14 October 2016
2QFY17 Results Update | Sector: Financials
Gruh Finance
BSE SENSEX
27,674
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
8,583
GRHF IN
363.4
128.3/1.9
370 / 226
15/29/31
63
41.4
CMP: INR353
TP: INR381 (+8%) Downgrade to Neutral
In-line operating performance; management cautious on LAP
Gruh Finance (GRHF) reported PAT of INR620m (up 20% YoY) for 2QFY17,
driven by 22% YoY loan growth and 10bp YoY margin decline to 3.93%.
Reported PAT was 6% below our estimate of INR656m. There was a minor
restatement of 1QFY17 accounts, on which we await clarity.
Loan growth continued to decline on lower disbursements in LAP, as the
management took a cautious stance. Disbursements grew just 3% YoY in
2QFY17 and 11% YoY in 1QFY17. The management expects disbursement
growth to remain subdued for the remainder of the year.
Reported margin contracted 10bp YoY to 3.93%, led by ~50bp reduction in loan
yields. However, margins were largely stable on a sequential basis. We expect
incremental margins to remain subdued due to pressure on home loan yields
as well as lower disbursements in LAP.
Asset quality remains largely stable, with GNPL at 0.62% (+4bp YoY) and NNPA
at 0.29%. While HFCs witness seasonal fluctuations in asset quality, GNPLs are
likely to remain at 0.5-0.6%, despite the fact that GRHF operates in rural India
and ~40% of its customers are self-employed.
Other highlights:
(a) RoA (reported) was sequentially stable at 2.05%; (b) Tier-I
CAR was 16.65% at the end of the quarter.
Valuation and view:
GRHF has performed impressively, with 26% loan book
CAGR and 27% PAT CAGR in the last decade. Its presence in the affordable
housing segment in rural areas provides pricing power on the asset side, with
cost of funding at par with large HFCs. While we cut our EPS estimates for
FY17/18 by 2%, factoring in lower loan growth, we expect 26% loan growth and
25% earnings growth over the next three years. Over the past six months, the
stock has run up ~40% given improved liquidity and sharp drop in cost of funds.
The stock trades at 10.2x FY18E BV and 35.0x FY18E EPS. While we like the
business and management, we believe valuations are rich and expect the stock
to remain range-bound over the near term. Hence, we downgrade to stock to
Neutral with a target price of INR381 (9.6x Sep 2018E P/B).
Financials & Valuations (INR b)
Y/E March
2016 2017E 2018E
NII
4.2
5.3
6.6
PPP
3.8
4.8
6.0
PAT
2.4
2.9
3.7
EPS (INR)
6.7
8.0
10.1
EPS Gr. (%)
19.4
19.3
26.3
BV/Sh. (INR)
23.0
28.2
34.7
ABV/Sh. (INR)
23.0
28.2
34.7
RoA (%)
2.4
2.3
2.3
RoE (%)
31.5
31.3
32.1
Payout (%)
34.3
30.0
30.0
Valuations
P/E (x)
52.7
44.2
35.0
P/BV (x)
15.4
12.5
10.2
Div. Yield (%)
0.7
0.7
0.9
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com);+91 22 6129 1540
Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
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.

Gruh Finance
Exhibit 1: Quarterly performance v/s our estimates and reasons for deviation (INR m)
Y/E March
Operating Income
Total income
Y-o-Y Growth (%)
Interest expenses
Net Income
Operating Expenses
Operating Profit
Y-o-Y Growth (%)
Provisions and Cont.
Profit before Tax
Tax Provisions
Net Profit
Y-o-Y Growth (%)
2QFY17A
3,674
3,674
17.8
2,351
1,323
273
1,050
20.1
91
958
339
619
19.9
2QFY17E
3,711
3,711
19.0
2,420
1,291
190
1,101
25.9
100
1,001
345
656
26.9
Var (%)
-1
-1
-3
2
44
-5
Comments
In-line
In-line
Higher other operating expenses
In-Line
-4
-2
-6
Higher opex drove PAT miss
Source: Company, MOSL
LAP disbursements are
down 35% in 1HFY17
Loan growth steady at 22% YoY; Cautious on LAP
Loan book growth during the quarter was 22% YoY. Loan book growth has been
on a decline over the past several quarters.
This was primarily on account of lower disbursements in LAP during the fiscal
year, due to management taking a cautious stance.
Disbursements in LAP were down 35% YoY in 1HFY17 to INR2.2b. Overall
disbursements increased a mere 3% YoY during the quarter and 11% YoY during
1HFY17.
Loan mix remains broadly unchanged. Individual loans (including LAP) constitute
92% of the total loans and continue to be the focus area for the company; NRP
and developer loan form the remaining 8% of the loan book.
Margins decline due to yield
pressure. C/I ratio improves
due to cost control.
Reported NIM contracts 10bp YoY; Marginal opex improvement
Reported margin contracted 02bp YoY to 3.93%; led by ~50bps reduction in loan
yields. This reduction has primarily been on the back of intense competitive
pressure as well as lower disbursements in LAP, which is a higher yielding
segment.
Cost of funds also declined ~40bp YoY mainly on account of reduction in bank
borrowings.
Cost-to-income ratio improved ~100bp to 18.0%, driven by slower growth in
employee expenses as well as decline in ‘other operating expenses’.
Asset quality was largely stable with GNPLs at 0.62% (up 4bp YoY) and NNPA at
0.29%. GNPLs are likely to remain at 0.5-0.6%, despite the fact company
operates in rural India and ~40% of the customers are self-employed where
there is some level of income volatility.
CAR remains healthy at 18.3% with Tier I at 16.7%
Valuation and view
GRHF has strong presence in western India and is expanding to other
geographies. The company has a track record of financial and operating
performance and has developed deep understanding of rural India—something
that will be difficult for others to replicate.
14 October 2016
2

Gruh Finance
GRHF operates solely in affordable housing, which offers immense scalability
potential due to massive opportunity in the segment. The company has
delivered best-in-class return ratios, with a 10-year average RoE/RoA of
+28%/2.5% along with efficient use of capital.
Earnings CAGR at 28% over the past three years coupled with +30% RoEs has
resulted in steady re-rating of the stock over the last three years, with its one-
year forward book multiple expanding from 3x in FY11 to 10x in FY16. The fact
that it has never raised capital since FY05 despite growing at CAGR of 27% over
FY06-16 highlights the strength of the business model.
We value GRHF based on residual income model assuming earnings CAGR of
17% till FY35E, Rf=7.25%, β=0.65, risk premium of 5%
and terminal growth rate
of 5.5%. We expect GRHF’s net profit to grow at CAGR of 25% over FY16-18E
and RoEs to touch ~33% by FY18E.
While we cut our EPS estimates for FY17/18 by 2%, factoring in lower loan
growth, we expect 26% loan growth and 25% earnings growth over the next
three years. However, the stock trades at 10.2x FY18E BV and 35.0x FY18E EPS.
We believe valuations are rich and expect the stock to remain range-bound over
the near term. Hence, although we like the business and management, we
downgrade to stock to Neutral.
14 October 2016
3

Gruh Finance
Exhibit 2: Quarterly Snapshot
FY15
1Q
Profit and Loss (INR m)
Operating Income
Interest Expenses
Net Interest Income
Total Income
Operating Expenses
Employees
Depreciation
Other Expenses
Operating Profits
Provisions
PBT
Taxes
DTL
PAT
Asset Quality
GNPA (INR m)
NNPA (INR m)
Gross NPAs (%)
Net NPAs (%)
PCR (%)
Margins (%)
Yield on loans (Calculated)
NIMs (Reported)
2,416
1,549
867
867
134
79
-13
68
733
118
615
154
42
419
325
0
0.44
0.0
100.0
2Q
2,577
1,665
913
913
200
130
8
62
713
41
672
194
47
431
304
0
0.38
0.0
100.0
3Q
2,711
1,736
975
975
157
82
8
67
818
146
672
174
51
447
482
0
0.57
0.1
100.0
4Q
3,050
1,827
1,223
1,223
156
62
10
85
1,066
17
1,049
255
53
741
250
0
0.28
0.0
100.0
1Q
2,967
1,902
1,066
1,066
196
84
8
105
869
121
749
245
0
503
483
136
0.52
0.1
71.9
2Q
3,118
1,987
1,131
1,131
257
156
7
94
874
72
803
285
0
517
579
196
0.58
0.2
66.1
FY16
3Q
3,236
2,034
1,202
1,202
205
106
7
92
997
178
818
281
0
537
654
148
0.62
0.1
77.4
4Q
3,705
2,151
1,554
1,554
245
83
8
155
1,309
61
1,248
370
0
878
356
104
0.32
0.1
70.8
1Q
3,463
2,241
1,222
1,222
201
97
7
97
1,021
125
896
294
0
601
646
312
0.56
0.3
51.8
FY17
2Q
3,674
2,351
1,323
1,323
273
175
7
91
1,050
91
958
339
0
619
750
351
0.62
0.3
53.2
Variation (%)
QoQ
YoY
6
5
8
8
36
79
-
(5)
3
(27)
7
15
8
3
16
12
0.06
0.02
1
18
18
17
17
7
12
3
(2)
20
27
19
19
(1)
20
30
79
0.04
0.09
(13)
13.4
4.8
13.5
4.8
13.3
4.8
14.1
5.7
13.0
4.7
13.0
4.7
12.7
4.1
13.7
4.1
12.2
3.9
12.4
3.9
Other Details
Cost to Income - calculated (%)
Tax Rate (%)
15.5
31.9
21.9
35.9
16.1
33.5
12.8
29.4
18.4
32.8
22.7
35.6
17.1
34.4
15.8
29.6
16.5
32.8
20.7
35.4
Source: Company, MOSL
14 October 2016
4

Gruh Finance
Story in charts
Exhibit 3: Disbursements grew at 3% YoY
Disbursements (INRb)
54%
18%
-17%
6.3 5.7 6.9 8.1 7.5 8.7 7.7 9.8 10.2 10.8 9.4 10.1
22%
29%
19%
12%
20%
Growth (%)
37%
24% 22%
3%
65
70
74
79
84
89
93
Exhibit 4: Loan growth moderates to 22%
31
Loan Book (INR b)
29
29
29
28
27
26
Loan Growth (%)
25
25
25
24
22
115 121
99 105 111
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: NII growth of 17% YoY; NIMs down 10bp YoY
NII (INR m)
NII Growth (%)
Exhibit 6: YoY improvement in C/I ratio (calculated, %)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 7: Slight uptick in NPLs on YoY basis
GNPA (%)
Exhibit 8: PAT growth at 20% YoY, in line with prior quarters
PAT (INR m)
22
17
24
25
27
20
20
20
19
20
20
PAT Growth (%)
1
Source: Company, MOSL
Source: Company, MOSL
14 October 2016
5

Gruh Finance
Exhibit 9: Financials: Valuation Metrics
Rating
66
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
IDFC Bk
FB
DCBB
JKBK
SIB
Private Aggregate
SBIN (cons)*
PNB
BOI
BOB
CBK
UNBK
OBC
INBK
ANDB
Public Aggregate
Banks Aggregate
HDFC*
LICHF
IHFL
GRHF
REPCO
DEWH
Housing Finance
RECL
POWF
Infra Finance
SHTF
MMFS
BAF
MUTH
SKSM
Asset Finance
NBFC Aggregate
Financials
Buy
Buy
Buy
Buy
Buy
Buy
UR
Buy
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
CMP
Mcap
EPS (INR)
P/E (x)
BV (INR)
P/BV (x)
RoA (%)
RoE (%)
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
(INR) (USDb) FY17 FY18 FY17
242
21.3 17.3 20.0 10.6
1,261 48.3 58.4 70.2 21.6
521
18.8 31.8 37.4 16.3
781
21.7 26.8 34.0 29.2
1,260
8.0
79.0 101.2 16.0
1,218 11.0 48.4 60.9 25.2
76
3.9
3.4
4.2
22.2
71
1.8
4.3
5.2
16.4
122
0.5
7.7
8.7
15.9
68
0.5
-1.8 5.6 -38.2
24
0.5
3.0
3.6
8.0
136.4
20.4
252
29.6 14.7 24.3 17.1
139
4.1
10.8 12.8 12.9
112
1.6 -10.8 21.6 -10.4
154
5.4
14.1 20.0 10.9
313
2.6
26.8 36.8 11.7
141
1.5
22.4 39.1
6.3
124
0.6
16.7 24.2
7.4
210
1.5
25.3 31.4
8.3
56
1.7
1.5
6.4
36.6
48.7
15.5
185.1
18.8
1,319 31.6 34.5 37.8 26.1
586
4.5
39.5 49.6 14.8
838
5.3
67.6 84.0 12.4
353
1.9
8.2 10.3 43.1
748
0.7
30.4 39.7 24.6
301
1.4
30.2 38.4 10.0
45.4
21.6
130
3.9
29.4 33.4
4.4
122
4.9
24.0 25.5
5.1
8.8
4.8
1,157
4.0
70.5 93.8 16.4
371
3.2
14.6 18.1 25.4
1,062
1.7
34.6 44.2 30.7
350
2.1
28.0 33.6 12.5
894
1.9
50.4 48.8 17.7
12.8
13.9
67.1
13.8
252.2
17.2
FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18
8.2
145 160 1.20 1.03 1.13 1.18 10.5 11.2
18.0 332 386 3.80 3.27 1.90 1.89 18.9 19.6
13.9 243 274 2.14 1.90 1.32 1.31 13.8 14.4
23.0 208 240 3.76 3.25 1.61 1.82 14.2 15.4
12.5 390 471 3.23 2.68 1.80 1.86 22.0 23.5
20.0 333 385 3.66 3.16 1.83 1.85 15.5 17.0
18.0
43
46
1.77 1.64 1.24 1.13 8.2 9.4
13.7
50
54
1.41 1.31 0.75 0.75 8.9 9.9
13.9
69
78
1.76 1.56 1.02 0.95 11.7 11.9
12.2 130 136 0.52 0.50 -0.10 0.28 -1.4 4.2
6.5
30
33
0.79 0.73 0.59 0.62 10.3 11.7
16.9
2.66 2.36
10.4 234 253 1.21 1.11 0.47 0.54 7.9 9.5
10.8 189 200 0.73 0.69 0.31 0.34 5.8 6.6
5.2
239 255 0.47 0.44 -0.16 0.29 -4.6 8.7
7.7
157 173 0.98 0.89 0.47 0.60 9.3 12.1
8.5
498 527 0.63 0.59 0.25 0.31 5.5 7.2
3.6
314 348 0.45 0.41 0.37 0.58 7.4 11.8
5.1
410 428 0.30 0.29 0.23 0.30 4.2 5.8
6.7
300 324 0.70 0.65 0.57 0.64 8.7 10.0
8.7
109 114 0.52 0.49 0.08 0.31 1.4 5.8
10.0
0.78 0.73
14.3
1.62 1.49
20.5 194 217 4.00 3.13 1.84 1.82 19.4 19.0
11.8 213 253 2.75 2.32 1.49 1.55 20.1 21.3
10.0 280 315 2.99 2.66 3.68 3.78 25.3 28.3
34.1
28
35 12.47 10.08 2.31 2.31 32.0 32.7
18.8 180 215 4.16 3.48 2.15 2.20 18.3 20.1
7.8
201 230 1.50 1.31 1.27 1.39 16.4 17.8
18.1
4.31 3.81
3.9
168 194 0.78 0.67 2.63 2.54 18.8 18.5
4.8
149 167 0.82 0.73 2.37 2.12 16.8 16.2
4.4
0.81 0.71
12.3 505 579 2.29 2.00 2.43 2.75 14.8 17.2
20.5 118 131 3.14 2.82 2.02 2.19 12.9 14.5
24.0 166 204 6.38 5.20 3.48 3.38 22.8 23.9
10.4 159 180 2.21 1.94 3.66 3.57 18.7 19.9
18.3 206 255 4.34 3.51 6.73 4.25 32.9 21.2
11.3
2.31 2.05
11.8
2.48 2.19
13.6
1.79 1.63
Source: MOSL
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adj. for investments in subsidiaries
14 October 2016
6

Gruh Finance
Financials and valuations
Income Statement
Y/E March
Interest Income
Interest Expended
Net Interest Income
Change (%)
Fee Income
Net Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions/write offs
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Proposed Dividend
2012
4,856
3,101
1,755
25.3
172
2,041
27.3
392
1,650
28.6
22
1,628
424
26.1
1,203
31.5
472
2013
6,181
4,044
2,137
21.8
223
2,460
20.5
463
1,997
21.1
29
1,968
509
25.9
1,459
21.2
522
2014
8,130
5,436
2,694
26.1
271
3,025
23.0
556
2,469
23.6
24
2,445
675
27.6
1,770
21.3
632
2015
10,211
6,777
3,433
27.4
331
3,826
26.5
640
3,186
29.0
177
3,008
970
32.3
2,038
15.2
875
2016
12,278
8,074
4,204
22.5
411
4,680
22.3
844
3,836
20.4
219
3,617
1,181
32.7
2,436
19.5
1,007
2017E
15,190
9,938
5,252
24.9
512
5,835
24.7
1,046
4,789
24.8
354
4,435
1,530
34.5
2,905
19.3
1,020
2018E
19,112
12,500
6,613
25.9
612
7,301
25.1
1,275
6,026
25.8
426
5,600
1,932
34.5
3,668
26.3
1,287
(INR Million)
2019E
24,039
15,563
8,476
28.2
776
9,333
27.8
1,563
7,770
28.9
516
7,253
2,503
34.5
4,750
29.5
1,723
Balance sheet
Y/E March
Capital
Reserves & Surplus
Net Worth
Secured Loans
Change (%)
Total Liabilities
Cash and bank balance
Investments
Change (%)
Loans
Change (%)
Net Fixed Assets
Other Assets
Total Assets
2012
353
3,503
3,856
38,293
29.3
42,148
1,695
244
-29.5
40,668
28.0
116
-575
42,148
2013
357
4,553
4,910
49,115
28.3
54,025
221
651
166.6
54,378
33.7
118
-1,344
54,025
2014
360
5,712
6,072
64,439
31.2
70,512
832
530
-18.7
70,090
28.9
110
-1,050
70,512
2015
727
6,388
7,115
82,072
27.4
89,187
741
798
50.7
89,154
27.2
137
-1,643
89,187
2016
727
7,626
8,353
102,384
24.7
110,737
576
1,429
79.1
111,146
24.7
146
-2,559
110,737
2017E
727
9,511
10,238
128,739
25.7
138,977
815
1,572
10.0
139,933
25.9
146
-3,489
138,977
2018E
727
11,891
12,619
163,657
27.1
176,275
2,072
1,887
20.0
175,975
25.8
146
-3,804
176,275
(INR Million)
2019E
727
14,919
15,646
206,890
26.4
222,536
4,227
2,264
20.0
220,095
25.1
146
-4,196
222,536
Assumptions
Loan Growth
Borrowings Growth
Investments Growth
Dividend
E: MOSL Estimates
28.0
29.3
-29.5
2.3
33.7
28.3
166.6
2.5
28.9
31.2
-18.7
1.5
27.2
27.4
50.7
2.0
24.7
24.7
79.1
2.3
25.9
25.7
10.0
2.4
25.8
27.1
20.0
3.0
(%)
25.1
26.4
20.0
4.0
14 October 2016
7

Gruh Finance
Financials and valuations
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield on Earning Assets
Avg. Cost-Int. Bear. Liab.
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoAE
RoAA
Int. Expended/Int.Earned
Other Inc./Net Income
Efficiency Ratios (%)
Fees/Operating income
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Debt/Equity (x)
Gross NPAs
Gross NPAs to Adv.
Net NPAs
Net NPAs to Adv.
2012
13.0
9.1
3.9
4.7
2013
12.9
9.3
3.6
4.5
2014
13.1
9.6
3.5
4.3
2015
12.8
9.3
3.6
4.3
2016
12.3
8.8
3.5
4.2
2017E
12.2
8.6
3.6
4.2
2018E
12.1
8.6
3.6
4.2
2019E
12.1
8.4
3.7
4.3
34.2
3.1
63.9
2.9
33.3
2.9
65.4
0.9
32.2
2.8
66.9
0.2
30.9
2.5
66.4
0.1
31.5
2.4
65.8
0.0
31.3
2.3
65.4
0.0
32.1
2.3
65.4
0.0
33.6
2.3
64.7
0.0
3.5
19.2
50.2
3.6
18.8
50.6
3.3
18.4
57.0
3.2
16.7
55.0
3.3
18.0
50.7
3.2
17.9
49.9
3.1
17.5
49.6
3.1
16.7
49.3
106.2
9.9
211
0.5
-184
0.0
110.7
10.0
176
0.3
27
0.1
108.8
10.6
189
0.3
0
0.0
108.6
11.5
251
0.3
0
0.0
108.6
12.3
356
0.3
0
0.0
108.7
12.6
411
0.3
0
0.0
107.5
13.0
481
0.3
0
0.0
106.4
13.2
2,329
1.0
-23
0.0
Valuation
Book Value (INR)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
OPS (INR)
OPS Growth (%)
Price-OP (x)
E: MOSL Estimates
10.9
16.2
11.3
15.7
3.4
31.0
51.8
4.7
28.0
37.8
13.8
12.8
13.7
12.9
4.1
19.9
43.2
5.6
19.7
31.5
16.9
10.5
16.9
10.5
4.9
20.2
35.9
6.9
22.5
25.8
19.6
18.0
19.6
18.0
5.6
14.2
62.9
8.8
27.9
40.3
23.0
15.4
23.0
15.4
6.7
19.4
52.7
10.5
20.3
33.5
28.2
12.5
28.2
12.5
8.0
19.3
44.2
13.2
24.8
26.8
34.7
10.2
34.7
10.2
10.1
26.3
35.0
16.6
25.8
21.3
43.0
8.2
43.1
8.2
13.1
29.5
27.0
21.4
28.9
16.5
14 October 2016
8

Gruh Finance
Corporate profile
Company description
GRUH Finance (GRHF) was established in 1986 as
Gujarat Rural Housing Finance Ltd and was promoted by
HDFC and Aga Khan Fund for Economic Development
(AKFED). GRUH primarily provides home loans to
individuals and families for purchase, construction,
extension, repair and renovation. The company operates
in a niche segment, catering to the lower-income group
in rural and semi-urban areas. GRHF has diversified
geographically and operates in eight Indian states
through 179 branches and has loan book of nearly
INR115b.
Exhibit 10: Sensex rebased
Exhibit 11: Shareholding pattern (%)
Jun-16
Promoter
DII
FII
58.6
4.7
13.6
Mar-16
58.6
4.6
12.9
Jun-15
58.6
3.1
12.3
26.0
Exhibit 12: Top holders
Holder Name
Axis Mutual Fund Trustee Ltd A/c Axis Mutual Fund
Smallcap Wordl Fund, INC
Matthews India Fund
% Holding
2.0
1.9
1.2
Others
23.2
24.0
Note: FII Includes depository receipts
Exhibit 13: Top management
Name
Keki M Mistry
SudhinChoksey
Marcus Lobo
Designation
Chairman
Managing Director & CEO
Company Secretary
Exhibit 14: Directors
Name
Keki M Mistry
Sudhin Choksey
S M Palia*
S G Mankad*
Rohit C Mehta*
Name
Prafull Anubhai*
K G Krishnamurthy*
Renu Sud Karnad
Kamlesh Shah
Biswamohan Mahapatra*
*Independent
Exhibit 15: Auditors
Name
Sorab S Engineer & Co
Type
Statutory
Exhibit 16: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
MOSL
forecast
8.0
10.1
Consensus
forecast
-
-
-
Variation
(%)
-
-
-
14 October 2016
9

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