Вы находитесь на странице: 1из 11
Prakash Industries Performance highlights Quarterly Highlights (Standalone) Particulars ( ` cr) 3QFY13 3QFY12
Prakash Industries Performance highlights Quarterly Highlights (Standalone) Particulars ( ` cr) 3QFY13 3QFY12

Prakash Industries

Performance highlights

Quarterly Highlights (Standalone)

Particulars (` cr)

3QFY13

3QFY12

yoy (%)

2QFY13

qoq (%)

Net sales

605

521

16.2

631

(4.1)

EBITDA

65

91

(28.8)

83

(21.8)

EBITDA margin (%)

10.7

17.5

(677)bp

13.1

(242)bp

Net profit

21

66

(67.7)

45

(52.1)

Source: Company, Angel Research

Prakash Industries (PIL) reported a 16.2% yoy top-line growth; however, its operating margins continued to slide mainly due to higher iron ore costs. Given the inexpensive valuations, we recommend a Buy rating on the stock.

Higher volumes drive top-line growth: For 3QFY2013, PIL’s net sales grew by 16.2% yoy to ` 605cr mainly on account of higher volumes which although were partially offset by lower realizations. Sales volumes of structural steel/TMT and wire rods increased by 1677.3% and 29.1% yoy to 49,250 tonne and 88,983/tonne, respectively.

High costs dent PIL’s profitability: Raw material costs increased by 25.1% yoy to `435cr due to increase in prices of inputs. The EBITDA margin slipped by 677bp yoy to 10.7% and EBITDA decreased by 28.8% yoy to ` 65cr. Net profit also decreased by 67.7% yoy to `21cr in 3QFY2013.

Outlook and valuation: PIL has slowed down its power expansion plans; nevertheless, we expect PIL’s EBITDA to witness a strong growth beginning FY2014 once the benefits of increased capacities of sponge iron and power commence meaningful production. Moreover, PIL is currently trading at inexpensive valuations of 4.2x and 3.2x FY2013E and FY2014E EV/EBITDA, respectively. On P/BV basis, it is trading at 0.3x and 0.2x FY2013E and FY2014E, respectively. Hence, we recommend a Buy rating on the stock with a target price of `52, valuing the stock at 3.6x FY2014E EV/EBITDA.

Key financials (Standalone)

3QFY2013 Result Update | Steel

February 11, 2013

BUY

CMP

` 41

Target Price

` 52

Investment Period

12 months

Stock Info

Sector Market Cap (` cr)

 

Steel

551

Net Debt (` cr)

824

Beta

1.3

52 Week High / Low

 

65/40

Avg. Daily Volume

97,519

Face Value (` )

10

BSE Sensex

19,461

Nifty

5,898

Reuters Code

 

PRKI.BO

Bloomberg Code

PKI@IN

Shareholding Pattern (%)

 

Promoters

46.5

MF / Banks / Indian Fls

 

3.8

FII / NRIs / OCBs

2.3

Indian Public / Others

 

47.5

Abs. (%)

3m

1yr

3yr

Sensex

4.2

9.6

20.5

Prakash Ind.

(17.5) (29.1)

(79.3)

Y/E March (` cr)

FY2011

FY2012

FY2013E

FY2014E

Net sales

1,664

2,107

2,512

2,816

%

chg

6.2

26.6

19.2

12.1

Adj. net profit

267

268

145

184

%

chg

(1.4)

0.4

(45.8)

26.4

EPS (`)

18.3

18.4

10.0

12.6

EBITDA margin (%)

20.5

17.4

12.4

13.7

P/E (x)

2.2

2.2

4.1

3.3

P/BV (x)

0.3

0.3

0.3

0.2

RoE (%)

17.0

14.6

7.2

8.4

RoCE (%)

13.1

10.7

6.7

8.2

EV/Sales (x)

0.7

0.7

0.5

0.4

EV/EBITDA (x)

3.3

3.8

4.2

3.2

Source: Company, Angel Research

Bhavesh Chauhan

Tel: 022- 3935 7800 Ext: 6821 bhaveshu.chauhan@angelbroking.com

Vinay Rachh

Tel: 022- 39357600 Ext: 6841

vinay.rachh@angelbroking.com

Exhibit 1: 3QFY2013 performance (Standalone) Prakash Industries | 3QFY2013 Result Update   ( ` cr)

Exhibit 1: 3QFY2013 performance (Standalone)

Prakash Industries | 3QFY2013 Result Update

 

( ` cr)

3QFY13

3QFY12

yoy %

2QFY13

qoq %

9MFY13

9MFY12

yoy %

Net sales

605

521

16.2

631

(4.1)

1,909

1,477

29.2

Raw material

435

348

25.1

444

(2.1)

1,338

982

36.3

%

of net sales

71.8

66.7

70.3

70.1

66.5

Staff cost

25

21

20.3

25

1.8

74

59

25.2

%

of net sales

4.2

4.0

3.9

3.9

4.0

Other expenditure

80

61

31.5

80

0.9

250

86

191.4

%

of net sales

13.3

11.7

12.6

13.1

5.8

Total expenditure

540

430

25.8

548

(1.4)

1,663

1,219

36.4

%

of net sales

89.3

82.5

86.9

87.1

82.5

Operating profit

65

91

(28.8)

83

(21.8)

246

259

(5.1)

OPM(%)

10.7

17.5

13.1

12.9

17.5

Other operating income

-

-

-

-

-

EBIDTA

65

91

(28.8)

83

(21.8)

246

259

(5.1)

EBITDA margins (%)

10.7

17.5

13.1

12.9

17.5

Interest

15

5

225.2

13

19.0

41

8

411.1

Depreciation

28

19

48.1

25

11.5

78

53

47.5

Other income

0.2

1

(86.8)

-

(60.5)

1.0

2

(48.5)

Exceptional items

-

-

-

-

-

Profit before tax

22

68

(68.0)

45

(52.0)

128

199

(35.8)

%

of net sales

3.6

13.1

7.2

6.7

13.5

 

Tax

0.4

2

(77.4)

1

(44.3)

2

7

(73.7)

%

of PBT

2.0

2.9

1.7

1.4

3.5

Adj. Net income

21

66

(67.7)

45

(52.1)

126

192

(34.4)

%

of net sales

3.5

12.7

7.1

6.6

13.0

EPS ( `)

1.5

4.5

(67.7)

3.1

(52.1)

2.9

4.4

(34.4)

Source: Company, Angel Research

Prakash Industries | 3QFY2013 Result Update Result highlights Higher volumes drive top-line growth For 3QFY2013,

Prakash Industries | 3QFY2013 Result Update

Result highlights

Higher volumes drive top-line growth

For 3QFY2013, PIL’s net sales grew by 16.2% yoy to `605cr mainly on account

of higher volumes partially offset by lower realizations. Sales volumes of structural steel/TMT and wire rods increased by 1677.3% and 29.1% yoy to 49,250 tonne and 88,983/tonne, respectively. The average realizations of structural steel and basic steel segment declined by 3.1% and 4.3% yoy respectively.

Exhibit 2: Production volumes

(tonnes)

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY133

Sponge iron

107,765

116,227

123,595

137,859

134,978

147,406

Basic steel

99,358

92,958

138,271

143,993

151,290

152,628

Structural steel

-

4,300

33,198

42,545

42,210

51,044

Wire rod

76,135

71,056

80,985

95,486

96,737

89,654

Ferro alloy

10,535

10,126

10,733

10,481

10,561

10,652

Power (mn units)

156

223

224

232

213

213

Source: Company, Angel Research

 

Exhibit 3: Sales volumes

(tonnes)

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

Basic steel

27,923

29,310

31,665

13,180

20,326

15,055

 

Structural steel

767

2,771

32,380

42,002

40,672

49,250

Wire Rod

78,969

68,906

80,980

94,515

94,848

88,983

 

Silico Manganese

8,488

8,534

8,457

7,830

7,488

7,818

Source: Company, Angel Research

 

Exhibit 4: Gross realisation

 

(tonnes)

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

Basic steel

32,221

33,593

35,296

36,859

34,635

32,547

 

Structural steel

34,289

39,841

41,086

42,619

38,557

38,146

Wire Rod

37,482

39,159

40,369

42,943

40,409

38,513

 

Silico Manganese

55,184

54,523

54,047

61,545

67,121

61,077

Source: Company, Angel Research

High input costs dent EBITDA margin

Raw material costs increased by 25.1% yoy to ` 435cr due to increase in prices of inputs. The EBITDA margin slipped by 677bp yoy to 10.7% and EBITDA decreased by 28.8% yoy to ` 65cr. Interest expenses stood at ` 15cr compared to ` 5cr in 3QFY2012 and depreciation expenses also increased by 48.1% yoy to ` 28cr. Hence, the net profit decreased by 67.7% yoy to ` 21cr in 3QFY2013.

Exhibit 5: EBITDA margin trend 120 25 107 98 100 91 91 85 20 83
Exhibit 5: EBITDA margin trend 120 25 107 98 100 91 91 85 20 83
Exhibit 5: EBITDA margin trend
120
25
107
98
100
91
91
85
20
83
77
80
65
15
60
10
40
5
20
0
0
EBITDA (LHS)
EBITDA margin (RHS)
( ` cr)
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)

Source: Company, Angel Research

Prakash Industries | 3QFY2013 Result Update

Exhibit 6: Net profit trend 76 80 72 20 71 66 70 60 55 60
Exhibit 6: Net profit trend
76
80
72
20
71
66
70
60
55
60
15
45
50
40
10
30
21
20
5
10
0
0
Adj. Net profit (LHS)
Net profit margin (RHS)
( ` cr)
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(%)

Source: Company, Angel Research

Investment rationale

Expanding steel capacity to address imbalance and enhance integration levels: Currently, PIL sources ~30% of its sponge iron requirement from third parties. In its bid to reduce this dependence on external parties, PIL is expanding its sponge iron capacity from 0.8mn tonne to 1.0mn tonne by end of FY2013.

Captive iron ore production to aid margin growth: During 2QFY2011, PIL had received the mining plan approval for its Sirkaguttu iron ore mine in Odisha. The company will steadily move towards a fully integrated business model with the grant of new iron ore and coal mines along with the existing Chotia coal mine, thus improving its margin drastically. However, given the slow-moving regulatory procedures, we have not factored the benefits from this mine in our model yet.

Prakash Industries | 3QFY2013 Result Update Outlook and valuation PIL has slowed down its power

Prakash Industries | 3QFY2013 Result Update

Outlook and valuation

PIL has slowed down its power expansion plans; nevertheless, we expect PIL’s EBITDA to witness a strong growth beginning FY2014 once the benefits of increased capacities of sponge iron and power commence meaningful production. Moreover, PIL is currently trading at inexpensive valuations of 4.2x and 3.2x FY2013E and FY2014E EV/EBITDA, respectively. On P/BV basis, it is trading at 0.3x and 0.2x FY2013E and FY2014E, respectively. Hence, we recommend a Buy rating on the stock with a target price of `52, valuing the stock at 3.6x FY2014E EV/EBITDA.

A key catalyst for the stock would be commencement of mining operations at PIL’s Sirkaguttu iron ore mine.

Exhibit 7: EV/EBITDA band 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2x
Exhibit 7: EV/EBITDA band
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2x
4x
6x
8x
10x
(` cr)
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13

Source: Bloomberg, Angel Research

Exhibit 8: P/E band 400 350 300 250 200 150 100 50 0 3x 6x
Exhibit 8: P/E band
400
350
300
250
200
150
100
50
0
3x
6x
9x
12x
(` )
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13

Source: Bloomberg, Angel Research

Prakash Industries | 3QFY2013 Result Update Exhibit 9: P/BV band 400 350 300 250 200

Prakash Industries | 3QFY2013 Result Update

Exhibit 9: P/BV band 400 350 300 250 200 150 100 50 0 0.5x 1.0x
Exhibit 9: P/BV band
400
350
300
250
200
150
100
50
0
0.5x
1.0x
1.5x
2.0x
(` )
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13

Source: Bloomberg, Angel Research

Exhibit 10: Recommendation summary

Companies

CMP Target Price

Reco.

Mcap Upside

P/E (x)

P/BV (x)

EV/EBITDA (x)

RoE (%)

RoCE (%)

(`)

(`)

(` cr)

(%)

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

FY13E

FY14E

Sarda Energy

130

148 Accum.

466

14

4.5

4.1

0.5

0.5

3.5

3.3

12.2

11.9

13.0

12.4

GPIL

104

112 Accum.

386

8

3.1

3.1

0.4

0.3

4.3

3.9

12.9

11.2

14.0

11.6

PIL

41

52

Buy

807

27

4.1

3.3

0.3

0.2

4.2

3.2

7.2

8.4

6.7

8.2

Monnet Ispat

248

344

Buy

1,837

39

5.9

4.5

0.6

0.5

7.7

5.0

11.3

13.4

7.0

10.4

Source: Company, Angel Research

Company background

PIL manufactures steel, ferro alloys and PVC pipes. During FY2012, 86% of its revenues were derived from steel and power. PIL’s steel capacity of 0.7mn tpa is backed by a captive sponge iron capacity (0.8mn tpa). Its finished product portfolio includes wire rods (0.45mn tpa), structural/TMT bars (0.3mn tpa) and silico manganese (48k tpa). The company has a captive thermal coal mine for making sponge iron while it is in the process of obtaining various approvals for another coal mine (to feed upcoming power plants) and an iron mine.

Prakash Industries | 3QFY2013 Result Update Profit & Loss Statement (Standalone) Y/E March ( `

Prakash Industries | 3QFY2013 Result Update

Profit & Loss Statement (Standalone)

Y/E March (` cr)

FY2009

FY2010

FY2011

FY2012

FY2013E

FY2014E

Gross sales

1,710

1,691

1,821

2,426

2,745

3,077

Less: Excise duty

184

123

157

205

233

260

Net sales

1,526

1,568

1,664

2,107

2,512

2,816

Other operating income

-

-

-

-

-

-

Total operating income

1,526

1,568

1,664

2,107

2,512

2,816

%

chg

21.7

2.8

6.2

26.6

19.2

12.1

Total expenditure

1,228

1,211

1,324

1,741

2,201

2,430

Net raw materials

964

891

1,007

1,394

1,769

1,930

Other mfg costs

162

195

188

258

257

289

Personnel

54

68

78

89

94

107

Other

49

57

51

-

80

104

EBITDA

298

357

341

366

311

386

%

chg

1.3

20.0

(4.6)

7.4

(15.0)

24.2

(% of Net sales)

19.5

22.8

20.5

17.4

12.4

13.7

Depreciation

42

57

67

78

107

123

EBIT

255

300

273

287

204

263

%

chg

3.6

17.7

(9.0)

5.2

(29.1)

29.1

(% of Net sales)

16.7

19.2

16.4

13.6

8.1

9.3

Interest charges

61

25

6

14

57

76

Other income

4

3

9

2

1

2

(% of PBT)

2.0

1.1

3.2

0.9

1.0

0.9

Share in profit of asso.

-

-

-

-

-

-

Recurring PBT

199

278

276

276

148

188

%

chg

(4.8)

39.9

(0.6)

(0.1)

(46.3)

27.0

Extra. Inc/(Expense)

6

(3)

(2.7)

-

-

-

PBT (reported)

205

275

274

276

148

188

Tax

1

7

7

8

3

5

(% of PBT)

0.3

2.6

2.4

2.9

2.0

2.5

PAT (reported)

204

268

267

268

145

184

Add: Earnings of asso.

-

-

-

-

-

-

Less: Minority interest

-

-

-

-

-

-

Extra. Expense/(Inc.)

-

(1.9)

-

-

-

-

PAT after MI (reported)

204

266

267

268

145

184

ADJ. PAT

198

271

267

268

145

184

%

chg

(4.9)

36.7

(1.4)

0.4

(45.8)

26.4

(% of Net sales)

13.0

17.3

16.0

12.7

5.8

6.5

Basic EPS (`)

17.1

23.2

20.9

19.9

10.8

13.7

Fully Diluted EPS (`)

17.1

20.1

18.3

18.4

10.0

12.6

%

chg

(4.9)

17.4

(9.1)

0.4

(45.8)

26.4

Prakash Industries | 3QFY2013 Result Update Balance Sheet (Standalone) Y/E March( ` cr) FY2009 FY2010

Prakash Industries | 3QFY2013 Result Update

Balance Sheet (Standalone)

Y/E March(` cr)

FY2009

FY2010

FY2011

FY2012

FY2013E

FY2014E

SOURCES OF FUNDS

Equity Share Capital

115

122

134

134

134

134

Reserves & Surplus

914

1,244

1,584

1,824

1,969

2,153

Shareholders Funds

1,029

1,366

1,719

1,958

2,103

2,287

Share Warrants

21

65

-

-

-

-

Minority Interest

-

-

-

-

-

-

Total Loans

259

230

621

874

924

874

Deferred Tax Liability

70

77

80

81

81

81

Long Term Provisions

11

13

13

13

Total Liabilities

1,380

1,738

2,431

2,925

3,120

3,254

APPLICATION OF FUNDS

Gross Block

1,524

1,783

1,826

2,497

2,667

2,837

Less: Acc. Depreciation

637

708

766

885

992

1,115

Net Block

887

1,075

1,060

1,612

1,675

1,722

Capital Work-in-Progress

241

303

912

842

892

942

Long Term loans and adv.

-

-

308

313

313

313

Goodwill

-

-

-

-

-

-

Investments

2

2

27

50

50

50

Current Assets

415

523

352

359

452

493

Cash

31

102

63

50

153

172

Loans & Advances

193

237

40

38

38

38

Other

191

184

249

272

260

282

Current liabilities

185

180

228

252

262

266

Net Current Assets

230

342

124

108

190

227

Mis. Exp. not written off

19

16

-

-

-

-

Total Assets

1,380

1,738

2,431

2,925

3,120

3,254

Prakash Industries | 3QFY2013 Result Update Cash flow statem ent (Standalone) Y/E March ( `

Prakash Industries | 3QFY2013 Result Update

Cash flow statement (Standalone)

Y/E March (` cr)

FY2009

FY2010 FY2011

FY2012 FY2013E FY2014E

Profit before tax

204

266

267

268

148

188

Depreciation

42

57

67

76

107

123

Change in working capital

31

(4)

(148)

47

21

(18)

Less: Other income

(8)

(26)

4

11

-

-

Direct taxes paid

1

24

47

99

3

5

Cash flow from operations

269

270

143

302

273

289

(Inc.)/ Dec. in fixed assets

(233)

(320)

(622)

(515)

(220)

(220)

(Inc.)/ Dec. in investments

1

0.9

(25)

(23)

-

-

(Inc.)/ Dec. in loans and adv.

-

-

-

2

-

-

Other income

2

1.8

(32)

(9)

-

-

Cash flow from investing

(230)

(317)

(679)

(545)

(220)

(220)

Issue of equity

-

-

-

-

-

-

Inc./(Dec.) in loans

(92)

118

497

245

50

(50)

Dividend paid

-

-

-

15

-

-

Others

-

-

-

-

-

-

Cash flow from financing

(92)

118

497

230

50

(50)

Inc./(Dec.) in cash

(53)

70

(39)

(13)

103

19

Opening cash bal.

85

31

102

63

50

153

Closing cash bal.

31

102

63

50

153

172

Prakash Industries | 3QFY2013 Result Update Key ratios Y/E March FY2009 FY2010 FY2011 FY2012 FY2013E

Prakash Industries | 3QFY2013 Result Update

Key ratios

Y/E March

FY2009

FY2010

FY2011

FY2012

FY2013E

FY2014E

Valuation ratio (x)

P/E (on FDEPS)

2.4

2.0

2.2

2.2

4.1

3.3

P/CEPS

2.0

1.5

1.6

1.6

2.2

1.8

P/BV

0.5

0.3

0.3

0.3

0.3

0.2

Dividend yield (%)

-

-

-

-

-

-

EV/Sales

0.5

0.4

0.7

0.7

0.5

0.4

EV/EBITDA

2.3

1.9

3.3

3.8

4.2

3.2

EV/Total assets

0.5

0.4

0.5

0.5

0.4

0.4

Per share data (`)

EPS (Basic)

17.1

23.2

20.9

19.9

10.8

13.7

EPS (fully diluted)

17.1

20.1

18.3

18.4

10.0

12.6

Cash EPS

20.8

26.9

24.9

25.8

18.8

22.8

DPS

-

-

-

-

-

-

Book value

91.0

117.6

127.8

145.6

156.4

170.1

DuPont analysis

EBIT margin

16.7

19.2

16.4

13.6

8.1

9.3

Tax retention ratio (%)

99.7

97.4

97.6

97.1

98.0

97.5

Asset turnover (x)

1.2

1.1

0.8

0.8

0.9

0.9

RoIC (Post-tax)

19.8

19.6

13.3

10.7

6.8

8.5

Cost of debt (post tax)

19.4

10.1

1.3

1.8

6.2

8.3

Leverage (x)

0.2

0.1

0.3

0.4

0.3

0.3

Operating RoE

19.9

20.4

17.0

14.1

7.1

8.5

Returns (%)

RoCE (Pre-tax)

19.0

19.3

13.1

10.7

6.7

8.2

Angel RoIC (pre-tax)

23.7

24.6

19.6

16.5

9.9

12.5

RoE

20.5

21.5

17.0

14.6

7.2

8.4

Turnover ratios (x)

Asset turnover (gross block)

1.0

0.9

0.9

1.0

1.0

1.0

Inventory (days)

31

24

36

31

31

30

Receivables (days)

26

19

19

16

16

16

Payables (days)

32

39

18

10

10

10

WC cycle (days)

31

23

31

37

33

29

Solvency ratios (x)

Net debt to equity

0.2

0.1

0.3

0.4

0.3

0.3

Net debt to EBITDA

0.8

0.4

1.6

2.1

2.3

1.7

Interest coverage

4.2

11.8

47.9

20.7

3.6

3.5

Research Team Tel: 022 - 3935 7800 DISCLAIMER Prakash Industries | 3QFY2013 Result Update E-mail:

Research Team Tel: 022 - 3935 7800

DISCLAIMER

Prakash Industries | 3QFY2013 Result Update

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

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 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 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 Limited endeavours 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.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Neither Angel Broking 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 Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement

Prakash Industries

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 (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)