February 07, 2023

RESULT REPORT Q3 FY23 | Sector: Chemicals

Reco : BUY
Rossari Biotech Ltd CMP
Target Price
:
:
Rs 687
Rs 1,095
Potential Return : +59%
Focus on expansion of high margin portfolio
Our View
Stock data (as on Feb 06, 2023)
Rossari’s reported operating profits at Rs 542mn (+16%YoY; -4% QoQ) missed our and Nifty 17,765
street estimates on weaker earnings traction in subsidiaries and weaker demand 52 Week h/l (Rs) 1250/648
sentiment in the HPPC segment. The Ebitda margin at 13.9% (2Q: 13.3%) nevertheless Market cap (Rs/USD mn) 38077/461
Outstanding Shares (mn) 55
improved QoQ as raw material price environment improved. The standalone earnings
6m Avg t/o (Rs mn): 48
were steady with SA. Ebitda at 319mn growing by 22% YoY & 15% QoQ, primarily on
Div yield (%): 0.1
expansion in SA operating margin to 13.5% (2Q: 11.6%), even as revenue at 2.4bn (- Bloomberg code: ROSSARI IN
12% YoY; -2% QoQ) stood weaker. Demand environment remains challenging in TSC NSE code: ROSSARI
segment, plus HPPC faced headwinds during the quarter due to a particular customer,
which the company is trying tide over by onboarding of new customers. In the longer Stock performance
run, under normalized operating conditions, we expect the operating margins to restore 150 ROSSARI Nifty
to 14-15% levels. In addition, Rossari continues to innovate, within the its four core
chemistries, developing products for new applications, across product segments.
100
Maintain BUY.

Result Highlights 50
Feb-22 Jun-22 Oct-22 Feb-23
▪ Revenue: The consolidated net-revenue stood at Rs 3.9bn (-9% YoY; -9% QoQ); 1M 3M 1Y
on weaker HPPC segment demand and weaker sales in subsidiaries. While weaker Absolute return -4.9 -22.8% -43.4%
Agro demand impacted Unitop, Tristar was impacted by weaker exports to Europe
and Russia. Shareholding pattern (As of Dec ’22 end)
Promoter 68.4%
▪ Consol. Ebitda & PAT: Consolidated Ebitda at Rs 542mn stood higher by 16% YoY FII+DII 21.7%
but 4% lower QoQ. Consol. PAT stood at Rs 257mn (+14% YoY; +7% QoQ). Ebitda Others 8.9%
margin improved QoQ to 13.9% (2QFY23: 13.3%) on moderation in raw material
prices. 43% QoQ lower interest cost further aided earnings in the 3QFY23. The ∆ in stance
(1-Yr) New Old
9M Ebitda & PAT stood at Rs 1.7bn (+32% YoY) & Rs 775mn (+6.1% YoY)
Rating BUY BUY
▪ Standalone Earnings: S.A. Revenue for 3QFY23 stood at Rs 2.369bn (-12% YoY; - Target Price 1095 1255

-2% QoQ), with Ebitda at Rs 319mn (+22% YoY; +15% QoQ) and PAT at Rs 175mn
Financial Summary
(-4% YoY; +13% QoQ). As the standalone business had a relatively stable quarter
(Rs mn) FY22 FY23E FY24E FY25E
vis-à-vis subsidiaries. The 9M Ebitda & PAT stood at Rs 868mn (-7.6% YoY) & Rs Revenue 14,830 16,192 19,052 22,358
482mn (-22% YoY). YoY (%) 109.1 9.2 17.7 17.4
EBIDTA 1,834 2,239 2,667 3,242
▪ HPPC Segment: Revenue stood at Rs 2.71bn (-7.8% YoY; -10.7% QoQ) as the
OPM (%) 12.4 13.8 14.0 14.5
segment experienced weaker demand sentiment during the quarter. PAT 977 1,126 1,622 2,115
YoY (%) 22.0 15.3 44.0 30.4
▪ TSC Segment: Revenue stood at Rs 895mn (-19.1% YoY; -2.1% QoQ), challenges
ROE 16.1 13.1 16.4 18.2
in textile exports impacted sales for textile chemicals during the quarter.
EPS 19 22 31 41
▪ AHN Segment: Revenue for the segment stood at Rs 286mn (+20.3% YoY; -5.2% P/E 45.7 31.5 21.8 16.8
P/BV 5.5 3.9 3.3 2.8
QoQ), during the quarter.
EV/EBITDA 24.1 15.1 12.3 9.7
Valuation
Maintain BUY on Rossari, with a Mar’24 TP of Rs 1095/sh. Our TP is premised upon an
operating earnings CAGR of ~16%(FY22-30e), with a RoE profile of ~16%.

Exhibit 1: Actual vs estimate

Estimate % Variation
Rsmn Actual YES YES Remarks
Consensus Consensus
Sec Sec
Sales 3,893 4,430 4,457 -12.1 -12.7 NITIN TIWARI
Lead Analyst
EBITDA 542 637 641 -15.0 -15.5 Earnings below
estimates due to Nitin.tiwari@ysil.in
EBITDA -46
13.9 14.4 14.4 -47 bps weaker than estimated
Margin (%) bps revenues +91 22 6885 0521
Adjusted
257 294 306 -12.9 -16.1
PAT
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 Rossari Biotech Ltd

Exhibit 2: Quarterly snapshot

Particulars (Rs mn) Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 y/y (%) q/q (%) 9MFY22 9MFY23 y/y (%)
Revenue 4,284 4,389 4,347 4,254 3,893 (9.1) (8.5) 10,440 12,494 19.7
Expenditure 3,817 3,866 3,770 3,689 3,351 (12.2) (9.2) 9,163 10,810 18.0
-Raw Material 3,216 3,244 3,106 3,018 2,724 (15.3) (9.7) 7,806 8,848 13.3
-Staff Cost 202 222 235 241 242 19.8 0.2 457 718 57.1
-Other Expenses 399 400 429 430 385 (3.5) (10.4) 899 1,244 38.3
EBITDA 467 523 577 565 542 15.9 (4.2) 1,278 1,684 31.8
EBITDA margin(%) 10.9 11.9 13.3 13.3 13.9 300 bps 62 bps 12.2 13.5 124 bps
Other Income 64 20 7 8 11 (82.5) 35.9 134 27 (80.0)
Interest 35 48 51 82 47 33.8 (43.2) 61 180 196.8
Depreciation 178 165 153 156 160 (10.4) 2.1 343 469 36.7
PBT 318 329 381 335 347 9.0 3.4 1,008 1,062 5.4
Tax 94 102 100 97 90 (4.4) (7.4) 277 287 3.7
PAT 224 228 281 238 257 14.7 7.8 731 775 6.1
MI (2) (13) (6) (1) (0) (87.9) (83.5) (2) (8) 241.8
Reported PAT 225 241 287 239 257 13.9 7.4 733 783 6.8
Source: Company, YES Sec

Exhibit 3: Segmental highlights

Particulars Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 y/y (%) q/q (%) 9MFY22 9MFY23 y/y (%)
HPPC
Revenues 2,940 3,036 3,170 3,038 2,712 -7.8% -10.7% 6,624 8,919 34.6%
-1837
% of total revenue 68.6 69.2 72.9 71.4 69.7 103 bps -175 bps 53.0 71.4
bps
TSC
Revenues 1,106 1,098 939 914 895 -19.1% -2.1% 2,950 2,748 -6.9%
% of total revenue 25.8 25.0 21.6 21.5 23.0 -284 bps 150 bps 23.6 22.0 162 bps
AHN
Revenues 238 255 243 302 286 20.3% -5.2% 866 831 -4.0%
% of total revenue 5.6 5.8 5.6 7.1 7.4 180 bps 26 bps 6.9 6.7 28 bps
Consolidated
Revenue 4,284 4,389 4,347 4,254 3,893 -9.1% -8.5% 10,440 12,494 19.7%
Ebitda 467 523 577 565 542 15.9% -4.2% 1,278 1,684 31.8%
Ebitda margin % 11 12 13 13 14 300 bps 62 bps 12 13 -124 bps
Standalone
Revenue 2,686 2,616 2,337 2,409 2,369 -11.8% -1.7% 8,112 7,115 -12.3%
Ebitda 261 275 270 279 319 22.3% 14.5% 939 868 -7.6%
Ebitda margin % 10 10 12 12 13 376 bps 190 bps 12 12 -62 bps
Subsidiaries
Revenue 1,598 1,773 2,010 1,845 1,524 -4.6% -17.4% 2,328 5,379 131%
Ebitda 206 248 307 287 222 7.7% -22.4% 338 816 141%
Ebitda margin % 13 14 15 16 15 168 bps -94 bps 15 15 -65 bps

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 Rossari Biotech Ltd

CONCALL HIGHLIGHTS
▪ During the quarter margins improved on QoQ and YoY basis as a result of moderation in RM
prices by 15%. Saw pickup in exports during the quarter. Despite the headwinds in short-
term, long-term outlook intact.
▪ Degrowth in standalone business was 11%, majority attributable to lower demand in agro
and lower offtake from exports.
▪ Have invested in R&D to create range of ecofriendly products. Focus on increasing high
margin product portfolio
▪ Water treatment, Ceramic and cement new areas being explored
▪ Gross margins at 30%, EBITDA increased to 14%. Standalone gross margins were – 29%.
▪ For FY23, Rs 17bn topline expected for the year, EBITDA of Rs 2.2-2.3 bn margin of 13%.
▪ For FY24 – 15-20% growth on topline and to reach 16-17% margin over 2 years’ time frame
▪ Capacity utilization – 55%.
▪ Bookkeeping – For the 9M exports contributed 24% on consolidated basis.
▪ Capex of Rs. 50-100 mn done mainly towards maintenance, for next year not more than Rs.
300-400 mn to be spent on capex. No large capex plan as of now. Currently have enough
room to double the turnover.
▪ New projects undertaken are targeted at 20% EBITDA, gross margins above 30%. Products
like Green surfactants, silicone based wetting agents etc. have such profile.
▪ Standalone Subsidiary saw slowdown due to subdued demand. Textile sector slowdown
continued. And Agricultural demand was muted. YoY numbers were down due to weakening
of RM prices.
▪ HPPC – Rossari was able to maintain run rate, with onboarding of new customers, of which
one is key MNC customer added. Also, faced headwind with a customer which had hurtled
the standalone numbers. That Customer now no more contributes to run rate. In couple of
quarters the loss shall be negated completely.
▪ Volume growth was seen in subsidiary, which was slightly impacted due to slowdown of
agriculture which shall pickup in Feb-March
▪ Tristar saw export headwinds to Europe and Russia during November and December. This
quarter should be back to its run rate. Slowdown due to destocking by customers
▪ In Unitop, non-agro business growth was good during the quarter.
▪ TSC – Prices of RM came down. Textile industry still facing slowdown, expecting in May-
June demand to revive. Management plans to double this segment in 4 to 5 years.
▪ AHN - seeing 20% YOY growth, the momentum is expected to continue and Q4 to be
stronger. 30-35% growth to be seen in upcoming years. Products in this category are High
value high margins. Margins for some of the products are up to 50%, management is
aggressive on this segment as they expect good growth potential. Management is confident
of doubling the contribution from this segment in next 3 years.
▪ Focus on zero effluent, majority products do not produce effluents, due to number of
products there is cleaning required so there is effluent discharge at Dahej facility.
▪ Formulation and customized solution are backbone with center of excellence at IIT Powai.
Speed and flexibility of delivery of product is another differentiator.
▪ Focus on zero effluent, majority products do not produce effluents, due to number of
products there is cleaning required so there is effluent discharge at Dahej facility

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 Rossari Biotech Ltd

CHARTS

Exhibit 4: Revenue down 0.1% YoY and by 8.5% QoQ; Exhibit 5: EBITDA margins expanded by ~300bps YoY
on weaker demand sentiment in HPPC segment and 62bps QoQ due to moderation in RM costs
(Rs Mn) Revenues Growth% EBITDA Margin (Rs Mn) (%)
5,000 80% 500 14% 15% 16%
(%)
4,500 70% 450 14%
4,000 60% 400
350 9.8% 9.9% 9.8% 10.1% 12%
3,500 50% 8.6%
300 8.2% 10%
3,000 40%
2,500 30% 250 8%
16% 16% 13% 13% 14%
2,000 11% 11% 12% 20% 200 6%
150
1,500 10% 4%
100
1,000 0% 2%
50
500 -10% 0 0%
0 -20%

Dec-21

Dec-22
Sep-21

Sep-22
Mar-21

Mar-22
Jun-21

Jun-22
Dec-21

Dec-22
Sep-21

Sep-22
Mar-21

Mar-22
Jun-21

Jun-22

Source: Company, YES Sec Source: Company, YES Sec

Exhibit 6: HPPC segment’s share stood at 69.7%, Exhibit 7: HPPC segment revenue decreased 7.8%
followed by 23% share of TSC and 7.4% AHN YoY and 10.7% QoQ
(Rs Mn) (%)
HPPC TSC AHN
100.0% 3,500 78% 90%
90.0% 80%
3,000
70%
80.0%
2,500 60%
70.0% 50%
60.0% 2,000 40%
22% 25%
50.0% 1,500 30%
3% 4% 20%
40.0% 1,000 -4% 10%
30.0% -9% -11% 0%
500
20.0% -10%
0 -20%
10.0%
Dec-21

Dec-22
Sep-21

Sep-22
Mar-21

Mar-22
Jun-21

Jun-22

0.0%
Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22

Source: Company, YES Sec Source: Company, YES Sec

Exhibit 8: TSC segment revenue stood lower by 19% Exhibit 9: AHN segment revenue stood higher by
YoY & 2.1% QoQ 20.3% YoY but lower by 5.2% QoQ
(Rs Mn) (%) (Rs Mn) (%)
47%
1,200 50% 450 79% 100%
40% 400 61% 80%
1,000
350 60%
30%
800 300 24% 40%
12% 20% 250 11% 7%
600 -5% -5% 20%
1% 10% 200
-1% -3% -2% 0%
400 150
0% -39% -20%
-14% 100
200 -15%
-10% 50 -40%
0 -20% 0 -60%
Dec-21

Dec-22
Sep-21

Sep-22
Mar-21

Mar-22
Jun-21

Jun-22
Dec-21

Dec-22
Sep-21

Sep-22
Mar-21

Mar-22
Jun-21

Jun-22

Source: Company, YES Sec Source: Company, YES Sec

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 4
 Rossari Biotech Ltd

VIEW & VALUATIONS

Maintain BUY with a TP of Rs 1,095/sh
We maintain our BUY rating on Rossari, with a revised Mar’24 TP of Rs 1095/sh (from Rs
1255/sh) , as we make adjustment to our earnings estimate, to factor for current tepid operating
environment. While there are challenges in the interim due to macro environment, but in the
longer run Rossari’s growth trajectory and margins are likely to get normalized. Our TP is premised
upon an operating earnings CAGR of ~16%(FY22-30e), with a average RoE profile of ~16%.

Exhibit 10: Valuation table

(Rs mn) USD mn Rs /sh

Discounted projected FCFF 19689 246 382

Terminal Value 34262 428 664

EV 53951 674 1046

Net Debt/ (cash) (2621) (33) (51)

Equity 56572 707 1097

Rs/USD 80

Shr Outstanding 51.6

Terminal Growth rate 4%

WACC 11%

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 Rossari Biotech Ltd

FINANCIALS
Exhibit 11: Income statement
Y/e 31 Mar (Rs mn) FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
Revenue 2335 2918 5159 6001 7093 14830 16192 19052 22358
Total Expense 2092 2472 4372 4954 5863 12995 13953 16385 19116
Operating Profit 243 446 787 1047 1231 1834 2239 2667 3242
Other Income 9 9 12 37 92 120 170 220 270
Depreciation (43) (51) (122) (169) (228) (481) (607) (625) (642)
EBIT 210 404 677 916 1094 1474 1801 2263 2870
Interest (21) (10) (33) (36) (30) (127) (300) (100) (50)
Share of JV 0 0 23 (2) 4 15 0 0 0
PBT 189 394 667 878 1068 1363 1501 2163 2820
Tax (31) (105) (167) (226) (268) (386) (375) (541) (705)
PAT 157 289 500 653 800 977 1126 1622 2115
Adj. PAT 157 289 500 653 800 977 1126 1622 2115
Eps 27.1 65.7 103.3 13.4 15.5 18.9 21.8 31.5 41.0
Source: Company, YES Sec

Exhibit 12: Balance sheet

Y/e 31 Mar (Rs mn) FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
Equity capital 44 44 44 102 104 110 110 110 110
Reserves 562 851 1201 2765 3984 7942 9015 10530 12462
Net worth 606 895 1245 2867 4088 8052 9125 10640 12572
Total Debt 220 209 58 610 0 84 315 315 315
Deferred tax liab (net) 0 0 0 5 13 689 689 689 689
Capital Employed 826 1104 1303 3482 4101 8825 10130 11644 13576

Fixed assets 448 537 784 1035 206 3060 3104 3050 3012
Intangibles 1 0 60 48 1609 3025 2887 2717 2513
Investments 2 32 2 179 0 359 409 459 509
Net working capital 376 535 457 2221 2285 2381 3729 5418 7542
Inventories 235 351 549 582 954 1899 1586 1895 2215
Sundry debtors 473 598 860 941 1441 3049 2662 3132 3675
Cash & Bank Balance 21 7 57 1272 883 524 2036 2869 4434
Other assets 39 74 192 658 521 652 652 652 652
Other Liabilities 56 114 152 263 202 1880 1461 1045 997
Sundry creditors 336 381 1048 970 1311 1862 1744 2085 2436
Application of Funds 826 1104 1303 3482 4101 8825 10130 11644 13576
Source: Company, YES Sec

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 Rossari Biotech Ltd

Exhibit 13: Cash Flow statement

Y/e 31 Mar (Rs mn) FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
PBT 189 394 622 881 1064 1347 1501 2163 2820
Depreciation &
43 51 122 169 228 481 607 625 642
amortization
Interest expense 21 10 23 36 30 127 300 100 50
(Inc)/Dec in working
(140) (128) 180 (311) (483) (1130) 583 (439) (511)
capital
Tax paid (34) (105) (208) (201) (313) (501) (375) (541) (705)
Less: Interest/Dividend
(1) (4) (9) (17) (43) 41 0 0 0
Income Received
Other operating Cash
0 0 (0) 12 (6) (70) (114) 0 0
Flow
Operating Cashflow 77 218 729 568 478 294 2503 1907 2295
Capital expenditure (55) (141) (439) (760) (581) (3785) (400) (400) (400)
Inc/(Dec) in investments 0 (30) 30 (137) 137 16 (50) (50) (50)
Add: Interest/Dividend
0 4 4 14 35 50 0 0 0
Income Received
Other items 0 5 (14) (1021) 37 0 (568) (565) (197)
Investing Cashflow (55) (162) (420) (1904) (372) (3719) (1018) (1015) (647)
Inc/(Dec) in share capital 0 0 0 1000 427 3015 0 0 0
Inc/(Dec) in debt (0) (50) (154) 629 (610) (48) 231 0 0
Dividend Paid 0 (3) (105) (26) (25) (28) (52) (108) (183)
Others (21) (10) (19) (33) (37) (22) (300) (100) (50)
Financing Cashflow (21) (63) (278) 1569 (246) 2918 (122) (208) (233)
Net cash flow 1 (7) 32 234 (140) (508) 1364 684 1416
Ending Balance 21 14 38 291 152 375 1887 2720 4285
Source: Company, YES Sec

Exhibit 14: Du Pont

Y/e 31 Mar (Rs mn) FY17 FY18 FY19 FY20E FY21E FY22 FY23E FY24E FY25E
Tax burden (x) 0.8 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8
Interest burden (x) 0.9 1.0 1.0 1.0 1.0 0.9 0.8 1.0 1.0
EBIT margin (x) 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1
Asset turnover (x) 2.1 2.1 2.5 1.7 1.4 1.6 1.3 1.4 1.4
Financial leverage (x) 2.1 1.9 1.9 1.8 1.5 1.5 1.5 1.4 1.4
RoE (%) 29.7 38.5 46.7 31.7 23.0 16.1 13.1 16.4 18.2
Source: Company, YES Sec

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 Rossari Biotech Ltd

Exhibit 15: Ratio Analysis

Y/e 31 Mar FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E
Growth matrix (%)
Revenue growth 31.1 25.0 76.8 16.3 18.2 109.1 9.2 17.7 17.4
Op profit growth 90.9 83.4 76.5 33.1 17.5 49.1 22.0 19.1 21.5
EBIT growth 154.9 92.7 67.5 35.3 19.4 34.7 22.2 25.6 26.8
Net profit growth 360.9 84.0 57.2 43.5 22.7 22.0 15.3 44.0 30.4

Profitability ratios (%)

OPM 10.4 15.3 15.2 17.5 17.3 12.4 13.8 14.0 14.5
EBIT margin 9.0 13.9 13.1 15.3 15.4 9.9 11.1 11.9 12.8
Net profit margin 6.7 9.9 9.7 10.9 11.3 6.6 7.0 8.5 9.5
RoCE 23 31 41 28 22 17 15 17 18
RoE 30 39 42 32 23 16 13 16 18
RoA 14 21 22 18 15 11 9 12 13

Per share ratios

EPS 27 66 103 13 16 19 22 31 41
Dividend per share - 0 1 2 2 1 2 3 4
Cash EPS 2 5 7 9 11 10 10 19 29
Book value per share 12 17 24 56 79 156 177 206 244

Valuation ratios
P/E 32 13 8 65 56 46 31 22 17
P/CEPS 390 187 118 92 78 90 68 36 24
P/B 74 50 36 16 11 6 4 3 3
EV/EBITDA 184.5 100.6 56.8 42.0 35.6 24.1 15.1 12.3 9.7

Payout (%)
Dividend payout 0.0 0.1 1.0 14.7 10.5 7.7 11.0 10.9 10.9
Tax payout 17 27 27 26 25 28 25 25 25

Liquidity ratios
Debtor days 60 67 52 55 61 55 60 60 60
Inventory days 53 55 47 56 64 54 70 70 70
Creditor days 68 67 74 100 96 60 60 60 60
Source: Company, YES Sec

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 Rossari Biotech Ltd

Recommendation Tracker

ROSSARI Reco Nifty (RHS)

1,300 19,500
Buy
1,045 Buy 19,000
1,100 Buy
939 Buy 946 Buy
Buy 18,500
889 866
849
900 18,000

17,500
700
17,000

500 16,500

16,000
300
15,500

100 15,000
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23

Source: Company, YES Sec

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 Rossari Biotech Ltd
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focussing on a company’s fundamentals and opinions, as such, may not distribution by YES Securities (India) Limited only to "Major Institutional
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dealer/Entity as informed by YES Securities (India) Limited from time to
securities described herein may or may not be eligible for sale in all
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YES Securities (India) Limited Registration Nos.: CIN: U74992MH2013PLC240971 | SEBI Single
Registration No.: NSE, BSE, MCX & NCDEX : INZ000185632 | Member
Registered Address: 2nd Floor, North Side, YES BANK House, Code: BSE - 6538, NSE - 14914, MCX - 56355 & NCDEX - 1289 | CDSL:
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For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 10
 Rossari Biotech Ltd
DISCLOSURE OF INTEREST RECOMMENDATION PARAMETERS FOR FUNDAMENTAL
REPORTS
Name of the Research Analyst : Nitin Tiwari
Analysts assign ratings to the stocks according to the expected
The analyst hereby certifies that opinion expressed in this research
report accurately reflect his or her personal opinion about the subject upside/downside relative to the current market price and the estimated
securities and no part of his or her compensation was, is or will be target price. Depending on the expected returns, the recommendations
directly or indirectly related to the specific recommendation and opinion are categorized as mentioned below. The performance horizon is 12 to
expressed in this research report. 18 months unless specified and the target price is defined as the
analysts’ valuation for a stock. No benchmark is applicable to the ratings
Sr. mentioned in this report.
Particulars Yes/No
No.
Research Analyst or his/her relative’s or YSL’s
1 No
financial interest in the subject company(ies)
BUY: Upside greater than 20% over 12 months
Research Analyst or his/her relative or YSL’s
actual/beneficial ownership of 1% or more ADD: Upside between 10% to 20% over 12 months
2 securities of the subject company(ies) at the end No
NEUTRAL: Upside between 0% to 10% over 12 months
of the month immediately preceding the date of
publication of the Research Report REDUCE: Downside between 0% to -10% over 12 months
Research Analyst or his/her relative or YSL has
3 any other material conflict of interest at the time No SELL: Downside greater than -10% over 12 months
of publication of the Research Report NOT RATED / UNDER REVIEW
Research Analyst has served as an officer, director
4 No
or employee of the subject company(ies)
YSL has received any compensation from the
5 No
subject company in the past twelve months
YSL has received any compensation for
investment banking or merchant banking or
6 No
brokerage services from the subject company in
the past twelve months
YSL has received any compensation for products
or services other than investment banking or
7 No
merchant banking or brokerage services from the
subject company in the past twelve months
YSL has received any compensation or other
8 benefits from the subject company or third party No
in connection with the research report
YSL has managed or co-managed public offering
9 of securities for the subject company in the past No
twelve months
Research Analyst or YSL has been engaged in
10 market making activity for the subject No
company(ies)

Since YSL and its associates are engaged in various businesses in the
financial services industry, they may have financial interest or may have
received compensation for investment banking or merchant banking or
brokerage services or for any other product or services of whatsoever
nature from the subject company(ies) in the past twelve months or
associates of YSL may have managed or co-managed public offering of
securities in the past twelve months of the subject company(ies) whose
ABOUT YES SECURITIES (INDIA) LIMITED
securities are discussed herein.
YES Securities (India) Limited (‘‘YSL’’) is a wholly owned subsidiary of YES
Associates of YSL may have actual/beneficial ownership of 1% or more
BANK LIMITED. YSL is a SEBI registered stock broker holding
and/or other material conflict of interest in the securities discussed
membership of NSE, BSE, MCX & NCDEX. YSL is also a SEBI registered
herein.
Category I Merchant Banker, Investment Adviser and a Research
Analyst. YSL offers, inter alia, trading/investment in equity and other
NITIN Digitally signed
by NITIN TIWARI financial products along with various value added services. We hereby
TIWARI 01:23:02 +05'30'
Date: 2023.02.07
declare that there are no disciplinary actions taken against YSL by
SEBI/Stock Exchanges.

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 11