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Showing posts with label S&P. Show all posts
Showing posts with label S&P. Show all posts

Saturday, January 21, 2017

BOMBAY STOCK EXCHANGE LTD (BSE LTD) : IPO MUST SUBSCRIBE !!!

Price Band: Rs. 805 - Rs. 806.
Retail Discount : NA .
Face Value: Rs. 2.00.
Minimum Lot Size: 18 Shares.
Issue opens on: 23rd January 2017, Monday.
Issue closes on: 25th January 2017, Wednesday.
Listing Date on: 3rd February 2017.
Listing on: NSE onlyScript Code: BSE
Total No. of Shares offered: 1,54,27,197 shares or 28.26 %.
Employee Reservation: NA. 
QIB Book: 77,13,598 shares or 50 % of issue. 
Non – Institutional Bidders: 23,14,079 shares or 15 % of issue.
Retail Book: 53,99,518 shares or 35 % of issue.
Equity Shares outstanding prior Issue: 5,45,88,172 shares.
Equity Shares outstanding post Issue: 5,45,88,172 shares.
Total Size of the Issue: Rs. 1,243.43 Crs - Rs. 1,241.89 Cr.

KEY FINANCIALS* 31 Mar 1431 Mar 1531 Mar 1630 Jun 16
Total Income (₹ Crs)266.79361.14426.54113.02 
Net Profit (₹ Cr)135.19129.74122.5341.40
Net Profit Margin (%)25.5020.8018.6023.30
EPS (.)12.7811.8811.223.79
NAV (.)224.11225.33224.27228.06
Net Worth (.)2,370.772,460.892,449.282,490.68
ROE (%)5.805.40 5.00 6.70
ROCE (%)9.708.708.20  9.70
*Standalone nos. & figures before consolidation of share capital from Re. 1 to Rs.2

BOMBAY STOCK EXCHANGE LIMITED: BSE was founded in 1875 and is Asia’s oldest stock exchange and is based in Mumbai, India. The company was formerly known as Bombay Stock Exchange Limited and changed its name to BSE Limited on July 2011. BSE Ltd incorporated itself as company limited by shares from the Association of person on 20th May 2005, under the demutualization scheme introduced by the market regulator SEBI (Securities and Exchange Board of India) whereby the 700 odd brokers shareholders surrendered their membership cards in exchange for the shares, whereby BSE members were alloted 10,000 Shares of Re.1 each against 1 membership right held. In November 2008, BSE gave handsome bonus in ratio of 12 new shares of Re.1 each for every 1 share of Re.1 held to its members. In 25th Novemeber 2016 company declared consolidation of Share capital by increasing the nominal value of Equity shares from Re. 1 per share to Rs. 2 per share. BSE was the first Exchange in India to be recognized as a Stock Exchange by the Government of India under the Securities Contracts (Regulation) Act, 1956. BSE Limited, together with its subsidiaries, provides market platform for trading in equity, debt instruments, derivatives, and mutual funds in India. It  also offers depository and record-keeping services to the securities industry that facilitate dematerialization of holding of securities and book entry settlement, clearing and settlement functions for trades reported on the debt and mutual fund segments of the company and for the currency derivatives segment on United Stock Exchange, as well as collateral management and risk management services for various segments of stock exchanges. In addition, the company provides education services through BSE Institute Ltd and IT solutions with focus on equity, stock, commodities, banking, and financial services markets that include a multi-asset online collateral management system; a clearing and settlement system for delivery-based derivatives; real time risk management system with integrated collateral management system software. Company has two prominent subsidiaries namely Central Depository Services (India) Ltd (CDSL), Indian Clearing Corporation Ltd (ICCL), Marketplace Technologies Pvt Ltd (MTPL), BFSI Sector Skill Council of India (BFSI), Marketplace Tech Infra Services Pvt Ltd, CDSL Ventures Ltd (CVL), Central Insurance Repository Ltd (CIRL) and lastly BSE Institute Ltd (BIL).

Company’s product Fastrade on Web allows investors to trade online on the company, as well as on NSE; BSE's settlement software handles settlement pertaining to various segments of the company and an end-to-end system helps for offer for sale; BSE StAR MF, an online mutual fund transaction platform; and a platform for trading in equities of small-and-medium enterprises. In Janaury 9, 2017, BSE inaugarated India's first International Exchange (INX), in Gujarat's International Financial Services Centre (IFSC) in Gujarat International Finance Tech (GIFT) City- Gujarat. India INX is a state-of-the-art facility, which will act as a gateway to raise capital for the country's infrastructure and development needs, it also provides cross broder opportunities of investment with a comparatively low cost of transaction in the world. India INX provides advantages in terms of Tax Structure and supportive regulatory framework - which includes No Security transaction tax, No commodity transaction tax, No dividend distribution tax, No long term capital gain tax and No Income tax for first five years. On February 19, 2013, BSE and S&P Dow Jones Indices announced an strategic partnership to calculate, disseminate and license the widely followed suite of BSE indices. Each of the BSE indices will be co-branded as "S&P" including the S&P BSE SENSEX, BSE 200, BSE 100. BSE Ltd is earliest and second biggest exchange from 22 stock exchanges in India with more than 5,600 stocks listed on its platform. It accounts for over two thirds of the total trading volume in the countryApproximately 70,000 deals are executed on a daily basis, giving it one of the highest per hour rates of trading in the world. BSE has 5,672 companies listed which makes BSE first exchange to have most of the listed companies around the globe and among these there are around 3,500 companies which have a serious trading volume. The combine market value of these companies is Rs. 99 trillion. This makes BSE 11th largest on planet. The BSE `Sensex' is a widely used market index and is a value-weighted index composed of 30 companies with the base of April 1979 = 100. In 2011, BSE improved its technology & its response time to each trade improved to 10 milliseconds against 200 milliseconds earlier. As a result it gained higher order to transaction ratio. The ratio was at 19:1 - means there were 19 trades against 1 transaction, this was much higher then the benchmark, this had provide ample liquidity and attracted algorithm trades. BSE in June 2013, bought a technology from Germany's Deutsche Borse to speed up its execution of trades on its exchange. This new technology helped BSE to execute 1 lakh orders per second as compared to 20,000 order per second currently. This technology has increased the speed response of BSE systems by 100 times from the currently around 10 milliseconds to 100 microseconds. At present BSE can handle 1,00,000 orders a second against 20,000 earlier. BSE is compared with MCX of India locally and Globally it is compared with Bursa Malaysia Berhad of Malaysia; Singapore Exchange Ltd of Singapore; Japan Exchange Group Inc of Japan; CME Group Incorporation, NYSE Euronext, Nasdaq OMX Group Inc.(The) and Intercontinental Exchange Inc of USA. 

Valuations:
The company has fixed the price band at Rs. 805-806 per share. FY16 consolidated total income increased 5 % YoY to Rs. 658 Cr, PBT before exceptional items was Rs. 238 Cr and PAT was Rs. 123 Cr. For H1FY17 the consolidated total income improved to Rs. 383 Cr and PAT came in at Rs. 105 Cr. BSE will sell 24 % in CDSL in IPO in FY17 which will reduce topline by about Rs. 120 Cr to BSE and reduction in PAT by Rs. 20 Cr for BSE in FY18. But, Bse will also get benefitted with no more expenses on Liquidity Enhancement scheme which was about Rs. 250 Cr and with SEBI now directing BSE not to transfer 25 % of its profit to settlement gurantee fund will boost bottomline forward. Based on FY16 annual EPS of Rs. 22.44 (post consolidation of share capital), BSE issue is priced at P/E of 35.87x on lower band and 35.91x on upper band. This is at a significant discount to peers like MCX which is trading at 47 times. BSE has consistently maintained high PAT margin with strong ROE of 34 %. It is a debt free company with consolidated Net-worth at Rs. 2,553 Cr which translates in Book value of Rs. 468 per share. BSE has cash and cash equivalents of Rs. 2,492 Cr which translates cash per share of Rs. 456.50. For BSE its 85 % of its revenue comes as trading fees and charges. BSE has a robust cash flows with fantastic return ratios.

Comparisons with Industry globally as on 20 Jan 2017 
Exchange
Currency
Price
O/S Shares (Cr) 
MarketCap (Cr)
Basic EPS 
NAV
P/E
RONW(%)
BSE
INR
806
5.458
64.52
22.44
468
35.91
9.70
MCX
INR 
1193.15
5.10
89.41
25.79
272.92
46.31
3.50
CME Grp
US $
116.66
33.67
3,929
4.29
61.07
27.21
6.01
ICE
US $
57.40
11.344
3,425
2.44
25.06
23.49
9.38
ASX
AUD $
48.99
19.35
948
2.20
19.59
22.23
11.24
NZX
NZD $
1.06
26.83
28.441
0.03
0.29
30.42
37.52
LSG
GBP
3,018.38
0.35
1,057
0.68
790.15
44.26
9.85
SGX
SGD $
7.53
107.17
807
0.31
0.93
24.30
35.51
HongKong Exg 
HKD $
185.50
122.43
22,711
4.99
25.34
37.18
31.15

Outlook and My views on IPO:
According to me one should look for subscribing for BSE IPO as it enjoys to be in the oligopoly nature, high operating leverage, robust cash flow and is in business which has high entry barrier. BSE will be second listed company after MCX - the National stock Exchange of India  is unlisted. Most of the BSE's revenue comes from retail traders. About 10 % of revenue comes from Institutions, about 25 % from Algorithmic trading and the rest comes from Retail traders. 85 % of its revenue coming from rating business which earns better margins is thus being offered to public at very attractive valuation. BSE has a market share of 39 % in the currency derivates segment and 14 % in equity cash segment whereas NSE remains the leader with market share of 56 % and 86 % respectively. BSE distributes 85 % of its profit as dividend and plans to continue with high dividend in future, BSE has filed IPO for its subsidiary CDSL and would be dilute 26 % stake in the IPO. The Information and data services of BSE contributes 4 % to 5 % as compared to 10 % to 25 % in other economies. They gre at 14 % CAGR over 5 years, for BSE there is ample of scope and should grow annually by atleast 15 %. Revenues from Index services can grow if it is expanded its offering beyond equities and hence revenue from Index Services should grow at 15-20 % over the next 5 years (as per DRHP). The best way to participate in the growth of a nation is to own a piece of its stock exchange, because the best and most profitable commercial ideas eventually become publically listed companies. Exchanges in India are still in development phase and has ample headroom for growth in retail participation. Equity as percentage of financial savings in India ia at a remarkably low level of 5 % in contrast with 14 % in China, 15 % in Brazil, 20 % in Indonesia and 42 % in USA. This will increase as goverment is mulling to boost equity investment in India via allowing EPFO to invest in equity, new products like REITs. India is a fantastically diverse country with an unrivalled entrepreneurial culture. Listing on the BSE, which hosts more than 5,300 companies than any exchange in Asia, provides the capital to empower those businesses to expand. Exchanges are almost the perfect business models with limited competition, high operating leverage and robust cash flows. Stock exchanges in particular have strong correlation to underlying economic activity. In India only two exchanges accounts for nearly 99 % market share in equities trading. Across a number of macroeconomic and broad market factors the Indian capital markets are at a “multiyear to multi decade low”. Stock exchanges would benefit substantially from the anticipated improvement in overall economic activity there by leading to high earnings growth over the next few years. NSE the Unlisted and BSE also Unlisted along with the MCX-SX which is also unlisted but directly related to MCX will be one of the best investments to play the impending recovery in economy and capital markets. India is already seeing initial signs of volume recovery with last two months & cash market volumes are up 100 % YoY. At current levels the velocity is in-line with eight year average of 60 %. Moreover with a number of new products having high potential (such as Interest Rate Derivatives, Corporate Debt, Volatility Index) in their nascent stages, exchanges would have robust volume growth over the medium term. 

Globally, Exchanges trends to trade at average of 5 times their book value and at 18-20 times their earnings. Indian stock exchanges are comparable to their Asian peers than their western peers. Western market exchanges are not vertically integrated (Depository and Clearing Corporation not part of the exchange) and hence do not have the float income enjoyed by vertically integrated exchanges. Emerging market Asian exchanges such a Hong Kong stock Exchange and SGX trade at 25x 1 year forward P/E & 13x EV/EBITDA. It can be safely assumed that NSE could command similar valuation given its market leadership, track record in launching new products and potential for growth. BSE is at a cusp of a turn-around, with the all the ingredients such as focus on increasing market shares in various segments, innovation, technology, infrastructure and management in place. It can be noted that a small shift in market share is adequate for BSE to have sharp increase in earnings. The Top 5 subsidiaries of BSE which are CDSL- 50.1 %; ICCL-100 %; Marketplace Technologies-100 %; CDSL Venture- 100 %; BSE Institute-100 %, and all are profitable. At the IPO price of Rs. 806, BSE will have Market cap of Rs. 4,399.80 Cr (5,45,88,172 shares x Rs. 806) which means a P/E of 35.87 times for FY16 and P/E of 21 times for FY17E. BSE to have enterprise value of Rs. 1,907 Cr at upper price band of Rs. 806. Thus, on valuation excluding cash & value of CDSL holding BSE's stock exchange business is available at Rs. 1,100 Cr which is attractive pricing & with new business coming up in INDIAINX in gift city strong fundamentals with good institutional holdings the Long term investors should look into subscribing the IPO for good opportunity. Short term investor can subscribe for listing gains.

*
As the author of this blog I disclose that I do hold BSE LIMITED at pre ipo in my investment portfolio.

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Disclaimer
This is a personal blog and presents entirely personal views on stock market. Any statement made in this blog is merely an expression of my personal opinion. These informations are sourced from publicly available data. By using/reading this blog you agree to (i) not to take any investment decision or any other important decisions based on any information, opinion, suggestion, expressions or experience mentioned or presented in this blog (ii) Any investment decisions taken if any would be his/hers sole responsibility. (iii) the author of this blog is not responsible. 


As a Disclosures I Confirm that : 
I confirm that I shall not deal or trade in securities mentioned in this article within thirty days before and five days after the publication of this article. I also confirm that I will not deal or trade directly or indirectly in securities mentioned in this article in a manner contrary to the ideas put forth in the article. I have not received any financial compensation for writing this article.
 

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Saturday, December 13, 2014

CREDIT ANALYSIS AND RESEARCH LTD : HAS A GOOD POTENTIAL !!!

Scrip Code: 534804 CARERATING
CMP:  Rs. 1,389.35; Market Cap: Rs. 4,029.12 Cr; 52 Week High/Low: Rs. 1,590.00 / Rs. 666.00.
Total Shares: 2,89,99,122 shares; Promoters : Not Defined00.00 %; Total Public holding 5 % or more : 84,96,066 shares – 29.30 %; Total Public holding 1 % or more : 1,76,25,415 shares – 60.78 %; Public holding : 28,77,641 shares – 9.92 %; Book Value: Rs. 167.01; Face Value: Rs. 10.00; EPS: Rs. 45.16; Dividend: 280.00 % ; P/E: 30.76 times; Ind. P/E: 43.38; EV/EBITDA: 19.31.
Total Debt: ZERO; Enterprise Value: Rs. 4,005.70 Cr.

CREDIT ANALYSIS AND RESEARCH LTD: The Company was founded on 21st April, 1993 and is based in Mumbai, India. Credit Analysis and Research Limited is a credit rating agency, providing rating and grading services for various sectors in India. The company came with an IPO of 71,99,700 equity shares of Rs. 10 each at Rs. 750.00 to the general public in December, 2012. Its rating services include corporate rating services, such as corporate debt, bank loan, issuer, corporate governance, and recovery rating services; financial sector rating services, which cover banks, mutual funds, capital protection oriented schemes, insurance, NBFCs, securitization, and housing finance companies; and public finance ratings that cover ratings of state government entities and urban local bodies, as well as project finance, infrastructure sector, and small and medium enterprises rating services. The company also offers grading services for educational institutes, IPOs, construction companies, shipyard companies, maritime training institutes, renewable energy service companies and system integrators, micro finance institutions, and energy audit, as well as real estate star rating services. CARE has entered into collaboration with four credit rating agencies from emerging markets like in Brazil, Portugal, Malaysia, and South Africa each to provide ratings in those countries, set up ARC ratings in those countries. CARE also provides research services and it has been expanding its product portfolio to include newer services. The company is exploring opportunities to provide risk management solutions and acquired 75.1 % stake in Kalypto, a firm providing risk management software solutions in Nigeria in Nov 2011. Credit Analysis and Research Ltd is locally compared with CRISIL INDIA LTD, ICRA and Globally with Asukanet Company Ltd of Japan, Eprint Group Ltd of Hong Kong, ZWEI Co Ltd of Japan, McGraw Hill Financial Inc of USA, Standards & Poors of USA, Moody's of UK.

Investment Rationale:
Credit Analysis and Research Ltd (CARE) is a leading credit rating company in India offering rating and grading services. It also provides research services and risk management solutions through its subsidiaries. CARE is the second largest rating company in India and it enjoys a strong parentage of marquee banks and large financial institutions like SBI, Canara Bank, IDBI Bank and IL&FS. CARE has over 19 years of experience in this business and has a significant rating coverage of Indian banks and financial institutions. Its experience and knowledge has enabled it to rate a wide range of instruments and has created a strong customer base of 7,754 clients as on March 2014. CARE has rated debt instruments of entities in various sectors like manufacturing, services, banks and infrastructure. It also has provided debt and issuer ratings to corporates, banks, financial institutions, public sector undertakings, state government undertakings, sub-sovereign entities, NBFCs, SMEs and microfinance institutions. In FY14 CARE reported completed assignments of 7,865 nos as compared to 7439 no.s last year. CARE has also launched ARC Ratings in London on 16th January 2014 while it has commenced operations in Advisory Services through its subsidiary company CARE Kalypto Risk and Advisory Services Private Limited. Credit rating business is a niche segment in the financial services arena. In the post-reforms era, with increased activity in the Indian Financial sector both existing and new companies are opting for finance from the capital market. Presently, the India can claim to be one of the world's most vibrant capital markets. In spite of the challenges that are still there, the future of this sector's looks good. The market size of banking assets in India have reached US$ 1.8 trillion in FY 13 and is projected to touch US$ 28.5 trillion by FY 2025. According to the data provided by SEBI, during FY 14, Foreign Institutional Investors (FIIs) invested a net amount of about Rs. 80,000 Cr (US$ 13.31 billion) in Indian equity market. Association of Mutual Funds in India (AMFI) has reported that the mutual fund industry's assets under management (AUM) have gone past the Rs. 10 trillion (US$ 166.37 billion) mark in May, 2014. The AUM of the Indian mutual fund industry rose to Rs. 10.11 trillion (US$ 168.19 billion) in May from Rs. 9.45 trillion (US$ 157.21 billion) in April. A strong capex cycle in Indian economy, lower penetration of corporate bond market and regulatory push due to implementation of Basel II norms are likely to help credit rating agencies ahead. Also Credit Agencies are likely to benefit from increased penetration by pension funds and insurance companies and multiple initiatives taken by the Government of India to develop the bond market. In India, Rating is a more recent phenomenon, but the changing global perspectives on the subject do impact the financial system. India was perhaps the first amongst developing countries to set up a credit rating agency in 1988. The function of credit rating was to institutionalized when RBI made it mandatory for the issue of Commercial Paper (CP) and subsequently by SEBI, when it made credit rating compulsory for certain categories of debentures and debt instruments. In June 1994, RBI made it mandatory for Non- Banking Financial Companies (NBFCs) to be rated. Also earlier there was severe under-cutting in the BLR (Bank Loan Rating), which impacted the margins of credit rating business, however, over the past six months, SEBI has came out with its guidelines under which a credit rating agency (CRA) has to disclose its minimum rating fees on a new BLR assignment. Around 50 % to 60 % is surveillance income and 70 % to 80 % of the business comes from existing clients with the balance coming from new clients. Therefore, this provides a hedge against a downturn even if CARE does not get any new client. However, old clients are still enjoying discounted fees in the BLR segment. Consequently, the full impact of SEBI guidelines on minimum rating fees is also not visible. CARE is trying to gradually increase its fees going forward, which is expected to improve the margins of the BLR segment and partially negate the effect of lower margins in SME rating business. CARE has also started increasing its presence in the SME segment. For this, CARE has expanded its reach to 60-70 locations, the results of which will be visible in the coming years. This should surely benefit CARE.

Outlook and Valuation:
CARE is the second largest rating company in India in terms of rating turnover. CARE also enjoys a strong parentage of marquee banks and large financial institutions of India like SBI, Canara Bank, IDBI Bank and IL&FS. CARE has over 19 years of experience in this business and has a significant rating coverage of Indian banks and financial institutions and financial instruments. CARE is primarily engaged in rating services which accounts for around 98 % of the total revenue of the company as of FY13. CARE has achieved a steady growth in its ratings business having rating relationships with 7,754 clients and with number of assignments of 7,865 and it has cumulatively rated around Rs. 7.7 lakh Crs of debt in FY14. In the last few years, the company has begun expanding itself internationally and is now providing technical assistance services to countries like Maldives, Hong Kong, Nepal and Mauritius. Globally and in India also Credit Rating business will continue to be an niche business making existing players in India thrive on the upturn expected in the economy over the medium term. This is because credit rating agencies all across the globe are a business based on trust, long relationships and hence from the market point of view also there is unlikely to be any excess supply of paper in this space. Also one important and noteworthy aspect in the Indian Ratings space is that global rating players have shown strong interest in the Indian ratings players with S&P holding 75 % in CRISL and Moodys holding 50.8 % in ICRA which has resulted in a sharp rise in credit rating counters. After CRISL and ICRA, CARE is now the second largest player in the rating space which is now available going ahead. While any kind of strategic tie up cannot be ruled out, it is quite clear that in future such a development cannot be ruled out. Added to this CARE is atleast twice as large and more profitable to ICRA and enjoys better financials and return ratios but still trades at 20x FY15E as compared to 34x FY15E for ICRA. From performance side, CARE’s income from operations increased 14 % yoy to Rs. 74.3 Cr in Q2FY15 despite sluggish growth in bank credit. This higher income came mainly from surveillance cases. The sequential strong growth was seen mainly due to cyclical nature of rating business. Total operating expenditure increased to 28 % yoy to Rs. 22.70 Cr mainly due to 43 % yoy increase in the staff cost which was Rs. 16.70 Cr. Higher staff cost was due provision for ESOP cost and also increase in the staff count on account of continued focus on building the business team especially in the SME space. CARE’s EBITDA increased 8 % YoY to Rs. 51.5 Cr, and its EBITDA margin reduced to 69.4 % from 72.9 % in Q2FY15. However, it was much ahead than EBITDA margins of its listed peers ICRA which has EBITDA margin of 40.1 % in Q2FY15 and CRISIL with 33.3 % in Q2FY15. As CARE declared special dividend of Rs. 65.00 per share in the last quarter, the company had to sell its some of the investments and booked the gain on investments to P&L a/c. As a result, the company’s net profit increased 50 % YoY to Rs. 52.40 Cr and its Net Profit margin increased to 54.1 % from 49.6 % in Q2FY15. Modified credit ratio (MCR) has increased from 1.0 in Q1FY15 to 1.3 in Q2FY15 which is a good sign for the economy and it also suggests improvement in credit environment during the recent quarters. It was 1.1 in Q2FY14. MCR is the ratio of upgrades against downgrades in ratings of the companies. An increase in MCR means stable and improving financials of the rated companies. CARE continued with its liberal dividend pay-out policy and the company had announced a special dividend of 650 % in Q2FY15 with the purpose of sharing the cash surpluses with the shareholders. Combining this with the interim dividend announced in Q1 of 60 %, the total dividend paid so far is 710 % or Rs. 71. In Feburary 2014, the stake holders of CARE namely IDBI holding 16.62 %, Canara Bank holding 11.95 % & SBI holding 5.19 % invited bids for selling their 33.76 % or approx 97,88,041 Cr shares of their holding in CARE. However the bids did not went through at that time due to valuation issues. It is now heard that CARE is likely to revive the stake sale of its investors again, now it should be noted here that if at all this stake went through, will also trigger an open offer for an additional 26 % shares facilitating the new investor to corner over 70 % in CARE. So if this stake sale goes successful then there would be a very good upside for the stockCARE’s Q2FY15 performance was better and one can have a positive view on the huge long term opportunities for the credit rating sector on the back of development in debt market over next two to three years and CARE should be a good pick among the listed credit rating agencies. CARE is the best placed for cyclical recovery in corporate capex and bank credit growth. It is expected that with the company’s surplus scenario is likely to continue for the next three years & will keep its growth story intact for the coming quarters also. 

KEY FINANCIALSFY13FY14FY15EFY16E
SALES ( Crs)198.80229.50265.80319.00
NET PROFIT (₹ Cr)113.00128.70148.20179.10
EPS ()40.8044.0051.0062.00
PE (x)18.9030.7026.6022.00
P/BV (x)5.108.1012.109.80
EV/EBITDA (x)15.8026.7022.8018.60
ROE (%)28.3027.7036.5049.00
ROCE (%)167.30164.50101.50111.60

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-------------------------------------------------------------------------------------------Disclaimer
This is a personal blog and presents entirely personal views on stock market. Any statement made in this blog is merely an expression of my personal opinion. These informations are sourced from publicly available data. By using/reading this blog you agree to (i) not to take any investment decision or any other important decisions based on any information, opinion, suggestion, expressions or experience mentioned or presented in this blog (ii) Any investment decisions taken if any would be his/hers sole responsibility. (iii) the author of this blog is not responsible.
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