Initiating coverage | Cons. Products
March 22, 2013
IFB Agro Industries
BUY
CMP
`151
High on Restructuring & Expansion plans
Target Price
`198
IFB Agro Industries (IFB), primarily present in West Bengal, is engaged in the business
Investment Period
12 Months
of manufacturing alcohol, bottling of branded alcoholic beverages as well as
Stock Info
processed and packed marine foods, both for domestic and export markets. The
Sector
Consumer products
company’s expansion plans in the liquor segment coupled with scope for higher
Market Cap (` cr)
136
market penetration are expected to drive growth. IFB’s presence in marine business
Net Debt (` cr)
(9)
provides ample opportunity in the domestic as well as export markets due to the niche
Beta
0.5
product categorization and presence of fewer competitors. Moreover, the recent
52 Week High / Low
220/116
preferential allotment, where the promoter has pumped ~`18cr (~13% of the current
Avg. Daily Volume
6,949
market cap), reflects promoters’ confidence in the company. We initiate coverage with
Face Value (`)
10
a Buy recommendation on the stock with a target price of `198.
BSE Sensex
18,736
Increased capacity with low penetration to drive growth: In India, the per capita
Nifty
5,651
consumption of alcohol stands low at 1lt p.a. As per ASSOCHAM, India’s alcohol
Reuters Code
IFBA.BO
consumption is expected to grow by 30% annually till FY2015. This provides ample
Bloomberg Code
IFBA IN
growth opportunity for the alcohol industry. Thus, IFB’s new bottling and
manufacturing capacity would complement the potential consumption opportunity
and thereby facilitate revenue growth going forward. In addition, IFB is the only
Shareholding Pattern* (%)
distillery player in West Bengal which would add to the company’s growth prospects.
Promoters
60.0
MF / Banks / Indian Fls
1.2
Marine business- a niche play: IFB is a major player in the marine business
FII / NRIs / OCBs
12.5
(90% prawns) in West Bengal with presence in domestic as well as export markets. The
Indian Public / Others
26.3
company also has a tie-up with Thailand’s C.P. Group for supply of feed to farmers. We
*after preferential allotment
believe there is huge potential for the company’s marine business, given the company’s
strong customer base, rising demand for frozen sea food, and overall global economic
growth which again will spur demand.
Abs. (%)
3m 1yr
3yr
Preferential allotment to raise investor confidence: IFB’s preferential allotment of
Sensex
(2.6)
6.4
7.6
9,98,000 shares in February
2013, amounting to
~`18cr (on a market
IFB Agro
(12.3)
(15.9)
82.1
capitalization of `136cr), raised the promoter holding from 55% to 60% which is
an indicator of the promoters’ confidence in the company. This has consequently
resulted in improved investor confidence.
Outlook and Valuation: We expect the company to post a CAGR of 19.5% and
15.1% in IFB’s revenue and net profit, respectively, over FY2013-2015. The company
plans to raise debt for expansion of its distillery unit which is expected to be
operational by FY2015. EBITDA margin is expected to improve by 149bp over
FY2013-2015 to 12.9% in FY2015 from 11.4% in FY2013 owing to discontinuation
of low margin businesses and better operating efficiencies. At the current market
price, the stock is trading at a PE of 3.8x its FY2015E earnings and P/B of 0.6x
FY2015E. We initiate coverage on the stock with a Buy recommendation and a target
price of `198 based on a target P/E of 5.0x for FY2015E.
Key Financials (Consolidated)
Year End Net Sales OPM
PAT EPS RoE P/E P/BV EV/EBITDA EV/sales
March
(` cr)
(%)
(` cr)
(`)
(%) (x)
(x)
(x)
(x)
FY2013E
467
11.4
27
29.9
19.8
5.1
0.9
2.3
0.3
Shareen Batatawala
FY2014E
508
12.7
26
29.3
15.4
5.2
0.7
3.0
0.4
+91- 22- 3935 7800 Ext: 6849
FY2015E
667
12.9
36
39.5
17.6
3.8
0.6
2.1
0.3
[email protected]
Source: Company, Angel Research
Please refer to important disclosures at the end of this report
1
Initiating Coverage | IFB Agro Ind.
Investment Rationale
Penetration opportunity to drive growth
The Indian liquor industry is ranked second in volume terms and third in value
terms at ~$23 bn. In spite of this, per capita consumption in India stands low at
1lt/pa as compared to 4.7lt/pa for China, 8.7lt/pa for the US and 11.7lt/pa for
Germany. Thus, low per capita alcohol consumption coupled with increasing
population, favorable societal perception, and higher purchasing power is
expected to support volume growth going forward. As per Associated Chambers of
Commerce and Industry of India (ASSOCHAM), India’s alcohol consumption is
expected to grow by 30% annually till FY2015.
IFB has increased its production capacity by setting up a new bottling plant with
two bottling lines, at Panagarh in West Bengal. Additional capacity expansion at
the existing Panagarh plant has been completed. The company plans to replace
the Indian made foreign liquor (IMFL) bottling capacity with country liquor bottling.
In addition, it also plans to double its distillery manufacturing capacity and expects
it to be operational by FY2015. With there being a huge pent up demand for
distilleries in West Bengal and IFB being the only company with distillery capacity
in the region, the company’s revenue is expected to get a boost with the planned
expansion in capacities, going forward.
Exhibit 1: Alcohol Consumption- volume (2010)
Exhibit 2: Per Capita Alcohol Consumption
1,200
14
994
11.7
12
11.1
1,000
10.2
9.6
10
8.7
800
8.2
7.3
8
600
484
6
4.7
400
275
186
4
133
127
109
200
64
61
49
1.0
2
0
0
Source: IWSR
Source: WHO, Global health Observatory Date Repository, Angel Research
Marine business- a niche play
IFB is a major player in the seasonal marine foods business (primarily prawns
which constitute 90% of the total marine foods business of the company) in West
Bengal with presence in domestic & export markets, and the feeds business. In the
domestic market, the company has tie-ups with well-known brands like Le
Meridien, Jaypee Hotels, The Leela, Maharaja’s Express, Mainland China, Marriott
and Taj Hotels, which would continue to support business growth going forward.
IFB also exports its tailor-made products across geographies like the US, Europe,
Japan, Australia and the Middle East, to suit the customers' needs. The feeds
division distributes feeds from C.P. Group of Thailand and supplies farmers with
various types of soil and water probiotics and supplements, for healthy and
sustainable growth of shrimps. The company also operates "Aqua Shops" which
have inputs required for aqua culture, like nets, aerators, chemicals for soil and
water etc. With the overall global economic growth and better demand for frozen
sea food, we expect the marine products division to report a 15% CAGR over
FY2013-15.
March 22, 2013
2
Initiating Coverage | IFB Agro Ind.
Change in business model to be margin lucrative
IFB has discontinued its low margin IMFL bottling business, which contributed 23%
to the total revenue in FY2012. It plans to replace the existing IMFL bottling
capacity with country liquor which is a ~7-8% EBIT margin business. Moreover, IFB
also plans to double its distillery capacity (EBIT margin of ~12%) on account of
abundant demand in West Bengal. Shift of IMFL bottling to country liquor and
expansion of distilleries as well as bottling units would benefit the company on the
margin front.
Exhibit 3: Segmental revenue and margin
FY2012
FY2013E
FY2014E FY2015E
Revenue (Net of excise duty & other taxes) (` cr)
Alcohol
430
436
463
627
Distillery
88
98
111
182
Own brands
22
26
28
31
Country liqour
220
255
324
413
IMFL Bottling
100
58
-
-
Marine Products + Marine trading
155
170
195
225
Total
585
606
658
851
Less: Other taxes
142
150
163
200
Net Sales
442
456
495
651
EBIT (` cr)
Alcohol
28
31
38
53
Distillery
11
12
13
22
Own brands
-
-
-
-
Country liqour
18
19
24
31
IMFL Bottling
-
-
-
-
Marine Products + Marine trading
8
7
4
6
Total EBIT
37
38
42
59
EBIT margin (%)
Alcohol
6.5
7.1
8.1
8.4
Distillery
12.0
12.0
12.0
12.0
Own brands
-
-
-
-
Country liqour
8.0
7.5
7.5
7.5
IMFL Bottling
-
-
-
-
Marine Products + Marine trading
5.5
4.4
2.2
2.8
Total EBIT margin
8.3
8.2
8.3
8.9
Source: Company, Angel Research
March 22, 2013
3
Initiating Coverage | IFB Agro Ind.
Preferential allotment improved investor confidence
The company has allotted 9,98,000 equity shares of IFB Agro Industries Ltd. of
`10 each at a premium of `172 per share on a preferential basis. Of the total,
7,63,000 equity shares were allotted to IFB Automotive Private Ltd and 2,35,000
shares to Asansol Bottling and Packaging Pvt ltd. With infusion of ~`18cr (~13%
of the current market capitalization) through the preferential allotment, the
promoter shareholding has increased from 55% to 60% which is an indicator of
promoters’ confidence in the company. This led to improved investor confidence.
Financials
Exhibit 4: Key Assumptions
FY2014E
FY2015E
Alcohol
6.9
32.5
Marine Products
15.0
15.0
Marine Feed Trading Goods
15.0
15.0
Source: Angel Research
Capacity expansion and high demand support revenue growth
Capacity expansion of distillery unit, bottling plant and better demand for frozen
sea food are the major factors that support revenue growth. Lower revenue growth
in FY2013E is attributable to lower growth in alcohol division which resulted from
discontinuation of molasses distillery and closure of the Durgapur bottling plant.
We expect IFB to post a revenue CAGR of 19.5% over FY2013-15 from `467cr in
FY2013 to `667cr in FY2015 on account of higher volumes resulting from
doubling of distillery capacity which is expected to be operational by FY2015 and
new bottling plant in Panagarh, where the expansion has been completed recently.
Exhibit 5: Revenue growth
800
70
700
63.0
60
600
50
500
40
400
31.5
30
300
24.4
20
200
100
8.6
10
356
442
4675.7
508
667
0
0
FY2011
FY2012
FY2013E
FY2014E
FY2015E
Revenue (LHS)
Revenue growth (RHS)
Source: Company, Angel Research
March 22, 2013
4
Initiating Coverage | IFB Agro Ind.
Replacement of IMFL bottling to country liquor to benefit margin
IFB has discontinued its low margin IMFL bottling business in 2QFY2013 and plans
to shift the capacity to country liquor, which has an EBIT margin of ~7-8%. This
would lead in expansion of EBITDA margin by 149bp over FY2013-15 from 11.4%
in FY2013 to 12.9% in FY2015. We expect depreciation and interest expenses to
increase as a result of new capacity and IFB’s plan to raise debt for expansion of
its distillery plant. This would consequently result in 15.1% CAGR in net profit over
FY2013-15 to `36cr in FY2015 from `27cr in FY2013.
Exhibit 6: EBITDA margin to expand
Exhibit 7: PAT margin to stabilize at higher level
100
13.5
40
6.0
90
5.8
12.9
13.0
35
5.8
80
12.6
5.6
12.5
30
70
12.0
5.3
25
60
5.2
5.2
11.4
11.5
50
20
5.0
11.1
11.0
40
4.8
15
10.5
30
10
20
9.9
10.0
4.4
10
9.5
5
35
49
53
64
86
18
26
27
26
36
0
9.0
0
4.0
FY2011
FY2012
FY2013E
FY2014E
FY2015E
FY2011
FY2012
FY2013E
FY2014E
FY2015E
EBITDA (LHS)
EBITDA margin (RHS)
PAT (LHS)
PAT margin (RHS)
Source: Company, Angel Research
Source: Company, Angel Research
Outlook and Valuation
We expect the company to post revenue CAGR of 19.5% over FY2013-15 to
`667cr on the back of capacity expansion of its distillery and bottling plant, while
margins are expected to expand by 149bp over the same period to 12.9% in
FY2015. Higher depreciation and interest expenses are expected to lead to a lower
net profit CAGR of 15.1% over FY2013-2015. At current market price, the stock is
trading at a PE of 3.8x its FY2015E earnings and P/B of 0.6x FY2015E. We initiate
coverage on the stock with a Buy recommendation and target price of `198 based
on a target P/E of 5.0x for FY2015E.
Exhibit 8: One year forward P/E chart
400
350
300
250
200
150
100
50
0
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Price
2x
5x
8x
11x
Source: Company, Angel Research
March 22, 2013
5
Initiating Coverage | IFB Agro Ind.
Concerns
Regulations in liquor business
Liquor business is highly regulated in India. Major regulations which have a direct
impact on the companies include:
„ Volatility in excise duty on liquor
„ Ban on advertising
„ Price hike limited to once a year
„ Interstate transfer fees of molasses- a key raw material
„ Distribution barrier
„ Limited SKUs result in slower distribution expansion
Currency fluctuation may impact marine business
The marine feeds trading business constitutes ~12% of the total revenue. Volatility
in the foreign currency will impact the marine business and consequently impact
the profitability of the company.
March 22, 2013
6
Initiating Coverage | IFB Agro Ind.
Company Background
IFB Agro Industries is engaged in the business of manufacturing alcohol, bottling
of branded alcoholic beverages as well as processed and packed marine foods
both for domestic & export markets.
The company has two broad business categories:
Alcohol
This consists of distillery, IMFL and IMIL (Country liquor) segments.
„ Distillery: Distillery is situated at Noorpur, West Bengal with an installed
capacity of 60,000 liters per day based on molasses. In addition, the company
has grain distillery with capacity of 60,000 liters per day. The company plans
to convert the molasses distillery into a multi-feed distillery going forward.
„ IMFL: The IMFL division has two manufacturing units in Kolkata. Apart from
producing own brands, the unit also produces brands like "Smirnoff" of
DIAGEO and brands of United Spirits.
„ IMIL (Country Spirit): Company is the largest manufacturer of IMIL, popularly
known as Country spirit.
Marine
„ Domestic business: It comprises of products like IFB Royal Prawns, IFB Prawn
POPS and Breaded Fish Fillets, Ready to Fry Prawn/ Fish products, freshly
frozen prawn/ fish available from over 800 food stores across the country's
metros and tier 2 cities. The company has tie-ups with well-known brands like
Le Meridien, Jaypee Hotels, The Leela, Maharaja’s Express, Mainland China,
Marriott and Taj Hotels which would support domestic business growth going
forward.
„ Exports: The company exports its tailor-made products across geographies
including USA, Europe, Japan, Australia, and the Middle East, to suit
customers' needs. The products are sold under three major brands
-
Aquafresh, IFB Royal and IFB Crown.
„ Feeds business: IFB has tied up with C.P. Group of Thailand for farming and
distribution of feed to the farmers. The company is the largest distributor of
C.P. Feeds (Thailand) in West Bengal. IFB also operates "Aqua Shops" which
are a one-stop-shop for many other inputs required for aqua culture, like nets,
aerators, chemicals for soil and water etc.
March 22, 2013
7
Initiating Coverage | IFB Agro Ind.
Profit & Loss Statement
Y/E March (` cr)
FY2011
FY2012
FY2013E
FY2014E
FY2015E
Gross sales
556
740
785
853
1,096
Less: Excise duty & other taxes
228
312
330
358
445
Net Sales
328
428
456
495
651
Other operating income
27
14
12
13
16
Total operating income
356
442
467
508
667
% chg
67.1
24.4
5.7
8.6
31.5
Net Raw Materials
239
292
313
333
434
Personnel
14
22
18
19
25
Other expenses
68
80
83
91
121
Total Expenditure
320
393
414
443
581
EBITDA
35
49
53
64
86
% chg
-
39.8
8.7
20.8
33.7
(% of Net Sales)
9.9
11.1
11.4
12.7
12.9
Depreciation
8
13
15
23
27
EBIT
27
36
38
42
59
% chg
-
35.5
5.1
9.4
41.0
(% of Net Sales)
7.6
8.2
8.2
8.3
8.9
Interest & other charges
2
0
0
5
9
Other Income
1
2
2
2
3
(% of Net Sales)
0.3
0.5
0.5
0.5
0.5
PBT
26
38
40
39
53
% chg
302.7
45.6
5.2
(1.9)
34.9
Tax
8
12
13
13
18
(% of PBT)
32.0
30.4
33.0
33.0
33.0
PAT (reported)
18
27
27
26
36
Extraordinary (Exp)/Inc.
(0)
1
-
-
-
ADJ. PAT
18
26
27
26
36
% chg
300.3
44.1
4.2
(1.9)
34.9
(% of Net Sales)
5.0
5.8
5.8
5.2
5.3
Basic EPS (`)
22.4
32.3
29.9
29.3
39.5
Fully Diluted EPS (`)
22.4
32.3
29.9
29.3
39.5
% chg
300.3
44.1
(7.4)
(1.9)
34.9
March 22, 2013
8
Initiating Coverage | IFB Agro Ind.
Balance Sheet
Y/E March (` cr)
FY2011
FY2012
FY2013E
FY2014E
FY2015E
SOURCES OF FUNDS
Equity Share Capital
8
8
9
9
9
Reserves& Surplus
79
105
149
176
211
Shareholders’ Funds
87
113
158
185
220
Total Loans
2
0
0
70
70
Deferred Tax Liability (Net)
8
7
7
7
7
Other Long-term liabilities
4
4
4
5
6
Long Term Provisions
1
1
1
1
1
Total Liabilities
102
125
170
267
304
APPLICATION OF FUNDS
Gross Block
135
154
200
301
361
Less: Acc. Depreciation
65
77
92
114
141
Net Block
71
78
109
186
220
Capital Work-in-Progress
0
1
20
40
30
Investments
3
3
3
3
3
Long term Loans & adv
1
0
0
0
0
Other non-current assets
2
1
1
1
2
Current Assets
61
82
77
79
102
Cash
8
13
12
11
18
Loans & Advances
15
11
12
13
17
Inventory
27
37
37
37
44
Debtors
11
20
16
18
23
Current liabilities
37
40
40
43
53
Net Current Assets
25
42
37
36
50
Misc. Exp. not written off
-
-
-
-
-
Total Assets
102
125
170
267
304
March 22, 2013
9
Initiating Coverage | IFB Agro Ind.
Cash Flow Statement
Y/E March (` cr)
FY2011 FY2012 FY2013E FY2014E FY2015E
Profit before tax
26
38
40
39
53
Depreciation
8
13
15
23
27
Change in Working Capital
8
(12)
4
0
(7)
Other income
(1)
(2)
(2)
(2)
(3)
Direct taxes paid
(8)
(12)
(13)
(13)
(18)
Others
1
1
-
-
-
Cash Flow from Operations
34
26
44
47
53
(Inc.)/Dec. in Fixed Assets
(11)
(19)
(66)
(120)
(50)
(Inc.)/Dec. in Investments
-
-
-
-
-
(Inc.)/Dec. in L.T. Loans & advances
1
(1)
(0)
(0)
(0)
(Inc.)/Dec. In other long term assets
2
(1)
(0)
(0)
(0)
Other income
1
2
2
2
3
Others
(4)
1
-
-
-
Cash Flow from Investing
(11)
(18)
(63)
(118)
(47)
Issue of Equity
-
-
1
-
-
Inc./(Dec.) in loans
(29)
(2)
-
70
-
Inc./(Dec.) in Other long term liab.
4
-
0
0
1
Inc./(Dec.) in Long Term Prov.
1
0
0
0
0
Dividend Paid (Incl. Tax)
-
-
-
-
-
Others
(5)
(0)
17
-
-
Cash Flow from Financing
(30)
(2)
18
70
2
Inc./(Dec.) in Cash
(7)
5
(1)
(1)
7
Opening Cash balances
15
8
13
12
11
Closing Cash balances
8
13
12
11
18
March 22, 2013
10
Initiating Coverage | IFB Agro Ind.
Key Ratios
Y/E March
FY2011
FY2012
FY2013E
FY2014E
FY2015E
Valuation Ratio (x)
P/E (on FDEPS)
7.6
5.3
5.1
5.2
3.8
P/CEPS
5.2
3.5
3.2
2.8
2.2
P/BV
1.6
1.2
0.9
0.7
0.6
Dividend yield (%)
-
-
-
-
-
EV/Sales
0.4
0.3
0.3
0.4
0.3
EV/EBITDA
3.6
2.4
2.3
3.0
2.1
EV / Total Assets
1.3
1.0
0.7
0.7
0.6
Per Share Data (`)
EPS (Basic)
22.4
32.3
29.9
29.3
39.5
EPS (fully diluted)
22.4
32.3
29.9
29.3
39.5
Cash EPS
32.5
48.9
46.6
54.3
69.6
DPS
-
-
-
-
-
Book Value
108.2
141.3
175.7
205.0
244.5
Dupont Analysis
EBIT margin
7.6
8.2
8.2
8.3
8.9
Tax retention ratio
0.7
0.7
0.7
0.7
0.7
Asset turnover (x)
4.4
5.1
3.9
2.6
2.6
ROIC (Post-tax)
22.8
29.0
21.4
14.6
15.5
Cost of Debt (Post Tax)
0.1
0.2
1.3
0.1
0.1
Leverage (x)
0.0
(0.1)
(0.1)
0.1
0.3
Operating ROE
23.9
25.5
19.0
16.1
19.6
Returns (%)
ROCE (Pre-tax)
25.5
32.2
26.0
19.2
20.7
Angel ROIC (Pre-tax)
33.5
41.7
31.9
21.8
23.2
ROE
23.1
25.9
19.8
15.4
17.6
Turnover ratios (x)
Asset Turnover (Gross Block)
2.7
3.1
2.6
2.0
2.0
Inventory / Sales (days)
29
27
29
27
22
Receivables (days)
11
13
13
13
13
Payables (days)
42
35
35
35
33
WC Cycle (ex-cash) (days)
21
19
21
18
15
Solvency ratios (x)
Net debt to equity
(0.1)
(0.1)
(0.1)
0.3
0.2
Net debt to EBITDA
(0.3)
(0.3)
(0.3)
0.9
0.6
Interest Coverage (EBIT/ Int.)
14.6
101.2
106.2
8.6
6.5
March 22, 2013
11
Initiating Coverage | IFB Agro Ind.
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
IFB Agro Ind.
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
Reduce (-5% to -15%)
Sell (< -15%)
March 22, 2013
12
Initiating Coverage | IFB Agro Ind.
6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team
Fundamental:
Sarabjit Kour Nangra
VP-Research, Pharmaceutical
[email protected]
Vaibhav Agrawal
VP-Research, Banking
[email protected]
Bhavesh Chauhan
Sr. Analyst (Metals & Mining)
[email protected]
Viral Shah
Sr. Analyst (Infrastructure)
[email protected]
Sharan Lillaney
Analyst (Mid-cap)
[email protected]
V Srinivasan
Analyst (Cement, Power, FMCG)
[email protected]
Yaresh Kothari
Analyst (Automobile)
[email protected]
Ankita Somani
Analyst (IT, Telecom)
[email protected]
Sourabh Taparia
Analyst (Banking)
[email protected]
Bhupali Gursale
Economist
[email protected]
Vinay Rachh
Research Associate
[email protected]
Amit Patil
Research Associate
[email protected]
Shareen Batatawala
Research Associate
[email protected]
Twinkle Gosar
Research Associate
[email protected]
Tejashwini Kumari
Research Associate
[email protected]angelbroking.com
Technicals:
Shardul Kulkarni
Sr. Technical Analyst
[email protected]
Sameet Chavan
Technical Analyst
[email protected]
Sacchitanand Uttekar
Technical Analyst
[email protected]
Derivatives:
Siddarth Bhamre
Head - Derivatives
[email protected]
Institutional Sales Team:
Mayuresh Joshi
VP - Institutional Sales
[email protected]
Hiten Sampat
Sr. A.V.P- Institution sales
[email protected]
Meenakshi Chavan
Dealer
[email protected]
Gaurang Tisani
Dealer
[email protected]
Akshay Shah
Sr. Executive
[email protected]
Production Team:
Tejas Vahalia
Research Editor
[email protected]
Dilip Patel
Production Incharge
[email protected]
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
March 22, 2013
13