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Report By: Arnab Dasgupta arnab@dynamiclevels.com

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KRBL Ltd- Rice Bowl of India

Page 2

Company Overview and Stock Price

Famous brands of KRBL

Company Financials

Peer Comparison

Shareholding Pattern

10

Industry Overview

11

Company future Outlook

13

Strengths of KRBL

14

Investment Rationale

15

Source: Company, www.dynamiclevels.com

Companys Overview and Stock Price

KRBL is the leading Indian rice Company exporting product throughout
the world. When we think about Basmati, we think about KRBL. It is
Indias first integrated rice company with a comprehensive product
chain.
The company always educates its farmers with modern technology and
skills of farming and getting results for that. Their flagship brand India
Gate Basmati rice is a renowned brand in the world market. KRBL
today is the largest rice miller. It has a strong brand presence through
collaborations with global retails chains. The company has a wide
market share in the Middle East countries, especially Saudi Arabia.
KRBL exports basmati rice to 73 countries in the world. It is the largest
manufacturer of Basmati Rice Seed in the world. The company has a
capacity of producing 195 MT per hour. The export price per MT
commands a premium of more than 30% over the industry average. It
has a wide marketing and selling network with presence at 6, 90,000
retail outlets in the country. 35% of basmati seeds in India are provided
by KRBL.
Chart Hypothesis: The chart shows that the stock is in complete
breakout and making new high

KRBL Share Price Performance

EXCHANGE SYMBOL
KRBL
Current Price * (Rs.)
288.30
Face Value (Rs.)
1
52 Week High (Rs.)
290 (13-06-16)
52 Week Low (Rs.)
139.5 (07-9-15)
Life Time high (Rs.)
290 (13-06-16)
Life Time low (Rs.)
1.02(29-1-02)
Average Daily Movement 9.53
Average Volume
183763
1 Month Return (%)
4.52
P/E Ratio (x)
20.01
Book Value
70.60
Market Cap
6738.04 (Cr)
% of Promoter holding
NIL
pledged

COMPANY PROFILE OF JUBILANT

Date of Incorporation

30-Mar-1993

Date of Listing

24-Jan-2002
Management

Name

Designation

Anil Kumar Mittal

Ashwani Dua

Chairman & Managing

Director
Ind. Non-ED

Devendra Agarwal

Ind. Non-ED

Shyam Arora

Ind. Non-ED

Vinod Ahuja

Ashok Chand

Ind. Non-Executive
Director
Joint Managing
Director
Joint Managing
Director
Whole Time Director

Priyanka Mittal

Whole Time Director

Anoop Kumar Gupta

Arun Kumar Gupta

Registered Office Address

5190, Lahori Gate,110006,New Delhi, India
Website

Famoushttp://www.krblrice.com
Brands of KRBL

Page 3

Source: Company, www.dynamiclevels.com

Famous Brands of KRBL

India Gate
The flagship brand of KRBL, India Gate is recognized both in India and
abroad with strong presence and impressive market share. It has
earned respect and patronage amongst consumers and retailers over
the years and today its a matter of pride to be the proffered brand
amongst global households. It is termed as Heart of India. Made in
India.

Worlds largest Rice

Millers & Basmati Rice
Exporters

Doon
Doon Basmati rice can be uniquely identified by its fragrance and
length of grains. Since it is one of KRBLs prestigious Basmati rice
brands, it comes in diverse brands and packages. They are - Basmati
rice Premium, Basmati rice dubar, Basmati rice Tibar, mini dubar,
Mogra, mini Mogra.

Nur Jahan

Worlds largest
producer of Basmati
Rice Seeds

Nur Jahan is one of KRBLs prized brands and keeps the flavor, aroma
and the looks of Basmati rice intact. It is marketed and packaged for
both domestic and international purposes. The domestic market enjoys
all three variants namely, Basmati rice, Sella golden and Sella white
available in 1kg, 5kg and 25kg packs. Its Basmati rice variant is
exported to Canada, Kuwait, UAE, Singapore and Australia.

Indian Farm
Just like Basmati rice is noted for its fragrance and delicate flavour,
Badshah Basmati rice maintains the reputation and also lives up to its
name. It is one of the leading Basmati rice brands in India in terms of
consumption and sale.

Indias first fully

integrated & scalable
Rice Company

Bemisal
Bemisal rice grains are longer and characteristically free flowing rather
than being sticky when cooked. This exceptional quality Basmati rice is
marketed, sold and packaged solely for Indian market. Sold in 1, 5 and
25 kg packs, it comes in two variants Bemisal Basmati Rice and Sella
Golden.

Page 4

Source: Company, www.dynamiclevels.com

Company Financials
Income Statement (In Cr)
Net Sales/Income from operations
Other Operating Income
Total Income From Operations
Increase/Decrease in Stocks
Consumption of Raw Materials
Purchase of Traded Goods
Employees Cost
Depreciation
Other Expenses
Total Expenditure
Operating Profit
Other Income
P/L Before Int., Excpt. Items & Tax
Interest
P/L Before Exceptional Items & Tax
Exceptional Item
P/L Before Tax
Tax
P/L After Tax from Ordinary Activities
PAT
Net Profit/(Loss) For the Period
Equity Share Capital
Reserves
Equity Dividend Rate (%)
EPS (Rs.) [Before Extraordinary items]
EPS (Rs.) [After Extraordinary items]

Mar-16
Annual
3,373.76
54.37
3,428.13
-155.97
2,721.52
25.57
63.63
50.06
240.29
2,945.10
483.03
7.51
490.54
63.41
427.13
2.55
429.68
92.62
337.06
337.06
337.06
23.54
1,593.40
-14.32
14.32

Mar-15
Annual
3,159.69
-3,159.69
-103.19
2,443.09
61.19
54.39
52.68
215.97
2,724.13
435.56
43.62
479.18
80.89
398.29
-4.19
394.10
72.37
321.73
321.73
321.73
23.54
1,301.23
-13.67
13.67

Mar-14
Annual
2,910.46
-2,910.46
69.57
2,096.94
95.66
45.65
57.66
162.09
2,527.57
382.89
14.54
397.43
76.02
321.41
5.02
326.43
71.32
255.11
255.11
255.11
23.58
1,008.96
-10.84
10.84

Profitability Highlights:

The Company achieved highest ever total revenue of Rs. 3428.13 crores during the year as compared to Rs.3159.69
crores in the previous year. An increase of 8.5% yearly.
Company has been able to achieved volume growth 25% during the year and sold total rice of 5,91,742 MT as
compared to 4,73,441 MT during last year.
Company achieved highest ever Operating Profit of Rs. 483.03 crores as compared to Rs. 435.56 crores same
period last year.
Company achieved highest ever Profit After Tax (PAT) of Rs. 337.06 crores as compared to Rs. 321.73 crores last
year.
Earnings per Share (EPS) increased by 4.82% from 13.67 per share last year to Rs. 14.32 per share this year.

Page 5

Source: Company, www.dynamiclevels.com

Balance Sheet (in Cr)

Mar-13

Mar-14

Mar-15

Mar-16

ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts & Notes Receivable
Total Receivables
Inventories
Prepaid Exp.
Restricted Cash
Other Current Assets
Total Current Assets
Net Property, Plant & Equipment
Long-term Investments
Deferred Charges, LT
Other Long-Term Assets
Total Assets
LIABILITIES
Accrued Exp.
Short-term Borrowings
Accounts Payable
Curr. Income Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long-Term Debt
Unearned Revenue, Non-Current
Other Non-Current Liabilities
Total Liabilities
Pref. Stock, Non-Redeem.
Total Pref. Equity
Minority Interest
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity
Total Equity
Total Liabilities And Equity

10.69
8.47
19.16
194.72
194.72
1260.29
4.25
0.35
43.36
1522.13
456.28
0.00
0.00
31.60
2010.02

65.76
6.30
72.06
287.26
287.26
1690.02
7.27
0.43
34.55
2091.59
575.73
0.00
0.00
47.40
2714.72

23.96
6.59
30.55
339.98
339.98
1859.67
7.58
0.38
48.81
2286.98
751.71
0.00
0.00
27.37
3066.06

28.30
7.31
35.61
253.60
253.60
1744.24
0.00
0.00
65.10
2098.55
875.14
49.55
0.00
3.89
3027.13

0.00
792.89
79.94
1.04
211.21
1085.08
77.45
0.00
17.13
1179.66
0.00
0.00
0.88
136.02
0.00
0.00
693.45
830.35
830.35
2010.02

0.00
1171.19
149.58
3.00
120.42
1444.18
208.32
0.00
17.36
1669.86
0.00
0.00
0.88
120.13
0.00
0.00
923.84
1044.86
1044.86
2714.72

0.00
1114.75
155.07
0.50
218.65
1488.97
236.29
0.00
15.15
1740.41
0.00
0.00
0.88
120.09
0.00
0.00
1204.68
1325.65
1325.65
3066.06

0.00
891.39
142.17
0.00
145.34
1178.90
200.63
0.00
23.00
1402.53
0.00
0.00
0.88
23.54
0.00
0.00
1600.18
1624.60
1624.60
3027.13

The asset value of the company is increasing every year except in last year.

The company is able to reduce its short term borrowings by 21% in FY 16 from last financial year.

The long term debt of the company has also reduced by 15% last year.

The company is able to reduce its total debt by 21% in FY 16 compared to those of FY 15.

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6

Source: Company, www.dynamiclevels.com

7|Page

Cash Flow (in Cr)

Net Income

Mar 13

Mar 14

Mar - 15

129.86

255.11

321.72

Depreciation & Amort., Total

50.56

57.66

52.69

Other Non-Cash Adj

-5.01

-0.56

0.11

Changes in Non-Cash Capital

-53.64

-537.26

-114.21

Cash from Ops.

121.77

-225.04

260.31

Capital Expenditure

-82.92

-177.16

-232.05

Sale of Property, Plant, and Equipment

0.94

0.27

0.27

Cash Acquisitions

0.00

0.00

0.00

Proceeds from Investment

0.07

0.30

0.06

Divestitures

0.00

0.00

0.00

Invest. in Marketable & Equity Securt.

0.00

0.00

0.00

Other Investing Activities

0.00

0.00

0.00

Cash from Investing

-81.91

-176.59

-231.72

Net Short Term Debt Issued/Repaid

-10.83

353.05

-66.00

Long-Term Debt Issued

0.00

130.87

27.97

Long-Term Debt Repaid

-28.95

0.00

0.00

Total Debt Issued/Repaid

-39.77

483.92

-38.03

Pref. Dividends Paid

-8.48

-18.96

-28.17

Total Dividends Paid

-8.48

-18.96

-28.17

Increase in CapItal Stocks

0.00

0.00

0.00

Decrease in Capital Stocks

-2.93

-15.36

0.00

Special Dividend Paid

0.00

0.00

0.00

Incr(Decr) in Deposits

0.00

0.00

0.00

Incr(Decr) Insurance Reserves

0.00

0.00

0.00

Other Financing Activities

8.13

4.97

-4.24

-43.06

454.57

-70.44

-3.20

52.94

-41.85

Cash Interest Paid

77.52

76.02

80.89

Cash Taxes Paid

56.04

69.32

77.13

Free Cash Flow

38.85

-402.20

28.26

0.00

0.00

0.00

Cash from Financing

0.00
Net Change in Cash
Supplemental Items

Change in Net Working Capital

The net income and cash from operation of the company is increasing every year.

Page | 7

Ratios
Profitability Ratios

Mar13

EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

Leverage and
Coverage Ratios
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
Tot Debt/Equity
Eff Tax Rate %

Page 8

Mar14

14.23
11.80
6.24
6.46
16.79

Mar13
1.40
0.20
3.26
0.51
1.05
29.50

Mar15

15.09
13.11
8.77
10.80
27.23

Mar14
1.45
0.25
5.25
0.57
1.32
21.85

Mar16

15.45
13.78
10.18
11.13
27.16

Mar15
1.54
0.25
5.66
0.50
1.02
18.36

15.80
14.32
9.99
11.06
22.86

One can see that the operating margin

ratio of KRBL is increasing in every year.
The increasing profit margin indicates a
steady performance of the company

Mar16
1.78
0.25
7.62
0.40
0.67
21.56

The current ratio of the company is

increasing every year which indicates a
good liquidity.
The debt equity ratio of the company is in a
decreasing mode every year.

Source: Company, www.dynamiclevels.com

Peer Comparison
Company Name:
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
Current Price:
52-Week High % Change
52-Week Low % Change
Total Common Shares (M)
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
- Cash and Equivalents
Current Enterprise Value

Company Name:
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

Page 9

KRBL LTD

LT FOODS LTD

Mar - 16
Mar - 16
301.00
314.00
th
17 Jun16
24th Nov15
139.50
140.95
th
th
7 Sep15
25 Aug15
144828
1808
299.40
230.80
-0.05
-0.27
1.05
0.62
235.40
26.66
7047.57(CR)
615.39(CR)
10920.20
15578.34
0.00
0.00
8.80
342.85
356.10
323.22
77929.72
21691.84

KRBL LTD

LT FOODS LTD

The data can show that KRBL has given

much higher return to its investor in
comparison to its Peer Company.

The debt equity of KRBL is less in

comparison to its Peer Company.

0.67
0.40
2.05
1.98
8.41

2.90
0.73
4.30
4.21
2.45

The debt/capital ratio is also much solvent

than its Peer Company.

Source: Company, www.dynamiclevels.com

Share Holding Pattern of KRBL

Shareholding Pattern
Promoter and Promoter Group (%)
Indian
Foreign
Institutions (%)
FII
DII
Non Institutions (%)
Bodies Corporate
Others
Custodians
Total no. of shares (cr.)

Mar-16
58.81
58.81
NIL
6.52
5.20
1.32
34.66
NIL
34.66
NIL
23.54

Persons holding securities more than

1% of total number of shares under
category Public Shareholding.

Category

RADHA RAJ ISPAT PRIVATE LIMITED

RELIANCE COMMODITIES DMCC
ARUN KUMAR GUPTA
ANOOP KUMAR GUPTA
ANIL KUMAR MITTAL
ANIL KUMAR GOEL
ABDULLA ALI OBEID BALSHARAF
OMAR ALI OBEID BALSHARAF
ANOOP KUMAR GUPTA, KARTA OF
ANOOP KUMAR GUPTA HUF
ANIL KUMAR MITTAL, KARTA OF
BHAGIRATH LAL HUF
PREETI MITTAL
BINITA GUPTA
ANULIKA GUPTA
ARUN KUMAR GUPTA, KARTA OF ARUN
KUMAR GUPTA HUF
ASHISH MITTAL
KOTAK MAHINDRA (INTERNATIONAL)
LIMIED
KUNAL GUPTA
SOM NATH AGGARWAL

Promoters
Non Promoters
Promoters
Promoters
Promoters
Non Promoters
Non Promoters
Non Promoters
Promoters

Page 10

Dec-15
58.81
58.81
NIL
5.28
2.03
3.25
35.91
NIL
35.91
NIL
23.54

Sep-15
58.81
58.81
NIL
5.20
5.17
0.03
35.99
2.04
33.94
NIL
23.54

Jun-15
58.81
58.81
NIL
6.03
5.50
0.53
35.16
1.90
33.26
NIL
23.54

Mar-15
58.81
58.81
NIL
6.05
6.03
0.02
35.13
1.85
33.29
NIL
23.54

Mar-16

Dec-15

Sep-15

Jun-15

Mar-15

11.86
9.73
8.41
8.3
8.12
3.76
3.19
3.19
3.1

11.86
9.73
8.14
8.03
7.86
3.67
3.19
3.19
3.1

11.86
9.73
8.14
8.03
7.86
3.59
3.19
3.19
3.1

11.86
9.73
8.14
8.03
7.86
3.26
3.19
3.19
3.1

11.86
9.73
8.14
8.03
7.86
3.19
3.19
3.19
3.1

Promoters

3.02

3.02

NIL

3.02

NIL

Promoters
Promoters
Promoters
Promoters

2.93
2.85
2.36
2.06

2.93
2.85
2.36
2.06

2.93
2.85
2.36
2.06

2.93
2.85
2.36
2.06

2.93
2.85
2.36
2.06

Promoters
Non Promoters

1.95
1.92

1.95
NIL

1.95
NIL

1.95
NIL

1.95
NIL

Promoters
Non Promoters

1.74
1.59

1.74
1.58

1.74
1.58

1.74
1.58

1.74
1.58

Source: Company, www.dynamiclevels.com

Industry Overview
Agriculture is the backbone of Indian Economy. About 65% of Indian
population depends directly on agriculture and it accounts for around
22% of GDP. At 157.35 million hectares, India holds the second largest
agricultural land in the world. With 20 agri-climatic regions, all 15
major climates in the world exist in India. India is the second largest
producer of Rice. The Government of India has introduced several
projects to assist the agriculture sector. They are Pradhanmantri Gram
Sinchai Yojana: The scheme aims to irrigate the field of every farmer
and improving water use efficiency to achieve the motto `Per Drop
More Crop. Overall the scheme ensures improved access to irrigation.
Paramparagat KrishiVikasYojana (PKVY): The scheme aims to motivate
groups of farmers to take up organic farming.
Government of India has released a new subsidy for the establishment
of 988 Farm Machinery Banks during 2014-15 under SubMission on
Agricultural Mechanisation.
Rice is the most important cereal food crop of India which occupies
about 24% of the gross cropped area of the country. It contributes 43%
of total food grain production and 46% of total cereal production of the
country.
India is at present the biggest exporter of basmati rice in the world. It
produces nearly 7.5 million tons and exports approximately 2.5 million
tons. Majorly India exports Basmati rice in the Middle East which acts
as a potential client base. Iran is also amongst one of the major client
base of Indian Basmati rice.

Page 11

Source: Company, www.dynamiclevels.com

Advantageous Position of Basmati Rice Production & Export

Basmati Rice is just 2% of total Rice Production in the

World.
Basmati Rice is GI Product and Grown only in India (70%)
and Pakistan (30%).
Simple product no hitech processing required / no fad /
processed food.
Highest quality and high valued product, not commodity.
No China competition / other countries threat Grown
only in India and Pakistan.
Govt

regulations

no

government

regulatory

interference.
Economy, war, global crop patterns etc No major impact.
Pricing Premium over competition.
New entrants require huge marketing budgets and
organizational management to manage entire supply
chain.

Page 12

Source: Company, www.dynamiclevels.com

Company Future Outlook

With a business model rooted in the heart of India and steered by the
flagship India Gate brand, KRBL continued to remain at the top of the
industry ranking in terms of Basmati production and trade, both within
and outside the country. With sustained quality focus, which enabled a
31% higher than industry export realisation and its flagship brand India
Gate realising 57% higher than industry export realisation, the
Company reported excellent numbers to post impressive performance
in terms of revenue and profitability.
The Companys strengths in production capacity and brand superiority
have positioned it ideally to leverage the growing demand for basmati
within and outside India. KRBL registered a 13% value growth in the
Domestic basmati market during the fiscal under review an indication
of its increasing presence in the domestic market.
The Company further expanded its exports to the Middle East,
particularly Saudi Arabia, UAE, Iran, Iraq, Kuwait and Qatar. The region
account for 80% of the Companys branded basmati exports. KRBL is
the largest branded Basmati player in these countries, along with
Bahrain Oman & Lebanon, and also one of the most recognized brands
in Jordan and other Levant Countries.
KRBLs expansion strategy during the year was further driven by
itswell-entrenched distribution networked, backed by strategic
marketing initiatives. The Companys retail presence extends across
6,60,000 outletsin the country. It has strong tie-ups with several
domestic retail chains, including Food Bazaar, Spencers, DMart,
Reliance Retail, Vishal MegaMart, NMart, V.Mart, Star Bazar, Spar,
Aditya BirlaMore, Walmart,Reliance Cash & Carry, Metro Cash and
Carry, Sabka Bazaar, Big Apple,Hypercity, Easy Day and in E-Commerce
such as Big Basket, LocalBanya, Green Cart, Vege Cart etc.

Page 13

Source: Company, www.dynamiclevels.com

Strengths of KRBL

Strong Legacy and Brand equity: With over 120 years of

legacy, KRBL has built nucleus strengths to steer its exceptional
growth. KRBLs brand reputation and recall have lent it global
leadership in basmati rice.
Management strength and Committed Team: KRBL is led by a
visionary and far sighted management, which thinks beyond
tomorrow.
Integrated Value Chain & R&D Capabilities: The Company has
a core of R&D capabilities that ensures the highest levels of
quality and excellence.
Strong Farmer Relations & Dealer Network: Closely Knit
contact farming operations that help in maintaining consistent
supply of good quality paddy. The company has pan India retail
reach backed by a large distribution and marketing network.
State-of-the-art Plants & Storage Facilities: KRBL has the
worlds largest and most modern milling capacities. The
company has large, automated facilities for storage space and
warehousing.
Captive Power Generation & Focus on Green Manufacturing:
The company has its own power generation capacities to meet
its energy needs and for sale. KRBL is continuously expanding
its presence in eco friendly non-conventional power
generation.
Upcoming Opportunities

Evolving lifestyle and Consumer preferences: With changing in

lifestyles, consumer preferences are shifted from non branded
to branded rice and from traditional local markets to modern
retail formats.
Global Market Expansion and increased consumption: Global
rice consumption, particularly in the Middle East led by Iran, is
continuously increasing, enabling expansion of the rice,
especially Basmati rice market.
Great Access to World Market: With the rice becoming the
staple diet of more and more people across the world, Basmati
is becoming more accessible to world markets.

Page 14

Source: Company, www.dynamiclevels.com

Investment rationale:

KRBL is the worlds largest rice Millers and Basmati rice Exporters.
The company is Indias largest selling Branded Basmati Rice Company.
It has a big global retail distribution chain with presence in 73 countries .The Company enjoys a leading
position in Saudi Arabias market which is the largest consumer of Basmati Rice in the world.
The company is the largest manufacturer of Basmati Rice seed in the world. 35% of Basmati seeds in India
are provided by KRBL.
India Gate the flagship brand of company, is the topmost selling rice in the Branded Rice segment, both
in India and Overseas market.
KRBL has 25% share in the Branded Basmati Rice sell in exports market and more than 30% share in the
domestic market.
KRBL has a manufacturing capacity of 195 MT per hour.
The company has a good record of realizations in the market. Export rice pet MT commands a premium of
more than 30% over the industry average.
The short term loan of the company rated [ICRA]A1+ by ICRA, indicating highest credit quality in the
industry.
Long term loan of the company under (ICRA)AA- by ICRA, indicating high degree of safety.
The total Net worth of the company increased from Rs. 1325 crores in FY 2015 to Rs. 1624 crores in FY
2016.
Last 3 year Net sales growth at CAGR of 18.11% and EBITDA growth at CAGR of 21.14%.
Last 3 year Average return on capital employed of 19.12%.
Last 3 year Average return on equity of 26.21%.

We initiate coverage on KRBL Ltd as a BUY @260 with a target of Rs 350 representing a potential upside of 35%
from the buy price. KRBL is trading at a PE of 20.8.

Page 15

Source: Company, www.dynamiclevels.com

Disclaimer:
Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
Dynamic Equities Pvt. Ltd. is a member of National Stock Exchange of India Ltd. (NSEIL), Bombay Stock Exchange Ltd (BSE), Multi Stock Exchange of India Ltd (MCXSX) and also a depository participant with National Securities Depository Ltd (NSDL) and Central Depository Services Ltd.(CDSL). Dynamic is engaged in the business of
Stock Broking, Depository Services, Investment Advisory Services and Portfolio Management Services.
Dynamic Equities Pvt. Ltd. is holding company of Dynamic Commodities Pvt. Ltd. , a member of Multi Commodities Exchange (MCX) & National Commodity & Derivatives
Exchange Ltd.(NCDEX).
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DYANMIC/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at the time of
public appearance? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months? No
DYANMIC/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past twelve months?
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subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or merchant banking
or brokerage services from the subject company in the past twelve months? No

DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the Subject Company or third party in connection with
the research report? No

DYANMIC/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have been engaged in market making activity for the subject company? No
General Disclaimer: - This Research Report (hereinafter called Report) is meant solely for use by the recipient and is not for circulation. This Report does not constitute
a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The recommendations, if any, made
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Dynamic and its associates or employees may; (a) from time to time, have long or short positions in, and buy or sell the investments in/ security of company (ies)
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Dynamic may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in
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Dynamic Equities Pvt. Ltd. are also engaged in Proprietary Trading apart from Client Business.

https://www.dynamiclevels.com/en/disclaimer

Page 16

Source: Company, www.dynamiclevels.com