AI assistant
Jindal Stainless Limited Earnings Release 2019
60705_rns_2019-05-28_9a0059aa-7371-4334-a830-9d06705764e3.pdf
Earnings Release
Open in viewerOpens in your device viewer
May 28,2019
BSE Limited I st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai - 400 001 # 022 - 22 72 3 12 I, 203 7, 2041, 3719,2039,2272 2061 corp. relations@bseind ia .com
Security Code No.: 532508
National Stock Exchange of India Ltd . Exchange Plaza, 5th Floor, Plot no. Cll, G Block Bandra-Kurla Complex, Bandra(E), Mumbai-400051 # 022 -2659 8237, 8238, 8347, 8348 cml [email protected]. in
Security Code No. : JSL
Sub.: Intimation pursuant to Regulation 30 of SEBI (Listing Obligations and Disclostn·e Requirements) Regulations, 2015 - updated Investm·s' presentation I Earnings presentation.
Dear Sirs,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the updated Investors' presentation and the Earnings presentation for the quarter I financial year ended 31 st March, 2019, of Jindal Stainless Limited ("the Company"). The same are also being uploaded on the website of the Company- www.jslstainless.com.
Please take the above information on record.
Thanking you,
Navneet Raghuvanshi Company Secretary
Encl.: a.a.
JINDAL STAINLESS LIMITED Q4 & FY19 Earnings Presentation – May 20, 2019
Disclaimer 2
This presentation and the accompanying slides (the "Presentation"), which has been prepared by Jindal Stainless Limited (the "Company"), has been prepared purely for information purposes only and is not, and is not intended to be, an offer, or solicitation of offer, or invitation or recommendation or advise to buy or sell or deal with any securities of the Company, and shall not constitute an offer, solicitation or invitation or recommendation or advise to buy or sell or deal with any securities of the Company in any jurisdiction in which such offer, solicitation or invitation or recommendation or advise is unlawful or in contravention of applicable laws. No part, or all, of this Presentation shall be used or form the basis of, or be relied on or referred to in connection with, any contract or investment decision in relation to any securities of the Company. This Presentation is strictly informative and relating to the financial conditions, internal functioning, day to day operations, future events and projections etc. of the Company and this presentation shall not be used or relied upon or referred to in whole or in part, for any purpose whatsoever. The information in this Presentation is being provided by the Company and is subject to change without any notice or liability. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, veracity, fairness, integrity, sufficiency and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and exhaustive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This Presentation contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this Presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties, contingencies and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. The Company assumes no obligations or responsibility to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You unconditionally and irrevocable acknowledge and undertake that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. All the risks, liabilities or consequences arising out of or consequent to the use of or reliance on or reference to this Presentation and/or acting on the basis of the analysis/views formed by you, shall be solely borne by you. This Presentation speaks as of the date mentioned herein. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.
Q4 & FY19 Results Overview
3
Key Financials Highlights – Q4 & FY19 4
Note: Standalone financials; All figures in Rs. crore unless stated otherwise
Key Operational Update – Q4 & FY19 5
Sales Composition – Q4 FY19
Sales Composition – FY19
Key Raw Materials – Price Trend 6
Note: Average quarterly prices; Source: Steel Mint
Q4 FY19 Financial and Operational Discussions
7
Net Revenue grows to Rs. 3,251 crore, up 2% Y-o-Y
- On a quarter-on-quarter basis, Sales volume registered an improvement of 10% to 224,865 MT.
- Despite a challenging external trade environment, stable demand from various segments such as Railways, Metros, Pipe & Tubes, Process industries, etc. supported topline performance
EBITDA at Rs. 302 crore, down 22% Y-o-Y
- The Company has reported a healthy uptick in Q4 FY19 performance compared to Q3 FY19 with margins improving by 200 bps on a Q-o-Q basis. EBITDA per ton improved to Rs. 13,443 in Q4 FY19
- Higher consumable costs like graphite electrode, power and fuel led to decline in Y-o-Y performance
Net profit stood at Rs. 32 crore, vs. Rs. 115 crore in Q4FY18
– Exceptional item includes forex gain of Rs. 17 crore and recompense provision on CDR loan of Rs.18 crore in Q4FY19.
FY19 Financial and Operational Discussions
- Net Revenue grows to Rs. 12,585 crore, up 17% Y-o-Y
- Sales volume increases by 9% to 852,479 MT
- Higher sales volume coupled with better realizations contributed towards revenue growth in FY19
EBITDA at Rs. 1,136 crore, down by 11% Y-o-Y
- EBITDA margins were under pressure due to negative inventory valuation impact on account of input price movement during the year
- Higher consumable costs like graphite electrode had an adverse impact
- Focus on improving volumes, operational efficiencies and cost rationalization should lead to normalization of margin performance in the coming year
PAT stood at Rs. 139 crore, down by 56% Y-o-Y
– FY 19 interest cost stood at Rs.614 crore. In the previous year, finance cost was lower on account of interest refund of Rs. 109 crore.
Consortium of Corporate Debt Restructuring (CDR) lenders have agreed to allow CDR exit for the Company with effect from March 31, 2019 subject to requisite approval from their respective competent authorities
- The recompense liability as on March 31, 2019 has been determined in compliance with the extant guidelines and has been duly accounted for in books of accounts.
- The aggregate liability of recompense as on March 31, 2019 was determined at Rs. 191 crore as per extant guidelines
- The Company made an incremental provision for Rs. 57 crore in Q4FY19 vs Rs. 27 crore in Q3FY19. With this, the entire recompense liability as on March 31, 2019 is fully provided for
- CDR exit will give JSL more opportunities to consolidate its financial and leadership position in the industry
Management Comment
Commenting on the performance, Mr. Abhyuday Jindal, Managing Director, Jindal Stainless Ltd. said:
"CDR exit will give us more opportunities to consolidate our financial and leadership position.
We are now looking forward to an intervention by the Indian Government to create a level playing field for Indian manufacturers. The industry needs Government support to compete with rampant dumping by FTA and other countries. To the double disadvantage of Indian manufacturers, the domestic stainless steel industry is faced with the challenge of inverted import duty structure. While imports of finished goods from FTA countries are duty-free, Indian producers have to pay a 2.5% import duty on stainless steel scrap and ferro-nickel, the two most important raw materials, both of which are unavailable in the country. Further, in the absence of an effective safeguard duty structure, all trade remedial measures imposed by the Government are being circumvented through dumped, subsidized, or re-routed imports. We need active Government support to bring alive the Make in India vision and create more jobs for the domestic economy."
Abridged P&L Statement 11
| Particular (Rs. crore) | Q4 FY19 | Q4 FY18 | YoY Change (%) |
FY19 | FY18 | YoY Change (%) |
|---|---|---|---|---|---|---|
| Net Revenue from operations | 3,251 | 3,173 | 2% | 12,585 | 10,785 | 17% |
| Total Expenditure | 2,949 | 2,784 | 6% | 11,449 | 9,504 | 20% |
| EBITDA | 302 | 388 | (22%) | 1,136 | 1,281 | (11%) |
| EBITDA / ton | 13,443 | 17,643 | (24%) | 13,325 | 16,445 | (19%) |
| EBITDA margin (%) | 9.3% | 12.2% | (290 bps) | 9.0% | 11.9% | (290 bps) |
| Other Income | 9 | 11 | (18%) | 28 | 45 | (39%) |
| Finance Cost |
161 | 124 | 30% | 614 | 541 | 14% |
| Depreciation | 92 | 75 | 23% | 335 | 304 | 10% |
| Exceptional gain/loss* | (1) | (33) | Na | 6 | 1 | 361% |
| PBT | 57 | 167 | (66%) | 221 | 483 | (54%) |
| Tax | 24 | 52 | (53%) | 82 | 165 | (51%) |
| PAT | 32 | 115 | (72%) | 139 | 318 | (56%) |
| PAT margin (%) | 1.0% | 3.6% | (260 bps) | 1.1% | 3.0% | (190 bps) |
| EPS (Diluted) in INR | 0.7 | 2.0 | (66%) | 2.9 | 5.8 | (50%) |
Note: Standalone financials
* Exceptional items represent net foreign exchange gain/(loss) and mark-to-market gain/(loss) on foreign exchange derivative forward contracts and recompense provision
Comfortable Debt Position 12
| Description - Borrowings (Rs. Crore) |
As on Mar. 2019 |
As on March 2018 |
As on March 2017 |
|---|---|---|---|
| Long term debt | 2,050 | 2,457 | 3,405 |
| Inter corporate loan from related party |
900 | 900 | 485 |
| OCRPS* | 695 | 607 | - |
| Total Long term debt |
3,645 | 3,963 | 3,890 |
| Short term borrowing (less than 12 months) |
473 | 766 | 1,738 |
| Total Debt |
4,118 | 4,729 | 5,628 |
| Cash & Investments | 14 | 37 | 42 |
| Net Debt | 4,104 | 4,692 | 5,586 |
| Long Term Debt Breakup: | |||
| -INR Debt | 3,139 | 3,248 | 2,902 |
| -Foreign Currency Debt | 506 | 715 | 988 |
Note : *Optionally Convertible Redeemable Preference Shares
- Healthy Cash generation to comfortably support debt repayment
- Focus on further improving debt position going forward
Net Debt/EBITDA
| FY19 | FY18 | FY17 | |
|---|---|---|---|
| EBITDA margin (%) | 9.0% | 11.9% | 13.3% |
| PAT Margin (%) | 1.0% | 3.0% | 0.7% |
| Net Debt to Equity |
1.7 | 2.0 | 3.2 |
| Net Debt to EBITDA | 3.6 | 3.7 | 5.0 |
| Return on Equity (%) | 5.8% | 15.5% | 3.5% |
| Return on Capital employed (%) | 12.0% | 15.6% | 10.3% |
Note:
1) Net Debt includes short-term & long term debt less cash & investments
2) ROE(%) is calculated as PAT /Avg. Networth
3) ROCE(%) is calculated as EBIT /Avg. Capital employed
Annexure
About Us
Jindal Stainless Ltd. (JSL) is amongst the leading stainless steel manufacturing companies in the world and India's largest stainless steel manufacturer. The Company operates an integrated stainless steel plant at Jajpur, Odisha. The complex has a total stainless steel capacity of 0.8 million tonnes per annum.
JSL has the 'State-of-the-Art' machinery and engineering from the best of European suppliers, capable of producing globally competitive stainless steel products. The Company has a wellestablished distribution network with service centers in both domestic and an overseas market to serve its customers.
A leader and a name synonymous with 'Enterprise', 'Excellence' and 'Success', Company's ethos mirrors most characteristics similar to the metal it produces; akin to stainless steel JSL is innovative and versatile in its thought process; strong and unrelenting in its operations. JSL's growth over the last 4 decades has been backed by the excellence of its people, value driven business operations, customer centricity, adoption of one of the best safety practices in the stainless steel industry and a commitment for social responsibility.
Goutam Chakraborty / Shreya Sharma Jindal Stainless Ltd Tel: +91 11 26188345 Email: [email protected] [email protected] For further information please contact:
Anoop Poojari / Devrishi Singh Citigate Dewe Rogerson Tel: +91 22 6645 1211 / 1222 Email: [email protected] [email protected]
Thank You 16
Corporate Presentation
JINDAL STAINLESS LIMITED
Disclaimer 2
This presentation and the accompanying slides (the "Presentation"), which has been prepared by Jindal Stainless Limited (the "Company"), has been prepared purely for information purposes only and is not, and is not intended to be, an offer, or solicitation of offer, or invitation or recommendation or advise to buy or sell or deal with any securities of the Company, and shall not constitute an offer, solicitation or invitation or recommendation or advise to buy or sell or deal with any securities of the Company in any jurisdiction in which such offer, solicitation or invitation or recommendation or advise is unlawful or in contravention of applicable laws. No part, or all, of this Presentation shall be used or form the basis of, or be relied on or referred to in connection with, any contract or investment decision in relation to any securities of the Company. This Presentation is strictly informative and relating to the financial conditions, internal functioning, day to day operations, future events and projections etc. of the Company and this presentation shall not be used or relied upon or referred to in whole or in part, for any purpose whatsoever. The information in this Presentation is being provided by the Company and is subject to change without any notice or liability. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, veracity, fairness, integrity, sufficiency and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and exhaustive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This Presentation contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this Presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties, contingencies and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. The Company assumes no obligations or responsibility to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You unconditionally and irrevocable acknowledge and undertake that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. All the risks, liabilities or consequences arising out of or consequent to the use of or reliance on or reference to this Presentation and/or acting on the basis of the analysis/views formed by you, shall be solely borne by you. This Presentation speaks as of the date mentioned herein. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.
Content 3
Company Overview
Snapshot 5
Jindal Stainless – Pioneers of the stainless steel industry in India
Company Overview 6
- Largest integrated stainless steel Company in India with manufacturing facilities located at Jajpur, Odisha
- Robust logistics infrastructure, including in-house railway sidings, with close proximity to ports provide strong support to overall operations
- 'State-of-the-Art' machinery and engineering from the best of European suppliers, capable of producing globally competitive stainless steel products
- Well established distribution network with service center access in both Domestic and overseas market to optimize customer service and deliveries
Product Basket
| Integrated Facilities | Unit | Capacity | Equipment Suppliers |
|---|---|---|---|
| Ferro Alloys | MMTPA | 250,000 | SMS Siemag, Germany |
| Captive Power Plant | MW | 264 | BEHL, India |
| Steel Melting Shop (SMS) | MMTPA | 800,000 | SMS Siemag, Germany |
| Cold Rolled Annealed Pickle (CRAP) | MMTPA | 450,000 | Andritz, Austria |
Stainless steel Sector Dynamics
7
Stainless 'Value-Added' Steel 8
Stainless steel - The "Green wonder Metal"
Favourable sector dynamics…
India continues to be the second largest consumer with consistent growth over the years…
…with stainless steel as the fastest growing metal
…with strong growth potential in per capita consumption
Source: CRISIL, World Bank, ISSF
Consumption Pattern diversifying across categories 10
Over the past 2 decades, stainless steel consumption in India has diversified to new value-added categories of ABC, ART and Process industries from the most primary usage in Cookware/Durables
Source: Stainless -Steel-world.net; JPC-Ministry of Steel-Mindsight Report
Stainless steel Product Applications
Jindal Stainless caters to a wide range of products…
Architecture Building Construction (ABC)
Decorative and color coated stainless steel Street furniture Escalators, elevators Claddings Railings Stainless steel roofing sheets Gates Railway station upgradation Decorative Panels Commercial Complexes Sculptures & designer items Home furniture
Automobile Railway Transport (ART)
Bus bodies
Exhaust systems, auto chassis, trims, suspension parts, fuel tanks, catalytic convertors
Railway wagons and coaches
Metro coaches
Process & Engineering
Consumer Durables
Washing Machine
Microwave
Refrigerator
Utensils
Components thereof
Macro factors driving domestic stainless steel Consumption Trends
16
Emerging Trends expected to drive stainless steel usage
| Increasing shift towards stainless steel in making Railway wagons and coaches | ||||
|---|---|---|---|---|
| Automobile Railway Transport (ART) |
New Trends in Auto sector like stainless steel Fuel Tanks, BS-VI compliant exhaust systems, stainless steel Bus Body, etc. driving stainless steel demand from the industry |
|||
| Demand from the ART segment is expected to grow at 9-10% CAGR over the next 5 years | ||||
| Architecture Building Construction (ABC) |
Demand from the ABC segment is expected to grow at 10-11% CAGR over the next 5 years | |||
| Process Industries | Food processing and pharmaceuticals are major demand drivers of stainless steel in the segment |
|||
| Consumer Goods | Major user segment: Uptick in demand from Kitchenware and Consumer Durables is expected | |||
| Other drivers | Other ambitious projects like 'Swachh Bharat Abhiyaan', 'Bharatmala Pariyojana', 'Ujjwala scheme', etc. to provide impetus to stainless steel growth directly |
Supportive Govt. initiatives to drive stainless steel usage further...
NewAge Applications 17
Successfully developed stainless steel fuel tanks for commercial vehicles
Stainless steel body coaches and wagons
Innovative solutions driving usage in newer applications
Key Business 18 Highlights
Integrated operations with huge opportunity to drive operating Leverage 19
High quality infrastructure and facilities in place – 0.8 million tonne capacity with scalable infrastructure
Low capex to support growth over the next few years
Structural initiatives – leading to sustainable turnaround
20
- Railway sidings within the plant led to multifold benefits
- Reduced freight costs & less dependency on cartelized local transporters
- Improved WC cycle by reducing lead time for RM & FG movement
Diversification and reliable sourcing of Raw Materials
- Expanded resources of Chrome ore
- Rational pricing mechanism from OMC
- Captive mines
operational efficiency
- Increased usage of liquid Ferro Chrome and partial substitution of expensive propane with coke oven gas led to significant savings in operational costs
- Recovery of key metals like Nickel and Chromium from the waste produced in the manufacturing process
Improved balance sheet position
- Asset Monetization Plan assisted in unlocking value
- Deleveraging of the balance sheet and equity infusion helped lower interest burden and serviceability
Created a customeroriented culture
- Expanded distribution network through service centers
- Delivering Just In Time (JIT) services for client stickiness & strengthening relationship
- Clear edge over imports
Optimal utilization of assets
- Better asset sweating resulted in higher operating leverage
- Created multiple demand drivers by developing the stainless steel ecosystem in the region
JSL – Domestic Footprint 21
JSL – Global Footprint 22
Key Growth Drivers 23
Structural growth of stainless steel demand in India
- One of the fastest growing value-added metal
- Various Government initiatives to further drive stainless steel demand
Wide range of product applications and new segment penetration
- Increasing premiumization trend and demand shift towards ABC & ART segments
- To leverage presence across verticals to deliver above industry average growth rates
Huge operating leverage
• ~800 acre land – high quality infrastructure in place to support growth with relatively lower capex
Robust Domestic and Global distribution network
- Wide presence across globe through effective distribution network
- Focus on customer engagement to continuously assist healthy demand
Strong management expertise
• 4 decades of experience in stainless steel industry to ensure dominant market presence
Financial and Operational 24 overview
Turnaround in Performance 25
Stainless steel Sales Volume (MT)
CAGR: 24.5%
Net Revenue (Rs. mn)
125,850
Focus on strengthening the Balance Sheet 26
Successful implementation of Asset Monetization Plan (AMP) helped in substantial debt reduction
Uptick in profitability to further drive deleveraging and improve return ratios going forward
1) Net Debt includes short-term & long term debt less cash & investments 2) ROE(%) is calculated as PAT/Avg. Networth 3) ROCE(%) is calculated as EBIT/Avg. Capital employed Note: Standalone Financials
Comfortable Debt Position 27
| Description - Borrowings |
As on March 2017 |
As on March 2018 |
As on March 2019 |
|---|---|---|---|
| Long term debt | 34,050 | 24,568 | 20,498 |
| Inter corporate loan from related party |
4,850 | 9,000 | 9,000 |
| OCRPS* | - | 6,065 | 6,950 |
| Total Long term debt |
38,900 | 39,633 | 36,448 |
| Short term borrowing (less than 12 months) |
17,381 | 7,655 | 4,730 |
| Total Debt |
56,281 | 47,288 | 41,178 |
| Cash & Investments | 420 | 371 | 141 |
| Net Debt | 55,861 | 46,918 | 41,037 |
| - | |||
| Long Term Debt Breakup: | - | ||
| -INR Debt | 29,023 | 32,484 | 31,391 |
| -Foreign Currency Debt | 9,877 | 7,149 | 5,057 |
Note : *Optionally Convertible Redeemable Preference Shares Standalone financials; All figures in Rs. million unless stated otherwise
- Healthy Cash generation to comfortably support debt repayment
- Focus on further improving debt position going forward
Key Financials Highlights –FY2019 28
Note: Standalone financials; All figures in Rs. million unless stated otherwise
Conclusion 29
Leadership Play 30
Focus on expanding Brand and Market presence 31
Investing in various Branding & marketing initiatives to enhance overall market potential by:
- Creating awareness of hygiene and health benefits of stainless steel
- Increase usage of stainless steel in Home and Public Spaces
Safe Storage
Other Campaigns & Exhibitions
Brand JSL – To be top of mind
Health first
Annexure 3232
Jindal Stainless Ltd
Global Outreach
*Cold Rolled Annealing Pickling
Key Market Statistics 35
| Key Market Statistics | As on Mar 31, 2019 |
|---|---|
| BSE/NSE Ticker | JSL/ 532508 |
| Industry | Stainless steel |
| Closing Market Price (Rs.) |
40.6 |
| Market Cap (Rs. mn) | 19,456 |
| Number of outstanding shares (mn) | 479.2 |
| Face Value (Rs.) | 2.00 |
| 52-week High / Low (Rs.) | 105.6/24.5 |
Note: Prices considered from NSE
Contact Us
About Us:
Jindal Stainless Ltd. (JSL) is amongst the leading stainless steel manufacturing companies in the world and India's largest stainless steel manufacturer. The Company operates an integrated stainless steel plant at Jajpur, Odisha. The complex has a total stainless steel capacity of 0.8 million tonnes per annum.
JSL has the 'State-of-the-Art' machinery and engineering from the best of European suppliers, capable of producing globally competitive stainless steel products. The Company has a wellestablished distribution network with service centers in both domestic and an overseas market to serve its customers.
A leader and a name synonymous with 'Enterprise', 'Excellence' and 'Success', Company's ethos mirrors most characteristics similar to the metal it produces; akin to stainless steel JSL is innovative and versatile in its thought process; strong and unrelenting in its operations. JSL's growth over the last 4 decades has been backed by the excellence of its people, value driven business operations, customer centricity, adoption of one of the best safety practices in the stainless steel industry and a commitment for social responsibility.
Goutam Chakraborty / Shreya Sharma Jindal Stainless Ltd Tel: +91 11 2618 8345 Email: [email protected] [email protected]
Anoop Poojari / Devrishi Singh
Citigate Dewe Rogerson
Tel: +91 22 6645 1211 / 1222
Email: [email protected]
Thank You 37
