3QFY2016 Result Update | Agrichemical
February 3, 2016
United Phosphorus
BUY
CMP
`416
Performance Highlights
Target Price
`480
Y/E March (` cr)
3QFY2016 2QFY2016
% chg (qoq) 3QFY2015
% chg (yoy)
Investment Period
12 Months
Net sales
3,050
2729
11.8
3010
1.3
Other income
131
51
155.2
51
157.1
Stock Info
Gross profit
1652
1362
21.4
1469
12.5
Sector
Agrichemical
Operating profit
579
450
28.5
538
7.5
Market Cap (` cr)
17,811
Adj. net profit
306
190
60.7
264
15.9
Source: Company, Angel Research
Net Debt (` cr)
1,113
Beta
1.1
For 3QFY2016, United Phosphorus (UPL) posted sales of `3,050cr, a yoy growth of
52 Week High / Low
576/359
1.3%. Overall, growth was driven by price and volume growth of 3% and 11%
Avg. Daily Volume
158531
respectively, while exchange had a weigh down effect by 13%, which impacted the
Face Value (`)
2
sales. On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015.
BSE Sensex
24,539
This is in spite of lower sales as the GPM improved to 54.2% V/s 48.8% in
Nifty
7,456
3QFY2015 on back of healthy volume growth and price rise. This aided the Adj.
Reuters Code
UNPO.BO
net profit to come in at `306cr V/s `264cr in 3QFY2015, a yoy growth of 15.9%.
The Management has maintained its guidance of 12-13% volume growth with
Bloomberg Code
[email protected]
100bps margin expansion in FY2016. We maintain our Buy recommendation on
the stock with a price target of `480.
Shareholding Pattern (%)
Quarterly highlights: For the quarter, UPL posted sales of `3,050cr, a yoy growth of
Promoters
29.8
1.3%. USA and Latin America posted a 12% and 14% yoy growth, respectively,
MF / Banks / Indian Fls
22.0
during the quarter. Other key markets like India, Europe and ROW posted a dip of
FII / NRIs / OCBs
38.4
17%, 9% and 8% yoy, respectively. Overall, growth was driven by price and volume
Indian Public / Others
9.8
growth of 3% and 11% respectively, while exchange had a weigh down effect by
13%. On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015.
This is in spite of lower sales as the GPM improved to 54.2% V/s 48.8% in
Abs. (%)
3m 1yr
3yr
3QFY2015 on back of healthy volume growth and price rise. This aided the Adj.
Sensex
(7.6)
(15.7)
24.1
net profit to come in at `306cr V/s `264cr in 3QFY2015, a yoy growth of 15.8%.
UPL
(9.3)
5.7
215.8
Outlook and valuation: We expect UPL to post a CAGR of 9.9% and 15.8% in sales
and PAT respectively, over FY2015-17E. The Management has maintained its guidance
3-year price chart
of 12-13% volume growth with 100bp margin expansion in FY2016. We recommend a
Buy a price target of `480.
Key financials (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
Total revenue
10,580
11,911
12,500
14,375
% chg
17.4
12.6
4.9
15.0
Adj. profit
1,040
1,147
1,277
1,537
% chg
38.0
10.2
11.4
20.4
EBITDA (%)
17.3
18.3
18.3
18.3
EPS (`)
24.3
26.7
29.8
35.9
Source: Company, Angel Research
P/E (x)
17.1
15.5
13.9
11.6
P/BV (x)
3.4
3.0
2.6
2.2
RoE (%)
21.0
20.6
20.0
20.3
RoCE (%)
17.7
19.9
18.7
19.5
Sarabjit Kour Nangra
EV/Sales (x)
2.4
2.1
2.0
1.7
+91-22-3935 7800 ext. 6806
EV/EBITDA (x)
13.9
11.6
10.8
9.0
[email protected]
Source: Company, Angel Research; Note: CMP as of February 2, 2016
Please refer to important disclosures at the end of this report
1
United Phosphorus | 3QFY2016 Result Update
Exhibit 1: 3QFY2016 Performance (Consolidated)
Y/E March (` cr)
3QFY2016
2QFY2016
% chg (qoq) 3QFY2015
% chg (yoy) 9MFY2016 9MFY2015
% chg
Net sales
3,050
2,729
11.8
3,010
1.3
8,790
8,348
5.3
Other income
131
51
155.2
51
157.1
210
155
35.6
Total income
3,181
2,780
14.4
3,061
3.9
9,001
8,503
5.9
Gross profit
1652
1362
21.4
1469
12.5
4524
4192
7.9
Gross margin (%)
54.2
49.9
48.8
51.5
50.2
Operating profit
579
450
28.5
538
7.5
1554
1460
6.4
Operating margin (%)
19.0
16.5
17.9
17.7
17.5
Financial cost
182
135
34.1
138
31.6
419
394
Depreciation
123
111
10.6
109
13.0
343
321
6.7
PBT
405
255
58.9
342
18.4
1003
900
11.4
Provision for taxation
73
77
(5.8)
60
21.0
219
194
12.7
PAT Before Exc. And MI
332
178
86.9
282
17.9
784
706
11.0
Minority Income/ ( Exp.)
(8)
(2)
(23)
(5)
(40)
Income from Associate/ (Exp)
(14)
13
9
4
29
Extra ordinary Income/( Exp.)
(24)
(8)
(18)
(36)
10
Reported PAT
287
185
54.8
249
15.0
747
704
6.1
Adjusted PAT
306
190
60.7
264
15.9
775
696
11.3
EPS (`)
7.1
4.4
6.0
18.1
16.2
Source: Company, Angel Research
Top-line growth supported mainly by USA and Latin America
During the quarter, United Phosphorus posted sales of `3,050cr, a yoy growth of
1.3%. Sales were impacted as all the key markets were under pressure, while USA
and Latin America posted a 12% and 14% yoy growth, respectively, during the
quarter. Other key markets like India, Europe and ROW posted a dip of 17%, 9%
and 8% yoy, respectively. Overall, growth was driven by price and volume growth
of 3% and 11% respectively, while exchange had a weigh down effect by 13%.
India (`498cr) posted a 17% yoy dip in revenue owing to serious drought
conditions affecting agrochemical usage, both in Kharif & Rabi crops. However,
UPL’s new products and power brands continued to register healthy growth.
Europe (`300cr) posted a 9% yoy dip due to devaluation of the Euro, which
impacted growth in INR terms. Going forward, European markets are likely to be
flat or posting de-growth.
Latin America (`1,279cr) posted a 14% yoy growth on back of high demand of
fungicide. UPL expects to maintain the growth momentum on the back of new
product launches. Ease of export tax on agricultural commodities in Argentina is to
further aid demand for agrochemicals.
UPL’s North America (`594cr) business registered a 12% yoy revenue growth led
by healthy demand for its newly launched products. However, low pest infestation
in field crops, dry weather conditions in Western USA and higher competitive
intensity continued to weigh on the company’s overall performance in the region.
Extreme winter snowfall in many parts of North America could delay sowing and
impact 4QFY2016 performance; the business could shift to the next season.
February 3, 2016
2
United Phosphorus | 3QFY2016 Result Update
Exhibit 2: Sales Break-up (Marketwise)
100%
923
80%
1,557
1,587
1,354
1,705
60%
505
805
358
330
40%
300
1,083
401
601
715
498
20%
861
529
553
594
374
0%
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
North America
India
EU
Others
Source: Company
Exhibit 3: Sales performance (including export incentives)
Exhibit 4: Growth break-up
15
3,563
3,600
11
3,064
3,050
3,010
10
2,801
3,000
5
3
2,400
0
1,800
1,200
(5)
600
(10)
0
(15)
(13)
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Exchange impact
Realisation
Volume
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 5: Volume and realisation break-up (yoy)
20
18
16
16
15
13
11
10
5
3
2
2
0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
(2)
0
Realisation
Volume
Source: Company, Angel Research
February 3, 2016
3
United Phosphorus | 3QFY2016 Result Update
EBITDA margin improves
On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015, in
spite of lower sales, as the GPM improved to 54.2% V/s 48.8% in 3QFY2015 on
back of healthy volume growth and price rise.
Exhibit 6: EBITDA margin trend
20.0
20.0
19.0
19.0
18.0
17.9
17.0
17.3
16.0
16.5
15.0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company, Angel Research
Adj net profit grew 15.8% yoy
This aided the Adj. net profit to come in at `306cr V/s `264cr in 3QFY2015, a
15.8% yoy growth. While the sales growth was meager, higher other income lead
the PAT growth to be robust. Other income during the quarter came in at `131cr
V/s `51cr in 3QFY2015, a yoy growth of 157.1%.
Exhibit 7: Adjusted PAT trend
500
18
451
450
16
400
14
350
306
12
285
300
264
10
250
190
8
200
6
150
4
100
50
2
0
0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Adj PAT
% YoY
Source: Company, Angel Research
February 3, 2016
4
United Phosphorus | 3QFY2016 Result Update
Concall Highlights
The company expects to maintain the growth momentum in Latin America on
the back of new product launches. Ease of export tax on agricultural
commodities in Argentina is to further aid demand for agrochemicals.
Low pest infestation in field crops, dry weather conditions in Western USA and
higher competitive intensity continue to weigh on the company’s overall
performance in the region.
The Management expects to report a flat performance or possibly a de-growth
in Europe for FY2016. Challenges persist in South Europe which faces a dry
season with low disease pressure.
Invvestment arguments
Innovators dominant in the off-patent space; Generic firms in
a sweet spot
The global agrichem industry, valued at US$53bn (CY2014), is dominated by the
top six innovators, viz Bayer, Syngenta, Monsanto, BASF, DuPont and Dow, which
enjoy a large market share of the patented (28%) and off-patent (32%) market.
The top six innovators enjoy a large share of the off-patent market due to high
entry barriers for pure generic players. Thus, one-third of the total pie worth
US$18bn, which is controlled by the top six innovators through proprietary
off-patent products, provides a high-growth opportunity for larger integrated
generic players like UPL.
Generic segment’s market share to increase
Generic players have been garnering a high market share; their share has
increased from 32% levels in 1998 to 40% by 2006-end. The industry registered a
CAGR of 3% over 1998-2006, while generic players outpaced the industry with a
CAGR of 6%. Going ahead, given the opportunities and a drop in the rate of new
molecule introduction by innovators, we expect generic players to continue to
outpace the industry’s growth rate and augment their market share in the overall
pie. Historically, global agrichem players have been logging in-line growth with
global GDP. Going ahead, over CY2015-16, the global economy is expected to
grow by 3-4%. Assuming this trend plays out in terms of growth for the agrichem
industry, and the same rate of genericisation occurs, then the agrichemical generic
industry could log in 6-8% yoy growth during the period and garner a market
share of 44-45%.
A global generic play
UPL figures among the top five global generic agrichemical players with presence
across major markets including the US, EU, Latin America, and India. Given the
high entry barriers by way of high investments, entry of new players is restricted.
Thus, amidst this scenario and on account of having a low-cost base,
we believe UPL enjoys an edge over competition and is placed in a sweet spot to
leverage the upcoming opportunities in the global generic space.
February 3, 2016
5
United Phosphorus | 3QFY2016 Result Update
Outlook and valuation
Over the last few years, the global agriculture sector has been reviving on the back
of rising food prices. Food security is also a top priority for most governments;
reducing food loss is one of the easiest ways to boost food inventory. Hence, we
believe agrichemical companies would continue to do well in the wake of
heightened food security risks, and strong demand is likely to be witnessed across
the world. Overall, we expect the global agrichemical industry to perform well
from here on. Generics are expected to register a healthy growth due to a)
increasing penetration and wresting market share from innovators and b) patent
expiries worth US$3bn-4bn during the next five years.
We estimate UPL to post a 9.9% and 15.8% CAGR in sales and PAT, respectively,
over FY2015-17E. The stock is trading at 11.6x FY2017E EPS, which we believe,
provides some room for appreciation. Hence we recommend a BUY rating on the
stock.
Exhibit 8: Key assumption
FY2016E
FY2017E
Sales growth
4.9
15.0
EBITDA margin
18.3
18.3
Tax rate
20.0
20.0
Source: Company, Angel Research
Exhibit 9: P/E band
600
500
400
300
200
100
0
Price
6x
8x
10x
12x
14x
Source: Company, Angel Research
Exhibit 10: Peer valuation
Company
Reco
Mcap CMP TP Upside
P/E (x)
EV/Sales (x)
EV/EBITDA (x)
RoE (%)
CAGR (%)
(` cr)
(`)
(`)
(%) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Sales PAT
Rallis
Neutral
3,075
158
-
-
22.0
18.3
2.5
2.1
17.6
14.8
16.5
18.0
3.7
3.4
United Phosphorus Buy
17,811
416
480
15.4
13.9
11.6
2.0
1.7
10.8
9.0
20.0
20.3
9.9
15.8
Source: Company, Angel Research, Bloomberg
February 3, 2016
6
United Phosphorus | 3QFY2016 Result Update
Company background
United Phosphorus (UPL) is a global generic crop protection, chemicals and seeds
company. The company is fully backward and forward integrated by taking
advantage of the consolidation opportunities within the agrochemical industry. UPL
is the largest Indian agrochemical company and had revenue of about `11,911cr
for the year ended March 2015.
Profit & Loss Statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Net Sales
7,534
9,010
10,580
11,911
12,500
14,375
Other operating income
137
184
191
45
45
45
Total operating income
7,671
9,195
10,771
11,956
12,545
14,420
% chg
33.2
19.9
17.1
11.0
4.9
14.9
Total Expenditure
6,328
7,568
8,751
9,736
10,207
11,738
Net Raw Materials
4,058
4,687
5,441
6,016
6,413
7,374
Other Mfg costs
590
741
1,034
1,164
1,113
1,279
Personnel
686
853
946
1,043
1,094
1,259
Other
994
1,287
1,330
1,513
1,588
1,826
EBITDA
1,206
1,442
1,829
2,175
2,293
2,637
% chg
28.1
19.6
26.8
19.0
5.4
15.0
(% of Net Sales)
16.0
16.0
17.3
18.3
18.3
18.3
Depreciation& Amortisation
292
354
407
425
486
507
EBIT
1,051
1,273
1,613
1,796
1,852
2,175
% chg
25.3
21.1
26.7
11.4
3.1
17.4
(% of Net Sales)
13.7
13.8
15.0
15.0
14.8
15.1
Interest & other Charges
415
429
487
517
362
362
Other Income
97
73
131
131
131
131
(% of PBT)
13
8
10
9
8
7
Recurring PBT
734
917
1,257
1,410
1,622
1,945
% chg
11.4
25.0
37.1
12.2
15.0
19.9
Extraordinary Expense/(Inc.)
(5)
27
85
(2)
-
-
PBT (reported)
729
944
1,172
1,413
1,622
1,945
Tax
128
203
222
244
324
389
(% of PBT)
17.6
21.5
18.9
17.3
20.0
20.0
PAT (reported)
601
741
950
1,169
1,298
1,556
Add: Share of earnings of asso.
(40)
32
30
21
23
26
Less: Minority interest (MI)
5
(2)
7
43
43
43
Prior period items
-
-
24
-
1
2
PAT after MI (reported)
556
775
950
1,144
1,277
1,537
ADJ. PAT
561
754
1,040
1,147
1,277
1,537
% chg
1.6
34.3
38.0
10.2
11.4
20.4
(% of Net Sales)
7.5
8.4
9.8
9.6
10.2
10.7
Basic EPS (`)
12.2
17.0
24.3
26.7
29.8
35.9
Fully Diluted EPS (`)
12.2
17.0
24.3
26.7
29.8
35.9
% chg
1.6
40.1
42.5
10.2
11.4
20.4
February 3, 2016
7
United Phosphorus | 3QFY2016 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity Share Capital
92
89
86
86
86
86
Preference Capital
-
-
-
-
-
-
Reserves& Surplus
4,081
4,557
5,162
5,775
6,837
8,160
Shareholders’ Funds
4,173
4,645
5,247
5,860
6,923
8,246
Minority Interest
250
234
172
44
88
131
Total Loans
3,389
4,203
2,873
2,781
2,781
2,781
Other Long term liabilities
301
395
311
594
594
594
Long Term Provisions
51
51
53
53
53
53
Deferred Tax Liability
(6)
(13)
57
45
45
45
Total Liabilities
8,158
9,516
8,714
9,378
10,484
11,850
APPLICATION OF FUNDS
Gross Block
4,687
5,386
6,039
6,792
7,092
7,392
Less: Acc. Depreciation
2,605
3,173
3,580
4,005
4,491
4,998
Net Block
2,082
2,213
2,459
2,787
2,601
2,394
Capital Work-in-Progress
306
378
378
378
378
378
Goodwill / Intangilbles
1,141
1,277
1,212
1,449
1,449
1,449
Investments
795
1,025
737
764
764
764
Long Term Loan & Adv.
321
277
389
418
439
504
Current Assets
5,625
7,154
7,572
8,372
9,880
12,141
Cash
1,566
1,548
1,023
1,010
1,587
2,604
Loans & Advances
602
852
771
586
1,182
1,359
Other
3,458
4,754
5,779
6,776
7,111
8,178
Current liabilities
2,111
2,807
4,033
4,789
5,026
5,780
Net Current Assets
3,514
4,346
3,539
3,582
4,854
6,361
Others
-
-
-
-
-
-
Total Assets
8,158
9,516
8,714
9,378
10,484
11,850
February 3, 2016
8
United Phosphorus | 3QFY2016 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2012 FY2013 FY2014 FY2015 FY2016E FY2017E
Profit before tax
729
944
1,172
1,413
1,622
1,945
Depreciation
292
354
407
425
486
507
Change in Working Capital
318
(806)
171
(86)
(715)
(556)
Less: Other income
-
-
-
-
-
-
Direct taxes paid
(128)
(203)
(222)
(244)
(324)
(389)
Cash Flow from Operations
1,211
288
1,528
1,508
1,069
1,507
(Inc.)/ Dec. in Fixed Assets
(989)
(771)
(653)
(753)
(300)
(300)
(Inc.)/ Dec. in Investments
29
(231)
-
-
-
-
Inc./ (Dec.) in loans and adv.
-
-
-
-
-
-
Other income
-
-
-
-
-
-
Cash Flow from Investing
(961)
(1,002)
(653)
(753)
(300)
(300)
Issue of Equity
-
-
(3)
-
-
-
Inc./(Dec.) in loans
(989)
(908)
1,413
(192)
(0)
(0)
Dividend Paid (Incl. Tax)
(134)
(129)
(201)
(214)
(214)
(214)
Others
1,738
1,733
(2,612)
(362)
23
24
Cash Flow from Financing
615
696
(1,403)
(768)
(192)
(190)
Inc./(Dec.) in Cash
866
(18)
(525)
(13)
577
1,017
Opening Cash balances
700
1,566
1,548
1,023
1,010
1,587
Closing Cash balances
1,566
1,548
1,023
1,010
1,587
2,604
February 3, 2016
9
United Phosphorus | 3QFY2016 Result Update
Key Ratios
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
34.2
24.4
17.1
15.5
13.9
11.6
P/CEPS
22.5
16.6
12.3
11.3
10.1
8.7
P/BV
4.6
4.0
3.4
3.0
2.6
2.2
Dividend yield (%)
0.6
0.6
0.6
0.6
0.6
0.6
EV/Sales
3.4
2.9
2.4
2.1
2.0
1.7
EV/EBITDA
21.0
18.0
13.9
11.6
10.8
9.0
EV / Total Assets
3.1
2.7
2.9
2.7
2.4
2.0
Per Share Data (`)
EPS (Basic)
12.2
17.0
24.3
26.7
29.8
35.9
EPS (fully diluted)
12.2
17.0
24.3
26.7
29.8
35.9
Cash EPS
18.5
25.0
33.8
36.7
41.1
47.7
DPS
2.5
2.5
2.5
2.5
2.5
2.5
Book Value
90.4
105.0
122.4
136.7
161.5
192.4
DuPont Analysis
EBIT margin
13.7
13.8
15.0
15.0
14.8
15.1
Tax retention ratio
82.4
78.5
81.1
82.7
80.0
80.0
Asset turnover (x)
1.4
1.4
1.5
1.6
1.6
1.7
ROIC (Post-tax)
15.8
15.4
18.5
20.3
18.8
20.9
Cost of Debt (Post Tax)
11.3
8.9
11.2
15.1
10.4
10.4
Leverage (x)
0.5
0.5
0.5
0.3
0.2
0.1
Operating ROE
18.0
18.6
21.9
22.0
20.8
21.9
Returns (%)
ROCE (Pre-tax)
14.4
14.4
17.7
19.9
18.7
19.5
Angel ROIC (Pre-tax)
19.5
20.0
23.2
24.7
23.5
26.2
ROE
14.2
17.1
21.0
20.6
20.0
20.3
Turnover ratios (x)
Asset Turnover (Gross Block)
1.8
1.8
1.9
1.9
1.8
2.0
Inventory / Sales (days)
78
78
83
86
89
85
Receivables (days)
93
102
83
86
89
85
Payables (days)
102
108
69
72
74
71
WCcycle (ex-cash) (days)
105
96
92
78
85
89
Solvency ratios (x)
Net debt to equity
0.5
0.4
0.6
0.4
0.3
0.2
Net debt to EBITDA
2.1
1.5
1.8
1.0
0.8
0.5
Interest Coverage (EBIT / Int.)
2.5
3.0
3.3
3.5
5.1
6.0
February 3, 2016
10
United Phosphorus | 3QFY2016 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
UPL
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)
February 3, 2016
11