East India Hotels (EIH) 114

(1)

February 1, 2016

ICICI Securities Ltd

|

Retail Equity Research

Result Update

Closure of Oberoi Delhi to impact revenues…

• EIH reported a mixed set of Q3FY16 numbers. While revenues were

in line with our estimate, EBITDA was below our estimate. However,

PAT was in line with our estimates due to lower-than-expected tax

expenses

• Revenues increased 5.8% YoY to | 402.6 crore (in line with I-direct

estimate of | 398 crore) led by higher occupancy

• On the margin front, the EBITDA margin declined 257.5 bps YoY to

25.7% (vs. I-direct estimate of 29.4%) led by an increase in employee

expenses (up 12.8% YoY) and other expenses (up 8.6% YoY)

• PAT increased 8.6% YoY to | 47.4 crore led by 24.1% YoY decline in

interest expenses and higher other income of | 5.9 crore vs. | 19 lakh

in Q3FY15

Expect recovery in domestic demand with rebound in economy

With the redefined role of the new government (i.e. from regulator to a

catalyst), we expect integrated development of enabling infrastructure to

boost overall growth of the hotel industry. Growth in room demand has

consistently remained subdued in the past four years due to challenging

macroeconomic conditions with average margins touching as low as 15%

in FY14 from a peak of 31% in FY08 while it witnessed a dream run in

FY02-08 (coinciding with the economic boom). However, with improved

tourism measures, we expect the sector to get back on the growth

trajectory in the next three to four years.

Near term revenues, profitability to be hit by hotel closure

EIH will close The Oberoi, New Delhi from 1 April 2016 for renovation.

The hotel is expected to be ready for commercial operation by April 1,

2018. The hotel generated revenue of | 186.9 crore (contributed 13.7% of

total revenues of the company). Hence, the closure of Oberoi, Delhi will

lead to lower revenues and profitability over the next two years.

Sound balance sheet remains key positive for future expansion

The company has reduced its debt drastically through asset sale and

better working capital management. As a result, its D-E has come down to

0.1x in FY15 from 0.4x in FY11. With an improved economic environment,

we expect debt to decline gradually. This will place the company in a

better position on the balance sheet front, which can be useful in further

expansion. The company also has a strategic partner, Reliance Industries,

with an 18.5% stake in the company. This, we believe, would help the

company in growing faster with the rebound in the macro environment.

Long term fundamentals intact; near term concern prompts downgrade

With the high focus of the government on improving the sector along

with an economic revival, we expect the sector to return to a growth

trajectory over the next three years. Further, the company is in a better

position on the balance sheet front, which can be useful in further

expansion with the rebound in the macro environment. Despite long term

fundamentals being intact, we expect revenue and profits to be adversely

impacted led by closure of Oberoi Delhi. As a result, we have

downgraded the stock from BUY to HOLD. We have valued the stock at

18.3x FY17E EBITDA (i.e. at | 3.5 crore/room and 2.6x FY17E book value)

and arrived at a target price of | 124/share.

Rating matrix

Rating : Hold

Target : | 124

Target Period : 12-15 months Potential Upside : 8%

What’s Changed?

Target Changed from | 133 to | 124

EPS FY16E Unchanged

EPS FY17E Changed from | 2.8 to | 2.3

Rating Changed from Buy to Hold

Quarterly Performance

Q3FY16 Q3FY15 YoY (%) Q2FY16 QoQ (%)

Revenue 400.1 378.2 5.8 298.1 34.2

EBITDA 103.0 107.1 -3.8 38.1 170.7

EBITDA (%) 25.7 28.3 -257 bps 12.8 1298 bps

PAT 47.4 43.6 8.6 10.9 336.1

Key Financials

| Crore FY14 FY15 FY16E FY17E

Net Sales 1,539.1 1,668.3 1,738.3 1,708.8

EBITDA 326.0 330.1 408.5 388.8

Net Profit 107.1 63.1 146.9 129.7

EPS (Rs) 1.9 1.1 2.6 2.3

Valuation summary

FY14 FY15 FY16E FY17E

P/E 60.8 103.2 44.3 50.2 Target P/E 66.2 112.3 48.3 54.6 EV / EBITDA 20.8 20.3 16.1 16.9 P/BV 2.5 2.5 2.4 2.4 RoNW 4.1 2.4 5.5 4.7 RoCE 6.2 5.3 7.5 6.9 Stock data Particulars Amount

Market Capitalization | 6513 crore

Total Debt (FY15) | 375 crore

Cash and Investments (FY15) | 198 crore

EV | 6689 crore 52 week H/L 138/96 Equity capital 114.3 Face value | 2 Price performance (%) 1M 3M 6M 12M Indian Hotels -3.6 18.5 17.2 -5.6 Taj GVK -5.8 14.3 33.2 5.3 Hotel Leela -10.0 -2.3 -10.0 -17.1 EIH -6.1 6.5 2.0 4.2

East India Hotels (EIH)

| 114

Research Analyst

Rashesh Shah

[email protected] Devang Bhatt

(2)

Variance analysis

Q3FY16 Q3FY16E Q3FY15 YoY (%) Q2FY16 QoQ (%) Comments

Total Operating Income 400.1 393.6 378.2 5.8 298.1 34.2 Revenues increased 5.8% YoY led by better demand

Other Operating Income 2.5 4.4 2.1 16.4 4.4 -44.1

Raw Material Expenses 55.2 54.3 51.7 6.8 46.8 18.1

Employee Expenses 102.4 94.5 90.8 12.8 97.0 5.5

Other Exp 142.0 133.3 130.7 8.6 120.7 17.7

EBITDA 103.0 115.8 107.1 -3.8 38.1 170.7

EBITDA Margin (%) 25.7 29.4 28.3 -257.5 12.8 1,297.8 Higher employee cost during the quarter led to a decline in margins

Other Income 5.9 5.0 0.2 2,989.5 9.8 -39.8 Interest 6.3 6.1 8.3 -24.1 6.1 3.4 Depreciation 30.7 29.3 32.8 -6.3 29.3 4.8 PBT 71.9 85.4 66.2 8.6 12.4 479.9 Total Tax 24.5 38.8 22.6 8.6 1.5 1,500.7 PAT 47.4 46.6 43.6 8.6 10.9 336.1

Lower interest expenses and higher other income led to 8.6% YoY increase in PAT

EPS 0.8 0.81 0.76 9.2 0.2 336.8

Source: Company, ICICIdirect.com Research

Change in estimates

(| Crore) Old New % Change Old New % Change Comments

Revenue 1,738.3 1,738.3 0.0 1,894.8 1,708.8 -9.8

We have revised our FY17E revenue estimates downwards due to closure of Oberoi, Delhi for renovation

EBITDA 408.5 408.5 0.0 445.3 388.8 -12.7

EBITDA Margin (%) 23.5 23.5 0 bps 23.5 22.8 -75 bps

We have revised our margin estimates downwards led by increase in operating expenses

PAT 146.9 146.9 0.0 157.2 129.7 -17.5

EPS (|) 2.6 2.6 0.0 2.8 2.3 -17.5

FY17E FY16E

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ICICI Securities Ltd

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Retail Equity Research Page 3

Company Analysis

Business segment contributes more to topline

Majority of the company’s owned hotels are in the business segment. Out

of the total room inventory of 4752 with the company, EIH owns around

44% of rooms, of which, ~95% are at business locations. We expect

revenues from these business destinations to drive growth of the

company, going ahead, led by a revival in the economic environment.

Other than business segment properties, EIH has properties at leisure

destinations as well through JVs. JVs form ~29% of total rooms. Further,

international properties at Bali, Lambok, Mauritius and Egypt constitute

~20% of the total capacity of the company, which has increased sharply

from 8% in FY09.

Exhibit 1: Revenue CAGR of 9.6% during FY09-15

962.4 _845.1 1126.3 1407.2 1468.5 1539.1 1668.3 0 500 1000 1500 2000

FY09 FY10 FY11 FY12 FY13 FY14 FY15

-20.0 -10.0 0.0 10.0 20.0 30.0 40.0

Revenue (| crore) - LHS Growth (%) - RHS

Exhibit 2: Hotel details

Location Number of Hotels Rooms

Owned Mumbai 3 1278 Delhi 2 338 Bengaluru 1 160 Kolkata 1 209 Udaipur 1 87 Ranthambhore 1 25 Total Owned 9 2097 JV 1376 Total Domestic 3473 International 941 Management Contract 338 All Total 4752

Exhibit 3: Trend of ARR, occupancies at business destinations

8417 8607 7577 7393 8867 8933 7600 7557 8504 0 2000 4000 6000 8000 10000 Q3F Y14 Q4F Y14 Q1F Y15 Q2F Y15 Q3F Y15 Q4F Y15 Q1F Y16 Q2F Y16 Q3F Y16 (| ) 0 20 40 60 80 (%) ARR (LHS) Occupancy (RHS) Source: Crisil, ICICIdirect.com Research

Exhibit 4: Trend of ARR, occupancies at leisure destinations

6706 6794 4656 ₄₄₁₂ 8172 6489 4717 4644 8372 0 2000 4000 6000 8000 10000 Q3F Y14 Q4F Y14 Q1F Y15 Q2F Y15 Q3F Y15 Q4F Y15 Q1F Y16 Q2F Y16 Q3F Y16 (|) 0 20 40 60 80 (% ) ARR (LHS) Occupancy (RHS)

Source: Crisil, ICICIdirect.com Research ARRs of business destinations declined 4.1% YoY while

occupancy levels improved 391 bps to 72% during the same period

Leisure destinations witnessed an increase of 2.4% YoY in ARR while occupancy declined from 71% in Q3FY15 to 70% in Q3FY16

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Expect revenue CAGR of 1.2% during FY15-17E

For FY15, revenues grew 8.4% YoY compared to historical high growth of

~30% in FY11. With the rebound in the economy coupled with strong

presence in business destinations, we expect growth to pick up from here

on. However, we expect revenue growth to be impacted by closure of

Oberoi Delhi. Hence, we expect revenues to grow at a modest CAGR of

1.2% during FY15-17E.

Exhibit 5: Q3FY16 revenue up 5.8% YoY with marginal pick-up in demand

355.6 280.9 287.8 378.2 384.1 299.4 298.1 400.1 3.7 5.2 10.3 _8.5 8.0 6.6 3.6 5.8 0.0 100.0 200.0 300.0 400.0 500.0 Q4F Y14 Q1F Y15 Q2F Y15 Q3F Y15 Q4F Y15 Q1F Y16 Q2F Y16 Q3F Y16 0.0 5.0 10.0 15.0

Quarterly sales (| crore) - LHS YoY Growth (%) - RHS Source: Company, ICICIdirect.com Research

Exhibit 6: Expect revenue CAGR of 1.2% during FY15-17E

962 ₈₄₅ 1126 1407 1468 1539 1668 1738 1709 50 450 850 1250 1650 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16E FY 17E -25 -15 -5 5 15 25 35

Revenue (| crore) - LHS Growth (%) - RHS

FY17E margins to decline led by higher operating expenses

EBITDA margins are expected to increase from 19.8% in FY15 to 23.5% in

FY16E led by an improvement in occupancies and ARRs. However, we

expect FY17E margins to decline to 22.8% led by higher operating

expenses and closure of Oberoi, Delhi.

Exhibit 7: Quarterly trend in margins

28.4 22.1 14.4 9.6 28.6 27.6 13.4 12.8 25.7 11.6 2.3 _-0.5 11.5 12.2 2.9 3.6 11.8 10.1 -10.0 0.0 10.0 20.0 30.0 40.0 Q3F Y14 Q4F Y14 Q1F Y15 Q2F Y15 Q3F Y15 Q4F Y15 Q1F Y16 Q2F Y16 Q3F Y16 (% )

Operating margin (%) PAT margin (%)

Exhibit 8: Annual trend in margins

20.8 28.4 22.4 18.9 21.2 19.8 17.4 6.4 -0.4 8.7 2.8 7.0 3.8 8.4 7.6 23.4 23.5 22.8 -10.0 0.0 10.0 20.0 30.0 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16E FY 17E (% )

Operating margin PAT margin

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ICICI Securities Ltd

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Outlook and valuations

With the high focus of the government on improving the sector along

with an economic revival, we expect the sector to return to a growth

trajectory over the next three years. Further, the company is in a better

position on the balance sheet front, which can be useful in further

expansion with the rebound in the macro environment. Despite long term

fundamental being intact, near term concern due to closure of Oberoi

Delhi prompts us to downgrade the stock from BUY to HOLD. We have

valued the stock at 18.3x FY17E EBITDA (i.e. at | 3.5 crore/room and 2.6x

FY17E book value) and arrived at a target price of | 124/share.

Exhibit 9: One year forward EV/EBITDA

0.0 2000.0 4000.0 6000.0 8000.0 10000.0 12000.0 14000.0 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16

Exhibit 10: Valuation

Sales Growth EPS Growth PE EV/EBITDA RoNW RoCE

(Rs cr) (%) (Rs) (%) (x) (x) (%) (%)

FY14 1539.1 4.8 1.9 156.0 60.8 20.8 4.1 6.2

FY15 1668.3 8.4 1.1 -41.1 103.2 20.3 2.4 5.3

FY16E 1738.3 4.2 2.6 132.7 44.3 16.1 5.5 7.5

FY17E 1708.8 -1.7 2.3 -11.7 50.2 16.9 4.7 6.9

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Company snapshot Target Price: | 124 0 20 40 60 80 100 120 140 160 180 200 Au g-0 8 Nov -08 Fe b-09 May-09 Au g-0 9 Nov -09 Fe b-10 May-10 Au g-1 0 Nov -10 Fe b-11 May-11 Au g-1 1 Nov -11 Fe b-12 May-12 Au g-1 2 Nov -12 Fe b-13 May-13 Au g-1 3 Nov -13 Fe b-14 May-14 Au g-1 4 Nov -14 Fe b-15 May-15 Au g-1 5 Nov -15 Fe b-16 May-16 Au g-1 6 Nov -16

Source: Bloomberg, Company, ICICIdirect.com Research

Key events

Date Event

Jul-07 EIH announces it has decided to terminate its strategic alliance for marketing and co-branding with Hilton International Co (Hilton) for the 'Trident Hilton' brand in India

May-10 Board of Directors of the company approves the acquisition of the 45.85% equity interest of Amex Investment Ltd, Hongkong (Amex) in its international hotel joint venture company. EIH Holdings Ltd British Virgin Islands for $45 million

Jul-10 EIH International, the wholly-owned subsidiary of the company. Completes the acquisition of the 49% equity interest of Amex Investment Ltd (Amex) in its international hotels joint venture company EIH Holdings for US$45 million as approved by the EIH Board. With this acquisition EIH Holdings becomes a wholly-owned subsidiary of EIH International. The acquisition includes equity investments in existing Oberoi Hotels in Mauritius, Bali Indonesia, Lombok Indonesia and Sal Hasheesh Egypt and hotel management contracts

Aug-10 Reliance Industries announces that it has acquired through its wholly-owned subsidiary Reliance Industries Investment and Holding Pvt Ltd, from Oberoi Hotels Pvt Ltd and certain other promoters of EIH Ltd, shares in EIH Ltd representing 14.12% of EIH Limited at a total cost of | 1,021 crore

Sep-12 Elephant Capital plc announces that on September 10, 2012 Elephant Capital disposed of its remaining investment of 5,744,000 EIH Ltd shares for the US$ equivalent of £4,712,000. The US$ proceeds are to be converted to GBP after the trade settlement date of September 17, 2012

Jan-16 Closure of Oberoi Delhi for renovation from 1April 2016 till 1 April 2018 Source: Company, ICICIdirect.com Research

Top 10 Shareholders Shareholding Pattern

Rank Name Latest Filing Date % O/S Position (m) Change (m)

1 Oberoi Group 30-Sep-15 29.62 169.27 2.34

2 Reliance Industries Ltd 30-Sep-15 18.53 105.91 0

3 ITC Ltd 30-Sep-15 16.13 92.18 6.56

4 Life Insurance Corporation of India 30-Sep-15 5.62 32.11 -0.33

5 Reliance Capital Asset Management Ltd. 30-Sep-15 2.73 15.61 1.71

6 The New India Assurance Co. Ltd. 30-Sep-15 1.85 10.59 0

7 General Insurance Corporation of India 30-Sep-15 1.75 10.02 0

8 Mukherji (Shib Sanker) 30-Sep-15 1.59 9.09 1.82

9 Madhok (Deepak) 30-Sep-15 1.58 9.01 1.82

10 Russell Credit, Ltd. 30-Jun-15 1.15 6.56 6.56

(in %) Dec-14 Mar-15 Jun-15 Sep-15 Dec-15

Promoter 35.24 35.25 35.25 35.25 35.27

FII 2.05 3.00 3.03 3.10 3.95

DII 12.90 12.93 13.14 13.42 12.95

Others 49.81 48.82 48.58 48.23 47.83

Source: Reuters, ICICIdirect.com Research

Recent Activity

Investor name Value Shares Investor name Value Shares

Russell Credit, Ltd. 10.15m 6.56m Life Insurance Corporation of India -0.49m -0.33m

ITC Ltd 9.79m 6.56m Royce & Associates, LLC -0.13m -0.07m

Oberoi Group 3.50m 2.34m

Madhok (Deepak) 2.72m 1.82m

Mukherji (Shib Sanker) 2.72m 1.82m

Investor name Investor name

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Financial summary

Profit and loss statement | Crore

(Year-end March) FY14 FY15 FY16E FY17E

Total operating Income 1,539.1 1,668.3 1,738.3 1,708.8

Growth (%) 36.7 8.4 4.2 -1.7

Raw Material Expenses 218 221 226 222

Employee Expenses 410 426 443 436

Other Exp 585 691 661 662

Total Operating Expenditure 1,213.1 1,338.1 1,329.8 1,320.0

EBITDA 326.0 330.1 408.5 388.8 Growth (%) 8.2 1.3 23.7 -4.8 Depreciation 134.9 167.8 174.9 174.3 Interest 52.7 46.2 39.9 33.8 Other Income 38.7 28.9 29.8 30.7 PBT 177.1 145.1 223.5 211.4 Others -8.0 3.9 2.9 11.3 Total Tax 71.45 78.0 73.8 70.4 PAT 107.1 63.1 146.9 129.7 Growth (%) LP -41.1 132.7 -11.7 EPS (|) 1.9 1.1 2.6 2.3

Source: ICICIdirect.com Research

Cash flow statement | Crore

Profit after Tax 107.1 63.1 146.9 129.7

Add: Depreciation 134.9 167.8 174.9 174.3

(Inc)/dec in Current Assets 7.6 -26.0 18.3 39.4

Inc/(dec) in CL and Provisions 16.3 55.5 21.7 -19.6

CF from operating activities 266.0 260.4 361.7 323.9

(Inc)/dec in Investments 10.7 0.0 -5.0 -5.0

(Inc)/dec in Fixed Assets 135.7 -108.6 -200.0 -225.0

Others 27.7 16.4 12.0 11.3

CF from investing activities 174.1 -92.2 -193.0 -218.7

Issue/(Buy back) of Equity 0.0 0.0 0.0 0.0

Inc/(dec) in loan funds -279.9 -63.1 -50.0 -50.0

Dividend paid & dividend tax -74.0 -74.0 -74.0 -74.0

Inc/(dec) in Sec. premium 0.0 0.0 0.0 0.0

Others -19.2 11.6 0.0 0.0

CF from financing activities -373.0 -125.5 -124.0 -124.0

Net Cash flow 12.5 34.0 44.7 -18.9

Opening Cash 151.6 164.1 198.1 242.9

Closing Cash 164.1 198.1 242.9 224.0

Balance sheet | Crore

Liabilities

Equity Capital 114.3 114.3 114.3 114.3

Reserve and Surplus 2,495.0 2,495.7 2,568.6 2,624.3

Total Shareholders funds 2,609.3 2,610.0 2,682.9 2,738.6

Total Debt 437.7 374.6 324.6 274.6

Deferred Tax Liability 194.0 196.3 196.3 196.3

Minority Interest / Others 58.7 77.7 89.7 101.0

Total Liabilities 3,299.7 3,258.7 3,293.5 3,310.5

Assets

Gross Block 3,088.6 3,197.2 3,397.2 3,622.2

Less: Acc Depreciation 963.3 1,131.1 1,306.0 1,480.3

Net Block 2,125.3 2,066.1 2,091.2 2,141.9

Capital WIP 310.0 310.0 310.0 310.0

Total Fixed Assets 2,435.3 2,376.1 2,401.2 2,451.9

Goodwill on consolidation 326.5 331.5 331.5 331.5

Investments 245.5 254.1 259.1 264.1

Inventory 50.3 48.5 46.8 42.2

Debtors 202.1 223.1 223.8 215.4

Loans and Advances 279.9 286.6 269.7 242.9

Other Current Assets 0.5 0.6 0.1 0.6

Cash 164.1 198.1 242.9 224.0

Total Current Assets 696.8 756.9 783.3 725.0

Creditors 309.8 361.2 385.8 379.2

Provisions 95.1 99.3 96.4 83.4

Total Current Liabilities 405.0 460.5 482.2 462.6

Net Current Assets 291.8 296.4 301.1 262.4

Others Assets 0.6 0.6 0.6 0.6

Application of Funds 3,299.7 3,258.7 3,293.5 3,310.5

Key ratios

Per share data (|)

EPS 1.9 1.1 2.6 2.3

Cash EPS 4.2 4.0 5.6 5.3

BV 45.7 45.7 46.9 47.9

DPS 1.1 1.1 1.1 1.1

Cash Per Share 2.9 3.5 4.2 3.9

Operating Ratios (%)

EBITDA Margin 21.2 19.8 23.5 22.8

PBT / Total Operating income 7.0 3.8 8.4 7.6

PAT Margin 7.0 3.8 8.4 7.6 Inventory days 11.3 10.8 10.0 9.5 Debtor days 47.9 48.8 47.0 46.0 Creditor days 73.5 79.0 81.0 81.0 Return Ratios (%) RoE 4.1 2.4 5.5 4.7 RoCE 6.2 5.3 7.5 6.9 RoIC 6.8 5.9 8.5 7.8 Valuation Ratios (x) P/E 60.8 103.2 44.3 50.2 EV / EBITDA 20.8 20.3 16.1 16.9 EV / Net Sales 4.4 4.0 3.8 3.8

Market Cap / Sales 4.2 3.9 3.7 3.8

Price to Book Value 2.5 2.5 2.4 2.4

Solvency Ratios

Debt/EBITDA 1.3 1.1 0.8 0.7

Debt / Equity 0.2 0.1 0.1 0.1

Current Ratio 1.7 1.6 1.6 1.6

Quick Ratio 1.3 1.2 1.1 1.1

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ICICIdirect.com coverage universe (Hotels)

CMP M Cap

(|) TP(|) Rating (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Indian Hotel (INDHOT) 108 115 HOLD 8681 -4.4 0.1 1.0 NA 1220.6 106.7 25.1 20.8 17.0 2.6 3.7 4.0 -15.8 0.3 3.6

EIH (EIH) 114 124 HOLD 6516 1.1 2.6 2.3 103.2 44.3 50.2 20.3 16.1 16.9 5.3 7.5 6.9 2.4 5.5 4.7

TajGVK Hotels (TAJGVK) 90 100 BUY 563 -0.3 0.4 1.4 N.A 219.9 64.2 16.7 15.2 12.4 4.4 5.7 7.0 N.A 0.7 2.5

Sector/Company

RoE (%)

EPS (|) P/E (X) EV/EBITDA (X) RoCE (%)

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RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them

as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional

target price is defined as the analysts' valuation for a stock.

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;

Buy: >10%/15% for large caps/midcaps, respectively;

Hold: Up to +/-10%;

Sell: -10% or more;

Pankaj Pandey

Head – Research

[email protected]

ICICIdirect.com Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]

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ANALYST CERTIFICATION

We /I, Rashesh Shah, CA, and Devang Bhat, PGDBM, Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

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