Sector Update | 1 January 2016
Oil & Gas
Ras Gas contract renegotiated favorably; take-or-pay waived
Positive for consumers, gas companies; expect LNG import volumes to increase
Oil & Gas | Update
Event: After prolonged uncertainty, PLNG’s long-term 7.5mmtpa Ras Gas contract
has been re-negotiated favorably. Also, PLNG has tied up additional 1mmtpa gas
volumes, deliveries of which will commence from January 2016.
GAIL: Financial & Valuation (INR b)
Y/E March
Sales
EBITDA
Adj. PAT
Adj. EPS (INR)
EPS Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
15.7
1.6
10.2
1.6
20.0
1.5
10.7
1.4
13.6
1.4
8.0
1.9
2015 2016E
565.7 599.8
45.2
29.9
23.6
-31.6
10.8
11.1
29.5
44.0
23.5
18.5
-21.6
7.8
9.3
29.9
2017E
662.3
60.1
34.5
27.2
47.1
262.4
10.8
12.7
29.9
230.3 243.3
LNG price to reduce by USD5.5/mmbtu (~44% reduction); take-or-pay waived
Ras Gas has decided to waive off take-or-pay of USD1.5b towards unused gas in
CY15. The new price will be lower by USD5.5/mmbtu at ~USD7/mmbtu v/s the
prevailing price of USD12.5/mmbtu.
Likely terms of contract:
LNG price reduction by ~USD5.5/mmbtu and PLNG’s
statement that revised terms “will
maintain its current level of oil indexation
with the oil index more closely reflecting the prevailing oil prices”
and
“adjustment
will protect and preserve overall value of the contract”
imply that
(a) slope of 12.67% would be maintained, but (b) price linkage period would
have reduced (media reports implied three months), and (c) fixed component
would have added (to protect/preserve overall contract value).
Now, every USD10/bbl increase in oil price will increase Ras Gas long-term LNG
price by USD1.34/mmbtu.
Lower Ras Gas price positive for Indian companies across gas value chain
While this deal is favorable for India, we believe it also augurs well for Ras Gas in
the backdrop of oversupply in the global LNG market.
Lower gas prices will benefit (a) Consumers: GAIL (reduces petchem feedstock
cost), IGL, Gujarat Gas and other industries, (b) Gas transmission companies:
GAIL and GSPL (volumes would increase), and (c) Petronet LNG (volumes would
increase and it would not incur cost for idle LNG ships).
For IGL, too, it would have been a clear positive(Ras gas contributes ~15% of its
gas purchases), but for its announcement that it will offer discount of INR1.5/kg
on CNG purchase between midnight and 5am, which will impact margins.
Increasing GAIL, PLNG earnings; rolling over fair value to FY18
Gail India:
We reduce our LNG price in line with revised Ras Gas contract.
However, the benefit is negated by lower polymer and LPG prices at lower crude
prices (model Brent price at USD50/bbl v/s USD60/bbl), resulting in FY17E EPS
increase of ~7%. The stock trades at 13.5x FY17E EPS of INR27.2. To watch out
for likely tariff increase by March 2016. Maintain
Neutral
with fair value of
INR389 (v/s earlier INR334; rolling over target to FY18 from FY17).
PLNG:
Lower LNG price improves its economics versus liquid fuels and could
result in higher volumes. Our FY17E Dahej volume assumption is already higher
at 11.7mmtpa (v/s 10mmtpa capacity), however FY16/FY17 EPS increases by
4%/9% due to cost recovery of idle charter ship (INR0.4b quarterly impact). The
stock trades at 18x FY17E EPS of INR14.4. Maintain Neutral with fair value of
INR277 (v/s INR194 earlier; roll over target to FY18 from FY17).
PLNG: Financial & Valuation (INR b)
Y/E March
Sales
EBITDA
Adj. PAT
Adj. EPS (INR)
EPS Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
Payout (%)
Valuation
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
25.9
3.4
16.0
0.8
20.2
3.0
11.8
1.0
18.0
2.7
10.8
1.1
2015 2016E
395.0 313.0
14.4
8.8
10.0
5.4
75.8
16.5
13.9
23.4
18.0
10.3
12.8
23.8
85.7
15.9
17.0
23.4
2017E
258.0
20.2
10.8
14.4
11.7
96.7
15.8
18.3
23.4
Harshad Borawake
(HarshadBorawake@MotilalOswal.com); +91 22 3982 5432
Rajat Agarwal
(
Rajat.Agarwal@motilaloswal.com); +91 22 3982 5558
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.
1 January 2016
1

Oil & Gas | Update
Background on Ras Gas contract
Ras Gas has a long term contract (7.5mmt) with the Indian offtakers (Gail, BPCL
and IOCL), the price of which is linked to the JCC (Japanese crude cocktail) crude
LNG price of PLNG’s long-term 7.5mmtpa gas contract was indexed at 12.67%
slope to 60month JCC average crude price.
The price in CY15 stood at ~USD12.5/mmbtu as against spot LNG price of
USD6.5-7/mmbtu.
This significantly higher price v/s spot LNG price resulted in consumers not off-
taking this gas, leading to ~32% reduction in the off-take in 9MCY15.
Exhibit 1: Estimated Ras Gas LNG price trend – Estimate every USD1/bbl oil price change to
increase Ras Gas price by USD0.13/mmbtu
Earlier formula
15
12
9
6
3
0
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Likely revised formula
JCC Crude Price (USD/bbl) - RHS
150
120
90
60
30
-
Dec-18
Source: Industry, MOSL
Exhibit 2: Gail India – Key Assumptions
Brent crude (USD/bbl)
Exchange Rate (INR/USD)
Subsidy (INRb)
Avg. Gas Price (USD/mmbtu)
Natural Gas Transmission
Total (mmscmd)
Average Tariff (INR/mscm)
LPG Transmission
Volume ('000 MT)
Average Tariff (INR/MT)
Petrochemicals
Sales ('000 MT)
Realization (USD/MT)
Realization (INR/kg)
LPG & liq. HC
Sales ('000 MT)
LPG realization (USD/MT)
FY09
84.7
46.1
17.8
3.7
84
840
2,744
1,392
423
1,488
69
1,401
739
FY10
69.8
47.5
13.3
3.6
107
829
3,160
1,415
409
1,472
70
1,442
607
FY11
86.7
46.0
21.1
5.0
119
888
3,337
1,422
420
1,546
71
1,368
778
FY12
114.5
47.9
31.8
6.1
119
895
3,362
1,351
448
1,589
76
1,439
910
FY13
110.0
54.5
26.9
6.7
105
879
3,200
937
427
1,614
88
1,371
957
FY14
107.8
60.6
19.0
7.6
97
1,169
3,030
1,329
445
1,703
103
1,308
936
FY15
86.0
61.1
10.0
7.0
92
960
3,094
1,424
441
1,801
110
1,279
784
FY16E
50.0
65.0
-
6.4
96
1,184
2,785
1,650
427
1,455
95
FY17E
50.0
67.0
-
6.3
98
1,245
2,868
1,550
765
1,450
97
FY18E
60.0
69.0
-
7.0
116
1,241
2,868
1,550
855
1,500
104
1,150
1,200
1,200
470
470
525
Source: Company, MOSL
1 January 2016
2

Oil & Gas | Update
Exhibit 3: Petronet LNG – Key Assumptions
Exchange Rate (INR/USD)
Capacity (mmt)
Dahej
Kochi
Throughput (mmt)
6.4
Dahej
6.4
Kochi
Utilization rate (%)
128%
Dahej
128%
Kochi
Sales (TBTU)
Dahej
321
Kochi
Total
321
Re-gassification charges
Blended avg (INR/mmbtu)
32.8
Long-term/Third-Party/Spot (INR/mmbtu)
Dahej
29.5
Kochi
Marketing margin (INR/MMBTU)
Dahej
14.0
Kochi
FY09
46.1
5.0
5.0
FY10
47.6
10.0
10.0
7.9
7.9
79%
79%
FY11
45.5
10.0
10.0
8.8
8.8
88%
88%
FY12
47.9
10.0
10.0
10.9
10.9
109%
109%
FY13
54.5
10.0
10.0
10.4
10.4
104%
104%
FY14
60.6
15.0
10.0
5.0
9.8
9.7
0.1
65%
97%
1%
489
4
493
38.6
37.2
62.8
21.5
0.0
FY15
60.8
16.5
12.0
5.0
10.5
10.4
0.1
63%
86%
2%
521
5
526
35.9
39.1
65.9
-2.1
0.0
FY16E
65.0
17.0
12.0
5.0
11.9
11.7
0.2
70%
97%
4%
586
10
596
37.7
41.1
69.2
FY17E
67.0
17.5
12.5
5.0
11.8
11.7
0.1
67%
94%
2%
589
5
594
41.0
43.1
72.7
FY18E
69.0
22.0
17.0
5.0
14.0
13.5
0.5
64%
79%
10%
679
25
704
43.9
45.3
76.3
398
398
24.7
30.9
440
440
31.7
32.1
548
548
38.5
33.8
525
0
525
41.2
35.5
-10.3
12.1
22.2
38.2
-3.0
0.0
0.0
0.0
0.0
0.0
Source: Company, MOSL
Exhibit 4: Earnings and Valuation Summary
M Cap CMP TP Var v/s Reco
USDb (INR) (INR) TP (%)
GAIL
7.1 370 389
5 Neutral
PLNG
2.9 259 277
7
Neutral
EPS (INR)
FY15 FY16E FY17E FY18E
23.6 18.5 27.2 32.7
10.0
12.8
14.4
19.8
P/E (x)
FY16E FY17E FY18E
20.0 13.6 11.3
20.2
18.0
13.1
P/B (x)
FY16E FY17E FY18E
1.5
1.4
1.3
3.0
2.7
2.3
RoE (%)
FY16E FY17E FY18E
7.8 10.8 11.9
15.9
15.8
19.0
CMP: Current market price in INR; TP: Target price in INR
Valuation methodology
We value GAIL on SOTP basis to arrive at a fair value of INR389 (core business valued
at 315 at 10x FY18 EPS; investment value of INR74).
Our fair value of PLNG at INR277 is based on average of DCF value of INR277 (WACC:
11.4%, TGR of 2%) and 14x FY18 EPS value.
1 January 2016
3

Oil & Gas | Update
Financials and valuations (GAIL)
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
EO Items (net)
PBT
Tax
Rate (%)
Reported PAT
Adjusted PAT
Change (%)
2011
324,586
30.2
54,544
16.8
6,503
829
5,186
52,398
16,788
32.0
35,610
36,399
13.4
2012
402,807
24.1
56,981
14.1
7,907
1,165
5,491
53,400
16,862
31.6
36,538
36,538
2.6
2013
473,327
17.5
62,792
13.3
9,809
1,950
9,545
60,578
20,356
33.6
40,222
40,222
10.1
2014
572,451
20.9
67,012
11.7
11,762
3,662
8,985
3,450
64,023
20,271
31.7
43,753
43,753
8.8
2015
565,694
-1.2
45,237
8.0
9,743
3,613
10,334
629
42,844
12,452
29.1
30,392
29,947
-30.5
2016E
599,767
6.0
43,999
7.3
12,720
6,408
8,654
33,525
10,057
30.0
23,467
23,467
-22.8
(INR Million)
2017E
662,257
10.4
60,122
9.1
13,278
5,648
8,843
50,038
15,512
31.0
34,526
34,526
47.1
2018E
839,172
26.7
68,524
8.2
13,361
4,554
9,517
60,125
18,639
31.0
41,487
41,487
20.2
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank Balance
Loans/Adv. & Other Assets
Current Liab. & Prov.
Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2011
12,685
179,849
192,533
23,100
16,332
231,966
221,444
97,408
124,036
58,792
25,825
2012
12,685
203,560
216,245
53,469
17,686
287,400
263,066
104,490
158,576
79,425
35,489
2013
12,685
229,593
242,278
90,635
23,001
355,914
311,490
114,415
197,075
89,778
37,190
2014
12,685
258,039
270,723
102,973
25,664
399,360
340,563
125,797
214,766
97,279
41,030
2015
12,685
279,478
292,163
99,973
33,537
425,673
421,124
135,540
285,585
50,029
41,030
2016E
12,685
295,931
308,616
84,973
36,554
430,143
437,624
148,260
289,365
54,029
41,030
(INR Million)
2017E
12,685
320,137
332,821
69,973
41,558
444,353
469,377
161,538
307,839
49,029
41,030
2018E
12,685
349,222
361,907
54,973
47,571
464,450
485,264
174,899
310,365
63,109
41,030
8,551
19,059
21,314
62,538
14,197
21,766
9,313
72,080
15,353
25,513
23,579
58,353
22,548
28,120
26,510
67,861
14,789
26,500
35,630
77,189
16,263
28,096
29,688
78,626
17,207
31,024
30,263
80,181
20,711
39,311
41,315
81,864
47,544
40,605
23,313
231,966
46,554
59,852
43,595
13,910
287,400
62,255
72,980
17,949
31,871
355,914
58,777
80,224
18,530
46,285
399,360
84,752
20,328
49,030
425,673
91,059
15,895
45,719
430,143
97,649
14,571
46,455
444,352
116,424
16,831
49,946
464,450
1 January 2016
4

Oil & Gas | Update
Financials and valuations (GAIL)
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. dvd tax)
Valuation (x)
P/E
Adj. P/E (for investments)
Cash P/E
EV / EBITDA
EV / Sales
Price / Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (No. of Days)
Fixed Asset Turnover (x)
Leverage Ratio
Net Debt / Equity (x)
2011
28.7
33.2
151.8
8.0
31.1
2012
28.8
35.0
170.5
8.7
35.1
2013
31.7
39.4
191.0
9.6
35.3
2014
34.5
43.8
213.4
10.4
35.3
2015
23.6
31.6
230.3
6.0
29.5
2016E
18.5
28.5
243.3
5.0
29.9
2017E
27.2
37.7
262.4
7.0
29.9
2018E
32.7
43.2
285.3
8.0
29.9
12.8
10.5
8.5
1.3
2.2
2.4
19.8
24.8
17.9
21.0
11.6
9.5
9.3
7.7
1.2
1.9
2.6
17.5
19.4
10.7
8.7
8.4
7.5
1.0
1.7
2.8
17.1
17.0
15.6
12.8
11.7
10.2
1.0
1.6
1.6
10.8
11.1
19.9
16.3
12.9
10.6
0.9
1.5
1.4
7.8
9.3
13.5
11.1
9.8
8.0
0.8
1.4
1.9
10.8
12.7
11.3
9.2
8.5
6.8
0.6
1.3
2.2
11.9
14.2
21
1.4
20
1.4
20
1.3
18
1.4
17
1.3
17
1.4
17
1.5
17
1.8
0.0
0.2
0.3
0.3
0.2
0.2
0.1
0.0
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Other op items
Direct Taxes Paid
(Inc)/Dec in Wkg. Capital
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free Cash Flow
(Pur)/Sale of Investments
Inc from Invst
CF from Inv. Activity
Issue of Shares
Inc / (Dec) in Debt
Dividends Paid
CF from Fin. Activity
Inc / ( Dec) in Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2011
52,400
6,504
-873
-14,839
-12,420
30,773
-46,290
-15,517
-5,095
4,090
-47,295
0
7,215
-11,094
-3,879
-20,402
41,715
21,314
2012
53,400
7,919
2,892
-14,253
-5,081
44,877
-66,182
-21,305
-9,653
4,420
-71,416
0
27,069
-12,531
14,538
-12,000
21,314
9,314
2013
60,578
10,202
1,067
-15,129
-6,384
50,334
-54,968
-4,634
-4,062
4,309
-54,722
0
32,953
-14,299
18,654
14,266
9,314
23,580
2014
64,023
11,801
-4,186
-18,738
-8,171
44,729
-38,364
6,365
114
5,933
-32,317
0
5,510
-14,991
-9,481
2,930
23,580
26,510
2015
42,844
9,743
0
-4,578
6,376
54,383
-33,311
21,072
0
0
-33,311
0
-3,000
-8,952
-11,952
9,120
26,510
35,630
2016E
33,525
12,720
0
-7,040
-2,632
36,572
-20,500
16,072
0
0
-20,500
0
-15,000
-7,015
-22,015
-5,942
35,630
29,688
(INR Million)
2017E
50,038
13,278
0
-10,508
-160
52,648
-26,752
25,896
0
0
-26,752
0
-15,000
-10,321
-25,321
575
29,688
30,263
2018E
60,125
13,361
0
-12,626
7,560
68,420
-29,968
38,453
0
0
-29,968
0
-15,000
-12,401
-27,401
11,051
30,263
41,315
1 January 2016
5

Oil & Gas | Update
Financials and valuations (Petronet LNG)
Income Statement
Y/E March
Net Sales
Change (%)
RM + Other expenses
Employee Costs
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Forex fluctuations
Adj. PAT
Change (%)
Prio reriod tax reversal
PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets, L & Adv.
Inventory
Debtors
Cash & Bank Balance
Loans & Adv. and Other Assets
Other Current Assets
Current Liab. & Prov.
Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2011
131,973
23.9
119,504
306
12,163
9.2
1,847
1,931
680
9,065
2,868
31.6
6,197
53.2
6,197
2012
226,959
72.0
207,964
298
18,697
8.2
1,842
1,657
706
15,905
4,950
31.1
10,955
76.8
10,955
2013
314,672
38.6
295,869
370
18,433
5.9
1,866
1,184
865
16,248
5,710
35.1
952
11,490
4.9
11,490
2014
377,476
20.0
362,025
466
14,984
4.0
3,081
2,196
838
10,545
3,426
32.5
7,119
-38.0
7,119
2015
395,010
4.6
380,049
571
14,390
3.6
3,154
2,935
1,548
9,849
2,347
23.8
7,502
5.4
1,323
8,825
2016E
312,999
-20.8
294,398
628
17,974
5.7
3,063
2,611
1,420
13,720
4,116
30.0
9,604
23.8
724
10,328
(INR Million)
2017E
2018E
258,045
342,298
-17.6
32.7
237,203
691
20,151
7.8
3,543
2,336
1,175
15,446
4,634
30.0
10,813
11.7
10,813
315,772
813
25,713
7.5
3,830
1,705
1,636
21,814
6,980
32.0
14,834
37.2
14,834
2011
7,500
19,302
26,802
29,891
3,480
60,173
35,538
8,513
27,025
20,122
11,649
2012
7,500
27,698
35,198
30,340
3,630
69,168
35,568
10,353
25,215
32,900
1,399
2013
7,500
36,997
44,497
27,182
3,910
75,589
35,796
12,217
23,579
43,305
1,399
2014
7,500
42,361
49,861
31,965
5,530
87,356
77,946
15,295
62,650
8,799
1,399
2015E
7,500
49,386
56,886
32,738
7,270
96,894
87,869
18,443
69,426
7,469
900
2016E
7,500
56,744
64,244
23,738
7,270
95,252
88,669
21,506
67,163
9,240
900
(INR Million)
2017E
2018E
7,500
7,500
65,027
76,391
72,527
83,891
18,738
13,738
7,462
7,701
98,727
105,329
103,901
25,049
78,851
11,740
900
104,940
28,879
76,060
11,740
900
2,480
8,472
1,575
3,165
125
7,124
12,859
9,839
2,689
86
10,366
16,898
12,685
2,570
26
9,557
20,156
12,327
4,098
140
8,826
13,428
3,641
7,493
4
8,575
14,578
13,908
7,493
4
7,070
12,019
2,439
7,493
4
9,378
15,943
12,208
7,493
4
12,601
1,838
1,377
60,173
20,658
2,285
9,654
69,168
32,940
2,299
7,306
75,589
29,042
2,729
14,507
87,355
12,356
1,936
19,100
96,894
24,674
1,936
17,948
95,252
19,853
1,936
7,236
98,727
26,461
1,936
16,629
105,329
1 January 2016
6

Oil & Gas | Update
Financials and valuations (Petronet LNG)
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV / EBITDA
EV / Sales
Price / Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (No. of Days)
Asset Turnover (x)
Leverage Ratio
Net Debt / Equity (x)
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Others
Interest
Direct Taxes Paid
(Inc)/Dec in Wkg. Capital
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free Cash Flow
(Pur)/Sale of Investments
Inc from Invst
CF from Inv. Activity
Inc / (Dec) in Debt
Interest Paid
Dividends Paid (incl.tax)
CF from Fin. Activity
Inc / ( Dec) in Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2011
8.3
-2.5
35.7
2.0
28
2012
14.6
-2.5
46.9
2.5
21
17.7
-105.5
11.7
1.0
5.5
1.0
25.2
19.9
20
1.5
1.2
35.3
27.2
21
2.3
0.7
2013
15.3
-2.5
59.3
2.5
19
16.9
-104.1
11.5
0.7
4.4
1.0
28.8
24.1
21
2.9
0.4
2014
9.5
-4.1
66.5
1.5
19
27.3
-63.0
14.6
0.6
3.9
0.6
15.1
15.6
20
3.0
0.5
2015
10.0
-4.2
75.8
2.0
23
25.9
-61.6
16.0
0.6
3.4
0.8
16.5
13.9
24
2.8
0.6
2016E
12.8
-4.1
85.7
2.6
23
20.2
-63.4
11.8
0.7
3.0
1.0
15.9
17.0
21
2.2
0.3
2017E
14.4
-4.7
96.7
2.9
23
18.0
-54.8
10.8
0.8
2.7
1.1
15.8
18.3
21
1.8
0.3
2018E
19.8
-5.1
111.9
4.0
23
13.1
-50.7
7.9
0.6
2.3
1.5
19.0
23.1
21
2.2
0.1
2011
9,064
1,847
-381
1,807
-2,179
-1,717
8,441
-7,486
956
-6,262
587
-13,161
7,160
-2,740
-1,531
2,890
-1,830
3,405
1,575
2012
15,525
1,842
-589
1,430
-4,839
-985
12,385
-10,980
1,405
10,381
803
204
411
-2,992
-1,743
-4,325
8,264
1,575
9,839
2013
17,203
1,866
-670
1,184
-5,387
4,037
18,234
-8,406
9,828
0
721
-7,685
-2,420
-3,102
-2,179
-7,702
2,846
9,839
12,685
2014
10,545
3,081
-617
2,030
-1,927
-3,527
9,586
-8,761
825
116
617
-8,028
2,050
-1,821
-2,195
-1,966
-408
12,685
12,277
2015E
9,849
3,154
-495
2,800
-2,088
-4,451
8,769
-8,279
490
1,105
520
-6,654
-6,128
-2,457
-1,755
-10,340
-8,225
12,327
4,102
2016E
13,720
3,063
0
0
-4,116
2,419
15,085
-2,571
12,514
0
0
-2,571
0
0
-2,247
-2,247
10,267
3,641
13,908
(INR Million)
2017E
2018E
15,446
21,814
3,543
3,830
0
0
0
0
-4,442
-6,742
-757
376
13,792
19,278
-17,731
-3,940
0
0
-17,731
-5,000
0
-2,529
-7,529
-11,469
13,908
2,439
-1,039
18,239
0
0
-1,039
-5,000
0
-3,470
-8,470
9,769
2,439
12,208
1 January 2016
7

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