9 August 2016
1QFY17 Results Update | Sector: Textiles
SRF Ltd
Buy
BSE SENSEX
28,085
S&P CNX
8,678
CMP: INR1,580
TP: INR1,815 (+15%)
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In-line results; capex in chemicals boosts confidence
EBITDA in line but PAT exceeds estimates:
SRF’s consolidated revenues were
flat YoY at INR12.2b (est. of INR13.2b). Chemicals business (CB) continued its
slow growth trajectory of 11.5% YoY, while Technical Textiles (TTB) and
Packaging (PB) declined 5.6% and 5.2%, respectively, due to lower realizations.
EBITDA margins expanded to 23.3% in 1QFY17 from 21.8% in 1QFY16, driven
by margin expansion across the chemicals and technical textile businesses.
Accordingly, adj. PAT grew robustly by 24% YoY to INR1,395m (est. of
INR1,317m) in 1QFY17.
Pain in specialty chemicals to continue, focusing on pharma:
Specialty
chemicals is expected to have delivered similar growth in the range of 11-12%
as the global agri-chem environment continues to remain weak due to high
channel inventory. We expect the pain in this business to continue over the
next few quarters, but are not perturbed as it is a temporary phase. Also, the
company continues to invest in capability building and has increased focus on
pharma (share has increased to 25% v/s 19% for the specialty chemicals
business).
Confident of long-term growth in chemicals, announces capex of INR3,450m:
SRF announced capex of INR3,450m toward a multipurpose plant for specialty
chemicals (INR1.8b) and chloromethanes plant (INR1.65b). Both plants are
expected to come up by December 2017. SRF has also announced total capex
of INR35b over the next four years, 70% of which will go toward chemicals.
Valuation and view:
SRF has exhibited superior performance across all
segments, except specialty chemicals, which is going through a transitory
phase. Due to its focus on value-added packaging films, PB has exhibited strong
margins of 15.4% in 1QFY17, while most of the industry players have witnessed
a sharp decline in margins. TTB continues to remain steady, posting strong
margin improvement of 14.5% in 1QFY17. We maintain our estimates and
expect it to post 10.2% revenue CAGR (to INR55.9b) and 20.7% adj. PAT CAGR
over FY16-18E. We value the stock on an SOTP basis, and maintain our
Buy
rating with a TP of INR1,815 (implied P/E of 17x FY18E EPS).
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, (INR m)
Free float (%)
SRF IN
57.4
90.7/ 1.4
1,688/1,019
17/19/12
226
47.6
Financials & Valuations (INR b)
Y/E Mar
Sales
EBITDA
NP
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2016
46.0
9.6
4.2
73.7
39.7
456.8
17.0
19.4
21.5
3.5
2017E
48.6
11.1
5.2
90.2
22.5
531.2
17.9
21.3
17.5
3.0
2018E
55.9
12.7
6.2
107.4
19.0
619.2
18.3
22.9
14.7
2.6
Estimate change
TP change
Rating change
Chintan Modi
(Chintan.Modi@MotilalOswal.com); +91 22 3982 5422
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 39825000
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

SRF Ltd
EBITDA inline, PAT beats estimates
SRF’s consolidated revenue was flat YoY to INR12.2b (est: INR13.2b). Chemical
business (CB) continued to remain on slow growth trajectory of 11.5% while
Technical Textiles (TTB) and Packaging (PB) registered de-growth of 5.6% and
5.2% respectively due to lower realizations.
The EBITDA margins expanded to 23.3% in 1QFY17 compared to 21.8% in
1QFY16 driven by margin expansion across chemical business and technical
textile business.
Interest expense was lower on account of renegotiation of interest rates (30-
40bp improvement for full year) and capitalization of interest cost of BOPET
plant
Accordingly, Adj. PAT grew robustly by 24% to INR1,395m (est. INR1,317m) in
1QFY17 on YoY basis.
Exhibit 1: Revenue trend
Revenues (INR m)
11,895
11,132
10,814
12,214
11,646
5.7%
-2.1%
-1.4%
10,974
11,150
3.1%
-0.2%
Growth %
12,192
11,559
Source: Company, MOSL
Exhibit 2: EBITDA margins expanded 150bp YoY to 23.3%
EBITDA (INR m)
22%
16%
17%
17%
15%
21%
Margins (%)
21%
20%
23%
Exhibit 3: PAT trend
PAT (INR m)
Margins (%)
1,395
11%
927
8%
1,124 1,080 1,056 1,042
822
7%
769
7%
578
5%
9%
9%
10%
9%
1,815 1,992 1,876 1,587 2,667 2,480 2,337 2,232 2,841
Source: Company, MOSL
Source: Company, MOSL
9 August 2016
2

SRF Ltd
Exhibit 4: Revenue mix
Technical Textile
26%
28%
46%
30%
27%
43%
27%
27%
45%
26%
29%
44%
Chemicals
29%
31%
40%
29%
31%
39%
Packaging
29%
34%
36%
26%
39%
36%
27%
35%
38%
10%
58%
Exhibit 5: PBIT mix
Technical Textile
14%
49%
15%
54%
5%
54%
45%
41%
27%
47%
25%
62%
12%
54%
25%
47%
28%
Chemicals
29%
27%
Packaging
25%
21%
25%
32%
37%
31%
Source: Company, MOSL
Source: Company, MOSL
Pain in specialty chemicals to continue, focusing on pharma
The specialty chemicals is expected to have delivered similar growth in the
range of 11-12% as the global agri-chem environment continues to remain weak
due to high channel inventory and the pain will continue for next couple of
quarters.
Client companies like BASF and Bayer have reduced their guidance by 10%.
However, we are not perturbed by it as it is a temporary phase and company
continues to invest in capability building and focus on pharma. The share of
pharma has increased to 25% vs 19% YoY in the specialty chemical business.
Volume growth in Refrigerants gas business in 1QFY17 was higher due to
extended summer, the management expects to achieve 100% utilization by FY18
at a capacity of 12500tn in HFC-134a. Additionally, extension of anti-dumping on
import of HFC-134a in India will continue to protect and aid growth for SRF as it
is the only producer in India.
SRF is setting up Electrochemical research facility at a cost of INR68m which will
be new technology to extract fluorine from Hydro Fluoric Acid.
Exhibit 7: PBIT trend
Growth
4,320 4,214
36.4%
24%
27%
24%
19%
11.4%
768
857
746
611
945
854
1,051 1,040 1,116
25%
23%
PBIT (INR m)
Margins (%)
28%
Exhibit 6: Revenue trend
Revenues (INR m)
3,205 3,196 3,066 3,167
3,782 3,640 3,790
23.6%
13.9%
24%
26%
18.0%
Source: Company, MOSL
Source: Company, MOSL
Confident of long term growth in chemicals, announces capex of INR3,450m
SRF announced capex of INR3,450m towards Multipurpose plant for specialty
chemicals (INR1.8b) and Chloromethanes plant (INR1.65b). Both plants are
expected to come up by Dec 2017. SRF has also announced total capex of
INR35b over next four years, of which 70% will go towards chemicals.
9 August 2016
3

SRF Ltd
The company will spend INR1650m for doubling the capacity from 40000tnpa to
80000tnpa in Chloromethanes. Chloromenthanes is used in manufacturing of
MDC, Chloroform and CTC. India is short of MDC and net importer to the extent
of 150,000tn where SRF intends to supply 22000-24000tn. SRF capitvely requires
18000tn of chloroform and CTC is also required internal use in agri-chem
business.
SRF plans total investment of INR35b over next 4 years. Of the total investment,
70% will be in chemicals business. For the current year, management has guided
for INR8-9b of capex (INR2.5b spent in 1Q) which also includes capex for
packaging business. Capex will be spread out over next 4 years and will incur as
and when cash flow comes in and may also raise debt if required
Packaging business continues to deliver high margins
In 1QFY17, the packaging film business registered revenue de-growth of 5.2%
YoY to INR3,343m. The PBIT margins were at 17.8% expanding from 17.1% YoY.
However, it included one time exceptional income of INR80m which if excluded
the margins were 15.4%.
However, the management believes that margins are expected to come under
pressure going ahead but will work on improving the cost efficiencies.
The management informed that all plants are stable and operating at optimal
capacity. The management continues to focus on enchancing product mix to
increase value added products. South Africa packaging plant is facing weak
demand and is expected to normalize going ahead.
Exhibit 9: PBIT trend
Growth
3,343
238
5.7%
0.9%
135
4%
7%
PBIT (INR m)
604
17%
204
7%
59
2%
490
14%
431 14%
13%
406
Margins (%)
596
18%
Exhibit 8: Revenue trend
Revenues (INR m)
3,012
3,538
3,062 2,848
3,527 3,431
3,238
17.1%
-3.0%
2,873
-5.2%
Source: Company, MOSL
Source: Company, MOSL
Technical textiles
In 1QFY17, the technical textile business registered revenue de-growth of 5.6%
YoY to INR4,647m due to drop in realizations. The PBIT margins were at 14.5%
showing an increase of 300bps on YoY basis.
Pre monsoon demand for NTCF in 1QFY17 was on higher side while coated and
laminated fabrics market share improved which has delivered better
performance.
9 August 2016
4

SRF Ltd
Exhibit 10: Revenue trend
5,365 5,184
5,025 4,821 4,924
4,596
-8.2%
Revenues (INR m)
Growth
4,647
3,962 3,973
-5.6%
648
422
12%
-17.6%
-21.2%
8%
8%
10%
424
463
Exhibit 11: PBIT trend
PBIT (INR m)
566
460
11%
10%
212
5%
Margins (%)
673
493
12%
14%
-11.3%
Source: Company, MOSL
Source: Company, MOSL
Valuation and view
We believe SRF will be the preferred choice for global agrochemicals and
pharmaceutical players for fluorine-based molecule requirements on the back of
SRF’s strong R&D capabilities and ability to provide support across value chain—
from access to critical starting materials, in-house process research and
development, lab synthesis and pilot production to setting up dedicated plants
for commercial production.
The high-margin Chemicals business is expected to post high revenue CAGR of
22% over FY16-18E, leading to an increase in revenue contribution from 34% in
FY16 to 41% in FY18.
SRF continues to exhibit superior performance across all segments except
specialty chemicals which is going through transitory phase. Due to focus on
value added films, PB has exhibited strong margins at 15.4% in 1QFY17 while
most of the players in industry have witnessed sharp decline in margins. TTB
continues to remain steady and has posted strong margin improvement at
14.5% in 1QFY17.
We maintain our estimates and expect it to post 10.2% revenue CAGR (to
INR55.9b) while adj. PAT to register 20.7% CAGR over FY16-18E. We value the
stock on SOTP basis and maintain
Buy
with a target price of INR1,815 (implied
P/E of 17x FY18E EPS).
SOTP valuation
Business Segment
Chemicals
Technical Textile
Packaging
Total
EPS FY18E
69.4
22.2
15.8
107.3
P/E Multiple FY18E
22x
8x
7x
16x
Value (INR)
1,527
177
111
1,815
9 August 2016
5

SRF Ltd
Exhibit 12: Price to earnings (One year forward)
20
P/E (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
Exhibit 13: Price to book (One year forward)
4.6
15.5
P/B (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
14
9.0
7
6.3
0
6.8
3.1
2.6
1.6
1.1
1.1
0.1
1.3
Source: Company, MOSL
Source: Company, MOSL
9 August 2016
6

SRF Ltd
Story in charts
Exhibit 14: Share of chemicals in revenues increasing
Technical Textiles
16
30
16
27
22
24
Chemicals
27
28
28
34
Packaging Films
26
38
27
41
18
21
32
9
20
FY12
35
14
24
7
20
FY13
Exhibit 15: Contribution of speciality chemicals within
chemicals on uptrend
Specialty chemicals
HFC-134a
Chloromethanes
Dymel
Other commodity chemcials
Engineering plastics
44
11
20
7
18
FY14
53
56
54
45
FY15
38
FY16E
35
FY17E
32
FY18E
45
1
12
19
8
15
FY15
45
3
18
17
6
11
FY16
44
3
21
16
6
10
FY17E
45
3
22
14
6
10
FY18E
FY12
FY13
FY14
Source: MOSL, Company
Source: MOSL, Company
Exhibit 16: PAT to post a CAGR of 21% over FY16-18
PAT
9.5
6.7
4.0
6.7
Margin %
10.8
9.2
11.0
Exhibit 17: Debt to equity to reduce to 0.5
Debt
1.1
0.9
0.7
0.9
Debt to equity
0.8
0.6
0.5
12,284
3,788
FY12
2,530
FY13
1,625
FY14
3,028
FY15
4,229
FY16E
5,228
FY17E
6,165
FY18E
FY12
21,753 20,244 21,012
19,512 19,012
17,040
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: MOSL, Company
Source: MOSL, Company
Exhibit 18: RoCE to improve to 23%
RoE %
31
19
17
21
18
23
RoCE %
Exhibit 19: Strong free cash flow generating
FCF
4,167
2,585
1,021
579
1,956
17
21
13
8
FY12
FY13
FY14
9
16
14
18
-2,517
-4,430
FY15
FY16E
FY17E
FY18E
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: MOSL, Company
Source: MOSL, Company
9 August 2016
7

SRF Ltd
Exhibit 20: Key assumptions (INR m)
FY12
Revenues (INR m)
Technical Textile
Chemicals
Packaging
Revenue growth %
Technical Textile
Chemicals
Packaging
PBIT (INR m)
Technical Textile
Chemicals
Packaging
PBIT margins (%)
Technical Textile
Chemicals
Packaging
FY13
FY14
FY15
FY16
FY17E
FY18E
40,010
21,375
12,034
6,601
15.0
14.8
61.2
-24.2
7,339
1,145
5,941
252
18.3
5.4
49.4
3.8
37,829
21,283
10,348
6,199
-5.5
-0.4
-14.0
-6.1
4,760
1,234
3,465
60
12.6
5.8
33.5
1.0
40,181
21,802
9,561
8,817
6.2
2.4
-7.6
42.2
3,494
1,631
1,913
-50
8.7
7.5
20.0
-0.6
45,398
20,319
12,634
12,445
13.0
-6.8
32.1
41.1
5,576
1,957
2,983
636
12.3
9.6
23.6
5.1
46,001
17,429
15,524
13,048
1.3
-14.2
22.9
4.8
7,545
1,728
3,888
1,930
16.4
9.9
25.0
14.8
48,617
17,172
18,596
12,849
5.7
-1.5
19.8
-1.5
8,682
2,112
4,835
1,735
17.9
12.3
26.0
13.5
55,896
17,751
23,165
14,980
15.0
3.4
24.6
16.6
9,881
2,095
6,139
1,648
17.7
11.8
26.5
11.0
Source: Company, MOSL
9 August 2016
8

SRF Ltd
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY12
40,010
15.2
8,314
20.8
1,837
6,478
1,172
312
5,617
0
5,617
1,687
142
32.6
3,788
3,788
-21.8
9.5
FY13
37,830
-5.4
6,143
16.2
2,089
4,054
998
420
3,476
0
3,476
564
383
27.2
2,530
2,530
-33.2
6.7
FY14
40,181
6.2
5,053
12.6
2,248
2,806
961
235
2,080
0
2,080
208
247
21.9
1,625
1,625
-35.8
4.0
FY15
45,398
13.0
7,175
15.8
2,450
4,724
1,376
646
3,994
0
3,994
314
652
24.2
3,028
3,028
86.4
6.7
FY16
46,001
1.3
9,610
20.9
2,892
6,718
1,283
273
5,708
0
5,708
1,478
0
25.9
4,229
4,229
39.7
9.2
FY17E
48,617
5.7
11,133
22.9
3,140
7,994
1,155
259
7,098
63
7,161
1,933
0
27.0
5,228
5,182
22.5
10.7
(INR Million)
FY18E
55,896
15.0
12,744
22.8
3,409
9,335
1,098
207
8,445
0
8,445
2,280
0
27.0
6,165
6,165
19.0
11.0
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Deferred Tax assets
Appl. of Funds
E: MOSL Estimates
FY12
584
17,931
18,515
2,269
12,284
33,069
41,463
20,713
20,750
30
4,175
1,405
13,321
4,877
4,837
1,401
2,206
6,753
5,319
1,181
253
6,568
142
33,068
FY13
584
19,105
19,689
2,648
17,040
39,377
47,566
24,197
23,369
30
5,654
1,512
15,181
5,632
5,087
1,910
2,552
6,513
5,408
832
273
8,668
145
39,377
FY14
584
20,082
20,667
3,250
21,753
45,670
61,072
25,657
35,415
93
1,121
366
17,693
7,464
6,915
825
2,489
9,516
8,265
908
343
8,177
498
45,670
FY15
584
22,379
22,963
4,094
20,244
47,301
66,773
27,585
39,188
35
1,041
943
17,624
7,635
6,107
1,073
2,810
12,238
6,350
5,606
283
5,386
708
47,301
FY16
584
26,110
26,695
4,777
21,012
52,483
72,754
30,476
42,278
35
0
1,619
20,765
7,050
5,145
3,892
4,678
12,993
7,542
5,173
278
7,772
779
52,483
FY17E
584
30,456
31,041
4,777
19,512
55,329
78,754
33,616
45,138
35
0
1,619
21,336
7,505
5,946
2,941
4,944
13,641
7,179
5,173
1,289
7,695
779
55,329
(INR Million)
FY18E
584
35,604
36,189
4,777
19,012
59,977
85,754
37,025
48,729
35
0
1,619
23,803
8,752
6,836
2,282
5,933
15,051
8,372
5,173
1,506
8,752
779
59,977
9 August 2016
9

SRF Ltd
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 (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Cap. Turnover (Days)
Leverage Ratio (x)
Debt/Equity
FY12
64.8
96.3
316.8
13.9
24.9
FY13
44.1
79.0
336.9
10.0
26.4
FY14
28.3
66.3
353.6
10.0
41.3
FY15
52.7
93.7
392.9
10.0
22.5
30.0
16.9
4.0
2.4
15.3
0.6
9.9
21.3
31.3
34.8
1.2
77
41
84
47
0.7
FY12
5,617
2,404
1,150
-1,658
-64
7,450
-802
6,648
-5,627
1,021
-243
256
-5,614
-900
2,336
-1,028
-940
-536
498
902
1,401
13.2
16.9
20.2
1.0
95
46
92
65
0.9
FY13
3,476
2,089
972
-632
-1,445
4,459
-232
4,227
-6,744
-2,517
-63
92
-6,716
0
4,547
-889
-660
2,998
509
1,401
1,910
8.1
9.4
10.1
0.9
114
58
126
67
1.1
FY14
2,080
2,248
908
-413
-1,199
3,623
-156
3,467
-7,897
-4,430
1,156
144
-6,597
0
3,911
-1,198
-668
2,045
-1,085
1,910
825
13.9
15.6
15.2
1.0
110
46
91
35
0.9
FY15
3,994
2,450
1,346
-850
-1,011
5,931
-507
5,423
-4,845
579
-632
482
-4,994
0
1,889
-1,392
-678
-181
248
825
1,073
FY16
73.7
121.8
456.8
10.0
15.7
21.5
13.0
3.5
2.3
11.2
0.6
71.3
17.0
19.4
19.3
0.9
110
38
118
31
0.8
FY16
5,708
2,892
1,283
-1,478
703
9,107
0
9,107
-4,940
4,167
0
-676
-5,616
0
768
-1,283
-664
-672
2,819
1,073
3,892
FY17E
90.2
142.4
531.2
13.2
16.9
17.5
11.1
3.0
2.2
9.6
0.8
44.2
17.9
21.3
21.4
0.9
115
42
110
36
0.6
FY17E
7,098
3,140
1,155
-1,933
-874
8,585
0
8,585
-6,000
2,585
0
0
-6,000
0
-1,500
-1,155
-881
-3,536
-951
3,892
2,941
FY18E
107.4
163.8
619.2
15.3
16.5
14.7
9.6
2.6
1.9
8.4
1.0
33.5
18.3
22.9
22.7
0.9
115
42
110
42
0.5
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
E: MOSL Estimates
9 August 2016
(INR Million)
FY18E
8,445
3,409
1,098
-2,280
-1,716
8,956
0
8,956
-7,000
1,956
0
0
-7,000
0
-500
-1,098
-1,017
-2,615
-659
2,941
2,282
10

SRF Ltd
Corporate profile
Company description
SRF is a multi-business entity involved in Technical
Textiles (TTB; 45% of FY15 revenue), Chemicals (CB;
28%), and Packaging (PB; 27%). In terms of PBIT,
TTB contributed 35%, CB 53%, and PB 11%. In the
past few years, SRF has invested heavily (~INR18b)
in Dahej for setting up a chemicals complex, which
should begin to contribute meaningfully from FY15.
The Chemicals business is likely to drive overall
growth and profitability, the Packaging business is
in the midst of an upturn and the Technical Textiles
business continues to generate enough cash flows
to support expansion of the Chemicals business.
Exhibit 2: Shareholding pattern (%)
Jun-16
Promoter
DII
FII
Others
52.4
12.1
15.8
19.8
Mar-16
52.4
12.0
16.2
19.4
Jun-15
52.4
12.6
15.5
19.6
Source: Capitaline
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
Amansa Holdings Private Limited
DSP Blackrock Balanced Fund
Sundaram Mutual Fund A/C Sundaram
Select Midcap
UTI-Unit Scheme For Charitable And
Religious Trusts And Registered Societies
Max Life Insurance Company Limited A/C -
Ulif00225/06/04lifebalanc104 - Balanced
Fund
% Holding
5.6
4.8
2.3
2.1
1.7
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Arun Bharat Ram
Ashish Bharat Ram
Kartikeya Bharat Ram
Anoop K Joshi
Designation
Chairman
Managing Director
Deputy Managing Director
CFO & Company Secretary
Exhibit 5: Directors
Name
L Lakshman*
Tejpreet Singh Chopra*
Vinayak Chatterjee*
K Ravichandra
Name
Pramod Bhasin*
Vellayan Subbiah*
Meenakshi Gopinath
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Deloitte Haskins & Sells LLP
H Tara & Co
Sanjay Grover & Associates
Sanjay Gupta & Associates
Type
Statutory
Cost Auditor
Secretarial Audit
Cost Auditor
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
MOSL
forecast
90.2
107.4
Consensus
forecast
87.8
104.4
Variation
(%)
2.7
2.9
Source: Bloomberg
FY17
FY18
Source: Capitaline
9 August 2016
11

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