6 February 2015
3QFY15 Results Update | Sector:
Metals
NMDC
BSE SENSEX
28,718
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Free float (%)
S&P CNX
8,661
NMDC IN
3,964.7
196/123
06/-31/-43
20
n
CMP: INR141
n
TP: INR166 (+18%)
Buy
EBITDA beat; valuations attractive despite sharp price cut
Above estimates:
NMDC’s 3QFY15 EBITDA though declined 3% QoQ (+2% YoY) to
INR19.5b, was 17% ahead of estimates due to (1) 22% higher-than-expected
production and (2) higher absorption of costs in increased inventories.
Depreciation was up 30% QoQ due to a change in accounting policy pursuant to
Companies Act 2013 becoming effective. Adjusted PAT declined 3% QoQ (+2%
YoY) to INR15.9b (v/s est. of INR14.7b).
Cyclone impacted volumes but inventories rise:
Sales declined 4% QoQ to 7mt
due to the disruption caused to railways and Vizag ports by Hudhud cyclone
during October. Production though was unaffected and grew 10% YoY to 8.1mt,
leading to an increase in inventories.
Margins up despite lower prices:
EBITDA per ton increased 1% QoQ despite 3%
fall in realization (ex-royalty) as discussed above. Royalties increased 5pp QoQ to
15%. Lower share of loss-making exports too aided to boost margins.
Pricing pressure:
Indian iron ore supply has eased significantly in Barbil area on
restart of mines. Thus, iron ore prices have started to correct. Falling steel and
scrap prices are exerting additional pressure on iron ore prices. Although NMDC
has cut prices, we expect a further cut of ~INR400/t by Apr 1, 2015.
Potential of strong volume growth:
We expect NMDC’s iron ore volumes to
increase to 37-38mt by FY17E, from the current 31mt.
Valuation still attractive on conservative estimates:
Though we have factored
FY16E iron ore realization to be lower by INR400/t compared to current prices,
the valuations are still attractive. The stock trades at one-year/forward
EV/EBITDA of 5.3x, against the historical average of 6.7x and dividend yield of
5.3%. Our 12-month EV/EBITDA (6x FY16E) based target price is INR166, implying
a potential upside of 18%. Maintain
Buy.
M.Cap. (INR b) / (USD b) 558.0/9.0
Avg Val (INRm)/Vol ‘000 485/3,063
Financials & Valuation (INR Billion)
Y/E MAR
Sales
EBITDA
Adj. PAT
Adj. EPS (INR)
EPS Gr(%)
RoE (%)
RoCE (%)
P/E (x)
P/BV
EV/EBITDA (x)
2015E 2016E 2017E
128.0 105.4 117.8
82.4
68.1
17.2
20.8
20.7
8.2
1.7
4.4
67.9
58.9
14.9
18.3
18.3
9.5
1.6
5.3
76.6
64.0
16.1
8.6
16.5
16.4
8.7
1.4
4.7
n
6.6 -13.5
n
n
n
Estimate change
TP change
Rating change
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 3027 8033
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

NMDC
3QFY15 result highlights
EBITDA margin at INR2,791/t well ahead of expectation
n
n
n
n
n
n
n
n
Iron ore production grew 10% YoY (22% QoQ) to 8.1mt but sales volumes were
down 4% QoQ (-5% YoY) to 7.0mt (but ahead of our estimate of 6.6mt). Sales in
the quarter were impacted by Hudhud cyclone in the Eastern part of India
during the month of October. Inventories increased ~1.1mt in the quarter.
Export sales volume stood at ~0.43mt, below our estimate of 0.55mt.
Net sales grew 4% YoY (-5% QoQ) to INR29.4b, 3% ahead of our estimate driven
by beat at volumes.
Implied iron ore realization was up 1% QoQ (15% YoY) to INR4,133/t on increase
in royalty rate w.e.f. September 1, 2014 (to 15% from earlier 10%). Adjusted for
the royalty, blended net realization was down ~3% QoQ.
Despite the fall in realization (ex-royalty) and volumes, EBITDA/t was marginally
higher QoQ to INR2,791 (8% YoY and v/s our estimate of INR2,524). This was
driven by,
Better fixed cost absorption to inventories on 22% surge in production volume
(although reported earlier). Inventory value increased by INR1,832m for ~1.1mt
increase in inventory volumes. This implies an inventory absorption rate of
~INR1,660/t vs. 1H average of ~INR700/t and significantly higher than the cost
of production.
Lower-than expected export sales volumes – which are loss making and thus
resulted in savings.
EBITDA grew 2% YoY (-3% QoQ) to INR19.4b with increase in margins offset by
lower sales volume.
PAT grew 2% YoY (-2% QoQ) to INR 15.9b. Other income was broadly flat at
INR5.2b, while depreciation cost increased 30% QoQ to INR0.5b (on change in
depreciation policy as per Companies Act, 2013).
Exhibit 1: Iron ore quarterly production and sales volume trend
Source: MOSL, Company
6 February 2015
2

NMDC
Exhibit 2: Iron ore EBITDA/t grew by 8% YoY/1% QoQ despite fall in realization and
volumes
EBITDA/t - INR
3,283
3,530
3,358
2,612
2,627
2,591
2,798
2,759
2,791
Source: MOSL, Company
Exhibit 3: NMDC notified monthly lumps/fines prices – INR/t
Lumps
Fines
Source: MOSL, Company
Exhibit 4: Quarterly EBITDA and realization trend
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
EBITDA per ton
NMDC's Realization
4,133
3,105
2,019
2,474
1,809
2,798
Source: MOSL, Company
6 February 2015
3

NMDC
Exhibit 5: NMDC quarterly operating metrics
NMDC operating metrics
Production - m tons
Sales volume - m tons
By markets
Exports
Domestic
By region
Chhattisgarh
Karnataka
Blended realization - INR/t
Published prices - INR/t
Lumps
Fines
EBITDA/t
1Q
6.16
6.87
0.07
6.80
FY12
2Q
3Q
7.58 7.15
7.58 6.40
0.21
7.37
0.11
6.30
4Q
6.96
6.45
0.00
6.45
1Q
6.87
6.86
0.00
6.86
FY13
2Q
3Q
5.38 5.36
5.85 5.33
0.38
5.48
0.36
4.97
4Q
9.57
8.24
0.87
7.37
1Q
6.92
7.25
0.49
6.76
FY14
2Q
3Q
5.94 7.30
6.50 7.34
0.71
5.79
0.43
6.91
4Q
9.86
9.40
0.66
8.74
FY15
1Q
2Q
7.85 6.59
8.59 7.27
0.67
7.92
6.10
2.48
0.70
6.57
5.17
2.10
3Q
8.06
6.98
0.43
6.55
4.61
2.26
4,034 4,030 4,391 3,982 4,102 4,439 3,815 3,844 3,908 3,774 3,809 4,132 4,050 4,271 4,221
5,540 6,190 5,621 5,037 4,600 4,267 4,367 4,500 4,467 4,600 4,333
2,800 3,030 2,639 2,610 2,610 2,510 2,677 2,877 2,993 3,160 3,127
3,283 3,214 3,530 3,066 3,358 3,305 2,612 2,616 2,627 2,296 2,591 2,627 2,798 2,759 2,791
Source: MOSL, Company
Exhibit 6: NMDC annual operating metrics
Key metrics
Iron ore production - m tons
Iron ore sales volume - m tons
Blended realization - INR/t
Operating expenses - INR/t
Variable expenses
Fixed expenses
EBITDA - INR/t
Return Ratios
ROE (%)
ROCE (%)
ROIC (%)
FY10
23.8
24.1
2,592
755
283
472
1,838
FY11
25.2
26.2
4,333
1,038
731
306
3,295
FY12
27.8
27.3
4,125
855
513
342
3,270
FY13
27.2
26.3
4,074
1,112
842
398
2,963
FY14
30.0
30.5
3,954
1,406
1,002
404
2,548
FY15E
31.0
31.4
4,073
1,452
1,038
414
2,621
FY16E
33.9
33.9
3,105
1,105
683
422
2,001
FY17E
37.9
37.9
3,105
1,087
672
415
2,018
30.2
30.0
270.8
29.7
29.5
403.2
31.6
31.5
346.6
26.8
26.7
215.3
22.6
22.6
119.5
21.0
18.7
16.9
20.9
18.7
16.9
96.0
90.7
85.1
Source: MOSL, Company
6 February 2015
4

NMDC
Valuation and views
TP: INR166, upside: 18%; Maintain Buy
Implication from the results
We have made minor tweaks to our production and sales volume estimates for
FY16/17E. Resultantly, our EBITDA for FY16E/17E is higher by 2%/1.9%. We have
also cut the dividend for FY15E to INR7.25/share from INR8.5/share earlier and for
FY16E/17E to INR7.5/share from INR8.5/share earlier. Resultantly, our 12m SOTP
based target price stands increased to INR166 (from INR161 earlier)
Outlook and valuation
Indian iron ore supply has
eased significantly
Falling steel and scrap
prices are putting additional
pressure on iron ore prices
Although NMDC has cut
prices, we expect further
st
cut of ~INR400/t by 1
April, 2015
Potential of high volume
growth
Despite expecting sharp cut
in price, valuations remain
undemanding
Domestic iron ore scarcity, which had led to domestic prices holding up well, has
eased significantly over the past couple of months. Easing supply has been driven by
(a) Resumption of captive iron ore mining by Tata Steel – ~15mt of annual iron ore
requirement. (b) Increase in EC limit of some of Odisha based miners – potentially
adding ~16mt in iron ore supply. (c) Pressure by Odisha government on local miners
to increase production amid state’s low mining revenue collection and (d) lower
international iron ore prices moving some domestic customers towards imports
(JSW Dolvi). Private iron ore miners in Odisha have cut their prices by ~INR1,200/t
since beginning January as a result of easing supply.
On the other hand, domestic iron ore demand has also weakened amid lower priced
steel exports by China/CIS. Flat steel prices since January beginning are down by
~INR5,000/t while scrap prices have also declined on lower priced imports. Sharp
drop in scrap prices is likely to put further pressure on sponge iron and steel prices
in India. As a result, there will be further pressure on iron ore prices in domestic
market.
With the domestic iron ore supply and demand situation transforming, we expect
iron ore prices would remain under pressure going ahead. NMDC has cut prices in
February by INR200-400/t and we expect further cuts of INR360 and INR450/t by
1QFY16.
While realization for NMDC is expected to decline, production ramp-up and
declining export volume commitment would provide some support, in our view. We
expect NMDC iron ore volumes to increase to 37-38mt by FY17 from current 31mt.
Export volume commitment of ~1mt – which generates an EBITDA loss of about
~USD20/t – would end from 4QFY15. NMDC targets production capacity of ~48mt by
FY17 (as against our production volume estimate of ~37mt).
The stock trades attractively at 1 yr/fwd EV/EBITDA of 5.3x as against historical
average of 6.7x times and dividend yield of 5.3%. Our 12m EV/EBITDA (6.0x FY16)
based target price is INR166, implying potential upside of 18%. Maintain Buy.
Key catalyst over the next 12 months
n
Delay in resumption of iron ore mining activity in Odisha and Jharkhand
n
Depreciation of rupee
n
Removal of 30% export duty
6 February 2015
5

NMDC
Key risks
n
Decline in international iron ore prices
n
Resumption of iron ore mines in Odisha and Jharkhand
Exhibit 7: Target price derivation
Y/E March
EBITDA per ton (INR)
Volumes (m tons)
EBITDA
Target EV/EBITDA(x)
Target EV
Less: Net Debt
Add: CWIP@50% discount
Equity Value
Target price (INR/share)
2013
2,963
26.3
77,838
2014
2,548
30.5
77,713
2015E
2,621
31.4
82,400
6.0
494,402
-199,471
39,733
733,606
185
2016E
2017E
2,001
2,018
33.9
37.9
67,893
76,556
6.0
6.0
407,360
459,337
-200,039
-196,600
51,097
66,047
658,497
721,983
166
182
Source: MOSL, Company
-210,258
16,404
-186,572
28,807
Exhibit 8: Metal sector valuation
Rating
Steel
Tata Steel
SAIL
JSW Steel
JSPL
NMDC
Non-Ferrous
Hindalco
SSLT
Hindustan Zinc
Nalco
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Price MCAP
EPS
(INR) (USD M) FY14E FY15E FY16E
369
74
961
142
141
147
211
170
49
5,774
4,886
3,740
2,092
8,981
4,897
10,049
11,571
2,045
35.5
4.6
38.6
20.9
16.1
12.5
17.2
16.3
2.6
25.6
6.3
95.5
9.5
17.2
13.7
20.6
20.4
5.6
56.0
5.6
81.6
3.8
14.9
15.1
18.9
18.8
6.8
P/E (x)
FY15E FY16E
14.4
11.6
10.1
14.9
8.2
10.7
10.2
8.3
8.9
6.6
13.1
11.8
37.0
9.5
9.8
11.1
9.0
7.2
EV/EBITDA (x)
FY15E FY16E
7.0
9.0
6.5
8.8
4.4
7.9
6.4
5.1
3.2
5.9
8.0
6.7
9.1
5.3
P/B(x)
FY14E FY15E
1.4
0.7
1.1
0.6
1.9
1.1
0.7
1.0
0.6
1.7
6.7
1.3
1.2
5.8
0.8
0.8
4.2
1.6
1.4
2.0
0.9
0.9
Source: MOSL, Company
6 February 2015
6

NMDC
Story in charts
Exhibit 9: Volumes to increase to 37mt by FY17
Kirandul, Chhattisagrh
Bacheli, Chhattisagrh
30.6
9.4
11.4
9.7
FY14
31.4
9.1
12.5
9.9
FY15
33.9
9.0
13.5
11.4
FY16
37.9
9.0
14.5
14.4
FY17
Exhibit 10: Which will partly compensate for lower margins
5,000
4,000
3,000
2,000
1,000
0
INR/t
EBITDA per ton
25.2
4.2
12.1
8.8
FY11
27.3
5.6
12.6
9.0
FY12
26.4
5.3
11.7
9.4
FY13
Source: MOSL, Company
Source: MOSL, Company
Exhibit 11: Amongst the lowest cost producer
Cost of Production (USD/t)
40
30
18
48
53
Exhibit 12: And has one of the best assets in India
64
Iron ore grade (% Fe)
62
58
NMDC
NMDC
VALE
Rio-Tinto BHP-Biliton
FMG
Sesa Goa
Odisha/Jh./Karnataka
Source: MOSL, Company
Source: MOSL, Company
Exhibit 13: Trading below long term average
Exhibit 14: And attractive dividend yield
DPS (RHS)
Payout %
51
61
49
59
54
23
23
23
23
24
15
26
Source: MOSL, Company
Source: MOSL, Company
6 February 2015
7

NMDC
Financials and valuations
Income Statement (Consolidated)
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Other income
PBT before EO
EO income
PBT after EO
Tax
Rate (%)
Reported PAT
Adjusted PAT
Change (%)
2010
62,391
-17.5
18,130
44,261
70.9
732
43,529
8,617
52,146
52,146
17,719
34.0
34,427
34,427
-21.3
2011
113,689
82.2
27,260
86,430
76.0
1,215
85,215
12,057
97,272
97,272
32,280
33.2
64,992
64,992
88.8
2012
112,615
-0.9
23,334
89,281
79.3
1,328
87,953
20,169
108,123
-513
107,610
34,941
32.5
72,669
73,015
12.3
2013
107,043
-4.9
29,205
77,838
72.7
1,385
76,452
22,389
98,841
-4,058
94,783
31,228
32.9
63,556
66,277
-9.2
2014
120,582
12.6
42,869
77,713
64.4
1,504
76,209
20,945
97,154
455
97,609
33,391
34.2
64,218
63,919
-3.6
2015E
128,039
6.2
45,638
82,400
64.4
1,772
80,629
21,432
102,060
102,060
33,938
33.3
68,122
68,122
6.6
2016E
105,380
-17.7
37,487
67,893
64.4
1,830
66,063
20,543
86,606
86,606
27,714
32.0
58,892
58,892
-13.5
(INR Million)
2017E
117,802
11.8
41,246
76,556
65.0
2,020
74,536
19,551
94,087
94,087
30,108
32.0
63,979
63,979
8.6
Balance Sheet
Y/E March
Share Capital
Reserves
Share holders funds
Defferred tax liability (net)
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Curr. Liability & Prov.
Sundry Creditors
Other Liabilities & prov.
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
3,965
138,760
142,724
849
143,573
17,711
9,840
7,872
5,561
761
142,636
2,988
4,270
128,549
6,829
13,477
7,525
5,952
129,160
143,573
2011
3,965
188,181
192,145
1,029
193,174
22,728
11,736
10,993
6,772
1,357
191,860
4,154
4,854
172,281
10,571
17,807
6,145
11,662
174,053
193,174
2012
3,965
240,099
244,064
1,001
245,065
23,882
11,994
11,888
19,147
2,478
232,972
4,589
7,370
202,646
18,367
21,420
6,447
14,973
211,552
245,065
2013
3,965
271,145
275,110
1,045
276,155
26,025
13,379
12,647
32,808
2,497
260,992
6,375
10,822
210,258
33,538
32,788
11,094
21,694
228,204
276,155
2014
3,965
295,918
299,883
1,073
300,956
28,506
14,883
13,623
57,613
2,504
241,029
6,812
14,484
186,572
33,161
13,814
11,092
2,722
227,216
300,956
2015E
3,965
330,410
334,375
1,073
335,447
32,506
16,655
15,851
79,465
2,504
249,119
4,209
12,278
199,471
33,161
11,491
8,770
2,722
237,628
335,447
2016E
3,965
354,512
358,477
1,073
359,549
36,506
18,485
18,021
102,194
2,504
246,770
3,465
10,105
200,039
33,161
9,940
7,218
2,722
236,830
359,549
(INR Million)
2017E
3,965
383,701
387,666
1,073
388,738
40,506
20,504
20,001
132,094
2,504
244,930
3,873
11,296
196,600
33,161
10,790
8,069
2,722
234,139
388,738
6 February 2015
8

NMDC
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
EV/ton
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Creditors (Days)
Growth (%)
Sales
EBITDA
PAT
Leverage Ratio (x)
Current Ratio
Debt/Equity
2010
8.7
8.9
35.9
1.7
23.6
2011
16.4
16.7
48.5
2.2
15.3
2012
18.4
18.8
61.6
4.5
26.3
2013
16.7
17.1
69.4
7.0
51.1
8.4
8.2
2.0
4.5
5.0
4
30.2
30.0
270.8
3.5
0.4
25
17
44
-17.5
-24.2
-21.3
10.6
-0.9
29.7
29.5
403.2
5.0
0.6
16
13
20
82.2
95.3
88.8
10.8
-0.9
31.6
31.5
346.6
4.7
0.5
35
12
25
-0.9
3.3
12.3
10.9
-0.8
26.8
26.7
215.3
4.1
0.4
35
12
25
-4.9
-12.8
-9.2
8.0
-0.8
2014
16.1
16.5
75.6
8.5
61.4
8.7
8.5
1.9
4.8
6.0
4
22.6
22.6
119.5
4.2
0.4
35
12
25
12.6
-0.2
-3.6
17.4
-0.6
2015E
17.2
17.6
84.3
7.3
49.4
8.2
8.0
1.7
4.4
5.2
4
20.8
20.7
96.0
3.9
0.4
35
12
25
6.2
6.0
6.6
21.7
-0.6
2016E
14.9
15.3
90.4
7.5
59.1
9.5
9.2
1.6
5.3
5.3
4
18.3
18.3
90.7
2.9
0.3
35
12
25
-17.7
-17.6
-13.5
24.8
-0.6
2017E
16.1
16.6
97.8
7.5
54.4
8.7
8.5
1.4
4.7
5.3
4
16.5
16.4
85.1
2.9
0.3
35
12
25
11.8
12.8
8.6
22.7
-0.5
Cash Flow Statement
Y/E March
Pre-tax profit
Depreciation
(Inc)/Dec in Wkg. Cap.
Tax paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA + CWIP
FCF
(Pur)/Sale of Investments
CF from Inv. Activity
Dividend (incl. tax)
Other financing activities
CF from Fin. Activity
(Inc)/Dec in Cash
Add: opening Balance
Closing Balance
E: MOSL Estimates
2010
52,146
732
8,056
-17,332
-71
43,531
-4,098
39,433
-46
-4,144
-8,117
-8,117
31,270
97,397
128,549
2011
97,272
1,215
-1,162
-32,280
-4,549
60,496
-6,228
54,268
-595
-6,823
-9,942
-9,942
43,731
128,549
172,281
2012
107,610
1,328
-7,134
-34,941
-2,739
64,123
-13,529
50,595
-1,121
-14,650
-19,109
-19,109
30,365
172,281
202,646
2013
94,783
1,385
-9,040
-31,228
5
55,906
-15,805
40,102
-19
-15,824
-32,471
-32,471
7,612
202,646
210,258
2014
97,609
1,504
-22,697
-33,391
12
43,037
-27,286
15,751
-7
-27,293
-39,429
-39,429
-23,685
210,258
186,572
2015E
102,060
1,772
2,487
-33,938
72,381
-25,852
46,529
-25,852
-33,631
-33,631
12,899
186,572
199,471
2016E
86,606
1,830
1,366
-27,714
62,088
-26,729
35,359
-26,729
-34,790
-34,790
569
199,471
200,039
(INR Million)
2017E
94,087
2,020
-749
-30,108
65,250
-33,900
31,351
-33,900
-34,790
-34,790
-3,440
200,039
196,600
6 February 2015
9

NMDC
Corporate profile: NMDC
Company description
NMDC is India's largest iron ore producer, with a
capacity of 36mtpa. It produces ~30-32mtpa of iron
ore from four mining complexes in Chhattisgarh
and Karnataka. In addition to its iron ore
operations, NMDC has a diamond mine at Panna
(Madhya Pradesh) and owns a 10.5MW wind
power plant in Karnataka. In July 2010, Sponge Iron
India, which has a small sponge iron capacity of
60ktpa, was merged with NMDC. It is investing
INR155b over the next five years to expand its iron
ore production to 50mtpa and forward integrate by
setting up a 3mpta steel plant in Chhattisgarh and
1.2mtpa pellet plant in Karnataka.
Exhibit 14: Sensex rebased
Exhibit 16: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
80.0
11.2
6.2
2.6
Sep-14
80.0
10.6
6.8
2.6
Dec-13
80.0
10.5
6.1
3.5
Exhibit 17: Top holders
Holder Name
LIC of India
LIC of India Market Plus Growth Fund
% Holding
8.0
1.3
Note: FII Includes depository receipts
Exhibit 18: Top management
Name
Narendra Kothari
Designation
Chairman & Managing Director
Exhibit 19: Directors
Name
Narendra Kothari
D S Ahluwalia
T R K Rao
Syedain Abbasi
Rabindra Singh
P K Satpathy
*Independent
Name
N K Nanda
Vinod Kumar Thakral
Mahesh Shah*
Noor Mohammad*
Vinai Kumar Agarwal*
Exhibit 20: Auditors
Name
Venugopal & Chenoy
Prasad Bharathula Associates
Brahmayya & Co
Gopal Gupta & Co
P K Subramaniam & Co
Type
Statutory
Cost Auditor
Branch
Branch
Branch
Exhibit 21: MOSL forecast v/s consensus
EPS
(INR)
FY15
FY16
FY17
MOSL
forecast
17.2
14.9
16.1
Consensus
forecast
17.6
17.9
18.4
Variation
(%)
-2.5
-16.7
-12.4
6 February 2015
10

NMDC
NOTES
6 February 2015
11

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