Zee Entertainment

Buy

Winds of change, finally! CMP Rs 174 . Zee’s Q1FY21 operating performance was weak with 66% ad-revenue Target / Upside Rs 235 / 35% de-growth led by Covid. But there were several other structural BSE Sensex 38,545 positives (1) Improvement in C&CE by Rs 3bn (2) Resignation of Mr. Subhash Chandra as Non-Executive Director Viz. Indian entrepreneur- NSE Nifty 11,385 promoter rarely step-out (3) Decline in inventory post several years of Scrip Details consistent increase (4) Improvised disclosure wrt Zee5 financials and Equity / FV Rs 961mn / Rs 1 quarterly BS are forthcoming and (5) Upbeat management Market Cap Rs 167bn commentary wrt growth, margin and FCF is positive. US$ 2bn . We had highlighted in our Q4FY20 note that “MD & CEO ‘open letter’ as usual is upbeat (has to be) stating rebirth of company (Zee 4.0), 5Gs 52-week High/Low Rs 376/Rs 114 (governance, granularity, growth, goodwill, and gusto) etc is good to Avg. Volume (no) 27,325,800 hear. But as is the saying ‘actions speak louder than words’; we would NSE Symbol ZEEL prefer tangible results (FCF followed by dividends) than mere stories that are stated since six quarters. FCF improvement or mgmt change Bloomberg Code Z IN or buyout of Zee by strong strategic investors are potential triggers.” Shareholding Pattern Jun'20(%) . Finally, we have seen the winds of change in Q1FY21 as highlighted Promoters 4.9 above. Both P&L and BS to improvise from hereon, multiple re-rating MF/Banks/FIs 11.8 seems inevitable. With concerns starting to get addressed, we upgrade Zee to BUY with revised TP of Rs 235 @ 15x Jun-22E EPS (vs. Rs 153 @ FIIs 67.4 10x FY22E earlier). Our estimates are broadly unchanged. Public / Others 15.9

. Zee as a proxy-FMCG play deserves a better multiple (18-20x) but for concerns wrt recent promoter history, tangible delivery of growth and Valuation (x) cash flows, structural change of digitisation etc. Our bias is positive but FY21E FY22E FY23E we would wait for results for further upgrade. P/E 16.5 11.6 9.8 Q1FY21 weak, outlook upbeat EV/EBITDA 9.6 6.9 5.6 Zee’s revenue/EBITDA/APAT declined by 36/68/72% YoY. EBITDA margin was at 16.8%, down 1730bps YoY due to negative oplev and higher ROE (%) 9.3 13.8 14.8 programming costs. Later is on account of past inventory amortization, RoACE (%) 10.9 14.2 15.1

Result Update digital content and movie (Gunjan Saxena) costs. Advertising is improving MoM and mgmt guides for YoY growth in H2FY21. EBITDA margin also to rise QoQ in Q2-Q4FY21. Mgmt remains confident to achieve its historic Estimates (Rs mn) 30%+ margin in FY22. Peak investments in movies is behind and should FY21E FY22E FY23E drive inventory reduction. This coupled with overdue recovery from two strategic customers is WC +ve. To summarize, worst seems behind for Zee. Revenue 70,503 83,956 92,240 EBITDA 16,401 22,200 25,671 Q1FY21 Result (Rs Mn) PAT 10,140 14,447 16,966 Particulars Q1FY21 Q1FY20 YoY (%) Q4FY20 QoQ (%) EPS (Rs.) 10.6 15.0 17.7

Revenue 13,120 20,449 (35.8) 19,511 (32.8) Total Expense 10,921 13,484 (19.0) 16,319 (33.1) EBITDA 2,199 6,966 (68.4) 3,192 (31.1) Depreciation 719 690 4.1 778 (7.6) EBIT 1,481 6,276 (76.4) 2,414 (38.7) Other Income 264 1,039 (74.6) 407 (35.1) Interest 45 205 (78.0) 864 (94.8) EBT 576 7,789 (92.6) (7,998) (107.2) Tax 284 2,146 (86.8) (372) (176.2) VP Research: Himanshu Shah RPAT 293 5,666 (94.8) (7,659) (103.8) Tel: +91 22 4096 9737 APAT 1,416 4,987 (71.6) 2,296 (38.3) E-mail: [email protected] (bps) (bps) Gross Margin (%) 49.9 61.9 (1199) 46.4 342 EBITDA Margin (%) 16.8 34.1 (1730) 16.4 40 NPM (%) 2.2 27.7 (2547) (39.3) 4148 Tax Rate (%) 49.2 27.6 2169 4.7 4459 EBIT Margin (%) 11.3 30.7 (1940) 12.4 (109)

August 19, 2020

Key concall and other highlights Upbeat advertising outlook . Zee’s network viewership share stood at 18.3% in Q4FY20, 15.8% in Q1FY21 but has improved to 19.2% in trailing four weeks on resumption of original content. Zee’s viewership share in Hindi GEC genre is weak. But with necessary programming intervention it is hopeful of market share gains. . Management remains confident of growth in advertising revenues in H2FY21 led by improving consumer sentiment and economic recovery further aided by low base of H2FY20 (viz. -15% YoY). . FMCG, Auto, BFSI, E-commerce etc have started recovering. Telecom and consumer durables too are likely to pick-up as festive season onset. Subscription growth to be soft – NTO 2.0 is a risk in our view . Zee’s management expect subscription revenue growth to be moderate (low-single digit in our view) largely led by digital business. This is on account of lack of bouquet or a-la carte price increases in linear TV business on account of NTO 2.0 overhang. Also subscription of commercial premises is weak impacting subscription revenues. . The sub-judice matter of NTO 2.0 is likely to be heard on 24th Aug, 2020. An adverse outcome may lead to de-growth in this line of revenue in our view. Management believes the impact of NTO 2.0 if any to be short-lived. Content costs . Zee’s programing costs declined by 35% YoY in Q1Fy21 despite lack of original programming. This is on account of past inventory amortization, digital content and movie (Gunjan Saxena) costs, content syndication and shoot from home etc for flagship properties like SaReGaMa that completed 25 years. Zee’s amortization policy is 80% in year of telecast and balance 10% each in subsequent two years. . Zee’s original programming is now at pre-covid levels. Recovery of overdue receivables from two strategic customers: . Zee’s receivables declined by Rs 3.3bn to Rs 17.4. This is led by recovery of overdue outstanding from two strategic customers (prima facie Dish and Siti). Their outstanding as of Mar’20 stood at Rs 8.1bn of which Rs 3.8bn was overdue. Zee5 . Zee reported 63.1mn global MAUs and 6mn DAUs in Mar-20. But in Jun-20 MAUs were 39mn and DAU 4mn. This decline is on account of lack of fresh content. . Direct to OTT: Zee sold its co-production rights of Gunjan Saxena to Netflix vs. showcasing it on Zee5. This was on account of the price that competition was offering it was thought that it would be better vs. the investments that would be required by Zee Studio/Zee5. . Zee5 revenue/EBITDA were at Rs 0.95/-1.45bn respectively. It is a welcome disclosure. It excludes cross-charge of revenue and content from other business segment and of marketing. Zee5 has reached its desired level of investments whereas as revenues keep growing, losses should decline.

August 19, 2020 2

. Zee5 released 18 original series/movies during the quarter. . Viewership split of Zee5 – original shows and movies is ~70% for pay customers with balance as re-run. For others it is largely TV re-run. Decline in inventory – positive . After multi-year of consistent increase, inventory declined by 1.3bn to Rs 52.2bn. . With peak investments on movies behind for three new regional movie channels, core linear and the digital business; inventory is likely to decline. This will be significantly positive. . Management stated Movie buying to significantly decline in this FY post three years of aggressive buying. . Movie acquisition break-up: 30% towards new movies like blockbuster during or year ahead of production and 60-70% towards the renewal. Other highlights . Zee would induct 3-4 new independent expert directors in their field by end of FY21. . Company has revised its investments policy for treasury, content and strategic improvising it significantly from governance perspective. . Treasury investments to be only in FDs of banks or MFs with minimum AUM of Rs 25bn. . Cash-generation would be the key focus. . Zee Studio is venturing into third-part content production for other OTT cos. . SugarBox project is getting delayed. We believe on account of investor backlash it may be stalled. This will be positive.

Q1FY21 Actual vs. Estimates Actual Estimates Variance Remarks Net Sales (Rs Mn) 13,120 11,951 9.8 Zee’s revenue was higher than estimates on account of higher other EBITDA (Rs Mn) 2,199 2,577 (14.6) operating income. This was led by on EBITDA Margin (%) 16.8 21.6 -480 bps account of sale of movie rights (Gunjan APAT (Rs Mn) 1,416 1,708 (17.1) Saxena) to Netflix. Yet, higher programming, employee and other EPS (Rs) 1.5 1.8 (17.1) expenses led to lower EBITDA and APAT. Source: DART, Company

Change in Estimates Old New Change % Remarks FY21E FY22E FY21E FY22E FY21E FY22E Net Sales (Rs Mn) 69,260 81,349 70,503 83,956 1.8 3.2 EBITDA (Rs Mn) 17,654 23,206 16,401 22,200 (7.1) (4.3) Marginal change in our estimates to EBITDA Margin (%) 25.5 28.5 23.3 26.4 -224 bps -206 bps account for Q1FY21 impact APAT (Rs Mn) 10,878 14,674 10,140 14,447 (6.8) (1.5) EPS (Rs) 11.3 15.3 10.6 15.0 (6.6) (1.7) Source: DART, Company

August 19, 2020 3

Consolidated Quarterly P&L Rs mn Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 YoY (%) QoQ (%) Revenue 20,193 20,449 21,220 20,487 19,511 13,120 (35.8) (32.8) Operating costs 8,833 7,800 8,963 8,476 10,448 6,578 (15.7) (37.0) Employee expenses 2,015 2,003 2,123 2,075 1,604 2,001 (0.1) 24.8 A&P 1,930 1,955 1,253 1,908 1,842 1,111 (43.2) (39.7) Other expenses 1,732 1,726 1,953 1,993 2,425 1,231 (28.7) (49.2) Operating cost 14,510 13,484 14,291 14,452 16,319 10,921 (19.0) (33.1) EBITDA 5,683 6,966 6,929 6,034 3,192 2,199 (68.4) (31.1) Depreciation 568 690 583 656 778 719 4.1 (7.6) EBIT 5,115 6,276 6,346 5,379 2,414 1,481 (76.4) (38.7) Interest expenses 1,142 205 180 200 864 45 (78.0) (94.8) Fair value (gain)/loss (93) (679) 88 401 (1,048) 1,123 (265.5) (207.2) Other income 568 1,039 681 710 407 264 (74.6) (35.1) PBT 4,634 7,789 6,760 5,487 3,005 576 (92.6) (80.8) Income taxes 1,494 2,146 921 1,622 (372) 284 (86.8) (176.2) EO (loss)/gain (218) - (1,706) (376) (11,003) - (100.0) Share in Associates/JV (3) (23) 12 (2) 33 (0) (98.3) (101.2) Rep PAT 2,925 5,666 4,121 3,490 (7,659) 293 (94.8) (103.8) APAT 3,050 4,987 5,915 4,267 2,296 1,416 (71.6) (38.3) Source: DART, Company

Margin Analysis As % of Net Sales Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 YoY (bps) QoQ (bps) Operating costs 43.7 38.1 42.2 41.4 53.6 50.1 1,199 (342) Employee expenses 10.0 9.8 10.0 10.1 8.2 15.3 546 703 A&P 9.6 9.6 5.9 9.3 9.4 8.5 (109) (97) Other expenses 8.6 8.4 9.2 9.7 12.4 9.4 94 (305) Operating cost 71.9 65.9 67.3 70.5 83.6 83.2 1,730 (40) EBITDA 28.1 34.1 32.7 29.5 16.4 16.8 (1,730) 40 Depreciation 2.8 3.4 2.7 3.2 4.0 5.5 210 149 EBIT 25.3 30.7 29.9 26.3 12.4 11.3 (1,940) (109) APAT 15.1 24.4 27.9 20.8 11.8 10.8 (1,359) (98) Tax as % of PBT 32.2 27.6 13.6 29.6 (12.4) 49.2 2,169 6,163 Source: DART, Company

Segment-wise revenue Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 YoY (%) QoQ (%) Advertisement 12,175 12,235 12,247 12,308 10,389 4,211 (65.6) (59.5) Subscription 5,653 7,088 7,235 7,137 7,414 7,443 5.0 0.4 Other operating revenues 2,365 1,126 1,739 1,042 1,708 1,466 30.2 (14.1) Total 20,193 20,449 21,220 20,487 19,511 13,120 (35.8) (32.8) Source: DART, Company

Revenue split: Domestic Domestic Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 YoY (%) QoQ (%) Advertisement 11,575 11,690 11,690 11,570 9,829 3,840 (67.2) (60.9) Subscription 4,696 6,240 6,459 6,317 6,607 6,625 6.2 0.3 Other operating revenues 1,697 916 990 935 1,075 1,316 43.6 22.5 Total 17,968 18,846 19,138 18,822 17,511 11,781 (37.5) (32.7) Source: DART, Company

August 19, 2020 4

Revenue split: International International Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 YoY (%) QoQ (%) Advertisement 600 545 557 738 560 371 (6.7) (24.1) Subscription 957 848 776 820 807 818 (15.7) (1.6) Other operating revenues 668 210 749 107 633 150 (5.2) 491.6 Total 2,225 1,603 2,082 1,665 2,000 1,339 (10.1) 20.1 Source: DART, Company

Key Assumptions Rs Mn FY17 FY18 FY19 FY20 FY21E FY22E FY23E Advertising 35,684 41,835 50,367 47,179 34,917 46,006 51,299 Subscription 18,563 20,283 23,106 28,873 30,057 31,861 34,231 Others 3,794 4,522 5,867 5,614 5,530 6,089 6,710 Total Revenue 58,041 66,640 79,339 81,667 70,503 83,956 92,240 Operating Costs 38,773 45,878 53,700 58,546 54,103 61,756 66,569 EBITDA 19,269 20,761 25,640 23,121 16,401 22,200 25,671 Zee management EBITDA Margin % 33.2 31.2 32.3 28.3 23.3 26.4 27.8 guides 30%+ margin in FY22. We remain % change YoY conservative in our Advertising 17.2 20.4 -6.3 -26.0 31.8 11.5 estimates Subscription 9.3 13.9 25.0 4.1 6.0 7.4 Others 19.2 29.7 -4.3 -1.5 10.1 10.2 Total Revenue 12.0 14.8 19.1 2.9 -13.7 19.1 9.9 Operating Costs 6.7 18.3 17.0 9.0 -7.6 14.1 7.8 EBITDA 24.4 7.7 23.5 -9.8 -29.1 35.4 15.6

Revenue Mix % Advertising 61.5 62.8 63.5 57.8 49.5 54.8 55.6 Subscription 32.0 30.4 29.1 35.4 42.6 37.9 37.1 Others 6.5 6.8 7.4 6.9 7.8 7.3 7.3 Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: DART, Company

August 19, 2020 5

Advertising revenue trend Subscription revenue trend 26 24 37 15,000 19 23 22 16 40 8,000 31 40 7,500 13,000 (0) 6 3 7 1 20 21 23 30 7,000 19 (16)(15) 15 11,000 0 6,500 8 20 3 5 9,000 (20) 6,000 (2) 10 7,000 (40) 5,500 (6) (9) 0 (66) 5,000 (14)(15) 5,000 (60) 4,500 (10)

3,000 (80) 4,000 (20)

Q3Y19 Q3Y19

Q2FY20 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q4FY19 Q1FY20 Q3FY20 Q4FY20 Q1FY21

Q1FY19 Q4FY20 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q2FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q1FY21 Ad Revenue (Rs Mn) Chg YoY (%) - RHS Subscription Rev (Rs Mn) Chg YoY (%) - RHS Source: Company, DART Source: Company, DART

Consolidated revenue trend Revenue mix 25

22,000 18 17 30 100

7.8

8.1 9.1

15 15 9.8

10.2

10.3

10.2

10.8

11.0

11.0 12.4

13 12.6 12 20 14.5 20,000 7 80 0 10 18,000 (2) (5) (3) (7) 0 60

16,000 92.2

(10) 91.9

90.9

90.2

89.8

89.7

89.2

89.0

87.6 87.4

40 85.5 14,000 (20) 20 12,000 (36) (30)

10,000 (40) 0

Q3Y19 Q3Y19

Q4FY17

Q4FY17 Q1FY18

Q1FY18

Q2FY18

Q3FY18

Q4FY18 Q4FY18

Q1FY19

Q2FY19

Q4FY19

Q1FY20

Q1FY20 Q2FY20

Q2FY20 Q3FY20

Q4FY20

Q3FY20

Q1FY21 Q4FY20 Q1FY21 Consol Revenue (Rs Mn) Chg YoY (%) - RHS Domestic International Source: Company, DART Source: Company, DART

EBITDA Trend EBITDA Margins 25

22,000 18 17 30

34.2

34.8 34.1 15 32.7 15 32.3

13 31.9

12 31.4 31.0

20,000 7 20 35 30.7

29.5 29.3

0 10 28.1 18,000 (2) (5) (3) 30 (7) 0 16,000 (10) 25

14,000 (20) 16.8 20 16.4 12,000 (36) (30)

10,000 (40) 15

Q3Y19 Q3Y19

Q4FY17

Q1FY18

Q4FY17

Q2FY18

Q1FY18

Q3FY18

Q2FY18

Q3FY18 Q4FY18

Q4FY18

Q1FY19 Q1FY19

Q2FY19

Q4FY19 Q4FY19

Q1FY20

Q2FY20

Q3FY20

Q4FY20

Q1FY21 Q4FY20 Q1FY21 Consol Revenue (Rs Mn) Chg YoY (%) - RHS Consol EBITDA Margin (%) Source: Company, DART Source: Company, DART

August 19, 2020 6

Profit and Loss Account (Rs Mn) FY20A FY21E FY22E FY23E Revenue 81,667 70,503 83,956 92,240 Total Expense 58,546 54,103 61,756 66,569 COGS 35,687 33,396 38,709 41,805 Employees Cost 7,805 7,995 8,514 9,068 Other expenses 15,054 12,712 14,533 15,696 EBIDTA 23,121 16,401 22,200 25,671 Depreciation 2,706 2,984 3,293 3,635 EBIT 20,415 13,417 18,907 22,036 Interest 1,449 1,054 807 514 Other Income 2,836 1,702 2,037 2,139 Exc. / E.O. items (11,847) (1,123) 0 0 EBT 9,955 12,942 20,137 23,661 Tax 4,317 3,870 5,618 6,601 RPAT 5,618 9,016 14,447 16,966 Minority Interest 0 0 0 0 Profit/Loss share of associates (20) (56) (72) (94) APAT 17,465 10,140 14,447 16,966

Balance Sheet (Rs Mn) FY20A FY21E FY22E FY23E Sources of Funds Equity Capital 961 961 961 961 Minority Interest 110 110 110 110 Reserves & Surplus 92,479 98,614 108,258 118,500 Net Worth 93,439 99,574 109,219 119,461 Total Debt 6,476 3,975 0 0 Net Deferred Tax Liability 1,405 1,616 1,858 2,137 Total Capital Employed 101,430 105,275 111,187 121,708

Applications of Funds Net Block 8,778 9,531 10,781 12,031 CWIP 334 334 334 334 Investments 12,707 13,515 14,030 14,850 Current Assets, Loans & Advances 101,918 102,343 110,392 121,246 Inventories 53,475 50,782 54,424 53,815 Receivables 20,847 20,697 23,414 24,438 Cash and Bank Balances 10,115 14,216 13,844 23,507 Loans and Advances 0 0 0 0 Other Current Assets 17,481 16,649 18,710 19,487

Less: Current Liabilities & Provisions 22,307 20,449 24,351 26,753 Payables 16,803 12,124 14,437 15,862 Other Current Liabilities 5,503 8,325 9,913 10,891 sub total Net Current Assets 79,611 81,895 86,041 94,493 Total Assets 101,431 105,275 111,187 121,708 E – Estimates

August 19, 2020 7

Important Ratios Particulars FY20A FY21E FY22E FY23E (A) Margins (%) Gross Profit Margin 56.3 52.6 53.9 54.7 EBIDTA Margin 28.3 23.3 26.4 27.8 EBIT Margin 25.0 19.0 22.5 23.9 Tax rate 43.4 29.9 27.9 27.9 Net Profit Margin 6.9 12.8 17.2 18.4 (B) As Percentage of Net Sales (%) COGS 43.7 47.4 46.1 45.3 Employee 9.6 11.3 10.1 9.8 Other 18.4 18.0 17.3 17.0 (C) Measure of Financial Status Gross Debt / Equity 0.1 0.0 0.0 0.0 Interest Coverage 14.1 12.7 23.4 42.9 Inventory days 239 263 237 213 Debtors days 93 107 102 97 Average Cost of Debt 16.5 20.2 40.6 Payable days 75 63 63 63 Working Capital days 356 424 374 374 FA T/O 9.3 7.4 7.8 7.7 (D) Measures of Investment AEPS (Rs) 18.2 10.6 15.0 17.7 CEPS (Rs) 21.0 13.7 18.5 21.4 DPS (Rs) 0.3 3.0 5.0 7.0 Dividend Payout (%) 1.6 28.4 33.2 39.6 BVPS (Rs) 97.3 103.7 113.7 124.4 RoANW (%) 6.2 9.3 13.8 14.8 RoACE (%) 18.6 10.9 14.2 15.1 RoAIC (%) 23.7 14.7 20.1 22.5 (E) Valuation Ratios CMP (Rs) 174 174 174 174 P/E 9.6 16.5 11.6 9.8 Mcap (Rs Mn) 167,079 167,079 167,079 167,079 MCap/ Sales 2.0 2.4 2.0 1.8 EV 163,440 156,838 153,235 143,572 EV/Sales 2.0 2.2 1.8 1.6 EV/EBITDA 7.1 9.6 6.9 5.6 P/BV 1.8 1.7 1.5 1.4 Dividend Yield (%) 0.2 1.7 2.9 4.0 (F) Growth Rate (%) Revenue 2.9 (13.7) 19.1 9.9 EBITDA (9.8) (29.1) 35.4 15.6 EBIT (12.4) (34.3) 40.9 16.5 PBT (59.1) 30.0 55.6 17.5 APAT 10.2 (41.9) 42.5 17.4 EPS 10.2 (41.9) 42.5 17.4

Cash Flow (Rs Mn) FY20A FY21E FY22E FY23E CFO (3,702) 14,872 14,028 22,327 CFI 555 (4,334) (4,816) (5,426) CFF (7,537) (6,437) (9,585) (7,238) FCFF (6,618) 11,136 9,485 17,441 Opening Cash 20,798 10,115 14,216 13,844 Closing Cash 10,115 14,216 13,844 23,507

E – Estimates

August 19, 2020 8

DART RATING MATRIX Total Return Expectation (12 Months)

Buy > 20% Accumulate 10 to 20% Reduce 0 to 10% Sell < 0%

Rating and Target Price History

Month Rating TP (Rs.) Price (Rs.) (Rs) Z Target Price Oct-19 ACCUMULATE 330 250 460 Nov-19 BUY 440 345 390 Jan-20 BUY 377 300 Apr-20 BUY 157 136 320 Jul-20 Reduce 153 152 250

180

110

*Price as on recommendation date

Jul-20

Oct-19 Apr-20

Jan-20 Jun-20

Mar-20

Feb-20

Aug-19 Sep-19 Nov-19 Dec-19 Aug-20 May-20

DART Team

Purvag Shah Managing Director [email protected] +9122 4096 9747

Amit Khurana, CFA Head of Equities [email protected] +9122 4096 9745

CONTACT DETAILS

Equity Sales Designation E-mail Direct Lines Dinesh Bajaj VP - Equity Sales [email protected] +9122 4096 9709 Kapil Yadav VP - Equity Sales [email protected] +9122 4096 9735

Yomika Agarwal VP - Equity Sales [email protected] +9122 4096 9772 Jubbin Shah VP - Derivatives Sales [email protected] +9122 4096 9779 Ashwani Kandoi AVP - Equity Sales [email protected] +9122 4096 9725 Lekha Nahar AVP - Equity Sales [email protected] +9122 4096 9740 Equity Trading Designation E-mail P. Sridhar SVP and Head of Sales Trading [email protected] +9122 4096 9728 Chandrakant Ware VP - Sales Trading [email protected] +9122 4096 9707 Shirish Thakkar VP - Head Domestic Derivatives Sales Trading [email protected] +9122 4096 9702 Kartik Mehta Asia Head Derivatives [email protected] +9122 4096 9715 Dinesh Mehta Co- Head Asia Derivatives [email protected] +9122 4096 9765 Bhavin Mehta VP - Derivatives Strategist [email protected] +9122 4096 9705

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