Equity Research INDIA

July 24, 2013

BSE Sensex: 20091
Dabur India ADD
Maintain
Strong growth beats slowdown concerns Rs175
Reason for report: Q1FY14 result review
FMCG Dabur India (Dabur)’s Q1FY14 earnings were in line with our estimates –
consolidated revenues grew by 12.9% to Rs16.5bn (I-Sec: Rs16.5bn) and PAT rose
by 20.7% to Rs1.86bn (I-Sec: Rs1.87bn). The company reported strong domestic
Target price Rs192 volume growth of 9%. The numbers reinforce our conviction that the rural
distribution initiative ‘Project Double’ shall allow Dabur to maintain healthy
volume growth over the next eight quarters. International business revenues too
Shareholding pattern reported healthy growth of 17.4%, as Namaste business grew 13%. Gross margin
Dec Mar Jun
‘12 ‘13 ‘13 expanded by 99bps while EBITDA margin remained flat at 14.5%. While we
Promoters 68.7 68.7 68.6 maintain our earnings estimates, we revise our target price for the stock to Rs192,
Institutional 29.3x FY15E EPS, from Rs167 earlier. Dabur is trading at 24% discount to the
investors 24.7 24.5 24.4
MFs and UTI 0.4 0.4 0.3 sector average; we believe this will be rectified given its strong growth trajectory.
Banks, FI’s, f Domestic consumer business posts robust growth: While Dabur reported 12.9%
Insurance co 4.7 3.9 3.7
FIIs 19.6 20.2 20.4 consolidated revenue growth, its domestic consumer business registered 13.2%
Others 6.6 6.8 7.0 revenue growth driven by a 9% volume growth. Rural business (~47% of the
Source: BSE domestic sales) reported ~14% growth during the quarter. While urban markets
reported ~9.5% revenue growth, modern trade reported 20% growth. International
business registered just 17.4% sales growth, as the Namaste business witnessed
16% growth (13% in constant currency terms). We expect Dabur’s revenue to grow
at 16% CAGR over FY13-15, as the Namaste business stabilises and the CSD
Price chart channel revives, while the rural distribution project allows higher volume growth.
f EBITDA margin remains flat in Q1FY14: Dabur’s gross margin expanded by 99bps
180
170
YoY, driven by both domestic and international business segments. EBITDA margin
160 remained flat at 14.5% as the company incurred higher other expenditure (up
150 100bps). With INR depreciating by 9% between May and mid-July, the company will
(Rs)

140 need to take 3-4% price hikes in the coming quarters, in order to maintain gross
130
120
margin expansion trajectory of 100bps. The management indicated, on the
110 conference call, the possibility of taking such price hikes post-August. We expect the
company to report a 135bps expansion in EBITDA margin over FY13-15, led by
Nov-12
Jan-13
Jul-12

Jul-13
May-13
Mar-13
Sep-12

gross margin expansion and calibration of advertising spends, if required.

f Maintain ADD, revise target price to Rs192: While we expect Dabur’s EPS to grow
at a CAGR of 22.2% over FY13-15, in line with the sector growth rate, the stock
currently trades at 26.9x FY15E EPS, 24% discount to the sector multiple (compared
to 4% discount to sector multiple over FY07-FY13). We believe revival in the
earnings growth trajectory shall reduce Dabur’s PE multiple discount to the sector.
We value the stock at Rs192, derived as a triangulated average of: PE (Rs196:
30xFY15E), DCF (Rs191: assuming WACC of 10.9% and terminal growth of 4%),
and MCap/Sales (Rs191: 4xFY15E sales). While we maintain our earnings
estimates, we revise our target price for the stock from Rs167 to Rs192 (29.3x
FY15E EPS). Reiterate ADD.
Market Cap Rs304bn/US$5.1bn Year to March FY12 FY13 FY14E FY15E
Reuters/Bloomberg DABU.BO/DABUR IN Net Revenue (Rs mn) 53,054 61,761 71,685 83,246
Shares Outstanding (mn) 1,739 Net Profit (Rs mn) 6,496 7,690 9,530 11,406
52-week Range (Rs) 175/116 Dil. EPS (Rs) 3.7 4.4 5.5 6.5
Free Float (%) 31.4 % Chg YoY 13.4 18.4 24.8 19.7
Anand Mour FII (%) 20.4 P/E (x) 47.5 40.1 32.2 26.9
anand.mour@icicisecurities.com Daily Volume (US$'000) 3,375 CEPS (Rs) 12.6 17.0 23.0 18.1
+91 22 6637 7209
Absolute Return 3m (%) 19.9 EV/EBITDA (x) 35.1 30.5 24.2 20.3
Sreekanth P.V.S
sreekanth.pvs@icicisecurities.com Absolute Return 12m (%) 51.1 Dividend Yield (%) 0.7 0.9 1.1 1.3
+91 22 6637 7249 Sensex Return 3m (%) 3.5 RoCE (%) 26.2 26.4 27.6 27.9
Sensex Return 12m (%) 19.3 RoE (%) 41.5 39.7 39.5 37.4
Please refer to important disclosures at the end of this report
Dabur India, July 24, 2013 ICICI Securities
Table 1: Q1FY14 financial performance
(Rs mn, year ending March 31)
Q1FY14 Q1FY13 % YoY Q4FY13 % QoQ Q1FY14E % Var.
Net sales 16,511 14,620 12.9 15,311 7.8 16,476 0.2
Other operating income 54 93 (41.7) 126 (56.8) 107 (49.4)
Total operating income 16,565 14,713 12.6 15,437 7.3 16,583 (0.1)
-
Expenditure -
Raw Mat 8,074 7,316 10.3 7,399 9.1 8,109 (0.4)
% of TOI 48.7 49.7 47.9 48.9
Advertising & publicity 2,542 2,292 10.9 1,919 32.5 2,613 (2.7)
% of TOI 15.3 15.6 12.4 15.8
Employee cost 1,313 1,122 17.0 1,209 8.6 1,200 9.4
% of TOI 7.9 7.6 7.8 7.2
Other expenditure 2,228 1,845 20.8 2,181 2.2 2,134 4.4
% of TOI 13.5 12.5 14.1 12.9
Total expenditure 14,156 12,576 12.6 12,708 11.4 14,056 0.7
-
EBITDA 2,409 2,137 12.7 2,729 (11.7) 2,528 (4.7)
EBITDA margin (%) 14.5 14.5 17.7 15.2

Other income 366 263 38.9 230 59.2 289 26.8

PBDIT 2,775 2,400 15.6 2,958 (6.2) 2,816 (1.5)
Depreciation 287 267 7.5 282 2.0 285 0.7
PBIT 2,488 2,133 16.6 2,677 (7.1) 2,531 (1.7)
Interest 133 213 (37.4) 150 (11.2) 160 (16.9)
PBT 2,355 1,921 22.6 2,527 (6.8) 2,371 (0.7)
Prov for tax 484 378 28.2 507 (4.5) 486 (0.4)
% of PBT 20.6 19.7 20.1 20.5
PAT before minority int 1,870 1,543 21.2 2,020 (7.4) 1,885 (0.8)
Minority Interest (10) (2) (15) (15.0) (29.5)
-
PAT aft minority int 1,860 1,541 20.7 2,006 (7.3) 1,870 (0.6)
Extraordinary item - (47) - -
PAT after extr-ord 1,860 1,494 24.5 2,006 (7.3) 1,870 (0.6)
EPS 1.1 0.9 20.7 1.2 (7.3) 1.1 (1.0)
Source: Company data, I-Sec research

2
Dabur India, July 24, 2013 ICICI Securities

Table 2: Segmental performance

(Rs mn, year ending March 31)
Q1FY14 Q1FY13 % YoY Q4FY13 % QoQ
Gross segmental revenue
Consumer care business 13,432 11,748 14.3 12,897 4.1
Foods business 2,500 2,115 18.2 1,927 29.7
Retail business 169 133 27.1 158 6.5
Others 411 624 (34.1) 329 25.0
Total 16,511 14,620 12.9 15,311 7.8

Sales mix (%) (bps) (bps)

Consumer care business 81.3 80.4 99 84.2 (288)
Foods business 15.1 14.5 67 12.6 255
Retail business 1.0 0.9 11 1.0 (1)
Others 2.5 4.3 (178) 2.1 34
Total 100.0 100.0 - 100.0 -

PBIT
Consumer care business 2,776 2,397 15.8 2,950 (5.9)
Foods business 383 334 14.8 302 27.0
Retail business (9) (24) (62.5) (14) (35.3)
Others 25 44 (41.9) 20 27.0
Total 3,176 2,751 15.4 3,258 (2.5)

PBIT margins (%) (bps) (bps)

Consumer care business 20.7 20.4 26 22.9 (220)
Foods business 15.3 15.8 (46) 15.7 (33)
Retail business (5.3) (18.1) 1,275 (8.8) 344
Others 6.2 7.0 (83) 6.1 10
Total 19.2 18.8 42 21.3 (204)

PBIT mix (%) (bps) (bps)

Consumer care business 87.4 87.1 27 90.6 (313)
Foods business 12.1 12.1 (7) 9.3 280
Retail business (0.3) (0.9) 59 (0.4) 14
Others 0.8 1.6 (79) 0.6 19
Total 100.0 100.0 100.0
Source: Company data, I-Sec research

3
Dabur India, July 24, 2013 ICICI Securities

Key takeaways from conference call

Domestic volume growth at 9%

• Dabur’s domestic consumer business registered a 13.2% YoY growth driven by a
9% YoY volume growth.
Chart 1: Volume growth trend
14
12.3
11.6
12
9.7 9.5
10 9.0 9.0
8.2
8
(%)

5.5 5.1
6

0
Q1FY12

Q2FY12

Q3FY12

Q4FY12

Q1FY13

Q2FY13

Q3FY13

Q4FY13

Q1FY14
Source: Company data, I-Sec research

• Guidance for future growth: The company expects volumes to grow in the 8%-
12% band (more towards 8-10%) with a possibility of 5-6% price hikes in the
coming quarters.
• CSD channel: The company has deployed additional salesmen for institutional
business, including the CSD channel. Dabur derives about 5%-7% of its sales
from this channel. We expect the institutional channel to see healthy growth in the
coming quarters.
• Modern trade registered strong growth of about 20%: The channel contributes
about 9%-10% to the overall domestic sales.
• Rural growth benefitting from ‘Project Double’: With ‘Project Double’, the
company has expanded its distribution network from 14,865 villages in Mar’11 to
30,091 villages in Mar’13. More importantly, there was a significant improvement
in the portfolio mix sold in the rural markets. Going forward, categories like skin
care and home care, where margins are high, will benefit from ‘Project Double’.
• Hair care: This category grew by 10% YoY during Q1FY14. Perfumed hair oil
grew by 15.3% YoY aided by double-digit volume growth. The shampoo category
grew at 29.4% due to relaunch of the Vatika Premium Naturals range. For FY13,
the hair care category crossed Rs10bn in sales.
• Oral care: Dabur’s toothpaste portfolio grew by 14%, while toothpowder posted
marginal decline in sales. The premium brands (Dabur Red and Meswak)
continued to perform well; however, the economy brand (Babool) continued to face
pressure.
• Home care: In line with expectations, Dabur’s home care segment posted >26%
growth driven by both Odonil and Odomos.

4
Dabur India, July 24, 2013 ICICI Securities
Chart 2: Performance of domestic consumer business

30 Q1FY13 1QFY14
25.8
25

20 18
15.1 14.4
12.7 11.8 13.3 12.7
15 11.8

(%)
9.8 10.4
7.5 8.1 8.6
10

supplemen

Digestives

Home
Ethicals

Oral Care

Skin Care
Hair Care

Care
OTC &
Health

ts

Source: Company data, I-Sec research

• Digestives: The category registered a 15.1% YoY growth as Hajmola and Candy
and the newly launched Anardana variant performed well
• Real Juice registered a growth of about ~19% YoY. INR depreciation will put
pressure on the margins of the juice portfolio, which will be partly compensated by
price hikes.

International business sales growth at 17.4% YoY – Namaste reports

double digit sales growth
• Organic international business registered YoY value growth of 17.4%. In
constant currency terms, YoY growth was 18.5%.
• Namaste reported double-digit sales growth. Sales growth of Namaste
recovered during the quarter, with 13% growth in constant currency terms and 3%
from currency gains.

Gross margin improvement to continue in FY14

• Despite the pressure of INR depreciation, the management expects gross margin
expansion of 100bps driven by 150-200bps gross margin improvement in the
international business. The management believes it can take price hikes of 4-6%
in the coming quarters if required.
• In terms of advertising spends, the company would look to maintain FY13 levels in
FY14.

5
Dabur India, July 24, 2013 ICICI Securities

I-Sec vs consensus estimates

Table 3: Our estimates vs consensus
(Rs mn)
I-Sec Consensus Variance (%)
Revenues
FY14E 71,685 71,338 (0.5)
FY15E 83,246 82,494 (0.9)

PAT
FY14E 9,530 9,308 (2.3)
FY15E 11,406 10,986 (3.7)
Source: Bloomberg data, I-Sec research

Our revenue estimates for FY13-15 are in line with consensus. However, our EPS
estimate for FY14 are ahead of consensus by 3.6% and for FY15 by 3.9%, as we
expect the EBITDA margin to expand by 134bps over FY13-15, driven by 89bps gross
margin expansion during the period.

Valuations and risks

We expect Dabur’s earnings to grow at 22% CAGR over FY13-15, supported by
revenue CAGR of 16% and EBITDA margin expansion by 134bps to 17.9% in FY15.

We value Dabur on a triangulated average of PE (Rs196 – 30x FY15E EPS), DCF

(Rs191 – assuming WACC of 10.9% and terminal growth of 4%) and MCap/Sales
(Rs191 – 4x FY15E sales) at Rs192/share, derived PE of 29.3x FY15E EPS. At the
current market price, the stock is trading at 26.9x FY15E earnings. We maintain ADD
rating on the stock with revised target price of Rs192 (earlier Rs167).

P/E based valuation

Dabur has traded at 24.4x 1-year forward earnings over the past seven years. With an
improving earnings growth trajectory led by strong revenue growth and improving
margins, we believe the stock deserves to trade at a premium to its historical multiple.
However, more importantly, the company has traded at 4% discount to the sector
average during FY07-FY13, when its EPS grew at 18% CAGR. Now, with its EPS
expected to grow at 22% CAGR over FY13-FY15, the stock is currently trading at 24%
discount to the sector average. We believe this anomaly will be rectified, \so we value
Dabur at 30xFY15E, still a 10% discount to the sector average – which gives a PE-
based valuation of Rs196/share.

6
Dabur India, July 24, 2013 ICICI Securities
Chart 3: P/E multiple

36 DABUR P/E -1 Std Dev. Mean +1 Std Dev.

32

28

24

(x)
20

16

12

8
Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13
Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13
Source: Company data, I-Sec research

Table 4: Dabur trading at significant discount to sector

Avg.
  FY07 FY08 FY09 FY10 FY11 FY12 FY13 (FY07-13) FY14E FY15E
HUL 29.7 23.9 25.6 26.5 25.3 25.5 30.1 26.1 43.4 38.5
Agro Tech 14.5 22.2 13.5 22.5 26.2 24.6 23.6 20.6 24.6 19.9
Colgate 27.3 20.2 15.6 20.6 26.4 27.3 31.9 22.9 36.9 32.2
Dabur 26.8 24.8 17.8 22.7 28.3 25.5 24.8 24.3 31.1 26.0
GSK 15.3 13.7 11.6 17.1 23.5 24.6 26.0 17.6 40.7 31.9
GCPL 24.3 19.1 14.3 16.4 19.2 18.8 28.9 18.7 36.6 29.6
Nestle 26.4 24.3 24.1 27.9 33.4 35.6 37.7 28.6 44.4 35.2
Marico 24.4 20.9 16.2 22.9 27.4 25.7 29.0 22.9 26.0 20.6
Wt. Average 27.0 22.6 21.6 24.3 26.4 26.6 30.5 25.6 40.4 34.3
                     
Prem./Disc                    
Dabur vs. FMCG Sector 0.7 11.4 (16.1) (6.4) 6.0 (4.1) (17.6) (4.0) (23.1) (24.3)
Dabur vs. HUL (9.8) 3.8 (30.5) (14.3) 11.9 - (17.6) (8.5) (28.4) (32.6)
Dabur vs. GCPL 10.3 29.8 24.5 38.4 47.4 35.6 (14.2) 21.1 (15.0) (12.1)
Source: I-Sec research

Market cap / sales-based valuation

The stock has traded at 3.3x 1-year forward MCap/Sales over the past seven years.
With margins and growth trajectory improving, though contribution of international
business is also increasing, we value the stock at a premium to its historic average at
4x FY15 MCap/Sales, assigning a valuation of Rs191/share.

7
Dabur India, July 24, 2013 ICICI Securities

DCF-based valuation
Valuing the company on the DCF methodology, the three stages are:
• Stage 1 (FY14-FY15): During this period, we expect the company to grow its
revenues and PAT at CAGR of 16% and 22% respectively. We expect RoE to
decline from 40% at the start of this stage to 37.4% by its end.
• Stage 2 (FY16-FY25): During this period, we expect the company to post revenue
and PAT CAGR of 14%.
• Stage 3 (FY26 onwards): We have assumed a perpetual growth rate of 4% for
the period.
To arrive at the WACC of 10.9%, we have assumed the cost of equity at 10.9% and
the cost of debt at 12.5%. Based on these assumptions, we arrive at a DCF-based
valuation of Rs191/share for Dabur.

Chart 4: Cashflow performance Table 5: DCF calculations

Rs mn unless stated
14,000 Free cash flow to the firm 65%
RoE (RHS) PV of FCF for forecasting period (FY14 - FY25) 143,140
12,000
60%
10,000 Terminal Value 180,901
8,000 55%
Fair Value of Investments 9,946
6,000 50%
(Rs mn)

4,000 Enterprise Value 333,987

2,000 45%

0 Less: net debt/ (cash) at 31st March 2014 1,842

40%
(2,000)
35%
(4,000) Implied equity value 332,145
(6,000) 30%
Fully diluted equity shares (mn) 1,743
FY14E
FY15E
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13

Implied equity value (Rs/share) 191

Source: Company, I-Sec research Source: Company, I-Sec research

Risks

Disruptive competition from MNCs

Dabur has already suffered disruptive competition in the shampoo space, with the
price war leading to a lower growth and profitability. While its differentiated product
offerings can help fend off the overall effect of such pressure, the disruptive market
conditions will still have some impact on categories like skin care, fruit juice and oral
care. Any significant disruptive pricing in any of Dabur’s key categories will impact its
performance.

Currency risk with growing weightage of international business

With the acquisition of Hobi and Namaste, the weightage of Dabur’s international
business revenues has increased to 30% of its overall revenues. This increases the
impact of fluctuation in currency exchange rates on Dabur’s earnings. Any negative
movement on this front will add downside risk to our estimates.

8
Dabur India, July 24, 2013 ICICI Securities

Financial summary
Table 6: Profit & Loss statement Table 9: Cashflow statement
(Rs mn, year ending March 31) (Rs mn, year ending March 31)
FY12 FY13 FY14E FY15E FY12 FY13 FY14E FY15E
Net Sales 53,054 61,761 71,685 83,246 Operating Cashflow 7,471 8,894 10,770 12,721
Operating Expenses 44,153 51,510 58,922 68,310 Working Capital Changes (421) (473) (466) (385)
EBITDA 8,902 10,251 12,763 14,936 Capital Commitments (2,402) (1,189) (1,500) (1,500)
% margins 16.8 16.6 17.8 17.9 Free Cashflow 4,648 7,232 8,805 10,836
Depreciation & Amortisation 1,032 1,124 1,240 1,315 Cashflow from Investing
Gross Interest 538 589 576 576 Activities (638) (3,601) (500) (1,000)
Other Income 574 946 1,040 1,248 Issue of Share Capital (556) (558) (0) 0
Recurring PBT 7,905 9,484 11,988 14,293 Inc (Dec) in Borrowings 473 833 - -
Less: Taxes 1,464 1,826 2,457 2,887 Dividend paid (2,632) (3,050) (3,762) (4,473)
Less: Minority Interest (8) 24 - - Change in Deferred Tax
Net Income (Reported) 6,449 7,634 9,530 11,406 Liability 85 88 - -
Extraordinaries (Net) (47) (56) - - Chg. in Cash & Bank
Recurring Net Income 6,496 7,690 9,530 11,406 balances 1,380 944 4,543 5,363
Source: Company data, I-Sec research Source: Company data, I-Sec research

Table 7: Balance sheet Table 10: Key ratios

(Rs mn, year ending March 31) (Year ending March 31)
FY12 FY13 FY14E FY15E FY12 FY13 FY14E FY15E
Assets Per Share Data (Rs)
Total Current Assets 19,479 21,174 28,295 36,662 EPS 3.7 4.4 5.5 6.5
of which cash & cash eqv. 4,184 5,128 9,671 15,034 Cash EPS 4.3 5.1 6.2 7.3
Total Current Liabilities & Dividend per share (DPS) 1.3 1.5 1.9 2.2
13,846 14,124 16,237 18,855
Provisions Book Value per share (BV) 9.9 12.2 15.5 19.5
Net Current Assets 5,633 7,050 12,058 17,806
Investments 5,844 9,446 9,946 10,946 Growth (%)
Net Fixed Assets 16,454 16,745 17,004 17,189 Net Sales 29.3 16.4 16.1 16.1
Capital Work-in-Progress 226 - - - EBITDA 11.1 15.7 23.9 17.0
Total Assets 28,157 33,240 39,008 45,941 PAT 13.4 19.1 24.1 19.7
Cash EPS 12.6 17.6 22.3 18.1
Liabilities
Borrowings 10,681 11,514 11,514 11,514 Valuation Ratios (x)
Deferred Tax Liability 274 362 362 362 P/E 47.5 40.1 32.2 26.9
Minority Interest 30 121 121 121 P/CEPS 40.9 35.0 28.4 24.1
Equity Share Capital 1,742 1,743 1,743 1,743 P/BV 17.8 14.4 11.3 9.0
Face Value per share (Rs) 1 1 1 1 EV / EBITDA 35.1 30.5 24.2 20.3
Reserves & Surplus 15,430 19,501 25,269 32,202 EV / Sales 5.9 5.1 4.3 3.6
Less: Misc. Exp. - - - -
Net Worth 17,172 21,244 27,012 33,945 Operating Ratios
Total Liabilities 28,157 33,240 39,008 45,941 Raw Material / Sales (%) 50.8 49.1 48.2 48.2
Source: Company data, I-Sec research Employee cost / Sales (%) 7.3 7.7 7.5 7.4
SG&A / Sales (%) 25.4 27.0 26.8 26.8
Table 8: Quarterly trends Other Income / PBT (%) 7.3 10.0 8.7 8.7
Effective Tax Rate (%) 18.5 19.3 20.5 20.2
(Rs mn, year ending March 31) Working Capital (days) 38.2 41.1 60.6 77.0
Sep-12 Dec-12 Mar-13 Jun-13 Inventory Turnover (days) 55.9 49.2 49.2 49.2
Net revenues 15,275 16,360 15,437 16,565 Receivables (days) 31.3 28.2 28.2 28.2
% growth (YoY) 20.2 12.3 12.5 12.6 Net D/E Ratio (x) 0.6 0.5 0.4 0.3
EBITDA 2,693 2,745 2,729 2,409
Margin (%) 17.6 16.8 17.7 14.5 Profitability Ratios (%) 12.2 12.4 13.3 13.7
Other income 226 220 230 366 Net Income Margins 26.2 26.4 27.6 27.9
Extraordinaries (Net) 1 - - - RoACE 41.5 39.7 39.5 37.4
Net profit 2,024 2,111 2,006 1,860 RoAE 35.1 34.2 33.8 33.6
Source: Company data, I-Sec research Dividend Payout 0.7 0.9 1.1 1.3
Dividend Yield 16.8 16.6 17.8 17.9
Source: Company data, I-Sec research

9
Dabur India, July 24, 2013 ICICI Securities

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New I-Sec investment ratings (all ratings based on absolute return)

BUY: >15% return; ADD: 5% to 15% return; REDUCE: Negative 5% to positive 5% return; SELL: < negative 5% return

ANALYST CERTIFICATION
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accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly
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associated person of the ICICI Securities Inc.

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