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Sun TV Network - Elara Securities - 27 May 2012

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									                          India | Media & Entertainment                                                                                                                   27 May 2012
                          Quarterly Update/Target price change

                          Sun TV Network
                          Weak signal                                                                                    Rating : Accumulate
                          Weak results as topline remains under pressure                                                 Target Price : INR287
                                                                                                                         Upside : 14%
                          Sun TV Network reported below expectation quarterly performance
                                                                                                                         CMP : INR251 (as on 25 May 2012)
                          for Q4FY12, as topline declined by 7% YoY and standalone EPS de-
Global Markets Research




                          grew by 24% YoY. Both ad and subscription revenues posted decline                              Key data*
                          for the quarter, and while the management expressed optimism in                                Bloomberg /Reuters Code                     SUNTV IN/SUTV.BO
                          improving growth in its subscription revenues, it expected ad growth                           Current /Dil. Shares O/S (mn)                        394/394
                          to remain modest for next few quarters, in view of pressure on ad                              Mkt Cap (INRbn/US$mn)                                99/1,787
                          spend in the broadcasting space witnessed currently. For FY12, Sun TV                          Daily Vol. (3M NSE Avg.)                              443,001
                          reported decline in revenues by 9% YoY, EBITDA margin of 79.7% and                             Face Value (INR)                                            5
                          earnings decline by 10%. However, the decline seems sharp largely                              1 US$= INR55.4

                          due to very high base last year on release of Endhiran (INR230mn                               Source: Bloomberg ; * As on 25 May 2012

                          impact), and contraction in cable revenues from Tamil Nadu post                                Price &volume
                          formation of ARASU, the state owned cable network (INR470mn
                                                                                                                              450                                                       50,000
                          impact). Excluding these, earnings declined by 1% YoY.
                                                                                                                              400                                                       40,000
                          Subscription revenues to drive earnings growth in FY13E                                             350                                                       30,000
                          FY12 saw weak growth in subscription revenues, as analog business                                   300                                                       20,000
                          got impacted due to stand-off with ARASU while DTH revenues also                                    250                                                       10,000
                          failed to sustain the momentum seen in FY11. However, we believe                                    200                                                       0
                          that high growth in subscription revenues from cable post digitisation,                                May-11         Sep-11          Jan-12         May-12
                          especially during the first two phases and sharp improvement in                                                 Vol. in '000 (RHS)               Sun TV (LHS)
                          international subscription revenues in FY13E would drive earnings                              Source: Bloomberg
                          growth going forward, despite modest ad growth assumptions.                                    Share holding (%)            Q1FY12 Q2FY12 Q3FY12 Q4FY12

                          Valuations – maintain Accumulate                                                               Promoter                         77.0       77.0       77.0         77.0
                                                                                                                         Institutional Investors          15.5       16.0       16.2         17.0
                          While Sun TV continues to face strong headwinds from ad growth                                 Other Investors                   0.7           1.6      1.2         0.6
                          side, we believe that being the key beneficiary of digitisation process in                     General Public                    6.8           5.4      5.6         5.4
                          South Indian pay TV market, the company should manage to hold on                               Source: BSE
                          to its premium margins. We remain positive over the stock price                                Price performance (%)                     3M           6M           12M
                          performance from current levels given strong earnings growth                                   Sensex                                   (9.5)         3.3          (9.1)
                          prospects post digitization and cheap valuations.                                              Sun TV                                  (21.2)        (8.2)        (35.2)
                                                                                                                         Zee Entertainment                        (4.4)         6.5          (8.3)
                                                                                                                         Source: Bloomberg



                          Y/E March (INR mn)                     Q4FY12             Q3FY12         Q4FY11          QoQ (%)                 YoY(%)              Q4FY12E          Variance (%)
                          Net Sales                               4,270              4,250          4,605               0.5                  (7.3)               4,541                 (6.0)
                          Operating Expenses                        988                840            966              17.7                    2.3                 966                   2.3
                          % of Sales                               23.1               19.8           21.0              17.1                   10.3                 21.3                  8.8
                          EBITDA                                  3,282              3,410          3,639             (3.8)                  (9.8)               3,575                 (8.2)
                          EBITDA Margins (%)                       76.9               80.2           79.0             (4.2)                  (2.7)                 78.7                (2.4)
                          Other Income (Net)                        151                232            172            (35.0)                 (12.3)                 267                (43.5)
                          Interest                                    9                 36             14            (74.0)                 (33.3)                    1               623.1
                          Depreciation                            1,068              1,125            678             (5.0)                   57.5               1,125                 (5.0)
                          PBT                                     2,355              2,482          3,118             (5.1)                 (24.5)               2,716                (13.3)
                          Tax                                       765                804          1,035             (4.9)                 (26.1)                 907                (15.7)
                          Effective Tax Rate (%)                   32.5               32.4           33.2               0.3                  (2.4)                 33.4                (2.8)
                          Reported PAT                            1,590              1,678          2,083             (5.2)                 (23.7)               1,809                (12.1)
                          NPM (%)                                  37.2               39.5           45.2             (5.7)                 (12.7)                 39.8                (6.5)
                          Adjusted PAT                            1,590              1,678          2,083             (5.2)                 (23.7)               1,809                (12.1)
                          Source: Company, Elara Securities Estimate

                           Key Financials
                           Y/E Mar (INR mn)           Rev   YoY (%)     EBITDA    EBITDA (%)   Adj PAT   YoY (%)   Fully DEPS       RoE (%)       RoCE (%)          P/E (x) EV/EBITDA (x)
                           FY10                    14,528      19.5      10,909         75.1     5,199      12.7          13.2         33.0           59.0            19.0           8.5
                           FY11                    20,135      38.6      15,779         78.4     7,698      48.1          19.5         37.7           52.2            12.8           5.9
                           FY12E                   18,484     (8.2)      14,177         76.7     6,944     (9.8)          17.6         30.7           42.2            14.2           6.6
                           FY13E                   20,915      13.2      16,020         76.6     7,545       8.7          19.1         31.3           44.6            13.1           5.8
                           FY14E                   23,532      12.5      17,976         76.4     8,525      13.0          21.6         34.2           49.0            11.6           5.2
                           Source: Company, Elara Securities Estimate


                                                                                               Mohan Lal•mohan.lal@elaracapital.com • +91 22 4062 6802
                                                                                                                                    Elara Securities (India) Private Limited
    Sun TV Network


    Consolidated Financials (Y/E Mar)
    Income Statement (INR mn)                        FY11      FY12E       FY13E       FY14E      Revenue & margins growth trend
    Revenue                                       20,135      18,484      20,915      23,532
                                                                                                             25,000          78.4                                79
    EBITDA                                        15,779      14,177      16,020      17,976
    Non operating Income                              487         781         671         672                                                                    78
                                                                                                             20,000
    OPBITDA                                       16,266      14,958      16,691      18,648




                                                                                                  (INR mn)
                                                                                                                                       76.7    76.6




                                                                                                                                                                        (%)
    Depreciation & Amortization                     4,805       4,761       5,237       5,716                                                            76.4    77

    EBIT                                          11,461      10,198      11,454      12,932                 15,000
                                                                                                                                                                 76
    Interest Expenses                                   23          56           1           1
    PBT                                           11,439      10,142      11,453      12,930                 10,000                                              75
    Taxes                                           3,831       3,255       3,960       4,452                            FY11         FY12E    FY13E    FY14E
    Reported PAT                                    7,608       6,887       7,493       8,479                     Revenues (LHS)                 EBITDA Margin (RHS)
    Net Minority Interest                             (90)        (56)        (52)        (46)
                                                                                                  Source: Company, Elara Securities Estimates
    Adjusted PAT                                    7,698       6,944       7,545       8,525
    Balance Sheet (INR mn)                           FY11      FY12E       FY13E       FY14E
    Share Capital                                   1,970       1,970       1,970       1,970
                                                                                                  Adjusted profits growth trend
    Reserves                                      19,972      21,383      22,934      22,934
    Borrowings                                           1           1           1           1                9,000          48.1                                60
    Deferred Tax (Net)                                339         339         339         339                                                                    50
    Minority Interest                               1,193       1,216       1,172       1,172                 8,000                                              40




                                                                                                  (INR mn)
                                                                                                                                                                 30
    Total Liabilities                             23,476      24,909      26,416      26,416                                                             13.0




                                                                                                                                                                        (%)
                                                                                                              7,000                             8.7              20
    Gross Block                                   23,512      28,413      33,763      39,542                                                                     10
    Accumulated Depreciation                      13,769      18,622      23,858      29,574                  6,000                    (9.8)                     0
    Net Block                                       9,742       9,791       9,905       9,968                                                                    (10)
                                                                                                              5,000                                              (20)
    Capital Work In Progress                        3,149       3,149       3,149       3,149
    Investments                                     2,280       2,280       2,280       2,280                            FY11         FY12E    FY13E    FY14E
                                                                                                                  Adjusted PAT (LHS)                  PAT Growth (RHS)
    Other Non-Current Assets                          300         300         300         300
    Net Working Capital                             8,005       9,389     10,783      10,720      Source: Company, Elara Securities Estimates
    Miscellaneous Expenditure                            1           1           1           1
    Total Assets                                  23,476      24,909      26,416      26,416
    Cash Flow Statement (INR mn)                     FY11      FY12E       FY13E       FY14E      Return ratios
    Cash profit adjusted for non cash items       12,412      11,648      12,730      14,195
                                                                                                      60
    Working Capital Changes                       (2,608)         715       (507)       3,717                         52.2
                                                                                                                                                                49.0
    Operating Cash Flow                             9,804     12,363      12,223      17,912          50                                          44.6
    Capex                                         (4,630)     (4,901)     (5,350)     (5,779)                                          42.2
                                                                                                                      37.7
    Free Cash Flow                                  5,174       7,461       6,873     12,133          40                                                        34.2
                                                                                                                                       30.7       31.3
    Financing Cash Flow                           (4,611)     (5,533)     (5,994)     (5,994)
    Investing Cash Flow                                   -           -           -           -       30

    Net change in Cash                                563       1,928         879       6,139
                                                                                                      20
    Ratio Analysis                                   FY11      FY12E       FY13E       FY14E
                                                                                                                      FY11            FY12E      FY13E      FY14E
    Income Statement Ratios (%)                                                                                                     ROE (%)        ROCE (%)
    Revenue Growth                                   38.6       (8.2)        13.2        12.5
    EBITDA Growth                                    44.6      (10.1)        13.0        12.2     Source: Company, Elara Securities Estimates

    PAT Growth                                       48.1       (9.8)         8.7        13.0
    EBITDA Margin                                    78.4        76.7        76.6        76.4
    Net Margin                                       38.2        37.6        36.1        36.2
    Return & Liquidity Ratios
    Net Debt/Equity (x)                              (0.2)       (0.2)       (0.3)       (0.3)
    ROE (%)                                          37.7        30.7        31.3        34.2
    ROCE (%)                                         52.2        42.2        44.6        49.0
    Per Share data & Valuation Ratios
    Diluted EPS (INR/Share)                          19.5        17.6        19.1        21.6
    EPS Growth (%)                                   48.1        (9.8)        8.7        13.0
    DPS (INR/Share)                                   7.5        10.0        12.0        13.0
    P/E (x)                                          12.8        14.2        13.1        11.6
    EV/EBITDA (x)                                     5.9          6.6        5.8         5.2
    EV/Sales (x)                                      4.6          5.0        4.4         3.9
    Price/Book (x)                                    5.2          4.5        4.2         4.0
    Dividend Yield (%)                                3.0          4.0        4.8         5.2
    Source: Company, Elara Securities Estimates



2                                                                                                               Elara Securities (India) Private Limited
                                                                                                                                         Sun TV Network


Growth remains under pressure                                                            Subscription revenues hampered by ARSU cable

Sun TV Network reported below expectation quarterly                                      Subscription revenues for the quarter posted decline of
performance for Q4FY12, as topline declined by 7% YoY                                    15% YoY, on the back of 45% decline in cable revenues
and standalone EPS de-grew by 24% YoY. Both ad and                                       and a modest 5% growth in DTH revenues. Cable
subscription revenues posted decline for the quarter, and                                revenues remained under pressure similar to the trend
while the management expressed optimism in improving                                     seen in Q3FY12, while DTH revenue growth has visibly
growth in its subscription revenues, it expected ad                                      tapered down since Q1FY12. For FY12, Sun TV’s




                                                                                                                                                                        Media & Entertainment
growth to remain modest for next few quarters, in view                                   subscription revenues are down15% YoY, with cable
of pressure on ad spend in the broadcasting space                                        subscription revenues falling 24% and DTH revenues
witnessed currently. For FY12, Sun TV reported decline in                                growing by 15%.
revenues by 9% YoY, EBITDA margin of 79.7% and                                           Exhibit 2: DTH revenue growth trend
earnings decline by 10%. However, as the management                                                                   23.5
                                                                                                     880                                                     25
pointed out, the decline seems sharp largely due to very                                                                                   20.0
                                                                                                     860    17.1
high base last year on release of Endhiran (INR230mn                                                                                                         20
                                                                                                     840
                                                                                                                               12.9


                                                                                          (INR mn)
impact), and contraction in cable revenues from Tamil                                                820                                                     15




                                                                                                                                                                  (%)
Nadu post formation of ARASU, the state owned cable                                                  800                                                     10
                                                                                                                                                    4.9
network (INR470mn impact). Excluding these, earnings                                                 780
                                                                                                                                                             5
declined by 1% YoY.                                                                                  760
                                                                                                     740                                                     0
Ad revenue growth under pressure




                                                                                                                                Q2FY12
                                                                                                             Q4FY11


                                                                                                                      Q1FY12




                                                                                                                                           Q3FY12


                                                                                                                                                    Q4FY12
Sun TV Network posted ad revenue de-growth for the
second time in FY12 (Q3FY12 saw 7% decline), reporting
                                                                                                           DTH revenues (LHS)              QoQ growth (RHS)
7% YoY decline. While the trend is in line with other
players in the industry, most of which saw pressure on                                   Source: Company

ad revenues, the number is still below the company’s                                     Cable revenues crash on formation of ARASU cable
general trend of reporting double digit growth even
                                                                                         Sun TV Networks reported 45% YoY slump in cable
during tough times of H2FY09-H1FY10.
                                                                                         subscription revenues (Q3FY12 too saw 45% decline),
As per the management, the key reason for lower than                                     which till Q1FY12, were witnessing impressive growth.
expected ad revenue growth continues to be tough                                         The drop in revenues was caused by formation of a new
macro environment which has led to weakness in ad                                        MSO in Tamil Nadu i.e. ARASU cable, which is backed by
spend across all sectors. It also pointed out the start                                  the government and has quickly affiliated significant
impact of Indian Premier League on the ratings of its key                                number of local cable operators in its network. Sun TV
programs during the quarter, along with recurring                                        Network bouquet is not present on the ARASU cable
power cuts in some states impacting viewership. The                                      platform, which led to cut in its cable revenues from
management was cautious over ad revenue growth for                                       Tamil Nadu, causing a loss of INR470mn for FY12.
the next couple of quarters, citing weak ad spend
                                                                                         The management pointed out that the negotiations with
environment.
                                                                                         ARASU cable for inclusion of Sun TV Networks’ channels
Exhibit 1: Ad revenue growth takes a pause                                               are on and would be concluded shortly (something they
                   16.0                                                                  have been maintaining for the last two quarters), post
           2,700                                                            20
                            13.3                                                         which it would start receiving subscription revenues
           2,600                                                            15
                                     4.1                                    10           from ARASU for the Tamil Nadu market. However, it
           2,500
(INR mn)




                                              2.2
                                                                            5            lowered its guidance for subscription revenues, given
                                                                                   (%)




           2,400
                                                        (6.5)               0            possibility of delay.
           2,300                                                  (8.9)     (5)
           2,200                                                            (10)
           2,100                                                            (15)
                   Q3FY11


                            Q4FY11


                                     Q1FY12


                                              Q2FY12


                                                         Q3FY12


                                                                   Q4FY12




                   Ad revenues (LHS)                   YoY growth (RHS)

Source: Company




Elara Securities (India) Private Limited                                                                                                                                      3
    Sun TV Network

    Exhibit 3: Sun TV Network Q3FY12 revenue break-up              phase onwards, which should boost DTH revenue
                                          YoY              QoQ     growth Q1FY14E onwards.
    INR mn            Q4FY12 Q4FY11           Q3FY12
                                       growth            growth
    Advertising                                                    We believe that high growth in subscription revenues
                       2,800   2,950     (5.1)   2,850     (1.8)
    revenue                                                        from cable post-digitisation and sharp improvement in
    International
    revenue
                        220     170      29.4     240      (8.3)   international subscription revenues in FY13E, would
    DTH revenues        860     820       4.9     840       2.4    drive earnings growth going forward, notwithstanding
    Analog cable        310     560     (44.6)    290       6.9    modest ad growth assumptions.
    Total revenues     4,270   4,605     (7.3)   4,250      0.5
                                                                   Exhibit 4: Key Ratios (as % of net sales)
    Source: Company
                                                                                                Q4        Q4       bps         Q3    bps
    Adjusted standalone EPS declined by 10% YoY                                               FY12      FY11    change       FY12 change

    Sun TV Network managed to save on operating costs              Cost of revenues             6.8      6.2      59.7         5.9     84.6

    during the quarter, which supported rich margins               Salary expenses              9.0      9.8     (84.9)        9.5    (48.3)
    despite declining revenues. During the quarter, overall        Other Expenditure            7.4      5.0     241.2         4.4    301.9
    operating expenses grew by only 2% YoY, largely due to         Depreciation                25.0     14.7    1,028.4      26.5    (144.5)
    lower than expected staff costs (Sun TV’s promoters            Margins
    charge a certain % of profit before tax as their managing      EBITDA margin               76.9     79.0    (216.1)      80.2    (338.2)
    fee which varies during the quarters). However EBITDA          EBIT margin                 51.8     64.3 (1,244.5)       53.8    (193.7)
    margin for the quarter came-in weak due to 38% rise in
                                                                   PAT margin                  37.2     45.2    (799.9)      39.5    (223.3)
    other operating expenses, driven by INR100mn provision
                                                                   Source: Company
    for bad debts. Higher amortization expenditure during
    the quarter, led to adjusted earnings declining by 10%         Valuations – maintain Accumulate
    YoY.
                                                                   While Sun TV continues to face strong headwinds from
    Subscription revenues to drive earnings growth in              ad growth side, we believe that being the key
    FY13E                                                          beneficiary of digitisation process in South Indian pay TV
    FY12 saw de-growth in subscription revenues, as analog         market, the company should manage to hold on to its
    business got impacted due to stand-off with ARASU              premium margins. That said, given concerns over the
    while DTH revenues also failed to sustain the momentum         likely deterioration of business environment over the
    seen in FY11. Revenues from DTH are up a mdoest15%             next two years would continue to weigh heavy on the
    YoY (as against 58% growth seen in FY11) while                 stock price performance, as negative headwinds are
    revenues from analog cable are down 24% YoY (as                likely to persist for at least 2-3 quarters, and investors
    against 36% growth in FY11). As per the management,            have a comparable peer in Zee Entertainment to play the
    decline in cable revenues is temporary as they are in          digitisation story. We remain positive over the stock price
    advance negotiations with ARASU, which when                    performance from current levels given strong earnings
    resolved, will lead to compensation for the decline so far     growth prospects post digitization and cheap valuations.
    (INR470mn in FY12).                                            Exhibit 5: Valuation summary
    The management highlighted possibility of strong               Valuation Overview                          FY11       FY12E      FY13E
    growth in cable subscription revenues once the first           Consolidate EPS                             19.5        17.6       19.1
    phase of digitisation starts, though it expected some          YoY growth                                  48.1        (9.8)       8.7
    delays in implementation of mandatory digitization, from       Target P/E                                                         15.0
    the official deadline of June 30th 2012. In the first phase,
                                                                   FY13E consolidated EPS                                             19.1
    South India, Sun TV’s key market, would be up for
                                                                   One year forward target price                                       287
    digitisation, with Chennai where the management
                                                                   CMP                                                                 251
    estimates close to 2 million pay TV households leading
    the way. Further, it expects strong uptick in subscription     Upside (%)                                                         14.4
    from south Indian homes in north India, which are not          Source: Elara Securities Estimates

    paying currently due to lack of reporting in the analog
    networks. This combined with the possibility of a
    contractual agreement with ARASU cable, should
    reverse the decline in cable revenues seen in FY12E.
    Further, there also exists strong possibility of pickup in
    DTH revenues post-digitisation, especially from second



4                                                                                            Elara Securities (India) Private Limited
                                                                                                                                                                                                                                                                  Sun TV Network


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                                                                                                                                     Not Covered                                               Covered



       Date                                     Rating                                      Target Price                                 Closing Price
 1     30-Aug-2010 Buy                                                                      INR563                                       INR471
 2     28-Oct-2010 Accumulate                                                               INR563                                       INR497
 3     26-May-2011 Buy                                                                      INR475                                       INR381
 4     2-Aug-2011                               Buy                                         INR435                                       INR305
 5     4-Nov-2011                               Buy                                         INR348                                       INR286
 6     10-Feb-2012 Accumulate                                                               INR382                                       INR340
 7     25-May-2012 Accumulate                                                               INR287                                       INR251




Guide to Research Rating
BUY                                                                       Absolute Return >+20%
ACCUMULATE                                                                Absolute Return +5% to +20%
REDUCE                                                                    Absolute Return -5% to +5%
SELL                                                                      Absolute Return < -5%




Elara Securities (India) Private Limited                                                                                                                                                                                                                                                                                                        5
    Elara Securities (India) Private Limited

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    to Elara Securities (India) Private Limited / the company.



    Disclaimer for non U.S. Investors
     The information contained in this note is of a general nature and is not intended to address the circumstances of any
     particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no
     guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
     No one should act on such information without appropriate professional advice after a thorough examination of the
     particular situation.




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                                                                  Elara Securities (India) Private Limited

Disclosures for U.S. Investors
The research analyst did not receive compensation from Sun TV Network Limited.
Elara Capital Inc.’s affiliate did not manage an offering for Sun TV Network Limited.
Elara Capital Inc.’s affiliate did not receive compensation from Sun TV Network Limited in the last 12 months.
Elara Capital Inc.’s affiliate does not expect to receive compensation from Sun TV Network Limited in the next 3 months.




                                                                                                                                     Global Markets Research
Disclaimer for U.S. Investors
 This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its
 completeness, accuracy or adequacy and it should not be relied upon as such.
 This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
 Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed
 herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
 Prices, values or income from any securities or investments mentioned in this report may fall against the interests of the
 investor and the investor may get back less than the amount invested. Where an investment is described as being likely to
 yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate.
 Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in
 rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The
 information contained in this report does not constitute advice on the tax consequences of making any particular
 investment decision. This material does not take into account your particular investment objectives, financial situations or
 needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before
 acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances
 and, if necessary, seek professional advice.
 Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These
 “forward-looking statements” are not guarantees of future performance and are based on numerous current assumptions
 that are subject to significant uncertainties and contingencies. Actual future performance could differ materially from these
 “forward-looking statements” and financial information.




                                                                                                                                           7
    Elara Securities (India) Private Limited

       India                                    Europe                             USA                          Asia / Pacific
       Elara Securities (India) Pvt. Ltd.       Elara Capital Plc.                 Elara Securities Inc.        Elara Capital (Singapore) Pte.Ltd.
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       Tel : +91 22 4062 6868


    Harendra Kumar                      Managing Director                                harendra.kumar@elaracapital.com         +91 22 4062 6871
     Sales
    Anuja Sarda                         London      +44 77 3819 6256                     anuja.sarda@elaracapital.com            +44 20 7299 2577
    David Somekh                        New York    +1 646 808 9217                      david.somekh@elaracapital.com           +1 212 430 5872
    Nikhil Bhatnagar                    New York    +1 718 501 2504                      nikhil.bhatnagar@elaracapital.com       +1 212 430 5876
    Amit Mamgain                        India       +91 98676 96661                      amit.mamgain@elaracapital.com           +91 22 4062 6843
    Himani Singh                        India       +91 99875 56244                      himani.singh@elaracapital.com           +91 22 4062 6801
    Prashin Lalvani                     India       +91 98334 77685                      prashin.lalvani@elaracapital.com        +91 22 4062 6844
    Saira Ansari                        India       +91 98198 10166                      saira.ansari@elaracapital.com           +91 22 4062 6812
     Sales Trading & Dealing
    Ananthanarayan Iyer                 India       +91 98334 99217                      ananthanarayan.iyer@elaracapital.com +91 22 4062 6856
    Dharmesh Desai                      India       +91 98211 93333                      dharmesh.desai@elaracapital.com         +91 22 4062 6852
    Manoj Murarka                       India       +91 99675 31422                      manoj.murarka@elaracapital.com          +91 22 4062 6851
    Vishal Thakkar                      India       +91 98694 07973                      vishal.thakker@elaracapital.com         +91 22 4062 6857

     Research
    Abhinav Bhandari                    Analyst     Construction, Infrastructure         abhinav.bhandari@elaracapital.com       +91 22 4062 6807
    Aliasgar Shakir                     Analyst     Mid caps                             aliasgar.shakir@elaracapital.com        +91 22 4062 6816
    Alok Deshpande                      Analyst     Oil & Gas                            alok.deshpande@elaracapital.com         +91 22 4062 6804
    Anand Shah                          Analyst     FMCG, Paints & Agri                  anand.shah@elaracapital.com             +91 22 4062 6821
    Ashish Kumar                        Economist                                        ashish.kumar@elaracapital.com           +91 22 4062 6836
    Henry Burrows                       Analyst     Derivative Strategist                henry.burrows@elaracapital.com          +91 22 4062 6854
    Koushik Vasudevan, CFA              Analyst     Power & Utilities                    koushik.vasudevan@elaracapital.com      +91 22 4062 6841
    Mohan Lal                           Analyst     Media , Automobiles                  mohan.lal@elaracapital.com              +91 22 4062 6802
    Mona Khetan, FRM                    Analyst     Banking & Financials, Strategy       mona.khetan@elaracapital.com            +91 22 4062 6814
    Pankaj Balani                       Analyst     Derivative Strategist                pankaj.balani@elaracapital.com          +91 22 4062 6811
    Parees Purohit, CFA                 Analyst     Banking & Financials                 parees.purohit@elaracapital.com         +91 22 4062 6859
    Pralay Das                          Analyst     Information Technology, Strategy pralay.das@elaracapital.com                 +91 22 4062 6808
    Ravindra Deshpande, ACA, ACS, Analyst           Metals & Cement                      ravindra.deshpande@elaracapital.com +91 22 4062 6805
    Ravi Sodah                          Analyst     Cement                               ravi.sodah@elaracapital.com             +91 22 4062 6817
    Sumant Kumar                        Analyst     Travel & Hospitality, Mid caps       sumant.kumar@elaracapital.com           +91 22 4062 6803
    Surajit Pal                         Analyst     Pharmaceuticals, Real Estate         surajit.pal@elaracapital.com            +91 22 4062 6810
    Pooja Sharma                        Associate   Automobiles                          pooja.sharma@elaracapital.com           +91 22 4062 6819
    Stuart Murray                       Associate   Oil & Gas                            stuart.murray@elaracapital.com          +91 22 4062 6898

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