Hindustan Zinc: Roadmap to 1.2mtpa mine capacity

16 March 2015

Update | Sector: Metals

Hindustan Zinc

BSE Sensex

28,438

S&P CNX

8,633

CMP: INR168

TP: INR212 (+26%)

Buy

Roadmap to 1.2mtpa mine capacity

We visited Rampura Agucha open cast (RAM-OC), underground (RAM-UG) and

Sindesar Kurd underground mines (SKM) of Hindustan Zinc (HZ) during Mar

12-13, 2015. Key takeaways are:

Stock Info

Bloomberg

Equity Shares (m)

M.Cap.(INR b)/(USD b)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

Avg Val(INRm)/Vol‘000

Free float (%)

HZ IN

4,225.3

710.7/11.3

190117

-2/-6/13

260/1,625

35.1

Financial Snapshot (INR Billion)

Y/E Mar

2015E 2016E 2017E

Sales

150.2 155.4 159.1

EBITDA

Adj. EPS (INR)

EPS Gr(%)

BV/Sh. (INR)

RoE (%)

RoCE (%)

Payout (%)

Valuations

P/E (x)

P/BV (x)

EV/EBITDA (x)

Div. Yield (%)

8.3

1.6

5.0

1.1

9.1

1.4

4.2

2.1

8.8

1.2

3.4

2.1

77.6

85.9

20.3

24.7

20.8

22.9

11.0

79.4

78.1

18.5

-9.1

16.3

19.4

22.2

79.7

80.4

19.0

3.0

14.8

17.7

21.5

106.5 120.9 135.8

Ultimate depth of RAM-OC has increased from 372 meters to 420 meters to

compensate for the slower progress on sinking of shaft, while the closure dates

remain unchanged at 2020.

RAM-UG shaft sinking has reached ~600 meters. The progress has been slower

than initially envisaged due to geological challenges (such as water pockets). The

3.75mtpa 950 meters deep main hoisting shaft sinking and commissioning is

expected to be completed by end-2018. Meanwhile, production from UG will be

ramped up through two declines.

SK mines shaft sinking has reached 1,000 meters (ultimate depth is 1,050 meters).

The shaft commissioning will be completed by end-2018. Ore production will

increase from 2mt in FY15E to 3mt in FY17E and 3.75mtpa on commissioning of

the shaft in FY20.

Silver production will increase by 21% to 400t in FY16E, as the production of

silver-rich SK mines ramp up.

Total ore production capacity will increase from 10mtpa to 15mtpa once the

USD1.5b (USD1b remaining) capex is completed. Hence, zinc and lead metal

production will increase a bit slower by 22% at ~1.1mt on tapering of production

at high grade RAM. Production of lead and silver will increase at a faster rate.

The site visit reaffirmed our mine production growth estimate of 6%/2% in

FY16E/17E. We expect mine production to increase to 952kt by FY17E, from

881kt in FY15E, driven primarily by the ramp-up at SK mines and expansion of

other smaller mines. At RAM, we expect the declining production from OC will

be largely offset through an increase in production from declines as the mine

transitions to underground by FY20-21. Silver production is expected to grow by

21%/8% in FY16E/17E on ramp-up of silver-rich SK mines.

At our LME zinc price estimate of USD2,200/t and lead price of USD1,900/t, our

12-month EV/EBITDA based target price is INR212, implying an upside of 26%.

Maintain

Buy.

Zinc prices are likely to remain supported going forward, in our

view, on the back of a few key mine closures globally (660kt is expected to get

closed in CY15, representing ~5% of global demand). This, along with a steady

demand growth, is likely to turn the zinc global market into a deficit in the

medium term, thereby supporting prices.

At spot LME zinc of USD2,000/t and lead of USD1,800/t, our EBITDA for

FY16E/17E will be cut by 13%/14%. Thus, the 12-month implied value will stand

reduced to INR193, still implying an upside of 15%.

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.

Hindustan Zinc

Rampura Agucha site visit on Mar 12

Ultimate depth of open cast

pit increased from 372 to

420 meters to compensate

for slower progress at

sinking of shaft

RAM-OC mine’s ore production will now be tapering slower by extending the

ultimate depth of the pit from 372 meters below ground level (BGL) (Exhibit 1) to

420 meters BGL (Exhibit 2), to compensate for the slower-than-expected progress

on development of RAM-UG. Open cast mining will come to a complete halt by 2020

as planned but at the deeper side. The operating depth of the pit has increased from

190 meters BGL in March 2011 to 300 meters BGL in March 2015. The average strip

ratio has increased from 1:10 to 1:13. Mining cost is likely to remain stable hereon.

Exhibit 1: RAM OC visit March 2011 (operating at 190m BGL, Exhibit 2: RAM OC visit March 2015 (operating at 300m BGL,

ultimate depth 372m BGL)

ultimate depth extended to 420m)

Source: Company, MOSL

Exhibit 3: RAM OC visit March 2011 – pit size

Exhibit 4: RAM OC visit March 2015 – pit size

Source: Company, MOSL

Despite some geological

challenges, sinking of RAM-

UG shaft will be completed

by end-2018

RAM-UG mine production has increased by ~60% YoY to ~520kt in FY15 and now

comprises nearly 10% of total Rampura Agucha’s mine production. Total ore

production at RAM is down by nearly 5% YoY to ~5.2mt in FY15, which is being

compensated by higher production of ore at other mines. Underground mining is

being carried out through two access/declines. The sinking of main shaft has

reached nearly 600m. The ultimate depth of the main hoisting shaft is 950 meters

and is expected to be reached by end-2016. It will take another 12-16 months to

complete the underground conveyor system. The main hoisting shaft is 7.5 meters

in diameter and will be used to access the ore body at the ultimate depth of

1,200meters. Once the shaft is commissioned, the production (through declines

16 March 2015

Hindustan Zinc

currently) will switch to underground crusher/conveyor and lifted though main

hoisting shafts. In addition to the main hoisting shaft, there are two ventilation

shafts. North side ventilation shaft has been completed. South side ventilation shaft

is under progress. The mine’s capacity will rise to 3.75mtpa once the shaft is

commissioned. The overall progress on sinking of shaft is slower-than-expected due

to hitting of water pockets while drilling. Although there is no risk to the project, the

plural isolation of water pockets has slowed down the sinking of shaft.

Exhibit 5: Rampura Agucha mine

Source: HZL

Sindesar Khurd mine visit on Mar 13

SKM shaft sinking too will

be completed by end-2018

SKM has reached a capacity of 2mtpa and is expected to increase to 3mtpa by end-

FY16. The ore production was at 170-180kt in February and is expected to increase

to 220kt in March 2015. Currently, the ore is produced through two declines. Shaft

sinking is progressing well. Unlike RAM-UG, there are no difficulties in SKM. The

shaft has already reached the depth of 1,000 meters, total depth being 1,050

meters. The shaft is likely to be commissioned by January 2019. Meanwhile,

production will continue through the two declines. We visited the mines at working

depth in ore body. The ore production is expected to be 2mt, 2.5mt, 3mt and 3.5mt

in FY15, FY16, FY17 and FY18 respectively. Once the shaft is commissioned, ore

production will reach 3.75mt in FY20. SKM has the potential to increase capacity to

4.5mtpa.

Silver content in SKM ore, currently at 100ppm, is expected to increase to 126ppm

as the ore is richer at the deeper end. This will drive silver production.

16 March 2015

Hindustan Zinc

Exhibit 6: Sindesar Khurd mine

Source: HZL

Growth plan

HZ is under a major expansion drive, with the aim to increase ore production to

15mtpa from the current 10mtpa and mined metal production to 1.2mtpa from

current 0.9mtpa. Total capex spend for the project is estimated at USD1.5b, of

which USD0.5b is already spent.

With the completion of current expansion plan, it would transition to complete

underground mining by FY20-21. Rampura-Agucha mine will be completely

transitioned to underground mining with a capacity of 3.75mt, from the current

opencast mining capacity of 6.15mt. Other major expansion plans are at (a) Zawar,

by 3.8mt to the current capacity of 1.2mt and (b) SKM by 1.75mt to the current

capacity of 2mt.

16 March 2015

Hindustan Zinc

Exhibit 7: HZ’s ore production expansion plan

Current capacity

Expansion

15.2

3.8

10.8

4.5

6.2

10.6

Current

ore

capacity

1.2

0.3

Rajpura

0.5

Bamnia

1.0

5.0

3.8

1.2

Zawar

1.8 3.8

0.7

2.0

0.4

Kayad Sindesar RAM UG

Ore

RAM OC

capacity (to close)

Source: MOSL, Company

With the expansion, HZ’s ore production portfolio will see a well-diversified mine

production base. RAM mines’ share of total ore production will reduce from ~60-

70% to ~25%.

Exhibit 8: HZ’s ore production split by mines percentage

RAM OC

16%

18%

Ram. Dariba

11%

19%

Zawar

Kayad

12%

19%

RAM UC

13%

23%

33%

74%

71%

62%

61%

52%

25%

FY12

FY13

FY14

FY15E

FY16E

FY20-21E

Bamnia

25%

Source: MOSL, Company

Exhibit 9: HZ’s mined production trend FY12-20E/21E - kt

Source: MOSL, Company

Description of business

SSLT’s Zinc India business is owned and operated by HZ. It is a 64.9% held subsidiary

of the company. The operations include five zinc-lead mines in Rajasthan, three

smelting complexes and two processing centers. It is an integrated structure with

practically all concentrate requirements supplied through its captive mines.

16 March 2015

Hindustan Zinc

Exhibit 10: HZ’s mining and smelting assets

Source: HZL

Of the company’s operating mines, Rampura-Agucha is the largest, contributing

~80% of its ore output and the only open cast mine. It has the highest grade of ore

among all of its mines, with a zinc grade of ~14%.

Exhibit 11: HZ’s operating ore mines

Zinc-lead mines

Rampura Agucha

Rajpura Dariba

Sindesar Khurd

Zawar

Kayad

Ore

Capacity

(mt)

6.2

0.9

2.0

1.2

0.4

Mine

prod.

(FY14)

5.8

0.6

1.7

1.0

0.1

Proved/Prob

reserve

(mt)

57.5

10.0

20.4

9.9

6.2

Reserve Metal Grade

Metal recovery

life

Zinc Lead

Zinc

Lead

(yrs)

(%)

13.7

1.8

90.7

59.0

6.4

1.6

82.8

67.7

4.6

2.6

87.8

85.5

3.8

1.9

90.8

90.2

10.4

1.5

Source: MOSL, Company

All of HZ’s smelting operations are located in Rajasthan. It has a mix of

hydrometallurgical and pyro-metallurgical process plants. Coal and metcoke are the

two other major raw materials required for zinc smelting. It has 1.2mt linkage coal

available from Coal India’s SECL subsidiary, but the supply is limited. Remaining coal

is sourced through imports. In FY14, it consumed 1.7mt coal (~6,000 Kcal) for power

generation. Metcoke is also sourced from external sources. It consumed 126kt of

metcoke/coke breeze.

16 March 2015

Hindustan Zinc

Exhibit 12: HZ’s smelting and processing facilities

Zinc

(ktpa)

525

210

823

Lead

(ktpa)

100

185

Silver

(tpa)

518

Sulphuric Acid Captive Power

(ktpa)

828

249

419

710

160

1957

510

Source: MOSL, Company

Chanderiya

Debari

Zawar

Dariba

Pantnagar

Total

LME zinc and lead prices have been in a downward trend since FY11. Mix of spot

premiums in its total realization (zinc + lead) have been on a consistent rise since

FY10. From USD144/t premium over LME in FY10, it increased to USD251/t in FY14.

With China increasing the exports of zinc refined products, premiums have come

under some pressure lately.

Exhibit 13: HZ’s blended zinc + lead realization premium to LME

LME realization (zinc+lead)

2,353

2,109

144

2,209

1,965

2,115

145

2,287

173

2,138

166

1,972

Premium over LME

2,185

251

1,934

FY14

FY10

FY11

FY12

FY13

Source: MOSL, Company

HZ’s pure zinc and lead cost of production (including royalty, admin and other costs,

but excluding by-product credit) was broadly unchanged over FY11-14, infact has

seen a slight moderation. This was helped primarily by INR depreciation, as a large

part of costs is in local currency. EBITDA/t (for zinc and lead alone) has declined over

FY11-14, driven primarily by lower LME and offset partly by higher spot premiums.

Exhibit 14: HZ’s zinc & lead CoP (USD/t) and EBITDA per ton performance

CoP (incl. admin/others)

2,353

2,109

1,1241,229

EBITDA (zinc+lead)

2,287

Blen. realization (zinc+lead)

2,138

2,185

949

1,160

1,1861,102

1,155

984

1,1421,043

FY10

FY11

FY12

FY13

FY14

Source: 20-F

While INR depreciation has been the key driver of lower CoP (INR depreciated by

33%), higher captive power sourcing also aided the cost decline. With coal costs

already at multi-year lows and benefit from further captive power generation

limited, if the currency does not help, production cost would see an increase, in our

16 March 2015

Hindustan Zinc

view. The recent diesel price decline (as crude oil slipped) has however provided

some relief.

Exhibit 15: Trends in key components of CoP (USD/t)

Source: MOSL, Company

Exhibit 16: HZ’s optimization in external power purchase cost

External power sourcing % of total req.

20%

15%

10%

FY10

FY11

FY12

FY13

FY14

13%

15%

2.4 x

2.0 x

1.6 x

1.5 x

1.7 x

3rd party power costs to CPP - rhs

3.0 x

2.5 x

2.0 x

1.5 x

1.0 x

0.5 x

0.0 x

Source: MOSL, Company

Exhibit 17: HZ’s target price derivation

Y/E March

EBITDA

Multiple (x)

Net Debt

Equity Value

Target Price

2014

69,654

6.5

452,752

-255,378

708,130

168

2015E

77,591

6.5

504,340

-324,138

828,478

196

2016E

2017E

79,375

79,664

6.5

515,940

517,814

-378,943

-436,685

894,883

954,499

212

226

Source: MOSL, Company

Exhibit 18: Metals sector valuation

Rating

Steel

Tata Steel

SAIL

JSW Steel

JSPL

NMDC

Non-Ferrous

Hindalco

SSLT

Hindustan Zinc

Nalco

Buy

Sell

Buy

Neutral

Buy

Price MCAP

EPS

(INR) (USD M) FY14E FY15E FY16E

327

942

186

131

132

196

169

5,052

4,477

3,626

2,715

8,291

4,331

9,236

11,346

1,937

35.5

4.6

38.6

20.9

16.1

12.5

17.2

16.3

2.6

19.7

5.3

95.5

9.5

17.2

12.2

19.9

20.3

5.5

44.4

2.3

81.6

3.8

14.9

13.0

16.7

18.5

6.5

P/E (x)

FY15E FY16E

16.6

12.7

9.9

19.6

7.6

10.8

9.8

8.3

8.7

7.4

30.1

11.5

48.6

8.8

10.1

11.7

9.1

7.3

EV/EBITDA (x)

FY15E FY16E

7.3

9.5

6.4

9.4

3.9

8.1

6.1

5.0

2.9

6.4

10.2

6.6

9.8

4.7

6.8

6.2

4.2

1.9

P/B(x)

FY14 FY15E

1.3

0.6

1.0

0.8

1.7

1.3

0.8

1.6

1.0

0.6

1.0

0.8

1.6

1.3

0.8

1.4

0.9

Source:

16 March 2015

Hindustan Zinc

Financials and valuations

Income Statement

Y/E March

Net Sales

Change (%)

Total Expenses

EBITDA

% of Net Sales

Depn. & Amortization

EBIT

Net Interest

Other Income

PBT before EO

EO Income

PBT after EO

Current tax

Deffered tax

Tax

Rate (%)

Reported PAT

Adjusted PAT

Change (%)

2010

80,170

41.1

33,469

46,701

58.3

3,343

43,358

439

7,222

50,141

8,309

1,418

9,727

19.4

40,414

48.2

2011

99,121

23.6

44,165

54,956

55.4

4,747

50,209

194

9,792

59,807

-212

59,596

8,255

2,336

10,591

49,005

49,179

21.7

2012

114,053

15.1

53,359

60,695

53.2

6,107

54,588

140

15,428

69,877

-431

69,445

12,547

1,638

14,185

55,260

55,604

13.1

2013

126,998

11.4

62,182

64,816

51.0

6,470

58,346

291

20,322

78,377

-175

78,201

7,551

1,656

9,206

68,995

69,149

24.4

2014

136,360

7.4

66,706

69,654

51.1

7,846

61,808

492

18,198

79,514

183

79,697

9,129

1,522

10,651

69,046

68,887

-0.4

2015E

150,212

10.2

72,621

77,591

51.7

7,266

70,325

105

28,058

98,277

10,603

1,767

12,370

12.6

85,908

24.7

2016E

155,427

3.5

76,052

79,375

51.1

7,703

71,672

25,420

97,061

16,276

2,713

18,989

19.6

78,072

-9.1

(INR Million)

2017E

159,136

2.4

79,472

79,664

50.1

8,118

71,546

28,443

99,957

16,761

2,793

19,554

19.6

80,403

3.0

Balance Sheet

Y/E March

Share Capital

Reserves

Net Worth

Total Loans

Deferred Tax Liability

Capital Employed

Gross Block

Less: Accum. Deprn.

Net Fixed Assets

Capital WIP

Curr. Assets

Inventory

Account Receivables

Cash and Bank Balance

Others

Curr. Liability & Prov.

Account Payables

Provisions & Others

Net Current Assets

Appl. of Funds

E: MOSL Estimates

2010

4,225

177,014

181,240

605

7,112

188,957

82,407

20,766

61,641

11,130

129,444

4,517

1,518

118,767

4,642

13,258

4,777

8,481

116,186

188,957

2011

8,451

216,881

225,332

9,447

234,783

98,023

25,481

72,542

8,752

169,235

7,624

2,089

149,675

9,848

15,747

4,748

10,998

153,488

234,783

2012

8,451

260,362

268,813

11,088

279,905

116,579

31,451

85,128

4,450

204,652

7,979

3,325

179,502

13,847

14,326

4,103

10,223

190,327

279,905

2013

8,451

314,307

322,757

12,799

335,560

122,648

37,811

84,837

10,819

258,998

11,111

4,029

214,820

29,039

19,094

4,842

14,252

239,904

335,560

2014

8,451

365,726

374,176

16,581

390,757

135,841

44,369

91,473

15,409

309,885

11,982

3,995

255,378

38,529

26,010

5,103

20,906

283,875

390,757

2015E

8,451

441,516

449,967

18,348

468,315

151,841

51,635

100,206

15,409

378,739

12,053

4,019

324,138

38,529

26,040

5,133

20,906

352,699

468,315

2016E

8,451

502,286

510,736

21,061

531,797

167,841

59,338

108,503

15,409

434,102

12,472

4,158

378,943

38,529

26,218

5,312

20,906

407,884

531,797

(INR Million)

2017E

8,451

565,386

573,837

23,854

597,691

183,841

67,455

116,386

15,409

492,241

12,769

4,257

436,685

38,529

26,345

5,438

20,906

465,896

597,691

16 March 2015

Hindustan Zinc

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/Sales

EV/EBITDA

Dividend Yield (%)

Return Ratios (%)

EBITDA Margins (%)

Net Profit Margins (%)

RoE

Working Capital Ratios

Fixed Asset Turnover (x)

Asset Turnover (x)

Debtor (Days)

Inventory (Days)

Wkg. Capital Turnover (Days)

Payable (Days)

Leverage Ratio (x)

Current Ratio

Interest Cover Ratio

2010

9.6

10.4

42.9

0.6

7.3

2011

11.6

12.7

53.3

1.0

10.0

2012

13.2

14.5

63.6

2.4

21.5

12.8

11.6

2.6

4.7

8.8

1.4

58.3

50.4

24.9

1.0

0.4

6.9

20.6

-11.7

52.1

9.8

98.7

55.4

49.6

24.2

1.0

0.4

7.7

28.1

14.0

39.2

10.7

258.8

53.2

48.8

22.5

1.0

0.4

10.6

25.5

34.6

28.1

14.3

391.3

2013

16.4

17.9

76.4

3.1

22.2

10.3

9.4

2.2

3.9

7.7

1.8

51.0

54.4

23.4

1.0

0.4

11.6

31.9

72.1

28.4

13.6

200.5

2014

16.3

18.2

88.6

3.5

24.5

10.3

9.2

1.9

3.3

6.5

2.1

51.1

50.5

19.8

1.0

0.3

10.7

32.1

20.9

27.9

11.9

125.6

2015E

20.3

22.1

106.5

1.9

11.0

8.3

7.6

1.6

2.6

5.0

1.1

51.7

57.2

20.8

1.0

0.3

9.8

29.3

19.0

25.8

14.5

670

2016E

18.5

20.3

120.9

3.5

22.2

9.1

8.3

1.4

2.1

4.2

2.1

51.1

50.2

16.3

0.9

0.3

9.8

29.3

18.6

25.5

16.6

2,268

2017E

19.0

21.0

135.8

3.5

21.5

8.8

8.0

1.2

1.7

3.4

2.1

50.1

50.5

14.8

0.9

0.3

9.8

29.3

18.4

25.0

18.7

2,264

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

CF from Inv. Activity

Debt Raised/(Repaid)

Dividend (incl. tax)

Other Finan. Activities

CF from Fin. Activity

(Inc)/Dec in Cash

Add: opening Balance

Closing Balance

E: MOSL Estimates

2010

50,141

3,343

3,219

-8,309

229

48,623

-23,897

518

-2,956

-2,439

22,287

96,480

118,767

2011

59,596

4,747

-6,394

-8,255

-776

48,918

-13,239

-601

-4,911

741

-4,771

30,908

118,767

149,675

2012

69,445

6,107

-7,012

-12,547

-643

55,350

-14,253

-11,865

594

-11,271

29,827

149,675

179,502

2013

78,201

6,470

-14,259

-7,551

219

63,081

-12,438

2014

79,697

7,846

-3,413

-9,129

648

75,649

-17,784

-4

-17,303

-17,307

40,558

214,820

255,378

2015E

98,277

7,266

-64

-10,603

94,877

-16,000

2016E

97,061

7,703

-380

-16,276

88,108

-16,000

(INR Million)

2017E

99,957

8,118

-270

-16,761

91,044

-16,000

-15,325

35,318

179,502

214,820

-9,393

69,484

255,378

324,862

-17,303

54,806

324,138

378,943

-17,303

57,741

378,943

436,685

16 March 2015

Hindustan Zinc

Corporate profile

Company description

Hindustan Zinc (Bloomberg: HZ) is a fully integrated

zinc producer, with one of the best mining assets in

the world. It has steadily increased its reserves and

production through regular investment in

exploration activities and addition of smelting

capacity. HZ's captive mines of zinc and lead ore

are located in the state of Rajasthan, with total

R&R of 365.1mt as at March 2014, containing

~35.2mt zinc-lead metal & 28,804tonne silver. Its

captive mines and thermal power plants give the

company significant cost advantage, making it one

of the lowest cost producers of zinc in the world.

SSLT has 64.9% stake in HZ, while 29.5% is owned

by the Government of India.

Exhibit 19: Sensex rebased

Exhibit 20: Shareholding pattern (%)

Dec-14

Promoter

DII

FII

Others

64.9

31.0

2.3

1.8

Sep-14

64.9

31.0

2.2

1.9

Dec-13

64.9

31.4

2.0

1.7

Exhibit 21: Top holders

Holder Name

The President of India

Holding

29.5

Note: FII Includes depository receipts

Exhibit 22: Top management

Name

Agnivesh Agarwal

M S Mehta

Akhilesh Joshi

R K Malhotra

Amitabh Gupta

R Pandwal

CEO

CEO & WTD

Director

CFO

Designation

Chairman

Exhibit 23: Directors

Name

Agnivesh Agarwal

M S Mehta

Akhilesh Joshi

R K Malhotra

Navin Agarwal

Name

A.R.Narayanaswamy*

Rajib Sekhar Sahoo*

Shaukat Ara Tirmizi*

Durga Shanker Mishra*

Sujata Prasad*

*Independent

Exhibit 24: Auditors

Name

Deloitte Haskins & Sells LLP

Type

Statutory

Exhibit 25: MOSL forecast v/s consensus

EPS (INR)

FY15

FY16

FY17

MOSL forecast

20.3

18.5

19.0

Consensus

forecast

19.0

19.6

20.8

Variation (%)

6.7

-5.7

-8.6

16 March 2015

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