4QFY2016 Result update | Power Cables
May 31, 2016
Finolex Cables
NEUTRAL
CMP
`344
Performance Highlights
Target Price
-
Y/E March (` cr)
4QFY16 4QFY15
% chg (yoy) 3QFY16
% chg (qoq)
Investment Period
-
Total operating income
681
658
3.4
587
16.0
EBITDA
112
61
82.1
78
42.3
Stock Info
EBITDA Margin (%)
16.4
9.3
708bp
13.4
303bp
Sector
Cables-Power
Adj. PAT
83
47
77.5
53
57.7
Market Cap (` cr)
5,253
Source: Company, Angel Research
Net Debt
(771.8)
Finolex Cables (FCL) has posted an impressive set of numbers for 4QFY2016
Beta
0.7
on the margin and the bottom-line front. The standalone top-line for the
52 Week High / Low
306 / 215
quarter grew by 3.4% yoy to `681cr. Electrical cables volumes grew by 12% yoy
while that of Communications cables grew by more than 20% yoy, during the
Avg. Daily Volume
18,778
quarter. The raw material cost declined by 933bp yoy to 65.4% of sales while
Face Value (`)
2
employee and other expenses increased by 59bp yoy and 166bp yoy to 4.4%
BSE Sensex
26,726
and
13.9% of sales, respectively. On account of the better operational
Nifty
8,179
performance, the EBITDA margin expanded by 708bp yoy to 16.4%. Further, a
Reuters Code
FNXC.BO
significantly higher other income and better than expected margins lifted the bottom-line.
Bloomberg Code
FNXC.IN
Revival in capex cycle to drive growth: The growth of the company is closely
linked to the revival in the capex cycle of the industries it caters to. The
Shareholding Pattern (%)
company has evolved into an electrical equipment company from a wire and
Promoters
34.5
cables company by enhancing its product portfolio with entry into new product
segments like switch gears and fans which should start contributing
MF / Banks / Indian Fls
18.3
meaningfully to the top-line in FY2018E. This is expected to drive earnings of
FII / NRIs / OCBs
12.2
the company in the coming years. With the government’s increased focus on
Indian Public / Others
34.9
industrial and infrastructure sectors, FCL is well placed to reap benefits of the same.
Outlook and Valuations: We expect the top-line to post a CAGR of 12.5% while
Abs.(%)
3m 1yr
3yr
the bottom line is expected to grow at 6.9% CAGR over FY2016-18E. The
Sensex
16.2
(4.0)
35.2
company has consolidated the earnings of its associate Finolex Industries (in
Finolex
44.5
37.1
556.2
which it holds 32.4%) and other joint ventures. We have valued the company
on its standalone business at 17.0x its FY2018E earnings (valuing it at
`298/share) and have assigned a discount of 50.0% to market value of its
3-Year Daily Price Chart
holdings in Finolex Industries (`53/share). We believe that the current price
400
captures the fair value of the stock and hence we have a Neutral view on the stock.
350
300
Key Financials
250
200
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
150
Net Sales
2,359
2,449
2,461
2,813
3,115
100
% chg
3.9
3.8
0.5
14.3
10.7
50
-
Net Profit
208
199
249
268
284
% chg
43.0
(4.0)
24.8
7.8
6.0
EBITDA Margin (%)
10.5
10.6
13.8
12.7
12.1
FDEPS (`)
13.6
13.0
16.3
17.5
18.6
Source: Company, Angel Research
P/E (x)
25.3
26.3
21.1
19.6
18.5
P/BV (x)
4.8
4.2
3.6
3.1
2.7
RoE (%)
18.8
15.8
17.0
15.8
14.6
RoCE (%)
15.5
13.7
18.0
16.8
15.5
Milan Desai
EV/Sales (x)
2.1
1.9
1.8
1.5
1.4
+91 22 4000 3600 Ext: 6846
EV/EBITDA (x)
19.9
18.3
13.2
12.2
11.1
[email protected]
Source: Company, Angel Research; Note: CMP as of May 30, 2016
Please refer to important disclosures at the end of this report
1
Finolex Cables | 4QFY2016 Result update
Exhibit 1: 4QFY2016 performance highlights
Y/E March (` cr)
4QFY16
4QFY15
% chg (yoy)
3QFY16
% chg (qoq)
1HFY16
1HFY15
% chg
Total operating income
681
658
3.4
587
16.0
1,194
1,209
(1.3)
Net raw material
445
492
(9.5)
417
6.7
860
899
(4.4)
(% of Sales)
65.4
74.7
(933)bp
71.1
(572)bp
72.0
74.4
(238)bp
Employee cost
30
25
19.4
26
13.4
51
46
10.8
(% of Sales)
4.4
3.8
59bp
4.5
(10)bp
4.3
3.8
47bp
Other Expenses
94
80
17.5
65
45.4
134
127
5.7
(% of Sales)
13.9
12.2
166bp
11.1
280bp
11.3
10.5
74bp
Total expenditure
569
597
(4.7)
508
12.0
1,045
1,073
(2.6)
EBITDA
112
61
82.1
78
42.3
148
136
9.0
EBITDA Margin (%)
16.4
9.3
708bp
13.4
303bp
12.4
11.3
10bp
Interest
1
3
(58.0)
2
(32.8)
6
7
(12.4)
Depreciation
18
22
(18.5)
13
31.5
26
28
(6.1)
Other income
18
9
95.4
10
84.7
37
45
(18.0)
Extra-ordinary Items
0
(23)
0
PBT
111
68
61.9
73
51.9
153
146
4.6
(% of Sales)
16.2
10.4
12.4
12.8
12.1
Tax
27
21
27.7
20
36.5
40
33
22.9
(% of PBT)
24.8
31.4
27.6
26.2
22.3
Reported PAT
83
47
77.5
53
57.7
113
114
(0.6)
Exceptional items
0
16
0
0
0
Adjusted PAT
83
31
167.5
53
57.7
113
114
(0.6)
PATM (%)
12.2
4.7
9.0
9.5
9.4
Source: Company, Angel Research
Exhibit 2: Actual vs Angel’s Estimates for 4QFY2016
Particulars
Actual (` cr)
Estimate (` cr)
% variation
Total Income (` cr)
681
699
(2.6)
EBITDA (`cr)
112
88
27.3
EBITDA Margin (%)
16.4
12.5
385bp
Adjusted PAT (` cr)
83
52
61.3
Source: Company, Angel Research
Revenue in-line, margin and bottom-line impress
For 4QFY2016, FCL has posted an impressive set of numbers on the margin and
bottom-line front. The standalone top-line for the quarter grew by 3.4% yoy to
`681cr which is in-line with our estimate of `699cr. We had expected the top-line
to post a flattish growth on account of lower realizations. Volumes of Electrical
cables grew by 12% yoy while that of Communications cables grew by more than
20% during the quarter.
The raw material cost declined by 933bp yoy to 65.4% of sales while employee
and other expenses increased by 59bp yoy and 166bp yoy to 4.4% and 13.9% of
sales, respectively. On account of a better operational performance, the EBITDA
margin expanded by 708bp yoy to 16.4%. We had estimated an EBITDA margin
of 12.5%; the sharp decline in raw material cost led to the divergence in the actual
margin numbers from our estimates. We expected raw material cost to be at
71.9% of sales. Further, on account of higher other income and a better
operational performance, the reported net profit grew by 77.5% yoy to `83cr.
May 31, 2016
2
Finolex Cables | 4QFY2016 Result update
Exhibit 3: Revenue growth continues to disappoint
Exhibit 4: EBIDTA margin surges aided by lower RM costs
720
7.4
1.4
3.4
8
120
16.4
18
680
2.7
6
100
13.4
15
12.6
12.4
12.5
3.3
3.4
2.8
4
11.6
640
80
10.6
12
0.8
9.8
9.3
2
600
60
9
0
560
40
6
(2)
520
20
3
(4)
(4.9)
75
56
80
62
61
73
75
78
112
480
(6)
0
0
Revenue (LHS)
Revenue growth yoy (RHS)
EBITDA (LHS)
EBITDA Margin (RHS)
Source: Company, Angel Research
Source: Company, Angel Research
Segment-wise performance
For 4QFY2016, revenue from the Electrical cables (EC) segment declined by 1.2%
yoy to `545cr on account of lower realizations. The EBIT for the segment grew by
17.1% yoy and came in at `98cr, while the EBIT margin expanded by 281bp yoy
to 18.0%.
The Communications cables (CC) segment’s revenue grew by 61.2% yoy to
`119cr. The EBIT increased by 177.5% yoy to `17cr, resulting in margin expanding
by 607bp yoy to 14.5%. The revenue from Continuous Copper Rods (CCR)
segment declined by 46.6% yoy to `16cr during the quarter. The segment’s EBIT
margin came in at 3.2% vs 3.4% in 4QFY2015.
Exhibit 5: Segment-wise performance
Y/E March (` cr)
4QFY16
4QFY15
% chg (yoy) 3QFY16
% chg (qoq)
Total Revenue
A) Electrical Cables
545
552
(1.2)
521
4.7
B) Communications Cables
119
74
61.2
62
91.4
C) Copper Rods
16
31
(46.8)
3
370.0
D) Others
26
49
(46.6)
6
302.9
Total Net sales
681
656
3.7
587
16.0
EBIT
A) Electrical Cables
98
84
17.1
82
19.2
B) Communications Cables
17
6
177.5
5
264.3
C) Copper Rods
1
1
(49.5)
1
(24.6)
D) Others
(5)
(13)
(64.6)
(1)
626.6
Total EBIT
111
78
42.8
87
27.7
EBIT Margin (%)
A) Electrical Cables
18.0
15.2
281bp
15.8
219bp
B) Communications Cables
14.5
8.4
607bp
7.6
687bp
C) Copper Rods
3.2
3.4
(17)bp
19.9
(1670)bp
D) Others
(17.9)
(27.0)
910bp
(9.9)
(797)bp
Source: Company, Angel Research
May 31, 2016
3
Finolex Cables | 4QFY2016 Result update
Investment arguments
Sufficient capacity to complement revival in user industry
The Electrical Cables segment which accounts for ~84% of the company’s
revenues serves varied user industries like construction, industrial, automotive,
power and agriculture. FCL is a recognized name in the electrical cable industry
and it will stand to benefit from the anticipated growth in its end-user industries.
We estimate growth in these industries to be mainly led by higher outlay by the
government on Infrastructure. The Communications cables segment has been
reporting strong growth on the back of pipeline of government orders as well as
investments by private service providers. Going forward, we expect the segment to
perform well given the opportunity present in the Digital India program which will
involve laying a fiber network of ~1mn cable kilometers.
Diversification in portfolio to drive earnings
The company has been evolving from being a total cable solutions company to an
electrical products company. It has expanded into product portfolio to include
CFLs, LED lamps and electrical switches and is awaiting BIS certification for its
switchgears. The company has launched electric fans (traded) in the domestic
market on 2nd May, 2016 and has made investment in a facility to manufacture 2
lakh electric fan units per month. We believe that the company enjoys good brand
recall and should be able to leverage on its existing distribution network to grow its
businesses.
Healthy balance sheet
The company has been successful in its debt reduction plans and has been utilizing
internal accruals to reduce debt. This has lead to significant interest cost savings.
The cash generation from operating activities continues to be strong as working
capital days have come down from 45 days in FY2015 to ~43days in FY2016.
May 31, 2016
4
Finolex Cables | 4QFY2016 Result update
Financials
Net sales to grow at CAGR of 12.5% over FY2016-18E
On account of strong performance by Communications cables and growing
contribution from fans and switchgear segments, we expect net sales to grow at a
CAGR of 12.5% over FY2016-18E to `3,115cr.
Exhibit 6: Net Sales growth trend
3,300
16
14.3
14
2,800
12
2,300
10.7
10.0
10
1,800
8
1,300
6
800
3.8
3.9
4
300
2
0.5
(200)
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
0
Net sales (LHS)
Net sales growth (RHS)
Source: Company, Angel Research
FCL’s EBITDA margins have improved significantly in FY2016 on account of raw
material cost savings. We believe that commodity prices have bottomed out and
expect raw material costs to increase from here on. We expect the company to post
EBITDA CAGR of 5.7% over FY2016-18E to `378cr and EBITDA margin of 12.1%
in FY2018E
Exhibit 7: EBIDTA and EBIDTA margin trend
400
18
350
16
13.8
12.7
14
300
10.6
12.1
12
250
10.5
10.1
10
200
8
150
6
100
4
50
2
230
248
260
338
358
378
-
0
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
EBITDA (LHS)
EBITDA margin (RHS)
Source: Company, Angel Research
On account of lower interest outgo and healthy other income, the net profit is
expected to improve to `284cr in FY2018E
May 31, 2016
5
Finolex Cables | 4QFY2016 Result update
Exhibit 8: PAT and PAT margins trend
300
11
10.1
10
250
9.5
8.8
9.1
9
200
8.1
8
150
7
100
6.4
6
50
5
145
208
199
249
268
284
-
4
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
PAT (LHS)
PAT margin (RHS)
Source: Company, Angel Research
Outlook and Valuation
We expect the top-line to post a CAGR of 12.5% while the bottom line is expected
to grow at 6.9% CAGR over FY2016-18E. The company has consolidated the
earnings of its associate Finolex Industries (in which it holds 32.4%) and other joint
ventures. We have valued the company on its standalone business at 17.0x its
FY2018E earnings (valuing it at `298/share) and have assigned a discount of
50.0% to market value of its holdings in Finolex Industries (`53/share). We believe
that the current price captures the fair value of the stock and hence we have a
Neutral view on the stock.
Exhibit 9: One-year forward PE
400
350
300
250
200
150
100
50
-
Price
8x
12x
16x
20x
Source: Company, Angel Research
May 31, 2016
6
Finolex Cables | 4QFY2016 Result update
Concerns
Competition from the un-organized sector is a concern since their products
are relatively cheaper and they thus cannibalize into market volumes.
Fluctuation in the price of copper, which is an essential raw material (~80% of
total raw material), is a key concern as it would directly impact operational
efficiency. Although prices have fallen recently, volatility in commodity markets
persists.
Slowdown in the user industry could hurt the company’s volumes.
Company background
FCL is India’s largest and leading manufacturer of electrical and communication
cables. Its wire and cable products are used in applications such as automobile,
lighting, cable TV, telephone and computers to industrial applications. The
company mainly operates through
4 divisions;
1) Electrical cables,
2)
Communications cables,
3) Continuous Cast Copper rods and
4) Others-
comprising switches, compact fluorescent lamps manufactured and LED based
lamps through its facilities at Roorkee, Goa, and Pune (at Pimpri, Urse).
May 31, 2016
7
Finolex Cables | 4QFY2016 Result update
Profit and Loss statement
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
Gross sales
2,510
2,575
2,607
2,983
3,303
Less: Excise duty
151
126
146
170
188
Net Sales
2,359
2,449
2,461
2,813
3,115
% chg
3.9
3.8
0.5
14.3
10.7
Net Raw Materials
1,766
1,824
1,721
1,990
2,231
% chg
4.5
3.3
(5.6)
15.6
12.1
Personnel
85
94
108
121
131
% chg
0.3
10.8
14.5
12.4
8.2
Other Mfg costs
116
101
139
159
169
% chg
(4.0)
12.7
(37.1)
(14.3)
(6.3)
Other
144
170
155
186
206
% chg
7.2
(18.0)
9.2
(20.0)
(10.7)
Total Expenditure
2,111
2,189
2,123
2,455
2,736
EBITDA
248
260
338
358
378
% chg
8.1
4.7
30.3
5.7
5.7
EBITDA Margin
10.5
10.6
13.8
12.7
12.1
Depreciation& Amort.
48
64
57
60
66
EBIT
200
196
281
297
312
% chg
9.1
(2.0)
43.6
5.7
4.8
(% of Net Sales)
8.5
8.0
11.4
10.6
10.0
Interest & other Charges
14
13
9
5
3
Other Income
48
58
64
70
76
(% of Net Sales)
2.0
2.4
2.6
2.5
2.5
Recurring PBT
185
183
272
292
308
% chg
9.2
(1.3)
48.9
7.4
5.4
Exceptional Expense/(Inc.)
(10)
(23)
-
-
-
PBT (reported)
244
264
336
363
385
Tax
36
64
88
94
100
(% of PBT)
14.9
24.4
26.0
26.0
26.0
PAT (reported)
208
199
249
268
284
ADJ. PAT
208
199
249
268
284
% chg
43.0
(4.0)
24.8
7.8
6.0
(% of Net Sales)
8.8
8.1
10.1
9.5
9.1
Basic EPS (`)
13.6
13.0
16.3
17.5
18.6
Fully Diluted EPS (`)
13.6
13.0
16.3
17.5
18.6
% chg
43.0
(4.0)
24.8
7.8
6.0
May 31, 2016
8
Finolex Cables | 4QFY2016 Result update
Balance sheet
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
SOURCES OF FUNDS
Equity Share Capital
31
31
31
31
31
Preference Capital
-
-
-
-
-
Reserves& Surplus
1,073
1,234
1,437
1,670
1,915
Shareholders’ Funds
1,103
1,265
1,468
1,700
1,945
Total Loans
147
127
63
44
31
Other Long term liability
5
5
5
5
5
Net Deferred tax liability
30
30
23
23
23
Total Liabilities
1,285
1,427
1,559
1,772
2,004
APPLICATION OF FUNDS
Gross Block
1,031
1,063
1,074
1,182
1,300
Less: Acc. Depreciation
535
599
656
717
783
Net Block
496
464
418
465
517
Capital Work-in-Progress
11
7
10
10
10
Goodwill
-
-
-
-
-
Long term Loans & Adv.
5
4
7
7
7
Investments
403
494
617
709
815
Other non-current assets
26
19
0
0
0
Current Assets
623
646
764
849
954
Cash
65
138
219
232
263
Loans & Advances
61
70
83
95
105
Inventory
352
319
337
383
431
Debtors
145
119
126
140
155
Other current assets
0
-
0
0
0
Current liabilities
279
207
256
268
298
Net Current Assets
344
439
508
582
655
Mis. Exp. not written off
-
-
-
-
-
Total Assets
1,285
1,427
1,559
1,772
2,004
May 31, 2016
9
Finolex Cables | 4QFY2016 Result update
Cash flow statement
Y/E March (` cr)
FY2014 FY2015 FY2016 FY2017E FY2018E
Profit before tax
244
264
336
363
385
Depreciation
48
64
57
60
66
(Inc.)/ Dec. in Working Capital
71
(21)
11
(60)
(43)
Less: Other income
(48)
(58)
(64)
(70)
(76)
Direct taxes paid
(36)
(64)
(88)
(94)
(100)
Cash Flow from Operations
278
184
253
198
232
(Inc.)/ Dec. in Fixed Assets
(77)
(28)
(15)
(107)
(118)
(Inc.)/ Dec. in Investments
(67)
(91)
(105)
(92)
(106)
Other income
48
58
64
70
76
Cash Flow from Investing
(96)
(60)
(56)
(130)
(148)
Issue of Equity
-
-
-
-
-
Inc./(Dec.) in loans
(91)
(20)
(70)
(20)
(13)
Dividend Paid (Incl. Tax)
(29)
(32)
(46)
(36)
(39)
Others
(38)
2
-
-
-
Cash Flow from Financing
(158)
(50)
(116)
(56)
(53)
Inc./(Dec.) in Cash
25
74
80
13
31
Opening Cash balances
40
65
138
219
232
Closing Cash balances
65
138
219
232
263
May 31, 2016
10
Finolex Cables | 4QFY2016 Result update
Key ratios
Y/E March
FY2014
FY2015
FY2016
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
25.3
26.3
21.1
19.6
18.5
P/CEPS
20.5
19.9
17.2
16.0
15.0
P/BV
4.8
4.2
3.6
3.1
2.7
Dividend yield (%)
0.5
0.5
0.7
0.6
0.6
EV/Sales
2.1
1.9
1.8
1.5
1.4
EV/EBITDA
19.9
18.3
13.2
12.2
11.1
EV / Total Assets
3.8
3.3
2.9
2.5
2.1
Per Share Data (`)
EPS (Basic)
13.6
13.0
16.3
17.5
18.6
EPS (fully diluted)
13.6
13.0
16.3
17.5
18.6
Cash EPS
16.8
17.2
20.0
21.5
22.9
DPS
1.6
1.8
2.5
2.0
2.2
Book Value
72.2
82.7
96.0
111.2
127.2
Dupont Analysis
EBIT margin
8.5
8.0
11.4
10.6
10.0
Tax retention ratio
0.9
0.8
0.7
0.7
0.7
Asset turnover (x)
2.9
3.1
3.4
3.4
3.4
ROIC (Post-tax)
21.1
18.8
29.1
26.8
25.2
Cost of Debt (Post Tax)
8.4
7.7
10.4
8.3
8.2
Leverage (x)
(0.3)
(0.4)
(0.5)
(0.5)
(0.5)
Operating ROE
17.4
14.4
19.3
17.0
16.0
Returns (%)
ROCE (Pre-tax)
15.5
13.7
18.0
16.8
15.5
Angel ROIC (Pre-tax)
24.8
24.9
39.4
36.2
34.0
ROE
18.8
15.8
17.0
15.8
14.6
Turnover ratios (x)
Asset Turnover (Gross Block)
2.3
2.3
2.3
2.4
2.4
Inventory / Sales (days)
53
50
49
47
48
Receivables (days)
23
20
18
18
18
Payables (days)
42
40
40
40
40
WC cycle (ex-cash) (days)
43
45
43
45
46
Solvency ratios (x)
Net debt to equity
(0.3)
(0.4)
(0.5)
(0.5)
(0.5)
Net debt to EBITDA
(1.3)
(1.9)
(2.3)
(2.5)
(2.8)
Interest Coverage (EBIT/Int.)
13.8
15.2
31.5
60.6
91.7
May 31, 2016
11
Finolex Cables | 4QFY2016 Result update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Finolex Cables
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
May 31, 2016
12