3 September 2014
Update | Sector: Healthcare
Sun Pharma
BSE Sensex
27,140
S&P CNX
8,115
CMP: INR863
TP: INR980
Buy
Annual Report 2014 Analysis
Well charted strategy offers growth visibility
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
SUNP IN
2,071.1
877/500
8/13/20
1,787.8
29.6
SUNP’s FY14 annual report provides good visibility on the key pillars of growth
which include enhancing its pipeline of complex/specialty products for the US and
successfully turning around Ranbaxy’s operations.
Future focus will be on building a differentiated product basket, foraying into
products that yield stable and consistent cash flows.
At the same time, the company continues to be on the lookout for value
enhancing inorganic opportunities in the US.
Financial analysis
Financial Snapshot (INR b)
2015E 2016E 2017E
Y/E Mar
Sales
175.8 204.6 230.7
EBITDA
Rep. PAT
RepEPS (INR)
Adj. PAT
EPS Gr. (%)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
32.9
7.5
27.0
5.9
23.4
4.8
77.5
61.7
29.8
54.3
11.9
25.6
35.2
88.9
72.7
35.1
66.3
32.0
22.0
24.6
34.9
96.4
81.6
39.4
76.5
36.9
15.3
22.7
31.2
Core EPS (INR) 26.2
Shareholding Pattern (%)
As on
Jun-14 Mar-14 Jun-13
Promoter
DII
FII
Others
63.7
5.1
23.0
8.3
63.7
5.6
22.5
8.3
63.7
3.2
22.8
10.3
The India subsidiary created last year (Sun Pharma Global) has shown a PBT
of INR3.4b versus a negative PBT of INR1.3b in FY13.
URL Pharma did sales of INR 17.6b with PAT of INR 6b (margins of ~30). A
significant part of URL Pharma performance in FY14 was driven by
favourable pricing for key products and re-launch of some of the
discontinued products from URL’s portfolio. Recently, prices of some of
these products have normalised significantly and hence a part of URL
Pharma’s performance may not be sustainable in our view.
Dusa Pharma reported sales of INR 4.3b versus INR975m in FY13
(consolidated for three months) while it turned profitable in FY14 (INR237m
vs loss of INR47m in FY13). This was driven by greater penetration with
dermatologists and gradual price increases.
SUNP is carrying hedges of USD240m with MTM loss of INR2b classified as
long-term provision. This implies hedges are for a period of over one year,
largely hedged in the range of 50-52.
Contingent liabilities related to income tax on account of disallowance/
addition has increased from INR7.6b in FY13 to INR12.1b in FY14.
Valuation and view
Notes:
FII incl. depository receipts
Stock Performance (1-year)
We remain confident of SUNP’s business mix and execution skills in its key
markets.
We however see a slow FY15 for SUNP’s base business which we believe is
expected to bounce back to mid teens growth in FY16. But, prospects of
consolidating Ranbaxy’s business and potential turn-around continue to
remain appealing.
We maintain
Buy
with a revised target SoTP price target of INR980 which
includes upsides from Ranbaxy’s business.
However, stock may trade in a narrow range till the RBXY deal concludes
and any decline presents a buying opportunity.
Alok Dalal
(Alok.Dalal@MotilalOswal.com); +91 22 3982 5584
Hardick Bora
(Hardick.Bora@MotilalOswal.com); +91 22 3982 5423
Investors are advised to refer through disclosures made at the end of the Research Report.

Sun Pharma
Well charted strategy offers growth visibility
SUNP’s FY14 annual report provides good visibility on the key pillars of growth
which include enhancing its pipeline of complex/specialty products for the US
and successfully turning around Ranbaxy’s operations.
Future focus will be on building a differentiated product basket, foraying into
products that yield stable and consistent cash flows.
At the same time, the company continues to be on the lookout for value
enhancing inorganic opportunities in the US.
Acquisition of Ranbaxy
SUNP is in the process of acquiring RBXY for USD4b in an all stock deal:
Post-deal closure, the merged entity targets to generate synergy benefits of
USD250m by the third year - driven by a combination of revenue, procurement,
supply chain and other cost synergies.
SUNP believes its ability to juggle different businesses and multiple cultures is
likely to help achieve the transformation at RBXY.
SUNP plans to leverage complementary functional strengths to achieve top line
growth and gains through both revenue enhancement and cost efficiencies-
translating into higher margins, greater market share and more operating
profits.
Financial Analysis
The India subsidiary created last year (Sun Pharma Global) has shown a PBT of
INR3.4b versus a negative PBT of INR1.3b in FY13.
SUNP has outstanding hedges of USD240m, for which it has made a long term
provision of INR2b. This implies hedges are for a period of over one year, largely
hedged in the range of 50-52.
URL Pharma did sales of INR 17.6b with PAT of INR 6b (margins of ~30). A
significant part of URL Pharma performance in FY14 was driven by favorable
pricing for key products and re-launch of some of the discontinued products
from URL’s portfolio. Recently, prices of some of these products have
normalized significantly and hence a part of URL Pharma’s performance may not
be sustainable in our view.
Dusa Pharma reported sales of INR 4.3b versus INR975m in FY13 (consolidated
for three months) while it turned profitable in FY14 (INR237m vs loss of INR47m
in FY13). This was driven by greater penetration with dermatologists and
gradual price increases
Contingent liabilities related to income tax on account of disallowance/addition
have increased from INR7.6b in FY13 to INR12.1b in FY14.
Net working capital days in FY14 have reduced to 91 days from 112 days last
year.
Cash tax rate for the year stood at 11.1% while the effective tax rate was 9.9%.
Consultancy fees of INR4.8b for FY14 versus INR4.2b for FY13.
Long term loans and advances have increased 25% YoY to INR10.5b. However as
a percentage of sales, it has come down to 6.5% as compared to 7.4% in FY13.
Capex for FY14 stood at INR9b.
For FY14, SUNP made an additional provision of INR23.2b towards settlement
for patent infringement litigation related to generic versions of ‘Protonix’.
2
3 September 2014

Sun Pharma
Improving profitability in recently acquired companies (INR m)
URL Pharma
Revenue
PBT
PBT (%)
PAT
PAT (%)
days in FY13
FY14
17699
9642
54.5
6048
34.2
FY13
1838
565
30.7
339
18.5
DUSA Pharma
Revenue
PBT
PBT (%)
PAT
PAT (%)
FY14
4232
-52
-1.2
237
5.6
FY13
976
-90.1
-9.2
-47
-4.8
Note: URL Pharma was consolidated for 55 days in FY13 and DUSA Pharma was consolidated for 101
3 September 2014
3

Sun Pharma
Story in charts
US generic sales to be driven by new launches
US Sales (USD m)
1,621
1,135
733
337
494
234
18,301
23,801
1,805
2,025
Domestic formulations sales to sustain momentum
India sales (INR m)
51,298
43,473
36,918
29,154 29,657
60,019
FY09
FY10
FY11
FY12
FY13
FY14
FY15E FY16E
FY10
FY11
FY12
FY13
FY14
FY15E FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
RoW sales to grow over 17% CAGR over FY14-16E
RoW formulations (INR m)
26,059
19,084
15,271
11,124
4,806
6,444
21,344
30,968
Profitability to moderate under competitive pressure
EBITDA (INR m)
EBITDA Margin (%)
34.0
34.2
39.9
43.7
43.3
44.1
43.5
41.8
13,633 19,566 31,947
FY11
FY12
FY13
FY14
FY15E FY16E FY17E
FY10
FY11
FY12
49,063
FY13
88,944 96,448
69,257 77,527
FY10
FY14
FY15E FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
Building cash war-chest
Cash & cash equivalents (INR m)
Healthy return ratios to sustain
RoE (%)
31.5
RoCE (%)
35.2
34.9
30.4
23.6
180,057
241,292
18.6
21.5
13.3
FY10
16.2
29.0
25.6
31.2
25.6
22.5
24.6
22.7
36,753 44,344 55,801 64,703
FY10
FY11
FY12
FY13
103,762 126,350
FY14
FY15E FY16E FY17E
FY11
FY12
FY13
FY14
FY15E FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
3 September 2014
4

Sun Pharma
Valuation and view
We remain confident of SUNP’s business mix and execution skills in its key
markets.
We however see a slow FY15 for SUNP’s base business which we believe is
expected to bounce back to mid teens growth in FY16. But, prospects of
consolidating Ranbaxy’s business and potential turn-around continue to remain
appealing.
We maintain
Buy
with a revised target SoTP price target of INR980 which
includes upsides from Ranbaxy’s business.
However, stock may trade in a narrow range till the RBXY deal concludes and
any decline presents a buying opportunity.
Financial snapshot (INR m)
Particulars
Core sales
YoY growth (%)
Core EBITDA
Margin (%)
Core PAT
YoY growth (%)
Core EPS (INR)
FY15E
162,645
9.0
67,037
41.2
54,338
11.9
26.2
Sun Pharma
FY16E
193,167
18.8
80,627
41.7
66,319
22.0
32.0
FY17E
221,495
14.7
89,850
40.6
76,471
15.3
36.9
FY15E
104,026
-21.6
10,014
9.6
2,379
-39.6
5.6
FY16E
123,303
18.5
15,384
12.5
6,807
186.2
16.1
Ranbaxy
FY17E
139,711
13.3
20,882
14.0
10,669
56.7
25.2
FY18E
159,271
14.0
25,483
16.0
15,150
42.0
35.8
FY19E
181,569
14.0
32,682
18.0
20,512
35.4
48.5
20
410,235
0.6575
269,736
115
Target multiple for terminal value
Terminal value
Discount factor for 3 years @15%
One-year forward RBXY value
Per share value
SoTP based valuation
Particulars
SUNP's business
RBXY business
FTF opportunities + Doxil
Total intrinsic value
Valuation basis
26x FY17E FDEPS
DCF of TV terminal value in FY19E
DCF of exclusive sales
Sum-of-parts
Per share value (INR)
825
115
40
980
3 September 2014
5

Sun Pharma
Financials and valuations
Income statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
Margins (%)
2012
80,098
40
31,947
39.9
2,912
29,035
282
4,856
11
33,598
2,991
8.9
-3,855
30,607
23,273
66
24
2013
112,388
40
49,063
43.7
3,362
45,701
443
3,727
5,836
43,148
8,456
19.6
-4,863
34,693
30,550
31
23
2014
160,044
42
69,257
43.3
4,092
65,165
442
6,282
25,174
45,831
7,022
15.3
-7,375
38,809
48,572
59
26
2015E
175,758
10
77,527
44.1
5,240
72,287
308
6,680
0
78,660
10,147
12.9
-6,831
68,513
54,338
12
27
(INR Million)
2016E
204,563
16
88,944
43.5
5,252
83,692
308
10,556
0
93,940
14,091
15.0
-7,148
79,849
66,319
22
29
2017E
230,744
13
96,448
41.8
5,664
90,784
308
14,394
0
104,871
15,731
15.0
-7,491
89,140
76,471
15
30
Balance sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2012
1,036
120,628
121,663
2,739
-5,199
130,820
46,542
20,406
26,136
3,447
22,129
90,681
20,870
19,261
33,672
16,878
24,950
14,410
10,541
65,730
130,820
2013
1,036
148,862
149,897
2,072
-7,122
161,197
56,026
24,421
31,604
5,626
24,116
113,420
25,778
27,108
40,587
19,948
38,439
15,752
22,687
74,981
161,198
2014
2,071
183,178
185,249
24,982
-9,110
220,333
63,886
28,904
34,982
8,415
27,860
177,393
31,230
22,004
75,902
48,257
61,509
15,887
45,622
115,884
220,333
2015E
2,071
236,379
238,450
403
-9,110
255,785
72,886
34,144
38,741
8,415
27,860
219,210
36,771
29,762
98,489
54,188
71,633
22,765
48,869
147,577
255,785
(INR Million)
2016E
2017E
2,071
2,071
299,386 368,920
301,458 370,991
403
403
-9,110
-9,110
325,942 402,966
81,886
90,886
39,396
45,060
42,490
45,826
8,415
8,415
27,860
27,860
291,567 372,827
43,787
51,837
34,706
39,131
152,197 213,432
60,878
68,427
77,583
85,154
27,108
32,092
50,475
53,062
213,985 287,673
325,941 402,965
E: MOSL Estimates
3 September 2014
6

Sun Pharma
Financials and valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2012
11.2
13.9
58.7
2.1
22.0
76.8
62.0
14.7
21.7
54.3
0.2
21.5
30.4
0.6
87.8
95.1
65.7
0.0
2013
14.8
16.0
72.4
2.5
39.7
58.5
53.9
11.9
15.4
35.2
0.3
22.5
31.5
0.7
88.0
83.7
51.2
0.0
2014
23.5
17.2
89.4
3.0
15.0
36.8
50.3
9.7
10.7
24.7
0.3
29.0
25.6
0.7
50.2
71.2
36.2
0.1
2015E
26.2
32.3
115.1
3.5
15.6
32.9
26.7
7.5
9.5
21.4
0.4
25.6
35.2
0.7
61.8
76.4
47.3
0.0
2016E
32.0
37.6
145.5
4.0
14.6
27.0
22.9
5.9
7.9
18.1
0.5
24.6
34.9
0.6
61.9
78.1
48.4
0.0
2017E
36.9
42.2
179.1
5.0
15.8
23.4
20.5
4.8
6.7
16.0
0.6
22.7
31.2
0.6
61.9
82.0
50.8
0.0
Cash flow statement
Y/E Mar
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
CF from Op. Activity
(Inc)/Dec in FA & CWIP
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2012
28,742
2,912
4,856
282
-5,373
-8,319
23,099
-10,585
169
0
-10,416
5,318
-978
-282
-5,115
-1,058
11,626
22,046
33,672
2013
39,422
3,362
3,727
443
-10,379
-2,336
34,239
-22,501
-1,987
0
-24,488
4,334
-668
-443
-6,058
-2,835
6,915
33,672
40,587
2014
39,549
4,092
6,282
442
-9,010
-5,589
35,767
-18,580
-3,745
0
-22,324
6,674
22,910
-442
-7,270
21,872
35,315
40,587
75,902
2015E
71,979
5,240
6,680
308
-10,147
-9,105
64,956
-9,000
0
0
-9,000
0
-24,578
-308
-8,481
-33,368
22,588
75,902
98,490
(INR Million)
2016E
2017E
83,384
90,477
5,252
5,664
10,556
14,394
308
308
-14,091
-15,731
-12,700
-12,453
72,708
82,659
-9,000
-9,000
0
0
0
0
-9,000
-9,000
0
0
0
0
-308
-308
-9,693
-12,116
-10,001
-12,424
53,707
61,235
98,489 152,197
152,197 213,432
E: MOSL Estimates
3 September 2014
7

Disclosures
This research report has been prepared by MOSt to provide information about the company(ies) and sector(s), if any, covered in the report and may be distributed by it and/or its affiliated company(ies). This
Sun Pharma
report is for personal information of the select recipient and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or inducement to
invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been
furnished to you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into
account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable
for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and
investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business
relationships with a significant percentage of the companies covered by our Research Department Our research professionals provide important input into our investment banking and other business selection
processes. Investors should assume that MOSt and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that
the research professionals who were involved in preparing this material may participate in the solicitation of such business. The research professionals responsible for the preparation of this document may
interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. Our research professionals are paid in part based on the
profitability of MOSt which include earnings from investment banking and other business. MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from
maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, MOSt generally prohibits its analysts and persons reporting to analysts from serving as an
officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals or affiliates may provide oral or written market commentary or trading
strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with
the recommendations expressed herein. In reviewing these materials, you should be aware that any or all o the foregoing, among other things, may give rise to real or potential conflicts of interest . MOSt 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.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to
hold MOSt or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The
information contained herein is based on publicly available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the
data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not
intended to be a complete statement or summary of the securities, markets or developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, MOSt
and/or its affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its
affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. MOSt or any of
its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of
merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its
contents.
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of
Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Disclosure of Interest Statement
Analyst ownership of the stock
SUN PHARMACEUTICAL IN
No
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible
for preparation of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.
Regional Disclosures (outside India)
For U.K.
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
This report is intended for distribution only to persons having professional experience in matters relating to investments as described in Article 19 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (referred to as "investment professionals"). This document must not be acted on or relied on by persons who are not investment professionals. Any investment or investment activity to
which this document relates is only available to investment professionals and will be engaged in only with such persons.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States.
In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state
laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein
are not available to or intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major
institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as
amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has
entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be
executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors
Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore
to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Anosh Koppikar
Kadambari Balachandran
Email:anosh.Koppikar@motilaloswal.com
Email : kadambari.balachandran@motilaloswal.com
Contact(+65)68189232
Contact: (+65) 68189233 / 65249115
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
For U.S.
For Singapore
Motilal Oswal Securities Ltd
3 September 2014
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
8