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Global Markets Research

India | FMCG

Quarterly Update/Target price change

Zydus Wellness

9 February 2015

Update/Target price change Zydus Wellness 9 February 2015 Bitter sweet Rating: Sell Target Price: INR 646

Bitter sweet

Rating: Sell

Target Price: INR 646 Downside: 24%

CMP: INR 846 (as on 9 February 2015)

Key data

Bloomberg /Reuters Code Current /Dil. Shares O/S (mn) Mkt Cap (INR bn/USD mn) Daily Vol. (3M NSE Avg.) Face Value (INR)

ZYWL IN/ZYDS.BO

39/39

33/532

68,823

10

1 USD = INR 62.1

Note: *as on 9 February 2015; Source: Bloomberg

Price & Volume 1,000 1.0 900 0.8 800 0.6 700 0.4 600 0.2 500 400
Price & Volume
1,000
1.0
900
0.8
800
0.6
700
0.4
600
0.2
500
400
0.0
Feb-14
Jun-14
Oct-14
Feb-15
Vol. in mn (RHS)
Zydus Wellness (LHS)

Source: Bloomberg

Shareholding (%)

Q4FY14 Q1FY15 Q2FY15 Q3FY15

All round disappointing results

Zydus Wellness (ZYWL IN) results were worse than expected. Sales grew by a mere 12.2% with Sugar Free and Everyuth sales increasing ~10% YoY and Nutralite in the mid teens to our calculations. A 47% rise in A&P spend and higher other expenses led to EBITDA margin falling by 471bp. Core EBITDA fell by 7.0% and adjusted PAT by 2.4%.

Key takeaways from the conference call with management

1) The company got excise tax credits on lower tax on the Sikkim facility, which led to a pre-tax, one-time gains of INR 201mn for the past 3.5 yrs. The excise rate hereafter will be ~5.0% from 6.2%, 2) artificial sweetener category growth slowed to 9.7%; Sugar Free retained a share at 92%. As Sugar Free Gold’s price was increased by ~6% in June 2014, volume growth for Sugar Free was a meager ~5% in Q3. The company has launched the stevia variant in Gujarat, 3) the newly launched face washes (3-in-1 Neem and Tulsi Turmeric) helped it preserve a 2.5% market share, which dropped from 13% three years ago. The scrubs category grew by 10%, with Everyuth maintaining a market share of 31%. The peel-off category sales where Everyuth has a 91% share contracted 6.7%. New variants are planned under Everyuth soon, 4) as competition remains intense and RM cost corrected, Nutralite price in the institutional segment was cut by 8%. We have low hopes, given price-led competition with no differentiation on Nutralite’s prospects, and 5) distribution restructuring that finished in August 2014 has not led to significant gains until now, management believes it will yield sizeable gains, ie improve sales growth from FY16.

 

Promoter

 

72.5

72.5

72.5

72.5

Institutional Investors

15.7

14.6

15.2

14.7

   

Other Investors

 

3.2

3.9

3.8

4.4

Valuation reiterate Sell with a new TP of INR 646

General Public

8.5

8.9

8.5

8.4

While the stock price has run-up in anticipation that Zydus Wellness should see strong growth in sales on a sustained basis as the distribution restructuring shows effect, our distributor channel checks do not suggest so. We expect low and volatile growth for the company to continue as we do not see its products except Sugar Free to show good growth. We retain Sell with a revised TP of INR 646 from INR 584 on 20x FY17E P/E as we roll forward to FY17E earnings.

Source: BSE

 

Price performance (%)

 

3M

6M

12M

Sensex

 

1.3

11.4

38.5

Zydus Wellnes

 

37.8

40.2

71.9

Jyothy Labs

 

21.7

67.3

43.0

Source: Bloomberg

 

YE March (INR mn)

   

Q3FY15

Q3FY14

 

YoY (%)

Q2FY15

 

QoQ (%)

 

Q3FY15E

 

Variance (%)

Net Sales Operating Expenses % of Sales EBITDA EBITDA Margins (%) Other Income

   

1,092

 

973

12.1

1,030

5.9

1,105

(1.2)

843

706

19.4

772

9.1

796

5.8

77.2

72.5

75.0

72.1

249

268

(7.0)

258

(3.5)

308

(19.2)

22.8

27.5

25.0

27.9

68

47

45.2

67

1.6

65

4.8

 

-

-

-

-

-

-

-

Interest Depreciation PBT Tax Effective Tax Rate (%) Minority interest Adjusted PAT Reported PAT NPM (%)

 

19

11

69.9

19

(0.5)

20

(4.0)

298

303

(1.8)

306

(2.6)

353

(15.7)

27

30

(9.0)

27

(0.3)

35

(22.7)

9.2

9.9

9.0

10.0

9

5

5

6

261

268

(2.4)

273

(4.3)

312

(16.2)

444

268

65.9

273

62.7

312

42.4

23.9

27.5

26.5

28.2

Source: Company, Elara Securities Estimate

 
 

Key Financials

 
 

YE

Revenue

 

YoY

EBITDA

EBITDA

 

Adj PAT

 

YoY

Fully DEPS

 

RoE

 

RoCE

 

P/E

EV/EBITDA

 

March

(INR mn)

(%)

(INR mn)

margin (%)

(INR mn)

 

(%)

 

(INR)

(%)

(%)

 

(x)

 

(x)

FY14

4,036

 

4.0

895

22.2

 

911

 

-6.3

 

23.3

 

33.1

 

31.1

 

36.3

 

33.9

FY15E

4,245

5.2

871

20.5

940

 

3.2

24.1

26.4

26.1

35.2

34.9

FY16E

4,747

11.8

987

20.8

1038

 

10.5

26.6

24.7

24.4

31.8

29.6

FY17E

5,506

16.0

1175

21.3

1263

21.6

32.3

25.5

25.2

26.2

24.3

 

Note: pricing as on 9 February 2015; Source: Company, Elara Securities Estimate

 

Aashish Upganlawar aashish.upganlawar@elaracapital.com +91 22 6164 8546 Saiprasad Prabhu saiprasad.prabhu@elaracapital.com +91 22 6164 8518

Elara Securities (India) Private Limited

Zydus Wellness

Zydus Wellness

Financials (YE March)

Income Statement (INR mn)

FY14

FY15E

FY16E

FY17E

Net Revenues EBITDA Add:- Non operating Income OPBIDTA Less :- Depreciation & Amortization EBIT Less:- Interest Expenses PBT Less :- Taxes Minority Interest Adjusted PAT Add/Less: - Extra-ordinaries Reported PAT

4,036

4,245

4,747

5,506

895

871

987

1,175

189

265

264

342

1,084

1,135

1,250

1,517

47

78

82

86

1,038

1,057

1,168

1,432

1

-

-

-

1,036

1,057

1,168

1,432

107

98

109

143

19

19

21

26

911

940

1,038

1,263

54

-

-

-

965

940

1,038

1,263

Balance Sheet (INR mn)

FY14

FY15E

FY16E

FY17E

Share Capital Reserves Minority Interest Borrowings Deferred Tax (Net) Total Liabilities Gross Block Less:- Accumulated Depreciation Net Block Add:- Capital work in progress Investments Net Working Capital Other Assets Total Assets

391

391

391

391

2,865

3,485

4,157

4,963

47

66

87

113

-

1

1

1

53

53

53

53

3,356

3,995

4,689

5,521

1,161

1,211

1,271

1,321

206

285

366

452

954

926

904

869

-

-

-

-

2,568

3,070

3,650

4,400

(427)

(395)

(407)

(462)

260

394

543

714

3,356

3,995

4,689

5,521

Cash Flow Statement (INR mn)

FY14

FY15E

FY16E

FY17E

Cash profit adjusted for non cash items Add/Less : Working Capital Changes Operating Cash Flow Less:- Capex Free Cash Flow Financing Cash Flow Investing Cash Flow Net change in Cash

820

753

857

1,006

(91)

22

(54)

(35)

911

731

911

1,041

54

50

60

50

857

681

851

991

(275)

(434)

(493)

(603)

(634)

(287)

(377)

(458)

2

10

42

(20)

Ratio Analysis

FY14

FY15E

FY16E

FY17E

Income Statement Ratios (%) Revenue Growth EBITDA Growth PAT Growth EBITDA Margin Net Margin Return & Liquidity Ratios Net Debt/Equity (x) ROE (%) ROCE (%) Per Share data & Valuation Ratios Diluted EPS (INR) EPS Growth (%) DPS (INR) P/E (x) EV/EBITDA (x) EV/Sales (x) Price/Book (x) FCFF yield (%) Dividend Yield (%)

4.0

5.2

11.8

16.0

(7.3)

(2.7)

13.3

19.1

(6.3)

3.2

10.5

21.6

22.2

20.5

20.8

21.3

23.9

22.1

21.9

22.9

(0.8)

(0.7)

(0.8)

(0.8)

33.1

26.4

24.7

25.5

31.1

26.1

24.4

25.2

23.3

24.1

26.6

32.3

(6.3)

3.2

10.5

21.6

6.0

7.0

8.0

10.0

36.3

35.2

31.8

26.2

33.9

34.9

29.6

24.3

8.2

7.8

7.0

6.0

10.2

8.5

7.3

6.2

2.8

2.2

2.9

3.5

0.7

0.8

0.9

1.2

Note: pricing as on 9 February 2015; Source: Company, Elara Securities Estimate

Revenue & margin growth trend 6,000 24 22.2 5,000 21.3 22 20.8 20.5 4,000 20
Revenue & margin growth trend
6,000
24
22.2
5,000
21.3
22
20.8
20.5
4,000
20
3,000
2,000
18
FY14
FY15E
FY16E
FY17E
Net Revenues (LHS)
EBITDA Margin (RHS)
(INR mn)
(%)

Source: Company, Elara Securities Estimate

Adjusted profit growth trend 21.6 1,400 25 1,200 20 1,000 10.5 15 800 10 3.2
Adjusted profit growth trend
21.6
1,400
25
1,200
20
1,000
10.5
15
800
10
3.2
600
5
400
0
(6.3)
200
(5)
0
(10)
FY14
FY15E
FY16E
FY17E
Adjusted PAT (LHS)
PAT Growth (RHS)
(INR mn)
(%)

Source: Company, Elara Securities Estimate

Return ratios 35 33.1 30 31.1 26.4 25.5 24.4 25 26.1 25.2 24.7 20 FY14
Return ratios
35
33.1
30
31.1
26.4
25.5
24.4
25
26.1
25.2
24.7
20
FY14
FY15E
FY16E
FY17E
ROE (%)
ROCE (%)

Source: Company, Elara Securities Estimate

Zydus Wellness

Zydus Wellness

FMCG

Exhibit 1:

YE March (%)

Q3FY15

Q3FY14

YoY bps chg

Q2FY15

QoQ bps chg

Q3FY15E

bps variance

Raw Material Cost

31.6

31.6

(1)

30.3

130

31.0

60

Staff Costs

7.4

7.7

(26)

8.7

(123)

8.6

(119)

ASP Expenses

18.1

13.8

425

17.6

47

14.5

353

Other Expenses

20.3

19.5

72

18.6

164

18.2

211

Effective Tax rate

9.2

9.9

(72)

9.0

21

10.0

(82)

Gross Margin

68.4

68.4

1

69.7

(130)

69.0

(60)

OPM

22.9

27.6

(471)

25.1

(225)

28.0

(513)

NPM

24.0

27.6

(357)

26.6

(259)

28.3

(434)

Source: Company, Elara Securities Estimate

 

Exhibit 2: Change in estimates

 

Old Estimates

 

New Estimates

   

(%) change

(INR mn)

FY15E

FY16E

FY17E

FY15E

FY16E

FY17E

FY15E

FY16E

FY17E

Revenue

4,315

4,923

5,724

4,245

4,747

5,506

(1.6)

(3.6)

(3.8)

EBITDA

988

1,123

1,284

871

987

1,175

(11.8)

(12.1)

(8.5)

EBITDA (%)

22.9

22.8

22.4

20.5

20.8

21.3

(237)bp

(202)bp

(109)bp

PAT

1,025

1,159

1,376

940

1,038

1,263

(8.3)

(10.4)

(8.2)

EPS (INR)

26.2

29.7

35.2

24.1

26.6

32.3

(8.3)

(10.4)

(8.2)

Source: Elara Securities Estimate

Exhibit 3: Sales growth trend

Exhibit 4: Advertising and EBITDA margin trend

40 36 40 27 28 35 30 23 21 22 30 20 14 25 9
40
36
40
27 28
35
30
23 21 22
30
20
14
25
9
6 10
20
6
10
4
5
4
4
1
15
0
10
5
(10)
(2) (6)
0
(20)
(17)
Advertising/ sales
EBITDA margin %
% yoy
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
% to sales
Q1FY11
34
12
Q2FY11
22
23
Q3FY11
8
31
Q4FY11
1
36
Q1FY12
25
14
Q2FY12
19
22
Q3FY12
9
28
Q4FY12
10
31
Q1FY13
33
16
Q2FY13
17
27
Q3FY13
15
28
Q4FY13
13
29
Q1FY14
31
16
Q2FY14
17
26
Q3FY14
14
28
Q4FY14
19
20
Q1FY15
27
15
Q2FY15
18
25
Q3FY15
18
23

Source: Company, Elara Securities Research

Source: Company, Elara Securities Research

Zydus Wellness

Zydus Wellness

Coverage History

1,000 900 8 7 800 2 700 1 3 600 5 4 6 500 400
1,000
900
8
7
800
2
700
1
3
600
5
4
6
500
400
300
Not Covered
Covered
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
 

Date

Rating

Target Price

Closing Price

1

28-Jun-2013

Accumulate

INR 729

INR 639

15-Jul-2013

Accumulate

INR 765

INR 711

13-Aug-2013 Accumulate

INR 605

INR 575

04-Oct-2013

Accumulate

INR 571

INR 529

31-Oct-2013

Sell

INR 491

INR 565

18-Feb-2014

Sell

INR 441

INR 468

5-Jan-2015

Sell

INR 584

INR 805

9-Feb-2015

Sell

INR 646

INR 846

Guide to Research Rating

BUY

Absolute Return >+20%

ACCUMULATE

Absolute Return +5% to +20%

REDUCE

Absolute Return -5% to +5%

SELL

Absolute Return < -5%

Elara Securities (India) Private Limited

Elara Securities (India) Private Limited

Global Markets Research

Disclosures & Confidentiality for non U.S. Investors

The Note is based on our estimates and is being provided to you (herein referred to as the “Recipient”) only for information purposes. The sole purpose of this Note is to provide preliminary information on the business activities of the company and the projected financial statements in order to assist the recipient in understanding / evaluating the Proposal. Nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved) and should consult its own advisors to determine the merits and risks of such an investment. Nevertheless, Elara or any of its affiliates is committed to provide independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Elara or any of its affiliates have not independently verified all the information given in this Note and expressly disclaim all liability for any errors and/or omissions, representations or warranties, expressed or implied as contained in this Note. The user assumes the entire risk of any use made of this information. Elara or any of its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for or solicit investment banking or other business from any company referred to in this Note. Each of these entities functions as a separate, distinct and independent of each other. This Note is strictly confidential and is being furnished to you solely for your information. This Note should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This Note is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Elara or any of its affiliates to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. Upon request, the Recipient will promptly return all material received from the company and/or the Advisors without retaining any copies thereof. The Information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This Information is subject to change without any prior notice. Elara or any of its affiliates reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Elara is under no obligation to update or keep the information current. Neither Elara nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. This Note should not be deemed an indication of the state of affairs of the company nor shall it constitute an indication that there has been no change in the business or state of affairs of the company since the date of publication of this Note. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. Elara Securities (India) Private Limited generally prohibits its analysts, persons reporting to analysts and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed to Elara Securities (India) Private Limited / the company.

Disclaimer for non U.S. Investors

The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

55

Elara Securities (India) Private Limited

Elara Securities (India) Private Limited

Disclosures for U.S. Investors

The research analyst did not receive compensation from Zydus Wellness Limited.

Elara Capital Inc.’s affiliate did not manage an offering for Zydus Wellness Limited.

Elara Capital Inc.’s affiliate did not receive compensation from Zydus Wellness Limited in the last 12 months.

Elara Capital Inc.’s affiliate does not expect to receive compensation from Zydus Wellness Limited in the next 3 months.

Disclaimer for U.S. Investors

This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its completeness, accuracy or adequacy and it should not be relied upon as such.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These “forward-looking statements” are not guarantees of future performance and are based on numerous current assumptions that are subject to significant uncertainties and contingencies. Actual future performance could differ materially from these “forward-looking statements” and financial information.

Elara Securities (India) Private Limited

Elara Securities (India) Private Limited

Global Markets Research

India

Europe

USA

Asia / Pacific

Elara Securities (India) Pvt. Ltd. Indiabulls Finance Centre, Tower 3, 21st Floor, Senapati Bapat Marg, Elphinstone Road (West) Mumbai 400 013, India Tel : +91 22 6164 8500

Elara Capital Plc. 29 Marylebone Road, London NW1 5JX, United Kingdom

Elara Securities Inc. 36W 44th Street, 803, New York, NY 10036, USA Tel :+1-212-430-5870

Elara Capital (Singapore) Pte.Ltd. 30 Raffles Place #20-03, Chevron House Singapore 048622

Tel : +4420 7486 9733

Tel : +65 6536 6267

Harendra Kumar

Managing Director

harendra.kumar@elaracapital.com

+91 22 6164 8571

Vishal Purohit

Co-Head Institutional Equities

vishal.purohit@elaracapital.com

+91 22 6164 8572

Sales

       

Amit Mamgain

India

amit.mamgain@elaracapital.com

+91 22 6164 8543

Kalpesh Parekh

India

kalpesh.parekh@elaracapital.com

+91 22 6164 8513

Nishit Master

India

nishit.master@elaracapital.com

+91 22 6164 8521

Prashin Lalvani

India

prashin.lalvani@elaracapital.com

+91 22 6164 8544

Sushil Bhojwani

India

sushil.bhojwani@elaracapital.com

+91 22 6164 8512

Varun Joshi

North America

varun.joshi@elaracapital.com

+91 22 6164 8558

Sales Trading & Dealing

 

Manan Joshi

India

manan.joshi@elaracapital.com

+91 22 6164 8555

Manoj Murarka

India

manoj.murarka@elaracapital.com

+91 22 6164 8551

Vishal Thakkar

India

vishal.thakker@elaracapital.com

+91 22 6164 8552

Research

       

Aarthisundari Jayakumar

Analyst

Pharmaceuticals

aarthi.jayakumar@elaracapital.com

+91 22 6164 8510

Abhinav Bhandari

Analyst

Construction, Infrastructure

abhinav.bhandari@elaracapital.com

+91 22 6164 8507

Aliasgar Shakir

Analyst

Mid caps, Telecom

aliasgar.shakir@elaracapital.com

+91 22 6164 8516

Ashish Kejriwal

Analyst

Metals & Mining

ashish.kejriwal@elaracapital.com

+91 22 6164 8505

Ashish Kumar

Economist

ashish.kumar@elaracapital.com

+91 22 6164 8536

Aashish Upganlawar

Analyst

FMCG, Media

aashish.upganlawar@elaracapital.com

+91 22 6164 8546

Deepak Agrawala

Analyst

Power, Capital Goods

deepak.agrawala@elaracapital.com

+91 22 6164 8523

Rakesh Kumar

Analyst

Banking & Financials

rakesh.kumar@elaracapital.com

+91 22 6164 8559

Ravi Menon

Analyst

IT Services

ravi.menon@elaracapital.com

+91 22 6164 8502

Ravi Sodah

Analyst

Cement

ravi.sodah@elaracapital.com

+91 22 6164 8517

Sumant Kumar

Analyst

Agri, Travel & Hospitality, Paper

sumant.kumar@elaracapital.com

+91 22 6164 8503

Swarnendu Bhushan

Analyst

Oil and gas

swarnendu.bhushan@elaracapital.com

+91 22 6164 8504

Abhishek Karande

Analyst

Technical & Alternate Strategy

abhishek.karande@elaracapital.com

+91 22 6164 8562

Bhawana Chhabra

Sr. Associate

Strategy

Bhawana.chhabra@elaracapital.com

+91 22 6164 8511

Manuj Oberoi

Sr. Associate

Banking & Financials

manuj.oberoi@elaracapital.com

+91 22 6164 8535

Durgesh Poyekar

Associate

Oil and gas

durgesh.poyekar@elaracapital.com

+91 22 6164 8541

Harshit Kapadia

Associate

Power, Capital Goods

harshit.kapadia@elaracapital.com

+91 22 6164 8542

Saiprasad Prabhu

Associate

FMCG, Media

saiprasad.prabhu@elaracapital.com

+91 22 6164 8518

Sneha Poddar

Associate

Construction, Infrastructure

sneha.poddar@elaracapital.com

+91 22 6164 8526

Priyanka Sheth

Editor

priyanka.sheth@elaracapital.com

+91 22 6164 8568

Gurunath Parab

Production

gurunath.parab@elaracapital.com

+91 22 6164 8515

Jinesh Bhansali

Production

jinesh.bhansali@elaracapital.com

+91 22 6164 8537

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