PTC India Financial Services (PTCIND) 42

Result Update Rating matrix Rating : Buy Target : 51 Target Period : 12 months Potential Upside : 25% What s Changed? Target Changed from 55 to 51 EPS FY16E Changed from 7.6 to 6.6 EPS FY17E Changed from 5.6 to 5.3 Rating Unchanged Quarterly Performance Q2FY16 Q2FY15 YoY (%) Q1FY16 QoQ (%) NII 94 83 12.9 97-3.4 Other income 21 22-1.1 9 148.2 PPP 308 95 225.1 95 224.6 PAT 211 38 454.0 61 244.3 Key Financials Crore FY14 FY15 FY16E FY17E NII 212 341 420 524 PPP 304 360 633 545 PAT 208 161 372 353 Valuation summary (YoY Growth) FY14 FY15 FY16E FY16E P/E 11.1 14.3 6.2 7.7 Target P/E 13.9 17.9 7.7 9.6 P/BV 1.7 1.6 1.4 1.1 Target P/ABV 2.1 2.1 1.8 1.4 RoA 5.0 2.6 4.8 3.4 RoE 16.1 11.5 23.7 16.8 Stock data Particulars Amount Market Capitalisation 2698 crore GNPA (Q2FY16) 4.1% NNPA (Q2FY16) 3.0% NIM % (Q2FY16) 5.6% 52 week H/L 73.2/37.1 Equity capital 526 Crore Face value 10 DII Holding (%) 2.9 FII Holding (%) 11.0 Price performance (%) 1M 3M 6M 12M PFS 6.1 3.8-9.8-11.5 REC -10.8-11.8-20.6-22.1 PFC -3.5-10.1-11.9-20.1 Research Analyst Kajal Gandhi kajal.gandhi@icicisecurities.com Vishal Narnolia Vishal.narnolia@icicisecurities.com Vasant Lohiya vasant.lohiya@icicisecurities.com November 13, 2015 PTC India Financial Services (PTCIND) 42 Growth on track; NPA concern bottoms Total income grew 207% YoY to 322.4 crore, led by 207 crore one-time gain related to sale of equity investment in Ind-Barath Energy (Utkal). Accordingly, PAT increased four fold to 211 crore Asset quality deteriorated with 283 bps and 203 bps QoQ surge in GNPA & NNPA ratio at 4.07% & 2.99%, respectively. Accordingly, provision expenses surged to 47 crore in Q2FY16 (I-direct estimate - 5 crore) NII grew 13% YoY to 94.1 crore, below our estimate of 104 crore, due to decline in margins at 5.58% in Q2FY16 vs. 6.49% in Q2FY15. Decline in margins can be attributed to surge in slippages Credit growth remained strong at 30% YoY to 7225 crore; above our estimate of 6951 crore Credit traction to continue ahead; renewable energy key driver PFS advances have grown exponentially at a CAGR of 49% to 6288 crore at the end of FY15. PFS, initially, had the largest exposure to thermal power projects at ~60% till FY12, which were primarily sourced as a reference from parent company PTC India. The company is now able to garner business on its own with focus on small and medium renewable power projects, which constitute 45% of the overall loan book. Owing to moderation in credit growth and increasing competition from banking peers, we expect loan growth to moderate compared to previous fiscals at 30.8% CAGR to 10754 crore over FY15-17E; renewable energy loans to constitute ~54% of the loan book increasing to 5773 crore by FY17E. Expect margins to moderate to ~5.5% PFS enjoys NIM of 6.0% in FY15 due to higher yields of 13-14% on low ticket, mid-sized project lending and higher capital funds. Leveraging on its power sector lineage, PFS is able to structure loans and provide other technical assistance to small developers, which enables it to command a higher yield. On the liability side, PFS in the past had the benefit of raising funds through low cost tax free bonds and ECBs. However, to aid faster growth, bank borrowing is set to increase, pressurising NIM. We expect NIMs to stay at ~5.5%, factoring in increased bank borrowings and capital raising of 600 crore in FY17E. Asset quality to remain broadly stable, post hiccups seen in Q2FY16 PFS had zero NNPA and marginal GNPA till Q3FY15. However, NPA unexpectedly surged post Q4FY15 owing to pains in certain accounts. In Q2FY16, GNPA spiked to 294 crore ( 82 crore in Q1FY16) led by three accounts (two already restructured) slipping into NPA with exposure of ~ 216 crore. Slippages remain a concern but prudent provision provides comfort against substantial impact on future profitability. Considering the recent spike in NPA, we have revised our NPA estimate upwards and expect GNPA ratio at 3.7% in FY16E and 3.1% in FY17E. Maintain BUY rating on stock We believe the opportunity to grow in the renewable energy project financing remains large. PFS has been able to set itself up as a niche player in the same. RoA, RoE still remain healthy and are expected at 3.4%, 16.9% in FY17E, respectively, aided by double digit PAT growth. With moderation in credit growth and increased competition from banking peers ahead, marginal pressure is anticipated on NIM. Spike in NPA led to downward revision in our ABV estimate for FY17E at 34.4 per share (earlier - 36.9). Maintaining our target multiple at 1.5x FY17E ABV, we arrive at a target price of 51 per share (earlier 55). We maintain our BUY rating. ICICI Securities Ltd Retail Equity Research

Variance analysis Q2FY16 Q2FY16E Q2FY15 YoY (%) Q1FY16 QoQ (%) Comments NII 94 104 83 12.9 97-3.4 NII growth remained slower led by decline in margins NIM (%) 5.6 6.3 6.5-91 bps 6.5-89 bps Decline in NIM led by higher slippages QoQ Other Income 228 10 22 957.3 9 2,553.5 Profit of 206 crore on sale of equity investment led to surge in other income Net Total Income 322 115 105 207.1 106 204.1 Staff cost 2 4 2 12.7 2 9.9 Other Operating Expenses 11 12 8 44.7 9 31.4 Forex loss came to the tune of 7.0 crore vs. 4.3 crore in the previous quarter PPP 308 99 95 225.1 95 224.6 Provision 47 5 35 35.9 1 3,809.6 Slippages of 3 accounts led to surge in provision PBT 261 94 60 334.0 94 178.6 Tax Outgo 50 32 22 126.7 32 54.3 PAT 211 62 38 454.0 61 244.3 PAT increased four fold to 211 crore, led by gains from sale of investment during the quarter. Adjusting for one-time gain, PAT came in at 4.4 crore Key Metrics GNPA 294 82 4 NA 82 260.0 GNPA deteriorated at 4.07%, decline of 203 bps QoQ NNPA 216 66 0 NA 63 NA NNPA ratio increased 206 bps bps QoQ at 3.03% in Q2FY16 Change in estimates FY16E FY17E ( Crore) Old New % Change Old New % Change Net Interest Income 433 420-3.1 561 524-6.7 Factoring in Q2FY16, NII estimate lowered for FY16E and FY17E Pre Provision Profit 646 633-2.0 582 545-6.4 NIM(%) (calculated) 5.9 5.7-19 bps 5.9 5.5-41 bps Margin revised lower based on expectation of rise in competition PAT 427 372-12.9 372 353-5.1 ABV per share ( ) 29.6 26.6-10.1 36.9 34.4-7.0 Assumptions Current Earlier FY13 FY14 FY15 FY16E FY17E FY16E FY17E Credit growth (%) 72.2 120.9 28.2 30.6 31.0 30.1 31.0 NIM Calculated (%) 7.5 5.7 6.0 5.7 5.5 5.9 5.9 Cost to income ratio (%) 12.3 9.9 10.4 7.6 10.4 7.4 9.8 GNPA ( crore) 0 4 82 305 329 100 140 Facotirng in Q2FY16 slippages, GNPA estimates revised upwards NNPA ( crore) 0.0 0.0 63 201 214 70.9 95.8 Facotirng in Q2FY16 slippages, NNPA estimates revised upwards ICICI Securities Ltd Retail Equity Research Page 2

Company Analysis Credit traction to continue ahead; renewable energy key driver PFS, as a strategy, has focused on being a financier to small and medium power projects. The company s management team has significant experience in the power sector and the financial services industry, which enables them to identify specific requirements of power project developers and offer structured products and services. PFS had started focusing on its debt financing segment post FY12. Since then, PFS advance has grown exponentially at a CAGR of 49% from 632 crore in FY12 to 6288 crore at the end of FY15. Initially, PFS had the largest exposure to thermal power projects at ~60% at the end of FY12. Most of these projects were primarily sourced as a reference from parent company PTC India, which helped it to expand its loan book initially. However, of late, the company has been able to garner business on its own with the share of thermal projects coming down to ~32% by the end of FY15 as exposure to renewable energy projects increased to ~39% of the loan book in FY15 from ~21% in FY12. Q2FY16 advances grew 30% YoY and 10% QoQ to 7225 crore. Fresh disbursements during the quarter were mainly due to renewable energy of 249 crore, marginally higher than Q4FY15. Renewable energy loan growth was 49% YoY and 9% QoQ. Hence, its share in the total loan book has increased to 45% from 36% as on Q2FY15. Owing to moderation in credit growth from last three quarters and increasing competition from banking peers, we expect loan growth to moderate compared to previous fiscals at 30.8% CAGR to 10754 crore over FY15-17E. Growth may primarily be led by renewable energy loans. PFS sanction stood at 12666 crore of which ~51% was to renewable projects. We expect the share of renewable energy loans to go up to ~54% increasing from 2456 crore in FY15 to 5773 crore by FY17E given that majority of the new sanctions/disbursements are to renewable energy projects. Exhibit 1: Loan book break-up We expect the share of renewable energy loans to go up to ~54% increasing from 2456 crore in FY15 to 5773 crore by FY17E 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 376 431 1090 1017 1358 1401 1363 1173 1454 1464 1998 1221 1313 1765 1752 2000 2245 2456 2723 2972 3684 5526 1306 1373 1663 1731 1733 1777 2010 2137 2207 2312 2658 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 FY16E FY17E Thermal Renewable Hydro Others ICICI Securities Ltd Retail Equity Research Page 3

Expect margins to dip but stay healthy at ~5.5% Earlier, the borrowing cost was very low for PFS - as low as 8.2% at the end of FY13 on account of higher funding from ECBs of 418 crore (which were funded at Libor +3.25%) and low cost infrastructure bonds (coupon rate of 8.5%) put together comprising ~40% of total borrowings. NIMs, therefore, stayed very high at 9% in the past, also shored up by equity capital of 352 crore raised via IPO in 2011. The share of loans from banks and financial institutions in overall funding has increased to ~81% at 3122 crore by FY14 supporting the accelerated pace of growth in FY14. Since the lending rate of banks were hovering at the base rate, cost of funds (CoF) has, of late, gone up dragging spreads lower to 4% vs. 6% earlier. Going ahead, we expect NII to grow at a CAGR of 23.9% over FY15-17E to 524 crore. Calculated NIMs, therefore, may remain stable with marginal downward bias at 5.5% in FY16-17E. Further, to maintain accelerated growth, PFS may have to raise capital somewhere at the start of FY17E. We have built in capital raising to the tune of 600 crore in FY17E, which will support NIMs at ~5.5%. Exhibit 2: Margins to stay close to 5.5% in FY16-17E 9.0 Calculated NIMs expected to remain stable with marginal downward bias at 5.5% in FY16-17E. % 8.0 7.0 6.0 5.0 4.0 3.0 8.3 8.1 7.0 6.9 6.8 6.9 6.5 6.5 6.3 6.5 6.0 5.6 5.7 5.5 5.5 5.4 4.6 4.9 4.7 4.5 4.4 4.4 4.3 4.6 4.2 3.9 3.9 3.6 2.0 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 FY16E FY17E NIM Spread Asset quality disappointed in Q2FY16 PFS had zero net non performing assets & marginal gross non performing assets till Q3FY15. Although there were no bad loans, PFS used to creates high standard asset provision @0.50% vs. 0.25% stipulated by the RBI. In Q4FY15, PFS reported a negative surprise with a surge in GNPA from 4.3 crore in Q3FY15 to 81.6 crore in Q4FY15 (GNPA ratio 1.28%) and NNPA came at 63 crore in Q4FY15. This increase in GNPA was due to three loan accounts (already restructured), which slipped in FY15 with exposure of 77.31 crore. Additional provision of 14 crore was made in FY15 in relation to exposure in one gas based power project, which added to provision. Restructured assets were at 450 crore out of which projects with exposure of ~ 150 crore are operational. PFS has made an investment of 61.12 crore for 37% stake in RS India Wind Energy Pvt Ltd. However, owing to a delay in DCCO, PFS has provided 31.39 crore in Q2FY15 and further 29.73 crore in Q4FY15 due to misrepresentation of facts by the investee, thereby providing 100% of the exposure. ICICI Securities Ltd Retail Equity Research Page 4

In Q2FY16, GNPA surged more than two times QoQ at 294 crore on the back of two accounts slipping during the quarter (already restructured) with exposure of ~216 crore. However, adequate provision for these exposures bodes confidence against any substantial impact on future profitability. We do not see any sharp asset quality deterioration at least in the next couple of years as most thermal projects financed by PFS have reached the completion stage without much delay. Also, going ahead, lower exposure to thermal or coal linked projects and higher focus on low gestation and highly subsidised renewable energy projects will help maintain healthy asset quality. Also, involvement of the senior management in each sanction leaves less room for assets to turn non-performing at later stages. Going ahead, as the loan book size expands and book matures, we expect NPA accretion to continue in FY15-17E. Considering the recent spike in NPA, we have revised our NPA estimate upwards and now expect GNPA ratio at 3.7% growing to 305 crore in FY16E and 329 crore (3.1% in FY17E) by FY17E. Accordingly, NNPA ratio is expected to come at 2.0% in FY17E. Exhibit 3: Asset quality to stay steady ahead Crore 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 329 305 82 0.0 0.0 4 FY12 FY13 FY14 FY15 FY16E FY17E 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% GNPA GNPA % Capital adequacy still strong, set to improve PFS capital adequacy ratio stood at healthy 25.2% aided by lower risk weighted assets. We believe the company is currently adequately capitalised for accelerated growth till FY16E. However, to maintain such a pace, we believe PFS will need to raise equity by the start of FY17E. We have built in capital raising in FY17E to the tune of 600 crore. Further, monetisation of its equity investment can also aid it to strengthen its capital adequacy ratio. The equity investment book as on FY15 stood at 340 crore (net of provisions). PTC Financial has struck a deal and exited Ind-Barath (Utkal) project in Q2FY16 at 311.9 crore valued in the books at 105 crore. This deal shored Q2FY16 bottom-line with a one-time gain of 207 crore. ICICI Securities Ltd Retail Equity Research Page 5

Exhibit 4: Capital adequacy remains strong (%) 100 90 80 70 60 50 40 30 20 10 0 88.3 84.3 66.6 41.6 25.2 26.8 25.9 23.7 23.3 25.2 FY10 FY11 FY12 FY13 FY14 Q2FY15 Q3FY15 FY15 Q1FY16 Q2FY16 Capital adequacy (%) ICICI Securities Ltd Retail Equity Research Page 6

Outlook and valuation We believe there is ample opportunity to grow in the power project financing space and PFS has been able to set itself up as a niche player in the renewable energy space. Healthy balance sheet growth is expected to aid book value (per share) expansion from 24.4 as on FY15 to 37.6 in FY17E. Owing to moderation in credit growth from last three quarters, we continue to expect moderate credit growth compared to previous fiscals at 30.8% CAGR to 10754 crore growth over FY15-17E. With the exit from the Ind-Barath (Utkal) project at a profit of ~ 206.9 crore (book value - 105 crore), surge in PAT seen in Q2FY16 bottom-line. Going ahead, we do not expect a sharp increase in NPA as seen in FY15 and Q2FY16 and have factored in GNPA and NNPA at 3.1% and 2.0% respectively in FY17E. RoA, RoE still remain healthy and are expected at 3.4%, 16.9% in FY17E, respectively, aided by double digit PAT growth. With moderation in credit growth from last 3 quarters and increased competition from banking peers ahead, marginal pressure is anticipated on NIM. Spike in asset quality has led to downward revision in our ABV estimate for FY17E at 34.4 per share (earlier - 36.9). Maintaining our target multiple at 1.5x FY17E ABV, we arrive at a target price of 51 per share (earlier 55). We maintain our BUY rating on the stock. Exhibit 5: Trend in return ratios % 25.0 20.0 15.0 10.0 5.0 0.0 23.7 16.1 16.9 14.1 11.5 8.4 8.7 4.5 4.3 5.0 4.8 2.8 2.6 3.4 FY11 FY12 FY13 FY14 FY15 FY16E FY17E RoA RoE Exhibit 6: Valuation NII Growth PAT Growth P/E ABV P/ABV RoA RoE ( cr) (%) ( cr) (%) (x) ( ) (x) (%) (%) FY13 150 133.3 104 (32.4) 22.1 21.8 1.9 4.3 8.7 FY14 212 40.9 208 99.4 11.1 24.0 1.7 5.0 16.1 FY15 341 61.3 161 (22.6) 14.3 24.4 1.6 2.6 11.5 FY16E 420 23.0 372 131.4 6.2 26.6 1.5 4.8 23.7 FY17E 524 24.7 353 (5.0) 7.7 34.4 1.1 3.4 16.9 ICICI Securities Ltd Retail Equity Research Page 7

Company snapshot 80 70 60 Target price : 51 50 40 30 20 10 0 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Event FY11 PFS completes intial public offer (IPO) at 26. The company received the status of an infrastructure finance company from RBI FY12 Dr Pawan Singh joins the company as wholetime director and CFO of the company with Deepak Amitabh appointed as Chairman & Managing Director of the company. PFS raises ECB at attractive rates. It reduced its stake to 5% in India Energy Stock Exchange at a profit of 79 crore FY14 Divests stake in Meenakshi Energy at a profit of 82 crore. Advances surge to 4974 crore growing 117% YoY. PAT doubles to 207 crore from 104 crore in FY13 Q2FY16 Divests stake in Ind Barath Energy (Utkal) Limited at a profit of 206 crore. Top 10 shareholders Shareholding Pattern Rank Name Latest Filing Date % O/S Position (m) Change (m) (in %) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 1 PTC India Ltd 30-Sep-15 60.00 337.3 0.0 Promoter 60.0 60.0 60.0 60.0 60.0 2 Macquarie Investment Management Ltd. 30-Sep-15 5.60 31.5 0.0 FII 8.0 9.7 10.5 10.9 11.0 3 Life Insurance Corporation of India 30-Sep-15 2.43 13.7 0.0 DII 3.2 3.5 2.9 3.0 2.9 4 Capital International, Inc. 31-Jul-14 1.82 10.2 0.0 Others 28.8 26.8 26.6 26.2 26.1 5 JPMorgan Asset Management U.K. Limited 30-Sep-15 1.41 7.9 0.0 6 Dimensional Fund Advisors, L.P. 31-Aug-15 1.40 7.9 0.1 7 Bajaj Allianz Life Insurance Company Limited 30-Jun-15 1.14 6.4-0.7 8 Mirae Asset Global Investments (India) Pvt. Ltd. 31-Aug-14 0.94 5.3 3.0 9 Van Eck Associates Corporation 31-Oct-15 0.26 1.5 0.1 10 Jyske Invest Fund Management A/S 31-Jan-15 0.25 1.4 0.0 Source: Reuters, ICICIdirect.com Research Recent Activity Buys Sells Investor name Value Shares Investor name Value Shares Mirae Asset Global Investments (India) Pvt. Ltd. 2.00m 2.96m HDFC Asset Management Co., Ltd. -0.91m -1.68m Emerging Global Advisors, LLC 0.17m 0.24m Pioneer Investment Management, Inc. -0.82m -1.19m IDFC Asset Management Company Private Limited 0.07m 0.11m Bajaj Allianz Life Insurance Company Limited -0.49m -0.70m Dimensional Fund Advisors, L.P. 0.06m 0.10m Sundaram Asset Management Company Limited -0.31m -0.50m Van Eck Associates Corporation 0.03m 0.05m Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 8

Financial summary Profit and loss statement Crore (Year-end March) FY14 FY15 FY16E FY17E Interest Earned 420.0 741.6 938.8 1,206.8 Interest Expended 208.4 400.3 519.0 683.1 Net Interest Income 211.6 341.3 419.9 523.7 % growth 40.9 61.3 23.0 24.7 Non Interest Income 126.2 60.3 265.1 84.3 Net Income 337.8 401.6 685.0 608.1 Employee cost 7.4 10.7 15.6 21.3 Other operating Exp. 26.2 31.0 36.2 41.9 Operating Income 304.2 359.9 633.2 544.9 Provisions 19.3 114.8 101.9 40.4 PBT 284.9 245.1 531.2 504.5 Taxes 77.2 84.4 159.4 151.4 Net Profit 207.7 160.7 371.9 353.2 % growth 99.4-22.6 131.4-5.0 EPS ( ) 3.7 2.9 6.6 5.3 Key ratios (Year-end March) FY14 FY15 FY16E FY17E Valuation No. of Equity Shares 56.2 56.2 56.2 66.2 EPS ( ) 3.7 2.9 6.6 5.3 BV ( ) 24.0 25.6 30.2 37.6 BV-ADJ ( ) 24.0 24.4 26.6 34.4 P/E 11.1 14.3 6.2 7.7 P/BV 1.7 1.6 1.4 1.1 P/adj.BV 1.7 1.6 1.5 1.1 Yields & Margins (%) Yield on interest earning assets 11.5 13.0 12.8 12.6 Avg. cost on funds 7.6 8.9 8.8 8.7 Net Interest Margins 5.7 6.0 5.7 5.5 Spreads 3.9 4.0 3.9 3.9 Quality and Efficiency Cost / Total net income 9.9 10.4 7.6 10.4 GNPA% 0.1 1.3 3.7 3.1 NNPA% 0.0 1.0 2.4 2.0 RONW (%) 16.1 11.5 23.7 16.9 ROA (%) 5.0 2.6 4.8 3.4 Balance sheet Crore (Year-end March) FY14 FY15 FY16E FY17E Sources of Funds Capital 562.1 562.1 562.1 662.1 Reserves and Surplus 786.8 874.9 1133.0 1828.0 Networth 1348.9 1437.0 1695.1 2490.1 Borrowings 3895.1 5093.7 6754.1 9072.9 Other Liabilities & Provisions 169.7 203.7 298.4 379.6 Total 5,414 6,734 8,748 11,943 Applications of Funds Fixed Assets 25.3 22.0 20.5 19.2 Investments 401.0 286.1 244.4 257.5 Advances 4903.2 6287.9 8209.1 10754.2 Other Assets 84.3 138.3 273.6 911.6 Total 5,414 6,734 8,748 11,943 Growth ratios (% growth) (Year-end March) FY14 FY15 FY16E FY17E Total assets 86.7 24.4 29.9 36.5 Advances 120.9 28.2 30.6 31.0 Borrowings 145.5 29.8 32.9 34.5 Total Income 90.6 46.8 50.1 7.2 Net interest income 40.9 61.3 23.0 24.7 Operating expenses 47.6 24.1 24.5 21.9 Operating profit (excl trading) 89.3 63.2 75.9 27.6 Net profit 99.4-22.6 131.4-5.0 Book value 10.0 6.5 18.0 46.9 EPS 99.4 (22.6) 131.4 (19.4). ICICI Securities Ltd Retail Equity Research Page 9

ICICIdirect.com coverage universe (NBFC) CMP M Cap EPS ( ) P/E (x) P/ABV (x) RoA (%) RoE (%) Sector / Company ( ) TP( ) Rating ( Cr) FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E LIC Housing Finance (LICHF) 473 545 Buy 23,852 27.5 33.4 41.2 17.2 14.2 11.5 3.1 2.4 2.0 1.3 1.4 1.4 18.1 18.7 18.6 Reliance Capital (RELCAP) 418 515 Buy 10,167 39.6 33.6 38.0 10.5 12.3 10.9 0.9 0.9 0.9 2.0 1.5 1.6 7.8 6.3 6.8 HDFC (HDFC) 1,191 1,410 Buy 187,951 38.0 42.7 50.2 31.3 27.9 23.7 6.2 5.6 5.0 2.5 2.5 2.5 20.3 20.7 22.0 PTC India Financial Services (PTCIND) 41 51 Buy 2,334 2.9 6.6 5.3 14.3 6.2 7.7 1.7 1.5 1.2 2.6 4.8 3.4 11.5 23.7 16.9 ICICI Securities Ltd Retail Equity Research Page 10

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