Capacite Infraprojects Investment Idea Apr 05, 2019vid.investmentguruindia.com/report/2019/June/HSL... · Shareholding Pattern (%) Promoters 43.79 Institutions 12.62 Non Institutions

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Capacite Infraprojects Investment Idea

Apr 05, 2019

Recommendation

Buy at CMP and Add on Dips

Add on dips to

Rs. 236-220

Target

Rs. 286-305

Time Horizon

4 -5 Quarters

Industry

Realty

CMP

Rs. 236

Incorporated in 2012, Capacit'e Infraprojects Limited (CIL) is an Engineering, Procurement and Construction (EPC)

company for Housing infrastructure segment. The Company is focused on residential, commercial and institutional

buildings. It provides end-to-end construction services for residential buildings, multi-level car parks, corporate

office buildings and buildings for commercial purposes and buildings for educational, hospitality and healthcare

purposes. Its capabilities include constructing concrete building structures as well as composite steel structures. It

also provides mechanical, electrical and plumbing and finishing works. The company has also forayed into

development of projects for the public sector.

The company's operations are geographically divided into Mumbai metropolitan region (MMR) and Pune (West

Zone), National Capital Region (NCR), Varanasi and Patna (North Zone) and Bengaluru, Chennai, Hyderabad, Kochi

and Vijayawada (South Zone).

Investment Rationale:

Fast growing building contractor with marquee client base

Robust order book provides revenue visibility for next 2-3 years

Government’s Infra Push to drive demand growth

Strong Financials and Healthy Balance Sheet

Concerns:

Developer funding drying out.

Overall health of the real estate sector.

Capex Intensive Model.

View and Valuation:

We have valued the core construction business at 15x one-year forward (a 15% discount to peer average of 18x)

FY20E EPS at Rs 273/share and NPV of BDD project at Rs 13/sh. We arrive at SOTP value of Rs 286/sh. Discount

is attributable to (1) Large share of Revenue dependence on few marquee clients operating in luxury segment &

(2) Limited listing history.

We recommend Capacite a BUY at CMP of Rs. 236 and add on dips to Rs. 220 for the sequential Price

target of Rs. 286 and Rs. 305 over next 4 to 5 Quarters.

FUNDAMENTAL ANALYST

Nisha Sankhala

[email protected]

HDFC Scrip Code CAPINF

BSE Code 540710

NSE Code CAPACITE

Bloomberg CAPACITE

CMP as on 05 Apr 19 236

Equity Capital (Rs Cr) 68

Face Value (Rs) 10

Equity O/S (Cr) 6.8

Market Cap (Rs Cr) 1600

Book Value (Rs) 110

Avg. 52 Week Vol 122958 52 Week High 273

52 Week Low 171

Red flag Price Level 190

PCG Risk Rating * Yellow

Shareholding Pattern (%)

Promoters 43.79

Institutions 12.62

Non Institutions 43.59

Red Flag Level

Rs. 190

mailto:[email protected]

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Apr 05, 2019

Financial Summary (Standalone)

Year Ending March

(Rs mn) 3QFY19 3QFY18 YoY (%) 2QFY19 QoQ (%) FY18 FY19E FY20E FY21E

Net Sales 4,494 3,665 22.6 4,431 1.4 13,356 18,019 21,216 26,836

EBITDA 618 496 24.5 645 (4.1) 2,033 2,550 3,150 3,985

APAT 239 226 5.4 230 3.9 787 1,024 1,236 1,636

Diluted EPS (Rs) 3.51 3.33 5.4 3.38 3.9 11.6 15.1 18.2 24.1

P/E (x) 14.8 20.3 15.6 13.0

EV / EBITDA (x) 6.6 5.4 4.4 3.4

RoE (%) 15.0 12.9 13.8 15.9

Source: Company, HDFC sec Research

KEY HIGHLIGHTS

Capacite is an EPC company for

Housing infrastructure segment. In

the last Seven years, has emerged

as a preferred contractor for

construction of private residential,

commercial and institutional

buildings.

Capacite’s order book amounted

stands at ~Rs 75.2bn (ex 43.6 bn

MHADA) 9MFY19 (almost entirely

under execution). Order to Sales

ratio of the company for the same

period is 4.3x, which provides

medium term revenue visibility.

Total order inflow in 9M was ~Rs

36.2 bn.

Given its strong operational

credentials, a robust balance sheet,

strong revenue visibility, tight

control on WC, we expect Capacite

to continue to demonstrate

exceptional execution and earnings

growth trajectory.

We have valued the core

construction business at 15x one-

year forward FY20E EPS at Rs

273/share and NPV of BDD project

at Rs 13/sh. We arrive at SOTP

value of Rs 286/sh.

We recommend Capacite a BUY at Rs. 236 and add on dips to Rs. 220

for the sequential Price targets of

Rs. 286 and Rs.305 over next 4 to 5

Quarters.

Investment rationale:

Fast growing building contractor with marquee client base

In the last seven years, Capacite has emerged as a preferred contractor for construction of private

residential (high-rise & super high-rise), commercial and institutional buildings.

Despite so many headwinds in the industry company has managed to grow on a strong footings.

Company’s revenue between FY14 to FY18 has seen 66% CAGR while order book has rose at 31% CAGR.

Now, the order book has stands at ~Rs 75.2bn 9M FY19 (almost entirely under execution).

Single-segment focus, presence in fast-growing regions, use of own modern system formwork and

technology prowess has aided in garnering repeat orders from large and reputed developers. Large

clients in order book include Oberoi Realty, Lodha Group, Wadhwa group, Godrej Properties, Kalpataru

Group, Brigade Developers, Brookfield Asset Management, and Saifee Burani among others. From public

sectors also company has received orders from MHADA and BSNL. Top 10 Client group contributes ~75%

of the order Book of the company.

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Apr 05, 2019

Marquee Clientele:

Robust order book provides revenue visibility for next 2-3 years

Capacite’s order book amounted stands at ~Rs 75.2bn (ex 43.6 bn MHADA) 9MFY19 (almost entirely under execution). Order to Sales ratio of

the company for the same period is 4.3, which provides medium term revenue visibility. Total order inflow in 9M FY19 were at ~Rs 36.2 bn.

Public sector wins are encouraging: Post grabbing its first govt. order from BSNL (Rs 3.4bn), CIL has added another Rs 1bn project during

3QFY19. Company is also L1 bidder for Rs 4.6bn of govt. hospital. Boasting a very healthy order book backed by marquee clientele, CIL is under

no pressure to bid aggressively for govt. projects (where it doesn’t expect NWC expansion).

MHADA Order: Capacite in consortium with Tata Projects and CITIC Construction bagged an order worth Rs 117.44 bn from the Mumbai

Housing and Area Development Authority. A special purpose vehicle is formed and in which CIL‘s share is 37.1% worth Rs 43.57 bn. Company

expects the ground work to start in MHADA by Mar-19 (currently designing is in advanced stages) with revenue flowing in from FY20E.

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Apr 05, 2019

Order Book Details (Ex MHADA):

3QFY19 Order Book: Segment Wise


Residential

77%

Commercial5%

Institutional2%

Factories

2%

Retail8%

Govt.

4%

3QFY19 Order Book: Structure Wise


Super High Rise

Buildings28%

High Rise Buildings

18%

Gated

Community36%

Other

Buildings

17%

Institutional Buildings

1%

Order Backlog (Rs. bn)


16.9322.66

28.05

42.89

56.82

75.19

FY 1

4

FY 1

5

FY 1

6

FY 1

7

FY 1

8

9M

FY1

9Book to Bill Ratio (no of years)


4.4

3.43.8

4.2 4.3

FY 1

5

FY 1

6

FY 1

7

FY 1

8

9M

FY1

9

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Apr 05, 2019

Government’s Infra Push to drive demand growth

Rising Urbanization has created shortage for housing in urban areas. Government has also realised the issue and has given various initiatives like

Pradhan Mantri Awas Yojna (Affordable housing), the Smart Cities initiative, AMRUT (urban renewal), Industry status accorded to ‘Affordable

Housing’, etc. This provides huge opportunities for real estate players. Favourable interest rates on home loans, passing of the Real Estate

Regulatory Bill, 2015 and easing of FDI norms are also expected to be other triggers.

Further, the implementation of RERA has triggered the much-needed consolidation in the sector, auguring well for organised and reputed players

like Capacite, which has a marquee client base to lead its growth and expansion. GST implementation for the sector is also a big positive.

Public sector wins are encouraging: Post grabbing its first govt. order from BSNL (Rs 3.4bn), Capacite has added another Rs 1bn project

during 3QFY19. L1 is Rs 4.6bn (govt. hospital). Company also aims to increase govt. projects’ share to ~25% eventually.

Strong Financials and Healthy Balance Sheet

Capacite’s order book amounted stands at ~Rs 75.2bn (ex 43.6 bn MHADA) 9M FY19 (almost entirely under execution). Order to Sales ratio of

the company for the same period is 4.3, which provides medium term revenue visibility. Total order inflow in 9M FY19 were at ~Rs 36.2 bn.

Going ahead also, we expect 26% CAGR in revenue and 28% CAGR in PAT over FY18-21E. Company has zero debt on net basis and also has one

of the best return ratios in the industry. RoE is expected to reach at 16% in FY21E from current 12.9% and RoCE is expected to reach at 17.6%

in FY21E from current 13.5%. NWC is Rs 81 days in 3QFY19 (55 days ex. retentions of ~Rs 1.3bn). Capacite Infra is replacing these retentions

with BGs with ~Rs 2bn of non-fund based limit (still unutilized).

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Apr 05, 2019

Valuation:

Particulars Segments Value (Rs mn)

Value per share (Rs)

Rationale

Standalone Core construction business 18564 273 At 15x FY20E EPS

Associate (Effective Share) BDD – MHADA 857 13 DCF Valuation

Total 19,421 286


Risk & Concerns:

Developer funding drying out: Capacite is systemically exposed to the financial health of the lending and the financing community which is

relied upon both by developers and property buyers.

Overall health of the real estate sector: ~77% of Capacite’s order book (ex. MHADA) is in the residential segment. It is also significantly

exposed to Super/high rises (~46% of order book) where the individual unit ticket size is higher. If there were to be any visible slowdown in sales

velocity, there is a risk of stressed projects being put on hold by the developers.

Capex Intensive Model: Capacite has invested heavily in specialized form works (eg. – self climbing technology) for catering to the super/high

rise segment. If the real estate sector underperforms, Capacite could witness low asset turnover during the period. This coupled with low operating

cash flows due to bloated WC can lead to debt increasing.

View & Valuation:

We have valued the core construction business at 15x one-year forward (a 15% discount to peer average of 18x) FY20E EPS at Rs 273/share and

NPV of BDD project at Rs 13/sh. We arrive at SOTP value of Rs 286/sh. Discount is attributable to (1) Large share of Revenue dependence on few

marquee clients operating in luxury segment & (2) Limited listing history.

Capacite has been able to mine a better order book share in existing clients and has very limited competition in the super high-rise segment with

tickets values >Rs 4bn. Capacite has been bidding conservatively for new orders as order backlog is robust.

Given its strong operational credentials, a robust balance sheet, strong revenue visibility, tight control on WC, we expect Capacite to continue to

demonstrate exceptional execution and earnings growth trajectory.

We recommend Capacite a BUY at CMP of Rs. 236 and add on dips to Rs. 220 for the sequential Price targets of Rs. 286 and Rs.305 over next 4

to 5 Quarters.

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Apr 05, 2019

Revene to grow at 26% CAGR between FY18-21E


-

5,000

10,000

15,000

20,000

25,000

30,000

FY17 FY18 FY19E FY20E FY21E

EBITDA and EBITDA Margin


13.0

13.5

14.0

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500


EBIDTA Margin (%)

Return Ratios


29.5

1512.9 13.8

15.9

23

14.1 13.515

17.6

0

5

10

15

20

25

30

35


RoE RoCE

Profitability Trend


13

18

23

28

33

38

43

48

0

200

400

600

800

1000

1200

1400

1600

1800


PAT Growth (%)

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Apr 05, 2019

Balance Sheet (Standalone) Year ending March (Rs mn) FY17 FY18 FY19E FY20E FY21E

SOURCES OF FUNDS

Share Capital 436 679 679 679 679

Reserves 2,552 6,816 7,747 8,864 10,355

Total Shareholders’ Funds 2,988 7,495 8,426 9,543 11,034

Minority Interest - - - - -

Long Term Debt 670 480 450 350 300

Short Term Debt 1,282 1,908 845 445 345

Total Debt 1,952 2,388 1,295 795 645

Other Non Current Liabilities 1,099 1,035 1,139 1,252 1,378

Deferred Taxes 258 404 409 409 409

TOTAL SOURCES OF FUNDS 6,297 11,322 11,269 11,999 13,465

APPLICATION OF FUNDS

Net Block 3,255 4,099 4,589 5,033 5,434

CWIP 67 1 - - -

Investments 273 424 424 767 674

Other Non Current Assets 478 1,139 1,143 1,138 1,167

Total Non-current Assets 4,073 5,663 6,156 6,939 7,275

Inventories 1,704 2,156 2,962 3,488 4,411

Debtors 3,578 4,147 5,430 6,103 7,720

Cash & bank balances 497 3,237 1,657 1,281 1,411

Other Current Assets 928 2,132 3,209 3,778 4,779

Total Current Assets 6,707 11,672 13,258 14,650 18,321

Creditors 3,097 4,468 5,924 6,975 8,823

Other Current Liabilities & Provns 1,387 1,545 2,222 2,616 3,309

Total Current Liabilities 4,484 6,013 8,146 9,591 12,131

Net Current Assets 2,223 5,660 5,113 5,060 6,190

Misc Expenses & Others - - - - -

TOTAL APPLICATION OF FUNDS 6,297 11,322 11,269 11,999 13,465


Income Statement (Standalone) Year ending March (Rs mn) FY17 FY18 FY19E FY20E FY21E

Net Revenues 11,251 13,356 18,019 21,216 26,836

Growth (%) 39.9 18.7 34.9 17.7 26.5

Material Expenses 7,955 9,663 13,235 15,562 19,684

Employee Expenses 867 1,166 1,514 1,761 2,227

Other Operating Expenses 458 494 721 743 939

EBIDTA 1,971 2,033 2,550 3,150 3,985

EBIDTA (%) 17.5 15.2 14.2 14.8 14.8

EBIDTA Growth (%) 88.6 3.1 25.4 23.6 26.5

Depreciation 651 672 870 1,141 1,304

EBIT 1,320 1,361 1,680 2,009 2,681

Other Income (Incl. EO Items) 151 244 358 308 298

Interest 417 398 464 416 462

PBT 1,054 1,207 1,575 1,902 2,516

Tax 362 420 551 666 881

RPAT 692 787 1,024 1,236 1,636

APAT 692 787 1,024 1,236 1,636

APAT Growth (%) 45.1 13.7 30.1 20.8 32.3

EPS 15.9 11.6 15.1 18.2 24.1

EPS Growth (%) (74.1) (27.0) 30.1 20.8 32.3


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Apr 05, 2019

Cash Flow (Standalone) Year ending March FY17 FY18 FY19E FY20E FY21E

PBT 1,054 1,207 1,575 1,902 2,516

Non-operating & EO items (59) (208) (358) (308) (298)

Interest expenses 417 398 464 416 462

Depreciation 651 672 870 1,141 1,304

Working Capital Change (609) (917) (929) (204) (904)

Tax paid (239) (241) (551) (666) (881)

OPERATING CASH FLOW ( a ) 1,215 911 1,069 2,280 2,200

Capex (1,075) (1,368) (1,359) (1,585) (1,704)

Free cash flow (FCF) 140 (457) (289) 695 496

Investments (18) (301) - -344 93

Non operating income 38 183 358 308 298

INVESTING CASH FLOW ( b ) (1,056) (1,486) (1,000) (1,621) (1,313)

Share capital Issuance 595 3,744 - - -

Dividend payment - (31) (92) (120) (145)

Debt Issuance (236) (14) (1,093) (500) (150)

Interest expenses (382) (384) (464) (416) (462)

FINANCING CASH FLOW ( c ) (23) 3,315 (1,649) (1,035) (757)

NET CASH FLOW (a+b+c) 136 2,740 (1,580) (376) 130

Opening Cash & Equivalents 361 497 3,237 1,657 1,281

Closing Cash & Equivalents 497 3,237 1,657 1,281 1,411


Key Ratios (Standalone) Year ending March FY17 FY18 FY19E FY20E FY21E

PROFITABILITY (%)

GPM 29.3 27.7 26.6 26.6 26.6

EBITDA Margin 17.5 15.2 14.2 14.8 14.8

EBIT Margin 11.7 10.2 9.3 9.5 10.0

APAT Margin 6.2 5.9 5.7 5.8 6.1

RoE 29.5 15.0 12.9 13.8 15.9

Core RoCE 23.5 16.1 14.9 15.6 18.6

RoCE 23.0 14.1 13.5 15.0 17.6

EFFICIENCY

Tax Rate (%) 34.3 34.8 35.0 35.0 35.0

Asset Turnover (x) 2.9 2.6 3.0 3.2 3.6

Inventory (days) 55 59 60 60 60

Debtors (days) 116 113 110 105 105

Payables (days) 100 122 120 120 120

Cash Conversion (days) 71 50 50 45 45

Net Working Capital Cycle (Days) 56 66 70 65 65

Debt/EBITDA (x) 1.0 1.2 0.5 0.3 0.2

Net D/E 0.5 (0.1) (0.0) (0.1) (0.1)

Interest Coverage 3.2 3.4 3.6 4.8 5.8

PER SHARE DATA

EPS (Rs/sh) 15.9 11.6 15.1 18.2 24.1

CEPS (Rs/sh) 30.8 21.5 27.9 35.0 43.3

DPS (Rs/sh) - 0.5 1.4 1.8 2.1

BV (Rs/sh) 69 110 124 141 163

VALUATION

P/E 14.8 20.3 15.6 13.0 9.8

P/BV 3.4 2.1 1.9 1.7 1.4

EV/EBITDA 5.4 6.6 5.4 4.4 3.4

OCF/EV (%) 11.4 6.8 7.7 16.6 16.3

Dividend Yield (%) 0.0 0.2 0.6 0.8 0.9


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Apr 05, 2019

Rating Chart

R E T U R N

HIGH

MEDIUM

LOW

LOW MEDIUM HIGH

RISK

Ratings Explanation:

RATING Risk - Return BEAR CASE BASE CASE BULL CASE

BLUE LOW RISK - LOW RETURN STOCKS

IF RISKS MANIFEST PRICE CAN FALL 20%

OR MORE

IF RISKS MANIFEST PRICE CAN FALL 15% &

IF INVESTMENT RATIONALE FRUCTFIES PRICE CAN RISE BY 15%

IF INVESTMENT RATIONALE FRUCTFIES

PRICE CAN RISE BY 20% OR MORE

YELLOW MEDIUM RISK - HIGH RETURN STOCKS


OR MORE





RED HIGH RISK - HIGH RETURN STOCKS


OR MORE





# Explanation of Red Flag Price Level: If the stock price sustains below red-flag, the premise of investment needs to be reviewed. Risk-averse investors should exit the stock and preserve capital. The downside of following the red-flag level is that if the price decline turns out to be temporary and recovers

subsequently, you won’t be able to participate in the gains.

11 | P a g e


Apr 05, 2019

Source: BSE, HDFC sec Research

180

190

200

210

220

230

240

250

260

Close Price

Rating Definition:

Buy: Stock is expected to gain by 10% or more in the next 1 Year. Sell: Stock is expected to decline by 10% or more in the next 1 Year.

12 | P a g e


Apr 05, 2019

Disclosure: I, Nisha Sankhala, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Research Analyst or her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or her relative or HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. Any holding in stock –NO HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475. Disclaimer: This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon 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. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HSL or its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published for any purposes without prior written approval of HSL. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HSL may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments. HSL and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. HSL and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.

HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from t date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HSL nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Compliance Officer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600 HDFC Securities Limited, SEBI Reg. No.: NSE-INB/F/E 231109431, BSE-INB/F 011109437, AMFI Reg. No. ARN: 13549, PFRDA Reg. No. POP: 04102015, IRDA Corporate Agent License No.: HDF 2806925/HDF C000222657, SEBI Research Analyst Reg. No.: INH000002475, CIN - U67120MH2000PLC152193 Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

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Capacite Infraprojects Investment Idea Apr 05, 2019vid.investmentguruindia.com/report/2019/June/HSL... · Shareholding Pattern (%) Promoters 43.79 Institutions 12.62 Non Institutions