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CRISIL IERIndependentEquityResearch
KRBL Ltd
Detailed Report
CRISIL IERIndependentEquityResearch
Assessment
Excellent fundamentals Superior fundamentals Good fundamentals Moderate fundamentals Poor fundamentals
Assessment
Strong upside (>25% from CMP) Upside (10-25% from CMP) Align (+-10% from CMP) Downside (negative 10-25% from CMP) Strong downside (<-25% from CMP)
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Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company.
Disclaimer:
This Company commissioned CRISIL IER report is based on data publicly available or from sources considered reliable. CRISIL Ltd. (CRISIL) does not represent that it is accurate or complete and hence, it should not be relied upon as such. The data / report is subject to change without any prior notice. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber / user assume the entire risk of any use made of this data / report. CRISIL especially states that, it has no financial liability whatsoever, to the subscribers / users of this report. This report is for the personal information only of the authorised recipient in India only. This report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person especially outside India or published or copied in whole or in part, for any purpose.
KRBL Ltd
Shadowing the industry growth trajectory
Fundamental Grade Valuation Grade Industry 3/5 (Good fundamentals) 5/5 (CMP has strong upside) Food Products
RESEARCH
January 03, 2014 Fair Value CMP CFV MATRIX
Excellent Fundamentals 5
Fundamental Grade
48 34
KRBL, Indias leading exporter of branded basmati rice and owner of the largest rice milling capacities, has consistently posted superior financial performance vis--vis peers in the past five years. A strong brand and an efficient working capital management have enabled KRBL to tap growth in the basmati rice industry. Demand for basmati rice at home and overseas has been robust in the past five years and we expect this trend to continue. The quality of Indian basmati rice is considered to be superior than that of Pakistan (Indias only competitor in basmati rice exports). The Indian government lifted the ban on non basmati rice exports in FY12; this is expected to provide additional growth opportunities. However, continuation of non-basmati rice exports is a monitorable. We retain our fundamental grade of 3/5 for KRBL. Basmati rice industry on an uptrend; strong demand growth expected to continue Demand for basmati rice has grown at a CAGR of 20% in the past five years driven by growth in the domestic and exports markets; we expect this momentum to continue. With the rise in incomes and shift in consumer preference to branded rice, we expect domestic demand to remain strong. In the exports market, India has taken a substantial share from Pakistan its only competitor in basmati rice exports due to superior quality and higher production. As per industry sources, production of basmati rice has increased in the current kharif season due to good monsoon. This coupled with low inventory and rising demand is expected to lead to increase in realisations over the next one year. KRBL: Well placed to tap the opportunity KRBL, with the largest production capacity and an established brand, is well placed to tap growth opportunity in the basmati rice industry. Its strategy of targeting customers across all price segments has helped garner a higher market share in the industry. The company has registered a strong growth of 40%+ in the domestic rice market in the past two years. It has more than 30% market share in the organised domestic market and 25% share in the branded basmati rice exports market. Key monitorables: Domestic regulations and geo-political risks The Middle East is the biggest export market for Indian basmati rice and accounts for over 35% of KRBLs revenues. Any political turmoil in this region may impact exports. The Indian governments policy on continuation of non-basmati rice exports is a key monitorable. Two-year revenue CAGR of 22%; return ratios to improve We expect revenues to register a two-year CAGR of 22% to 31bn in FY15 largely driven by volumes. PAT is expected to record higher growth of 34% due to margin improvement. We expect return ratios to improve from the current levels due to higher profitability. The company has historically posted higher-than-industry RoE and lower debt/tonne. Valuations the current market price has strong upside We continue to value KRBL by a P/E multiple of 5x. In line with revision in earnings estimates, the fair value is revised to 48 per share from 35. At the current market price, our valuation grade is 5/5.
4 3 2 1
Poor Fundamentals
Valuation Grade
Strong Downside Strong Upside
SHAREHOLDING PATTERN
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Dec-12 Mar-13 FII Jun-13 DII Sep-13 Others 56.8% 57.1% 57.1% 58.4% 38.6% 0.9% 3.8% 38.6% 0.9% 3.4% 39.2% 0.5% 3.3% 39.3% 0.1% 2.2%
KEY FORECAST
( mn) Operating income EBITDA Adj net income Adj EPS () EPS growth (%) Dividend yield (%) RoCE (%) RoE (%) PE (x) P/BV (x) EV/EBITDA (x) FY11 15,391 2,277 1,128 4.6 (9.8) 1.0 14.3 19.1 7.4 1.3 7.6 FY12 16,229 2,292 1,009 4.1 (10.6) 1.0 11.5 14.8 8.3 1.2 7.7 FY13 20,741 2,943 1,300 5.3 28.9 2.3 14.5 16.8 6.4 1.0 5.8 FY14E 27,000 4,163 2,214 9.1 70.3 2.3 19.5 23.8 3.8 0.8 4.4 FY15E 31,033 4,504 2,329 9.6 5.2 2.3 18.4 20.5 3.6 0.7 4.2
Promoter
ANALYTICAL CONTACT
Mohit Modi (Director) Ravi Dodhia Bhaskar Bukrediwala Client servicing desk +91 22 3342 3561 clientservicing@crisil.com mohit.modi@crisil.com ravi.dodhia@crisil.com bhaskar.bukrediwala@crisil.com
NM: Not meaningful; CMP: Current market price Source: Company, CRISIL Research estimates
For detailed initiating coverage report please visit: www.ier.co.in CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.
CRISIL IERIndependentEquityResearch
KRBL Ltd
RESEARCH
Grading Rationale
Riding the industry growth wave
Largest capacity places KRBL well to tap growth opportunity
Being one of the leading basmati rice players in India with the largest production capacity of 195 metric tonnes (MT) per hour, KRBL is well placed to tap growth opportunity in the basmati rice industry. We expect robust demand in both domestic and export markets over the next two years; prices are expected to increase from the current levels. KRBL has more than 30% market share in the organised domestic basmati rice market and 25% share in the branded basmati rice exports market. The market share can be attributed to its strategy of targeting customers across all price segments with products varying from 30 per kg to 150 per kg, i.e. both price sensitive and premium consumers.
REI Agro
118
Kohinoor Foods
60
LT Overseas
50
50
100 MT/hr
150
200
250
CRISIL IERIndependentEquityResearch
FY06
FY07
FY08
FY09
FY10
FY11
FY12
Export volumes
FY13
Domestic consumption of basmati rice in India posted a CAGR of 15% in the past five years
KRBL Ltd
RESEARCH
Iran Largest market for Indian basmati rice; with easing of sanctions by the UN, India may lose some market share but no impact on KRBL
Iran has been the fastest growing buyer for Indian basmati in the past three years. Indias exports increased from 0.5 mn MT in FY11 to 1.1 mn MT in FY13 (accounting for 31% of Indias export volume in FY11). In FY11, the UN, the US and the European Union imposed sanctions on Iran; hence, there were restrictions on trade in dollar terms. As of February 2012, India has been the only exporter of basmati rice to Iran as it agreed to receive payments from India in rupees for 45% of oil exports. On November 24, 2013, the UN eased sanctions on Iran. This is expected to open up trade in dollar terms which will facilitate easy entry for Pakistan (basmati rice) and Thailand (normal rice). While we believe Iran is an established market for Indian basmati rice, Pakistan might take some share from India with the easing of sanctions. Since KRBLs exposure to Iran is ~4%, we believe there would not be any major impact of easing of sanctions on the company.
CRISIL IERIndependentEquityResearch
Table 2: Inventory levels as of H1FY14 are lowest for majority of the players
Inventory days KRBL REI Agro Kohinoor Foods LT Foods H1FY12 210 365 247 198 H1FY13 152 299 289 193 H1FY14 85 230 256 123
Domestic revenues grew 44% and 92% in FY13 and H1FY14, respectively
32,159
56,504
60,613
55,710
44,941
60,729
86,557
81,928
70,844
-100% -150%
29,940
1,033
87,979 Sept-13
1,817
1,895
2,049
1,580
2,141
3,011
3,038
2,991
4,140
30,000 15,000 -
31,262
105,000
34,500
89%
35,164
35,262
10,000 0
Sept-13
Mar-12
Sep-12
Mar-13
Sep-11
Jun-11
Jun-12
Dec-11
Dec-12
Jun-13
Dec-11
Dec-12
Jun-12
Sep-12
Sep-11
Mar-12
Revenue
Volume
Mar-13
Jun-13
Jun-11
KRBL Ltd
RESEARCH
58,000
60,913
57,697
62,703
30,862
29,603
23,854
48,233
47,006
46,157
39,461 Jun-13
2105.7
14,899
500 -
-150% -200%
10,000 -
Sep-12
Jun-12
Dec-11
Sep-11
Dec-12
Jun-11
Jun-13
Sep-12
Dec-11
Jun-12
Sept-13
Dec-12
Sep-11
Mar-12
Mar-13
Jun-11
Mar-12
Mar-13
15,884
Revenue
Volume (MT)
Sept-13
26,848
1,790
1,803
1,376
2,425
2,772
2,894
1,062
1,238
3,151
1,000
-100%
50,275
CRISIL IERIndependentEquityResearch
Vietnam 19%
With the expectation of increase in rice crop in India in 2012-13 and weak production outlook for major rice exporting countries such as Pakistan and Vietnam, Indias share in global rice trade is expected to increase from the current 22%. We estimate Indias rice exports (including basmati rice) to be nearly 11 mn MT in FY14 (6.8 mn MT of non-basmati and 4.2 mn MT of basmati exports). Since the government attempts to maintain adequate ending stock of 24-25 mn MT, growth in non-basmati exports is expected to stabilise in FY14.
KRBL Ltd
RESEARCH
41,009
36,684
75,813
60,890
65,100
53,767
59,768
48,457
55,785
48,105
64,271
56,100
20,000 10,000 -
5% 0%
FY08 KRBL
FY09
FY10 Industry
FY11
FY12
FY13
Consistent superior financial performance vs. peers due to strong brand and better working capital management
Owing to strong brand and better working capital management, KRBL has consistently posted superior financial performance in the past five years. The company has historically posted higher-than-industry RoE and lower debt/tonne. Though five-year revenue growth of 15.6% was slightly below the industry average of 17.7%, PAT growth of 18.8% was above due to higher margin and lower interest costs. Owing to better working capital cycle of 228 days compared to peers average of 321 days, KRBL has lower gearing of 1.3x. High asset turnover and better profitability have resulted in better return ratios than that of peers.
CRISIL IERIndependentEquityResearch
Key Risks
Geo-political issues may affect exports
The Middle East is the biggest export market for Indian basmati rice and accounts for over 35% of KRBLs revenues; KRBL mostly exports to Saudi Arabia, UAE, Iraq and Kuwait. Hence, any political turmoil in this region may adversely impact exports.
Regulatory changes
The Indian government had banned exports of non-basmati rice in April 2008 to curb inflation. Subsequently, the government lifted ban on exports of non-basmati rice in September 2011. Although historically India has not witnessed any ban on basmati rice exports, any policy change in that regard could significantly impact the industry.
10
KRBL Ltd
RESEARCH
Financial Outlook
Expect revenues to grow at a two-year CAGR of 22%
KRBLs revenues have grown at a five-year CAGR of 16% in FY13 driven by 10% growth in volumes and 6% growth in realisations. Going forward, we expect revenues to grow at a twoyear CAGR of 22% in FY15 driven by 13% growth in volumes and 7% growth in realisations.
Figure 12: Robust revenue growth likely over the next two years
( mn) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 15,391 FY11 -3.4% 16,229 FY12 Revenue 20,741 FY13 27,000 FY14E 31,033 FY15E 5.4% 14.9% 27.8% 30.2% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10%
324,657
473,631
551,780
100,000 -
FY11
FY12
Growth (RHS)
Volume
385,066
Realisation (RHS)
606,958
200,000
11
CRISIL IERIndependentEquityResearch
28.9%
Growth (RHS)
1.0
1.0
0.8
12
KRBL Ltd
RESEARCH
Figure 18: RoE and RoCE to increase in the next two years
(%) 25.0 20.0 15.0 14.3 10.0 5.0 0.0 FY11 FY12 RoE FY13 FY14E RoCE FY15E 11.5 14.5 19.1 16.8 14.8 19.5 18.4 23.8 20.5
13
CRISIL IERIndependentEquityResearch
14
KRBL Ltd
RESEARCH
Management Overview
CRISIL's fundamental grading methodology includes a broad assessment of management quality, apart from other key factors such as industry and business prospects, and financial performance
15
CRISIL IERIndependentEquityResearch
Corporate Governance
CRISILs fundamental grading methodology includes a broad assessment of corporate governance and management quality, apart from other key factors such as industry and business prospects, and financial performance. In this context, CRISIL Research analyses the shareholding structure, board composition, typical board processes, disclosure standards and related-party transactions. Any qualifications by regulators or auditors also serve as useful inputs while assessing a companys corporate governance. Overall, corporate governance at KRBL meets the desired levels supported by an experienced board and adequate disclosure levels.
Board composition
KRBL has 10 board members, of whom five are independent directors. This meets the minimum requirements as per Clause 49 of SEBIs listing guidelines. Mr Anil Mittal is the chairman and managing director. The directors are well qualified, have strong industry experience and a fairly good understanding of the companys business and processes.
The positions of chairman and managing director are held by the promoters
Boards processes
The boards processes have evolved over the past three-four years; board meeting notices along with the agenda papers are circulated well in advance. Independent directors include Mr Ashwani Dua (chairman, audit committee) who has an extensive experience in the rice business, Mr Gautam Khaitan who has an extensive legal experience and specialises in corporate transactions, and Mr N.K. Gupta who holds a doctorate in engineering in food technology. Some independent directors are personally known to the promoters.
16
KRBL Ltd
RESEARCH
Valuation
Grade: 5/5
We continue to value KRBL by a P/E multiple of 5x. In line with revision in earnings estimates, fair value is revised to 48 per share from 35. At the current market price of 34, our valuation grade is 5/5.
May-09
Mar-10
Feb-08
Dec-08
Feb-13 Feb-13
Apr-07
Apr-12
Sep-07
Aug-10
Sep-12
Nov-11
May-09
Mar-10
Feb-08
Feb-13
Aug-10
Sep-07
Sep-12
Dec-08
Nov-11
KRBL
2x
4x
Dec-13
Jan-11
Jun-11
EV
3x
4x
5x
6x
P/E movement
(Times) 14 12 10 8 6 4 2 0 -1 std dev +1 std dev
Sep-07
Aug-10
Sep-12
Dec-08
Nov-11
May-09
Dec-13
Jan-11
Jun-11
Jul-08
Feb-08
Oct-09
Mar-10
Feb-13
Apr-07
Apr-12
Jul-13
May-09
Feb-08
Mar-10
Apr-07
Apr-12
Aug-10
Sep-07
Sep-12
Dec-08
Nov-11
Median PE
Dec-13
Jan-11
Jun-11
Jul-08
Oct-09
Jul-13
Dec-13
Jul-08
Jan-11
Jun-11
Apr-07
Apr-12
Oct-09
Oct-09
Jul-08
Jul-13
Jul-13
17
CRISIL IERIndependentEquityResearch
May-10
May-13
Mar-11
Feb-12
Sep-12
Aug-13
Nov-11
Aug-10
Dec-10
Dec-13
Jun-12
Jan-10
Jan-13
Jul-11
Sep-11
Sep-12
Sep-13
Jan-11
Jun-12
Dec-11
Dec-12
Jun-13
KRBL
CNX 500
Dec-13
KRBL
Jan-10
Jul-10
Oct-10
Apr-11
Jul-11
Mar-12
-Indexed to 100 Source: Company, CRISIL Research Source: NSE, BSE, CRISIL Research
18
Mar-13
Apr-10
KRBL Ltd
RESEARCH
Company Overview
Delhi-based KRBL is a 120-year old firm engaged in the business of marketing of grains and agro processing. It has rice milling capacity of 195 MT/hour; largest in the world. It is also the worlds largest basmati rice exporter and has a strong presence in the Middle East countries such as Saudi Arabia, UAE, Iran and Iraq.
Manufacturing facility
The companys manufacturing facilities are located in Dhuri, Punjab (150 TPH) and Ghaziabad, Uttar Pradesh (45 TPH). Following subsequent refurbishment and re-engineering to suit basmati rice, the Dhuri plant has the worlds largest integrated basmati rice milling capacity, way ahead of its immediate competitors in India. Being a fully integrated player, the company generates other value-added by-products like bran oil, de-oiled cakes. It also uses rice husks to run its captive power plants.
Energy division
The companys energy division has grown quickly in the past two years, since the company has entered into commercial sale of power. At present, KRBLs energy portfolio consists of biomass, wind and solar power projects, with a total capacity of 68.48 MW. KRBL intends to expand its installed capacity by 3-4 MW every year for the next three to four years.
Key milestones
1889 1947 1978 1992 1993 1995 1997 1999 2002 2003 2005 2006 2008 2010 2012 2013 KRBL founded at Lyallpur in Faisalabad, Pakistan Re-established in India and moved operations to New Delhi Commenced exports and pioneered packaged rice Established a basmati processing plant at Noida, Uttar Pradesh Registered as public limited company; started export of India Gate brand Came out with IPO, shares listed on the Bombay Stock Exchange Was awarded the prestigious APEDA trophy for being India's leading basmati rice exporter Pioneered the concept of contract farming in the states if Uttarakhand, UP and Punjab Received the ISO 9002:1994 certification from KPMG for its Ghaziabad plant; listed on the National Stock Exchange Acquired a sick rice processing plant in Dhuri (Punjab) for US$3.6mn Earned the distinction of being a four-star export house and completed the first phase of revamping its Dhuri plant to commence operations Obtained GDR issue of US$12mn, the largest in India's rice industry; diversified into wind power generation by setting up the 12.5 MW plant in Dhulia, Maharashtra Revenues crossed 10 bn milestone. Dhulia and Ghaziabad plants turned eligible for carbon credits Recorded the highest ever turnover and net profit (15.9 bn and 1.2 bn, respectively) Launched India Gate long grain parmal rice Turnover crossed 20 bn mark; also achieved highest ever PAT of 1.3 bn
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CRISIL IERIndependentEquityResearch
Annexure: Financials
Income statement
( m n) Operating incom e EBITDA EBITDA m argin Depreciation EBIT Interest Operating PBT Other income Exceptional inc/(exp) PBT Tax provision Minority interest PAT (Reported) Less: Exceptionals Adjusted PAT FY11 15,391 2,277 14.8% 359 1,918 514 1,403 105 76 1,584 381 1,203 76 1,128 FY12 16,229 2,292 14.1% 445 1,847 719 1,128 100 (278) 949 219 730 (278) 1,009 FY13 20,741 2,943 14.2% 506 2,437 694 1,743 99 (1) 1,841 542 1,299 (1) 1,300 FY14E 27,000 4,163 15.4% 523 3,640 811 2,829 162 2,991 778 2,214 2,214 FY15E 31,033 4,504 14.5% 532 3,972 892 3,080 155 3,235 906 2,329 2,329
Balance Sheet
( m n) Liabilities Equity share capital Reserves Minorities Netw orth Convertible debt Other debt Total debt Deferred tax liability (net) Total liabilities Assets Net fixed assets Capital WIP Total fixed assets Investm ents Current assets Inventory FY15E Sundry debtors Loans and advances 14.9 Cash & bank balance 8.2 Marketable securities 5.2 Total current assets 5.2 Total current liabilities Net current assets Intangibles/Misc. expenditu 14.5 Total assets 7.5 20.5 Cash flow 18.4 ( m n) 15.8 Pre-tax profit Total tax paid Depreciation 3.6 Working capital changes 0.7 Net cash from operations 4.2 Cash from investm ents 0.6 Capital expenditure 8.2 Investments and others 2.3 Net cash from investm ents Cash from financing Equity raised/(repaid) 288 Debt raised/(repaid) 67 Dividend (incl. tax) 37 Others (incl extraordinaries) 221 Net cash from financing 3.8 Change in cash position 6.7 Closing cash 6.8 4.5 0.8 Quarterly financials 0.8 ( m n) 4.5 Operating incom e 5.0 Change (q-o-q) EBITDA Change (q-o-q) FY15E EBITDA m argin 9.6 PAT 11.7 Adj PAT 50.9 Change (q-o-q) 0.8 Adj PAT m argin 244 Adj EPS FY11 244 6,226 9 6,478 9,020 9,020 131 15,630 3,834 259 4,093 90 12,085 1,577 840 51 14,553 3,123 11,430 17 15,630 FY12 244 6,928 9 7,180 9,380 9,380 162 16,722 4,169 130 4,298 72 12,377 2,389 765 168 15,700 3,363 12,336 16 16,722 FY13 242 8,052 9 8,304 8,703 8,703 160 17,167 4,412 188 4,599 66 12,603 2,044 631 141 15,420 2,934 12,486 15 17,167 FY14E 242 10,043 9 10,294 10,010 10,010 160 20,464 4,476 100 4,576 66 16,271 2,686 810 120 19,888 4,082 15,806 16 20,464 FY15E 242 12,149 9 12,401 10,510 10,510 160 23,071 4,544 (0) 4,544 66 19,591 3,073 931 90 23,685 5,240 18,444 16 23,071
Ratios
FY11 Grow th Operating income (%) EBITDA (%) Adj PAT (%) Adj EPS (%) Profitability EBITDA margin (%) Adj PAT Margin (%) RoE (%) RoCE (%) RoIC (%) Valuations Price-earnings (x) Price-book (x) EV/EBITDA (x) EV/Sales (x) Dividend payout ratio (%) Dividend yield (%) B/S ratios Inventory days Creditors days Debtor days Working capital days Gross asset turnover (x) Net asset turnover (x) Sales/operating assets (x) Current ratio (x) Debt-equity (x) Net debt/equity (x) Interest coverage (EBIT/Interest) Interest coverage (EBITDA/Interes (3.4) 4.3 (9.8) (9.8) FY12 5.4 0.6 (10.6) (10.6) FY13 27.8 28.4 28.9 28.9 FY14E 30.2 41.5 70.3 70.3
FY11 1,509 (333) 359 (3,882) (2,347) (929) (86) (1,016) (2) 2,971 (85) 85 2,969 (394) 51
FY12 1,228 (188) 445 (787) 697 (651) 18 (633) 57 360 (85) (278) 53 118 168
FY13 1,842 (545) 506 (176) 1,626 (807) 5 (801) 15 (676) (191) (1) (853) (27) 141
FY14E 2,991 (778) 523 (3,341) (605) (500) (500) 1,307 (223) 1,084 (21) 120
FY15E 3,235 (906) 532 (2,669) 192 (500) (500) 500 (223) 277 (31) 90
355 83 39 277 3.0 4.3 4.0 4.7 1.4 1.4 3.7 4.4
349 83 55 282 2.7 3.9 3.9 4.7 1.3 1.3 2.6 3.2
274 55 37 222 3.0 4.7 4.7 5.3 1.0 1.0 3.5 4.2
273 60 37 218 3.6 5.9 5.9 4.9 1.0 1.0 4.5 5.1
Per share
Adj EPS () CEPS Book value Dividend () Actual o/s shares (mn) FY11 4.6 6.1 26.6 0.3 244 FY12 4.1 6.0 29.5 0.3 244 FY13 5.3 7.4 34.1 0.8 244 FY14E 9.1 11.2 42.3 0.8 244
Q2FY13 5,715 11% 735 -24% 12.9% 545 191 -63% 3.3% 0.8
Q3FY13 5,000 -12% 696 -5% 13.9% 208 365 91% 7.3% 1.5
Q4FY13 4,928 -1% 541 -22% 11.0% 205 156 -57% 3.2% 0.6
Q1FY14 6,888 40% 1,083 100% 15.7% 496 690 343% 10.0% 2.8
Q2FY14 6,585 -4% 1,079 0% 16.4% 746 651 -6% 9.9% 2.7
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KRBL Ltd
RESEARCH
Focus Charts
KRBL has largest manufacturing capacity in India
KRBL 195
REI Agro
118
Kohinoor Foods
60
1.5 1.0
2.6 1.6
2.9 2.0
2.7
LT Overseas
50
0.5 0.0
50
100 MT/hr
150
200
250
FY07
FY08 India
FY09
FY10
FY11 Pakistan
FY12
FY13
5.0
1.0
0.8
EBITDA
Shareholding pattern
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Dec-12 Promoter Mar-13 FII Jun-13 DII Sep-13 Others 56.8% 57.1% 57.1% 58.4% 38.6% 0.9% 3.8% 38.6% 0.9% 3.4% 39.2% 0.5% 3.3% 39.3% 0.1% 2.2%
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CRISIL IERIndependentEquityResearch
RESEARCH
CRISIL IERIndependentEquityResearch
Analytical Contacts
Sandeep Sabharwal Prasad Koparkar Binaifer Jehani Manoj Mohta Sudhir Nair Mohit Modi Jiju Vidyadharan Ajay D'Souza Ajay Srinivasan Rahul Prithiani Senior Director, Capital Markets Senior Director, Industry & Customised Research Director, Customised Research Director, Customised Research Director, Customised Research Director, Equity Research Director, Funds & Fixed Income Research Director, Industry Research Director, Industry Research Director, Industry Research +91 22 4097 8052 +91 22 3342 3137 +91 22 3342 4091 +91 22 3342 3554 +91 22 3342 3526 +91 22 4254 2860 +91 22 3342 8091 +91 22 3342 3567 +91 22 3342 3530 +91 22 3342 3574 sandeep.sabharwal@crisil.com prasad.koparkar@crisil.com binaifer.jehani@crisil.com manoj.mohta@crisil.com sudhir.nair@crisil.com mohit.modi@crisil.com jiju.vidyadharan@crisil.com ajay.dsouza@crisil.com ajay.srinivasan@crisil.com rahul.prithiani@crisil.com
Business Development
Hani Jalan Prosenjit Ghosh Director, Capital Markets Director, Industry & Customised Research +91 22 3342 3077 +91 22 3342 8008 hani.jalan@crisil.com prosenjit.ghosh@crisil.com
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