14 November 2011
India | Real Estate | Company Update
Price: `26
SELL
Unitech | UT IN Target: `30 (Mar’12)
Himanshu Maheshwari
Execution and margin pressure remains; debt himanshu.m@jmfinancial.in
reduction a positive Tel: (91 22) 6630 3069
Richard Liu
richard.liu@jmfinancial.in
Revenue recognition lower YoY, margin pressure persists: Unitech’s Tel: (91 22) 6630 3064
2QFY12 results continue to suggest execution slackness with net revenue
dropping 3% YoY, up 5% QoQ. Margin pressure continued due to higher
revenue contribution from projects launched immediately post downturn with Key Data
cash-generation rather than profitability-objective. Reported EBITDA margin of Market cap (bn) ` 67.2 / US$ 1.3
22.1% was down 17ppt YoY but improved a marginal 2ppt QoQ. In summary, Shares in issue (mn) 2,616.3
net Sales, EBITDA and net profit declined 3%, 45% and 47% YoY to `6.3bn, Diluted share (mn) 2,616.3
`1.4bn and `0.9bn respectively. On sequential comparison, revenue, EBITDA 3-mon avg daily val (mn) ` 694.8/US$ 13.8
and net profit were +5%, +15% and -6% (lower other income). 2Q consolidated 52-week range ` 82.2/24.8
real-estate EBIT margin was 30% - 4ppt higher sequentially but notably below Sensex/Nifty 17,119/5,148
the normative levels of 40%+ in the past. Net profit declined for 4th quarter `/US$ 50.3
running and 1HFY12 adjusted profit is only 34% of what was achieved in
Daily Performance
FY11. Management maintained that environment is challenging and company
continues with volume based strategy of product offering in affordable and Unitech
120 20%
mid-income segments. 100 0%
80
New launches/pre-sales holding up well so far; 1.8mn sold in 2Q for 60
-20%
`10.7bn: a) Operations remained rather stable in a weak macro environment 40
-40%
with Unitech clocking pre-sales of `10.7bn in 2Q. Unitech launched/sold 20 -60%
2.8/1.8mn sq ft in 2QFY12 (2QFY11: 1.8/2.0mn; 1QFY12: 3.2/1.9mn). b) 0 -80%
Deliveries of merely 0.5mn sq ft (-45% YoY/ -69% QoQ) continue to reflect
Jan-10
Mar-10
Jul-10
Sep-10
Jan-11
Mar-11
Jul-11
Sep-11
May-10
Nov-10
May-11
Nov-11
slow pace of execution momentum. c) 32.5mn sq ft of area yet to be
Unitech Relative to Sensex (RHS)
delivered comprise 12.3mn in pre-Mar’09 projects (51% of total deliverables)
and 20.3mn from post-Mar’09 launches; significant scale-up in execution % 1M 3M 12M
would be required to meet delivery timelines - a key monitorable, in our view. Absolute -6.0 -11.7 -68.4
c) Blended ASP improved to `5,928/sq ft (+10% QoQ) with higher share of Relative -6.2 -13.3 -53.4
sales (48% vs 1Q’s 24%) from projects in Gurgaon. Realisation was higher in * To the BSE Sensex
Noida (+47%) and Kolkata (+18%) but lower in Gurgaon (-30%), Chennai (-18%),
due to difference in product-mix, in our view. Shareholding Pattern (%)
Sept-11 Sept-10
Gross debt reduction of `1.9bn a positive: a) Unitech has been successful in 48.57 48.57
Promoters
gradually paring down its debt – a key positive. Debt balance reduced by a
FII 32.17 34.33
further `1.9bn QoQ to `54.6bn (Net Debt equity now at 0.43 vs 0.46 in 1Q)
DII 2.45 1.95
which helped contain interest charge. b) Deferred land liability remained
Public / others 16.81 15.15
largely unchanged at `23.4bn. c) Increase in networth between Apr-Sep’11
(`3.4bn) was more than the profit earned during the period (`1.9bn) – we are
awaiting details on the reason for the difference. 1.
Exhibit 1: Financial Summary (` mn)
Y/E March FY09A FY10A FY11A FY12E FY13E
Net sales 28,897 29,313 31,871 32,471 39,785
Sales growth (%) -30.2 1.4 8.7 1.9 22.5
EBITDA 15,888 10,712 9,239 8,668 11,539
EBITDA (%) 55.0 36.5 29.0 26.7 29.0
Adjusted net profit 11,977 5,610 5,653 5,472 7,232
EPS (Rs) 7.4 2.3 2.2 2.1 2.8
EPS growth (%) -27.9 -68.8 -6.1 -3.2 32.2
ROCE (%) 10.7 4.4 3.6 3.3 4.5
ROE (%) 27.3 7.2 5.1 4.6 5.8
PE (x) 3.5 11.2 11.9 12.3 9.3
Price/Book value (x) 0.8 0.6 0.6 0.6 0.5 JM Financial Research is also available on:
Bloomberg - JMFR , Thomson Publisher & Reuters.
EV/EBITDA (x) 7.3 9.7 11.4 11.2 7.7
Please see important disclosure at the end of the report
Source: Company data, JM Financial. Note: Valuations as of 14/11/2011
JM Financial Institutional Securities Private Limited
Unitech 14 November 2011
Exhibit 2. Quarterly income statement (` mn)
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 YoY growth QoQ growth
Net sales 6,445 6,598 10,542 5,959 6,261 -3% 5%
Real Estate income (incl in above) 5,476 5,448 8,258 5,040 5,055 -8% 0%
Expenditure 3,917 4,510 8,857 4,761 4,880 25% 2%
EBITDA 2,528 2,088 1,685 1,198 1,381 -45% 15%
EBITDA (%) 39% 32% 16% 20% 22% -1,716 bps 196 bps
Depreciation and amort. 89 75 67 84 85 -5% 1%
EBIT 2,439 2,012 1,618 1,114 1,297 -47% 16%
Add: other income 304 181 415 714 403 33% -43%
Less: Interest 439 340 335 337 338 -23% 0%
Pre tax profit 2,305 1,853 1,698 1,490 1,362 -41% -9%
Taxes 564 740 566 468 424 -25% -10%
Effective tax rate (%) 24% 40% 33% 31% 31% 662 bps -31 bps
Add: Extraordinary items -2 -4 -19 0 0 -105%
Less: Minority interest 5 3 127 39 13 173% -65%
Reported net profit 1,738 1,114 1,025 984 925 -47% -6%
Margin (%) 27% 17% 10% 17% 15% -1,219 bps -174 bps
Adjusted net profit 1,735 1,110 1,006 984 925 -47% -6%
Margin (%) 27% 17% 10% 17% 15% -1,216 bps -174 bps
Source: Company, JM Financial
Exhibit 3. Breakup of costs (` mn)
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 YoY growth QoQ growth
Real estate, construction and other
3,610 4,218 8,467 4,398 4,512 25% 3%
expenses (net of inventory change)
% of net sales 56% 64% 80% 74% 72% 1,606 bps -173 bps
Employee costs 307 293 390 363 368 20% 1%
% of net sales 5% 4% 4% 6% 6% 110 bps -22 bps
Depreciation 89 75 67 84 85 -5% 1%
% of net sales 1% 1% 1% 1% 1% -2 bps -6 bps
Source: Company, JM Financial
Exhibit 4. Balance sheet trends (` mn)
2QFY10 4QFY10 2QFY11 4QFY11 2QFY12
Net Worth 100,482 104,050 110,106 115,836 119,245
Loan Funds 66,593 60,078 67,116 58,507 54,561
Minority Interests 615 373 389 489 544
Total Liabilities 167,689 164,502 177,610 174,832 174,350
Fixed Assets (incl CWIP) 29,315 33,581 33,811 34,728 33,734
Goodwill 12,715 14,723 17,976 16,125 16,016
Investments 14,878 15,264 15,184 16,540 17,633
Deferred tax assets (net) -5 -46 -45 -56 -105
Inventory 300 331 345 484 276
Projects in progress 165,362 171,811 182,355 193,921 204,433
Sundry Debtors 12,344 12,670 15,861 21,474 21,865
Cash & Bank Balance 7,395 3,799 8,663 4,509 3,120
Loans & Advances 38,754 31,420 34,028 33,816 31,702
Others 73 67 47 27 7
Current Liabilities 95,211 99,870 111,893 121,248 129,434
Provisions 317 1,341 786 1,526 1,474
Deferred liability - against land 17,912 17,907 17,936 23,964 23,422
Net Current Assets 110,787 100,980 110,683 107,495 107,072
Miscellaneous Expenditure 0 0 0 0 0
Total Assets 167,689 164,502 177,610 174,832 174,350
Source: JM Financial
JM Financial Institutional Securities Private Limited Page 2
Unitech 14 November 2011
Exhibit 5. Revenue trends (` bn) Exhibit 6. Net profit growth trends (%)
Rev enue - Rs bn Adj net profit YoY grow th(%)
11.3 131.7%
New projects 140%
10.5
breaching 20%
100%
10.0 POCM threshold
60% 35.7%
8.3 29.4%
7.7
20%
6.6
7.0 6.4 6.3
6.0 -20%
5.1 -35.8%
-60% -36.9%
-50.4% -43.9% -45.4% -46.7%
4.0 -100%
2QFY10 4QFY10 2QFY11 4QFY11 2QFY12 2QFY10 4QFY10 2QFY11 4QFY11 2QFY12
Source: Company, JM Financial Source: Company, JM Financial 6.
Exhibit 7. Segment trends (` mn)
Revenue 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Real Estate 4,147 6,279 10,250 6,996 5,476 5,448 9,084 5,040 5,055
Construction 264 420 239 106 48 118 77 0 2
Consultancy 161 547 185 274 234 244 263 176 155
Hospitality 28 38 18 35 29 46 38 48 0
Transmission towers 200 142 265 545 310 353 629 259 30
Others 295 320 369 331 349 389 452 436 1,019
Total 5,095 7,745 11,325 8,286 6,445 6,598 10,542 5,959 6,261
Real Estate as % of Total 81% 81% 91% 84% 85% 83% 86% 85% 81%
Result 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Real Estate 3,083 1,419 2,515 3,004 2,514 2,487 1,555 1,313 1,528
Construction 16 99 7 -9 3 -60 73 -1 -4
Consultancy 165 547 185 274 234 244 263 176 155
Hospitality 0 5 -18 -6 -12 0 -19 8 -11
Transmission towers 33 16 18 44 29 46 26 28 36
Others 0 47 14 5 -2 44 43 56 72
Total 3,297 2,132 2,720 3,312 2,766 2,760 1,940 1,580 1,776
Real Estate as % of Total 94% 67% 92% 91% 91% 90% 80% 83% 86%
Real estate margins 74% 23% 25% 43% 46% 46% 17% 26% 30%
Overall margins 65% 28% 24% 40% 43% 42% 18% 27% 28%
Source: Company, JM Financial
JM Financial Institutional Securities Private Limited Page 3
Unitech 14 November 2011
Exhibit 8. Segment margins trends (%)
Real Estate segment margin (%)
80% 74%
Ov erall EBITDA margin (%)
70%
60%
52%
50% 46%
43% 46%
39%
40% 35%
32% 30%
30% 25% 26%
23% 24% 24%
20% 22%
20% 17%16%
10%
0%
2QFY10 4QFY10 2QFY11 4QFY11 2QFY12
Source: Company, JM Financial
Exhibit 9. Trends in gross debt position (` bn) Exhibit 10. Trends in networth (` bn)
Gross Debt - Rs bn Netw orth - Rs bn
119
70 120 117
67.1 115 116
66.6
66 114
63.9 110
62.0 108
62 60.7 108
60.1
58.5 102 102
58 56.5 102 100
54.6
54 96
50 90
2QFY10 4QFY10 2QFY11 4QFY11 2QFY12 2QFY10 4QFY10 2QFY11 4QFY11 2QFY12
Source: Company, JM Financial Source: Company, JM Financial; Note: excluding warrant application money 10.
Exhibit 11. Area launched & sold (mn sq ft) Exhibit 12. Area delivered (mn sq ft)
Area Launched (mn sq ft) Area Sold (mn sq ft) Area deliv ered (mn sq ft)
2.0
5
4.3 1.6
1.6
4 1.3
3.2 1.2
2.8 1.1
1.2
3 0.9 0.9
2.2
1.8 2.0 2.0 1.9 1.8 0.8
0.7
2 1.6
0.5
1 0.4
0 0.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY10 1QFY11 3QFY11 1QFY12
Source: Company, JM Financial Source: Company, JM Financial 12.
JM Financial Institutional Securities Private Limited Page 4
Unitech 14 November 2011
Exhibit 13. Projects in progress (` bn) Exhibit 14. Status of recently launched projects (mn sq ft)
Projects in progress - Rs bn 204 43
205 201 45
194 36
196 29
191
27
187 182
16
177 18
178
172
170 9
169 165
0
160 Launched Sold Structure / foundation
2QFY10 4QFY10 2QFY11 4QFY11 2QFY12 in progress
Source: Company, JM Financial Source: Company, JM Financial 14.
Exhibit 15. Launches and sales trends (mn sq ft)
Area Launched 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Gurgaon 2.2 0.8 1.5 0.6 0.5 1.4 0.3 1.2
Noida + G Noida 0.0 0.0 0.8 0.4 0.8 0.2 0.5 0.6
Chennai 0.1 0.2 0.2 0.9 0.0 0.3 1.4 0.4
Mumbai 0.7 0.3 0.0 0.0 0.0 0.0 0.0 0.0
Kolkata 0.0 0.1 0.2 0.0 0.0 1.1 0.0 0.0
Other cities 0.2 0.4 0.1 0.0 0.4 1.3 1.0 0.6
Total 3.1 1.9 2.8 1.8 1.6 4.3 3.2 2.8
Area Sold 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Gurgaon 1.2 2.0 1.4 1.2 1.0 0.8 0.5 0.9
Noida + G Noida 0.7 0.4 0.7 0.4 0.5 0.3 0.2 0.1
Chennai 0.0 0.3 0.4 0.1 0.2 0.3 0.6 0.4
Mumbai 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0
Kolkata 0.1 0.2 0.3 0.2 0.2 0.2 0.2 0.2
Other cities 0.5 0.4 0.2 0.1 0.3 0.4 0.5 0.3
Total 3.0 3.5 3.0 2.0 2.2 2.0 1.9 1.8
Sales Value (` mn) 16,400 14,800 12,980 10,130 10,370 9,750 10,210 10,670
Source: Company, JM Financial; Note: Unitech’s economic interest in Mumbai projects is 50% only.
Exhibit 16. Segment-wise quarterly sales trends
Area Sold (mn sq ft) 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Residential 2.56 2.81 2.61 1.44 1.76 1.80 1.66 1.56
Non-Residential 0.47 0.64 0.40 0.54 0.44 0.17 0.24 0.24
Total 3.03 3.46 3.01 1.98 2.20 1.97 1.90 1.80
QoQ % 14% -13% -34% -56% -10% -3% -5%
ASP (`per sq ft) 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Residential 5,322 3,463 3,782 4,752 4,560 4,609 4,360 5,380
Non-Residential 5,855 7,863 7,784 6,077 5,331 8,661 12,293 9,394
Total 5,405 4,283 4,313 5,113 4,714 4,952 5,360 5,920
QoQ % -21% 1% 19% 2% 5% 8% 10%
Sales Value (` mn) 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Residential 13,640 9,740 9,870 6,850 8,020 8,305 7,250 8,400
Non-Residential 2,760 5,060 3,110 3,290 2,340 1,445 2,950 2,280
Total 16,400 14,800 12,980 10,140 10,360 9,750 10,200 10,680
QoQ % -10% -12% -22% 2% -6% 5% 5%
Source: Company, JM Financial
JM Financial Institutional Securities Private Limited Page 5
Unitech 14 November 2011
Exhibit 17. Sales snapshot for the quarter
Avg Selling Price
City Area Sold (mn sq ft) Sales Value (` mn)
(` per sq ft)
Gurgaon 0.86 6,849 5,890
Noida + Greater Noida 0.13 8,000 1,040
Chennai 0.40 3,750 1,500
Kolkata 0.15 4,800 720
Other cities 0.26 5,846 1,520
Total 1.80 5,928 10,670
Source: Company, JM Financial
Exhibit 18. Key balance sheet metrics (` mn)
3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Projects in progress 169,940 171,811 177,010 182,355 190,770 193,921 200,730 204,433
Sundry Debtors 10,780 12,670 NA 15,861 NA 21,474 21,790 21,865
Loans & Advances 31,490 31,420 31,180 34,028 35,160 33,816 34,150 31,702
Cash & Bank Balance 6,110 3,799 8,560 8,663 12,380 4,509 3,170 3,120
Gross Debt (incl Telecom) 62,020 60,078 60,130 67,116 63,880 58,507 56,470 54,561
Deferred liability - against land 17,907 17,907 17,940 17,936 23,440 23,964 23,430 23,422
Source: Company, JM Financial. Note: NA – Not available
Exhibit 19. Area under construction - past projects Exhibit 20. Area under construction - recently launched
(launched before Mar’09) (mn sq ft) projects (mn sq ft)
Handover / Finishing Structure complete, Internal WIP Handover / Finishing Structure Cmplt, Internal WIP Structure in progress
Piling / Structure WIP Pre-construction Piling in progress Pre-construction WIP Work yet to start
32
25
23.7 23.9 24.1 20.4
23.1 23.1 19.1
24 20 15.9 17.5
14.7
15
16
10
8 5
0
0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Source: Company, JM Financial Source: Company, JM Financial 20.
JM Financial Institutional Securities Private Limited Page 6
Unitech 14 November 2011
Financial Tables (Consolidated)
Profit & Loss (` mn) Balance Sheet (` mn)
Y/E March FY09A FY10A FY11A FY12E FY13E Y/E March FY09A FY10A FY11A FY12E FY13E
Net sales (Net of excise) 28,897 29,313 31,871 32,471 39,785 Share capital 3,247 4,878 5,233 5,233 5,233
Growth (%) -30.2 1.4 8.7 1.9 22.5 Other capital 0 2,252 0 0 0
Other operational income 0 0 0 0 0 Reserves and surplus 48,448 96,921 110,604 115,758 122,570
Raw material (or COGS) 9,027 15,632 17,232 18,608 22,477 Networth 51,695 104,050 115,836 120,990 127,802
Personnel cost 1,084 931 1,237 1,461 1,790 Total loans 90,558 60,078 58,507 54,507 51,507
Other expenses (or Minority interest 615 373 489 644 832
2,898 2,039 4,163 3,734 3,979
SG&A)
Sources of funds 142,868 164,502 174,832 176,142 180,142
EBITDA 15,888 10,712 9,239 8,668 11,539
Intangible assets 11,672 15,264 16,540 16,540 16,540
EBITDA (%) 55.0 36.5 29.0 26.7 29.0
Fixed assets 22,502 21,807 20,478 21,478 22,478
Growth (%) -28.7 -32.6 -13.8 -6.2 33.1
Less: Depn. and amort. 1,003 1,344 1,539 1,875 2,227
Other non-op. income 0 0 0 0 0
Net block 33,172 35,726 35,478 36,142 36,791
Depreciation and amort. 209 341 319 336 352
Capital WIP 11,758 13,118 15,790 15,790 15,790
EBIT 15,679 10,371 8,920 8,333 11,187
Investments 9,587 14,723 16,125 16,932 17,778
Add: Net interest income -1,287 -1,160 -404 -176 -434
Def tax assets/- liability -14 -46 -56 -56 -56
Pre tax profit 14,392 9,210 8,516 8,156 10,754
Current assets 208,410 220,098 254,232 259,960 286,468
Taxes 2,424 2,264 2,704 2,528 3,334
Inventories 157,756 172,142 194,405 198,064 212,124
Add: Extraordinary items -13 -160 24 0 0
Sundry debtors 9,310 12,670 21,474 20,461 22,890
Less: Minority interest -9 36 159 156 188
Cash & bank balances 6,448 3,799 4,509 7,602 12,186
Reported net profit 11,964 6,751 5,677 5,472 7,232
Other current assets 108 67 27 27 27
Adjusted net profit 11,977 5,610 5,653 5,472 7,232
Loans & advances 34,787 31,420 33,816 33,806 39,240
Margin (%) 41.4 19.1 17.7 16.9 18.2
Current liabilities &
Diluted share cap. (mn) 1,623 2,439 2,616 2,616 2,616 120,045 119,118 146,737 152,626 176,629
prov.
Diluted EPS (`) 7.4 2.3 2.2 2.1 2.8 Current liabilities 119,749 117,777 145,211 151,114 174,776
Growth (%) -27.9 -68.8 -6.1 -3.2 32.2 Provisions and others 297 1,341 1,526 1,512 1,853
Total Dividend + Tax 239 569 323 318 420 Net current assets 88,364 100,980 107,495 107,334 109,839
Source: Company, JM Financial Others (net) 0 0 0 0 0
Application of funds 142,868 164,502 174,832 176,142 180,142
Source: Company, JM Financial
Cash flow statement (` mn) Key Ratios
Y/E March FY09A FY10A FY11A FY12E FY13E Y/E March FY09A FY10A FY11A FY12E FY13E
Reported net profit 11,964 6,751 5,677 5,472 7,232 BV/Share (`) 31.8 42.7 44.3 46.2 48.8
Depreciation and amort. 341 342 195 336 352 ROCE (%) 10.7 4.4 3.6 3.3 4.5
-Inc/dec in working cap. -9,479 -26,674 -29,351 -2,414 -16,489 ROE (%) 27.3 7.2 5.1 4.6 5.8
Others -544 -241 115 156 188 Net Debt/equity ratio (x) 1.4 0.4 0.3 0.2 0.2
Cash from operations (a) 2,283 -19,823 -23,364 3,549 -8,717 Valuation ratios (x)
-Inc/dec in investments 4,578 -5,136 -1,402 -806 -847 PER 3.5 11.2 11.9 12.3 9.3
Capex -12,704 -4,256 -2,618 -1,000 -1,000 PBV 0.8 0.6 0.6 0.6 0.5
Others -10,505 11,409 23,547 5,668 18,568 EV/EBITDA 7.3 9.7 11.4 11.2 7.7
Cash flow from inv. (b) -18,632 2,016 19,527 3,861 16,722 EV/Sales 4.0 3.6 3.3 3.0 2.2
Inc/-dec in capital 3,965 46,174 6,432 0 0 Turnover ratios (no.)
Dividend+Tax thereon -239 -569 -323 -318 -420 Debtor days 118 158 246 230 210
Inc/-dec in loans 5,035 -30,480 -1,571 -4,000 -3,000 Inventory days 1,993 2,143 2,226 2,226 1,946
Others -46 32 10 0 0 Creditor days 912 318 325 305 253
Financial cash flow ( c ) 8,714 15,157 4,548 -4,318 -3,420 Source: Company, JM Financial
Inc/-dec in cash (a+b+c) -7,634 -2,650 711 3,093 4,584
Opening cash balance 14,083 6,448 3,799 4,509 7,602
Closing cash balance 6,448 3,799 4,509 7,602 12,186
Source: Company, JM Financial
JM Financial Institutional Securities Private Limited Page 7
Unitech 14 November 2011
History of earnings estimates and target price Recommendation history
FY12E FY13E Target Target
Date % Chg. % Chg. % Chg.
EPS (Rs) EPS (Rs) Price Date Unitech
1-Feb-10 6.3 70 Mar-11 120
20-Apr-10 6.3 0.0 70 Mar-11 0.0 100 S SS S
S S
31-May-10 6.8 7.9 70 Mar-11 0.0
80
5-Aug-10 6.8 0.0 70 Mar-11 0.0
60 S
16-Aug-10 6.8 0.0 70 Mar-11 0.0 S
S
13-Nov-10 6.3 -7.4 8.0 75 Sep-11 7.1
40
14-Feb-11 5.1 -19.0 6.7 -16.3 35 Dec-11 -53.3 20
30-May-11 3.5 -31.4 4.8 -28.4 31 Mar-12 -11.4 0
13-Aug-11 3.4 -2.9 4.2 -12.5 30 Mar-12 -3.2
Jan-10
Mar-10
Jul-10
Sep-10
Jan-11
Mar-11
Jul-11
Sep-11
May-10
Nov-10
May-11
Nov-11
Target Price Unitech
JM Financial Institutional Securities Private Limited
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All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and
No part of his or her or their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research
report.
Analyst(s) holding in the Stock: (Nil)
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