7 August 2015
1QFY16 Results Update | Sector:
Cement
Grasim Industries
BSE SENSEX
28,236
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
S&P CNX
8,565
GRASIM IN
91.7
349.3/5.5
4024/3223
6/0/5
275/77
74.5
n
CMP: INR3,808
n
TP: INR5,130 (+35%)
Buy
Higher volume and Epoxy business lead strong beat
Strong beat:
Standalone revenue grew 15% YoY (-4% QoQ) to INR16.3b (est.
INR14.2b), led by higher volume growth in VSF and chemical businesses. VSF
revenue grew 12.6% YoY to INR12.5b (est. INR11.8b), while strong Epoxy
contribution led chemical revenue to INR4.9b (est. INR3.8b). EBITDA margin rose
to 11.8% (+6pp QoQ, +3pp YoY), led by higher utilizations, lower input cost (pulp,
sulfur) and strong Epoxy profitability. PAT was flat YoY at INR1b, led by higher
depreciation, tax and lower other income.
VSF: Strong volume beat; lower cost boosts margins:
Volume grew 19% YoY (est.
13%) as fast ramp-up of Vilayat plant (82% utilization) offset the shutdown of
Nagda plant on water issues. VSF realization improved ~2% QoQ (in line) amidst
uptick in international prices. Margin improved to 11.1% (6.9% QoQ, 7.4% YoY),
led by lower input cost (-14% QoQ).
Epoxy surprise in chemicals business:
Caustic volume was up 2% YoY (est. flat),
with 95% utilization at Vilayat; realizations were down 7% YoY (in line) due to
higher import and lower demand. Strong growth in Epoxy volume (2x YoY) and
profitability (EBITDA at INR130m v/s INR10m-15m in 4QFY15), led 7pp QoQ uptick
in margin to INR14.3% (16.2% YoY).
Management outlook:
(a) Despite strong profitability in 1QFY16, sustenance
remains elusive as prices hinge on multiple factors like downstream industry,
Chinese dynamics and policy, and crude price. However, volume and margin
levers come from (a) new plant at Vilayat with higher mix of specialty products
and (b) focus on improving quality and cost optimization.
Both businesses at the bottom of the cycle; valuation discount to UTCEM high:
We raise FY16/17 consolidated EPS by 17%/6% to factor in for (a) higher VSF
volume, (b) higher Epoxy contribution and (c) upgrades in UTCEM. The stock
trades at 12.8x FY17E consolidated EPS, 1.3x FY17E BV and implied cement
valuation of ~USD111/ton (~40% discount to UTCEM). Maintain
Buy
with a target
price of INR5,130 (SOTP-based, valuing stake in cement at USD240/ton; 40%
holdco discount and VSF at 4x FY17E EV/EBITDA).
Financials & Valuation (INR Billion)
Y/E Mar
Sales
EBITDA
Adj. PAT
Adj. EPS(INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
EV/Ton (x)
2015 2016E 2017E
324.4 370.1 449.7
47.3 58.2 81.2
17.5 21.4 27.4
190.5 233.0 298.7
-11.4 22.3 28.2
2,519 2,726 3,000
7.6
8.5 10.0
11.7 13.8 15.8
9.7 11.2
8.3
20.0 16.3 12.8
1.5
1.4
1.3
11.4
9.5
6.8
140.9 125.3 110.6
n
n
n
Estimate change
TP change
Rating change
6-17%
Sandipan Pal
(Sandipan.Pal@MotilalOswal.com); +91 22 3982 5436
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416/
Anchit Agarwal
(Anchit.Agarwal@MotilalOswal.com)
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Grasim Industries
Epoxy led profitability growth
n
n
n
n
n
S/A revenue up 15%YoY (-4% QoQ) to INR16.3b (v/s est of INR14.2b), led by
strong growth in volumes in both VSF and Chemical business. Further, chemical
business revenue was boosted by 2x Epoxy volumes.
VSF revenue grew 12.6% YoY to INR12.5b (est INR11.8b), while strong Epoxy
contribution led Chemical revenue at INR4.9b (est INR3.8b).
EBITDA grew 54%YoY to INR1.9b (v/s est of INR1.1b, ~2x QoQ). EBITDA margin
rose to 11.8% (+6pp QoQ, +3pp YoY), led by higher utilizations, lower input cost
(pulp, sulpher) and strong Epoxy profitability.
PAT at INR1b (flat YoY) led by (a) higher depreciation (additional capacity at
Vilayat), (2) higher interest expense (INR137m v/s INR56m YoY), (3) higher tax
rate YoY at 27.1% and (4) 37% YoY lower other income at INR444m
Consolidated sales grew by 7% YoY to INR8.5b, with EBITDA margin improving
YoY to 15.6% (-1pp QOQ). Consolidated EBITDA grew 15% YoY to INR13.2b and
PAT was flat YoY at INR4.8b (led by higher depreciation and interest and lower
other income).
Exhibit 1: Snapshot of consolidated performance (INR m)
1QFY16
Net Sales
EBITDA
EBIDT Margins (%)
Adj.PAT
Adj. EPS (INR)
85,080
13,260
15.6
4,847
52.8
1QFY15
79,747
11,485
14.4
4,871
53.0
% YoY
6.7
15.5
120bp
-0.5
-0.5
4QFY15
87,064
14,357
16.5
5,067
55.2
% QoQ
-2.3
-7.6
-90bp
-4.3
-4.3
Source: Company, MOSL
VSF: Robust volume growth aided by Vilayat ramp-up
n
n
n
n
VSF business revenue stood at INR12.5b (+14.6%YoY and 6% beat on est) due to
volume growth of 19%YoY (-13% QoQ) to 102,737 tons (5% beat on est).
This was led by successful utilization ramp up (~ 82%) at new capacity (~44K
tons) at Vilayat despite 2 month shutdown at Nagda plant due to water shortage
which hampered further volume growth. Further, pick up in domestic volumes
was aided by launch of LIVA brand. Moreover, VSF remains the fastest growing
among competing fibers.
VSF realization improved ~2% QoQ (in line) amidst uptick in international prices.
Margins improved to 11.1% (6.9% QoQ, 7.4% YoY) led by lower input cost (-14%
QoQ).
Consolidated VSF segment revenue grew by 7% to INR1.7b, despite 9% de-
growth in Pulp and Fibre JV which recorded revenue of INR499m (v/s INR549m
YoY). Improved consolidated margins of 11% (v/s 7.3% YoY)
7 August 2015
2

Grasim Industries
Exhibit 2: VSF business performance
1QFY16
Production (ton)
Sales volume (ton)
Net Turnover (INR m)
Avg Realizations (INR/ton)
PBIDT Margin (%)
PBDIT (INR m)
102,737
102,737
12,541
113,309
11.1
1,390
1QFY15
89,829
86,389
10,940
119,000
7.4
810
% YoY
14.4
18.9
14.6
-4.8
370bp
71.6
4QFY15
111,341
118,486
14,053
110,809
6.9
970
% QoQ
-7.7
-13.3
-10.8
2.3
420bp
43.3
Source: Company, MOSL
Exhibit 3: Trend in VSF business volumes & realizations
Volumes ('000 Tons)
118
116
145
123
152 128
121
125
128
Realizations (INR/Kg)
117
122
127
119
122
119
117 113
111
Exhibit 4: Trend in VSF business EBITDA
VSF EBITDA
36
32 34
39 39
28 19
26
22
20
26 18 18 19
12 11
11
10
7
14 7
VSF EBITDA Margins (%)
122
119 118
Source: Company, MOSL
Source: Company, MOSL
Chemicals: 2x epoxy volumes unlock growth lever
n
n
n
n
Chemical business revenue stood at INR4.8b, +17.3% YoY (13% beat on est) led
by volume growth of 2%YoY, -7% QoQ (steady caustic soda volume and
successful ramp up at Epoxy plant leading to 2x QoQ volumes).
Lower Nagda production (due to shutdown) was offset by 95% capacity
utilization at newly commissioned Vilayat plant.
Realizations were 7%YoY lower at INR25,575/ton (up 4.4% QoQ) attributable to
higher caustic imports and lower chlorine demand.
PBDIT margin was down YoY to 19.4% (v/s 12.8% QoQ, 22% YoY). Strong growth
in Epoxy volume and profitability (EBITDA at INR130m v/s INR10-15m QoQ), led
7pp QoQ uptick in margins to INR14.3% (16.2% YoY).
Management commentary and outlook
VSF Outlook – volume and realization levers exist but broader uncertainty persist
n
VSF prices are likely to be impacted by:
o
Resumption of operations at the shut capacities (Nagda)
o
Price increase in raw materials from China
o
Weakness of competing fibres
n
Volume and margin levers in domestic segment to be influenced by:
o
Launch of LIVA brand to increase usage of VSF products in India
o
Specialty product commencement at Vilayat unit
o
Focus on improving quality and share of specialty products
7 August 2015
3

Grasim Industries
Cement: cautiously positive guidance
n
Management didn’t share specific industry volume growth guidance for FY16
and rather, sounded cautious with potential sustenance of demand weakness in
1HFY16 with demand resurgence 2HFY16 onwards
n
Cement demand growth levers hinge on effective implementation of macro
initiatives of infrastructure development with increased allocation towards
roads, ports, DFCs, etc, Smart City and Housing for All initiatives along with
interest rates softening.
n
However, management’s cautious approach seen from slowdown in capacity
creation due to constraints in current profitability and long gestation periods.
n
Further, global decline in energy prices augur well for Cement sector
n
Cement capacity to reach 75mt on completion of 6mt grinding units at West
Bengal, Bihar, Haryana along with acquisition of JAL’s Bela and Sidhi plants in
MP (4.9mt)
Exhibit 5: Capex of ~INR35b in FY15 both cement and VSF business (INR Cr)
Valuation and view
n
n
Both segments at bottom of the cycle, Grasim well placed:
Both the key
businesses of Grasim are near bottom of the cycle operating performance. With
significant capacity addition in both businesses and being low cost producer,
Grasim is well placed to benefit from any recovery in these businesses, resulting
in strong earnings growth and balance sheet deleverage
Price sustenance key in VSF, Grasim has operational levers :
o
VSF business is undergoing one of the severest down cycle, with all
variables under pressure viz, significant over capacity, weak competing
fiber prices resulting in weak VSF prices, high dominance of fragmented
Chinese industry, and high cost (though moderating).
o
1QFY16 has shown encouraging improvement while price sustenance
remains the key.
o
While downside risk from here is limited (yet elusive so far), weak
competing fibre prices restricts any possibility of recovery in short term.
o
There are operational levers for Grasim to improve on margins. Grasim
being one of the lowest cost producers and increasing focus on value
4
7 August 2015

Grasim Industries
n
n
n
added products would be able to sustain current downcycle and come
out stronger from it.
UTCEM best play on cement recovery cycle:
In cement, UTCEM, being the
largest cement company with ~71mt of domestic capacity by FY16 and pan India
presence, offers the best play on structural demand recovery. Its pricing
premium, superior cost structure and presence in white cement business enable
to command superior profitability among large cap peers.
Raise estimates:
We raise FY16/17E Consolidated EPS by 17%/6% to factor in for
(a) higher VSF volume, (b) higher Epoxy contribution, and (c) upgrades in
UTCEM.
Implied cement valuation at large discount to UTCEM:
The stock trades at
12.8x FY17E consolidated EPS, 1.3x FY17E BV, and implied cement valuation of
~USD111/ton. Maintain
Buy
with a target price of INR5,130 (SOTP-based,
valuing stake in cement at USD240/ton; 40% hold-co discount, and VSF at 4x
FY17E EV/EBITDA).
Exhibit 6: Revised estimates
(INR B)
Net Sales
EBITDA
Net Profit
EPS (INR)
Rev
370.1
58.24
21.4
233.0
FY16E
Old
364.8
55.5
18.3
199.6
Chg (%)
1.4
5.0
16.8
16.8
Rev
449.7
81.2
27.4
298.7
FY17E
Old
444.6
78.7
25.9
281.4
Chg (%)
1.2
3.1
6.1
6.1
Exhibit 7: Grasim: SOTP based fair value
INR m
Standalone VSF business
UltraTech @60.3%(post 20% holdco disc)
Total EV
Less: Gross Debt (incl pro-rata in subs)
Add: Cash & liquid invest
Add: Group holdings
Total Equity Value
Fair value (INR/sh)
Parameter
EV/EBITDA (x)
EV/ton (x)
Multiple
4
240
FY17
38,639
426,358
464,996
76,131
77,428
28,025
470,943
5,130
Source: MOSL
@ 40% discount
7 August 2015
5

Grasim Industries
Exhibit 8: Grasim Operational Results
Grasim - Operational Results
Y/E MARCH
1Q
VSF
Production (ton)
Volume (ton)
YoY Change (%)
Realization (INR/ton)
YoY Change (%)
Net Sales (INR M)
YoY Change (%)
PBIDT (INR M)
PBIDT (%)
Chemicals
Production (ton)
Volume (ton)
YoY Change (%)
Realization (INR/ton)
YoY Change (%)
Net Sales (INR M)
YoY Change (%)
PBIDT (INR M)
PBIDT (%)
FY14
2Q
FY15
2Q
FY16
1Q
FY15
FY16E
3Q
4Q
1Q
3Q
4Q
87,692 91,995 91,818 89,507
77,518 93,025 97,049 99,385
0.7
9.0
23.5
4.4
116,501 121,590 121,590 119,150
-9.0
-4.0
-0.1
0.0
9,798 12,108 12,500 12,736
-7.7
4.0
21.4
4.7
1,870
2,400
1,690
1,280
19.1
19.8
13.5
10.1
89,829 100,950 105,834 111,341
86,389 100,927 97,001 118,486
11.4
8.5
0.0
19.2
119,000 118,400 116,750 110,809
2.1
-2.6
-4.0
-7.0
10,940 12,708 12,030 14,053
11.7
5.0
-3.8
10.3
810
1,510
1,360
970
7.4
11.9
11.3
6.9
102,737 407,954 463,223
102,737 402,803 463,223
18.9
9.8
15.0
113,009 115,898 115,398
-5.0
-3.3
-0.4
12,541 49,736 57,197
14.6
5.5
15.0
1,390
4,655
5,872
11.1
9.4
10.3
71,035
72,028
3.7
24,909
-5.8
2,243
-4.3
500
22.3
79,957
78,356
19.6
25,906
-5.2
2,538
12.7
620
24.4
76,049
77,634
14.0
26,165
-9.2
2,597
5.1
620
23.9
86,438
86,469
30.3
31,777
5.5
3,367
47.2
550
16.3
100,163 101,639 106,332 103,603
96,093 100,052 106,516 105,012
33.4
27.7
37.2
21.4
27,500 25,700 24,500 24,500
10.4
-0.8
-6.4
-22.9
4,135
4,160
4,432
4,285
84.4
63.9
70.6
27.3
910
790
670
550
22.0
19.0
15.1
12.8
98,055 411,737 436,210
98,055 407,673 436,210
2.0
29.6
7.0
25,575 25,502 26,002
-7.0
-6.8
2.0
4,852 17,012 20,643
17.3
58.3
21.3
940
3,081
3,874
19.4
18.1
18.8
Source: MOSL
7 August 2015
6

Grasim Industries
Financials and valuations
Consolidated Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT before EO items
Change (%)
EO Exp
PBT after EO items
Tax
Tax Rate (%)
Reported PAT
PAT Adj for EO items
Change (%)
Margin (%)
Less: Minority Interest
Consolidated PAT
Change (%)
2010
199,334
8.9
141,467
57,867
33.6
29.0
9,947
47,920
3,346
5,356
49,930
38.4
-3,613
53,543
15,957
29.8
37,586
33,973
29.9
17.0
6,631
27,342
25.0
2011
213,183
6.9
165,548
47,635
-17.7
22.3
11,384
36,251
4,068
9,916
42,099
-15.7
0
42,099
9,542
22.7
32,557
32,557
-4.2
15.3
6,162
26,395
-3.5
2012
249,836
17.2
196,658
53,178
11.6
21.3
11,544
41,633
3,140
15,852
54,345
29.1
0
54,345
13,208
24.3
41,138
41,138
26.4
16.5
8,840
32,298
22.4
2013
276,447
10.7
219,857
56,590
6.4
20.5
12,521
44,070
3,241
8,841
49,669
-8.6
-2,044
51,714
14,672
28.4
37,041
35,577
-13.5
12.9
9,998
25,580
-20.8
2014
290,042
4.9
244,096
45,946
-18.8
15.8
14,575
31,371
4,473
8,964
35,862
-27.8
-1,247
37,110
8,595
23.2
28,514
27,556
-22.5
9.5
7,799
19,757
-22.8
2015
324,376
11.8
277,029
47,348
3.1
14.6
15,632
31,715
6,674
9,487
34,528
-3.7
95
34,434
10,159
29.5
24,274
24,341
-11.7
7.5
6,836
17,505
-11.4
2016E
370,073
14.1
311,829
58,245
23.0
15.7
17,559
40,685
7,330
8,500
41,856
21.2
0
41,856
12,006
28.7
29,849
29,849
22.6
8.1
8,440
21,409
22.3
(INR Million)
2017E
449,724
21.5
368,564
81,160
39.3
18.0
23,790
57,370
10,935
10,500
56,935
36.0
0
56,935
16,502
29.0
40,433
40,433
35.5
9.0
12,992
27,441
28.2
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Reserves
Net Worth
Loans
Deferred liabilities
Minority Interest
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Goodwill
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
2010
917
124,329
125,246
55,992
20,057
37,548
238,844
209,439
71,646
137,793
7,734
66,759
20,071
45,379
21,835
8,803
2,370
12,371
38,891
22,209
8,161
8,522
6,488
238,844
2011
917
144,669
145,586
67,827
19,616
43,514
276,543
228,066
83,749
144,316
13,578
79,185
24,191
58,797
27,229
14,346
2,844
14,378
43,524
29,357
6,395
7,771
15,273
276,542
2012
917
169,769
170,687
70,358
19,790
52,334
313,168
245,460
94,933
150,527
24,611
78,758
24,964
86,483
30,711
17,288
3,252
35,232
52,176
26,353
16,038
9,784
34,307
313,167
2013
918
195,648
196,565
95,614
23,013
62,210
377,402
283,322
107,804
175,517
60,843
80,108
30,097
94,078
37,408
21,863
2,292
32,515
63,240
28,811
21,135
13,295
30,837
377,402
2014
918
215,226
216,144
96,812
28,033
69,358
410,347
352,065
122,379
229,686
30,000
76,108
32,768
108,787
42,565
25,092
3,967
37,163
67,003
32,459
21,807
12,737
41,784
410,347
2015
919
230,479
231,398
119,302
34,103
76,818
461,620
426,008
138,011
287,997
25,000
72,553
32,834
121,964
47,885
26,474
4,617
42,989
78,728
37,195
25,569
15,963
43,236
461,620
2016E
919
249,496
250,414
105,291
34,465
85,258
475,428
476,008
155,570
320,438
15,000
60,897
32,834
129,526
49,960
29,606
5,551
44,409
83,266
40,708
25,905
16,653
46,259
475,428
(INR Million)
2017E
919
274,652
275,570
154,291
34,933
98,250
563,044
511,008
179,360
331,648
15,000
127,346
32,834
157,403
60,713
35,978
6,746
53,967
101,188
49,470
31,481
20,238
56,215
563,044
7 August 2015
7

Grasim Industries
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/ EBITDA
Dividend Yield (%)
EV/Ton (US$)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2010
298.2
389.6
1,366
30.0
12.0
2011
287.8
451.5
1,587
20.0
7.5
13.2
8.4
2.4
8.6
0.5
141
22.7
23.9
16
0.8
0.4
18.1
21.6
25
0.8
0.5
2012
352.1
521.5
1,861
22.5
6.7
10.8
7.3
2.0
8.6
0.6
145
18.9
23.8
25
0.8
0.4
2013
278.7
469.8
2,141
22.5
8.4
13.7
8.1
1.8
9.0
0.6
156
13.0
18.1
29
0.7
0.5
2014
215.1
433.6
2,353
21.0
10.1
17.7
8.8
1.6
10.6
0.6
145
9.1
12.9
32
0.7
0.4
-0.1313
2015
190.5
463.1
2,519
18.0
9.7
20.0
8.2
1.5
11.4
0.5
142
7.6
11.7
30
0.7
0.5
0.10167
2016E
233.0
532.0
2,726
25.0
11.2
16.3
7.2
1.4
9.5
0.7
126
8.5
13.8
29
0.8
0.4
0.07658
2017E
298.7
606.3
3,000
25.0
8.3
12.8
6.3
1.3
6.8
0.7
111
10.0
15.8
29
0.8
0.6
Consolidated Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
EO Items
CF frm Op. incl EO
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Invest.
CF from Invest.
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2010
60,975
2,216
-11,190
-1,497
50,503
0
50,503
-5,312
45,191
-32,880
-38,192
18
-4,647
-4,039
-3,545
-12,212
100
2,270
2,370
2011
47,635
9,916
-9,984
-8,311
39,255
0
39,255
-23,751
15,504
-16,742
-40,493
-4,086
11,835
-4,068
-1,970
1,712
474
2,370
2,844
2012
53,178
15,852
-13,033
-18,625
37,371
0
37,371
-28,788
8,583
-347
-29,135
-5,017
2,531
-3,140
-2,180
-7,806
430
2,844
3,253
2013
56,590
8,841
-11,450
2,509
56,490
2,044
58,535
-73,743
-15,208
-6,483
-80,225
2,459
25,257
-3,241
-2,160
22,314
624
3,252
3,876
2014
45,946
8,964
-3,575
-9,272
42,063
1,247
43,311
-37,901
5,410
1,328
-36,573
1,825
1,197
-4,473
-2,003
-3,454
3,284
2,292
5,576
2015
47,348
9,487
-4,089
-802
51,943
595
52,539
-68,943
-16,405
3,489
-65,454
-558
22,490
-6,674
-1,694
13,565
650
3,967
4,617
2016E
58,245
8,500
-11,645
-2,089
53,011
0
53,011
-40,000
13,011
11,656
-28,344
0
-14,011
-7,330
-2,392
-23,733
934
4,617
5,551
(INR Million)
2017E
81,160
10,500
-16,034
-8,762
66,864
0
66,864
-35,000
31,864
-66,449
-101,449
0
49,000
-10,935
-2,285
35,780
1,195
5,551
6,746
7 August 2015
8

Grasim Industries
Corporate profile: Grasim Industries
Company description
Grasim is a diversified company with cement and
VSF being core business, accounting for 65% and
35% of revenues. Its other business includes
chemicals and textiles. Post acquisition of Jaypee’s
Gujarat plant by UltraTech Cement, it would be in
number one position in the Indian cement industry
with total capacity under control of 70mt.
Exhibit 9: Sensex rebased
4,200
3,900
3,600
3,300
3,000
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Grasim Inds
Sensex - Rebased
Exhibit 10: Shareholding pattern (%)
Jun-15
Promoter
DII
FII
Others
25.5
17.6
36.9
20.1
Mar-15
25.5
16.9
37.3
20.3
Jun-14
25.5
16.0
37.2
21.2
Exhibit 11: Top holders
Holder Name
LIC of India
ICICI Prudential Life Insurance Company Ltd
Aberdeen Global Indian Equity Mauritius Ltd
Europacific Growth Fund
Aberdeen Engineering Markets Fund
% Holding
7.8
3.6
3.4
1.7
1.7
Note: FII Includes depository receipts
Exhibit 12: Top management
Name
Kumar Mangalam Birla
K K Maheshwari
Designation
Chairman
Managing Director
Exhibit 13: Directors
Name
Kumar Mangalam Birla
K K Maheshwari
M L Apte*
N Mohan Raj*
R C Bhargava*
B V Bhargava*
Name
Cyril Shroff*
Thomas M Connely*
Rajashree Birla
Shailendra K Jain
Adesh Gupta
Om Prakash Rungta*
*Independent
Exhibit 14: Auditors
Name
G P Kapadia & Co
Deloitte Haskins & Sells LLP
Vidyarthi & Sons
Type
Statutory
Statutory
Branch
Exhibit 15: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
233.0
298.7
Consensus
forecast
245.0
333.9
Variation
(%)
-4.9
-10.6
7 August 2015
9

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