India Midcaps

RESULT UPDATE

AARTI INDUSTRIES
Stable volume growth in challenging times
India Equity Research| Miscellaneous

Aarti Industries’ (AIL) Q3FY17 revenue at INR7.7bn jumped 3.4% YoY. EDELWEISS RATINGS
Despite demonetisation impact and sustained weakness in the global Absolute Rating BUY
agrochemical market, volume grew a decent 10% YoY (Q2FY17: 2%). Investment Characteristics Growth
EBITDA growth came in higher at 16% YoY to INR1.5bn driven by higher
value addition in the speciality chemicals segment. However, pharma
segment clocked a muted quarter, impacted by USFDA inspections and MARKET DATA (R: ARTI.BO, B: ARTO IN)
certain one-off costs. As we roll over to FY19E, we factor in 14%/21% CMP : INR 784
revenue/PAT growth driven by completion of ongoing capex and estimate Target Price : INR 929
RoCE improvement to 23.0% from 20.5% in FY16. We, therefore, raise our 52-week range (INR) : 818 / 417
target P/E multiple to 16.0x (14.0x earlier) with a revised target price of Share in issue (mn) : 82.1
INR929. M cap (INR bn/USD mn) : 64 / 955
Avg. Daily Vol. BSE/NSE (‘000) : 48.1

Speciality chemicals volume jumps 10% YoY; margin also improves

Speciality chemicals reported 3.8% YoY revenue growth to INR6.3bn. Demonetisation’s SHARE HOLDING PATTERN (%)

impact on the quarter was INR80-100mn, primarily due to weakness in domestic Current Q2FY17 Q1FY17
textile and FMCG segments. In addition, weak global agrochemical continued to Promoters * 54.8 54.8 54.8
impact, though sequentially situation has improved. However, despite this, volumes MF's, FI's & BKs 11.5 11.5 12.1
jumped a decent 10% YoY (Q2FY17: 2%). Also, EBIT margin jumped 165bps YoY to FII's 3.6 3.6 3.4
20.9% as value addition component increased by leveraging range of products. Others 30.0 30.0 29.7
* Promoters pledged shares : NIL
(% of share in issue)
USFDA inspection dents pharma growth
Pharma revenue growth at 4% YoY was lower than 10% clocked till H1FY17. Margin PRICE PERFORMANCE (%)
contracted 64bps YoY to 9.2%. During Q3FY17, the pharma segment was also impacted BSE Midcap Stock over
because of holiday season, FDA inspection and increase in maintenance expenses Stock
Index Index
(one-off cost of INR15-20mn). Post the USFDA inspection, AIL has replied to the 1 month 8.8 12.1 3.3
observations received. There was a one month notice from FDA for repair, renovation 3 months 3.8 7.4 3.6
and colouring, because of which there was some slowdown in current quarter.
12 months 29.7 62.8 33.1

Outlook and valuations: Robust RoCE; maintain ‘BUY’

As we roll over to FY19E, we factor in 14%/21% growth in revenue/PAT building in
growth in speciality chemicals driven by ongoing capex. Completion of ongoing capex
drives revenue and PAT growth visibility over coming 2-3 years. We estimate RoCE to
expand to 23.0% in FY19. Factoring in this improvement, we raise our target FY19E P/E
multiple to 16.0x giving us a revised target price of INR929. Demerger of the pharma
segment will further unlock value for shareholders. We maintain ‘BUY’.
Financials (INR mn)
Year to March Q3FY17 Q3FY16 YoY (%) Q2FY17 QoQ (%) FY16 FY17E FY18E
Revenue 7,702 7,449 3.4 7,103 8.4 27,796 29,380 34,452 Rohan Gupta
EBITDA 1,502 1,300 15.6 1,509 (0.5) 5,723 6,325 7,421 +91 22 4040 7416
Adj. profit 738 607 21.6 760 (2.8) 2,569 3,266 3,927 [email protected]

Dil. EPS (INR) 9.0 7.3 23.4 9.1 (1.4) 30.8 39.8 47.8 Nihal Mahesh Jham
Dil. P/E (x) 25.5 19.8 16.5 +91 22 6623 3352
[email protected]
EV/EBITDA (x) 13.8 12.2 10.4
ROAE (%) 24.5 26.9 26.4
February 7, 2017
Note: Quarterly financials are for standalone and annual financials for consolidated entity
Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited
Miscellaneous

Q3FY17 Concall highlights

Agro chemicals: Signs of improvement
AIL has seen some improvement in the agro chemicals space in Q3FY17 and in January 2017.
For FY18 also, visibility has improved. However, it is specific to products and markets. In
some regions inventory has bottomed out and thus demand growth is looking better.
Overall, fungicides and herbicides have seen marginally better growth (due to GM seeds)
compared to insecticides. Latin America and Europe have shown some improvement.

Pharma segment: Affected due to FDA inspection

This quarter, pharma segment was also impacted because of holiday season in December,
FDA inspection and increase in maintenance expenses (extraordinary maintenance expense
during the quarter were INR15-20mn). AIL had USFDA inspection and has replied to
observations received. There was a one month notice from FDA for repair, renovation and
colouring, because of which there was some slowdown in current quarter.

Capex remains key for growth

Management remains confident about growth and has guided for a capex of INR3-4bn p.a.
over the next 2-3 years to meet its top line growth 15-20%. This capex primarily includes
adding a chlorination plant at Jagadia, nitro toluene and its downstream capacity in FY18,
Chloro benzene capacity and chlorinated compounds, Investment in power plant and
additional investment in speciality chemicals segment.

Outlook and guidance –

AIL estimates volume growth of 10% in Q4FY17 and volume growth of 10-15% in FY18. Top
line growth will also be driven by impact on input prices as benzene prices have already
started to rise. As the company has contractual arrangement with its customers to pass on
any increase in input prices / currency volatility etc, EBITDA margins may decline with rise in
input prices.

Toluene based capacity is likely to be operational in Q4FY17. The company expects

utilisation level to reach 75-90% in the next 2-3 years. Utilisation in the first year will be less
and should pick up in second and third years. Depreciation has increased as new production
facilities have been operationalised. Tax rate going forward should be 18-20%. Current debt
at INR14.3bn.

Q2FY17 highlights
• Exports comprised 47% of net revenues in Q2FY17.

• EBITDA grew following decline in raw material prices and improved product mix.
• Depreciation increased as new production facilities have been operationalised.

Speciality Chemicals:
• Volumes grew by mere 2% YoY.

• Volume growth was subdued in Q2FY17 due to temporary weakness in agrochemical

sector. However, AIL expects demand to be better in second half of the year.

• AIL derives 25-30% of revenues from agrochemicals.

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• Agrochemical volumes fell ~10% YoY. However, the company is not witnessing much
pressure in other sectors.

• This also impacted share of exports.

• AIL is looking at volume growth of 7-10% in FY17 and 10-15% in FY18.

• Better product mix saw the company report higher margins.

• Benzene prices: INR45/kg

• Nitro Chloro Benzene:

 Q2FY17: 16,680 tonnes

 Q2FY16: 16,400 tonnes

 Q1FY17: 13,900 tonnes

• Hydrogenation

 AIL did 1,900tpm of volumes this quarter

• PDA production: 350tpm

• Toluene

 Toluene expansion is proceeding as per plan and will be commissioned in H2FY17

 AIL mentioned its toluene customer base is very similar to current customers, i.e.,
agrochemicals, dyes, etc

 The company expects toluene utilisation to reach 25% by this year end and 80% in
next 2-3 years.

• The ethylation unit at the Dahej SEZ has capacity to manufacture 8,000-10,000tpa of
ethylene derivatives. It will be used initially in herbicides production. Initially, the plant
will be used for ehtylene, and will start propylene next year also.

Pharma
• De-bottlenecking and expansion activities have spurred growth in pharma volumes.
• AIL expects segment margins to ramp up. Margins depend on the approvals the
company’s clients receive.

• There is a USFDA visit scheduled for December this year.

• Expect segment growth to be 15-20% this year

Capex
• AIL incurred ~INR1.4bn in H1FY17.

• Looking at INR4bn in FY17, and INR2.5-3bn in FY18. Further capex for FY18 will be
finalised in second half of the year.

• The company definitely expects it to be more than INR4bn.

• Capex for pharma and consumer segments will be INR0.8-1bn this year and INR0.8bn
next year.

• This will be financed through internal accruals and debt.

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Miscellaneous
Others
• AIL is not looking at the demerger anytime soon.

• The company does not see any threat from the change in leadership in the US.

• GST will be a positive for industry. AIL is paying inter-state taxes of INR180-200mn
which would be saved post GST.

• General stocking level for domestic user industry is 7-15 days.

• US is the largest export destination followed by Germany and Switzerland.

Buyback
• AIL has a general payout policy and has been maintaining its payout over many years.

• Annual payout to shareholders is 25-30%. Buyback happens to be a more efficient way

of rewarding shareholders.

Guidance
• Tax rate to be ~19-20%.
• None of the capex capitalised has had any revenue impact.

• Does not see significant volume contribution from Dahej this year.

Chart 1: Margins in all 3 segments contracted QoQ

Segment EBIT margins
30.0

22.0

14.0
(%)

6.0

(2.0)

(10.0)
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
Speciality chemicals Pharma Homes & Personal care
Source: Company, Edelweiss research

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Financial snapshot (INR mn)

Year to March Q3FY17 Q3FY16 % change Q2FY17 % change YTD17 FY17E FY18E
Net revenues 7,702 7,449 3.4 7,103 8.4 22,159 29,380 34,452
Staff costs 362 292 23.9 343 5.5 1,031 1,460 1,709
Direct costs 4,257 4,500 (5.4) 3,759 13.2 12,163 15,718 18,604
Other expenses 1,581 1,357 16.5 1,491 6.1 4,406 5,876 6,718
EBITDA 1,502 1,300 15.6 1,509 (0.5) 4,558 6,325 7,421
Depreciation 295 229 28.5 276 6.7 839 1,099 1,397
EBIT 1,208 1,070 12.8 1,233 (2.1) 3,719 5,226 6,024
Other income 10 9 16.1 2 461.1 16 31 29
Interest 309 276 11.9 290 6.7 869 933 867
Profit before tax 908 803 13.1 945 (3.9) 2,866 4,324 5,186
Provision for taxes 170 196 (13.1) 185 (8.1) 542 865 1,037
Extraordinary items
Reported net profit 738 607 21.6 760 (2.8) 2,324 3,266 3,927
Adjusted Profit 738 607 21.6 760 (2.8) 2,324 3,266 3,927
Diluted shares (mn) 82 83 83 82 82 82
Adjusted Diluted EPS 9.0 7.3 23.4 9.1 (1.4) 28.3 39.8 47.8
Diluted P/E (x) - - - - 19.8 16.5
EV/EBITDA (x) - - - - 12.2 10.4
ROAE (%) - - - - 26.9 26.4

As % of net revenues
Direct costs 55.3 60.4 52.9 - 53.5 54.0
Employee cost 4.7 3.9 4.8 - 5.0 5.0
Other expenses 20.5 18.2 21.0 - 20.0 19.5
EBITDA 19.5 17.4 21.3 - 21.5 21.5
Reported net profit 9.6 8.2 10.7 - 11.1 11.4
Tax rate 18.7 24.4 19.6 - 20.0 20.0

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Company Description
AIL incorporated in 1975, is a well-diversified chemicals company headquartered in
Mumbai. It is one of the largest producers of Benzene-based basic and intermediate
chemicals in India and manufactures 125 products with chemistry of benzene, aniline,
sulphuric acid, toluene and methanol. AIL is one of the leading global suppliers of dyes,
pigments, agrochemicals, pharmaceuticals and rubber chemicals. Benzene accounts for
~60% of the company’s revenues, while aniline and sulphuric acid compounds contribute
~12% to revenues. With start of the Dahej facility, AIL will also enter toluene chemistry.
AIL’s manufacturing units are located in Gujarat and Maharashtra. It has three different
business segments:

• Speciality chemicals – largest manufacturer of specialized pigment & paint

Intermediates in India and leading player globally. Also, manufactures intermediates for
agrochemicals and produces Single Super Phosphate fertilizer. Earlier part of two
segments

1. Performance chemicals - accounts for ~65% of total revenues

2. Agri-intermediates & Fertilizers segment - accounts for ~20% of total revenues

• (2) Pharmaceuticals - has backward integrated facilities for most APIs

• (3) Home & personal care – currently at low margins, AIL plans to alter mix and explore
new markets

Investment Theme
Integrated, flexible, diversified operations: Superior R&D, process flexibility and integration
operations equips AIL to offer more than 125 products with applications and customer base
across multiple industries.

Cost competitiveness: Backward and forward integration and commercial viability of by-
products enables AIL to enjoy cost competitiveness.

Preferred supplier for global customers, MNCs: AIL is a preferred supplier for global
customers, as exports contribute ~50% to revenue with incremental capex on anvil to
enhance standing in the export market.

Key Risks
Benzene Prices: AIL’s passes on the cost changes with one quarter lag to customers, any
increase in Benzene prices may lead to lower earnings temporarily. We however see lower
risks over a longer period as the same is passed on to customers.

Environmental Regulations: Environment regulations in India are becoming stringent and

there are risks of further tightening of these laws, which will lead to increased costs for
chemical companies. Aarti has invested in having zero-discharge facilities for Jhagadia and a
unit in Vapi. It has invested INR1.0bn to mitigate the risks associated with the same.

High Shale gas prices: High shale gas prices in US may imply long-term risks of reducing
profits due to higher production of ethylene-based products. This will reduce AIL’s market
opportunity, leading to lower growth rates in the future.

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Financial Statements
Key Assumptions Income statement (INR mn)
Year to March FY16 FY17E FY18E FY19E Year to March FY16 FY17E FY18E FY19E
Macro Net revenue 27,796 29,380 34,452 39,414
GDP(Y-o-Y %) 7.2 6.5 7.1 7.7 Cost of mat. Consumed 15,219 15,718 18,604 21,283
Inflation (Avg) 4.9 4.8 5.0 5.2 Employee costs 1,207 1,460 1,709 1,965
Repo rate (exit rate) 6.8 6.0 5.8 5.8 Other Expenses 5,647 5,876 6,718 7,489
USD/INR (Avg) 65.0 67.5 69.0 69.0 Total operating expenses 22,074 23,054 27,031 30,737
Sector EBITDA 5,723 6,325 7,421 8,677
Brent Crude (USD/bbl) 47.6 50.0 55.0 56.1 Depreciation 985 1,099 1,397 1,597
Company EBIT 4,738 5,226 6,024 7,079
Financial assumptions Add: Other income 59 31 29 31
Spec chem rev gwth(%) (5.6) 9.9 14.1 13.8 Less: Interest Expense 1,170 933 867 832
Pharma chem rev gwth(%) 26.4 13.0 20.0 20.0 Profit Before Tax 3,627 4,324 5,186 6,278
H&P EBIT margin(%) (36.3) 8.0 5.0 5.0 Less: Provision for Tax 946 865 1,037 1,256
Spec chem EBIT margin(%) 22.2 20.3 20.4 19.6 Less: Minority Interest 112 193 222 255
Pharma EBIT margin(%) 10.1 11.5 12.5 12.5 Reported Profit 2,569 3,266 3,927 4,767
H&P EBIT margin(%) (0.2) 0.5 1.0 1.0 Adjusted Profit 2,569 3,266 3,927 4,767
Interest(% of Avg loans) 8.5 7.0 6.8 6.6 Shares o /s (mn) 83 82 82 82
Tax rate (%) 26.1 20.0 20.0 20.0 Basic EPS (INR) 30.8 39.8 47.8 58.1
B/S assumptions Diluted shares o/s (mn) 83 82 82 82
Capex (INR mn) 5,164 3,500 3,500 4,000 Adj. Diluted EPS (INR) 30.8 39.8 47.8 58.1
Tr. Pay. % of cost(%) 20.1 18.0 17.0 17.0 Adjusted Cash EPS 44.0 55.5 67.5 80.6
Inventory % of costs 32.5 31.0 31.0 31.0 Dividend per share (DPS) 8.5 1.0 8.0 8.0
Debtors % of revenues 18.8 16.0 16.0 16.0 Dividend Payout Ratio(%) 33.4 3.0 20.2 16.7

Common size metrics

Year to March FY16 FY17E FY18E FY19E
Cost of revenues 54.8 53.5 54.0 54.0
EBITDA margins 20.6 21.5 21.5 22.0
EBIT margins 17.0 17.8 17.5 18.0
Net Profit margins 9.6 11.8 12.0 12.7

Growth ratios (%)

Year to March FY16 FY17E FY18E FY19E
Revenues (4.4) 5.7 17.3 14.4
EBITDA 22.9 10.5 17.3 16.9
EBIT 23.5 10.3 15.3 17.5
PBT 42.4 19.2 19.9 21.1
Adjusted Profit 26.4 27.2 20.2 21.4
EPS 34.4 29.0 20.2 21.4

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Balance sheet (INR mn) Cash flow metrics

As on 31st March FY16 FY17E FY18E FY19E Year to March FY16 FY17E FY18E FY19E
Share capital 417 411 411 411 Operating cash flow 4,804 6,606 5,250 6,258
Reserves & Surplus 10,728 12,941 16,073 20,045 Investing cash flow (3,708) (3,489) (3,471) (3,969)
Shareholders' funds 11,144 13,351 16,484 20,456 Financing cash flow (1,143) (2,839) (2,332) (1,598)
Minority Interest 521 714 935 1,190 Net cash Flow (47) 277 (553) 691
Short term borrowings 7,649 7,070 7,899 8,429 Capex (4,976) (3,504) (3,500) (4,000)
Long term borrowings 5,268 5,000 3,500 3,000 Dividend paid (857) (99) (795) (795)
Total Borrowings 12,916 12,070 11,399 11,429
Long Term Liabilities 3,084 3,085 3,617 4,138 Profitability and efficiency ratios
Def. Tax Liability (net) 1,271 1,487 1,746 2,060 Year to March FY16 FY17E FY18E FY19E
Sources of funds 28,935 30,706 34,182 39,274 ROAE (%) 24.5 26.9 26.4 25.7
Tangible assets 12,455 16,491 19,094 21,496 ROACE (%) 20.5 20.7 22.0 23.0
Intangible Assets 4 4 4 4 Inventory Days 126 114 104 106
CWIP (incl. intangible) 3,130 1,500 1,000 1,000 Debtors Days 63 62 54 55
Non current investments 184 200 200 200 Payable Days 66 68 59 58
Cash and Equivalents 290 567 14 705 Cash Conversion Cycle 122 107 100 103
Inventories 4,952 4,873 5,767 6,598 Current Ratio 4.7 4.7 4.6 4.8
Sundry Debtors 5,234 4,701 5,512 6,306 Gross Debt/EBITDA 2.3 1.9 1.5 1.3
Loans & Advances 6,082 5,582 6,201 7,094 Gross Debt/Equity 1.1 0.9 0.7 0.5
Other Current Assets 185 206 241 276 Adjusted Debt/Equity 1.2 0.9 0.7 0.6
Current Assets (ex cash) 16,453 15,361 17,722 20,274 Net Debt/Equity 1.1 0.8 0.7 0.5
Trade payable 3,052 2,829 3,163 3,618 Interest Coverage Ratio 4.1 5.6 6.9 8.5
Other Current Liab 529 588 689 788
Total Current Liab 3,581 3,417 3,852 4,406 Operating ratios
Net Curr Assets-ex cash 12,872 11,944 13,870 15,868 Year to March FY16 FY17E FY18E FY19E
Uses of funds 28,935 30,706 34,182 39,274 Total Asset Turnover 1.0 1.0 1.1 1.1
BVPS (INR) 133.8 162.6 200.7 249.1 Fixed Asset Turnover 2.5 2.0 1.9 1.9
Equity Turnover 2.5 2.3 2.2 2.0
Free cash flow (INR mn)
Year to March FY16 FY17E FY18E FY19E Valuation parameters
Reported Profit 2,569 3,266 3,927 4,767 Year to March FY16 FY17E FY18E FY19E
Add: Depreciation 985 1,099 1,397 1,597 Adj. Diluted EPS (INR) 30.8 39.8 47.8 58.1
Interest (Net of Tax) 865 747 693 666 Y-o-Y growth (%) 34.4 29.0 20.2 21.4
Others 237 565 625 705 Adjusted Cash EPS (INR) 44.0 55.5 67.5 80.6
Gross cash flow 4,804 6,606 5,250 6,258 Diluted P/E (x) 25.4 19.7 16.4 13.5
Less: Changes in WC (148) (929) 1,393 1,477 P/B (x) 5.9 4.8 3.9 3.1
Less: Capex 4,976 3,504 3,500 4,000 EV / Sales (x) 2.8 2.6 2.2 1.9
Free Cash Flow (172) 3,101 1,750 2,258 EV / EBITDA (x) 13.7 12.1 10.3 8.8
Dividend Yield (%) 1.1 0.1 1.0 1.0
Peer comparison valuation
Market cap Diluted P/E (X) EV / EBITDA (X) ROAE (%)
Name (USD mn) FY17E FY18E FY17E FY18E FY17E FY18E
Aarti Industries 955 19.7 16.4 12.1 10.3 26.9 26.4
SRF 1,492 20.8 18.3 11.7 10.5 16.9 16.9
Median - 20.3 17.3 11.9 10.4 21.9 21.6
AVERAGE - 20.3 17.3 11.9 10.4 21.9 21.6
Source: Edelweiss research

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Additional Data
Directors Data
Chandrakant V. Gogri Chairman Emeritus Rajendra V. Gogri Chairman & Managing Director
Rashesh C. Gogri Vice Chairman & Managing Director Shantilal T. Shah Vice Chairman
Parimal H. Desai Whole Time Director Manoj M. Chheda Whole Time Director
Hetal Gogri Gala Whole Time Director Renil R. Gogri Whole Time Director
Kirit R. Mehta Whole Time Director Ramdas M. Gandhi Independent Director
Laxmichand K. Jain Independent Director Vijay H. Patil Independent Director
K.V.S. Shyam Sunder Independent Director P.A. Sethi Independent Director
Bhavesh R. Vora Independent Director Prof. Ganapati D. Yadav Independent Director
Priti P. Savla Independent Director

Auditors - Gokhale & Sathe

*as per last available data

Holding – Top10
Perc. Holding Perc. Holding
HDFC Asset management 8.24 DSP Blackrock 2.37
Pictet & CIE 0.99 Dimensional Fund Advisors 0.58
L&T Invst Mgmt 0.52 L&T Mutual Fund 0.38
Ashmore Group 0.11 BOI AXA Invst Mgmt 0.09
IDBI Asset Management 0.05 Victory Capital Management 0.04
*as per last available data

Bulk Deals
Data Acquired / Seller B/S Qty Traded Price

No Data Available
*as per last available data

Insider Trades
Reporting Data Acquired / Seller B/S Qty Traded
06 Jan 2017 RASHESH CHANDRAKANT GOGRI Sell 100000.00
03 Jan 2017 HETAL GOGRI GALA Sell 100000.00

*as per last available data

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 Miscellaneous

Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai – 400 098.
Board: (91-22) 4009 4400, Email: [email protected]

Manoj Bahety
Deputy Head Research
[email protected]

Coverage group(s) of stocks by primary analyst(s): Miscellaneous

AIA Engineering, Apar Industries Ltd, Aarti Industries, Agro Tech Foods, Balkrishna Industries, CCL Products India, Essel Propack, Orient Refactories,
Supreme Industries, Solar Industries, SRF, Vesuvius India, VIP Industries
`
Recent Research
Date Company Title Price (INR) Recos
07-Feb-17 Carborundum Muted growth; margin 260 Buy
Universal expansion continues;
Result Update
06-Feb-17 Essel Propack Demonetisation impacts India 248 Buy
performance;
Result Update
03-Feb-17 Apar Margin march strong; 656 Buy
Industries Result Update

Distribution of Ratings / Market Cap

Edelweiss Research Coverage Universe Rating Interpretation

Buy Hold Reduce Total Rating Expected to

Rating Distribution* 161 67 11 240 Buy appreciate more than 15% over a 12-month period
* 1 stocks under review
Hold appreciate up to 15% over a 12-month period
> 50bn Between 10bn and 50 bn < 10bn
Reduce depreciate more than 5% over a 12-month period
Market Cap (INR) 156 62 11

One year price chart

900

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Aug-16

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Feb-16

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Jan-17

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Jun-16

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Aarti Industries

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11 Edelweiss Securities Limited

Miscellaneous
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 Aarti Industries

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