Berger Paints

Sector: Paint/Mid-cap
Initiating Coverage 8 October 2012

Sensex Nifty
18,938 5,747 Price: INR 141 Target Price: INR 163 BUY
Background: Berger Paints is second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas
manufacturing facilities. The company has second largest distribution network of ~14,500 dealers and ~12,000 tinting machines. Berger has a strong presence in
East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of
revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries
accounts for 10%. It has strong brands like Berger Silk, Berger Rangoli, Berger Illusions, Berger Weather Coat and Jadoo Enamel.

52 Week High/Low INR 156.5/78.3 Berger’s effort to narrow the gap with Asian Paints is a marathon
Bloomberg code BRGR IN
Berger Paints is the second largest player in decorative segment in India, with a market share of ~21% in
Reuters code BRGR.BO
decorative segment. Berger is a distant second to Asian Paints, which currently has a market share of ~52%
Issued Equity in decorative segment in India. Globally Berger Paints ranks no. 33 and the company is taking series of steps
346.16
(shares in mn) to enter the top 25 club by 2016. They also plan to increase their market share in decorative segment by
Mkt. Cap in mn INR 48,636 200bps to ~23% in next four years. Increasing the market share is not going to be an easy endeavor, as the
Mkt. Cap in mn USD $ 931.4 competitors will try hard to protect their turf. However we believe with the following initiatives i.e. capacity
Avg. Daily Vol. (‘000) 266.24 building, introducing new products, strengthening the distribution network and aggressive marketing strategy
Avg. Daily Vol. (mn) INR 37.4/$ 0.7 will help Berger in gaining market share.

Shareholding Jun11 Mar12 Jun12 Scope for margin expansion

Promoters(%) 75.59 75.57 75.57 Asian Paints enjoys higher margin when compared to Berger Paints. The higher margins are mainly attributed
FII (%) 7.91 8.64 9.15 to the factors like scale benefit, increased focus on high margin decorative segment, mainly premium products
DII (%) 3.89 3.80 3.74 and water based paints. Decorative paint margins are 3-4% higher than industrial paint and among decorative
paint, water based paint has 5-7% higher margin than solvent based paints. Currently, the revenue share for
Others (%) 12.61 11.99 11.54
Berger from water based paint is slightly over 50%, and the share is expected to increase by ~2% YoY. In the
Pledge (% of
last five years the revenue share from water based paints has increased by ~10%. We have estimated that for
promoter 0.00 0.00 0.00
every 2% increase in water based revenue share will lead to a margin expansion of 10bps to Berger, keeping
holding)
everything constant. Moreover, we expect the capacity addition, falling raw material prices, and price increase
will augur well for margin expansion. We expect Berger Paints EBIDTA margin to expand 40bps and 30bps in
Performance% 1M 3M 12M FY13 and FY14 to 10.7% and 11% respectively.
Berger 1.4 2.4 43.8
Sensex 9.4 7.9 19.9 Outlook & Valuation
Historically, Berger Paints has traded at an average discount of ~36% to Asian Paints (5year average PER)
and we believe the discount will narrow down to ~30% to Asian Paints due to capacity addition, margin
160 160 improvement and higher return ratio. Berger Paints, at CMP trades at 22.3X, 18.5X and 15.5X to its FY13,
140 140
120 120
FY14 & FY15 earnings respectively. We assign a target multiple of 18X FY15E (PEG of 0.89) and rate
100 100 Berger Paints a “Buy” with 18months target price of INR 163. Key Risks to our recommendation include
80 80 company’s inability to pass on the cost increase on a timely basis, leading to crunch in margin and
60 60 consumers down trading or deferring painting due to uncertainty in the economy and job environment.
40 40
20 20
0 0
Valuation Summary
Y/E March (INR mn) FY12 FY13E FY14E FY15E
Revenue 29,477.0 34,486.1 40,509.9 47,562.6
EBIDTA 3,035.0 3,678.2 4,436.2 5,208.6
Berger Relative SENSEX (RHS) PAT 1,801.0 2,181.0 2,631.6 3,134.6
EPS 5.2 6.3 7.6 9.1
EPS growth (%) 20.0 21.1 20.7 19.1
Sathyanarayanan M +91-44-30007361
FCF / Share 2.0 -0.6 -0.5 3.1
sathyanarayananm@chola.murugappa.com
PE 27.0 22.3 18.5 15.5
P/ BV 6.1 5.2 4.3 3.6
EV / EBIDTA 16.8 13.9 11.7 9.9
EV / Sales 1.7 1.5 1.3 1.1
Dividend Yield (%) 1.0 1.2 1.5 1.7
ROCE (%) 25.1 26.6 28.1 29.4
ROE (%) 24.3 25.2 25.5 25.5
Net Debt / Equity 0.3 0.3 0.3 0.2

1
Industry Overview:

Indian Paint industry is estimated at INR 291bn and has grown at a CAGR of ~24% between FY07-12; wherein
organized sector accounts for 65% (INR 189bn) and the remaining 35% is unorganized sector (INR 102bn). In the
last five years, the unorganized players’ market share is been shrinking from 40% to 35%; the shift is primarily
attributed to the consumer preference for better product due to rise in income level and we expect the trend to
continue. Currently per capita consumption of paint in India is ~2kgs compared to world’s average per capita
consumption of ~15kgs.

Paint industry is broadly classified into two categories based on application i.e. architectural (decorative) and
industrial coatings segment. Decorative paints (including interior and exterior wall finishes, enamels, wood finishes
and ancillary products) constitutes around 77% (INR 225 bn) of the paint market in India, while industrial coatings
accounts for the rest (INR 66bn). Decorative paints are further classified into repainting and fresh painting, where the
latter accounts for 30-35% of the decorative segment. Paints are also classified based on surface or area of coating
i.e. interior, exterior, metals and wood finish. They are also classified based on solvent of the paint (water based and
solvent based).

Indian organised paint industry is an oligopoly market, as the industry is dominated by 5 players i.e. Asian Paints,
Berger Paints, Kansai Nerolac Paints, AkzoNobel, Shalimar Paints and Jenson & Nicholson (India) Ltd. These five
players account for ~93% of organised market (by value).

The paint industry in India is on a structural growth path driven by rising income level, lower per capita consumption,
rapid urbanization and changing consumer preferences for aesthetics and better understanding of the consumers of
the inherent properties of paints.

Chart 1: Paint Industry demand positively correlated with GDP growth

20.0% 3.0
2.5
15.0%
2.0
10.0% 1.5
1.0
5.0%
0.5
0.0% 0.0
FY08 FY09 FY10 FY11

Organised Market - volume growth % GDP Growth % GDP Multiplier

Source: Company, CSEC Research

2
The demand for Paint is positively correlated with GDP growth. Empirical evidence (FY08-11) suggests the organised
volume growth is in the range of 1.2X – 2.5X to GDP growth. Though the global economic slowdown coupled with
domestic policy paralysis has tampered the GDP growth to sub 6%, the long term fundamentals remains intact and
we expect the long term sustainable GDP growth rate would be over 7% which would translate into a paint demand
growth of ~12%.

Paints not only enhance the beauty of architecture but also provide protection against climatic hazards and resists
corrosion. In India, it is estimated that upward of INR1.5trillion is lost every year due to corrosion.

Chart 2: Porters Five Force Model:

Source: CSEC Research

3
Company Overview:

Berger Paints is second largest decorative paint company. The company’s decorative business is further classified
into retail and pro-links. Company has seven manufacturing facilities spread across India, besides four overseas
manufacturing facilities. The company has second largest distribution network of ~14,500 dealers and ~12,000 tinting
machines. Berger has a strong presence in East and North India, which accounts for 60% of their distribution network
while South & West India accounts 40% of their distribution network.

Company derives almost ~80% of revenue from decorative paints and the rest from industrial paints of which
Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts for 10%. Berger Paints
product portfolio includes interior and exterior wall coatings as well as metal and wood paints. They have strong
brands like Berger Silk, Berger Rangoli, Berger Illusions, Berger Weather Coat, Jadoo Enamel, etc. Berger Paints
has four direct subsidiaries, four step-down subsidiaries and two JVs located across geographies including Cyprus,
Russia, Poland and Nepal.

Chart 3: Company History

Source: Company, CSEC Research

4
Chart 4: Product Portfolio

Source: Company, CSEC Research

Investment Rationale

Berger’s effort to narrow the gap with Asian Paints is a marathon

Berger Paints is the second largest player in decorative segment in India, with a market share of ~21% in decorative
segment. Company is distant second to Asian Paints, which currently has a market share of ~52% in decorative
segment in India. Globally Berger Paints ranks no. 33 and the company is taking a series of steps to enter the top 25
club by 2016. They also plan to increase their market share in decorative segment by 200bps to ~23% in next four
years. Increasing the market share is not going to be an easy endeavor, as the competitors will try hard to protect
their turf. However we believe with the following initiatives gaining 200bps in market share is achievable.

Capacity building: Berger Paints has a current capacity of 275,000 MT (which is 43% of Asian Paints
current capacity). Historically (FY07-12), Asian Paints capacity is 1.85X to 2.36X higher than Berger Paints
capacity. To narrow this capacity gap, Berger Paint has embarked capacity expansion plans in both
Greenfield (Hindupur, AP) and Brownfield plants (Rishra & Goa). The capacity expansion plan requires
investment of INR2.20-2.35bn in FY13 and INR3bn in FY14, which will be funded through internal accruals.
We expect Hindupur plant will help Berger in strengthening its presence in South India.

Chart 5: Comparison between Asian Paints and Berger Paints capacity

1,400,000 2.50
Installed Capacity (MT)

1,200,000
2.00
1,000,000
800,000 1.50
600,000 1.00
400,000
0.50
200,000
0 -
FY07 FY08 FY09 FY10 FY11 Current Post
expansion
Asian Paint Berger Paints Asian : Berger

Source: Company, CSEC Research

5
  Hindupur, Andhra Pradesh: Company is setting up a Greenfield project for water based paint with
a total capacity of 320,000 MT and 100,000MT for emulsions which is used as an intermediary for
paint production. The first phase of the project is expected to complete by end of FY13 or early
FY14 with an initial capacity of 80,000MT (water based paint). The company has also initiated work
on a separate unit at Hindupur for its British Paints Division which will further augment capacity by
30,000 MT of paints and 6,000 MT of resins per annum.
 Rishra, West Bengal and Goa: Company is undertaking a Brownfield expansion in these locations
(60,000MT each) and the first phase of the projects are expected to get commissioned in FY13 with
an initial capacity of 24,000MT each.

We believe this capacity building initiative will take the Berger’s total capacity to 715,000MT (2.6X of current
level) and help them partially narrow the capacity gap with Asian Paints.

Introducing new premium products: Berger Paints blended realization is 29%, 28% and 25% discount to
Nerolac, AkzoNobel and Asian Paints (based on FY11 realization). The discount to peers is primarily
attributed to product mix, as most of the products sold are in mid and economic segment. Over the last
couple of years, the Company has launched several new products in the premium emulsion range to
improve its product mix and strengthen its position in the decorative paints market.

Chart 6: Introduction of premium products by Berger to bridge the discount gap with peers
40%
35%
30%
25%
Discount

FY08
20% FY09
15% FY10

10% FY11

5%
0%
Asian Paints AkzoNobel Nerolac

Source: Company, CSEC Research

Despite introducing new products in premium category, the blended realization discount has not improved,
rather it has remained flat or started increasing, which reemphasize that it needs to strengthen the efficiency
of distribution network ,marketing & brand building initiatives.

6
 Table 1: Products Introduced in Last 3years:
Year Product Description
The Company launched a new generation water based wood coating in India in
2009-10
association with Becker Acroma, Italy.
Weathercoat Allguard (Premium Plus exterior emulsion with water repelling silicon),
WeatherCoat Kool ‘n’ Seal (two way advantage of sealing the terrace cracks and
2010-11 cooling the interior), Breathe Easy (low VOC, low emission emulsion and enamel
paints and it holds the distinction to be the first Indian paint to hold international
environment certification)
Company embarked upon the business of construction chemicals. The products
include Cementmix Plus (a waterproofing compound), Crackfill Paste (a ready to
2011-12 use flexible putty for filling the cracks on plastered surface), Crackfill Powder,
Super Latex Plus and Latex Plus. In wood coatings, the company introduced 2-
pack Polyurethane (PU).
Source: Company, CSEC Research

Strengthening its distribution network: In order to increase the efficiency of distribution network,
company has installed Customer Relationship Management (CRM). In addition to this, the company targets
to augment its dealer network by 400-500 and also add 1,600 – 1,700 tinting machine every year.

CRM installation: Berger has deployed Microsoft Dynamics CRM solution to enhance business productivity,
predictability and bring efficiency in operations. With deployment of CRM, company will be able to cater to
various business lines, with respect to sales and distribution while improving the accuracy of demand
forecasting.

Aggressive marketing initiative & Brand building: To strengthen its brand presence, the company is
consistently increasing spending on advertisements from 3.9% of sales in FY07 to 5.1% in FY12. Berger is
also in the process to rope in a Bollywood actress for its Silk brand and they have planned to spend around
INR350mn for television ads in FY13

Chart 7: Comparison of advertisement spend by key players

4,000 7.00%
3,500 6.00%
3,000 5.00%
2,500
INR mn

4.00%
2,000
1,500 3.00%
1,000 2.00%
500 1.00%
0 0.00%
Akzo Nobel India Asian Paints Ltd. Berger Paints Kansai Nerolac
Ltd. India Ltd. Paints Ltd.

Advertisement spend (INR mn) % of Sales

Source: Company, CSEC Research

7
Scope for margin expansion

Asian Paints enjoys higher margin when compared to Berger Paints. The higher margins are mainly attributed to the
factors like scale benefit, increased focus on high margin decorative segment, mainly premium products and water
based paints. Decorative paint margins are 3-4% higher than industrial paint and among decorative paint, water
based paint has 5-7% higher margin than solvent based paints. Currently, the revenue share for Berger from water
based paint is slightly over 50%, and the share is expected to increase by ~2% YoY. In the last five years the
revenue share from water based paints has increased by ~10%. We have estimated that for every 2% increase in
water based revenue share will lead to a margin expansion of 10bps to Berger, keeping everything constant.
Moreover, we expect the capacity addition, falling raw material prices, and price increase will augur well for margin
expansion. We expect Berger Paints EBIDTA margin to expand 40bps and 30bps in FY13 and FY14 to 10.7% and
11% respectively.

Falling raw material prices and price increase: Key raw material which includes Tio2 which were rising
has started to cool down. Management has indicated that key raw materials prices have substantially
corrected from the levels of April 2012 and in the meanwhile INR has appreciated by ~7% from the bottom of
June 2012. In addition to this management has increased the prices of the products by ~6% in the month of
April and May (In FY12, company has increased the price by ~11.5%). We expect all these factors will act as
a tailwind for margin expansion.

Chart 8: Price of Titanium Dioxide Dupont cooling down from its peak (INR per KG)
350
300
250
INR / KG

200
150
100
Tio2
50
0

Source: Bloomberg, CSEC Research

8
 Pressure from subsidiaries likely to continue: Berger Paints has 4 direct subsidiaries and 4 step-down
subsidiaries and 2 JV. These subsidiaries and JV contributes ~9.7% of Berger Paints consolidated sales,
however it accounts to only ~1.3% of consolidated net profit. Among the subsidiaries, the key pressure
points were Lusako Trading Ltd, Berger Paint Overseas (Russia) and Bolix SA. The Nepal subsidiary
revenue which used to grow at ~58% CAGR between FY10-12, showing signs of slowdown as their
performance was affected by political upheaval in the region.

In 2008, Company entered Poland through acquisition of Bolix SA for US$34.8mn, External Insulation
Finishing Systems (EIFS) service provider. The deal was executed through a complete buy-out of Advent
International (a global PE investor) which held 100 per cent stake in unlisted Bolix. In FY12, Bolix made a
loss of INR 14mn, despite the revenue growth of 19%. Bolix margin was under pressure due to steep rise in
raw materials and adverse exchange rate fluctuations, however the cash profit for FY12 stood at INR 51mn
and in the 1QFY13, Bolix reported a flattish growth due to uncertain economic conditions in Europe.

Table 2: Berger Paints Subsidiaries and JV companies

Subsidiaries Ownership
BeePee Coatings Pvt Ltd Wholly owned Subsidiary 100%
Berger Jenson & Nicholson (Nepal) Pvt Ltd Wholly owned Subsidiary 100%
Berger Paints (Cyprus) Ltd Wholly owned Subsidiary 100%
Berger Paints Overseas Ltd, Russia subsidiary of Berger Paints Cyprus 100%
Lusako Trading Ltd, Cyprus Wholly owned Subsidiary 100%
BoliX SA subsidiary of Lusako 100%
Build - Trade SP Z.o.o subsidiary of Bolix SA 100%
Bolix Ukraine Limited Liability company Subsidiary of Bolix SA 100%
Berger Becker Coatings Pvt Ltd JV 48.98%
BNB Coatings India Ltd JV 49%
Source: Company, CSEC Research

Berger Paints enters into construction chemicals sector

After launching a new range of construction chemicals and new roof paint under its Home Shield banner, Berger
Paints has forayed into the construction chemicals sector. There are 8 to 10 big players in the sector, which includes
Pidilite with well entrenched brands, strong distribution and R&D capabilities. The company looks this segment as a
new thrust area and expects to achieve sales of INR250mn in FY13 and further scale this segment to INR 1bn in next
three years. After the launch in eastern region, the company would release the product in Kerala, Andhra Pradesh
and then in Gujarat and Maharashtra. The company's plan is to double the production capacity from the present 2.5
million tonne by 2013.

9
Financials:

Revenue is expected to grow at CAGR of 17.2% between FY12-14

Berger Paints revenue grew by ~24.6% CAGR from INR 18,913mn in FY10 to INR 29,361mn in FY12. The growth
was aided by ~16.4% CAGR in volume and ~8.2% CAGR improvement in realization. For past 3 years the average
GDP growth was ~7.6% and the average GDP multiplier was ~2.1X. However, the near term for Indian economy is
going to be challenging with global rating agencies downgrading the GDP forecast to sub six percent for FY13. Even
our interaction with management indicates slowdown in revenue growth. We have factored in a revenue growth of
17%, 17.5% and 17.4% for FY13, 14 & 15 respectively.

Chart 9: Berger Paints volume to grow ~2X of GDP growth

2.5 25%

2.0 20%

Volume growth
GDP Multiplier

1.5 15%

1.0 10%

0.5 5%

0.0 0%
FY10 FY11 FY12 FY13E FY14E FY15E

Berger Paints Volume growth GDP Multiplier

Source: CSEC Research

Strong balance sheet with good return ratio

Berger Paints has a strong balance sheet with low debt to equity (0.5X). Company currently has a debt of INR
4,180mn of which~65% of debt are of shorter maturity. Company has good return ratio (RoE: 24.3% and RoCE:
25.1% in FY12) and going forward we expect these return ratios to increase aided by margin expansion.

Chart 10: Strong return ratio

35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
FY10 FY11 FY12 FY13E FY14E FY15E

RoE RoCE

Source: CSEC Research

10
Valuation

Historically, Berger Paints has traded at an average discount of ~36% to Asian Paints (5year average PER) and we
believe the discount will narrow down to ~30% to Asian Paints due to capacity addition, margin improvement and
higher return ratio. Berger Paints, at CMP trades at 22.3X, 18.5X and 15.5X to its FY13, FY14 & FY15 earnings
respectively. We assign a target multiple of 18X FY15E (PEG of 0.89) and rate Berger Paints as a “Buy” with 18
months target price of INR 163.

Chart 11: P/E band chart

200.00

180.00

160.00

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

Price 13x 15x 18x 20x 23x

Source: CSEC Research

Table 3: Relative Valuation:

Company EBIDTA Margin (%) NPM (%) P/E P/BV EV/EBIDTA EV/Sales ROE (%) Div Yield (%)

Berger Paints 10.7 6.3 22.3 5.2 13.9 1.5 25.2 1.2

Asian Paints* 16.1 10.4 32.5 11.2 20.7 3.3 36.5 1.2

Nerolac Paints* 13.1 8.2 20.5 4.1 12.6 1.6 14.8 1.4

AkzoNobel* 8.7 9.8 20.2 2.8 16.1 1.4 15.5 2.2

Source: *Bloomberg, CSEC Research (FY13)

11
Key Risks:

Consumer could defer painting due to uncertainties in the economy and job environment.
One of the key concerns is volatility in the prices of raw materials, as most of the raw materials prices are
linked with crude oil price, and they fluctuate wildly. Though raw material prices are cooling down from the
peak, any surge in raw material prices has downside risk to our margin assumption.
Since most of the key raw materials are imported, depreciation of INR value against US dollar could affect
margins

12
Financials

Income Statement (Abstract) Per Share Ratios

INR(million) Particulars FY12 FY13E FY14E FY15E
Particulars FY12 FY13E FY14E FY15E Adjusted EPS (Rs.) 5.2 6.3 7.6 9.1
Net Revenue 29,477.0 34,486.1 40,509.9 47,562.6 Cash EPS 6.6 7.9 9.5 11.3
BV/Share (Rs.) 22.9 27.2 32.4 38.6
Growth (%) 25.9 17.0 17.5 17.4
FCF/Share(Rs.) 2.0 -0.6 -0.5 3.1
Operating Exp. 26,442.0 30,807.9 36,073.7 42,354.1
DPS (Rs.) 1.4 1.7 2.1 2.4
EBIDTA 3,035.0 3,678.2 4,436.2 5,208.6
Growth (%) 21.3 21.2 20.6 17.4
Depreciation 472.0 553.8 648.2 761.0 Key Ratios
Other Income 305.0 339.0 340.0 340.0 Particulars FY12 FY13E FY14E FY15E
Interest 323.0 352.0 368.6 309.6 Dividend payout (%) 26.9 27.0 27.0 27.0
Exceptional Items 0.0 0.0 0.0 0.0 EBIDTA margin (%) 10.3 10.7 11.0 11.0
Tax Paid 744.0 930.4 1,127.8 1,343.4 PBT Margin (%) 8.6 9.0 9.3 9.4
Tax Rate (%) 29.2 29.9 30.0 30.0 RoCE (%) 25.1 26.6 28.1 29.4
Reported PAT 1,801.0 2,181.0 2,631.6 3,134.6 RoE (%) 24.3 25.2 25.5 25.5
Adjusted PAT 1,801.0 2,181.0 2,631.6 3,134.6 Current Ratio 1.4 1.5 1.4 1.4
Growth (%) 20.0 21.1 20.7 19.1 Debt/Equity 0.5 0.4 0.4 0.3
Inventory Days 69 71 69 68
Debtor Days 45 46 45 45
Creditor Days 49 49 48 48
Balance Sheet (Abstract)
CCC* 64 68 66 65
INR(million)
Particulars FY12 FY13E FY14E FY15E Interest Cover Ratio 8.9 9.8 11.2 15.5

Share Capital 692 692 692 692

Reserves & Surplus 7,223 8,720 10,527 12,679 DuPont Analysis
Net worth 7,915 9,413 11,219 13,371 Particulars FY12 FY13E FY14E FY15E
Current Liabilities 8,095 9,148 10,297 11,756 Net Profit Margin (%) 6.1 6.3 6.5 6.6
Non-Current Liab 1,858 2,370 2,642 1,546 Asset Turnover 1.8 1.8 1.8 1.9
Total Liabilities 17,868 20,931 24,158 26,673 Leverage factor 2.2 2.2 2.2 2.1
Net Fixed Assets 5,819 7,160 9,348 10,014 RoE (%) 24.3 25.2 25.5 25.5
Other Non-Current
Assets 466 466 466 466
Cash & marketable Valuation Ratios
securities 1,824 1,540 851 487
Other Current Particulars FY12 FY13E FY14E FY15E
Assets 9,759 11,764 13,493 15,706 P/E 27.0 22.3 18.5 15.5
Total Assets 17,868 20,931 24,158 26,673 P/BV 6.1 5.2 4.3 3.6
EV/Sales 1.7 1.5 1.3 1.1
EV/EBIDTA 16.8 13.9 11.7 9.9
Cash Flow statement (Abstract) Div Yield (%) 1.0 1.2 1.5 1.7
INR(million)
*CCC – Cash Conversion Cycle
Particulars FY12 FY13E FY14E FY15E
Cash flow from
operations 1,760 1,701 2,659 2,513
Cash flow from
investing -705 -1,556 -2,496 -1,087
Cash flow from
financing -484 -429 -852 -1,791
Free cash flow 688 -194 -177 1,086
Net change in cash 571 -284 -689 -364

13
Cholamandalam Securities Limited
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