Systematix

Institutional Equities

Oil & Gas 04 April 2024

Lower gas price to boost volume and earnings

Q4FY24E RESULT PREVIEW Our gas coverage universe’s EBITDA is expected to rise substantially (147% YoY and
EBITDA margin by 836bps YoY) while it may remain largely flattish QoQ. Total gas
Industry Oil & Gas consumption in India increased to average 181mmscmd in Jan-Feb’24 vs
SECTOR INITIATION 177mmscmd in Q3FY24, largely driven by higher LNG import which increased to
Sector Recommendations 81mmscmd from 77mmscmd, respectively. Spot LNG price also declined sharply to
Mkt average $9.4/mmbtu in Q4FY24 from $15.8/mmbtu in Q3FY24 ($18.5/mmbtu in
TP
Company Cap Rating
(Rs) Q4FY23). Gail India, MGL and IGL’s EBITDA is expected to rise 5.8%/13.4%/10.3%
(bn)
QoQ, respectively on the back of better volume and margin recovery owing to
Gail India 124.3 182 HOLD lower spot LNG and HP-HT prices, favourable economics with alternative fuels, and
Gujarat Gas 37.5 404 SELL improvement in vehicle registrations. Volume growth for both PLNG and GSPL is
likely to be strong on the back of higher gas consumption. PLNG’s total volume is
Petronet
42.4 280 HOLD expected to rise to 240tbtu from 232tbtu QoQ, 185tbtu YoY while a 5% tariff hike
LNG
Indraprastha at Dahej to impact positively. Though inventory loss may hurt earnings which is not
30.9 470 HOLD factored. GSPL’s volume is also likely to grow to 31mmscmd from 29mmscmd led
Gas
Gujarat State by higher volume from power and CGD businesses.
20.7 350 HOLD
Petronet
Mahanagar Reliance’s EBITDA is expected to grow by 11.9% YoY (5.8% QoQ): A strong profit
13.9 1,500 HOLD
Gas from O2C business is likely to boost the company’s EBITDA/PAT by 5.8%/3.2% QoQ.
Reliance
1991.4 2,745 HOLD
35% increase in GRM and higher crude throughput is expected to increase O2C
Industries EBITDA by 15% QoQ to Rs162 bn (flattish YoY). We further estimate -2%/1%/2.6%
Source: BSE, Systematix Institutional Research
QoQ growth in EBITDA in upstream/Retail/Digital Services businesses. We have kept
ARPU largely unchanged at Rs181.7 in Jio telecom business and expect a healthy 250
BSE Oil & Gas v/s BSE Sensex new retail outlets addition.
CGD: Lower gas prices and higher volume to boost profits: MGL, IGL and Gujarat
31,000 Gas are expected to post EBITDA growth of 13.4%/ 10.3%/ 4.8% QoQ respectively,
29,000 volume performance this quarter shall slighlty improve due to favourable economics
27,000
25,000
with alternative fuels (even after retail price cut by IGL and MGL). EBITDA/scm is
23,000 expected to grow by 10.5%/8.6%/0.6% QoQ to Rs14.7/7.6/4.8, respectively. 40%
21,000 QoQ fall in spot LNG price is expected to improve Gujarat Gas’s volume at Dahej. We
19,000
forecast a volume of 3.8/8.8/9.7 mmscmd for MGL/IGL/Gujarat Gas in Q4FY24 vs
17,000
15,000 3.7/8.5/9.2mmscmd in Q3FY24.
Dec-23
Jul-23

Sep-23
Apr-23

Aug-23

Aug-23

Oct-23

Nov-23

Jan-24

Feb-24

Mar-24
May-23

Jun-23

GAIL to benefit from higher volume and better petrochem and LHC margins
BSE Oil & Gas Sensex GAIL is expected to post a significant jump in YoY profits driven by a sharp recovery
Source: BSE, Systematix Institutional Research in profits owing to healthy volume growth in the transmission business (123mmscmd
vs 121.5mmscmd QoQ) and better petrochemical and LHC profits. Lower opex at the
gas transmission business to augment the bottom line.
Sudeep Anand
[email protected] Valuation and Outlook
+91 22 6704 8085
Oil & Gas sector has seen a strong 16.3% outperformance in the last 3 months over
Prathmesh Kamath the 3.6% return registered by Nifty. Both upstream and Refineries have seen a
[email protected]
+91 22 6704 8022
massive run-up while CGD stock’s gain was tepid. Currently, we have a HOLD rating
on GAIL, IGL, MGL, GSPL, PLNG, and Reliance while SELL on Gujarat Gas. The recent
Jennisa Popat correction in CGDs offers a decent upside in IGL and MGL. We will revisit our
[email protected]
+91 22 6704 8066 numbers and recommendations post the result.

Investors are advised to refer disclosures made at the end of the research report.

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04 April 2024 Oil & Gas
Exhibit 1: Quarterly key price trend
Key monitorable Unit Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 % YoY % QoQ

Brent Crude US$/bbl 81.2 78.4 86.5 84.3 83.1 2.3 (1.4)

Dubai Crude US$/bbl 79.6 77.5 86.6 83.8 81.7 2.6 (2.5)

Henry Hub Natural Gas US$/mmbtu 2.7 2.1 2.6 2.8 2.4 (10.1) (12.7)

Spot LNG (JKL) US$/mmbtu 18.5 11.1 12.6 15.8 9.4 (48.9) (40.1)

Canadian Gas price US$/mmbtu 2.4 1.8 1.9 1.7 1.8 (23.3) 9.5

NBP Gas price US$/mmbtu 13.4 10.5 10.4 12.5 8.8 (34.5) (30.2)

AL-AH US$/bbl 4.1 1.9 2.1 2.1 1.8 (56.1) (14.3)

Dubai-AH US$/bbl 1.2 (0.7) (1.1) (1.6) (0.2) (116.7) (87.5)

Gross Refining Margin US$/bbl 8.3 4.3 9.7 5.5 7.4 (10.8) 34.5

Gasoline - Dubai Crude US$/bbl 16.9 12.7 13.4 7.4 13.1 (22.5) 77.0

Gasoil - Dubai Crude US$/bbl 26.5 14.6 28.1 25.6 23.0 (13.2) (10.2)

Naphtha - Dubai Crude US$/bbl (4.9) (13.4) (17.4) (12.5) (7.6) 54.3 (38.9)

Jet Kero - Dubai Crude US$/bbl 26.5 14.3 26.0 24.0 20.9 (21.1) (12.9)

FO - Dubai Crude US$/bbl (18.8) (12.8) (10.2) (15.4) (14.2) (24.5) (7.8)

GMM – Petrol (15-d avg) Rs/ltr 7.8 10.3 6.3 8.8 7.7 (1.3) (12.5)

GMM – Diesel (15-d avg) Rs/ltr 1.2 9.4 -0.6 -1.5 2.9 141.7 (293.3)

Avg exchange rate (Rs/USD) Rs/US$ 82.2 82.2 82.7 83.2 83.1 1.1 (0.2)
Source: Bloomberg, Systematix Institutional Research

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04 April 2024 Oil & Gas
Exhibit 2: Quarterly estimates
Companies Particulars (Rs mn) Q4FY24E Q3FY24 Q4FY23 QoQ (%) YoY (%)
Net Sales 22,90,740 22,50,860 21,29,450 1.8 7.6
EBITDA 4,30,224 4,06,560 3,84,400 5.8 11.9
Reliance Industries
Net Profit 1,78,113 1,72,650 1,92,990 3.2 (7.7)
EBITDA margin (%) 18.8 18.1 18.1 71.9 72.9
Net Sales 3,18,013 3,42,365 3,28,432 (7.1) (3.2)
EBITDA 40,453 38,226 3,072 5.8 1,216.8
Gail India
Net Profit 30,831 28,426 6,035 8.5 410.9
EBITDA margin (%) 12.7 11.2 0.9 155.5 1,178.5
Net Sales 1,22,347 1,47,472 1,38,739 (17.0) (11.8)
EBITDA 13,022 17,060 9,431 (23.7) 38.1
Petronet LNG
Net Profit 8,917 11,907 6,142 (25.1) 45.2
EBITDA margin (%) 10.6 11.6 6.8 -92.5 384.6
Net Sales 38,639 39,291 39,286 (1.7) (1.6)
EBITDA 4,201 4,007 5,603 4.8 (25.0)
Gujarat Gas
Net Profit 2,398 2,203 3,692 8.9 (35.0)
EBITDA (Rs/scm) 4.8 4.8 7.0 0.6 (31.7)
Net Sales 37,074 35,562 36,872 4.3 0.5
EBITDA 6,222 5,641 4,663 10.3 33.4
Indraprastha Gas
Net Profit 4,380 3,896 3,298 12.4 32.8
EBITDA (Rs/scm) 7.6 7.0 6.0 8.6 26.7
Net Sales 5,634 5,543 4,430 1.6 27.2
EBITDA 4,164 3,796 2,947 9.7 41.3
GSPL
Net Profit 2,925 2,622 2,243 11.6 30.4
EBITDA margin (%) 73.9 68.5 66.5 542.6 738
Net Sales 15,729 15,632 16,031 0.6 (1.9)
EBITDA 5,087 4,487 3,897 13.4 30.5
Mahanagar Gas
Net Profit 3,599 3,172 2,688 13.5 33.9
EBITDA (Rs/scm) 14.7 13.3 12.8 10.5 14.8
Net Sales 5,37,436 5,85,865 5,63,790 (8.3) (4.7)
EBITDA 73,149 73,217 29,613 (0.1) 147.0
Gas Sector
Net Profit 53,050 52,226 24,098 1.6 120.1
EBITDA margin (%) 13.6 12.5 5.3 111.3 836
Net Sales 91,442 90,485 92,189 1.1 (0.8)
EBITDA 15,510 14,135 14,163 9.7 9.5
CGDs
Net Profit 10,377 9,271 9,678 11.9 7.2
EBITDA margin (%) 17.0 15.6 15.4 134.0 159.9
Source: Company, Systematix Institutional Research

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04 April 2024 Oil & Gas
Exhibit 3: Estimates of companies within our universe
CMP TP Mkt Cap Revenue (Rs bn) Ebitda (Rs bn) EPS (Rs)
Companies Reco
(Rs) (Rs) (Rs bn) FY24E FY25E FY26E FY24E FY25E FY26E FY24E FY25E FY26E

Gail India 189 182 HOLD 124.3 1245.5 1276.0 1328.1 131.2 136.0 143.9 13.9 14.5 15.1

Gujarat Gas 544 404 SELL 37.5 158.5 143.8 155.0 17.2 19.6 21.4 14.3 16.6 18.4

Petronet LNG 283 280 HOLD 42.4 539.3 571.3 595.4 53.7 55.7 61.7 23.1 23.4 23.3

Indraprastha Gas 441 470 HOLD 30.9 146.1 158.4 166.5 24.6 27.9 29.2 25.4 28.6 29.9
Gujarat State
367 350 HOLD 20.7 20.6 21.6 22.7 15.3 16.0 16.8 22.7 23.8 27.2
Petronet
Mahanagar Gas 1,405 1,500 HOLD 13.9 62.9 63.4 67.1 19.3 18.8 19.6 136.5 130.4 136.5
Reliance
2,943 2,745 HOLD 1991.4 9428.4 10129.7 10293.7 1712.2 1827.1 1930.3 99.0 113.0 115.0
Industries
Source: Systematix Institutional Research

Exhibit 4: Valuation snapshot

Market
P/E EV/EBITDA P/BV (Rs) RoE (%)
Companies Cap
(Rs bn) FY24E FY25E FY26E FY24E FY25E FY26E FY24E FY25E FY26E FY24E FY25E FY26E

GAIL India 124 13.6 13.1 12.5 10.5 10.0 9.4 2.1 1.9 1.8 15.1 14.5 14.1

Gujarat Gas 37 38.0 32.7 29.6 21.3 18.5 16.5 4.8 4.2 3.8 12.6 13.0 12.8

Petronet LNG 42 12.2 12.1 12.1 6.5 6.7 6.5 2.6 2.4 2.2 21.3 19.8 18.3

Indraprastha Gas 31 17.4 15.5 14.7 11.2 9.7 9.0 3.7 3.2 2.8 21.3 20.5 18.7
Gujarat State
21 16.2 15.4 13.5 15.9 12.6 11.5 2.1 1.9 1.7 12.7 12.3 12.8
Petronet
Mahanagar Gas 14 10.3 10.8 10.3 6.2 6.1 5.4 2.8 2.5 2.2 27.4 22.8 20.9
Reliance
1,991 29.7 26.0 25.6 13.2 11.8 11.2 2.2 2.1 1.9 7.5 7.9 7.4
Industries
Source: Bloomberg, Systematix Institutional Research

Exhibit 5: Stock performance over a decade

% Price % Price % Price % Price % Price % Price % Price % Price % Price
Name CMP (Rs) Change Change Change 3 Change 6 Change 1 Change Change 2 Change 5 Change
Week Month Months Months Yr YTD Yr Yr 10 Yr
GAIL India Ltd 189 4.8 (0.9) 15.9 55.8 79.3 16.7 76.5 62.6 176.5

Gujarat Gas Ltd 544 (0.9) (7.7) 7.5 29.2 18.0 18.0 4.9 254.2 321.3

Petronet LNG Ltd 283 6.5 (2.9) 21.9 24.8 25.4 27.0 41.7 18.6 309.8

Indraprastha Gas Ltd 441 5.4 (1.2) 4.0 (3.6) 4.9 5.5 13.4 44.0 658.7

Gujarat State Petronet Ltd 367 5.2 (1.4) 9.9 29.4 39.9 20.0 30.2 105.4 438.9

Mahanagar Gas Ltd 1,405 3.6 (8.8) 14.4 25.2 52.6 17.1 69.6 40.3 233.8

Reliance Industries Ltd 2,943 2.1 (2.4) 13.3 27.2 38.6 13.9 23.0 140.9 590.8

S&P BSE OIL & GAS 28,340 3.5 (1.9) 19.9 52.2 64.0 23.1 43.8 91.0 195.7

NSE Nifty 50 Index 22,435 2.0 0.1 3.6 15.4 28.9 3.2 24.9 92.3 235.1
Source: Bloomberg, Systematix Institutional Research

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04 April 2024 Oil & Gas

Institutional Equities Team

Nikhil Khandelwal Managing Director +91-22-6704 8001 [email protected]
Equity Research
Analysts Industry Sectors Desk-Phone E-mail
Dhananjay Sinha Co Head of Equities & Head of Research - Strategy & Economics +91-22-6704 8095 [email protected]
Abhishek Mathur FMCG +91-22-6704 8059 [email protected]
Ashish Poddar Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8039 [email protected]
Himanshu Nayyar Consumer Staples & Discretionary +91-22-6704 8079 [email protected]
Manjith Nair Banking, Insurance +91-22-6704 8065 [email protected]
Pradeep Agrawal NBFCs & Diversified Financials +91-22-6704 8024 [email protected]
Pratik Tholiya Specialty & Agro Chem, Fertilisers, Sugar, Textiles and Select Midcaps +91-22-6704 8028 [email protected]
Sameer Pardikar IT & ITES +91-22-6704 8041 [email protected]
Santosh Yellapu Capital Goods +91-22-6704 8094 [email protected]
Sudeep Anand Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8085 [email protected]
Vishal Manchanda Pharmaceuticals and Healthcare +91-22-6704 8064 [email protected]
Chetan Mahadik Consumer Staples & Discretionary +91-22-6704 8091 [email protected]
Deeksha Bhardwaj Strategy & Economics +91-22-6704 8017 [email protected]
Devanshi Kamdar IT & ITES +91-22-6704 8098 [email protected]
Hinal Kothari Metals & Mining +91-22-6704 8076 [email protected]
Jennisa Popat Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8066 [email protected]
Kalash Jain Midcaps +91-22-6704 8038 [email protected]
Krisha Zaveri Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8023 [email protected]
Mahek Shah Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8040 [email protected]
Nirali Chheda Banking, Insurance +91-22-6704 8019 [email protected]
Pashmi Chheda Banking, Insurance +91-22-6704 8063 [email protected]
Pratik Oza Midcaps +91-22-6704 8036 [email protected]
Pravin Mule NBFCs & Diversified Financials +91-22-6704 8034 [email protected]
Prathmesh Kamath Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8022 [email protected]
Purvi Mundhra Macro-Strategy +91-22-6704 8078 [email protected]
Rajesh Mudaliar Consumer Staples & Discretionary +91-22-6704 8084 [email protected]
Ronak Dhruv NBFCs & Diversified Financials +91-22-6704 8045 [email protected]
Shweta Dikshit Metals & Mining +91-22-6704 8042 [email protected]
Swati Saboo Midcaps +91-22-6704 8043 [email protected]
Vivek Mane Pharmaceuticals and Healthcare +91-22-6704 8046 [email protected]
Yogeeta Rathod Midcaps +91-22-6704 8081 [email protected]
Equity Sales & Trading
Name Desk-Phone E-mail
Vipul Sanghvi Co Head of Equities & Head of Sales +91-22-6704 8062 [email protected]
Jignesh Desai Sales +91-22-6704 8068 [email protected]
Sidharth Agrawal Sales +91-22-6704 8090 [email protected]
Shreya Chaudhary Sales +91-22-6704 8033 [email protected]
Rahul Khandelwal Sales +91-22-6704 8003 [email protected]
Chintan Shah Sales +91-22-6704 8061 [email protected]
Pawan Sharma Director and Head - Sales Trading +91-22-6704 8067 [email protected]
Mukesh Chaturvedi Vice President and Co Head - Sales Trading +91-22-6704 8074 [email protected]
Vinod Bhuwad Sales Trading +91-22-6704 8051 [email protected]
Rashmi Solanki Sales Trading +91-22-6704 8097 [email protected]
Karan Damani Sales Trading +91-22-6704 8053 [email protected]
Vipul Chheda Dealer +91-22-6704 8087 [email protected]
Paras Shah Dealer +91-22-6704 8047 [email protected]
Rahul Singh Dealer +91-22-6704 8054 [email protected]
Corporate Access
Mrunal Pawar Vice President & Head Corporate Access +91-22-6704 8088 [email protected]
Darsha Hiwrale Associate Corporate Access +91-22-6704 8083 [email protected]
Production
Madhu Narayanan Editor +91-22-6704 8071 [email protected]
Mrunali Pagdhare Production +91-22-6704 8057 [email protected]
Vijayendra Achrekar Production +91-22-6704 8089 [email protected]
Operations
Sachin Malusare Vice President +91-22-6704 8055 [email protected]
Jignesh Mistry Manager +91-22-6704 8049 [email protected]

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04 April 2024 Oil & Gas

DISCLOSURES/APPENDIX

I. ANALYST CERTIFICATION
I, Sudeep Anand, Prathmesh Kamath, Jennisa Popat, hereby certify that (1) views expressed in this research report accurately reflect my/our personal views about any or all of the
subject securities or issuers referred to in this research report, (2) no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations or
views expressed in this research report by Systematix Shares and Stocks (India) Limited (SSSIL) or its group/associate companies, (3) reasonable care is taken to achieve and maintain
independence and objectivity in making any recommendations.

Disclosure of Interest Statement Update

Analyst holding in the stock No
Served as an officer, director or employee No

I. ISSUER SPECIFIC REGULATORY DISCLOSURES, unless specifically mentioned in point no. 9 below:

1. The research analyst(s), SSSIL, associates or relatives do not have any financial interest in the company(ies) covered in this report.

2. The research analyst(s), SSSIL, associates or relatives collectively do not hold more than 1% of the securities of the company(ies) covered in this report as of the end of the
month immediately preceding the distribution of the research report.

3. The research analyst(s), SSSIL, associates or relatives did not have any other material conflict of interest at the time of publication of this research report.
4. The research analyst, SSSIL and its associates have not received compensation for investment banking or merchant banking or brokerage services or any other products or
services from the company(ies) covered in this report in the past twelve months.
5. The research analyst, SSSIL or its associates have not managed or co-managed a private or public offering of securities for the company(ies) covered in this report in the previous
twelve months.
6. SSSIL or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party in connection with this research
report.

7. The research analyst has not served as an officer, director or employee of the company(ies) covered in this research report.

8. The research analyst and SSSIL have not been engaged in market making activity for the company(ies) covered in this research report.

9. Details of SSSIL, research analyst and its associates pertaining to the companies covered in this research report:

Sr. Yes /
Particulars
No. No.
1 Whether compensation was received from the company(ies) covered in the research report in the past 12 months for investment banking transaction by SSSIL. No
2 Whether research analyst, SSSIL or its associates and relatives collectively hold more than 1% of the company(ies) covered in the research report. No
3 Whether compensation has been received by SSSIL or its associates from the company(ies) covered in the research report. No
Whether SSSIL or its affiliates have managed or co-managed a private or public offering of securities for the company(ies) covered in the research report in the
4 No
previous twelve months.
Whether research analyst, SSSIL or associates have received compensation for investment banking or merchant banking or brokerage services or any other
5 No
products or services from the company(ies) covered in the research report in the last twelve months.

10. There is no material disciplinary action taken by any regulatory authority that impacts the equity research analysis activities.

STOCK RATINGS
BUY (B): The stock's total return is expected to exceed 15% over the next 12 months.
HOLD (H): The stock's total return is expected to be within -15% to +15% over the next 12 months.
SELL (S): The stock's total return is expected to give negative returns of more than 15% over the next 12 months.
NOT RATED (NR): The analyst has no recommendation on the stock under review.

INDUSTRY VIEWS
ATTRACTIVE (AT): Fundamentals/valuations of the sector are expected to be attractive over the next 12-18 months.
NEUTRAL (NL): Fundamentals/valuations of the sector are expected to neither improve nor deteriorate over the next 12-18 months.
CAUTIOUS (CS): Fundamentals/valuations of the sector are expected to deteriorate over the next 12-18 months.

II. DISCLAIMER
The information and opinions contained herein have been compiled or arrived at based on the information obtained in good faith from sources believed to be reliable. Such information
has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy completeness or correctness.

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04 April 2024 Oil & Gas
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party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. The company accepts no liability whatsoever for the actions of
third parties. The report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of the company, the
company has not reviewed the linked site. Accessing such website or following such link through the report or the website of the company shall be at your own risk and the company
shall have no liability arising out of, or in connection with, any such referenced website.
SSSIL will not be liable for any delay or any other interruption which may occur in presenting the data due to any technical glitch to present the data. In no event shall SSSIL be liable for
any damages, including without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by SSSIL
through this presentation.

SSSIL or any of its other group companies or associates will not be responsible for any decisions taken on the basis of this report. Investors are advised to consult their investment
and tax consultants before taking any investment decisions based on this report.

Registration granted by SEBI to SSSIL and certification from NISM to the analyst in no way guarantee performance of SSSIL or to provide any assurance of returns to investors.

Systematix Shares and Stocks (India) Limited:

Registered and Corporate address: The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
Tel no. 022-66198000/40358000 Fax no. 022-66198029/40358029 Email id [email protected]. Visit us at: www.systematixgroup.in
Details of Compliance officer: Ms Nipa Savla, Compliance officer Tel no. 022-66198092/4035808092 Email id [email protected]
Details of Email id grievance redressal cell : [email protected]
Details of Registration : CIN - U65993MH1995PLC268414 | BSE SEBI Reg. No.: INZ000171134 (Member Code: 182) | NSE SEBI Reg. No.: INZ000171134 (Member Code: 11327) | MCX SEBI
Reg. No.: INZ000171134 (Member Code: 56625) | NCDEX SEBI Reg. No.: INZ000171134 (Member Code: 1281) | Depository Participant SEBI Reg. No.: IN-DP-480-2020 (DP Id: 12034600) |
PMS SEBI Reg. No.: INP000002692 | Research Analyst SEBI Reg. No.: INH200000840 | AMFI : ARN - 64917

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 7