Suzlon Energy Analyst Report
Suzlon Energy Analyst Report
Suzlon Energy Analyst Report
17 MAR 2015
Suzlon Energy
BUY
INDUSTRY
CAPITAL GOODS
CMP (As on 16 Mar 15)
Rs 26
Target Price
Rs 34
Nifty
8,633
Sensex
28,438
SUEL IN
3,539
92/1,464
886
Promoters
29.75
23.04
FIIs
13.05
34.16
Rs 37/9
3M
6M
12M
Absolute (%)
101.6
18.5
160.0
Relative (%)
95.4
11.1
129.6
Source : BSE
Abhinav Sharma
[email protected]
+91-22-6171-7331
Raahil Shah
[email protected]
+91-22-6171-7327
FINANCIAL SUMMARY*
(Rs mn)
Net Sales
Operating EBITDA
APAT
Diluted EPS (Rs)
P/E (x)
EV / EBITDA (x)
RoCE (%)
FY14
FY15E
204,029 196,545
1,147
7,450
(28,051) (22,905)
(4.6)
(3.9)
NM
NM
183.8
32.8
(0.9)
(0.9)
FY16E
FY17E
FY18E
97,517 134,959 162,710
11,007 19,208 24,240
16
6,257
9,914
0.0
1.0
1.7
NM
24.9
15.7
20.5
11.7
8.9
8.5
31.2
34.0
Suzlon Energy
Suzlon Wind
Existing Business
Domestic
>8.5 GW installations
till date
Manufacturing facilities for
blades, tower, nacelle,
generator and control
instruments
Overseas
(America, China, South
Africa, Australia,
Europe, Etc.)
Senvion
Sale has been completed. Suzlon will have
license to Senvion's offshore technology for
India
>6.0 GW installations
till date
Primarily opportunistic
sales
Page | 2
In 2012, accelerated
depreciation and GBI benefits
for wind farm developers were
removed in India leading to a
sharp dip in Indian market
volumes
Source : Company, HDFC sec Inst Research
Page | 3
NWC/Sales (RHS)
60.0%
3,500
50.0%
3,000
500
1,600
70%
1,400
60%
1,200
50%
1,000
40%
800
Debt
195,000
FY14
FY13
FY12
FY05
FY11
2,077
1,721
1,000
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
FY06
0.0%
2,350
FY10
10.0%
1,500
FY09
20.0%
2,000
1,663
1,716
1,565
1,742
1,485
1,111
FY08
30.0%
2,500
FY07
40.0%
3,179
FY06
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Net worth
Rs mn
145,000
95,000
30%
FY14
FY13
FY12
FY11
(5,000)
FY10
FY14
FY13
FY12
FY11
FY10
FY09
FY08
0%
FY07
FY09
10%
FY08
200
45,000
FY07
20%
FY06
400
FY05
600
FY06
FY05
FY05
Page | 4
Pre
deal
Post deal
89
29
647
115
137
647
(Rs 40.8bn)
115
(Rs 7.2bn)
77
484
484
(Rs 30.5bn)
Working capital
funds (Rs bn)
22
Effective interest
rate is 11%
Effective interest
rate is 6.3%
Quasi equity* as
conversion price
is Rs 15.46
Source : Company, HDFC sec Inst Research *Apart from US$ 28.8mn
Apr-16 FCCBs which convert at Rs 54/sh #As on 9MFY15. As on date
FCCBs outstanding are US$ 401mn.
Page | 5
3,179
4,000
FY17E
FY16E
2,300
FY15E
FY12
FY13
1,721
1,565
2,077
FY14
2,350
FY11
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
-
FY10
Page | 6
Tax saving
Revenue models
Long term PPA at Long term PPA at
Long term PPA at Open access with
Captive
Feed in tariff
Feed in tariff
consumption
APPC* with GBI
AD
with AD but no with GBI but no
with AD and REC
and REC
and REC
REC
REC
Y
Y
Primary Business
CSR
CSR and tax
saving
Attractive and
stable returns
Page | 7
KEY COMPETITORS
Capacity
Range of WTG
Models (MW)
Suzlon
3,600
1.25 2.1
Gamesa
1,500
0.85 - 2.0
Kenersys India
400
2.0 - 2.6
GE India
450
1.6 - 1.7
Vestas
100
1.8 - 2.0
1,100
2.0
Regen Powertech
750
1.5
Wind World
NA
<1.0
Name
Inox Wind
Remarks
Largest domestic WTG manufacturer by capacity.
Part of the Spanish multinational company. Has a
strong positioning in India.
WTG venture of the Kalyani Group and US-based
private equity firm the First Reserve Corporation.
Specialises in onshore turbines.
Part of GE. The company has strong plans for India.
Largest WTG maker in the world. Has seen India as
a swing market. Currently dormant, but may
become active if India market picks up again
Relatively new entrant. Part of Gujarat Fluoro
group. The company is planning to come up with
an IPO. Has made big strides recently.
Chennai based company promoted by NSL Group.
Erstwhile Enercon. The company is a traditionally
strong player in India but has lost market share as
its technology is old.
FY14
FY15E
24
19
21
19
25
NA
NA
NA
NA
NA
NA
NA
15
22
16
16
NA
26
17
15
Source : Inox Wind RHP, Industry estimates, HDFC sec Inst Research
Page | 8
Site infrastructure
development, power
evacuation
WTG manufacturing
and supply
Installation and
commissioning
OMS
Reducing downtime,
upgrading hardware
and software
Page | 9
Mode
Cost/Kwh*
Wind
3.5
Imported coal
3.3
Domestic
Coal
2.8
Hydro
2.9
Solar
4.8
Key assumptions
PLF 35%,
D/E : 70%
Capital cost : Rs 70mn/MW
PLF 80%
D/E 70%
Capital cost : Rs 70mn/MW
Imported coal price : US$60/tonne for GCV of 6,000
Domestic coal price : Rs 2000/tonne, GCV of 3,200
PLF 50%
D/E : 70%
Capital cost : Rs 90mn/MW
PLF 25%,
D/E : 70%
Capital cost : Rs 70mn/MW
Source : Company, HDFC sec Inst Research *For PBT breakeven in year 1
Page | 10
FY14
FY15E
FY16E
FY17E
FY18E
42,720
28,748
34,510
81,250
117,000
723
493
1,250
1,800
2,200
59
70
65
65
65
OMS Revenue
13,550
14,470
15,917
17,509
19,260
56,270
39,568
48,980
97,167
134,509
7,874
5,862
7,816
7,972
8,211
Other expenses
Operating EBITDA
OPM
16,382
14,457
14,818
18,110
20,645
(10,829)
(1,684)
(3,678)
11,007
19,208
(19.2)%
(7.5)%
11.3%
14.3%
14.9%
Depreciation
3,745
3,712
3,862
4,012
4,222
Finance costs
18,462
17,520
8,176
8,726
9,126
(34,750)
(24,660)
19
7,821
12,392
16
6,257
9,914
108,326
48,326
48,326
48,326
29,000
29,000
29,000
29,000
5,988
5,988
5,988
5,988
PBT
PAT
Long term Debt
Working capital debt
Fully diluted shares (mn)
Source : Company, HDFC sec Inst Research
Page | 11
P/E (x)
Country
EV/EBITDA (x)
EV/Revenue (x)
EBITDA (%)
FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E
FY16E
FY17E
Suzlon
India
NM
NM
24.9
32.8
20.5
11.7
1.2
2.3
1.7
3.9
11.3
14.3
Vestas
Denmark
23.8
18.7
19.2
7.7
7.2
7.5
1.1
0.9
1.0
14.3
12.5
13.3
Gamesa
Spain
19.9
20.6
17.6
10.8
7.9
7.2
1.1
1.0
0.9
10.2
12.7
12.5
Nordex
Sweden
40.1
25.9
20.0
10.5
8.5
7.3
0.7
0.7
0.7
6.7
8.2
9.6
Xinjiang Goldwing
China
37.4
12.1
11.7
15.9
12.3
10.5
2.7
2.1
2.0
17.0
17.1
19.0
Market Cap
TP
CMP
Rating
L&T
1,725
1,681
BUY
1544
BHEL
189
258
SELL
Cummins India
985
883
BUY
Rs bn US$bn
P/E (x)
EV/EBITDA (x)
EV/Revenue (x)
FY15E
FY16E
FY17E
FY15E
FY16E
FY17E
FY15E
FY16E
FY17E
24.5
23.9
21.2
17.4
21.3
18.9
15.7
2.7
2.4
2.0
632
10.0
32.2
24.2
21.9
17.9
13.3
11.7
1.6
1.5
1.3
245
3.9
34.7
31.0
26.0
31.3
26.4
21.5
5.4
4.6
3.8
Suzlon
34
26
BUY
156*
2.5
NM
NM
24.9
32.8
20.5
11.7
1.2
2.3
1.7
Thermax
939
1,225
SELL
146
2.3
42.4
38.0
28.7
29.3
26.2
18.6
3.0
2.8
2.2
Crompton Greaves
230
170
BUY
109
1.7
36.7
25.6
16.2
17.3
14.2
10.1
0.8
0.8
0.7
Voltas
222
281
SELL
93
1.5
30.3
24.8
20.3
26.9
19.8
15.3
1.8
1.5
1.3
CUMI
225
189
BUY
35
0.6
44.9
27.1
16.8
15.6
12.1
8.5
1.8
1.7
1.4
Page | 12
Explanation
Impact
Accelerated Depreciation
(AD)
Feed in Tariffs
(FIT)
Renewable Purchase
Obligations (RPO)
Banking
Feed in Tariff
(Rs/Kwh)
Open Access
As per Rules,
5%
Regulations and of energy
terms and
conditions as
approved by the
Commission.
Allowed
Allowed @ 2%
of energy input
4.70
4.20
Allowed
Allowed
Madhya
Pradesh
Allowed
2% of energy +
transmission
charges as per
ERC
Allowed
5.92
Allowed
Maharashtra
Rajasthan
Normal Open
Access Charges
Normal Open
Access Charges
15 Minutes
Adjustment
*Zone 1 5.70
Zone 2 5.01
Zone 3 4.18
Zone 4 3.92
Allowed
Tamilnadu
5% of
Energy in case
of consumption
at HV / EHV and
7.5% in case of
LV
6 Months
5%
(12 months)
Rs. 5.93 /unit for 3.51 (Levelised)
Jaisalmer,
Barmer and
Jodhpur etc. and
Rs. 5.64 /unit for
other district
Allowed
Allowed
Gujarat
Normal OA
Transmission
Charges and
transmission
losses for 66 kV
and above
Monthly
settlement
4.15
Allowed
Source : MNRE, HDFC sec Inst Research *Zones according to wind energy density, higher the density lower the tariff
Page | 13
REC mechanism
0.60
Sellers
0.50
Buyers
0.40
Floor Price
0.20
Forbearance Price
Forbearance Price
Solar
Non Solar
0.30
0.10
0.00
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
We expect stricter
implementation of penalties
going forward which should
enable REC market to take off
Categories
Page | 14
35
22,466
Source : NIWE (National Institute of Wind Energy), HDFC sec Inst Research
Page | 15
1.0
Debt funding
70%
Interest rate
13%
1.0
5%
AD (accelerated depreciation)
80%
15%
Receivables (days)
60.0
GBI (Rs/kwh)
0.5
Project lifecycle
20 years
Source : Company, HDFC sec Inst Research *According to the Income Tax Act
PLF
4.5
25%
18%
30%
28%
35%
38%
5.0
23%
35%
46%
5.5
29%
42%
54%
12%
Tariff
(Rs/Kwh)
PLF
25%
30%
35%
4.5
10%
17%
24%
5.0
14%
21%
30%
5.5
17%
26%
35%
12%
Tariff
(Rs/kwh)
PLF
25%
30%
35%
60.0
32%
45%
58%
70.0
23%
35%
46%
80.0
17%
27%
37%
12%
Cost/MW
(Rs mn)
PLF
25%
30%
35%
60.0
20%
29%
39%
70.0
14%
21%
30%
80.0
10%
16%
23%
12%
Cost/MW
(Rs mn)
Page | 16
GW
1,500
North America
Europe
Latin America, Middle East and Africa
Asia
US Wind Installations
1,000
Cumulative Capacity
500
70,000
2030
2020
2015
2013
New Installations
MW
MW
14,000
60,000
12,000
50,000
10,000
40,000
8,000
Source : GWEC (Global Wind Energy Council), HDFC sec Inst Research
30,000
6,000
USA
20,000
4,000
10,000
2,000
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2014
Page | 17
Europe
25,000
10,000
40,000
5,000
20,000
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
New Installations
MW
MW
14,000
120,000
12,000
100,000
10,000
80,000
8,000
60,000
6,000
40,000
4,000
20,000
2,000
2014
60,000
2013
15,000
2012
80,000
2011
100,000
2010
20,000
2009
120,000
2008
MW
MW
2005
140,000
New Installations
2007
Cumulative Capacity
2006
Page | 18
MW
8,045
8,000
7,046
7,000
5,415
6,000
5,000
4,000
4,117
3,000
2,000
1,000
0
2014
2013
2012
2011
Page | 19
Investment-based Incentives
PTC 2.3c/kwh
RPS obligations enacted by states
Feed in tariff
Loans with relaxed repayment and interest rate
Lower corporate tax rate of 15% vs. 25%
Feed in tariff
Financial subsidies
Feed in tariff
Accelerated depreciation
RPO obligations
Page | 20
FY14
FY15E
FY16E
FY17E
FY18E
204,029
196,545
97,517
134,959
162,710
7.9
(3.7)
(50.4)
38.4
20.6
144,354
133,566
63,719
89,429
108,382
22,314
22,757
7,972
8,211
9,443
Growth %
Raw material consumption
Employee expenses
FY14
FY15E
FY16E
FY17E
FY18E
4,976
7,209
11,976
11,976
11,976
SOURCES OF FUNDS
Share Capital
Reserves
TOTAL SHAREHOLDERS FUNDS
(10,415)
(79,460)
(54,762)
(48,505)
(38,591)
(3,759)
(70,811)
(42,785)
(36,528)
(26,615)
Other expenses
36,214
32,772
14,818
18,110
20,645
Minority Interest
584
906
250
250
250
Total Expenses
202,882
189,095
86,510
115,750
138,470
116,409
137,701
50,140
48,326
48,326
1,147
7,450
11,007
19,208
24,240
54,124
35,532
29,000
29,000
29,000
0.6
3.8
11.3
14.2
14.9
TOTAL DEBT
170,533
173,232
79,140
77,326
77,326
(111.6)
549.6
47.8
74.5
26.2
Deferred Taxes
7,379
7,168
100
100
100
EBIDTA
EBIDTA %
EBIDTA Growth %
Other income
715
277
1,050
1,350
1,500
7,769
8,895
3,862
4,012
4,222
(5,907)
(1,168)
8,195
16,546
21,518
20,700
18,881
8,176
8,726
9,126
(26,607)
(20,049)
19
7,821
12,392
Depreciation
EBIT
Interest
PBT
Tax
PAT before minority interest
4,085
2,915
4,035
4,868
114,580
39,620
45,183
55,929
Gross block
84,742
88,242
37,859
40,359
43,859
Net Block
43,667
38,272
7,827
6,315
5,593
2,500
2,500
2,500
APPLICATION OF FUNDS
1,444
2,857
1,564
2,478
CWIP
(28,051)
(22,905)
16
6,257
9,914
Goodwill
282
(322)
(27,769)
(23,227)
(26.4)
(16.4)
Minority Interest
APAT
3,547
178,284
APAT growth %
EPS
16
6,257
9,914
4,334
32,129
Investments
7,067
909
2,000
4,000
4,000
5,181
8,178
2,987
3,137
3,294
Inventories
40,329
37,694
26,186
36,752
44,540
Trade receivables
59,455
59,233
31,945
44,222
53,346
24,480
22,617
8,813
9,203
17,087
18,450
13,202
14,937
15,684
16,468
8,164
5,658
1,992
2,091
2,196
150,878
138,403
83,873
107,952
133,637
54,956
51,156
33,331
42,403
49,284
CURRENT ASSETS
(11)
(6)
0.0
1.0
1.7
EPS growth %
(47.4)
(42.3)
NM
NM
58.5
Adjustments
6,000
60,933
Reported PAT
(33,769)
(84,160)
16
6,257
9,914
Reported EPS
(13.6)
(23.3)
0.0
1.0
1.7
4,334
91,479
69,364
56,487
26,235
36,317
43,810
124,320
107,643
59,567
78,720
93,094
26,558
30,760
24,307
29,232
40,543
178,285
114,580
39,621
45,183
55,929
Page | 21
RATIOS
FY14
(27,769)
17,925
7,769
(3,712)
11,804
6,017
(6,567)
(550)
1,839
(4,728)
2,120
6,921
(7,471)
(1,100)
1,570
2,859
24,480
FY15E
FY16E
(23,134)
16
18,881
8,176
8,895
3,862
(9,269) (27,590)
(1,268)
(1,050)
(5,895) (16,587)
(3,500)
(2,500)
(9,395) (19,087)
6,460
76,050
2,960
73,550
39,392
2,699 (82,378)
(18,881)
(8,176)
(25,577) (109,640)
(16,182) (51,161)
(19,117)
5,802
22,617
8,813
FY17E
6,257
8,726
4,012
(3,564)
(1,350)
14,080
(2,500)
11,580
(650)
(3,150)
(1,814)
(8,726)
1,040
FY18E
9,914
9,126
4,222
(2,752)
(1,500)
19,010
(3,500)
15,510
1,500
(2,000)
(9,126)
6,384
(10,540)
(9,126)
390
7,884
9,203
17,087
FY14
FY15E
FY16E
FY17E
FY18E
29.2
32.0
34.7
33.7
33.4
0.6
3.8
11.3
14.2
14.9
EBIT margin
(2.9)
(0.6)
8.4
12.3
13.2
APAT margin
(13.7)
(11.7)
0.0
4.6
6.1
NM
NM
NM
NM
NM
Core RoCE
(1.1)
(1.3)
9.3
36.4
42.8
RoCE
(0.9)
(0.9)
8.5
31.2
34.0
(5.4)
(14.2)
20.0
20.0
20.0
1.1
1.7
2.5
3.0
2.9
RoE
EFFICIENCY
Tax rate %
Asset turnover (x)
Inventory (days)
72.1
70.0
98.0
99.4
99.9
106.4
110.0
119.6
119.6
119.7
47.8
61.5
78.4
79.5
79.9
130.7
118.5
139.2
139.5
139.7
Debt/EBITDA (x)
148.7
23.3
7.2
4.0
3.2
Debtor (days)
Payables (days)
Net D/E
NM
NM
NM
NM
NM
(0.3)
(0.1)
1.0
1.9
2.4
EPS (Rs/sh)
(11.2)
(6.4)
0.0
1.0
1.7
DPS(Rs/sh)
NA
NA
NA
NA
NA
BV (Rs/sh)
(1.5)
(19.6)
(7.1)
(6.1)
(4.4)
NM
NM
NM
24.9
15.7
P/BV
(17.2)
(1.3)
(3.6)
(4.3)
(5.8)
EV/EBITDA
183.8
32.8
20.5
11.7
8.9
1.0
1.2
2.3
1.7
1.3
OCF/EV (%)
2.9
(2.4)
(7.3)
6.3
8.8
FCF/EV (%)
(0.3)
(3.8)
(8.4)
5.2
7.2
FCFE/MCAP (%)
(1.7)
(27.3)
(70.4)
0.7
4.1
Interest coverage
VALUATION
P/E
EV/Revenues
Page | 22
Rating Definitions
BUY
: Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL
: Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Disclosure:
We, Abhinav Sharma, MBA & Raahil Shah, 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.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No
Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or
arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of
warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for
information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be
construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.
This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC
Securities Ltd or its affiliates to any registration or licensing requirement within such jurisdiction.
If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may
not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd .
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived
from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk.
It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services
for, any company mentioned in this mail and/or its attachments.
HDFC Securities and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies)
mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.
HDFC Securities Ltd, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any
action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the
dividend or income, etc.
HDFC Securities Ltd and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report,
or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
HDFC Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any
other assignment in the past twelve months.
HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report
for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or
specific transaction in the normal course of business.
HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research
report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is
not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach
different conclusion from the information presented in this report.
Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We
have not received any compensation/benefits from the subject company or third party in connection with the Research Report.
Page | 23
HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com
Page | 24