Sandur Manganese & Iron Ores Limited has informed the Exchange about Investor Presentation
(An ISO 9001:2015; ISO 14001:2015 and 45001:2018 certified company) CIN: L85110KA1954PLC000759; Website: www.sandurgroup.com
REGISTERED OFFICE ‘SATYALAYA’, No.266 Ward No.1, Palace Road Sandur – 583 119, Ballari District Karnataka, India Tel: +91 8395 260301/ 283173-199 Fax: +91 8395 260473
SMIORE/SEC/2023-24/62
BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code: 504918
Dear Sir/Madam,
CORPORATE OFFICE ‘SANDUR HOUSE’, No.9 Bellary Road, Sadashivanagar Bengaluru – 560 080 Karnataka, India Tel: +91 80 4152 0176 - 79 / 4547 3000 Fax: +91 80 4152 0182
8 November 2023
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra-Kurla Complex Mumbai – 400 051 Symbol: SANDUMA
Sub: Investor Presentation for quarter and half year ended 30 September 2023
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Investor Presentation for quarter and half year ended 30 September 2023.
The Exchanges are requested to take the same on record.
Thanking you.
For The Sandur Manganese & Iron Ores Limited
Bijan Kumar Dash Company Secretary & Chief Compliance Officer Membership No. A17222
Encl: A/a
MINES OFFICE: Deogiri - 583112, Sandur Taluk, Ballari District Tel: +91 8395 271025 / 28 / 29 / 40; Fax: +91 8395 271066 PLANT OFFICE: Metal & Ferroalloy Plant, Vyasankere, Mariyammanahalli – 583 222, Hosapete Taluk, Vijayanagara District Tel: +91 8394 244450 / 244335
THE SANDUR MANGANESE & IRON ORES LIMITED
Q2FY24 Towards an Integrated and Sustainable Future
E a r n i ng s P r e s e n t a t i o n N O V E M B E R 2 0 2 3
ABO UT SAN D UR
SANDUR at a Glance
6+ decades
As one of the most respected private sector merchant miners of manganese and iron ores
VAST MINING RESERVES WITH LEASES UP TO 2033
17 MT
Manganese Ore
110 MT
Iron Ore
3rd Largest
Manganese ore miner in India
A / Stable CRISIL & ICRA RATED Robust credit rating
*As on 30 September 2023
CAPACITIES
2,463* SANDUR family members
0.28 MTPA Manganese Ore
1.60 MTPA Iron Ore
0.50 MTPA Coke
32 MW WHRB-based Power
42.9 MW Solar-Wind Renewable Energy
95,000/ 1,25,000 TPA Ferroalloys (SiMn/ FeMn)
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ABO UT SAN D UR
Operational Units
S A N D U R
Bengaluru Corporate Office
Mining Leases (Deogiri, Kammathuru, Subbarayanahalli and Ramghad)
Ferroalloy Plant, Power Plant, Coke Oven Plant (Vyasankere)
Ballari and Vijayanagara Districts, Karnataka
Yeshwant Nagar
Ramghad
SANDUR Registered Office
1904 7,511 HA Original Lease
1974 4,715 HA First Renewal
1973 Area Surrendered: ~2,800 HA
1994 3,215 HA Second Renewal
1993 Area Surrendered: 1,500 HA
Deogiri
Map not to scale
2014 1,999 HA Third Renewal
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Transforming Business Canvas
E R O F E B D N A 0 2 Y F
1 2 Y F
2 2 Y F
MINING
FERROALLOYS
POWER
COKE AND ENERGY
TRAITS
0.28 MTPA Manganese Ore
REVENUE CONTRIBUTION FY18-20 (%)
PBT CONTRIBUTION FY18-20 (%)
1.60 MTPA Iron Ore
32,000 TPA Ferroalloys
0.28 MTPA Manganese Ore
32 MW Thermal Power Plant
1.60 MTPA Iron Ore
48,000/ 66,000 TPA Ferroalloys (Si/Mn)
0.28 MTPA Manganese Ore
1.60 MTPA Iron Ore
95,000/ 1,25,000 TPA Ferroalloys (Si/Mn)
32 MW WHRB Based Energy
32 MW WHRB Based Energy
0.40 MTPA Coke
0.50 MTPA Coke
Asset light, cash generating mining operations coupled with marginally-profitable power-intensive ferroalloys operations
Asset light, cash generating mining operations coupled with self sustainable and profitable ferroalloys operations supported by Coke + WHRB based power generation
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2
REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
REVENUE CONTRIBUTION (%) PBT CONTRIBUTION (%)
Mining
Ferroalloys
Coke and Energy
Others
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Transforming Business Canvas (Going Forward)
MINING
FERROALLOYS
POWER
COKE AND ENERGY
REVENUE CONTRIBUTION (%)
PBT CONTRIBUTION (%)
0.28 MTPA Manganese Ore
0.50 MTPA Coke
3 2 Y F
N O I S N A P X E
S T I A R T
1.60 MTPA Iron Ore
95,000/ 1,25,000 TPA Ferroalloys (Si/Mn)*
32 MW WHRB Based Energy
SANDUR has set up a hybrid renewable energy plant (42.9 MW) in a SPV to cater the growing energy needs of its Ferroalloys operations.
•
Self-sustainable & profitable ferroalloys operations
0.58 MTPA Manganese Ore
4.50 MTPA Iron Ore
7.00 MTPA Beneficiation Unit
•
•
Asset-light and high ROCE
Cost-efficient operations resulting in high OPM and significant operating- leverage
• Generating consistent
Cash Flows
Further expansion of mining operations planned
32 MW WHRB Based Energy
0.50 MTPA Coke
•
Long-term vision of growth
• Mitigates sustainability concerns as a pure-play
merchant miner
•
Forward integration into value-added end-products
*Note: Existing capacities are used primarily to produce SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn. However, the Company plans to add new products, hence actual capacities may differ as per the product-mix.
Mining
Ferroalloys
Coke and Energy
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Improving Profit Profile
F Y 1 8 - 2 0 ( A v e r a g e * )
Multifold increase in absolute PBT
Diversi- fication in profit profile of the Company
F Y 2 1
F Y 2 2
F Y 2 3
₹ 230
Crore
Mining
Ferroalloys
₹ 296
Crore
₹ 996
Crore
₹ 399
Crore
Mining
Ferroalloys
Coke and Energy
Mining
Ferroalloys
Coke and Energy
Mining
Ferroalloys
Coke and Energy
98%
02%
87%
04%
09%
52%
20%
28%
77%
15%
08%
*Arithmetic Average FY18-20 | Note – PBT excludes finance costs and unallocable expenses/income
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Values that Drive Us
SANDUR is run by the ethos
“All that we get (earn) from the soil of Sandur in one form or the other should be primarily used to benefit Sandur“
M . Y . G H O R P A D E
Scientific Mining & Sustainable Operations
Employee Welfare & Development
Values
Environment Preservation & Community Development
Adherence to Highest Corporate Governance Standards
Awards and Recognitions
Awarded 5-STAR rating by the Government of India every year since the introduction of Sustainable Development Framework (SDF)
Other prestigious awards include National Safety Award (Mines) from the Government of India, prizes secured during competitions held by Mines Safety Association Karnataka, prizes secured during competitions held by Mines Environment & Mineral Conservation Association, among others.
Some of SANDUR’s successful Welfare Programs
Food Security A food package for a family of 5 costs ₹ 145 against actual cost of ~₹4,300, balance being absorbed by the Company.
Subsidized LPG Cylinder SANDUR provides subsidised LPG cylinders to a large subset of its employees with a 90% subsidy to prevent them from cutting trees for fuel.
Housing Loan Subsidy Interest subsidy on housing loans availed by employees.
Pension Lifetime pension to certain long-standing employees.
Other Includes cloth subsidy, marriage & festival gifts, medical care, sickness benefits, education & training facilities, housing & electricity, and many more.
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BUSI N E SS VE R TI CAL S R E VI E W
Mining - our mainstay
Capacity Enhancement Proposed to enhance manganese ore production from 0.28 to 0.58 MTPA and iron ore production from 1.60 to 4.50 MTPA, duly complying with the parameters prescribed by the Hon’ble Supreme Court
Mining manganese and iron ores from two mining leases located in Sandur (Karnataka)
Mining operations with one of the best operating metrics & track record in the Industry
Fully-mechanized iron ore mining contributing to higher margins
Semi-mechanized, labour-intensive manganese ore mining with relatively lower margins but generating large scale employment opportunities
Mining operations conducted with utmost respect for environment and adherence to regulatory norms of authorities
M A N G A N E S E O R E M I N I N G O P E R A T I O N S ( M T P A )
0.28 MTPA
0.28 0.26
0.28 0.22
0.28
0.20
0.28
0.21
0.28 0.20
FY19
FY20
FY21
FY22
FY23
Production
Sales
MPL
I R O N O R E M I N I N G O P E R A T I O N S ( M T P A )
1.60 MTPA
1.58 1.49
1.59 1.55
1.60 1.59
1.57 1.60
1.60 1.58
FY19
FY20
FY21
FY22
FY23
Production
Sales
MPL
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Ferroalloys - new and improved
Turned around ferroalloys operations in FY21 through feasible power generation
Achieved a shift towards a cleaner source of energy such as Waste Heat & Green Energy against previously used coal-based energy
F E R R O A L L O Y S O P E R A T I O N S ( M T P A )
The combination of Coke Oven Plant and WHRB generates power as a by-product, thus leading to substantial savings by eliminating the need for thermal coal
Effective power generation cost was reduced significantly post commissioning of WHRB & further setup of hybrid renewable energy plant
4 5 2 2 3
,
9 6 6 2 3
,
4 4 5 0 2
,
2 9 2 9 1
,
5 6 2 6 3
,
3 2 5 7 3
,
8 9 6 4 5
,
4 1 1 3 5
,
8 3 3 7 5
,
4 7 1 5 5
,
C A P A C I T I E S
FY22 Onwards 95,000/ 1,25,000 TPA (SiMn/FeMn)*
FY21 48,000/ 66,000 TPA (SiMn/FeMn)
FY20
32,000 TPA
Key products: Silicomanganese and Ferromanganese
FY19
FY20
FY21
FY22
FY23
Production
Sales
*Note – Existing capacities are used primarily to produce SiMn/FeMn, hence capacity calculations are as per SiMn/FeMn. However, the Company plans to add new products, hence actual capacities may differ as per the product-mix.
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Coke and Energy - strengthening operations
March 2018 Started expansion work
32 MW
2 Waste Heat Recovery Boilers with a cumulative capacity of 32 MW setup for generating cleaner energy
0.5 MTPA 4 Batteries with a cumulative capacity of 0.5 MTPA
18 January 2021 Fully commissioned Coke Oven
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CO N CL USI O N
Investment Rationale
Stable & Growing Cash Flows Through long-standing mining operations
New and Improved Ferroalloys Operations, contributing meaningfully to financial performance
Disciplined Capital Allocation Guided by strong parentage
Strong Balance Sheet With net-debt free status, supported by surplus liquidity
Company With a Heart, adhering to the highest standards of corporate governance and sustainability
Emerging Integrated Player, Merchant miner to hot metal & value-added products manufacturer, to enjoy benefits of higher conversion and margins
Phase 2 CAPEX It will integrate existing operations further while delivering new growth drivers
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FI N AN CI AL S R E VI E W
Key Performance Indicators
R E V E N U E , E B I T D A ( ₹ I N C R O R E )
E B I T D A M A R G I N S ( I N % )
P B T & P A T ( ₹ I N C R O R E )
2 0 7
3 3 2
2 9 5
1 0 2
7 4 7
9 8 2
9 4 2 2
,
9 0 0 1
,
6 2 1 2
,
1 5 4
2 3
4 3
8 3
4 4
1 2
9 1 2
2 4 1
5 7 1
7 4 1
0 5 2
4 5 1
5 1 9
5 7 6
9 5 3
1 7 2
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
FY22
FY23
REVENUE
EBITDA
EBITDA MARGINS (%)
FY19
FY21
FY20
PBT
FY22
PAT
FY23
C A P I T A L E M P L O Y E D , R O C E ( ₹ I N C R O R E & I N % )
E Q U I T Y , R O E ( ₹ I N C R O R E & I N % )
G R O S S D E B T T O E Q U I T Y ( I N T I M E S )
1 0 7
3 3
8 4 2 1
,
5 1
2 6 3 1
,
9 1
0 4 9 1
,
8 4
4 2 1 2
,
8 1
2,500
2,000
1,500
1,000
500
-
3 3 6
3 2
2 7 7
9 1
6 1 9
7 1
6 2 3 1
,
1 5
7 9 7 1
,
5 1
60%
2,000
40%
1,500
1,000
20%
500
-
0%
60%
40%
20%
0%
0 0 0
.
9 4 0
.
7 3 0
.
9 1 0
.
1 1 0
.
FY19
FY20
FY21
FY22
FY23
FY19
FY20
FY21
CAPITAL EMPLOYED
ROCE
AVG. EQUITY
FY22
ROE
FY23
FY19
FY20
FY21
FY22
FY23
DEBT TO EQUITY
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Q 2 FY2 4 P E R F O R M AN CE HI G HL I G HTS
Q2FY24 Operational Highlights
MANGANESE ORE
IRON ORE
FERROALLOYS
COKE
Production
0.72 Lakh Tonne
4.05 Lakh Tonne
Sales
YoY Sales Volume
QoQ Sales Volume
Average/Tonne Realization
QoQ Change in Realizations
0.52 Lakh Tonne
3.40 Lakh Tonne
20%
45%
₹7,449/-
(6%)
117%
(25%)
₹3,578/-
6%
Realization Remarks
Marginal Decrease
Marginal Increase
Sales Volumes Remarks
Increase on both YoY & QoQ
Significant Increase on YoY Decrease on QoQ
7,193 Tonne
609 Tonne
(96%)
(91%)
₹69,269/-
(2%)
Flattish
0.14 Lakh Tonne*
0.04 Lakh Tonne
(94%)
(89%)
₹34,827/-**
(1%)
Flattish
Significant Decrease
Significant Decrease
*Excludes production under contract manufacturing of 0.19 Lakh tonnes during the quarter. **Excludes conversion & screening income under contract manufacturing of ₹3.46 Crore during the quarter.
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Q 2 FY2 4 P E R F O R M AN CE HI G HL I G HTS
Q2FY24 Segment Highlights
M A N G A N E S E O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
I R O N O R E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
1.20
1.00
0.80
0.60
0.40
0.20
0.00
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
8,276
6,783
6,952
7,897
7,449
1.00
0.43
0.47
0.71
0.70
0.70
0.36
0.72
0.72
0.52
10.00
8.00
6.00
4.00
2.00
0.00
2,953
2,407
4.15
4.05
1.57
4.05
3.80
4.05
4.52
3.40
4.05
3,132
9.12
3,375
3,578
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Production
Sales
Realisations
Production
Sales
Realisations
F E R R O A L L O Y S O P E R A T I O N A L P E R F O R M A N C E ( T o n n e & ₹ / T o n n e )
C O K E O P E R A T I O N A L P E R F O R M A N C E ( L a k h T o n n e & ₹ / T o n n e )
74,845
69,977
14,050
14,063
70,670
16,606
11,768
15,254
14,371
8,196
7,193
609
70,362
6,937
69,269
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
43,025
0.65
40,318
37,269
35,309
34,827
0.34
0.31
0.34
0.66
0.36
0.39
0.30
0.14
0.04
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Production
Sales
Realisations
Production
Sales
Realisations
Coke production excludes production under contract manufacturing of 0.19 Lakh tonnes during the quarter. Coke realizations excludes conversion & screening income under contract manufacturing of ₹ 3.46 Crore during the quarter.
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Q 2 FY2 4 P E R F O R M AN CE HI G HL I G HTS
Q2FY24 Financial Highlights
Total Income
EBITDA
PAT
Capital Structure
(₹ in Crore)
Growth (YoY)
(59%)
4%
20%
Growth (QoQ)
(47%)
(28%)
(34%)
Margin
27%
13%
Margins Expansion/ (Contraction) (YoY)
1,659 bps
861 bps
202
Total Income
55
EBITDA
26
PAT
Gross Debt/Equity
0.07
1,985
Shareholders Funds
15
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H1 FY2 4 P E R F O R M AN CE HI G HL I G HTS
H1FY24 Financial Highlights
Total Income
EBITDA
PAT
Capital Structure
(₹ in Crore)
Growth (YoY)
(50%)
9%
19%
Margin
23%
11%
Margins Expansion/ (Contraction) (YoY)
1,209 bps
654 bps
Gross Debt/Equity
0.07
583
Total Income
131
EBITDA
66
PAT
1,985
Shareholders Funds
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Q 2 FY2 4 P E R F O R M AN CE HI G HL I G HTS
Management Commentary
Mining
The production of both manganese ore and iron ore has remained in line with our quarterly production trends. Sales on the iron ore front have been slightly lower, adjusting for the slightly higher sales made during the previous quarter. Realisation trend for iron ore has been encouraging and there has been a marginal decrease in manganese ore realisation during Q2.
Overall, the mining segment continues to be the bedrock of our profitability.
Mining Expansion
As communicated recently through the stock exchange notification, the Company has received an approval for increase in MPAP from 1.60 MTPA to 3.81 MTPA of iron ore production. The Company is in the process of obtaining Consent for Operation (CFO) to operate at this enhanced mining level. While there have been some delays in obtaining all the necessary approvals for mining expansion, given the extensive nature of the process, we are almost at the final stage of completing the same.
Since Environmental Clearance has been obtained for enhancing iron ore production from 1.60 MTPA to 4.50 MTPA, efforts are on to obtain enhancement in MPAP to 4.50 MTPA.
The Downhill Conveyor System (DCS) project is also on track and should be operational shortly. After production ramp up, our focus will shift to downstream operations, namely beneficiation and pellets.
Coke and Energy
Coking coal prices continue to remain extremely volatile along with significant fluctuations in the exchange rates. Continuing with our cautious stance in this segment, we have limited our volumes to mitigate any significant inventory losses, however, some impact of inventory losses has been registered in this segment in Q2. Apart from realisation, we have witnessed a significant decrease in volumes of this segment during the quarter because of two reasons: a) we undertook a maintenance shutdown of our turbine during Q2, thus impacting energy generation & its supply to Ferroalloy segment, and b) lesser volumes under contract manufacturing arrangement as well as own production & sales.
Ferroalloys
The ferroalloy industry continues to experience a weak demand environment combined with subdued realisations. Ferroalloy realisations have remained flattish on a QoQ basis, while we have witnessed a significant decrease in sales quantity.
Tepid volumes of Coke have also led to lesser waste-heat energy-generation, and thus the Company has opted for relatively expensive renewable energy from its recently commissioned project. This coupled with a weaker demand scenario from the steel industry continues to act as headwinds for the Ferroalloy segment.
We are hopeful of a better industry scenario towards the end of the current financial year.
We are almost at the final stage of completing our mining expansion.
B A H I R J I A . G H O R P A D E M ANAGING DIR EC TO R
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Q 2 FY2 4 P E R F O R M AN CE HI G HL I G HTS
Corporate Information
S H A R E H O L D I N G S U M M A R Y ( I N % )
25.74 Public
74.26 Promoters
Current Market Price
₹1,475
52 Week High/Low
₹1,765/665
Market Capitalization
₹3,983 Cr
Shares Outstanding
2.70 Cr
BSE Scrip Code
504918
NSE Scrip Code
SANDUMA
Shareholding Data as on 30 September 2023
Market Price Data (BSE) as on 8 November 2023
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This document which has been prepared by The Sandur Manganese & Iron Ores Limited (the “Company”, “SANDUR”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This document has been prepared by the Company based on information and data which the Company considers reliable, but implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Document. This Document may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Document is expressly excluded.
the Company makes no representation or warranty, express or
Certain matters discussed in this Document may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Document. The Company assumes no obligation to update any forward-looking information contained in this Document. Any forward- looking statements and projections made by third parties included in this Document are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
THE SANDUR MANGANESE & IRON ORES LIMITED
Get in touch
BIJAN KUMAR DASH
C O M P A N Y S E C R E T A R Y & C O M P L I A N C E O F F I C E R bijan.dash@sandurgroup.com / investors@sandurgroup.com
SAYAM POKHARNA
I N V E S T O R R E L A T I O N S A D V I S O R T I L A D V I S O R S P R I V A T E L I M I T E D sayam@theinvestmentlab.in +91 94266 60791
DIWAKAR PINGLE
I N V E S T O R R E L A T I O N S A D V I S O R E R N S T & Y O U N G L L P Diwakar.Pingle@in.ey.com
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