BUY. AARTI INDUSTRIES LTD Result Update (PARENT BASIS): Q2 FY16. CMP Target Price JANUARY 5 th th h, 2013 SYNOPSIS

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1 BUY CMP Target Price AARTI INDUSTRIES LTD Result Update (PARENT BASIS): Q2 FY16 JANUARY 5 th ISIN: INE769A th h, 2013 Index Details Stock Data Sector Commodity Chemicals BSE Code Face Value wk. High / Low (Rs.) / Volume (2wk. Avg. Q.) 8980 Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) (QUARTERLY) As on Sep-15 As on Jun-15 PROMOTER FIIs DIIs OTHERS Year Comparative Graph AARTI INDUSTRIES LTD BSE SENSEX SYNOPSIS Aarti Industries Ltd (AIL) is a leading supplier to global manufacturers of Specialty Chemicals and Pharmaceuticals with diversified end-uses in Pharmaceuticals, Polymer, Additives, Surfactants, Agrochemicals, Pigments, Dyes, etc. Net profit Jumps up by 20.68% y-o-y of Rs million for the Q2 FY16 as compared to Rs million for the Q2 FY15. The Company s Net Sales Stood at Rs million for the 2 nd quarter of the financial year as against Rs million in the corresponding quarter of the previous year. In Q2 FY16, EBITDA rose by 8.11% y-o-y of Rs million against Rs million in prior period last year. The company has reported an EPS of Rs for the 2 nd quarter of FY16 as against an EPS of Rs in the corresponding quarter of the previous year. For Q2 FY16, the company registered a growth of 18.91% in Profit before Tax (PBT) to Rs million from Rs million for Q2 FY15. The Company has commissioned its full expanded Nitro Chloro Benzene capacities, of in November With this commissioning, the Company had completed its scale up activities for NCB capacities from MT a year back to MT. Revenue from Pharmaceuticals segment rose by 6% of Rs million in Q2 FY16 as compared to Rs million in Q2 FY15. Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 18% over 2014 to 2017E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Aarti Industries Ltd Tata Chemicals Ltd Gujarat Fluorochemicals Ltd Aditya Birla Chemicals Ltd

2 QUARTERLY HIGHLIGHTS (PARENT BASIS) Results updates- Q2 FY16, Aarti Industries Ltd lead the way to introduce latest technology and manufacturing processes in India with the help of World Class R & D and The company offers over 150 products and is the market leader in more than 75% of its top 50 products, has reported its financial results for the quarter ended September, th Rs. In millions Sep-15 Sep-14 % Change Net Sales (13.76) PAT EPS EBITDA The Company s Revenue Stood at Rs million for the 2 nd quarter of the financial year as against Rs million in the corresponding quarter of the previous year. Out of this exports consist about Rs million that is about revenues.in Q2 FY16, EBITDA rose by 8.11% y-o-y of Rs million against Rs million in prior period last year. Net profit Jumps up by 20.68% y-o-y of Rs million in Q2 FY16 as compared to Rs million in the corresponding quarter of the previous year. The company has reported an EPS of Rs for the 2 nd quarter of FY16 as against an EPS of Rs in the corresponding quarter of the previous year. Break up of Expenditure During the quarter, total Expenditure decline by 17 per cent mainly on account of decreased Cost of Materials consumed by 28% is the primary attribute for the decrease of expenditure when compared to prior period last year. Total expenditure in Q2 FY16 stood to Rs million as against Rs million in Q2 FY15. Break up of Expenditure Rs. In millions Q2 FY16 Q2 FY15 Cost of Materials consumed Purchase of Stock in Trade Employee Benefit Expenses Depreciation Other Expenditure

3 Segment Revenue COMPANY PROFILE Aarti Industries Ltd has started its operations in the year 1975 in the name of alchemie labs in a small of way with a single product namely Dimentyl sulphate. The Company is a leading manufacturer of Speciality Chemicals with diversified end-uses into Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Oil & Gas additives, Flavours & Fragrances, Home & Personal Care applications, etc. Aarti is amongst the largest producers of Benzene based basic and intermediate chemicals in India. It has corporate office in Mumbai & representatives in U.S.A & Europe. A significant portion of the company s Production capabilities are process driven and not based on a particular product. This gives Aarti the flexibility to change its input mix and manufacture different products, thereby resulting into optimum utilization of production capabilities. The company is also a leading domestic player in nitrochlorobenzene (NCB) based specialty chemical business with the largest domestic manufacturing capacity of 60,000 tonnes per annum. The company offers over 150 products and is the market leader in more than 75% of its top 50 products. Aarti has 16 manufacturing units spread across Gujarat Maharashtra, Madhya Pradesh and Silvassa and a strong Research & Development with sophisticated instruments. AARTI has two API manufacturing plants located at Dombivli and Tarapur in Maharashtra with total area of about sq. m. and a reactor volume of more than 70 M3. Aarti has customers spread across the globe in 60 countries with major presence in USA, Europe, Japan & India. AARTI group is strategically placed to exploit growth opportunities in the Chemical Industry. In view of its technical expertise and broad base satisfied clientele in India and abroad, AARTI is looking for global partners and strategic alliances in areas of mutual interest viz.

4 Development of International markets for AARTI's products. Toll manufacturing. Transfer of Technology / Technical know-how. Subsidiary company Aarti Corporate Services Limited. Shanti Intermediates Private Limited. Nascent Chemical Industries Limited. Products The company explores and innovate new products & processes in all segments. Details of some of the products are presented below: Para Nitro Chloro Benzene (PNCB) & Derivatives Sulfuric Acid & Allied Products Ortho Nitro Chloro Benzne & Derivatives Chloro Phenols 2:4 Dinitro Chloro Benzene & Derivatives Polymer Additives Para Dichloro Benzene (PDCB) & Derivatives Plastisizers Ortho Dichloro Benzene (ODCB) & Derivatives Alkylated Anilines & Alkylated Toluidines Nitro Benzene & Derivatives Fluoro Compounds Nitro Toluenes & Derivatives Agrochemicals Dimethyl Sulfate Bulk Drug Intermediates / Speciality Chemicals Other Products Mono Chloro Benzene (MCB) Gypsum Single Super Phosphate (SSP) Calcium Chloride Dilute Sulfuric Acids Di-Calcium Phosphate Hydro Chloric Acid (HCL) Nitrosyl Sulfuric Acid Product by End Use Dyestuff Intermediates Agro Chemical Intermediates Pharma Intermediates Speciality Chemicals Pigment Intermediates

5 FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) I Balance Sheet as at 31st March, E. FY-14A FY-15A FY-16E FY-17E EQUITY And LIABILITIES A) Shareholder's Funds a) Share Capital b) Reserves and Surplus Sub-Total-Net worth B) Non Current Liabilities a) Long term borrowing b) Deferred Tax Liabilities c) Other Long term liabilities d) Long term Provisions Sub-Total-Non Current Liabilities C) Current Liabilities a) Short term borrowings b) Trade payables c) Other Current liabilities d) Short term Provisions Sub-Total- Current Liabilities TOTAL - EQUITY AND LIABILITIES (A + B + C) II ASSETS D) Non-Current Assets Fixed Assets Tangible assets Intangible assets Capital Work in Progress a) Sub Total Fixed Assets b) Non-current investments c) Long Term loans and advances Sub-Total- Non-Current Assets E) Current Assets a) Inventories b) Trade receivables c) Cash and Bank Balances d) Short-terms loans & advances e) Other current assets Sub-Total-Current Assets TOTAL ASSETS (D+E)

6 Annual Profit & Loss Statement for the period of 2014A to 2017E Value(Rs.in.mn) FY14A FY15A FY16E FY17E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Exceptional Items Profit Before Tax Tax Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 31 st Mar, 2015 to 31 st Dec, 2015E Value(Rs.in.mn) 31-Mar Jun Sep Dec-15E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Exceptional Items Profit Before Tax Tax Net Profit Equity capital Face value EPS

7 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) 15.42% 15.97% 18.68% 18.88% PBT Margin (%) 7.63% 8.56% 10.87% 11.03% PAT Margin (%) 5.65% 6.54% 8.32% 8.48% P/E Ratio (x) ROE (%) 19.09% 20.69% 21.82% 20.84% ROCE (%) 28.69% 27.21% 28.24% 28.03% Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts:

8 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earning per share (EPS) of the company for the earnings for FY1 6E and FY17E is seen at Rs and Rs respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 18% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at x for FY16E and x for FY17E. Price to Book Value of the stock is expected to be at 4.38 x and 3.82 x respectively for FY16E and FY17E. The Company has commissioned its full expanded Nitro Chloro Benzene capacities, of in November With this commissioning, the Company had completed its scale up activities for NCB capacities from MT a year back to MT. This expansion shall enable the Company to increase its volume in high growth end user application such as polymer, agro and specialty chemicals. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment.

9 INDUSTRY OVERVIEW Speciality Chemicals are a group of high value, low volume chemicals formulated for developing/enhancing properties of speciic products. The customised product requires special technologies, process expertise and understanding of client needs, and so the industry typically commands limited competition, yielding higher gross margins and returns than other chemical sub-segments. The Global Speciality Chemicals market is growing at a fast pace. Despite the economic recession, it has recovered and is showing signs of high growth in the future. According to TechNavio Analysis, the Global Speciality Chemicals market is expected to grow at a CAGR of 5.16% during the period and reach US $760.9 billion by 2018 (from US$ billion in 2014). Industry Segmentation The chemical industry is an integral constituent of the growing Indian Industry. It includes basic chemicals and its products, petrochemicals, fertilizers, paints, varnishes, gases, soaps, perfumes and toiletry and pharmaceuticals. It is one of the most diversified of all industrial sectors covering thousands of commercial products. This Industry occupies a pivotal position in meeting basic needs and improving quality of life. The Industry is the main stay of industrial and agricultural development of the country and provides building blocks for several downstream industries, paints, soaps, detergents, pharmaceuticals, varnish etc. The Indian Chemical industry has witnessed robust growth in the past decade and has been ranked 6 th largest in the world and 3 rd largest in the Asia according to United Nations Industrial Development Organisation (UNIDO). The industry has been forecast to reach USD 200 billion mark by Indian government is rendering extensive support to give impetus to the Indian chemical industry and has set up the task force to consider suggestions for National Chemical Policy to ensure steady growth of the country s chemical sector. Indian Speciality chemicals industry is expected to grow at a robust pace driven by consumption boom, infrastructure spending and exports to international markets. Proxy to play consumption as well as infrastructure theme The key demand drivers for Speciality chemicals are per capita income growth, rising urbanisation and infrastructure spending. The per capita chemical consumption for India in most categories of Speciality chemicals (paints, dyes, polymers, home and personal care etc.) is only about 15-20% of the global average, thus, there is a signiicant opportunity for growth. While around 70% of Speciality chemical demand is linked to consumer spending, the balance is used by construction and infrastructure industry. As domestic consumer as well as infrastructure spending slowed in the

10 past couple of years, Indian Speciality chemical companies were impacted though overall impact was limited due to strong growth in exports. However, both these dynamics are expected to improve in medium to long term. The robust demand for Speciality chemicals (FICCI est: 13%) would be driven by strong growth in end-user industries itself. While the ones linked to infrastructure (construction chemicals, paints, water chemicals, industrial cleaners) are expected to grow at >15%, the other categories (dyes, personal care, plastic additives, rubber chemicals) are expected to grow at 10-15%. Exports to propel further growth With improving cost competitiveness (particularly w.r.t. China), favourable IPR framework and strong domestic demand outlook, India is emerging as a preferred manufacturing destination for Speciality chemicals. China is losing out its edge over India in chemical manufacturing due to: (1) steep cost inflation (labour costs); (2) stricter compliance of environmental regulations being enforced in China, while in India the same had been already in place since past few years; and (3) Yuan appreciation in recent years. Chemical exports from India have grown at 22% CAGR over , significantly outpacing the global demand growth (3-4%) and the trend has continued through in 2015 as well. The Indian Chemical Companies are expected to get further fillip under the Make in India drive. Various new projects are proposed to be commenced with a focus to make India as a manufacturing hub for those products. This shall increase the direct and indirect demand of various chemicals. These chemicals are expected to contribute directly or indirectly as Import Substitute or contribute to the increase in exports from India. Disclaimer: This document is prepared by our research analysts and it does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but we do not represent that it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/ or its affiliates and/or employees will not be liable for the recipients investment decision based on this document.

11 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma & Diversified U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified G. Amarender Diversified Firstcall Research Provides Industry Research on all the Sectors and Equity Research on Major Companies forming part of Listed and Unlisted Segments For Further Details Contact: Mobile No

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