CRISIL IER Independent Equity Research

CRISIL IER Independent Equity Research Bhartiya International Ltd Q3FY14 Results Update Enhancing investment decisions

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Strong Downside Strong Upside Fundamental Grade Bhartiya International Ltd Real estate: healthy bookings; fashion business: muted performance Fundamental Grade Valuation Grade Industry 3/5 (Good fundamentals) 5/5 (CMP has strong upside) Textiles, Apparels and Luxury Goods February 18, 214 Fair Value 285 CMP 161 Bhartiya International Ltd s (Bhartiya s) Q3FY14 standalone (fashion business) results were below CRISIL Research s expectations due to lower-than-expected revenues and margins. Its 3% associate company - Bhartiya Urban Infrastructure & Land Development Company Pvt. Ltd (BUILDCO) reported bookings of 2.6 mn sq ft as of Q3FY14 (9% of the launched area). Construction of the residential project is also progressing well. The management is still evaluating different options and is yet to finalise on the PE investor s exit; this is a key monitorable. We retain the fundamental grade of 3/5. Fashion business earnings below expectations due to lower-than-expected margin Revenues grew by 16.8% y-o-y (down 18.9% q-o-q) to 856 mn driven by growth in the leather products business. Revenues from the textile apparels business declined 8% y- o-y to 19.9 mn. While gross margin improved 33 bps y-o-y and 41 bps q-o-q to 33.7%, EBITDA margin declined 78 bps y-o-y and 119 bps q-o-q to 6.9% due to increase in other expense as the new plant at Tada, Andhra Pradesh commenced operations. As the new plant scales up production, we expect Bhartiya to get operating leverage benefits. Owing to decline in margins, PAT recorded a lower growth of 11.9% y-o-y to 24 mn..2 mn sq ft of residential space booked, expect launch of another 1 mn sq ft During Q3FY14,.2 mn sq ft of residential space was booked; cumulative booking for the project is 2.55 mn sq ft (9% of the launched area). Construction of the project is on track; as of Q3FY14, it spent 4,9 mn (excluding land cost), funded through debt and customer advances of 3,14 mn. Since 9% of the project is booked, the company intends to launch 1 mn sq ft of residential project in the next five-six months. Phase I of IT SEZ to be completed by Q2FY15, discussion for lease on Apart from residential project, work is on for construction of phase I of IT SEZ (.6 mn sq ft). We expect construction to be completed by Q2FY15. The company is in talks with various companies for the space to be leased; we expect lease rentals of 45-5 per sq ft for IT SEZ. Evaluating options for exit of the PE investor - a monitorable In FY8, a PE investor had invested 1,5 mn in BUILDCO for a 26% stake. In Q1FY14, BUILDCO bought back 3.4% equity for 5 mn; the next significant tranche to the PE investor is due in March 214. As highlighted in earlier result updates, the management is still evaluating options they might bring in a new investor or promoter entities may provide an exit. In the eventuality of buyback of shares, BUILDCO (unlisted) will be subject to distribution tax of 22.7%. We will revisit our fair value once the exit plan of the PE investor is finalised. Earnings estimates revised downwards; fair value retained at 285 per share Factoring in lower-than-expected volumes and margins in both the businesses, leather products and textile, we have lowered our earnings estimates by 8% for FY14 and 5% for FY15. We continue to use the sum-of-the-parts (SOTP) method to value Bhartiya but have retained the fair value of 285 per share as more than 7% of the valuation is derived from the real estate business, whose value is unchanged. KEY FORECAST (CONSOLIDATED) ( mn) FY11 FY12 FY13 FY14E FY15E Operating income 1,952 2,57 3,39 3,728 4,474 EBITDA 186 27 273 31 391 Adj net income 68 118 14 125 164 Adj EPS ( ) 7.1 11.3 9.4 1.9 14.3 EPS growth (%) 33.7 58.5 (16.6) 15.8 3.9 Dividend yield (%) 1.9 2..7.6.8 RoCE (%) 9.4 12.3 1.6 1.6 12.5 RoE (%) 6. 9.4 7.5 8.3 9.9 PE (x) 7.3 4.6 17. 14.7 11.2 P/BV (x).4.4 1.2 1.2 1.1 EV/EBITDA (x) 5.3 4.4 9.8 9.1 7.5 NM: Not meaningful; CMP: Current market price Source: Company, CRISIL Research estimates CFV MATRIX KEY STOCK STATISTICS NIFTY/SENSEX 6127/2634 NSE/BSE ticker BIL Face value ( per share) 1 Shares outstanding (mn) 11.1 Market cap ( mn)/(us$ mn) 1,778/29 Enterprise value ( mn)/(us$ mn) 2,695/43 52-week range ( )/(H/L) 245/19 Beta 1.3 Free float (%) 54.% Avg daily volumes (3-days) 7,989 Avg daily value (3-days) ( mn) 1.3 SHAREHOLDING PATTERN 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Excellent Fundamentals PERFORMANCE VIS-À-VIS MARKET Returns 1-m 3-m 6-m 12-m Bhartiya -9% -11% 15% -6% CNX 5-2% -1% 12% 2% ANALYTICAL CONTACT Mohit Modi (Director) Ravi Dodhia mohit.modi@crisil.com ravi.dodhia@crisil.com Bhaskar Bukrediwala bhaskar.bukrediwala@crisil.com Client servicing desk 5 4 3 2 1 Poor Fundamentals 1 2 3 4 5 Valuation Grade 54.5% 54.5% 54.% 53.7%.2%.3%.4%.4%.4% 45.5% 45.5% 46.% 46.% Mar-13 Jun-13 Sep-13 Dec-13 Promoter FII DII Others +91 22 3342 3561 clientservicing@crisil.com For detailed initiating coverage report please visit: www.ier.co.in CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters. 1

Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 CRISIL IER Independent Equity Research Q3FY14 Results Summary (Standalone) ( mn) Q3FY14 Q2FY14 Q3FY13 q-o-q (%) y-o-y (%) 9MFY14 9MFY13 y-o-y (%) Net sales 856 1,56 733 (18.9) 16.8 2,59 1,883 37.6 Raw materials cost 519 74 478 (26.2) 8.7 1,588 1,171 35.5 Raw materials cost (% of net sales) 6.7% 66.7% 65.2% -6bps -456bps 61.3% 62.2% -92bps Employees cost 49 4 33 21.6 49.5 125 86 45.7 Other expenses 229 226 166 1.1 38. 682 455 49.7 EBITDA 59 86 56 (3.7) 5.1 196 17 15. EBITDA margin 6.9% 8.1% 7.7% -119bps -78bps 7.6% 9.% -149bps Depreciation 5 6 6 (2.3) (12.5) 18 15 14.4 EBIT 54 79 51 (31.6) 7.1 178 155 15. Interest and finance charges 26 26 23 (.3) 12.7 74 63 17.7 Operating PBT 28 53 27 (47.1) 2.4 14 92 13.2 Other Income 6 7 4 (22.) 48.8 18 15 22.8 PBT 34 6 31 (44.1) 8.1 122 17 14.6 Tax 1 14 1 (28.6) - 31 3 3.3 PAT 24 46 21 (48.7) 11.9 91 77 18.9 Adj PAT 24 46 21 (48.7) 11.9 91 77 18.9 Adj PAT margin 2.8% 4.4% 2.9% -161bps -12bps 3.5% 4.1% -55bps No of equity shares (mn) 11.1 11.1 11.1 - - 11.1 11.1 - Adj EPS ( ) 2.1 4.2 1.9 (48.7) 11.9 8.3 6.9 18.9 Source: Company, CRISIL Research Revenue increased y-o-y but margin was under pressure...... which led to moderate growth in PAT ( mn) 1,2 1, 8 6 4 2 8.1% 9.5% 1.1% 7.7% 6.7% 7.5% 6.9% 5.6% 397 429 722 733 59 679 1,56 856 12% 1% 8% 6% 4% 2% % ( mn) 5 45 4 35 3 1.4% 25 2 15 1 5 6 3.9% 17 5.4% 4.4% 2.9% 3.1% 2.8% 1.% 39 21 6 21 46 24 6% 5% 4% 3% 2% 1% % -1% -2% Net Sales EBITDA Margin (RHS) PAT PAT Margin (RHS) Source: Company, CRISIL Research Source: Company, CRISIL Research 2

Sep-9 Jan-1 May-1 Sep-1 Jan-11 Jun-11 Oct-11 Jan-12 Jun-12 Oct-12 Jan-13 Jun-13 Oct-13 Feb-14 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Nov-13 Dec-13 Jan-14 Feb-14 Bhartiya International Ltd Share price movement 6 5 4 3 2 1 Fair value movement since initiation ( ) 3 25 2 15 1 5 (') 6 5 4 3 2 1 -Indexed to 1 Source: NSE, CRISIL Research Bhartiya CNX 5 Total Traded Quantity (RHS) CRISIL Fair Value Bhartiya Source: NSE, BSE, CRISIL Research Earnings Estimates Revised Downwards FY14E FY15E Particulars Unit Old New % change Old New % change Revenues ( mn) 3,918 3,728-4.9% 4,616 4,474-3.1% EBITDA ( mn) 353 31-12.1% 427 391-8.4% EBITDA margin % 9.% 8.3% -68bps 9.2% 8.7% -5bps PAT ( mn) 137 125-8.4% 173 164-5.% PAT margin % 3.5% 3.4% -13bps 3.7% 3.7% -7bps EPS 11.9 1.9-8.4% 15.1 14.3-5.% Source: CRISIL Research estimates Reasons for changes in estimates Line item FY14E FY15E Revenues Revised downwards factoring in lower-than-expected volumes and realisations in both the leather products and textile business EBITDA margins Lowered factoring in lower-than-expected realisations PAT margins Lowered in line with revision in revenue and margin estimates 3

Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 May-12 Oct-12 Mar-13 Aug-13 Feb-14 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Dec-11 May-12 Oct-12 Mar-13 Sep-13 Feb-14 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Dec-11 May-12 Oct-12 Mar-13 Sep-13 Feb-14 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Dec-11 May-12 Oct-12 Mar-13 Sep-13 Feb-14 CRISIL IER Independent Equity Research Valuation Grade: 5/5 We have lowered our earnings estimates by 8.4% for FY14 and 5% for FY15 factoring in lower-than-expected volumes and realisations in the leather accessories and textiles Retained fair value of 285 per share businesses. We continue to use the SOTP method to value Bhartiya but have retained our fair value of 285 per share as more than 7% of the valuation is derived from the real estate business, whose value is unchanged. At the current market price of 16, the valuation grade is 5/5. The fashion business value is retained at 79 per share based on the DCF method. We continue to value the SEZ business at 1 per share at investment value. The real estate business value is retained at 196 per share based on the net asset value (NAV) approach. Businesses Fair value ( per share) Valuation method Fashion 79 DCF SEZ 1 Investment value Real estate 196 NAV Total fair value 285 One-year forward P/E band ( ) 25 2 15 1 5 One-year forward EV/EBITDA band ( mn) 4, 3,5 3, 2,5 2, 1,5 1, 5 Source: NSE, CRISIL Research Bhartiya 3x 6x P/E premium / discount to CNX 5 Source: NSE, CRISIL Research P/E movement EV 2x 4x 6x 8x 1% 8% 6% 4% 2% % -2% -4% -6% -8% (Times) 25 2 15 1 5 +1 std dev -1 std dev Source: NSE, CRISIL Research Premium/Discount to CNX 5 Median premium/discount to CNX 5 1yr Fwd PE (x) Source: NSE, CRISIL Research Median PE 4

Bhartiya International Ltd CRISIL IER reports released on Bhartiya International Ltd Fundamental Valuation CMP Date Nature of report grade Fair value grade (on the date of report) 11-Oct-212 Initiating Coverage 3/5 147 5/5 65 9-Nov-212 Q2FY13 Result update 3/5 18 5/5 133 12-Feb-213 Q3FY13 Result update 3/5 247 5/5 17 15-May-213 Event Update 3/5 285 4/5 234 19-Jun-213 Q4FY13 Result Update 3/5 285 5/5 29 23-Sep-213 Q1FY14 Result Update 3/5 285 5/5 18 2-Dec-213 Q2FY14 Result Update 3/5 285 5/5 185 18-Feb-214 Q3FY14 Result Update 3/5 285 5/5 161 5

CRISIL IER Independent Equity Research Annexure: Financials (Consolidated) Income statement Balance Sheet ( mn) FY11 FY12 FY13 FY14E FY15E ( mn) FY11 FY12 FY13 FY14E FY15E Operating income 1,952 2,57 3,39 3,728 4,474 Liabilities EBITDA 186 27 273 31 391 Equity share capital 95 15 111 115 115 EBITDA margin 9.5% 1.8% 9.% 8.3% 8.7% Reserves 1,99 1,224 1,328 1,466 1,614 Depreciation 28 3 32 37 4 Minorities - - - - - EBIT 158 24 241 273 351 Net worth 1,194 1,329 1,438 1,581 1,729 Interest 82 13 119 12 139 Convertible debt - - - - - Operating PBT 76 137 123 154 212 Other debt 627 767 1,38 1,88 1,213 Other income 22 23 22 32 31 Total debt 627 767 1,38 1,88 1,213 Exceptional inc/(exp) (4) (3) (3) - - Deferred tax liability (net) 13 17 23 28 33 PBT 94 157 141 185 243 Total liabilities 1,835 2,113 2,499 2,697 2,974 Tax provision 3 41 4 6 79 Assets Minority interest - - - - - Net fixed assets 455 478 647 66 692 PAT (Reported) 64 115 11 125 164 Capital WIP 28 91 2 72 5 Less: Exceptionals (4) (3) (3) - - Total fixed assets 483 569 649 732 742 Adjusted PAT 68 118 14 125 164 Investments 389 411 412 412 412 Current assets Ratios Inventory 777 949 1,81 1,277 1,532 FY11 FY12 FY13 FY14E FY15E Sundry debtors 137 251 381 462 555 Grow th Loans and advances 218 198 221 279 335 Operating income (%) (5.7) 28.4 21.2 22.7 2. Cash & bank balance 96 83 121 85 72 EBITDA (%) 4.2 45.2 1.2 13.6 25.9 Marketable securities 38 33 27 27 27 Adj PAT (%) 46. 75.3 (11.8) 2. 3.9 Total current assets 1,267 1,515 1,831 2,13 2,52 Adj EPS (%) 33.7 58.5 (16.6) 15.8 3.9 Total current liabilities 31 388 43 587 71 Net current assets 956 1,126 1,428 1,543 1,81 Profitability Intangibles/Misc. expenditure 6 7 9 9 9 EBITDA margin (%) 9.5 1.8 9. 8.3 8.7 Total assets 1,835 2,113 2,499 2,697 2,974 Adj PAT Margin (%) 3.5 4.7 3.4 3.4 3.7 RoE (%) 6. 9.4 7.5 8.3 9.9 Cash flow RoCE (%) 9.4 12.3 1.6 1.6 12.5 ( mn) FY11 FY12 FY13 FY14E FY15E RoIC (%) 14.5 16.6 13.8 13.4 14.5 Pre-tax profit 98 16 144 185 243 Total tax paid (25) (38) (34) (55) (74) Valuations Depreciation 28 3 32 37 4 Price-earnings (x) 7.3 4.6 17. 14.7 11.2 Working capital changes (275) (188) (27) (151) (281) Price-book (x).4.4 1.2 1.2 1.1 Net cash from operations (175) (37) (128) 17 (72) EV/EBITDA (x) 5.3 4.4 9.8 9.1 7.5 Cash from investments EV/Sales (x).5.5.9.8.7 Capital expenditure (87) (116) (115) (12) (5) Dividend payout ratio (%) 14.8 9.6 11.5 8.5 8.5 Investments and others 22 (17) 5 - - Dividend yield (%) 1.9 2..7.6.8 Net cash from investments (65) (133) (11) (12) (5) Cash from financing B/S ratios Equity raised/(repaid) 34 5 36 3 - Inventory days 177 169 154 149 149 Debt raised/(repaid) 162 14 271 5 125 Creditors days 52 54 46 53 53 Dividend (incl. tax) (11) (13) (14) (13) (16) Debtor days 28 39 49 49 49 Others (incl extraordinaries) 29 (2) (17) - - Working capital days 167 159 165 151 151 Net cash from financing 215 156 276 68 19 Gross asset turnover (x) 3.6 3.9 4. 4.2 4.7 Change in cash position (25) (13) 38 (36) (14) Net asset turnover (x) 5. 5.4 5.4 5.7 6.6 Closing cash 96 83 121 85 72 Sales/operating assets (x) 4.3 4.8 5. 5.4 6.1 Current ratio (x) 4.1 3.9 4.5 3.6 3.5 Quarterly financials (standalone) Debt-equity (x).5.6.7.7.7 ( mn) Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Net debt/equity (x).4.5.6.6.6 Net Sales 733 59 679 1,56 856 Interest coverage 1.9 2.3 2. 2.3 2.5 Change (q-o-q) 2% -19% 15% 56% -19% EBITDA 56 33 51 86 59 Per share Change (q-o-q) -23% -42% 54% 69% -31% FY11 FY12 FY13 FY14E FY15E EBITDA margin 8% 6% 7% 8% 7% Adj EPS ( ) 7.1 11.3 9.4 1.9 14.3 PAT 21 6 21 46 24 CEPS 1.1 14.2 12.3 14.2 17.8 Adj PAT 21 6 21 46 24 Book value 126.1 127. 13. 137.9 15.8 Change (q-o-q) -45% -71% 247% 118% -49% Dividend ( ) 1. 1.1 1.1.9 1.2 Adj PAT margin 3% 1% 3% 4% 3% Actual o/s shares (mn) 9.5 1.5 11.1 11.5 11.5 Adj EPS 1.9.6 1.9 4.2 2.1 Note: BUILDCO is not consolidated as it is an associate company Source: CRISIL Research 6

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CRISIL IER Independent Equity Research CRISIL Research Team President Mukesh Agarwal CRISIL Research +91 22 3342 335 mukesh.agarwal@crisil.com Analytical Contacts Sandeep Sabharwal Senior Director, Capital Markets +91 22 497 852 sandeep.sabharwal@crisil.com Prasad Koparkar Senior Director, Industry & Customised Research +91 22 3342 3137 prasad.koparkar@crisil.com Binaifer Jehani Director, Customised Research +91 22 3342 491 binaifer.jehani@crisil.com Manoj Mohta Director, Customised Research +91 22 3342 3554 manoj.mohta@crisil.com Sudhir Nair Director, Customised Research +91 22 3342 3526 sudhir.nair@crisil.com Mohit Modi Director, Equity Research +91 22 4254 286 mohit.modi@crisil.com Jiju Vidyadharan Director, Funds & Fixed Income Research +91 22 3342 891 jiju.vidyadharan@crisil.com Ajay D'Souza Director, Industry Research +91 22 3342 3567 ajay.dsouza@crisil.com Ajay Srinivasan Director, Industry Research +91 22 3342 353 ajay.srinivasan@crisil.com Rahul Prithiani Director, Industry Research +91 22 3342 3574 rahul.prithiani@crisil.com Business Development Hani Jalan Director, Capital Markets +91 22 3342 377 hani.jalan@crisil.com Prosenjit Ghosh Director, Industry & Customised Research +91 22 3342 88 prosenjit.ghosh@crisil.com Business Development Equity Research Vishal Shah Regional Manager Email : vishal.shah@crisil.com Phone : +91 98259898 Priyanka Murarka Regional Manager Email : priyanka.murarka@crisil.com Phone : +91 9936685 Shweta Adukia Regional Manager Email : Shweta.Adukia@crisil.com Phone : +91 9987855771 Ankur Nehra Regional Manager Email : Ankur.Nehra@crisil.com Phone : +91 9999575639

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