VISITNOTE

WIPRO
Interimwoespersist;2020roadmapoutlined
IndiaEquityResearch|IT

We recently hosted Wipro management (Mr Jatin Dalal, CFO and Mr

Pavan Rao, IR) for investor meetings. Management spoke about its
ambitious 2020 goal of achieving USD15bn revenue with 23% operating
margins, drawing on a 7pronged theme. While acquisitions will be part
of the 2020 gameplan, efforts would be made to fill strategic gaps and
spruce up domain expertise. Client mining would be key to achieve
industryleading growth. While longterm growth prospects are intact,
management alluded to nearterm weakness from BFSI and energy
verticals. We believe turnaround in Wipro is still some time away, but
inexpensivevaluationsandbuybacklimitdownside.MaintainBUY.

Ambitious 2020 goal: Managements set forth its 2020 goal of achieving USD15bn
revenue with 23% operating margins, drawing on a 7pronged theme: 1) digital; 2)
client mining; 3) market; 4) nonlinearity; 5) hyper automation; 6) leveraging partner
ecosystem;and7)turbochargingannuityservices.Also,businessunits,serviceslines
andgeographieshaveplansalignedtothegoal.Althoughtheydidnotdiscloseorganic
and inorganic markers, they did spell out 4 areas for acquisitions, viz., 1) digital; 2)
businessprocessservices;3)localisation;and4)emergingcompaniesinbayarea.

Aligning organisation structure: Wipro has aligned its organisation structure to

enhance focus on emerging businesses and newer technology. The company has
retained its CEOCOO structure, with presidents and key executives reporting to Mr
Neemuchwala,CEO.

Near term guidance weak: Management stated that BFSI and energy utilities
(contribution >40% in FY16) are challenged and will be under pressure over next 23
quarters.Marginswouldbehitbysalaryhikeasmanagementrewardhighperformers
alittlemorethanlastyear.

Outlookandvaluations:Inforthelonghaul;maintainBUY

Neartermoutlookremainsweakwhileweawaitanysignsofturnaround.Inexpensive
valuation (12.3x FY18E EPS) and corporate action will limit downside. Maintain
BUY/SPwithTPofINR650(15xFY18EEPS)
Financials
(INRmn)
YeartoMarch
FY15
FY16
FY17E
FY18E
Revenues(INRmn)
469,545
512,440
568,994
615,610
Rev.growth(%)
8.1
9.1
11.0
8.2
EBITDA(INRmn)
104,609
108,121
122,689
132,740
AdjustedProfit(INRmn)
86,528
88,922 100,174
107,463
AdjustedDilutedEPS(INR)
35.1
36.1
40.7
43.7
EPSgrowth(%)
11.1
2.8
12.7
7.3
DilutedP/E(x)
15.3 14.9 13.2 12.3
EV/EBITDA(x)
12.0
12.6
10.8
9.6
ROAE(%)
23.1
20.4
20.1
18.9
EdelweissResearchisalsoavailableonwww.edelresearch.com,
BloombergEDEL<GO>,ThomsonFirstCall,ReutersandFactset.

EDELWEISS4DRATINGS
AbsoluteRating

BUY

RatingRelativetoSector

Performer

RiskRatingRelativetoSector

Low

SectorRelativetoMarket

Underweight

MARKETDATA(R:WIPR.BO,B:WPROIN)
CMP

:INR539

TargetPrice

:INR650

52weekrange(INR)

:613/508

Shareinissue(mn)

:2,470.7

Mcap(INRbn/USDmn)

:1,331/19,960

Avg.DailyVol.BSE/NSE(000) :1,503.2
SHAREHOLDINGPATTERN(%)
Current

Q3FY16 Q2FY16

Promoters*

73.3

73.3

MF's,FI's&BKs

5.3

4.4

4.6

FII's

10.9

11.2

10.7

Others

10.5

11.1

11.3

73.4

*Promoterspledgedshares
(%ofshareinissue)

NIL

PRICEPERFORMANCE(%)
Stock

Nifty

EW
Technology
Index

1month

(2.0)

4.4

3months

1.4

9.3

6.3

12months

(0.3)

(3.7)

6.3

SandipAgarwal
+912266233474
[email protected]

PranavKshatriya
+912240407495
[email protected]

DeepanKapadia
+912240635544
[email protected]

May10,2016
EdelweissSecuritiesLimited

1.6

IT

Layoutfor2020goal
Management spoke on its 2020 goal of achieving USD15bn revenue with 23% operating
margins.The7themestoattainthegoalinclude:1)digital;2)clientmining;3)market;4)
nonlinearity;5)hyperautomation;6)leveragingpartnerecosystem;and7)turbocharging
annuityservices.

Digital: Wipros digitals business will be based on advisory, design and technology
execution. The companys strategy is to secure mind share of customers and help them
think through their digital journey. On design front, to enhance capabilities the company
has aligned its consulting services with digital unit and has also acquired Designit, firm
specialising in transformative product services. Wipro also proposes to train over 20,000
personnelwhocanexecutethedigitaltechnologiesforitscustomers.

Client mining: Management plans to partner with enterprises to solve business problems
basedonoutcomemodelslikeAsAService.Adeliveryleadershiptransformationprogram,
calledADROIThasbeenlaunchedwhichhasbeendesignedfordeliverymanagers,aimedat
fostering learning agility among delivery teams, and create a framework for deliveryled
sales.Theprogramwilltrain1,000deliverymanagersbyendofthiscalendaryearandequip
themtocarryoutdeliveryledsalesandNextGendeliverywithinkeyclients.

Markets: Marketswillbecateredthroughlocaldeliverycenters,acquisitionsandhiring of
locals. Latin America, Canada, South Africa and Continental Europe are key new growth
markets.

Nonlinearity:Managementistargetinglargeshareofrevenueledbynonlinearitythrough
investmentsinintellectualproperty(IP)intheformofproducts,platformsandframeworks
andsolutions.

Hyper automation: This is an initiative to not only drive delivery productivity, but also
leverage cognitive and robotic process automation and change the traditional IT delivery
model.InFY16,WiprofocusedonPoCs(ProofofConcept)across42clients.InFY17,itplans
to scale PoCs across infra, AMS and BPS and reduce 4,500 employees from their
engagementsthroughautomation.

Leveraging the partner ecosystem: Wipro plans to partner in ecosystem. The ecosystem
consistsofstartups,alliances,academicrelationshipsandstrategicpartnerships.

Turbo charging annuity services: The company aspires to drive higher annuity mix for
predictabilityandstickinessinrevenues,andimproveoperatingmargins.

Aligningorganisationstructure:Wiproalignedtheorganisationstructuretoenhancefocus
onemergingbusinessesandnewertechnology.ThecompanyretainedCEOCOOstructure,
withpresidentsandchiefexecutivesreportingtoMrNeemuchwala,CEO.Thecompanyhas
outlined 6 business heads and 4 geographical heads to align the organisation structure in
linewithits2020vision.

EdelweissSecuritiesLimited

Wipro

Near term guidance weak: The company had guided QoQ revenue growth of 13% in 1Q,
including acquisitions. Weakness in energy and financial services (contribution >40% in
FY16) will persist for 23 more quarters. Energy is still in turmoil though recovery in the
Middle East is expected from 2Q. BFSI challenge continues as clients are undergoing
transition from core/traditional to digital. Management plans to reward high performing
employeealittleextrathanlastyear,whichwillimpactthemarginshigherthanlastyear.

Outlookandvaluations:Inforthelonghaul;maintainBUY
Immediate outlook for Wipro is weak. We expect the company to remain a laggard on
revenuegrowthfrontinTier1space.Whileweawaitsignsofturnaround,thecompanys
2020goalofachievingUSD15bnrevenueandOPMof23%isencouraging.Also,webelieve
the proposed buyback of up to 40mn shares at INR625/share protects downside.
Inexpensive valuation also leaves some room for upside. The stock trades at 12.3x FY18E
EPS.MaintainBUY/SPwithatargetpriceofINR650(15xFY18EEPS).

EdelweissSecuritiesLimited

IT

CompanyDescription
Wipro is a leading Indian company with business interests in export of IT & BPO services,
domestic hardware, consumer lighting, and consumer care. It has the widest range of
services, including systems integration, ITenabled services, package implementation,
software application development & maintenance, and R&D services. Wipro is the first P
CMMLevel5andSEICMMLevel5certifiedITservicescompanyintheworld.Ithas1,105
clients spanning the BFSI, manufacturing, retail, utilities, and telecom verticals. Wipro has
172,912 employees. The companys revenues for the past twelve months stood at INR
512.5bn(USD7.3bn).

InvestmentTheme
Wipro has realigned client facing profiles and is focusing on mining strategic accounts to
growitsbusiness.WhiletheclientminingeffortswillensurethatWiprosrevenuegrowth
improves, it needs to win new large clients to catch up on growth with peers. It needs to
improveitslargedealmarketsharetodeliveronitsguidanceofreportingrevenuegrowth
at par with that of peers. As growth bounces back it will lead to a significant margin
expansionowingtocurrentlowerutilisationlevelswhichwillgetakickerasvolumegrowth
increases.

KeyRisks
KeyriskstoourinvestmentthemeincludedoublediprecessioninmajormarketUSand
prolongedslowdowninEurope,sharpcrosscurrencymovementsandappreciationofrupee
againstUSD,EuroandGBPandlowbenchstrengthmayimpacttheabilitytocatertorapid
increaseinvolume.

EdelweissSecuritiesLimited

Wipro

FinancialStatements
KeyAssumptions

YeartoMarch

FY15

FY16

FY17E

GDP(YoY%)
Inflation(Avg)

7.2
5.9

7.4
4.8

7.9
5.0

8.3
5.2

Reporate(exitrate)

7.5

6.8

6.0

6.0

61.1

65.0

67.5

67.0

544,848

564,849

Macro

USD/INR(Avg)
Company
EffortsbilledOffsh.
Volumegr.(%)Offsh.
EffortsbilledOnsite
Volumegr.(%)Onsite
BillingrateOffshore
BillingrateOnsite
ITproducts(USDmn)
ITproductsGrowth(%)
S&Mexpenses(%ofrev.)
G&Aexpenses(%ofrev.)

610,037

FY18E

664,940

7.2

3.7

8.0

9.0

231,984

241,204

260,501

283,946

6.9

4.0

8.0

9.0

5,978.9

5,978.9

5,978.9

5,978.9

16,484.0 16,484.0 16,484.0

16,484.0

Incomestatement

YeartoMarch

FY15

FY16

FY17E

(INRmn)
FY18E

Netrevenue
Costofrevenues

469,545 512,440
321,283 356,724

568,994
391,113

615,610
423,155

Grossprofit

148,262 155,716

177,881

192,454

TotalSG&Aexpenses

43,653

47,595

55,192

59,714

S&Mexpenses

17,802

19,130

23,898

25,856

G&Aexpenses

25,851

28,465

31,295

33,859

104,609 108,121

122,689

132,740

EBITDA
Depreciation

12,823

14,967

15,932

17,237

EBIT

91,786

93,154

106,757

115,503

Add:Otherincome

23,495

27,147

23,978

24,698

3,599

5,582

111,682 114,719

Less:InterestExpense

130,735

140,201

547

448

488

532

ProfitBeforeTax
Less:ProvisionforTax

24,624

25,305

30,069

32,246

(14.8)

(18.1)

9.0

9.0

Less:MinorityInterest

530

492

492

492

6.5

6.7

7.0

7.0

ReportedProfit

86,528

88,922

100,174

107,463

5.5

5.6

5.5

5.5

AdjustedProfit

86,528

88,922

100,174

107,463

Costofrev.(%ofrev.)

68.4

69.6

68.7

68.7

Shareso/s(mn)

2,455

2,457

2,457

2,457

Financialassumptions

35.3

36.2

40.8

43.7

Depreciation

2.7

2.9

2.8

2.8

2,463

2,462

2,462

2,462

Cashyield(%)

10.1

10.3

10.3

10.5

AdjustedDilutedEPS

35.1

36.1

40.7

43.7

Taxrateas%ofPBT

22.0

22.1

23.0

23.0

AdjustedCashEPS

40.5

42.3

47.3

50.8

22,603

52,545

27,621

27,483

Dividendpershare(DPS)

12.1

12.1

12.0

12.0

Debtordays

101

101

102

105

DividendPayoutRatio(%)

39.8

38.7

34.2

31.9

Payabledays

63

65

68

73

Cashconversioncycle

37

36

34

32

Capex(INRmn)

AdjustedBasicEPS
Dilutedshareso/s(mn)

Commonsizemetrics

YeartoMarch

FY15

FY16

FY17E

FY18E

Costofrevenues
Grossmargin

68.4
31.6

69.6
30.4

68.7
31.3

68.7
31.3

G&Aexpenses

5.5

5.6

5.5

5.5

S&Mexpenses

3.8

3.7

4.2

4.2

SG&Aexpenses

9.3

9.3

9.7

9.7

EBITDAmargins

22.3

21.1

21.6

21.6

EBITmargins

19.5

18.2

18.8

18.8

NetProfitmargins

18.5

17.4

17.7

17.5

Growthratios(%)

YeartoMarch

FY15

FY16

FY17E

FY18E

8.1
7.7

9.1
3.4

11.0
13.5

8.2
8.2

PBT

10.6

2.7

14.0

7.2

AdjustedProfit

11.0

2.8

12.7

7.3

EPS

11.1

2.8

12.7

7.3

Revenues
EBITDA

EdelweissSecuritiesLimited

IT
Balancesheet

Ason31stMarch

FY15

FY16

(INRmn)

Cashflowmetrics

FY15

FY16

FY17E

FY18E

78,262 80,503
(25,816) (138,156)

77,761
(14,327)

96,279
(15,518)

(1,587)

(59,333)

(54,296)

43,923 (59,240)

4,101

26,465

FY17E

FY18E

Sharecapital
Reserves&Surplus

4,937
4,941
4,913
403,045 461,137 527,050

4,913
600,252

Operatingcashflow
Investingcashflow

Shareholders'funds

407,982 466,078 531,963

605,165

Financingcashflow

(8,523)

NetcashFlow

MinorityInterest

1,646

Longtermborrowings

2,224

YeartoMarch

2,716

3,208

89,342 140,810 107,971

84,039

Capex

(22,603) (52,545)

(27,621)

(27,483)

Dividendpaid

(29,490) (35,494)

(34,261)

(34,261)

TotalBorrowings

89,342 140,810 107,971

84,039

Def.TaxLiability(net)

(6,195)

(6,504)

(6,504)

Sourcesoffunds

492,775 602,608 636,147

685,908

Profitabilityandefficiencyratios

GrossBlock
NetBlock

121,322 144,068 171,068

48,735 58,741 69,809

197,868
79,372

YeartoMarch

FY15

FY16

FY17E

FY18E

ROAE(%)
ROACE(%)

23.1
25.8

20.4
21.8

20.1
21.0

18.9
21.1

Capitalworkinprogress

5,471

(6,504)

6,832

7,515

IntangibleAssets

76,009 117,832 117,832

117,832

InventoryDays

TotalFixedAssets

130,215 182,784 194,473

204,719

DebtorsDays

101

101

102

105

57,775 137,851 124,557

112,592

PayableDays

63

65

68

73

129,615

CashConversionCycle

42

42

39

37

CurrentRatio

4.1

3.5

3.9

4.1

Noncurrentinvestments
CashandEquivalents

158,940

Inventories

4,849

6,211

99,049 103,150
5,390

5,390

5,390

SundryDebtors

133,869 150,653 167,754

185,276

GrossDebt/EBITDA

0.9

1.3

0.9

0.6

Loans&Advances

104,950 137,582 151,340

166,474

GrossDebt/Equity

0.2

0.3

0.2

0.1

CurrentAssets(excash)

243,668 293,625 324,484

357,141

AdjustedDebt/Equity

0.2

0.3

0.2

0.1

Tradepayable

58,745

68,187

78,415

90,177

OtherCurrentLiab

39,078

42,514

32,103

27,981

Operatingratios

TotalCurrentLiab

97,823 110,701 110,518

118,159

YeartoMarch

FY15

FY16

FY17E

FY18E

NetCurrAssetsexcash

145,845 182,924 213,966

238,982

Usesoffunds

492,775 602,608 636,147

685,908

TotalAssetTurnover
FixedAssetTurnover

1.1
4.0

0.9
3.4

0.9
3.1

0.9
3.2

EquityTurnover

1.2

1.2

1.1

1.1

BVPS(INR)

Freecashflow

165.7

189.3

216.1

YeartoMarch

FY15

FY16

FY17E

FY18E

88,922 100,174
14,967 15,932

107,463
17,237

ReportedProfit
Add:Depreciation

86,528
12,823

Interest(NetofTax)

245.8

(INRmn)

Valuationparameters

YeartoMarch

FY15

FY16

FY17E

FY18E

Adj.DilutedEPS(INR)
YoYgrowth(%)

35.1
11.1

36.1
2.8

40.7
12.7

43.7
7.3

2,805

4,351

AdjustedCashEPS(INR)

40.5

42.3

47.3

50.8

Others

22,797

9,342

(7,303)

(3,405)

DilutedP/E(x)

15.3

14.9

13.2

12.3

Less:ChangesinWC

46,691

37,079

31,042

25,015

P/B(x)

3.3

2.8

2.5

2.2

Operatingcashflow

78,262

80,503

77,761

96,279

EV/Sales(x)

3.0

3.0

2.6

2.3

Less:Capex

22,603

52,545

27,621

27,483

FreeCashFlow

55,659

27,958

50,140

68,796

EV/EBITDA(x)
DividendYield(%)

12.0
2.2

12.6
2.2

10.8
2.2

9.6
2.2

Peercomparisonvaluation

Marketcap

DilutedP/E(X)

EV/EBITDA(X)

ROAE(%)

Name

(USDmn)

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Wipro

19,960

13.2

12.3

10.8

9.6

20.1

18.9

HCLTechnologies

15,206

12.5

10.8

9.4

8.1

26.8

26.2

HexawareTechnologies

972

14.7

12.6

10.6

8.9

30.9

33.2

PersistentSystems

861

17.0

14.0

9.5

7.0

19.8

20.8

74,556

18.7

16.8

13.4

12.0

32.4

29.7

7,024

13.7

11.8

8.5

7.2

22.0

21.7

Median

14.2

12.5

10.1

8.5

24.4

24.0

AVERAGE

15.0

13.0

10.4

8.8

25.3

25.1

TataConsultancyServices
TechMahindra

Source:Edelweissresearch

EdelweissSecuritiesLimited

Wipro

AdditionalData
DirectorsData
AshokS.Ganguly
JagdishN.Sheth
NarayananVaghul
T.K.Kurien
IreenaVittal

IndependentDirector
IndependentDirector
IndependentDirector
CEOandExecutiveDirector
IndependentDirector

WilliamArthurOwens
AzimH.Premji
M.K.Sharma
VyomeshJoshi
RishadAzimPremji

IndependentDirector
Chairman
IndependentDirector
IndependentDirector
ChiefStrategyOfficer&ExecutiveDirector

AuditorsBSR&Co.,CharteredAccountants
*asperlastannualreport

HoldingTop10
Perc.Holding

Perc.Holding

LifeInsuranceCorpOfIndia

1.89

PrudentialICICIAssetMgmt

0.99

Blackrock

0.82

VanguardGroupInc

0.53

HSBCHoldings

0.41

PinebridgeInvestments

0.40

HDFCAssetManagementCoLtd

0.27

NorgesBankInvestmentManagement

0.27

InvestecAssetManagement

0.26

NordeaBankAB

0.22

*asperlastavailabledata

BulkDeals
Data

NoDataAvailable

Acquired/Seller

B/S

QtyTraded

Price

*inlastoneyear

InsiderTrades
ReportingData
13Jan2016
14Dec2015
14Dec2015

Acquired/Seller
JeffreyHeenanJalil
SangitaSingh
Dr.AnuragSrivastava

B/S
Buy
Buy
Buy

QtyTraded
16812.00
26537.00
29902.00

*inlastoneyear

EdelweissSecuritiesLimited

RATING&INTERPRETATION

Company

Absolute

Relative

Relative

reco

reco

risk

Cyient

BUY

SP

HCLTechnologies

BUY

SP

InfoEdge

BUY

JustDial
TataConsultancyServices
Wipro

Company

Absolute

Relative

Relative

reco

reco

Risk

ECLERXSERVICES

HOLD

SP

HexawareTechnologies

HOLD

SP

SP

Infosys

BUY

SO

HOLD

SP

PersistentSystems

BUY

SP

HOLD

SP

TechMahindra

BUY

SP

BUY

SP

ABSOLUTERATING
Ratings

Expected absolute returns over 12 months

Buy

More than 15%

Hold

Between 15% and - 5%

Reduce

Less than -5%

RELATIVERETURNSRATING
Ratings

Criteria

Sector Outperformer (SO)

Stock return > 1.25 x Sector return

Sector Performer (SP)

Stock return > 0.75 x Sector return

Stock return < 1.25 x Sector return

Sector Underperformer (SU)

Stock return < 0.75 x Sector return

Sector return is market cap weighted average return for the coverage universe
within the sector

RELATIVERISKRATING
Ratings

Criteria

Low (L)

Bottom 1/3rd percentile in the sector

Medium (M)

Middle 1/3rd percentile in the sector

High (H)

Top 1/3rd percentile in the sector

Risk ratings are based on Edelweiss risk model

SECTORRATING
Ratings

Criteria

Overweight (OW)

Sector return > 1.25 x Nifty return

Equalweight (EW)

Sector return > 0.75 x Nifty return

Underweight (UW)

Sector return < 0.75 x Nifty return

Sector return < 1.25 x Nifty return

EdelweissSecuritiesLimited

Wipro

EdelweissSecuritiesLimited,EdelweissHouse,offC.S.T.Road,Kalina,Mumbai400098.
Board:(9122)40094400,Email:[email protected]

NiravSheth
HeadResearch
[email protected]

Coveragegroup(s)ofstocksbyprimaryanalyst(s):IT
Cyient,ECLERXSERVICES,HCLTechnologies,HexawareTechnologies,Infosys,InfoEdge,JustDial,PersistentSystems,TataConsultancyServices,Tech
Mahindra,Wipro

RecentResearch

Date
Company
Title
Price(INR) Recos

06May16 Cognizant StrongQ2guidance;

GlobalPulse
05May16

05May16

Cyient

Worstbehind;Turnaround
insight;
EdelFlash

Hexaware Weakquarter;growth
Technologies concernsloom;
ResultUpdate

468

Buy

227

Hold

DistributionofRatings/MarketCap
RatingInterpretation

EdelweissResearchCoverageUniverse

Buy

Hold

RatingDistribution*
*stocksunderreview

156

60

Total

12

228

Between10bnand50bn

<10bn

158

62

Rating

Expectedto

Buy

appreciatemorethan15%overa12monthperiod

Hold

appreciateupto15%overa12monthperiod

Reduce

depreciatemorethan5%overa12monthperiod

Oneyearpricechart

650
600
550
500
450
Apr16

Mar16

Feb16

Jan16

Dec15

Nov15

Oct15

Oct15

Sep15

Aug15

Jul15

Jun15

400
May15

MarketCap(INR)

>50bn

(INR)

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EdelweissSecuritiesLimited

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Thisinformationisstrictlyconfidentialandisbeingfurnishedtoyousolelyforyourinformation.Thisinformationshouldnotbe
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ESLand itsassociates, officer,directors,and employees,researchanalyst(includingrelatives)worldwide may:(a)fromtimeto
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involvingsuchSecuritiesandearnbrokerageorothercompensationoractasamarketmakerinthefinancialinstrumentsofthe
subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other
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ESLoritsassociatesmayhavereceivedcompensationfromthesubjectcompanyinthepast12months.ESLoritsassociatesmay
havemanagedorcomanagedpublicofferingofsecuritiesforthesubjectcompanyinthepast12months.ESLoritsassociates
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the past 12 months. ESL or its associates may have received any compensation for products or services other than investment
bankingormerchantbankingorbrokerageservicesfromthesubjectcompanyinthepast12months.ESLoritsassociateshave
notreceivedanycompensationorotherbenefitsfromtheSubjectCompanyorthirdpartyinconnectionwiththeresearchreport.
Researchanalystorhis/herrelativeorESLsassociatesmayhavefinancialinterestinthesubjectcompany.ESLand/oritsGroup
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valueofthecurrency.InvestorsinsecuritiessuchasADRsandCurrencyDerivatives,whosevaluesareaffectedbythecurrencyof
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Researchanalysthasservedasanofficer,directororemployeeofsubjectCompany:No
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Researchanalystorhis/herrelativehasactual/beneficialownershipof1%ormoresecuritiesofthesubjectcompanyattheendof
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theirchargesofnonregistrationasabrokerdealer.
Agraphofdailyclosingpricesofthesecuritiesisalsoavailableatwww.nseindia.com
AnalystCertification:
Theanalystforthisreportcertifiesthatalloftheviewsexpressedinthisreportaccuratelyreflecthisorherpersonalviewsabout
thesubjectcompanyorcompaniesanditsortheirsecurities,andnopartofhisorhercompensationwas,isorwillbe,directlyor
indirectlyrelatedtospecificrecommendationsorviewsexpressedinthisreport.
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analysts'businessorrelationshipwithasubjectcompanyortradingofsecuritiesbyaresearchanalyst.

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EdelweissSecuritiesLimited