Dhanuka Agritech Ltd STOCK IDEA Rating: …...Dhanuka Agritech LtdDHANUKA AGRITECH LTD. Dhanuka Agritech Ltd STOCK IDEA Agrochemicals Rating: Accumulate Date August 30, 2016 CMP (Rs.)

DHANUKA AGRITECH LTD. Dhanuka Agritech Ltd

Dhanuka Agritech Ltd STOCK IDEA

Agrochemicals Rating: Accumulate

Date August 30, 2016 CMP (Rs.) 750 Target (Rs.) 823 Potential Upside 10% BSE Sensex 28343 NSE Nifty 8744

Scrip Code Bloomberg DAGRI IN Reuters DHNP.BO BSE Group B BSE Code 507717 NSE Symbol DHANUKA Market Data Market Cap.(Rs. Cr) 3806 Equity Sh. Cap. (Rs) Cr)

10.0 52 Wk High/Low (Rs.)

750/408 Avg. Quarterly Volume

30931 Face Value (Rs.) 2 Shareholding Pattern (%)

Comparative Price Chart

Arun Gopalan

VP – Research & Investments [email protected]

Dhanuka Agritech Ltd. (DAL) is the second largest agrochemical formulations player in

crop protection industry in India, with a nationwide network of more than 8,800 dealers

and 80,000 retailers. DAL has a 100% domestic sales strategy and with its focus on

marketing and distribution, caters to over 10 million consumers across India. DAL’s three

manufacturing facilities located in Udhampur (J&K), Sanand (Guj.), Gurgaon (Har.), along

with the new facility at Keshwana (Raj.), provide it with a strong product portfolio of over

80 brands. Manufacturing only upto the formulation stage helps DAL maintain an asset

light model. Partnering with global innovators, DAL expects to launch 2 new exclusive

products every year for the next 2-3 years and has so far remained on target in achieving

this. DAL has a robust debt free Balance Sheet despite two years of poor monsoons. With

the monsoons appearing to be normal in the current season, we believe FY17 and FY18

should be good for DAL. With the bad patch in topline behind it, the company expects to

grow its sales at a CAGR of over 20%. All the attributes, both internal and external, being

favourable, we believe DAL is poised for strong growth over the next 1-2 years.

Innovation and new product launches hold the key to growth : The objective of identifying new crop protection solutions for Indian farmers, for marketing new agrochemicals and for registering new products led DAL to look for novel ideas in India and overseas. Innovation has been DAL’s key strength with its technical collaborations with global MNC giants such as Dow Agro Sciences, Dupont, Sumitomo Corporation, Mitsui Chemicals, among others. Partnership-driven revenues accounted for almost 43% of DAL’s total revenue in FY16. In FY16, DAL launched 5 new products – Cover 9(4), Dhanvarsha, Dozo 9(4), Thiram 9(4) and Goldy 9(4). In FY17, in the first quarter, the company has already launched 4 new products –Maxx-Soy (a herbicide) and 3 fungicides – Conika, Fujita and Hi-Dice Super. DAL has also guided to launch one more 9(3) and two 9(4) products in FY17.

Unique asset light model helps maintain margins at a high : DAL is present only in the formulation business segment, thus managing to remain very asset light. It is not present in the capital intensive Active Ingredients (AI) space. This allows the company to maintain a high Asset Turnover Ratio (ATR). With an increase from 1.6 and 1.8 in FY18E, we expect DAL’s ATR to surpass P.I. Industries (1.7), and maintain a higher efficiency over its other competitors, Rallis (1.6) and UPL (1.1). This attracts MNCs such as the ones mentioned earlier to partner with the company for technical tie-ups for their products.

Leveraging their marketing and distribution strength, to gain market share : DAL lays claim to having the second largest and one of the strongest distribution networks across India. With 1,250 employees, over 8,800 dealers and more than 80,000 retailers, the company has acquired the loyalty of over 10 million farmers spread across 85% of India’s districts. Under the “Dhanuka Kheti Ki Nai Takneek (DKKNT) initiative, DAL’s team of 1500 Dhanuka Doctors is imparting knowledge of new technology across approximately 30,000 villages across India. To further enhance its already strong presence of 4 Zonal Warehouses and 46 warehouses in various states, DAL plans to increase its network by over 25% by the year 2019.

Capacity expansion completed and still turns into a zero debt company : DAL has doubled the capacity of its Udhampur plant from the earlier 5900 MT to 11800 MT. The Keshwana facility in Rajasthan, with a massive capacity of 10,000 KL of liquid and 4000 MT of powder has been commissioned in 4QFY16 and commercial production commenced in March 2016 operating at just 10% of capacity, but is expected to become fully operational by 4QFY17.

Valuation & Outlook: With a strong debt free Balance Sheet, together with Sales and PAT growth expectations at 21% and 26% respectively during FY16E-18E, we estimate ROE and ROCE to grow to 25.0% and 33.7% respectively. Strong growth in high margin products along with increasing utilization of the additional capacities, we value the stock at 25 x FY18E EPS and recommend ACCUMULATE at current levels with a target of Rs.823, an upside of 10% for FY17.

Year Net Sales EBITDA EBITDAM Adj. PAT

Adj. PATM

Adj. EPS BVPS P/E P/BV ROCE

(Rs. Cr) (Rs. Cr) (%) (Rs. Cr) (%) (Rs.) (Rs.) (x) (x) (%)

FY15 785.1 137.8 17.6 106.0 13.5 21.2 82.4 35.4 9.1 32.0

FY16 828.8 152.3 18.4 104.4 12.6 20.9 96.1 35.9 7.8 30.5

FY17E 1000.3 185.1 18.5 126.4 12.6 25.3 111.6 27.8 6.7 31.9

FY18E 1223.0 229.9 18.8 164.7 13.5 32.9 131.9 22.4 5.7 33.7

FII 0.0% DII

9.7%

Promoters 75.0%

Public & Others 15.3%

50

70

90

110

130

150

170

Aug-15 Nov-15 Feb-16 May-16

Dhanuka Sensex


Net Revenue & Growth ROE % & ROCE %

EBITDA & Growth EBITDA Margin %

APAT & Growth APAT Margin %

Source : Company, Systematix Research

25.7%

21.7% 22.6%

25.0%

32.0% 30.5%

31.9%

33.7%

18%

20%

22%

24%

26%

28%

30%

32%

34%

36%

FY15 FY16 FY17E FY18E

ROE (%) ROCE (%)

17.0%

17.6%

18.4% 18.5%

18.8%

16%

17%

17%

18%

18%

19%

19%

FY14 FY15 FY16 FY17E FY18E

EBITDA Margin (%)

92

10

6

10

4

12

6 16

5

15.3%

-1.6%

21.1%

30.3%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

0

20

40

60

80

100

120

140

160

180


APAT (Rs.cr.) Growth (%)

12.4%

13.5%

12.6% 12.6%

13.4%

12%

12%

12%

12%

13%

13%

13%

13%

13%

14%


APAT Margin (%)

6.6% CAGR

25.6% CAGR

73

8

78

5

82

9

98

4

1,2

03

6.3% 5.6%

18.7%

22.3%

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1000

1200

1400


Net Revenue (Rs.cr.) Growth (%)

5.9% CAGR

20.5% CAGR

12

5

13

8

15

2

18

2

22

6

10.0% 10.5%

19.5%

24.2%

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250


EBITDA (Rs.cr.) Growth (%)

10.2% CAGR

21.8% CAGR


The second largest player in the country in the agrochemical formulations business, in the Insecticides, Herbicides and Fungicides space Improvement in margins due to shift in product mix from Insecticides to Herbicides and from Generic products to Speciality product Udhampur capacity doubled, Keshwana plant commissioned. But with capex being met out of internal accruals, DAL stays debt-free despite massive capacity expansion.

COMPANY BACKGROUND

Having been started in 1960 under the banner of Northern Minerals Pvt.Ltd, in Haryana by Shri Mahendra

Kumar Dhanuka and Shri Ram Gopal Agarwal, Dhanuka Agritech Ltd. (DAL) is one of the largest

agrochemicals player in India, in the league of Bayer Cropscience, Rallis India, PI Industries and UPL. It

is the only pure-play agrochemicals formulations company and the second largest in India in the

formulations business. Manufacturing a wide spectrum of agrochemicals in the herbicides, insecticides,

fungicides and plant growth regulators space, DAL is 100% focused in the domestic agromechicals

market.

Product Mix and Profile :

Herbicides constitute the highest proportion of DAL’s product portfolio at 55.1%, Insecticides 28.3%,

Fungicides 10.1% while other products including plant growth regulators comprise 5.8% of the product

portfolio. The product mix has significantly shifted from insecticides (43% in 2014) towards the herbicides

(55% in FY16), which yields a higher margin. The steady increase in the share of Specialty products have

also helped in boosting margins.

Source : Company

Manufacturing facilities:

DAL has four state-of-the-art manufacturing facilities at Gurgaon (Har.), Udhampur (J&K), Sanand (Guj.)

and a new plant at Keshwana (Raj.).

First production facility in Gurgaon has a land area of around 28,700 square metres. It is equipped

with latest specialised equipment for manufacturing various formulations, including Liquids and

powder. DAL’s Laboratory NABL accredited (Indian GLP) lab engaged in New Formulation

Development and Soil and Water Testing.

The second facility in Sanand is the second largest capacity for manufacturing granules in India, with

a land area of 62,700 square metres and is the largest dedicated granules formulation facility.

The facility at Udhampur is a state of-the-art production line, with 12 filling lines dedicated to liquids

like EC, SC & SL, having two separate lines for powder formulations. The Udhampur Unit is a zero

water discharge facility. DAL has increased the capacity at the Udha,pur plant from 5,900 MT to

11,800 MT. As excise benefits come to end this year in the Udhampur plant, with this increase in

capacity, DAL has been able to get refund benefits upto 2027.

The fourth plant has been commissioned at Keshwana in Rajasthan in March, 2016, which will have

one of the largest liquid formulation facilities in India of 10,000 KL at its full capacity. The production

has already started from March, 2016 and expected be fully operational in next 3 quarters. The plant

has been built at a capital cost of Rs.50 cr. The management feels that this capacity is enough to

meet demand upto the next 4 years.

Plant Liquid (KL) Granules (MT) Powder (MT)

Gurgaon 4,500 - 3,000

Udhampur 5,900 - 5,900

Sanand 4,000 24,000 1,000

Keshwana * 10,000 - 6,000

* Currently running at 10% capacity

Herbicides 55.1%

Insecticides 28.3%

Fungicides 10.1%

Others 5.8%

ProductsShare of

Revenue

Herbicides 55.1%

Insecticides 28.3%

Fungicides 10.1%

Others 5.8%

ProductsShare of

Revenue

Speciality 80.0%

Generic 20.0%


8,800 direct dealers, 80,000 retailers, 1,500 Dhanuka Doctors, 1,250 employees, 4 Zonal Warehouses, 46 warehouses, 30 offices, leading to one result - 10 million plus customers Innovations, new product launches in the 9(3) and 9(4) categories along with DAL’s asset light model ensures margins stay at higher levels

As agricultural resources assume critical stature, crop protection is becoming increasingly important on the national agenda

Domestic reach – strong Marketing and Distribution Network :

Dhanuka Agritech has a foot print that spans districts across all major states and regions of the country.

With a network of more than 8,800 direct dealers and over 80,000 retailers, DAL has earned the loyalty of

more than 10 million farmers across the country. Each member of DAL’s team of 1,500 Dhanuka Doctors

meets with farmers in 12-18 villages every week. With 30 offices, 4 Zonal Warehouses and 46

warehouses in various states, DAL sees direct dealers increasing beyond 10,000 by FY18.

Innovations, new products and a diverse portfolio hold the key to growth :

DAL focuses on registering and launching new and innovative products in the Crop Protection domain

through its numerous technical tie-ups with global giants such as Dow Agro Sciences, Dupont, Sumitomo

Corporation, Mitsui Chemicals, among others. Partnership-driven revenues accounted for almost 43% of

DAL’s total revenue in FY16. In FY16, DAL launched 5 new products – Cover 9(4), Dhanvarsha, Dozo

9(4), Thiram 9(4) and Goldy 9(4). In FY17, in the first quarter, the company has already launched 4 new

products –Maxx-Soy (a herbicide) and 3 fungicides – Conika, Fujita and Hi-Dice Super. DAL has also

guided to launch one more 9(3) and two 9(4) products in FY17.

Products launched under Sec. 9(3) of the Insecticides Act, 1986 are commonly known as 9(3) products.

First time applicants are eligible to file for data exclusivity for a period of 3 - 5 years. Second and

subsequent applicants need file for exclusivity under Sec. 9(4). Exclusivity u/s 9(4) will be granted only

after the expiry of the 9(3) exclusivity of the first applicant. Therefore, 9(3) products enjoy a significantly

higher margin than the 9(4) products.

New product launches in 1QFY17 :

Section Name Collaborator Co. Type Crop

9(3) MAXX-SOY Nissan Chemicals Herbicide Soya Bean

9(3) CONIKA Hokko Chemicals Fungicide Horticulture

9(4) Fujita Fungicide Horticulture

9(4) Hi Dice Super Fungicide Cotton / Horticulture

Source : Company

THE INDIAN CROP PROTECTION MARKET :

A UN study shows that by 2022, India will surpass China to become the most populous country in the

world. For the following reasons there is a clear case why the Agrochemical Industry in India is on the

ascendant. India loses 15-25% of its annual agricultural output to weeds, pests and diseases. India

consumes just 0.6 kg/ha of pesticides as against 5-7 kg/ha in the UK and 13 kg/ha in China. The Indian

Crop Protection Market is expected to grow at 7.5% pa.

Source : FICCI

North 34.2%

South 17.5%

West 38.6%

East 9.8%

Type % of Mkt

Insecticides 60%

Fungicides 18%

Herbicides 16%

Biopesticides 3%

Others 3%

ZoneShare of

Revenue

North 34.2%

South 17.5%

West 38.6%

East 9.8%

Insecticides 60%

Fungicides 18%

Herbicides 16%

Biopesticides 3%

Others 3%

Source : Company


DAL’s Promoters have long experience in the Agrochemicals industry

DAL’s fortunes are significantly correlated with the Monsoons

MANAGEMENT PERSONNEL :

Name & Designation Brief profile

Sh. Ram Gopal Agarwal

Chairman

Sh. R.G. Agarwal started pesticides business more than 40 years ago. A philanthropist; a man of vision, he mentors and provides strategic leadership, also served for two terms as Chairman of the Crop Care Federation of India (CCFI).

Sh. Mahendra Kumar Dhanuka

Managing Director

Sh. M.K.Dhanuka co-founded the Company; has 40 years of experience; He is a President of HPMA (Haryana Pesticide Manufacturers Association) for over a decade. He oversees the overall operations of the Company.

Sh. V.K. Bansal

President

Mr. V. K. Bansal is a Chartered Accountant and has put in more than 23 years in the organization. Company has grown under his leadership and tireless efforts. He heads HR, Personnel, Administration, IT, Finance, Secretarial and Accounts departments.

Source: Company

KEY RISKS :

Adverse weather conditions : Unfavourable weather conditions can lead to low demand for

agri-inputs including Crop Protection Products. Delays in monsoons or excessive flooding could result in delays in receivables, affecting working capital.

Dependence on overseas companies for technical sourcing : Disruptions of inputs due to

economic or political factors could adversely affect the continuity of product development, impacting earnings.

Currency fluctuations : A significant portion of DAL’s raw material are imported and therefore

any adverse fluctuation of currency rates could negatively impact the company’s earnings.

Regulatory environment : The agrochemicals industry is a highly regulated industry. New

products have to undergo strict field trials and registering is mandatory before launching. Adverse changes to the regulations may negatively impact DAL’s earnings.

Mutual Fund Holdings

AMC MV (Jul 2016) Rs.cr.

MV (Jun 2016) Rs.cr.

Mkt Value Change Rs.cr.

Shares in Jul-2016 Shares in Jun-2016

HDFC MF 198.7 196.9 1.8 2992571 2992571

Birla SL MF 23.2 23.0 0.2 350000 350000

IDFC MF 8.5 8.4 0.1 128195 128195

Tata MF 5.4 5.4 0.1 82000 82000

JP Morgan MF 5.4 5.3 0.0 80779 80779

Source : NAV India

Peer Comparisons

FY16 CMP (Rs.)

M.Cap (Rs.cr.)

Net Sales

(Rs.cr.)

EBITDA Margin

(%)

APAT Margin

(%)

Adj. EPS (Rs.)

P/E P/BV ROCE (%)

Asset Turnover

Ratio (ATR)

Dhanuka Agritech 756.0 3464.4 828.8 18.4 12.6 20.9 35.1 7.6 30.5 1.6

PI Industries 805.0 10946.2 2285.5 20.6 13.9 23.1 34.9 9.4 35.6 1.7

Rallis India 227.5 4408.6 1627.9 15.1 8.9 7.4 30.7 4.9 22.4 1.6

UPL 638.7 27300.0 13301.5 20.7 10.1 31.4 20.3 4.0 33.1 1.1

Bayer Cropscience 4002.9 14072.5 3742.9 13.2 8.0 85.0 47.1 8.1 26.8 2.1

Source : Systematix Research


FINANCIAL PERFORMANCE

Income Statement (Rs.cr.) Balance Sheet (Rs.cr.)

FY15 FY16 FY17E FY18E FY15 FY16 FY17E FY18E

Net Sales 785.07 828.79 1000.30 1223.02 SOURCES OF FUNDS :

Raw Materials 412.94 453.4 542.16 661.65 Share Capital 2.71 10.00 10.00 10.00

Power & Fuel Cost 2.16 2.18 3.00 3.67 Reserves Total 402.28 470.44 548.44 649.61

Employee Cost 64.76 82.44 99.03 121.08 Equity Appln. Money 7.30 0.00 0.00 0.00

Other Mfg. Expenses 66.02 68.17 79.02 96.62 Total Shareholders Funds 412.29 480.44 558.44 659.61

Selling and Admin. Exp. 84.48 88.61 105.03 125.97 Minority Interest 0.00 0.00 0.00 0.00

Miscellaneous Exp. 0.31 1.46 2.00 2.45 Secured Loans 15.80 7.69 0.00 0.00

Other Income 6.13 12.52 15.00 18.35 Unsecured Loans 0.31 0.00 0.00 0.00

EBITDA 137.84 152.34 185.05 229.93 Total Debt 16.11 7.69 0.00 0.00

Interest 2.60 1.10 0.00 0.00 Other Liabilities 17.38 24.16 27.36 32.98

Depreciation 5.86 5.91 7.00 7.40 Total Sources of Funds 445.78 512.29 585.81 692.60

Profit Before Tax 129.38 145.33 178.06 222.53

Tax 23.40 33.14 51.64 57.86 APPLICATION OF FUNDS :

Deferred Tax -0.1 4.88 0.00 0.00 Net Block 70.16 133.34 136.34 138.94

Net Profit 106.08 107.31 126.42 164.67 Capital Work in Progress 38.49 0.05 0.00 2.00

Extraordinary Items 0.07 2.95 0.00 0.00 Investments 46.95 92.14 107.14 107.14

Adjusted Net Profit 106.01 104.36 126.42 164.67 Inventories 191.66 172.56 200.91 222.05

Total O/S Shares (Cr.) 5.00 5.00 5.00 5.00 Sundry Debtors 193.86 185.76 196.43 228.70

Adjusted EPS 21.19 20.86 25.27 32.92 Cash and Bank 3.87 2.18 23.76 101.76

Loans and Advances 18.11 40.73 40.73 40.73

Margins and Ratios Total Current Assets 407.50 401.23 461.83 593.25

FY15 FY16 FY17E FY18E Current Liabilities 114.02 131.74 149.38 176.61

Margins (%) Provisions 30.76 4.32 0.00 0.00

Op. Profit Margin 47.1 45.0 45.5 45.6 Total Current Liabilities 144.78 136.06 149.38 176.61

EBITDA Margin 17.6 18.4 18.5 18.8 Net Current Assets 262.72 265.17 312.45 416.63

APAT Margin 13.5 12.6 12.6 13.5 Deferred Tax Assets 0.00 0.35 0.00 0.00

Efficeiency Ratios (%) Deferred Tax Liability 3.42 8.65 0.00 0.00

ROE 25.7 21.7 22.6 25.0 Net Deferred Tax (3.42) (8.30) 0.00 0.00

ROCE 32.0 30.5 31.9 33.7 Other Assets 30.88 29.88 29.88 29.88

Asset Turnover Ratio 1.8 1.6 1.7 1.8 Total Assets 445.77 512.29 585.81 692.60

Per Share Data (Rs.)

EPS 21.19 20.86 27.01 33.54 Assumptions

BVPS 82.43 96.05 111.65 131.87 FY15 FY16 FY17E FY18E

DPS 4.50 6.50 5.00 5.00 Gross Sales Growth (%) 4.6 4.7 20.0 22.0

Valuation Ratios Net Sales Growth (%) 6.3 5.6 20.7 22.3

P/E 34.6 35.1 27.1 21.9 Tax Rate 18.1 22.8 29.0 26.0

P/BV 8.9 7.6 6.6 5.6 Capex (Rs.cr.) 0.0 45.0 10.0 10.0 Source : Company, Systematix Research

DISCLOSURES/ APPENDIX

I. ANALYST CERTIFICATION I, Arun Gopalan, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this research report, (2) No part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research report by Systematix Shares & Stocks (I) Limited or its Group/associates companies. (3) has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Disclosure of Interest Statement Response

Analyst holding in the stock No

Served as an officer, director or employee No

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the month immediately preceding the distribution of the research report. 3. The Research Analyst, his associate, his relative and SSSIL do 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 for 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 in the previous twelve months, a private or public offering of securities for the company (ies) covered in this report. 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 the research report. 7. The Research Analyst has not served as an Officer, Director or employee of the company (ies) covered in the Research report. 8. The Research Analyst and SSSIL has not been engaged in market making activity for the company(ies) covered in the Research report. 9. Details SSSIL, Research Analyst and its associates pertaining to the companies covered in the Research report:

Sr. No.

Particulars Yes / No.

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No

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SSSIL and its affiliates, officers, directors, and employees subject to the information given in the disclosures may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation (financial interest) or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential material conflict of interest with respect to any recommendation and related information and opinions. The views expressed are those of the analyst and the Company may or may not subscribe to the views expressed therein.

SSSIL, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim al l warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall SSSIL, any of its affiliates or any third 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 shall 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 the 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.

Neither SSSIL, nor any of its other group companies or associates, shall 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. Systematix Shares & Stocks (I) Ltd. CIN: U65993TN1995PLC031285 : SEBI Regn. No.: BSE: INB/F011132736 Member Code: 182 | NSE: INB/F/E231132730 Member Code : 11327 | MCX-SX: INB/F261132733 Member Code: 17560 | PMS SEBI Reg No. : INP000002692 | Depository Participant: IN-DP-CDSL-246-2004 | AMFI: ARN No. 64917 Corporate Office Address: A 603-606 , The Capital, BKC, Bandra (E), Mumbai, India - 400051

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Dhanuka Agritech Ltd STOCK IDEA Rating: …...Dhanuka Agritech LtdDHANUKA AGRITECH LTD. Dhanuka Agritech Ltd STOCK IDEA Agrochemicals Rating: Accumulate Date August 30, 2016 CMP (Rs.)