Other Income Extraordinary Income/(expense) PBT Tax PAT Adj PAT Adj PAT margin No of equity shares (mn) Adj EPS (Rs) NM: Not meaningful Source: Company, CRISIL Research Q1FY12 145,242 97,498 67% 8,647 6,907 32,190 22.2% 6,411 25,778 3,744 22,035 6,437 28,472 7,714 20,758 20,758 14.3% 8,245.5 2.5 Q4FY11 159,776 97,256 61% 12,645 7,082 42,793 26.8% 6,981 35,812 5,300 30,512 2,056 32,568 4,750 27,818 27,818 17.4% 8,245.5 3.4 Q1FY11 130,063 87,023 67% 7,527 6,838 28,674 22.0% 6,827 21,847 3,415 18,431 5,101 23,532 5,113 18,419 18,419 14.2% 8,245.5 2.2 q-o-q (%) (9.1) 0.2 626 bps (31.6) (2.5) (24.8) (462) bps (8.2) (28.0) (29.4) (27.8) 213.1 NM (12.6) 62.4 (25.4) (25.4) (312) bps (25.4) y-o-y (%) 11.7 12.0 22 bps 14.9 1.0 12.3 12 bps (6.1) 18.0 9.6 19.6 26.2 NM 21.0 50.9 12.7 12.7 13 bps 12.7

Revenues increased by 11.7% y-o-y

Adjusted PAT increased by 12.7% y-o-y

Q1FY12 revenues increased y-o-y


(Rs mn) 180,000 160,000 140,000 120,000 100,000 80,000 60,000
125,280 112,526 117,092 127,315 130,063 133,505 138,886 159,776 145,242

PAT and PAT margin trend


(Rs mn) 35% 27% 22% 30% 25% 20% 15,000 15%
21,936 21,534 23,650 20,177 18,419 16,067 23,016 27,818

33% 30%

33% 30% 25%

30,000 25,000 20,000 18% 19% 20% 16% 17% 14% 12% 14% 17%

25% 20% 15% 10%


20,758 Jun-11

24% 22%

40,000 20,000 0

10% 5% 0%

10,000 5,000 0
Mar-10 Dec-09 Sep-09 Sep-10 Mar-11 Dec-10 Jun-09 Jun-10

5% 0%

Jun-09

Jun-10

Mar-10

Mar-11

Dec-09

Dec-10

Sep-09

Sep-10

Jun-11

Net Sales

EBITDA Margin (RHS)

Adj PAT

Adj PAT Margin (RHS)

Source: Company, CRISIL Research

Source: Company, CRISIL Research

Share price movement


250

Fair value movement since initiation


(Rs) 270 ('000) 25,000 20,000 15,000 10,000 5,000 0
May-10 May-11 Mar-10 Mar-11 Jul-10 Jan-10 Sep-09 Sep-10 Nov-09 Nov-10 Jan-11 Jul-11

200 220 150 170 120 70 20


Jan-10 Nov-09 Nov-10 Jan-11 May-09 May-10 May-11 Feb-09 Mar-10 Mar-11 Jul-09 Jul-10 Sep-09 Sep-10 Apr-09 Jul-11

100

50

NTPC

NIFTY

Total Traded Quantity (RHS)

CRISIL Fair Value

NTPC

-indexed to 100 Source: NSE, CRISIL Research CRISIL Limited. All Rights Reserved. Source: NSE,BSE, CRISIL Research CRISIL RESEARCH | 2

NTPC Ltd

KEY DEVELOPMENTS
In Q1FY12, the company received 33.97 mn tonnes of coal, of this 30.6 mn tonnes was sourced domestically and 3.37 mn tonnes was imported. The company estimates coal requirement of 164 mn tonnes during FY12. During Q1FY12, for its gas-based plants, the company received gas of 8.61 MMSCMD through APM/PMT and 2.09 MMSCMD from the KG-D6 basin. The company has long-term tie-up of 15.46 MMSCMD to meet 80-85% PLF for its gas-based plants. During the analyst meet, the management stated they are confident about the reallocation of the coal-block earlier de-allocated by the coal ministry. The company has incurred capex of Rs 1,800 mn to develop these blocks. The company also mentioned that its plans to shortly appoint mining development operation (MDO) for its Karendari (estimated production of 6 mtpa) and Chatti-Bariatu (estimated production of 7 mtpa) coal blocks. These two mines are expected to supply coal to Barh-II and Tanda expansion projects of the company. The company targets capacity addition of 4,320 MW in FY12. The company intends to complete the bulk tendering of the 660 and 800 MW units by Q3FY12 (total of 13.1 GW equipments to be tendered).

Coal availability for FY12


Sources of coal From CIL (ACQ) From SCCL linkage New Projects Import (14 MMT) Bilateral (SCCL and ECL) E-auction (spot) Source: Company Total fuel requirement for FY12 mn tonnes 114.7 10.2 11 ~23 5 164 As and when required

Capacity expansion plans for FY12


Project/Unit Sipat stage I Jhajjar Vallur Simhadri, stage II Mouda, stage I * Total *Best effort basis Source: Company Capacity (MW) 1,320 1,000 1,000 500 500 4,320

CRISIL Limited. All Rights Reserved.

CRISIL RESEARCH | 3

NTPC Ltd

VALUATION
We continue to use the discounted cash flow method to value NTPC and maintain our fair value of Rs 232 per share. This fair value implies P/E multiples of 18.9x FY12E and 16.4x FY13E earnings. Our valuation grade is 5/5.

One-year forward P/E band


(Rs) 350 300 250 200 150 100 50 0
Jul-07 Jul-09 Jul-06 Jul-08 Jul-10 Jan-08 Jan-10 Jul-11 Jan-07 Jan-09 Jan-11 Oct-07 Oct-09 Oct-06 Oct-08 Oct-10 Apr-06 Apr-08 Apr-10 Apr-11 Apr-07 Apr-09

One-year forward EV/EBITDA band


(Rs mn) 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0

Apr-06 Jul-06

Jul-08

Jul-07

Jul-09

Jul-10

Jan-07 Apr-07

Jan-09 Apr-09

Jan-08

Jan-10

NTPC Ltd

10x

14x

18x

22x

26x

EV

9x

12x

15x

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research

P/E premium/discount to NIFTY


140% 120% 100% 80% 60% 40% 20% 0% -20%

P/E movement
35 30 25 20 15 -1 std dev 10 5 +1 std dev

Jan-08

Jan-09

Jan-10

Jan-07

Jan-07

Jan-11

Jan-08

Jan-09

Jan-10

Jan-11

Jul-07

Jul-08

Jul-09

Jul-10

Jan-11 Apr-11 Apr-11

Oct-06

Oct-08

Oct-07

Apr-08

Oct-09

Apr-10

Oct-10

18x

Jul-06

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Apr-08

Apr-06

Apr-06

Apr-07

Apr-07

Apr-10

Apr-10

Apr-11

Apr-09

Apr-08

Apr-09

Oct-07

Oct-08

Oct-09

Oct-10

Oct-07

Oct-08

Oct-09

Oct-06

Oct-06

Premium/Discount to NIFTY

Median premium/discount to NIFTY

1yr Fwd PE (x)

Median PE

Source: NSE, CRISIL Research

Source: NSE, CRISIL Research.

CRISIL IER reports released on NTPC Ltd


Fundamental Date 22-Sep-09 3-Nov-09 31-Jan-10 21-May-10 10-Aug-10 04-Nov-10 07-Feb-11 21-Mar-11 11-Apr-11 Nature of report Initiating coverage* Q2FY10 result update Q3FY10 result update Q4FY10 result update Q1FY11 result update Q2FY11 result update Q3FY11 result update Detailed report Q4FY11 provisional result update grade 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 5/5 Fair value Rs Rs Rs Rs Rs Rs Rs Rs 228 228 231 231 227 216 232 232 Valuation grade 4/5 3/5 3/5 4/5 4/5 4/5 5/5 5/5 5/5 5/5 5/5 CMP (on the date of report) Rs Rs Rs Rs Rs Rs Rs Rs 207 213 214 201 198 193 180 173

Rs 232 Rs 232 Rs 232

Rs 184 Rs 171 Rs 181

18-May-11 Q4FY11 result update 03-Aug-11 Q1FY12 result update * For detailed report please visit: www.ier.co.in

CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.

CRISIL Limited. All Rights Reserved.

CRISIL RESEARCH | 4

Oct-10

Jul-11

Jul-11

NTPC Ltd

FINANCIALS (Consolidated)
Income statement (Rs mn) Operating income EBITDA EBITDA margin Depreciation EBIT Interest Operating PBT Other income Exceptional inc/(exp) PBT Tax provision Minority interest PAT (Reported) Less: Exceptionals Adjusted PAT Ratios FY09 Growth Operating income (%) EBITDA (%) Adj PAT (%) Adj EPS (%) Profitability EBITDA margin (%) Adj PAT Margin (%) RoE (%) RoC E (%) RoIC (%) Valuations Price-earnings (x) Price-book (x) EV/EBITDA (x) EV/Sales (x) Dividend payout ratio (%) Dividend yield (%) B/S ratios Inventory days C reditors days Debtor days Working capital days Gross asset turnover (x) Net asset turnover (x) Sales/operating assets (x) C urrent ratio (x) Debt-equity (x) Net debt/equity (x) Interest coverage Per share FY09 Adj EPS (Rs) C EPS Book value Dividend (Rs) Actual o/s shares (mn) 8.2 11.3 69.4 3.6 8,245.5 FY10 10.1 13.6 75.8 3.8 8,245.5 FY11# 10.9 14.2 82.7 3.8 8,245.5 FY12E 12.3 16.8 90.2 4.1 8,245.5 FY13E 14.1 19.7 98.7 4.7 8,245.5 37 109 32 10 0.7 1.4 0.7 2.3 0.7 0.4 5.4 37 112 54 15 0.7 1.3 0.7 2.4 0.7 0.4 7.3 36 101 56 25 0.8 1.4 0.7 2.4 0.8 0.5 6.9 37 101 57 32 0.8 1.3 0.7 2.4 0.8 0.6 5.4 38 103 59 35 0.7 1.1 0.7 2.3 0.9 0.7 4.8 Quarterly financials - standalone (Rs mn) Net Sales C hange (q-o-q) EBITDA C hange (q-o-q) EBITDA margin PAT Adj PAT C hange (q-o-q) Adj PAT margin Adj EPS Q1FY11 130,063 2% 28,674 -6% 22.0% 18,419 18,419 -9% 14.2% 2.2 Q2FY11 133,505 3% 33,713 18% 25.3% 21,074 16,067 -13% 12.0% 1.9 Q3FY11 138,886 4% 42,305 25% 30.5% 23,714 23,016 43% 16.6% 2.8 Q4FY11 159,776 15% 42,793 1% 26.8% 27,818 27,818 21% 17.4% 3.4 Q1FY12 145,242 -9% 32,190 -25% 22.2% 20,758 20,758 -25% 14.3% 2.5 21.8 2.6 16.8 3.9 43.0 2.0 20.6 2.7 15.6 4.1 41.7 1.8 16.6 2.2 13.4 3.3 39.2 2.1 14.8 2.0 11.1 2.9 39.2 2.3 12.8 1.8 9.5 2.6 39.2 2.6 22.9 15.4 12.3 8.5 18.6 26.1 17.1 13.8 9.6 16.5 23.9 15.7 13.8 9.6 14.8 25.6 15.0 14.2 10.5 14.4 27.1 14.8 14.9 11.5 14.3 Cash flow (Rs mn) Pre-tax profit Total tax paid Depreciation Working capital changes Net cash from operations Cash from investments C apital expenditure Investments and others Net cash from investments Cash from financing Equity raised/(repaid) Debt raised/(repaid) Dividend (incl. tax) Others (incl extraordinaries) Net cash from financing C hange in cash position C losing cash (614) 83,733 (34,784) 9,704 58,039 18,900 172,505 52,639 (36,815) 7,042 22,866 (11,975) 160,530 92,166 (36,686) 3,506 58,986 18,476 179,006 83,918 (39,612) (0) 44,306 4,377 183,383 107,519 (45,572) 61,947 6,178 189,560 (146,194) 17,510 (128,684) (135,084) (816) (135,900) (162,704) 29,702 (133,003) (178,419) 16,515 (161,904) (216,439) 16,515 (199,924) FY09 94,005 (26,102) 25,146 (3,504) 89,545 FY10 110,249 (25,045) 29,170 (13,315) 101,059 FY11# 118,949 (28,920) 27,184 (24,720) 92,492 FY12E 132,962 (31,911) 37,175 (16,251) 121,975 FY13E 152,968 (39,009) 46,570 (16,373) 144,155 14.0 (9.3) (16.3) (16.3) 9.6 24.9 22.1 22.1 18.3 8.4 8.7 8.7 17.4 25.9 12.2 12.2 16.8 23.3 15.0 15.0 FY10 FY11# FY12E FY13E FY09 442,068 101,267 22.9% 25,146 76,121 14,069 62,052 31,953 13,021 107,026 26,101 80,925 13,021 67,904 FY10 484,671 126,501 26.1% 29,170 97,331 13,404 83,927 26,322 5,469 115,718 27,341 88,377 5,469 82,908 FY11# 573,241 137,160 23.9% 27,184 109,976 15,958 94,018 24,930 3,454 122,403 28,920 (52) 93,534 3,454 90,080 FY12E 673,145 172,653 25.6% 37,175 135,478 25,237 110,241 22,721 132,962 31,911 101,051 101,051 FY13E 786,302 212,830 27.1% 46,570 166,260 34,779 131,481 21,486 152,968 36,712 116,255 116,255 Balance Sheet (Rs mn) Liabilities Equity share capital Reserves Minorities Net worth C onvertible debt Other debt Total debt Deferred tax liability (net) Total liabilities Assets Net fixed assets C apital WIP Total fixed assets Investments Current assets Inventory Sundry debtors Loans and advances C ash & bank balance Marketable securities Total current assets Total current liabilities Net current assets Intangibles/Misc. expenditure Total assets 34,108 38,189 80,513 172,505 1,865 327,180 139,409 187,771 394 961,820 35,835 70,808 65,674 160,530 19,435 352,282 145,601 206,681 387 1,069,890 42,624 86,889 85,852 179,006 6,373 400,743 163,929 236,814 387 1,218,905 50,052 105,720 100,814 183,383 6,373 446,341 188,899 257,442 387 1,364,261 58,466 127,800 117,761 189,560 6,373 499,960 219,967 279,993 387 1,540,166 349,268 309,292 658,560 115,095 387,666 376,815 764,481 98,341 438,025 461,977 900,001 81,702 587,535 453,710 1,041,245 65,187 801,639 409,475 1,211,114 48,672 82,455 489,626 572,081 389,738 389,738 1 961,820 82,455 542,761 625,216 442,377 442,377 2,297 1,069,890 82,455 599,661 (52) 682,064 534,543 534,543 2,297 1,218,905 82,455 661,100 (52) 743,503 618,461 618,461 2,297 1,364,261 82,455 731,783 (52) 814,187 725,979 725,979 1,540,166 FY09 FY10 FY11# FY12E FY13E

Note: All ratios are computed on Adj PAT #FY11 numbers are based on abridged financials Source: Company, CRISIL Research estimate

CRISIL Limited. All Rights Reserved.

CRISIL RESEARCH | 5

CRISIL Research Team


Senior Director
Mukesh Agarwal +91 (22) 3342 3035 magarwal@crisil.com

Analytical Contacts
Tarun Bhatia Prasad Koparkar Chetan Majithia Sudhir Nair Jiju Vidyadharan Ajay D'Souza Ajay Srinivasan Sridhar C Manoj Mohta Director, Capital Markets Head, Industry & Customised Research Head, Equities Head, Equities Head, Funds & Fixed Income Research Head, Industry Research Head, Industry Research Head, Industry Research Head, Customised Research +91 (22) 3342 3226 +91 (22) 3342 3137 +91 (22) 3342 4148 +91 (22) 3342 3526 +91 (22) 3342 8091 +91 (22) 3342 3567 +91 (22) 3342 3530 +91 (22) 3342 3546 +91 (22) 3342 3554 tbhatia@crisil.com pkoparkar@crisil.com chetanmajithia@crisil.com snair@crisil.com jvidyadharan@crisil.com adsouza@crisil.com ajsrinivasan@crisil.com sridharc@crisil.com mmohta@crisil.com

Business Development
Vinaya Dongre Ashish Sethi Head, Industry & Customised Research Head, Capital Markets +91 (22) 33428025 +91 (22) 33428023 vdongre@crisil.com asethi@crisil.com

CRISILs Equity Offerings


The Equity Group at CRISIL Research provides a wide range of services including: Independent Equity Research IPO Grading White Labelled Research Valuation on companies for use of Institutional Investors, Asset Managers, Corporate

Other services by the Research group include


Funds & Fixed Income Research Mutual fund rankings Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs Valuation for all debt instruments Developing and maintaining debt and hybrid indices Consultancy and research support to retirement funds Industry & Customized Research Provide comprehensive research coverage across 65 sectors Customised research on market sizing, demand modelling and entry strategies Customised research content for Information Memorandum and Offer Documents

CRISIL Limited. All Rights Reserved.

About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Research


CRISIL Research is the countrys largest independent and integrated research house with strong domain expertise on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research reports, analytical tools, subscription products and customised solutions.

To know more about CRISIL IER, please contact our team members:
Vinaya Dongre Head, Business Development Email : vdongre@crisil.com I Phone : 9920225174 Sagar Sawarkar Senior Manager, Business Development Email : ssawarkar@crisil.com I Phone : 9821638322 Ashish Sethi Head, Business Development Email : asethi@crisil.com I Phone : 9920807575

Regional Contacts:
Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : vishah@crisil.com I Phone : 9820598908 Bengaluru Gayathri Ananth Senior Manager, Business Development Email : gs@crisil.com I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : kponnuru@crisil.com I Phone : 9642004668 Kolkata / Delhi Priyanka Agarwal - Manager, Business Development Email : priyagarwal@crisil.com I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : vtandon@crisil.com I Phone : 9903060685

Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in CRISIL Limited. All Rights Reserved.

Você também pode gostar