ZEE ENTERTAINMENT ENTERPRISES LTD. BUY Q1...
Transcript of ZEE ENTERTAINMENT ENTERPRISES LTD. BUY Q1...
Recommend BUY
CMP 215.00
Target Price 236.00
ISIN: INE256A01028 SEPTEMBER 4th
, 2013
ZEE ENTERTAINMENT ENTERPRISES LTD. Q1 FY14
STOCK DETAILS
Sector Media & Entertainment
BSE Code 505537
Face Value 1.00
52wk. High / Low (Rs.) 267.35/161.55
Volume (2wk. Avg ) 175000
Market Cap ( Rs in mn ) 206292.50
Annual Estimated Results (A*: Actual / E*: Estimated)
Years FY13A FY14E FY15E
Net Sales 36995.70 42915.01 48064.81
EBITDA 11003.60 13634.60 14405.22
Net Profit 7195.50 8650.92 9477.67
EPS 7.54 9.02 9.88
P/E 28.51 23.85 21.77
Shareholding Pattern (%)
1 Year Comparative Graph
ZEE ENTERTAINMENT ENTERPRISES S&P BSE SENSEX
SYNOPSIS
Zee Entertainment Enterprises Limited (ZEE) is one
of India’s leading television, media & entertainment
companies.
During the quarter, the company shown the robust
growth in the Net Profit and the profit increased by
42.04% to Rs. 2246.40 millions.
Revenue for the quarter rose 15.46% to Rs. 9732.50
million from Rs.8429.60 million, when compared
with the prior year period.
EBITDA increased by 38.07% to Rs. 3636.60 millions
as against Rs. 2633.80 millions in the corresponding
period of the previous year.
Advertising revenues for the quarter were Rs. 5301
million, recording a growth of 18.5% over Q1 FY13.
During the quarter, ZEE TV averaged 184 GPRs
recording a relative share of 18% among the top 6
Hindi GECs.
ZEE has approved a Scheme of Arrangement between
the Company and its Equity Shareholders for
issuance of 21 (twenty one) 6% Cumulative
Redeemable Non-Convertible Preference Shares of
Re. 1 each for every Equity Share of Re. 1 each of the
Company as Bonus Preference Shares.
Net Sales and PAT of the company are expected to
grow at a CAGR of 16% and 17% over 2012 to 2015E
respectively.
During Q1 FY14, ZEE has allotted 55,48,400 equity
shares in pursuance of exercise of stock options by
the option grantees as per ZEEL ESOP Scheme, 2009.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
COMPANY NAME (Rs.) Rs. in Mn. (Rs.) Ratio Ratio (%)
Zee Entertainment Enterprises Ltd 215.00 206292.50 7.54 28.51 5.24 200.00
Entertainment Network (India) Ltd 235.05 11204.90 15.65 15.02 2.23 10.00
Sun TV Network Ltd 398.45 158540.20 17.34 23.20 4.76 190.00
Den Network Ltd 160.40 23387.20 1.40 114.04 2.83 0.00
Recommendation & Analysis - ‘BUY’
Zee Entertainment Enterprises Limited has reported its first quarter fiscal 2014 consolidated revenue of Rs.
9732.50 million. The consolidated operating profit for the quarter stood at Rs. 3636.60 million, recording a
growth of 38% over corresponding period of previous fiscal. PAT for the quarter was Rs. 2246.40 million. The
EBITDA margin for the quarter stood at 29.9% and the PAT margin was 23%. Total cost incurred by the company
in this quarter was Rs. 6818 mn, an increase of 11.8% over the corresponding period last fiscal. ZEE’s advertising
revenues during the quarter were Rs. 5301 mn, showing an increase of 18.5% y-o-y. Total subscription revenues
for the quarter were Rs. 4241 mn, registering a growth of 16.5% over corresponding period last fiscal. During the
year 2012-13, the Company has launched two offerings for Indian audience: ZeeQ, an edutainment channel and
Zee Bangla Cinema a 24/7 Bengali movie channel. It has also significantly strengthened its international presence
with the launch of two channels in UAE (Zee TV HD and Zee Cinema HD). To further strengthen its presence in
Europe, ZEE channels were launched on Your TV and Yupp TV. ZEE entered the Canadian market, with the launch
of Zee TV HD in partnership with Ethnic Channels Group Limited (ECG).
During the quarter Q1 FY14, the Company’s operating as well as financial parameters. The subscription revenue
during the quarter has shown robust increase and with digitization rollout, will improve in the medium term.
ZEE has maintained viewership share both in national and regional languages, which led to better advertising
growth relative to the industry. Over FY2012-15E, we expect the company to post a CAGR of 16% and 17% in its
top-line and bottom-line respectively. Hence, we recommend ‘BUY’ for ‘Zee Entertainment Enterprises Ltd’
with a target price of Rs. 236.00 on the stock.
FINANCIAL HIGHLIGHTS CONSOLIDATED
Results updates- Q1 FY14,
Zee Entertainment Enterprises Limited is one of
India’s leading television, media and entertainment
companies. It is amongst the largest producers and
aggregators of Hindi programming in the world,
with an extensive library housing over 100,000
hours of television content, reported its financial
results for the quarter ended 30th June, 2013.
Months Jun-13 Jun-12 % Change
Net Sales 9732.50 8429.60 15.46
PAT 2246.40 1581.50 42.04
EPS 2.34 1.66 41.23
EBITDA 3636.60 2633.80 38.07
The company’s net profit jumps to Rs.2246.40 million against Rs.1581.50 million in the corresponding quarter
ending of previous year, an increase of 42.04%. Revenue for the quarter rose 15.46% to Rs. 9732.50 million from
Rs.8429.60 million, when compared with the prior year period. Reported earnings per share of the company
stood at Rs.2.34 a share during the quarter, registering 41.23% increase over previous year period. Profit before
interest, depreciation and tax is Rs.3636.60 millions as against Rs.2633.80 millions in the corresponding period
of the previous year.
Expenditure :
During the quarter total expenditure rose by 11 per
cent mainly increase in Operating Costs along with
consideration of other expenses. Total expenditure
in Q1 FY14 was at Rs. 6904.20 millions as against Rs.
6195.90 millions in Q1 FY13. Employee benefit cost
stood at Rs. 956.30 millions against Rs. 887.80
millions in the corresponding period of the previous
year. Other Expenditure was at Rs. 1753.70 million
and Operating Cost was at Rs. 4107.60 millions in
Q1 FY14 are the primarily attributable to growth of
expenditure.
Latest Updates
• The Company had on June 14, 2013 approved a Scheme of Arrangement between the Company and its Equity
Shareholders for issuance of 21 (twenty one) 6% Cumulative Redeemable Non-Convertible Preference
Shares of Re. 1 each for every Equity Share of Re. 1 each of the Company as Bonus Preference Shares.
• During the quarter, the Company has allotted 55,48,400 equity shares in pursuance of exercise of stock
options by the option grantees as per ZEEL ESOP Scheme, 2009.
• Zee Entertainment Enterprises Ltd has recommended a dividend of Rs. 2.00/- per equity share of Re. 1 each
(equivalent to 200% on the paid up capital), to the Equity Shareholders for the FY 2012-13.
• The Company has got landing rights for china and will be commencing operations in the near future. With a
1.3 billion population, china provides exciting growth opportunities, as the world’s biggest cable and satellite
market.
Q1 FY14 Highlights
• Advertising revenues for the quarter were Rs. 5301 million, recording a growth of 18.5% over Q1 FY13,
which is higher than the industry growth rate.
• Subscription revenue were Rs. 4241 million for the quarter ended June 30, 2013, recording a growth of
16.5% over a corresponding period last fiscal.
• Consolidated operating revenues for the quarter stood at Rs. 9732.5 million, recording a growth of 15.5% as
compared to the corresponding period last fiscal.
• During the quarter, ZEE TV averaged 184 GPRs recording a relative share of 18% among the top 6 Hindi
GECs.
Company Profile
Zee Entertainment Enterprises Limited is one of India’s leading television, media and entertainment companies.
It is amongst the largest producers and aggregators of Hindi programming in the world, with extensive library
housing over 1 lac+ hours of television content. With rights to more than 3,000 movie titles from foremost
studios and of iconic film stars, Zee houses the world's largest Hindi film library.
Through its strong presence worldwide, Zee entertains over 670+ million viewers across 169 countries.
The Zee stable owns an integrated range of businesses. All of these in singularity adhere to the content-to-
consumer value chain model of media and entertainment business. Zee is a pioneer in every aspect of content
aggregation and distribution through traditional media like satellite and cable and new media like the internet, in
India.
Zee Entertainment Enterprise is the first listed media company in India and first to launch a Hindi General
Entertainment Channel as Zee TV, Hindi Cinema Channel as Zee Cinema, a 24 hour Hindi News Channel as Zee
News, 24-hour Food Channel as Zee Khana Khazana, Urdu infotainment channel as Zee Salaam.
Global Network
Zee Entertainment Enterprises Limited is one of the largest Indian programming content distributors with an
estimated reach of more than 670+ million viewers in over 169 countries including USA, Canada, Europe, Africa,
the Middle East, South East Asia, Australia and New Zealand.
Business Area
� Hindi GEC
ZEE is the largest producer and aggregator of Hindi programming in the world. It is the largest MSO in India
with an estimated reach of 7+ million households.
� Regional GEC
Zee Entertainment is a leading provider of entertainment content across genres in the Hindi and English
languages. With leading channels like Zee Marathi, Zee Bangla, Zee Telugu, Zee Kannada, Zee Tamizh and ETC
Channel Punjabi within its fold, Zee Entertainment would now have an unparalleled reach across the country
in the fast growing regional markets.
� Bollywood
Bollywood - The Indian Film industry is acclaimed as one of the largest film industries of the world. ZEE's
Hindi movie channels, Zee Cinema, Zee Premier, Zee Action and Zee Classic maintain its objective in
delivering the best of programming in the Hindi Movies Genre.
� Sports
Zee Entertainment has varied interests in the Sports Business, with a majority stake in Taj Television, the
group has in its fold multiple sports channels. ZEE's aim is to offer it's viewers the best of sports action round
the clock with ‘Ten Cricket’ and Ten Action+.
� English Entertainment
ZEE's English bouquet of channels comprises ALL...Today, Zee Cafe, Zee Trendz and Zee Studio are premium
channels of the network, showcasing the finest English content from across the globe.
� Niche Offerings
Niche is the way forward for the Indian Television industry. With 106 shows across the entire television
space, the time is ripe for the country’s first Food Channel.
� Music
ZEE has strengthened its bouquet in music genre by launching ETC, ETC Channel Punjabi and Zing. Today
ZEE channels stand as market leaders in their respective genres of music continue creating an invigorating
culture and touching lives of people through music.
� Alternate Lifestyle
Alternate Lifestyle genre is aimed at awakening people to realize the spiritual aspects in their life and hence
enriching lives.
� Indian Filmed Entertainment
Zee Entertainment Enterprises Limited has launched Zee Entertainment Studios with 2 movie banners – Zee
Motion Pictures for mainstream films and Zee Limelight for films targeted at niche audiences.
� International Business
Spanning 5 continents, ZEE reaches out to more than 670+ million viewers in more than 169 countries.
Financial Highlight CONSOLIDATED (A*- Actual, E* -Estimations & Rs. In Millions)
Balance sheet as at March31st, 2012-2015E
FY12A FY13A FY14E FY15E
SOURCES OF FUNDS (Rs.in.mn)
Shareholder's Funds
Share Capital 958.80 954.00 959.50 959.50
Reserves and Surplus 33349.50 38161.10 43885.27 50029.20
1. Sub Total - Net worth 34308.30 39115.10 44844.77 50988.70
2. Share application money pending allotment 46.30 0.00 0.00 0.00
3. Minority interest -31.60 33.30 34.63 35.67
Non Current Liabilities
Long term borrowings 11.60 17.10 18.81 20.31
Other Long term Liabilities 0.20 173.60 199.64 217.61
Long Term Provisions 228.50 304.90 341.49 372.22
4. Sub Total - Non Current Liabilities 240.30 495.60 559.94 610.14
Current Liabilities
Trade Payables 3872.10 5172.30 6206.76 7013.64
Other Current Liabilities 3014.60 3445.30 3720.92 3906.97
Short Term Provisions 1704.40 2296.60 2778.89 3223.51
5. Sub Total - Current Liabilities 8591.10 10914.20 12706.57 14144.12
Total Liabilities (1+2+3+4+5) 43154.40 50558.20 58145.91 65778.63
APPLICATION OF FUNDS
Non-Current Assets
Fixed Assets
Tangible assets 2231.20 2717.00 3151.72 3561.44
Intangible assets 6968.10 7189.10 7548.56 7850.50
Capital Work in Progress 201.10 69.00 75.90 82.73
a) Sub Total - Fixed Assets 9400.40 9975.10 10776.18 11494.67
b) Non-current investments 674.90 651.40 683.97 711.33
c) Long Term loans and advances 1417.30 2254.40 2930.72 3575.48
d) Deferred Tax Asset 336.80 287.40 212.68 180.77
e) Other non-current assets 313.60 328.90 348.63 366.07
1. Sub Total - Non Current Assets 12143.00 13497.20 14952.18 16328.32
Current Assets
Current Investment 7324.30 7264.90 7846.09 8395.32
Inventories 7339.10 8745.20 10144.43 11666.10
Trade receivables 8660.00 9890.30 11077.14 12240.24
Cash and Bank Balances 3283.30 5316.20 6829.03 8448.94
Short-terms loans & advances 4051.20 5509.90 6942.47 8330.97
Other current assets 353.50 334.50 354.57 368.75
2. Sub Total - Current Assets 31011.40 37061.00 43193.73 49450.31
Total Assets (1+2) 43154.40 50558.20 58145.91 65778.63
Annual Profit & Loss Statement for the period of 2012 to 2015E
Value(Rs.in.mn) FY12A FY13A FY14E FY15E
Description 12m 12m 12m 12m
Net Sales 30405.60 36995.70 42915.01 48064.81
Other Income 1383.70 1460.90 1811.52 1956.44
Total Income 31789.30 38456.60 44726.53 50021.25
Expenditure -23010.10 -27453.00 -31091.93 -35616.03
Operating Profit 8779.20 11003.60 13634.60 14405.22
Interest -49.50 -85.50 -102.60 -119.02
Gross profit 8729.70 10918.10 13532.00 14286.21
Depreciation -322.60 -398.80 -462.61 -518.12
Profit Before Tax 8407.10 10519.30 13069.39 13768.09
Tax -2500.00 -3337.80 -4443.59 -4316.30
Profit After Tax 5907.10 7181.50 8625.80 9451.79
Minority Interest -17.40 23.70 25.12 25.88
Share of Profit & Loss of Asso. 1.90 -9.70 0.00 0.00
Net Profit 5891.60 7195.50 8650.92 9477.67
Equity capital 958.80 954.00 959.50 959.50
Reserves 33349.50 38161.10 43885.27 50029.20
Face value 1.00 1.00 1.00 1.00
EPS 6.14 7.54 9.02 9.88
Quarterly Profit & Loss Statement for the period of 31st
Dec, 2012 to 30th Sep, 2013E
Value(Rs.in.mn) 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13E
Description 3m 3m 3m 3m
Net sales 9388.20 9642.90 9732.50 10608.43
Other income 360.00 538.20 721.70 678.40
Total Income 9748.20 10181.10 10454.20 11286.82
Expenditure -6776.80 -7220.30 -6817.60 -7669.89
Operating profit 2971.40 2960.80 3636.60 3616.93
Interest -15.50 -28.40 -21.90 -25.40
Gross profit 2955.90 2932.40 3614.70 3591.53
Depreciation -90.00 -114.60 -86.60 -90.06
Profit Before Tax 2865.90 2817.80 3528.10 3501.46
Tax -932.80 -1014.30 -1289.40 -1085.45
Profit After Tax 1933.10 1803.50 2238.70 2416.01
Minority Interest 8.00 2.20 7.70 8.09
Share of Profit & Loss of Asso. 0.00 -9.70 0.00 0.00
Net Profit 1941.10 1796.00 2246.40 2424.09
Equity capital 954.00 954.00 959.50 959.50
Face value 1.00 1.00 1.00 1.00
EPS 2.03 1.88 2.34 2.53
Ratio Analysis
Particulars FY12A FY13A FY14E FY15E
EPS (Rs.) 6.14 7.54 9.02 9.88
EBITDA Margin (%) 28.87% 29.74% 31.77% 29.97%
PBT Margin (%) 27.65% 28.43% 30.45% 28.64%
PAT Margin (%) 19.43% 19.41% 20.10% 19.66%
P/E Ratio (x) 34.99 28.51 23.85 21.77
ROE (%) 17.22% 18.36% 19.23% 18.54%
ROCE (%) 26.52% 29.14% 31.42% 29.26%
EV/EBITDA (x) 23.11 18.32 14.83 13.99
Book Value (Rs.) 35.78 41.00 46.74 53.14
P/BV 6.01 5.24 4.60 4.05
Charts
Outlook and Conclusion
� At the current market price of Rs.215.00, the stock P/E ratio is at 23.85 x FY14E and 21.77 x FY15E
respectively.
� Earning per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.9.02 and Rs.9.88
respectively.
� Net Sales and PAT of the company are expected to grow at a CAGR of 16% and 17% over 2012 to 2015E
respectively.
� On the basis of EV/EBITDA, the stock trades at 14.83 x for FY14E and 13.99 x for FY15E.
� Price to Book Value of the stock is expected to be at 4.60 x and 4.05 x respectively for FY14E and FY15E.
� We recommend ‘BUY’ in this particular scrip with a target price of Rs.236.00 for Medium to Long term
investment.
Industry Overview
The Indian media and entertainment (M&E) industry has massive reach. The industry is largely driven by
increased digitisation, growth of regional media, robust film industry and emergence of new media for content
delivery. The Indian M&E industry is projected to grow 11.8 per cent to clock revenues worth Rs 91, 700 crore
(US$ 16 billion) in 2013, according to an industry report. While conventional media such as television (TV), print
and radio continue to be dominant segments, animation, visual effects, films and music are also posting strong
progress owing to content and the benefits of digitisation.
Moreover, the Government's drive towards digitalisation and addressability for cable television by 2014 is
expected to provide a boost to direct-to-home (DTH) and digital cable growth.
In a nutshell, alignment of entertainment, information and telecommunication is increasingly affecting India's
overall M&E industry. Launch of more advanced media devices over the last decade has facilitated access of the
same content on a variety of media platforms. This is helping in emergence of new business models and revenue
streams, not only for content providers, but for a variety of new players becoming a part of the new media
ecosystem. With all these factors well-in-place, the M&E sector certainly is marching towards new horizons of
growth.
Market Dynamics
• The Indian M&E industry grew from Rs 728 billion (US$ 13.6 billion) in 2011 to Rs 820 billion (US$ 14.18
billion) in 2012; marking a growth of 12.6 per cent.
• Total advertising expenditure (AdEx) across media stood at Rs 327.4 billion (US$ 5.66 billion) in 2012
while advertising revenues increased by 9 per cent.
• Print continued to be the largest beneficiary, accounting for 46 per cent of the advertising pie at Rs 150
billion (US$ 2.59 billion).
• Furthermore, television continued to be a dominant segment in the M&E industry while new media
sectors (like animation/VFX) and Films and Music segments recorded strong growth. Radio is expected to
witness great emancipation, post the roll-out of Phase 3 licensing, at a compounded annual growth rate
(CAGR) of 16.6 per cent over 2012-17.
Advertising, Online and Mobile Entertainment
Today, mobile phones and internet go hand-in-hand in a way such that hardware (mobile) is nothing without
software (internet). People, especially the youth, largely use mobile phones to access net, not only for
entertainment, but also to make payments, gather information and transfer content.
The internet video consumption market in India is growing at a humongous pace, with nearly 80 per cent more
videos viewed in 2012 than in 2011.
Similarly, internet and online portals are largely being used by marketers for airing their advertisements and
awareness campaigns. Even though traditional media like television and newspapers continue to be the
preferred media for seeking information and entertainment (as they garner over 80 per cent of the advertising
market in India), the internet has been steadily increasing its share of the advertising pie. Spends on digital
media have substantially increased from just over 1 per cent of total Indian advertising spend in the year 2005 to
nearly 7 per cent in 2012.
Search advertising accounted for about 38 per cent of the total online advertising spend, translating to about Rs
850 crore (US$ 147.05 million) while display advertising formed a sizeable 29 per cent (Rs 662 crore [US$
114.52 million]) by March 2013, according to the findings of Digital Advertising in India report, by the Internet
and Mobile Association of India (IAMAI) and IMRB International.
Meanwhile, advertisements on mobile phones and tablets have grown from a 7 per cent share in FY 2011-2012
to 10 per cent of the Indian online ad market in FY 2012-2013, amounting to spends of around Rs 230 crore (US$
40 million). Social media, email and video advertising constitute 13 per cent, 3 per cent and 7 per cent of the
online advertising market, respectively.
Investments
• Indian television industry is ripe enough to accept niche channels that could cater to a specific audience,
with specific tastes and choice. The intense pace of digitization of distribution systems has removed the
artificial limit on the number of channels that could be carried on our old analogue networks. This, in-
turn, allows broadcasters to target specific audience with niche channels that would otherwise have been
inefficient to distribute.
• Mexican edutainment theme park brand KidZania is set to see the soft launch of its property in Mumbai in
June 2013, wherein it would offer variety of activities to suit multiple interests of children. The facility
would also have various set-ups with specific role-playing activities that kids can take up as jobs.
KidZania’s Indian franchisee, ImagiNation Edutainment India, in which Bollywood actor Shah Rukh Khan
holds 26 per cent stake, has entered into a partnership with Birla Sun Life Insurance for an employment
centre at the park. The new facility is being built at a cost of Rs 100 crore (US$ 17.3 million).
• Group M and Optimystix Entertainment promoted, O4 Digital Media have entered a strategic alliance to
create India’s first digital video-led Brand Solutions Company – MashUp.
With this new venture, Optimystix Entertainment, India’s leading TV Production Company is shifting its
focus to the rapidly growing online video space while Group M, India’s leading media agency network is
enhancing its online offering to include strategic content solutions backed with metric and measurement.
MashUp would be a content-led Brand solutions company with a key focus on ‘video led sustained
engagement’ for brands – a unique concept in the Indian digital industry. Mash Up Brand Solutions will
work with brands to connect with consumers on digital and social media platforms using customised and
differentiated content to create rich involvement. This new launch is all set to revolutionise the online
brand promotion and engagement space using the digital expertise and understanding of online
consumers of the partners involved.
Government Initiatives
Indian Government intends to glorify and magnify the heritage of Indian films and promote the country as a Film
Tourism Destination. With a view to substantiate the same, a composite delegation from the Ministry of
Information and Broadcasting (I&B) and Ministry of Tourism (MoT), Government of India (GoI) participated in
Cannes Film Festival 2013.
With such initiatives, the GoI wants to promote Indian cinema as a sub brand of the 'Incredible India' campaign at
various international film festivals like IFFI Goa, European Film Market, and Cannes Film Festival, to develop
synergy between the tourism and film industries, and to provide a platform for facilitating partnerships between
the Indian and global film industry.
I&B ministry has also launched a multi-media initiative that aims to highlight the impact of Government policies
at grassroots level across multiple sectors. The drive namely ‘Glimpses of the India Story’ would capture the
journey of development in the last nine years across various sectors through the programmes and policies of the
Government in India.
The multi-media initiative would be aired on television, radio, print and outdoor publicity with the objective of
informing and appraising the public to encourage greater participation in such efforts.
Road Ahead
India’s M&E industry is expected to get double in size to Rs.1.66 trillion (US$ 28.72 billion) by 2017, from Rs.
82,000 crore (US$ 14.19 billion) in 2012, which would be a compounded annual growth rate (CAGR) of 15.2 per
cent, according to the Indian Media and Entertainment Industry Report 2013 by KPMG with an industry body.
Also, the FM radio sector is projected to touch the Rs 2,300-crore (US$ 397.93 million) mark within three years
of the roll-out of the much-awaited Phase III licences, according to estimates by CII and Ernst & Young. The
sector is anticipated to close FY13 at Rs 1,400 crore (US$ 242.22 million) with 245 private FM stations.
Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale
of any financial instrument or as an official confirmation of any transaction. The information contained herein is
from publicly available data or other sources believed to be reliable but do not represent that it is accurate or
complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates 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. This document is provide for assistance only and is not intended to be and must
not alone be taken as the basis for an investment decision.
Firstcall India Equity Research: Email – [email protected]
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