Вы находитесь на странице: 1из 8

RESULTS REVIEW 3QFY17 16 FEB 2017

J. Kumar Infraprojects
BUY

INDUSTRY INFRASTRUCTURE Execution key for re-rating


JKILs 3QFY17 APAT of Rs 268mn was 9.1% ahead of Highlights of the quarter
CMP (as on 16 Feb 2017) Rs 223
our estimate, led by 21.1% YoY revenue growth (4%
ahead of our estimates).The balance sheet remains
3QFY17 was good, 4QFY17E may be better: JKIL
Target Price Rs 319 may report Rs 5.2bn of revenue in 4QFY17E
Nifty 8,778
stable, with net debt at Rs 4.7bn and net D/E stood (highest quarterly revenue) as robust order book
at 0.34x vs Rs 4.8bn and 0.36x during 2QFY17. moves into execution. This will be led by Rs 2.5bn
Sensex 28,301
Debtors have increased by Rs 1.2bn on account of from the Metro Project and Rs 700mn from JNPT.
KEY STOCK DATA the Metro project (Rs 1,120mn) and the same have JKIL has received Rs 1.3bn of advances for Metro
Bloomberg JKIL IN lessened in 4QFY17E. orders, barring line 2A (expected in 4QFY17E).
No. of Shares (mn) 76
During 3QFY17, Metro projects in Mumbai Balance sheet stable, net D/E at 0.34x: JKIL has
MCap (Rs bn) / ($ mn) 17/252 contributed Rs 1,120mn to the revenue. This is utilised about Rs 3.6bn of cash and investments as
6m avg traded value (Rs mn) 123 expected to ramp up to Rs 2.5bn during 4QFY17E. cash margins for the Metro Projects bank
STOCK PERFORMANCE (%) JKILs road project at JNPT is facing execution issues guarantee. This has resulted in net debt of Rs
52 Week high / low Rs 353/105 due to utility shifting, and is expected to contribute 4.7bn in 3QFY17 vs Rs 4.8bn in 2QFY17. JKIL has
3M 6M 12M Rs 700mn to revenues during 4QFY17E. Order guided for peak debt of Rs 5bn during FY18E.
Absolute (%) 16.2 17.5 (33.5) accretion is strong, with Rs 74.3bn inflows YTDFY17.
Near-term outlook: JKIL new orders have moved
Relative (%) 12.4 16.8 (51.3) JKIL has maintained FY17/FY18E revenue guidance of into execution and expected to deliver FY17-19E
SHAREHOLDING PATTERN (%) Rs 16/20bn. We have cut our FY17-18E EPS estimates 27.3/19.7% revenue/APAT CAGR. This may lead to
Promoters 43.94 by 4-11% to factor in delay in orders execution. stock re-rating. We remain constructive on the
DIIs & Local MFs 10.84 Maintain BUY with TP to Rs 319/sh (15x FY19E EPS). prospects of the stock.
FPIs 22.39 Financial Summary (Standalone)
Public & Others 22.83 Year End March (Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%) FY16 FY17E FY18E FY19E
Source : BSE Net Sales 3,626 2,994 21.1 3,032 19.6 14,086 14,812 19,139 24,020
EBITDA 631 569 10.9 563 12.1 2,484 2,601 3,127 3,981
APAT 268 239 11.9 232 15.5 1,030 1,123 1,270 1,608
Diluted EPS (Rs) 3.5 3.2 11.9 3.1 15.5 13.6 14.8 16.8 21.3
P/E (x) 16.4 15.0 13.3 10.5
Parikshit D Kandpal EV / EBITDA (x) 7.5 6.9 6.3 5.2
parikshitd.kandpal@hdfcsec.com RoE (%) 9.9 8.4 8.9 10.5
+91-22-6171-7317 Source: Company, HDFC sec Inst Research

HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

Quarterly Financial
JKIL 3QFY17 net Particulars (Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%) 9MFY17 9MFY16 YoY (%)
revenues/EBIDTA/APAT, Net Revenues 3,626 2,994 21.1 3,032 19.6 10,563 9,757 8.3
Material Expenses (2,552) (1,997) 27.8 (2,082) 22.5 (7,592) (6,914) 9.8
were ~4/5.8/9.1% ahead of
Employee Expenses (307) (207) 48.6 (222) 38.2 (717) (544) 31.8
our estimate
Other Operating Expenses (200) (329) (39.2) (230) (12.7) (637) (741) (13.9)
Operating Profits 567 461 23.0 498 14.0 1,617 1,558 3.8
Other operating income 64 108 (40.9) 66 (2.3) 257 290 (11.3)
Other income grew 103% EBITDA 631 569 10.9 563 12.1 1,874 1,848 1.4
YoY to Rs 63mn, aiding Depreciation (143) (128) 11.8 (133) 7.7 (407) (380) 7.1
APAT outperformance EBIT 488 441 10.6 430 13.5 1,467 1,467 (0.0)
Other Income 63 31 102.8 61 3.8 185 92 101.2
Interest Cost (155) (127) 21.4 (173) (10.6) (506) (474) 6.6
Companys net debt is now PBT 396 345 14.9 317 24.8 1,146 1,085 5.6
Rs 4.7bn with net D/E ratio Tax (130) (105) 24.1 (87) 49.2 (353) (346) 1.8
of 0.34x vs Rs 4.8bn net debt RPAT 265 239 10.8 230 15.5 793 738 7.4
and 0.36x net D/E end E/o (adj for tax) 3 - 2 5 3
APAT 268 239 11.9 232 15.5 798 741 7.7
2QFY17
Source: Company, HDFC sec Inst Research

Margin Analysis
YTDFY17 order inflow/order MARGIN ANALYSIS 3QFY17 3QFY16 YoY (bps) 2QFY17 QoQ (bps) 9MFY17 9MFY16 YoY (bps)
book stood at Rs Material Expenses % Net Sales 70.4 66.7 366 68.7 168 71.9 70.9 100
74.3/96.9bn Employee Expenses % Net Sales 8.5 6.9 157 7.3 114 6.8 5.6 121
Other Ope Expenses % Net Sales 5.5 11.0 (547) 7.6 (205) 6.0 7.6 (156)
There was no fresh order EBITDA Margin (%) 17.4 19.0 (161) 18.6 (117) 17.7 18.9 (119)
inflow in 3QFY17 Tax Rate (%) 33.0 30.5 244 27.6 540 30.8 31.9 (116)
APAT Margin (%) 7.3 8.0 (68) 7.6 (26) 7.5 7.6 (6)
Source: Company, HDFC sec Inst Research

To factor in back-ended Change In Estimates


order book growth, we Particulars FY17E New FY17E Old % Change FY18E New FY18E Old % Change FY19E New FY19E Old % Change
have cut our Rev estimate Sales (Rs mn) 14,812 16,650 (11.0) 19,139 21,514 (11.0) 24,020 24,421 (1.6)
by 11%. With stable EBIDTA EBITDA (Rs mn) 2,601 2,847 (8.6) 3,127 3,521 (11.2) 3,981 3,984 (0.1)
margins, EPS cut for FY18E is APAT (Rs mn) 1,123 1,175 (4.5) 1,270 1,422 (10.7) 1,608 1,602 0.4
10.7% EPS (Rs) 14.8 15.5 (4.5) 16.8 18.8 (10.7) 21.3 21.2 0.4
Source: Company, HDFC sec Inst Research

Page | 2
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

We expect 12.4% FY17-19E Key Assumptions & Estimates


order book CAGR on back of
(Rs mn) FY16 FY17E FY18E FY19E Comments
strong current order backlog We expect 12.4% FY17-19E order book CAGR on back of strong current
of Rs 96.9bn order backlog of Rs 96.9bn. Further, bid pipeline of Rs 2tn in JKIL focused
Closing order book 32,141 90,480 108,954 114,389
markets of Maharashtra, Gujrat, Rajasthan & Delhi, lends visibility to
future order wins
Order book growth (%) 6.4 181.5 20.4 5.0
Expect execution to Expect cumulative FY17-19E order inflow of Rs 145bn, which is about
New order booking 15,741 75,000 40,000 30,000
~7.3% markets share of bid pipeline of Rs 2tn
materially pick up during
Book to bill ratio 2.3 6.1 5.7 4.8 Book to bill ratio to increase sharply with order book accretion
FY17-19E. We estimate Expect execution to materially pick up during FY17-19E. We estimate
FY17-19E revenue CAGR at Total Revenue 14,086 14,812 19,139 24,020
FY17-19E revenue CAGR at 27.3%
27.3% Growth (%) 4.9 5.2 29.2 25.5
EBIDTA 2,484 2,601 3,127 3,981 FY17-19E EBIDTA CAGR of 23.7%.
Margins decline on account of higher competition in EPC segment in
EBIDTA margin (%) 17.6 17.6 16.3 16.6
Metro. Margins to remain in 16-17% range
FY17-19E EBIDTA CAGR of Depreciation 512 555 804 1,026 We est. FY17-19E depreciation CAGR at 36%, owing to new TBMs capex
23.7% Financial Charges 611 663 772 934 We est. FY17-19E interest exp. CAGR at 18.7%, largely on account of WC
FY17-19E PBT CAGR of 18.8%, higher interest to result in lower than
PBT 1,538 1,627 1,815 2,297
EBIDTA CAGR
PBT margin (%) 10.9 11.0 9.5 9.6 Higher asset turn and stable interest cost to result in stable margins
Tax 506.1 504.3 544.4 689.2
We have prudently assumed 30% tax for FY17E in line with union budget
FY17-19E PAT CAGR of Tax rate (%) 32.9 31.0 30.0 30.0
direction on reducing corporate taxes by 5% over 4yrs.
19.7% PAT 1,030 1,123 1,270 1,608 FY17-19E PAT CAGR of 19.7%
Net margin (%) 7.3 7.6 6.6 6.7 Margins to contract owing to higher interest expense
Cash flows
CFO - a 681 1,224 878 1,106 Higher revenue growth, to result in WC investment and lower CFO
JKIL intends to spend Rs 750mn during FY17E and Rs 2,500mn in FY18E as
capex. Outgo will be largely on account of buying 2 new TBM's for
CFI - b (2,264) 294 (1,337) (733)
Mumbai Metro Line III and refurbishing existing 4 TBM's to rock grade and
other maintenance capex
FCF - a+b (1,583) 1,517 (459) 372 High order accretion will result in negative FCF in initial years
CFF - c 1,713 (345) (671) (832)
Total change in cash - a+b+c 130 1,172 (1,130) (460)
Source : HDFC sec Inst Research

Page | 3
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

Outlook & Valuation


We value standalone EPC Increase in Target Price to Rs 319/sh implies ~43% upside
business at Rs 319/share (15x FY17E, which catapults it to the league of larger
one-year forward Valuation methodology: We have valued JKIL on P/E
basis in line with peers, namely Sadbhav/KNRC/Ashoka construction peers We estimate 19.7% FY17-19E EPS
Mar-19E EPS) CAGR for JKIL with profit multiplying 1.4x.
Buildcon, at 15x one-year forward. Our justification
behind this assumption is (i) improving order book with
Our target price is ~1.3x fold increase over FY17-19E period to Rs 114.4bn Investments in the transportation sector (constitutes
Rs 319/share (vs earlier TP of (ii) stable 3QFY17-end balance sheet with Net D/E at 96.8% JKILs 3QFY17 order book) would continue to
Rs 282/share) 0.34x and Net debt at Rs 4.7bn (iii) superior earnings drive stock performance, and JKIL with strong
quality vs. similar sized peers makes a case for credentials will likely benefit from the pickup in order
valuation premium (iv) no exposure to capex-intensive execution.. We value the standalone EPC business at Rs
BOT projects and, (v) well diversified presence across 319/share (15x one-year forward Mar-19E EPS).
different infrastructure sub-segments viz. metro,
flyovers, road, water transport etc. We maintain BUY stance on JKIL with increased target
price of Rs 319/share (vs. Rs 282/share earlier). The
A further expansion in multiples is supported by JKIL price target increases on account of rolling forward our
crossing the Rs 1bn mark in profits (size effect) during valuation from Sep-18E to Mar-19E.

Valuation

Particulars Segments Value (Rsmn) Value per share(Rs) Rationale


TP increase is largely on
account of rolling forward our
EPC Core construction business 24,123 319 At 15x Mar-19E EPS
valuation to Mar-19E

Total 24,123 319


Source : HDFC sec Inst Research

Page | 4
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

Income Statement - Standalone Balance Sheet Standalone


Year ending March (Rs mn) FY15 FY16 FY17E FY18E FY19E Year ending March (Rs mn) FY15 FY16 FY17E FY18E FY19E
Net Sales 13,432 14,086 14,812 19,139 24,020 SOURCES OF FUNDS
Growth (%) 13.2 4.9 5.2 29.2 25.5 Share Capital 322 378 378 378 378
Material Expenses 7,993 8,859 9,143 12,096 15,544 Reserves 7,569 12,455 13,395 14,267 15,477
Employee Expenses 741 783 1,007 1,259 1,436 Total Shareholders Funds 7,891 12,833 13,773 14,645 15,855
Other Operating Expenses 2,192 1,960 2,062 2,658 3,059 Long Term Debt 5,154 3,540 4,040 4,540 5,040
EBIDTA 2,506 2,484 2,601 3,127 3,981 Short Term Debt - - - - -
EBIDTA (%) 18.7 17.6 17.6 16.3 16.6 Total Debt 5,154 3,540 4,040 4,540 5,040
EBIDTA Growth (%) 21.7 (0.9) 4.7 20.2 27.3 Deferred Taxes 131 170 170 170 170
Depreciation 474 512 555 804 1,026 TOTAL SOURCES OF FUNDS 13,176 16,543 17,983 19,355 21,065
EBIT 2,032 1,972 2,046 2,323 2,955 APPLICATION OF FUNDS
Other Income (Incl. EO Items) 130 177 244 263 277 Net Block 4,301 4,299 4,494 6,190 6,165
Interest 768 611 663 772 934 CWIP 633 675 675 675 675
PBT 1,395 1,538 1,627 1,815 2,297 Investments, LT Loans & Advances 11 1,797 997 97 107
Tax 451 506 504 544 689 Total Non-current Assets 4,945 6,771 6,167 6,963 6,947
PAT 944 1,032 1,123 1,270 1,608 Inventories 5,431 4,862 5,938 7,209 9,164
EO items (net of tax) (8) (2) - - - Debtors 2,008 2,956 2,771 3,349 3,547
APAT 936 1,030 1,123 1,270 1,608 Cash & Equivalents 1,548 1,736 2,908 1,778 1,318
APAT Growth (%) 11.7 10.0 9.0 13.2 26.6 ST Loans & Advances, Others 797 1,040 1,029 1,163 1,774
EPS 12.4 13.6 14.8 16.8 21.3 Other Current Assets 2,193 2,282 3,632 4,132 4,632
EPS Growth (%) 11.7 10.0 9.0 13.2 26.6 Total Current Assets 11,978 12,875 16,278 17,630 20,435
Source: Company, HDFC sec Inst Research Creditors 1,355 1,140 1,583 1,860 2,661
Other Current Liabilities & Provns 2,391 1,964 2,878 3,378 3,657
Total Current Liabilities & Provns 3,746 3,104 4,462 5,238 6,317
Net Current Assets 8,232 9,771 11,816 12,392 14,118
TOTAL APPLICATION OF FUNDS 13,176 16,543 17,983 19,355 21,065
Source: Company, HDFC sec Inst Research

Page | 5
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

Cash Flow - Standalone Key Ratios - Standalone


Year ending March (Rs mn) FY15 FY16 FY17E FY18E FY19E FY15 FY16 FY17E FY18E FY19E
Reported PBT 1,395 1,538 1,627 1,815 2,297 PROFITABILITY (%)
Non-operating & EO items 16 (0) - - - GPM 40.5 37.1 38.3 36.8 35.3
Interest expenses (Net) 645 478 419 509 657 EBITDA Margin 18.7 17.6 17.6 16.3 16.6
Depreciation 476 512 555 804 1,026 EBIT Margin 15.1 14.0 13.8 12.1 12.3
Working Capital Change (1,559) (1,411) (873) (1,705) (2,186) APAT Margin 7.0 7.3 7.6 6.6 6.7
RoE 13.7 9.9 8.4 8.9 10.5
Tax Paid (387) (435) (504) (544) (689)
Core RoCE 17.6 15.1 13.9 12.8 14.7
OPERATING CASH FLOW ( a ) 586 681 1,224 878 1,106
RoCE 16.6 14.1 12.9 12.8 14.7
Capex (405) (553) (750) (2,500) (1,000)
EFFICIENCY
Free cash flow (FCF) 180 128 474 (1,622) 106 Tax Rate (%) 32.3 32.9 31.0 30.0 30.0
Investments (129) (1,711) 1,044 1,163 267 Asset Turnover (x) 1.0 1.0 0.9 1.0 1.1
INVESTING CASH FLOW ( b ) (535) (2,264) 294 (1,337) (733) Inventory (days) 148 126 146 137 139
Share capital Issuance 1,372 4,093 - - - Debtors (days) 55 77 68 64 54
Debt Issuance (433) (1,615) 500 500 500 Payables (days) 37 30 39 35 40
Interest expenses (768) (611) (663) (772) (934) Cash Conversion Cycle (days) 165 173 176 166 153
Dividend (141) (155) (182) (398) (398) Loans & Advances (days) 22 27 25 22 27
FINANCING CASH FLOW ( c ) 30 1,713 (345) (671) (832) Other Assets (days) 60 59 89 79 70
NET CASH FLOW (a+b+c) 81 130 1,172 (1,130) (460) Other Liab (days) 65 51 71 64 56
Closing Cash & Equivalents 197 284 2,908 1,778 1,318 NWC (days) 182 208 220 202 194
Source: Company, HDFC sec Inst Research Debt/EBITDA (x) 2.1 1.4 1.6 1.5 1.3
Net D/E 0.46 0.14 0.22 0.30 0.31
Interest Coverage 2.6 3.2 3.1 3.0 3.2
PER SHARE DATA
EPS (Rs/sh) 12.4 13.6 14.8 16.8 21.3
CEPS (Rs/sh) 18.6 20.4 22.2 27.4 34.8
DPS (Rs/sh) 4.0 2.0 4.5 4.5 5.0
BV (Rs/sh) 104.3 169.6 182.0 193.6 209.5
VALUATION
P/E 18.0 16.4 15.0 13.3 10.5
P/BV 2.1 1.3 1.2 1.2 1.1
EV/EBITDA 8.2 7.5 6.9 6.3 5.2
OCF/EV (%) 2.9 3.6 6.8 4.5 5.4
FCF/EV (%) 0.9 0.7 2.6 (8.3) 0.5
FCFE/Market Cap (%) (6.0) (12.4) 1.8 (11.2) (1.9)
Dividend Yield (%) 1.8 0.9 2.0 2.0 2.2
Source: Company, HDFC sec Inst Research

Page | 6
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

RECOMMENDATION HISTORY
Date CMP Reco Target
J Kumar Infraprojects TP 13-Feb-16 286 BUY 390
600
25-May-16 223 BUY 321
500 16-Feb-17 223 BUY 319
400

300

200

100 Rating Definitions


BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
Apr-16
Feb-16

Sep-16

Feb-17
Jun-16
Jul-16
Mar-16

Dec-16
Oct-16
Aug-16

Nov-16

Jan-17
May-16

NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Page | 7
J. KUMAR INFRAPROJECTS: RESULTS REVIEW 3QFY17

Disclosure:
I, Parikshit Kandpal, MBA, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject
issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No

Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or
arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of
warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for
information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be
construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.
This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC
Securities Ltd or its affiliates to any registration or licensing requirement within such jurisdiction.
If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may
not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd .
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived
from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk.
It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services
for, any company mentioned in this mail and/or its attachments.
HDFC Securities and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies)
mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.
HDFC Securities Ltd, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any
action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the
dividend or income, etc.
HDFC Securities Ltd and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report,
or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
HDFC Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any
other assignment in the past twelve months.
HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report
for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or
specific transaction in the normal course of business.
HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research
report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is
not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach
different conclusion from the information presented in this report.
Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We
have not received any compensation/benefits from the subject company or third party in connection with the Research Report. HDFC Securities Ltd. is a SEBI Registered Research Analyst
having registration no. INH000002475

HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel,Mumbai - 400 013
Board : +91-22-6171 7330www.hdfcsec.com
Page | 8