tag:blogger.com,1999:blog-51296102298938199092024-03-05T10:29:20.058-08:00Money MattersThe Essential Dos and Don'ts in Money Making :
This blog strives to provide CRITICAL INSIGHTS and knowledge on wealth creation.
Since no effort is free of mistakes, or,can be fool proof, the primary condition, always, is - that Reader must take total responsibility on himself for investments or other use he makes of info on this blog by making sure of the info from other sources too.
The blog will remain receptive to any corrections, comments, suggestions etc from readers.V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.comBlogger1611125tag:blogger.com,1999:blog-5129610229893819909.post-87985033479519306352021-03-07T06:24:00.004-08:002021-03-07T06:24:58.941-08:00LAURUS LABS CONCALL TRANSCRIPT 5TH FEB 2021 <p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">LAURUS LABS</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">CONCALL TRANSCRIPT</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">5TH FEB 2021</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our Q3 revenues<span style="mso-spacerun: yes;"> </span>stood<span style="mso-spacerun: yes;">
</span>at Rs.1,288<span style="mso-spacerun: yes;"> </span>crores,<span style="mso-spacerun: yes;"> </span>show-casing<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>robust<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>76%<span style="mso-spacerun: yes;"> </span>year-on-year<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>the quarter<span style="mso-spacerun: yes;"> </span>and 71%<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>nine<span style="mso-spacerun: yes;"> </span>months<span style="mso-spacerun: yes;">
</span>of FY'21<span style="mso-spacerun: yes;"> </span>year-on-year.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our revenue<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>was<span style="mso-spacerun: yes;"> </span>driven<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;">
</span>robust<span style="mso-spacerun: yes;"> </span>demand<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>several<span style="mso-spacerun: yes;"> </span>key<span style="mso-spacerun: yes;"> </span>products<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>not<span style="mso-spacerun: yes;"> </span>driven<span style="mso-spacerun: yes;">
</span>by COVID-19 related stocking. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EBITDA margin was robust
at 34% despite withdrawal of export incentives by the government and high
logistics cost during this crisis.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The formulations division</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>achieved
Rs.430<span style="mso-spacerun: yes;"> </span>cr sales<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>quarter,<span style="mso-spacerun: yes;"> </span>showcasing<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>of almost<span style="mso-spacerun: yes;">
</span>50%<span style="mso-spacerun: yes;"> </span>YoY.<span style="mso-spacerun: yes;"> </span>During<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>nine<span style="mso-spacerun: yes;"> </span>months<span style="mso-spacerun: yes;">
</span>of FY'21,<span style="mso-spacerun: yes;"> </span>this division<span style="mso-spacerun: yes;"> </span>achieved<span style="mso-spacerun: yes;">
</span>sale<span style="mso-spacerun: yes;"> </span>of Rs.1,234<span style="mso-spacerun: yes;"> </span>cr, with a<span style="mso-spacerun: yes;">
</span>revenue<span style="mso-spacerun: yes;"> </span>contribution<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>about<span style="mso-spacerun: yes;"> </span>36%<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>nine months, as against 28% in FY'20.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">During<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>quarter,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>got<span style="mso-spacerun: yes;">
</span>approved<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>triple<span style="mso-spacerun: yes;"> </span>combination<span style="mso-spacerun: yes;"> </span>product<span style="mso-spacerun: yes;">
</span>containing Tenofovir Alafenamide,<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>process<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>obtaining<span style="mso-spacerun: yes;">
</span>in-country<span style="mso-spacerun: yes;"> </span>approvals,<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>expect<span style="mso-spacerun: yes;"> </span>to launch this product in the first half of
next financial year.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Apart<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>LMIC business,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>have<span style="mso-spacerun: yes;">
</span>also<span style="mso-spacerun: yes;"> </span>seen<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>North America and EU. To
leverage our marketing front end in US, we commenced the marketing<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>in-licensed<span style="mso-spacerun: yes;"> </span>products,<span style="mso-spacerun: yes;"> </span>products<span style="mso-spacerun: yes;">
</span>developed<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>manufactured<span style="mso-spacerun: yes;">
</span>by<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;"> </span>business partners.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Out of five in-licensed
products, two are launched, and we will launch the remaining three products
during the Q1FY'22. We added a total of nine final approvals and nine months
tentative approvals out of 26 ANDAs filed so far. In Canada, we have six
product approvals, of which, four were launched, and we intend to launch the
remaining two very soon.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">For EU, we have validated
an additional two products as part of our Contract<span style="mso-spacerun: yes;"> </span>Manufacturing<span style="mso-spacerun: yes;">
</span>Partnership.<span style="mso-spacerun: yes;"> </span>We<span style="mso-spacerun: yes;"> </span>expect<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>significant<span style="mso-spacerun: yes;"> </span>upside<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>these<span style="mso-spacerun: yes;"> </span>products from FY'23 onwards. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We also obtained approvals
for five products in EU, of which we launched two products and we will be
launching the others very shortly. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We<span style="mso-spacerun: yes;"> </span>continue<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>invest<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>our
FDF infrastructure.<span style="mso-spacerun: yes;"> </span>Our<span style="mso-spacerun: yes;"> </span>debottlenecking<span style="mso-spacerun: yes;"> </span>exercise<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>existing capacities is on
course and this capacity will be available for commercial manufacturing by end
of the Q4,although with a delay of a few months.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our Brownfield expansion
project in FDF on the same site with similar capacities will be operational in
a phased manner from August 2021 and will be fully operational by end of
FY'22.On the R&D front, we continue to invest in our FDF business. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Overall R&D expenditure
across all divisions was 4% of revenue for the 9 months of FY'21. So far<span style="mso-spacerun: yes;"> </span>we have<span style="mso-spacerun: yes;">
</span>filed<span style="mso-spacerun: yes;"> </span>26 ANDAs in<span style="mso-spacerun: yes;"> </span>US, nine<span style="mso-spacerun: yes;">
</span>dossiers<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>Europe,12<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>Canada,<span style="mso-spacerun: yes;"> </span>eight<span style="mso-spacerun: yes;">
</span>with<span style="mso-spacerun: yes;"> </span>WHO, two dossiers in South
Africa and two in India, while we have filed several products across rest of
the world. Out of the 26 ANDAs filed in US, we believe two are P4s and seven
are potential first-to-file and P4s. Our approach remains product-specific
rather than market-specific.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In Generic API business,
our Antiviral API business recorded a very healthy growth<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>more<span style="mso-spacerun: yes;"> </span>than <span style="mso-spacerun: yes;"> </span>160% for<span style="mso-spacerun: yes;">
</span>the Q3<span style="mso-spacerun: yes;"> </span>with Rs.568<span style="mso-spacerun: yes;"> </span>cr<span style="mso-spacerun: yes;">
</span>sales.<span style="mso-spacerun: yes;"> </span>And<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>first<span style="mso-spacerun: yes;"> </span>nine months<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>this<span style="mso-spacerun: yes;"> </span>financial<span style="mso-spacerun: yes;">
</span>year,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>almost surpassed the total<span style="mso-spacerun: yes;"> </span>ARV sales<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>entire<span style="mso-spacerun: yes;">
</span>financial year '20. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The growth was led by
higher volumes of all key first line APIs. Second line ARV APIs continue to see
healthy sales in Q3 FY'21. Due to the demand increases from third-party API
sales, we are expanding capacities for key<span style="mso-spacerun: yes;">
</span>APIs in the coming 12 months time. We expect to maintain sales at this
level in the coming quarters. Our<span style="mso-spacerun: yes;">
</span>oncology<span style="mso-spacerun: yes;"> </span>APIs<span style="mso-spacerun: yes;"> </span>segment<span style="mso-spacerun: yes;">
</span>recorded<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>36%<span style="mso-spacerun: yes;"> </span>QoQ.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Onco sales declined by 25%
from Q2 to Q3 due to higher offtake of few APIs based on approvals by a few
customers. We are<span style="mso-spacerun: yes;"> </span>one<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>largest high<span style="mso-spacerun: yes;"> </span>potent API capacities<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the
country, and have plans to expand high potent API manufacturing capabilities in
unit-IV as well. We expect reasonable growth in Onco business in the coming
quarters as well.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In
the other APIs, our sales remain flat from Q3 FY'20 to Q3 FY'21. But for nine
months, we achieved a sales growth of over 45%. The sluggishness in the segment
in Q3 was due to changes in delivery schedule from some customers. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We
have initiated discussions with one of our key generic partner for contract
manufacturing opportunities where we have several APIs, and we expect<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>build<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>dedicated<span style="mso-spacerun: yes;">
</span>block<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>accommodate<span style="mso-spacerun: yes;">
</span>these<span style="mso-spacerun: yes;"> </span>generic<span style="mso-spacerun: yes;"> </span>API<span style="mso-spacerun: yes;">
</span>contract<span style="mso-spacerun: yes;"> </span>manufacturing. We are
also creating a lot of capacity for non-ARV APIs.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">When
it comes to Synthesis business, we recorded a growth of 60% from Q3 FY'20 to Q3
FY'21. In the nine months, we have achieved Rs.343 crs sales.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We<span style="mso-spacerun: yes;"> </span>have<span style="mso-spacerun: yes;">
</span>incorporated<span style="mso-spacerun: yes;"> </span>another<span style="mso-spacerun: yes;"> </span>step<span style="mso-spacerun: yes;">
</span>down<span style="mso-spacerun: yes;"> </span>wholly-owned<span style="mso-spacerun: yes;"> </span>subsidiary<span style="mso-spacerun: yes;">
</span>Laurus Ingredients Private<span style="mso-spacerun: yes;">
</span>Limited<span style="mso-spacerun: yes;"> </span>during<span style="mso-spacerun: yes;"> </span>Q3 FY'21.<span style="mso-spacerun: yes;">
</span>We're<span style="mso-spacerun: yes;"> </span>expanding<span style="mso-spacerun: yes;"> </span>the manufacturing infrastructure<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>this<span style="mso-spacerun: yes;"> </span>division-to<span style="mso-spacerun: yes;">
</span>focus<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>few<span style="mso-spacerun: yes;">
</span>core<span style="mso-spacerun: yes;"> </span>areas<span style="mso-spacerun: yes;"> </span>under consideration. Construction activity
initiated at the proposed dedicated synthesis R&D at Genome Valley, close
to our current R&D center. A new manufacturing site for this division will
also be a Greenfield project at Vizag, which will cater to the manufacturing needs
of the division for the next four to five<span style="mso-spacerun: yes;">
</span>years.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>acquiring<span style="mso-spacerun: yes;"> </span>land<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>this<span style="mso-spacerun: yes;"> </span>division,<span style="mso-spacerun: yes;"> </span>and this<span style="mso-spacerun: yes;">
</span>site will<span style="mso-spacerun: yes;"> </span>have capabilities
to<span style="mso-spacerun: yes;"> </span>handle<span style="mso-spacerun: yes;"> </span>steroids<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>hormones,<span style="mso-spacerun: yes;"> </span>high<span style="mso-spacerun: yes;">
</span>potent molecules<span style="mso-spacerun: yes;"> </span>apart<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>large<span style="mso-spacerun: yes;"> </span>volume commercial products.
We're also happy to share that we acquired majority equity in Richcore and the
company will be renamed<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>LaurusBio.<span style="mso-spacerun: yes;">
</span>Laurus Bio is<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>course to<span style="mso-spacerun: yes;">
</span>commission<span style="mso-spacerun: yes;"> </span>large<span style="mso-spacerun: yes;"> </span>scale<span style="mso-spacerun: yes;">
</span>fermentation capability<span style="mso-spacerun: yes;">
</span>during<span style="mso-spacerun: yes;"> </span>the Q4<span style="mso-spacerun: yes;"> </span>FY'21, and<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>confident<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>achieving<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>outlined earlier during the
acquisition. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We're
also acquiring additional land for further expanding manufacturing capacities
and capabilities for Laurus Bio. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">V
V Ravi Kumar:</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our<span style="mso-spacerun: yes;"> </span>EBITDA<span style="mso-spacerun: yes;">
</span>is<span style="mso-spacerun: yes;"> </span>34%. Diluted EPS per<span style="mso-spacerun: yes;"> </span>quarter<span style="mso-spacerun: yes;">
</span>is<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>5.1, not<span style="mso-spacerun: yes;">
</span>annualized basis, showcasing more than<span style="mso-spacerun: yes;">
</span>250% growth<span style="mso-spacerun: yes;"> </span>over Q3<span style="mso-spacerun: yes;"> </span>FY'20. Diluted EPS for<span style="mso-spacerun: yes;"> </span>nine<span style="mso-spacerun: yes;">
</span>months<span style="mso-spacerun: yes;"> </span>is Rs.12.8,not annualized.
Our ROCE improved to 40% on an annualized basis due to operational leverage. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On
the CAPEX front, we invested around Rs.433 crs during nine months of current
fiscal.<span style="mso-spacerun: yes;"> </span>To strengthen our position as a
cost-effective integrated player, we have invested in backward integration for
one of our ARV products and which was operational in January ‘21. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We
acquired a land for FDF site in Hyderabad. We are in the process of acquiring
an additional site for our API and Synthesis division. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: The shift in therapy from Efavirenz to Dolutegravir came
in to our benefit. While we continue to increase our market share in Efavirenz
and its intermediate, we also continue to sell significant volumes of
Dolutegravir as part of third-party API, and also, majority of our formulations
sales are coming from TLD and some sales are coming from TLE. As you are aware,
there are only three<span style="mso-spacerun: yes;"> </span>approvals<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>TLE whereas<span style="mso-spacerun: yes;"> </span>there<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>nine<span style="mso-spacerun: yes;"> </span>approvals<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>TLD.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;">
</span>continue<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>have advantage in TLE, while we capture more
market share, and we continue to retain the market share what we have achieved
in TLD. And when it comes to the revenue split from LMIC versus North America
and EU, as we explained earlier, the split is three-fourth and one-fourth,
about one-fourth of revenue came<span style="mso-spacerun: yes;"> </span>from
advanced markets and three-fourth came<span style="mso-spacerun: yes;">
</span>from LMIC. ARV APIs, we are adding more capacities to meet our demand.
Surprisingly, our order book for ARV API was much bigger than at the beginning
of Q2 FY21 to beginning of Q4FY21. So we see a lot of uptick in the demand for
APIs. That could be because of our scale, because of our quality compliance and
sustainability, we are getting a lot of traction and high demand for our key
first line APIs. If you look at our Q3,we have done Rs.568 crs ARV API sale.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We
are confident to maintain that in the coming quarters.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:Our<span style="mso-spacerun: yes;"> </span>gross<span style="mso-spacerun: yes;"> </span>margin<span style="mso-spacerun: yes;">
</span>was<span style="mso-spacerun: yes;"> </span>little<span style="mso-spacerun: yes;"> </span>less<span style="mso-spacerun: yes;">
</span>in Q3<span style="mso-spacerun: yes;"> </span>because<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>withdrawal<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>export<span style="mso-spacerun: yes;">
</span>incentives,<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>also higher logistics cost due to the COVID
crisis. But we are confident that we'll be able to maintain the gross margin levels.
Our operational leverage by increasing asset utilization is clearly visible by
showcasing a consistent increase in our EBITDA margins as well.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: We also had some high gross margin APIs. We supplied significant
volumes of APIs, including our ARVAPIs for launch in Europe and US. So that
also contributed to higher margins in API division.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: Currently,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>using<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;"> </span>capacities<span style="mso-spacerun: yes;">
</span>at<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>optimum<span style="mso-spacerun: yes;">
</span>level<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>our debottlenecking exercise will also be finished
during Q4. And new capacities will be available from August onwards. So we are
gearing up to meet higher demands. See, as I mentioned, we are looking at
healthy top line growth. So we are cautious to get market share while we
maintain our third-party API sale. So if you look at our ARV, we have done more
API sale to third parties in ARVs rather than our formulations division.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>would<span style="mso-spacerun: yes;"> </span>like<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>maintain<span style="mso-spacerun: yes;"> </span>that<span style="mso-spacerun: yes;">
</span>strategy.<span style="mso-spacerun: yes;"> </span>Not<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>cannibalize<span style="mso-spacerun: yes;"> </span>our business by going
aggressively into formulations as well.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: Efavirenz and its intermediates, we continue to have
leadership position where we are making about 700, 800 tons in a year, if we
look at, Efavirenz is 600 milligrams dose or 400 milligrams versus 50
milligrams of Dolutegravir. So the dosage is significantly low, but pricing is
high. If you<span style="mso-spacerun: yes;"> </span>look<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>franchisee<span style="mso-spacerun: yes;"> </span>of Efavirenz<span style="mso-spacerun: yes;">
</span>plus<span style="mso-spacerun: yes;"> </span>Dolutegravir in FY'20<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>FY'21,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>have<span style="mso-spacerun: yes;">
</span>done more sales in the franchisee than the last year.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: In the API market for ARV, even though many players who
would have got approval from the global tender in the global fund, how many
players are active in terms of supplying APIs?</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: I<span style="mso-spacerun: yes;"> </span>think there<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>not<span style="mso-spacerun: yes;"> </span>many<span style="mso-spacerun: yes;"> </span>APIs<span style="mso-spacerun: yes;">
</span>which<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>pre-qualified<span style="mso-spacerun: yes;">
</span>by WHO but<span style="mso-spacerun: yes;"> </span>when<span style="mso-spacerun: yes;"> </span>it<span style="mso-spacerun: yes;">
</span>comes<span style="mso-spacerun: yes;"> </span>to formulations,<span style="mso-spacerun: yes;"> </span>there<span style="mso-spacerun: yes;">
</span>are<span style="mso-spacerun: yes;"> </span>about<span style="mso-spacerun: yes;"> </span>eight<span style="mso-spacerun: yes;">
</span>approvals<span style="mso-spacerun: yes;"> </span>right<span style="mso-spacerun: yes;"> </span>now<span style="mso-spacerun: yes;">
</span>for Dolutegravir-based<span style="mso-spacerun: yes;">
</span>combinations. And we believe we have reasonable market share in the
formulations and largest market share in the APIs Dolutegravir.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: we are number three when it comes to the overall market
share in the formulations.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: We have largest capacities installed and we have one of
the cost-effective process, and we have regulatory approvals in place by WHO,
by FDA. So we believe we will maintain our leadership position.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: There are two therapies which we have very strong focus
and also building pipelines. The one is diabetes. The second one is
cardiovascular. And we have a very good basket of products in diabetes right
now. And we are building our strong basket in cardiovascular products as well.
So these two will drive our growth in the coming years. If you look at the
evolution from 80% to ARV APIs, in the five<span style="mso-spacerun: yes;">
</span>years<span style="mso-spacerun: yes;"> </span>we <span style="mso-spacerun: yes;"> </span>moved to 38% of ARV APIs. Similarly, our
revenue dependency on ARV formulations currently is very high. But in the next
five years, we will also diversify our revenues coming from non-ARV
formulations significantly and the dependence on ARV will come down. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Because
there are no new formulations to be developed in the ARVs, we are almost done
with developments. So, development focus is shifting from ARV to non-ARV. And
also, we are adding very large capacity in Vizag and we have taken land for
formulations expansion in Hyderabad as well. So if you want to look at where we
will be in say, three, four years down the line, I am sure we will be
discussing on non-ARV in five years from now. If you look<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>calls one<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>half<span style="mso-spacerun: yes;"> </span>year<span style="mso-spacerun: yes;">
</span>back,<span style="mso-spacerun: yes;"> </span>half of<span style="mso-spacerun: yes;"> </span>the <span style="mso-spacerun: yes;"> </span>times<span style="mso-spacerun: yes;">
</span>people were<span style="mso-spacerun: yes;"> </span>asking<span style="mso-spacerun: yes;"> </span>questions<span style="mso-spacerun: yes;">
</span>on Efavirenz. Now nobody asks questions on Efavirenz. Two years from now
people will not ask questions on ARV APIs. And maybe another two years from
then people will not ask about ARV formulations, people may talk about what is
we are doing in our Laurus Bio?, what growth we have in Laurus Bio?, what other
therapy areas we will be focusing? What kind of delivery dosage forms we are
doing?. So, company s in the transformation phase, so we need time and we are
very confident to expand our portfolio beyond just ARV.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: Laurus<span style="mso-spacerun: yes;"> </span>Bio
will<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>a CDMO for<span style="mso-spacerun: yes;"> </span>recombinant<span style="mso-spacerun: yes;"> </span>proteins,<span style="mso-spacerun: yes;">
</span>it<span style="mso-spacerun: yes;"> </span>could<span style="mso-spacerun: yes;"> </span>be food,<span style="mso-spacerun: yes;">
</span>or<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>therapeutics. Currently,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>expansion<span style="mso-spacerun: yes;"> </span>going<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>Laurus<span style="mso-spacerun: yes;">
</span>Bio to<span style="mso-spacerun: yes;"> </span>meet<span style="mso-spacerun: yes;"> </span>customer<span style="mso-spacerun: yes;">
</span>demand <span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>recombinant protein-based<span style="mso-spacerun: yes;"> </span>foods.<span style="mso-spacerun: yes;">
</span>And<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>looking<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>acquiring<span style="mso-spacerun: yes;">
</span>land,<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>I<span style="mso-spacerun: yes;">
</span>mentioned<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>my<span style="mso-spacerun: yes;">
</span>opening remarks, to expand that recombinant protein manufacturing
capabilities, not only for food, but also for therapeutics. We are also identifying
a lot of areas where the synergies could be built between our chemistry and
fermentation capabilities of bio. So, the synergies are also looking very
attractive. So, a lot will happen. And we will give you more details as and
when we expand into new areas. That is very exciting for us.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: In our CDMO business, we have evolved very significantly
in the last decade. In 2010, we need to explain about company first 15 minutes
in the meeting. Now, we don't need to explain our capabilities. And we need not
explain about our scale, we need not explain our sustainability. So we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>recognized<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>strong<span style="mso-spacerun: yes;"> </span>player<span style="mso-spacerun: yes;"> </span>in CDMO for high<span style="mso-spacerun: yes;"> </span>potent molecules,<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>very<span style="mso-spacerun: yes;"> </span>large volume molecules. So people look at us
on the two extremes, like our API also, we're doing high potent oncology<span style="mso-spacerun: yes;"> </span>molecules, and we're doing very large volume,
diabetic and ARV molecules. CDMO,<span style="mso-spacerun: yes;">
</span>our<span style="mso-spacerun: yes;"> </span>efforts<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>also<span style="mso-spacerun: yes;"> </span>culminating<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>same<span style="mso-spacerun: yes;">
</span>trend.<span style="mso-spacerun: yes;"> </span>People<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>looking<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>us<span style="mso-spacerun: yes;"> </span>for
high potent molecules, which<span style="mso-spacerun: yes;"> </span>we have
several<span style="mso-spacerun: yes;"> </span>molecules in pipeline. And
we're<span style="mso-spacerun: yes;"> </span>also doing several tons of
opportunity in commercial molecules. So although the number of small molecules
in the development by big pharma is constant, I don't want to say going down, constant,
and we have great opportunities there.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: We'll be talking<span style="mso-spacerun: yes;">
</span>about ANDAs in diabetes, ANDAs in cardiovascular and P4 launches, and
maybe new dosage forms, currently we are doing only solid oral, maybe situation
will change, we may enter into other delivery forms as well. So a lot of things
are at the drawing board<span style="mso-spacerun: yes;"> </span>stage, and<span style="mso-spacerun: yes;"> </span>we're<span style="mso-spacerun: yes;">
</span>very<span style="mso-spacerun: yes;"> </span>comfortable<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>de-risk<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;"> </span>dependence in<span style="mso-spacerun: yes;"> </span>ARV without compromising<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;">
</span>growth<span style="mso-spacerun: yes;"> </span>in ARV.<span style="mso-spacerun: yes;"> </span>If you<span style="mso-spacerun: yes;">
</span>look<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>80% ARV APIs<span style="mso-spacerun: yes;">
</span>company<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>38% ARV companies, but our ARV API sales went
up by Rs.500 crs from when we were 80% dependent to<span style="mso-spacerun: yes;"> </span>when<span style="mso-spacerun: yes;">
</span>we're<span style="mso-spacerun: yes;"> </span>38%<span style="mso-spacerun: yes;"> </span>dependent.<span style="mso-spacerun: yes;">
</span>So<span style="mso-spacerun: yes;"> </span>you<span style="mso-spacerun: yes;"> </span>could<span style="mso-spacerun: yes;">
</span>understand<span style="mso-spacerun: yes;"> </span>how<span style="mso-spacerun: yes;"> </span>much<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>diversification<span style="mso-spacerun: yes;"> </span>is happening in the organization.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava: It's<span style="mso-spacerun: yes;"> </span>not<span style="mso-spacerun: yes;"> </span>that <span style="mso-spacerun: yes;"> </span>significant<span style="mso-spacerun: yes;">
</span>investment.<span style="mso-spacerun: yes;"> </span>We<span style="mso-spacerun: yes;"> </span>do<span style="mso-spacerun: yes;">
</span>believe<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;"> </span>subsidiary, Laurus Bio,<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;">
</span>be<span style="mso-spacerun: yes;"> </span>able<span style="mso-spacerun: yes;"> </span>to generate its own cash to invest or raise
its own debt to invest, because their margins are very attractive,<span style="mso-spacerun: yes;"> </span>sustainable,<span style="mso-spacerun: yes;">
</span>so<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>don't<span style="mso-spacerun: yes;">
</span>see<span style="mso-spacerun: yes;"> </span>any<span style="mso-spacerun: yes;"> </span>challenges<span style="mso-spacerun: yes;">
</span>to <span style="mso-spacerun: yes;"> </span>invest<span style="mso-spacerun: yes;"> </span>there.<span style="mso-spacerun: yes;">
</span>We<span style="mso-spacerun: yes;"> </span>do<span style="mso-spacerun: yes;"> </span>believe<span style="mso-spacerun: yes;">
</span>they're capable of raising money and if necessary, we can assist
them.Tushar Manudhane:Secondly, particularly<span style="mso-spacerun: yes;">
</span>on<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>APIside,<span style="mso-spacerun: yes;">
</span>what<span style="mso-spacerun: yes;"> </span>is the<span style="mso-spacerun: yes;"> </span>capacity<span style="mso-spacerun: yes;">
</span>utilization?Is it<span style="mso-spacerun: yes;"> </span>that<span style="mso-spacerun: yes;"> </span>Brownfield expansion is getting delayed because
of COVID,that will be operational from August '21?Dr. Satyanarayana Chava:Only
formulation expansion was delayed during the crisis. But our API expansions are
on track.Earlier,we used to say we are one of the top five API companies with
respect to reactor volume. Now we can say we are number four with respect to
ARV volume. Currently, we have 4.5 million liters of reactor volume and we are
adding close to a million liters in the next expansion phase. So that<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;">
</span>take<span style="mso-spacerun: yes;"> </span>us<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>5.5<span style="mso-spacerun: yes;"> </span>million<span style="mso-spacerun: yes;"> </span>liters<span style="mso-spacerun: yes;">
</span>reactor<span style="mso-spacerun: yes;"> </span>volume.<span style="mso-spacerun: yes;"> </span>That<span style="mso-spacerun: yes;">
</span>is a significant<span style="mso-spacerun: yes;"> </span>addition, almost
20% what we have, we're adding in next 12-months.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Manudhane:Lastly, on
overall CAPEX guidance for next year?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:As<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;">
</span>mentioned<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>last<span style="mso-spacerun: yes;"> </span>quarter<span style="mso-spacerun: yes;"> </span>conference<span style="mso-spacerun: yes;">
</span>call,<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>envisage<span style="mso-spacerun: yes;">
</span>about Rs. 1200<span style="mso-spacerun: yes;"> </span>crores investment
over the next 24-months.We believe that is enough for our growth.We don't see
any additional CAPEX required to meet our growth.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Krish
Mehta:I wanted to ask what is the percentage of revenue this quarter which is
non-ARV, all divisions put together?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Maybe closer to
35%.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Krish Mehta:And another question I wanted to ask is about capital allocation
going forward after the Richcore acquisition. So if you can give a sense of the
split between how much CAPEX might be thinking of allocating between Richcore
versus like our core ARV business?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:In the capital
allocation, what number we just gave Rs.1200 crores is not inclusive of CAPEX
envisaged to Laurus Bio. I think that is not going to be very significant, and
they will be able to raise or interest from their own cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sameer Shah:First question is in the opening remarks, you said that
significant upsideis expected from EU partnerships from FY'23. If you can just
elaborate on that?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:We<span style="mso-spacerun: yes;">
</span>have<span style="mso-spacerun: yes;"> </span>done<span style="mso-spacerun: yes;"> </span>validations<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>two<span style="mso-spacerun: yes;"> </span>products<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>diabetic space.<span style="mso-spacerun: yes;"> </span>And<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>expect<span style="mso-spacerun: yes;"> </span>significant volume uptick in FY'23. And also,
as we wanted to expand and diversify into non-ARV, that is the year where we
expect significant diversification happens out of non-ARV.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sameer Shah:Secondly,
on the Custom Synthesis business, if you can give some idea of the funnel, in
the last phone call, you mentioned that business will be on its own from next
year onwards, so are there any significant orders under discussion?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana
Chava:We have a lot of opportunities there. As we are not giving any guidance,
we do expect to create dedicated R&D as I mentioned, we are creating
dedicated site for the division. They will grow from FY’23 onwards
significantly, and we are very excited about that growth in the
division.</span><br /></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Out of seven potential first-to-file,
the earliest opportunities will be in 2025.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar
Bohra:Sir, just quickly to start with, taking forward from Jeevan's question,
and linking back to your earlier answer, you mentioned that 2025 is when we see
the FTF, and 2023 we expect significant diversification<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>business<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>non-ARV<span style="mso-spacerun: yes;"> </span>side<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>well as<span style="mso-spacerun: yes;"> </span>presumably,<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>lot<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>this diversification will be from regulated markets. So should we look
at this as that we have a very clear growth visibility for the next two, three
years even before the FTF start kicking in?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Yes,<span style="mso-spacerun: yes;"> </span>see,<span style="mso-spacerun: yes;">
</span>the non-ARV<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>coming<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>first<span style="mso-spacerun: yes;"> </span>time<span style="mso-spacerun: yes;">
</span>generic<span style="mso-spacerun: yes;"> </span>launches,<span style="mso-spacerun: yes;"> </span>which<span style="mso-spacerun: yes;">
</span>are<span style="mso-spacerun: yes;"> </span>not<span style="mso-spacerun: yes;"> </span>P4-related, and also launching very large
volume, fully integrated formulations, which some of them are<span style="mso-spacerun: yes;"> </span>fine,<span style="mso-spacerun: yes;">
</span>some<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>them<span style="mso-spacerun: yes;">
</span>are<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;"> </span>development.<span style="mso-spacerun: yes;">
</span>Our<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>formulations<span style="mso-spacerun: yes;"> </span>division<span style="mso-spacerun: yes;"> </span>is not dependent on launching our
first-to-file products.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Bohra:And<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>had<span style="mso-spacerun: yes;"> </span>plans<span style="mso-spacerun: yes;">
</span>for injectables,<span style="mso-spacerun: yes;"> </span>I<span style="mso-spacerun: yes;"> </span>believe,<span style="mso-spacerun: yes;">
</span>it<span style="mso-spacerun: yes;"> </span>was<span style="mso-spacerun: yes;"> </span>highlighted<span style="mso-spacerun: yes;">
</span>in one of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>earlier<span style="mso-spacerun: yes;">
</span>con-calls. Any updates on that front?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:We'll
update you probably in the next couple of quarters as and when we have concrete
timelines and ideas.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Bohra:On the capacity expansion side, so, we did
almost Rs.1,300 crores revenue this quarter. Is it fair to assume that the
current capacity is able to support this on an annualized basis, so, the 1,200
crores expansion that you see, none of it is in the numbers right now, so, that
is a further growth possibility for us?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:We don’t give
guidance, and wouldn’t want to comment on that.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Bohra:No-no, sir,I am not
trying to reveal my hand here, I am just trying to understand that a) it is
fair to assume that this 1,300x4 is the bare<span style="mso-spacerun: yes;">
</span>minimum, right. And then I<span style="mso-spacerun: yes;"> </span>would
like to understand, how<span style="mso-spacerun: yes;"> </span>much<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>CAPEX<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>already<span style="mso-spacerun: yes;"> </span>done<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>exactly<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;"> </span>this<span style="mso-spacerun: yes;">
</span>point<span style="mso-spacerun: yes;"> </span>forward,<span style="mso-spacerun: yes;"> </span>how<span style="mso-spacerun: yes;">
</span>much CAPEX still needs to be done, which will fuel the growth for next
two years? And if you can segregate that by division?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana
Chava:We<span style="mso-spacerun: yes;"> </span>don't<span style="mso-spacerun: yes;"> </span>want<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>reveal<span style="mso-spacerun: yes;"> </span>division<span style="mso-spacerun: yes;">
</span>wise<span style="mso-spacerun: yes;"> </span>CAPEX,<span style="mso-spacerun: yes;"> </span>but<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>can<span style="mso-spacerun: yes;">
</span>tell<span style="mso-spacerun: yes;"> </span>you,<span style="mso-spacerun: yes;"> </span>every<span style="mso-spacerun: yes;">
</span>quarter<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>have capacity<span style="mso-spacerun: yes;">
</span>additions<span style="mso-spacerun: yes;"> </span>ever<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>form<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>backward<span style="mso-spacerun: yes;"> </span>integration<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>intermediates,<span style="mso-spacerun: yes;"> </span>additional<span style="mso-spacerun: yes;"> </span>API capacities<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>existing<span style="mso-spacerun: yes;"> </span>products,<span style="mso-spacerun: yes;"> </span>additional<span style="mso-spacerun: yes;">
</span>API<span style="mso-spacerun: yes;"> </span>capacity<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>new<span style="mso-spacerun: yes;"> </span>products,<span style="mso-spacerun: yes;"> </span>formulation debottlenecking lines coming
commercialization for formulation. These are coming at a regular pace and not
coming in bunch, every quarter we have something coming handy for our
growth.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Bohra:So in Q2, we mentioned that we will have capacity
constraints that will obviously affect some of the profitability in Q3 and Q4
we should see the full effect of new capacity coming in. Now that we've said
that there is a slight delay on the formulations side, we should expect that
maybe Q1 will probably see the ramp up far better than Q4?</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:Q4 also will be good</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar
Bohra:If<span style="mso-spacerun: yes;"> </span>you<span style="mso-spacerun: yes;"> </span>can<span style="mso-spacerun: yes;">
</span>help us understand<span style="mso-spacerun: yes;"> </span>the
long-termvision <span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>your<span style="mso-spacerun: yes;">
</span>nutraceuticals,<span style="mso-spacerun: yes;"> </span>cosmaceuticals
business,<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>there<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>potential<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>scale<span style="mso-spacerun: yes;"> </span>that<span style="mso-spacerun: yes;"> </span>part<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>business<span style="mso-spacerun: yes;">
</span>into<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>much<span style="mso-spacerun: yes;">
</span>larger<span style="mso-spacerun: yes;"> </span>meaningful segment for
us?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:See, nutraceuticals, cosmeceuticals business were
added into our CDMO business because we are<span style="mso-spacerun: yes;">
</span>not<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>doing<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>commodity<span style="mso-spacerun: yes;"> </span>product,<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>doing<span style="mso-spacerun: yes;">
</span>one<span style="mso-spacerun: yes;"> </span>product<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>one<span style="mso-spacerun: yes;"> </span>customer<span style="mso-spacerun: yes;"> </span>kind<span style="mso-spacerun: yes;">
</span>of business. So, we are doing a lot of business with very big companies.
We don't want to name those<span style="mso-spacerun: yes;"> </span>because<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>confidentiality.<span style="mso-spacerun: yes;"> </span>We<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>working<span style="mso-spacerun: yes;"> </span>with who’s who in<span style="mso-spacerun: yes;"> </span>nutraceuticals<span style="mso-spacerun: yes;"> </span>and cosmeceuticals.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tushar Bohra:A
clarification on the number you mentioned. So this Rs.1200 crores CAPEX does
not include the Richcore acquisition and possibly anything on the sterileside.
Is it a fair assumption to make?Dr. Satyanarayana
Chava:Yes.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Andre:Hi, this is Andre, Sangeeta's
partner. One is, as far as the EBITDA margins are concerned, is it good for us
to expect these to increase with time with the effect of operating leverage?
And my second<span style="mso-spacerun: yes;"> </span>question<span style="mso-spacerun: yes;"> </span>was<span style="mso-spacerun: yes;">
</span>that<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>FTF<span style="mso-spacerun: yes;"> </span>business,<span style="mso-spacerun: yes;"> </span>it<span style="mso-spacerun: yes;">
</span>was<span style="mso-spacerun: yes;"> </span>marginal<span style="mso-spacerun: yes;"> </span>QoQ<span style="mso-spacerun: yes;">
</span>line.<span style="mso-spacerun: yes;"> </span>Should<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;">
</span>read anything into this or is this another variation?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana
Chava:I think the slight decline in FDFrevenues from Q2 to Q3 is only order
execution, and nothing significant there. And when it comes to EBITDA margins,
as we mentioned, we can't give you a specific number, but we will keep on mentioning,
we are confident to maintain 30% or more EBITDA despite our continued growth in
our top line.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sangeeta Purushottam:I had a follow up question, that when we're
looking at the composition of business, in FDF, it's been<span style="mso-spacerun: yes;"> </span>sort<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>flattish<span style="mso-spacerun: yes;"> </span>like<span style="mso-spacerun: yes;">
</span>you mentioned in<span style="mso-spacerun: yes;"> </span>synthesis,<span style="mso-spacerun: yes;"> </span>and bulk of<span style="mso-spacerun: yes;">
</span>our<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;">
</span>really<span style="mso-spacerun: yes;"> </span>come from the
antiviralAPI, even within the generic API division we've seen oncofallen and
other APIs stabilize. Now, what is outlook on Onco if other API and this is in
Generics?These are the divisions which are really going to lead to a mix for
you going forward.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:The Onco APIs<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;">
</span>have<span style="mso-spacerun: yes;"> </span>revenues<span style="mso-spacerun: yes;"> </span>around Rs. 300,<span style="mso-spacerun: yes;"> </span>because<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>not<span style="mso-spacerun: yes;">
</span>adding<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>oncology sales related to a CDMO business.
This is a generic oncology APIs. And in other APIs, because significant revenue
in other APIs is coming<span style="mso-spacerun: yes;"> </span>from
contract<span style="mso-spacerun: yes;"> </span>manufacturing, so the sales
will be bulky. So you might have seen in Q1, we have done Rs. 135 crores, in
Q3, we've done Rs.100 crores,but in Q4, the sales will be bigger than Q3. So it
is a timing of deliveries in other APIs.The products what we're validating in
other APIs, will see commercial sale in FY'22 and there are<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>good<span style="mso-spacerun: yes;"> </span>number<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>APIs commercial<span style="mso-spacerun: yes;"> </span>suppliers<span style="mso-spacerun: yes;">
</span>in FY'23.<span style="mso-spacerun: yes;"> </span>The<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>other APIs is<span style="mso-spacerun: yes;"> </span>also very good attractive rate right now.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sangeeta
Purushottam:In the Generic Synthesis, I don't see any concerns in terms of
growth. This is something where the numbers are picking up forward?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:InSynthesis, yes. Because of some delivery commitments to
be done in Q4...Q4 was bulky last year and we expect Q4 will be bulky this year
as well in the synthesis division. But if you look at our last three quarters,
we have done Rs.100 crores in Q1, Rs.116 crores in Q2, Rs.127 in Q3, so it is
growing, and we're very happy with thatgrowth.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dipan Mehta:Can you give us an overview on the pricing scenario for
tenders as well as the open market sales,are you witnessing any pricing
pressure from year-on-year ago, quarter to now and even quarter-on-quarter?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:I think we indirectly answered this question.As we
mentioned, despite of our growth in top line, we're<span style="mso-spacerun: yes;"> </span>able<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>maintain<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>EBITDA<span style="mso-spacerun: yes;"> </span>margin.That clearly
gives<span style="mso-spacerun: yes;"> </span>an<span style="mso-spacerun: yes;">
</span>indication<span style="mso-spacerun: yes;"> </span>that<span style="mso-spacerun: yes;"> </span>quality<span style="mso-spacerun: yes;">
</span>of business is very good, and we are not compromising profitability for
just top line growth. So we are comfortable right now and we expect we'll be
able to manage the slight decline in prices by effective cost control measures
by the way of procurement or operations improvement.We do expect the numbers
will be good.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dipan Mehta:But the<span style="mso-spacerun: yes;">
</span>margin<span style="mso-spacerun: yes;"> </span>can<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>maintained<span style="mso-spacerun: yes;"> </span>also<span style="mso-spacerun: yes;"> </span>because<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>change<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>product<span style="mso-spacerun: yes;"> </span>mix.<span style="mso-spacerun: yes;"> </span>So,<span style="mso-spacerun: yes;">
</span>my<span style="mso-spacerun: yes;"> </span>specific question is that for
the same product, quarter-on-quarter can you give us some idea as to what the
price declines have been in the range of 3% to 5% or in the range of 8%to 10%
something give us an idea that what is the kind of pricing impact which may be
there on the top line which has of course been covered by better cost
management and improving on the product mix?My question is around for the same
type of products,molecules on an average basis what would be the price
decline,I am not asking product wise,overall for the company on an aggregate
basis,something to give us an idea as to what we are dealing with in terms of
price erosions? </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Our sales in US and Europe is a quarter
of our formulations sales and we are not seeing any price decline significantly
there. And when it comes to the LMIC, ARV segment because these tenders are not
weekly tender or monthly tender,pricing are reasonably stable over a period of
a few quarters. So there is no pricing decline for every tender.Moderator:Thank
you. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ranvir Singh:Can you give me a break up of finished
doses between ARV and non-ARV?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:As I mentioned, it is
75%and 25%.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ranvir
Singh:Now this is for advanced countries and...?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Yeah,
yeah, our LMIC sales are predominantly ARVsand then Europe and North
Americaarenon-ARVs.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ranvir Singh:Okay, but TLE600 we had rollout in US as well,
right?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:That's not a very significant sale.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ranvir Singh:I
think previous participant has already asked this, but just in general, because
the selling price of TLD is $75 and people were selling it at a discount,so,
this discount has increasingly been higher,the tender price<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>much-much<span style="mso-spacerun: yes;"> </span>lower<span style="mso-spacerun: yes;"> </span>than<span style="mso-spacerun: yes;">
</span>what<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>selling<span style="mso-spacerun: yes;">
</span>price<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>versus last<span style="mso-spacerun: yes;">
</span>year<span style="mso-spacerun: yes;"> </span>or how is the trend there,in
general for industry for all players I wanted to understand?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana
Chava:You have<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>look<span style="mso-spacerun: yes;">
</span>at<span style="mso-spacerun: yes;"> </span>how<span style="mso-spacerun: yes;"> </span>much<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>backward<span style="mso-spacerun: yes;"> </span>integration<span style="mso-spacerun: yes;">
</span>people<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>doing.<span style="mso-spacerun: yes;">
</span>If<span style="mso-spacerun: yes;"> </span>somebody<span style="mso-spacerun: yes;"> </span>buys APIs and participation in
tenders,somebody buys intermediates and make APIs and participate in tenders.
Somebody makes starting materials and make intermediates and APIsand
participate in tender.So the profitability margins depend on where they stand.
So for integrated players like ours,<span style="mso-spacerun: yes;">
</span>we<span style="mso-spacerun: yes;"> </span>have<span style="mso-spacerun: yes;"> </span>biggest<span style="mso-spacerun: yes;">
</span>advantage<span style="mso-spacerun: yes;"> </span>of maintaining<span style="mso-spacerun: yes;"> </span>profitability<span style="mso-spacerun: yes;">
</span>versus<span style="mso-spacerun: yes;"> </span>people<span style="mso-spacerun: yes;"> </span>who<span style="mso-spacerun: yes;">
</span>are<span style="mso-spacerun: yes;"> </span>non-integrated by APIs, and
do formulations. Some people even don't do formulations, some people
outsource<span style="mso-spacerun: yes;"> </span>formulations manufacturing<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;">
</span>buying<span style="mso-spacerun: yes;"> </span>APIs<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>giving<span style="mso-spacerun: yes;"> </span>it<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>somebody<span style="mso-spacerun: yes;"> </span>else<span style="mso-spacerun: yes;"> </span>for formulations.<span style="mso-spacerun: yes;"> </span>For<span style="mso-spacerun: yes;">
</span>those<span style="mso-spacerun: yes;"> </span>companies,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>profits<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>even<span style="mso-spacerun: yes;"> </span>less.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;">
</span>you<span style="mso-spacerun: yes;"> </span>have to look<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>how
integrated the offering in ARV is more important to maintain profitability,
just not the top line.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ranvir Singh:Just a clarity aboutRichcore revenue is
built in this quarter.Any amount or it's not at all?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana
Chava:Norevenue or profitability included in Q3,probably we will do it from Q4
onwards.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">C Srihari:Recently,one month injectable has been
approved by the USFDA. I would like to know what kind of<span style="mso-spacerun: yes;"> </span>impact<span style="mso-spacerun: yes;">
</span>that<span style="mso-spacerun: yes;"> </span>could<span style="mso-spacerun: yes;"> </span>have on<span style="mso-spacerun: yes;">
</span>the ARV portfolio?<span style="mso-spacerun: yes;"> </span>And<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>the
FDFfront,<span style="mso-spacerun: yes;"> </span>could<span style="mso-spacerun: yes;"> </span>you<span style="mso-spacerun: yes;">
</span>give some kind of just outlook?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:Maybe I'll answer
your long acting injectables business. So, we are in ARV business sincelast two
decades and we are watching the developments very carefully. And if there is a
disruption, we want to be part of the disruption rather than follow it. As you
could see, the transition from Efavirenz, Dolutegravir,we took benefit out of
that disruption.And even if Tenofovir will move to another low dose Tenofovir
Alafenamide, we have approvals in place and we have another combination
products under development, which we are filing probably next week. And if
there is<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>long<span style="mso-spacerun: yes;">
</span>acting<span style="mso-spacerun: yes;"> </span>injectable<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;">
</span>enter<span style="mso-spacerun: yes;"> </span>market.When<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>how<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>depending<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>the WHO guidelines which are not yet released.And
even if it is as part of the treatment guidelines, it will be not before 2025
and we have the APIs developed already and depending on the guidelines,</span> <span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">we will develop formulations and if there is a
disruption because of this, I am sure we will be part of that. So you can be
rest assured on that.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">C Srihari:You mentioned that the quarterly run rate is
sustainable. So, what is the kind of growth guidance you will give for FY'22
for the ARV business? Dr. Satyanarayana Chava:We're not giving specific growth,
but we are comfortable to say we will continue to grow in API business not only
FY'21 but also in FY'22.C Srihari:On the FDFfront, would it be possible to give
the volume share? You said 25% of the revenue comes from the developedmarkets.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:I can't give you those details. If there are very specific
questions, please write to us and we are happy to share you the details.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">C
Srihari:The 25%, how do you see moving over the long-termnext two to three
years?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:We<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;"> </span>increase<span style="mso-spacerun: yes;">
</span>that<span style="mso-spacerun: yes;"> </span>share ofrevenue<span style="mso-spacerun: yes;"> </span>coming<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>Europe<span style="mso-spacerun: yes;"> </span>or<span style="mso-spacerun: yes;">
</span>North<span style="mso-spacerun: yes;"> </span>America<span style="mso-spacerun: yes;"> </span>than<span style="mso-spacerun: yes;">
</span>what<span style="mso-spacerun: yes;"> </span>we have<span style="mso-spacerun: yes;"> </span>today<span style="mso-spacerun: yes;">
</span>significantly<span style="mso-spacerun: yes;"> </span>because<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>productslaunch<span style="mso-spacerun: yes;"> </span>planned which<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>non-ARV.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;"> </span>that revenue share will go
up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Charulata Gaidhani:If you could give byproduct, the traction in ARV
API?Dr. Satyanarayana Chava:The<span style="mso-spacerun: yes;">
</span>majority<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>in ARV <span style="mso-spacerun: yes;"> </span>APIs sales came<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>our<span style="mso-spacerun: yes;"> </span>three<span style="mso-spacerun: yes;"> </span>core<span style="mso-spacerun: yes;">
</span>products–Tenofovir,Lamivudine, Efavirenz and Dolutegravir. All four
products sales have increased significantly.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Charulata Gaidhani:Second question
pertains to the Europe partnership.Have you filed for marketing authorization?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr.
Satyanarayana Chava:It is<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>very<span style="mso-spacerun: yes;">
</span>interesting<span style="mso-spacerun: yes;"> </span>question.<span style="mso-spacerun: yes;"> </span>Our<span style="mso-spacerun: yes;">
</span>partner<span style="mso-spacerun: yes;"> </span>had<span style="mso-spacerun: yes;"> </span>marketing<span style="mso-spacerun: yes;">
</span>authorizations.We<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>becoming their<span style="mso-spacerun: yes;"> </span>contract<span style="mso-spacerun: yes;">
</span>manufacturer<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>an additional site.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>approval will<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>much<span style="mso-spacerun: yes;"> </span>easier.<span style="mso-spacerun: yes;"> </span>So<span style="mso-spacerun: yes;"> </span>our
growth in those products in FY'23 has nothing to do with approvals. So our
facility was approved by<span style="mso-spacerun: yes;"> </span>European<span style="mso-spacerun: yes;"> </span>authorities<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>products<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>approved<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>authorities<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;">
</span>are<span style="mso-spacerun: yes;"> </span>becoming<span style="mso-spacerun: yes;"> </span>a contract manufacturer to them, where we
make APIand also formulations for them.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Charulata Gaidhani:Can you name the
partner?</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dr. Satyanarayana Chava:No.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-82821427227062897622021-02-27T09:31:00.003-08:002021-02-27T09:31:27.826-08:00KRITI INDUSTRIES LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">KRITI INDUSTRIES LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PVC
PIPE MANUFACTURER</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">15+ STATES & UTs</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">32+ACRES - STATE OF ART PLANT</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">600+ DEALERS & DISTRIBUTORS</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">800+EMPLOYEES</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Kriti
Industries (India) (in Cr.)</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Sep
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Jun
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">YOY</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">QOQ</span></p>
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<tr style="height: 15.0pt; mso-yfti-irow: 1;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Sales</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">221</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">90</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">155</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">71</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">151</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">47</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">146</span></p>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Raw
Materials</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">138</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">53</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">RM%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-37.6</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-35.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">25.86</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">P B
T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">23.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">7.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">319.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">227.17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-4.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">175.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">243.1</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">N P
T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4096</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">222</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">NPT
MARGIN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">247.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">31.21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.6pt;" valign="top" width="127">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 45.8pt;" valign="top" width="61">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">411.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.45pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">222.52</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Yearly
Results of Kriti Industries (India) (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">534</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">569</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">428</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">365</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">462</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">RM%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">75.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">84.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">82.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">80.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">78.94</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Raw
Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">405.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">478.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">351.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">293.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">364.88</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15.85</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">P B
T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">21.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">10.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">13.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">19.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">7.63</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">19.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">11.69</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">NPT
MARGIN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.53</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.96</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Reserves</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">98.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">80.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">74.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">65.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">57.53</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
Dividend (%)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">18</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.36</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MP<span style="mso-tab-count: 1;"> </span>57.95<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PE<span style="mso-tab-count: 1;"> </span>4.05<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52 Week Range<span style="mso-tab-count: 1;"> </span>10<span style="mso-tab-count: 1;"> </span>70.95<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Volume<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>66,571<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 year CAGR
growth<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue<span style="mso-tab-count: 1;"> </span>12.30%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net<span style="mso-tab-count: 1;"> </span>Profit<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>30.40%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Operating Profit<span style="mso-tab-count: 1;"> </span>15.80%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Price
Performance<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Week<span style="mso-tab-count: 2;"> </span>-1.11%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Month<span style="mso-tab-count: 2;"> </span>-0.94%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 Months<span style="mso-tab-count: 1;"> </span>61.20%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>194.91%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>11.34%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">STRENGTHS</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoters increasing shareholding QoQ</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Rising Net Cash Flow and Cash from Operating
activity</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with high TTM EPS Growth</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong Annual EPS Growth</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Good quarterly growth in the recent results</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Growth in QUARTERLY Net Profit with increasing
Profit Margin (QoQ)& (YOY)</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Book Value per share Improving for last 2 years</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with Zero Promoter Pledge</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Recent Results : Growth in Operating Profit with
increase in operating margins (YoY)</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">rising net profit margins - quarterly as well as
TTM basis</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">OPPORTUNITIES</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">current TTM PE Ratio less than 3 Year, 5 Year and
10 Year PE</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Profit making Companies with High ROCE and Low PE</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Negative to Positive growth in Sales and Profit
with Strong Price momentum</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Highest Recovery from 52 Week Low</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Stock with Low PE (PE < = 10)</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Shareholding Pattern</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoters have increased holdings from 66.16% to
66.34% in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Institutional Investors holding remains unchanged
at 0.0% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kriti Industries LTD.(KIL) was founded in 1982. The
trusted choice of experts, farmers and common man, its brand kasta is one name
that resounds to all. With the capacity of 1,10,000 tonnes per annum, KIL
offers the most extensive range of plastic products in india. KIL manufactures
premium quality piping products and solution, accessories, gas piper, telecom
ducts, submersible pipes and casing pipes.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Group governance</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kriti Group comprises three companies of Kriti
Industries (India) Limited, Kriti Nutrients Limited and Kriti Auto Engineering
& Plastics Pvt. Limited. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Its focus
has been on adopting modern, state of art technology, building sales with
strong distribution network and continuous product up-gradation by its team in
close association with its key customers.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">It cater to
customers in Food, Feed, Pharma and Confectionery for soya value added
products. The group also provide extruded and moulded plastic products for
agriculture, horticulture, infrastructure for various industries and for FMCG
Automobile industry. Kriti’s marketing network is spread deep down from large
to small towns in over 15 states of India. Kriti’s products are exported to
almost all countries in South East Asia, China, Japan and Europe. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kriti is
planning to extend its reach to individual customers to enhance its B&B
share in total business volume. It is also planning to add newer Food products
for its retail sales network. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Having
introduced Inline drip systems, Kriti is increasing its product offering for
agriculture, horticulture and infrastructure segments. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kriti also
plans to introduce new products for providing comprehensive plumbing solutions.
</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Kriti is in
an exciting phase of its journey and is poised to leap miles ahead. We are
looking to your continued support in this journey.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Businesses</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
is engaged in the manufacture of polymer pipes. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">These
comprised Poly Vinyl Chloride (PVC) and Poly Ethylene (PE) used in the
downstream applications of potable water supply, irrigation, building
construction and infrastructure. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
widened its product range to address a majority of sizes (small to large
diameter across classes and ratings). </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
possesses the capability to manufacture a variety of complementary PVC/HDPE
fittings</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Presence<span style="mso-spacerun: yes;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The
Company’s headquarters are based in Indore; its manufacturing facility is
located in Pithampur. The Company’s sales footprint extends largely across
Madhya Pradesh, Rajasthan, Maharashtra and Telangana. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
enhanced its focus in additional states during the year under review,
broad-basing its national presence and addressing a larger addressable national<b style="mso-bidi-font-weight: normal;"> </b>market.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Performance<span style="mso-spacerun: yes;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
registered revenues of Rs.536.08 crore and Profit after Tax<span style="mso-spacerun: yes;"> </span>Rs.19.23 crore. The Company reported a cash profit
of Rs.26.95 crore and EBITDA margin of 8.89% in 2019-20.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MANAGEMENT</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mr. Shiv
Singh Mehta : Chairman & Managing Director</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mr. Saurabh
Singh Mehta : Whole Time Director</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mrs. Purnima
Mehta<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;">
</span>Director</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PRODUCTS</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Agriculture</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Micro-Irrigation</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Building Products</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Industrial
Solutions</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ANNUAL REPORT 2019-20</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Margins growth</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A focus on
value-addition, superior products and the ability to capitalise on raw material
price movements widened margins.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Profitable growth</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company
reported revenues of Rs.536.08 crore in FY 2019-20 in spite of a slowing
economy, while generating an EBITDA Rs.47.68 crore. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Outperformance (%)</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenues
declined 6% on account of lower raw material prices while EBITDA grew 53%. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue
decline<span style="mso-tab-count: 2;"> </span>6%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">EBITDA
growth<span style="mso-tab-count: 2;"> </span>53%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PAT MARGIN</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FY2018-19<span style="mso-tab-count: 2;"> </span>1.16%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FY2019-20<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>3.62%</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Lower
debt</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">We focused on the
repayment of long-term debt that strengthened our liquidity for the moment and
our credit rating for the future (influencing our overall cost of mobilised
finance).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Long-term
debt </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">FY2018-19<span style="mso-spacerun: yes;"> </span>29.95 CR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">FY2019-20<span style="mso-tab-count: 1;"> </span>23.32<span style="mso-spacerun: yes;">
</span>CR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MARKET
COVERAGE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">We focused on increasing
our long-term presence in Maharashtra and Telangana through a deeper presence
across a larger number of districts.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Company’s <b style="mso-bidi-font-weight: normal;">interest cover</b> weakened from 2.96 in
FY2017-18 to 2.52 in FY2018-19 but revived to 3.19 in 2019-20. This was largely
on account of superior cost management and payback from projects</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Company’s <b style="mso-bidi-font-weight: normal;">debt cost</b> was higher at 10.68% in
FY2019-20. This ratio should ideally be read in conjunction with net
debt/operating profit (an increase indicating higher liquidity)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The future </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(i) enhance plant
utilisation by expanding markets and applications. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(ii) market a large volume
in Maharashtra at non-discounted realisations; </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(iii) enter different
sectors (gas and building products) to service multiple growth drivers - to
sell our products through the year.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(iv) The offtake of
polymer pipes with agricultural applications is growing year on year, largely
independent of the country’s economy. The replacement of steel pipes with
polymer equivalents is growing and extending to the 1200 mm diameter segment.
The penetration of pipes is only 45% of the total market, indicating a vast
multi-year head room. (iv) Indian government announced a major initiative to
grow the national gas grid network within a time-bound programme, which is
expected to translate into an unprecedented demand for polymer gas pipes; </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(v) the Company intends to
widen its portfolio to building pipes, addressing the large real estate sector.
(vi) country’s water table is high following an extended 2019 monsoon, which
augurs well for the offtake of polymer pipes. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(vi) possesses an
under-borrowed Balance Sheet, low exposure in the building products and gas
segments that can only grow from this point onwards, sound credit rating, short
receivables cycle, adequate manufacturing capacity, credible quality
certifications and a trusted brand to widen its presence from one to three
downstream sectors. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(vii) Company has invested
in data analytics and information sharing; the concurrence of a number of
improvement-centric projects augurs well for our productivity.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(viii) Company is
optimistic that this measured approach should translate into the Company
growing to Rs.1200 crore revenues by 2023 derived through a deeper presence in
the States of our existing presence and the addition of Karnataka. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(ix) It took a number of
years to grow to more than 500 crore in revenues; Now, company expects to more
than double our revenues in a fraction of the time, enhancing value for all our
stakeholders</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Company’s revenues
were Rs.536.08 crore in 2019-20, while reducing long-term debt by 30.19%,
strengthening the platform of the Balance Sheet to sustain multi-year growth.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Irrigation
investments:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> The government has allocated Rs.2.83 lakh
crore for agriculture and allied activities, irrigation and rural development
in the Union Budget 2020-21. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Government
policy</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The government intends to double farm incomes by
2022. Favourable policies like the Pradhan Mantri Krishi Sinchai Yojana,
Swachch Bharat Mission and introduction of more Smart Cities are projected to
catalyse the demand for PVC pipes. <b style="mso-bidi-font-weight: normal;">Telecom</b>:
The optical fibre market in India is projected at US$ 424 million by 2020 on
account of growing adoption of smart phones, broadband services and 5G rollout.
The optic fibre cable comprises tens of strands of glass fibre, each no thicker
than a human hair and capable of transmitting the entire Encyclopedia
Britannica’s contents in less than a second. (Source: TechSci Research).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Piped
gas</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
Following the completion of the ninth city gas distribution bidding round, city
gas distribution would be available in 178 GAs comprising 280 districts spread
over 26 States and Union Territories covering more than 50% of India’s
population and 35% of its GA. India also launched the tenth city gas
distribution bidding round in 50 GAs spread over 124 districts in 14 States to
potentially reach piped gas to 200 lakh households.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Kriti’s
Competitiveness Holistic</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: Kriti Industries has graduated from
a water transmission products company to a fluid transportation products
company. The extrusion of polymer products is being adapted to other areas (gas
and optic fibre cables). </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">National
relevance</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: We grew our business in national priority areas
likely to attract government policies and consumer traction. In view of this,
our polymer extrusion business addresses increasingly relevant downstream
interventions (water transmission, gas transportation and optic fibre ducts).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Broadbasing:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
We believe that any-market competitiveness is derived from business
broadbasing. the Company broadbased its manufacturing infrastructure through
capacity addition, widened its products portfolio, expanded its geographic
footprint and intends to widen its presence across downstream sectors (beyond
water transmission).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">State-of-the
art</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
The Company consciously invested in state-of-the-art manufacturing facilities -
a higher one-time investment in exchange for a sustainable advantage
(productivity, quality and efficiency). <b style="mso-bidi-font-weight: normal;">Financial
conservatism</b>: The Company believes in any-market competitiveness derived
from a conservative Balance Sheet. The Company invested in building its
business through accruals, paying down long-term debt and moderating its
receivables. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Brand:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
The Company invests 1% of revenues in brand building. It generates about 76%
revenues from trade partners who retail to consumers. The Company’s Kasta brand
generates a consumer pull without any price discount. The brand stands for
positive attributes (‘Expert ka vishwaas’, ‘bharosa’, ‘superior’,<span style="mso-spacerun: yes;"> </span>‘best’<span style="mso-spacerun: yes;">
</span>and ‘peace of mind’).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">One-stop</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
The Company is a one-stop provider of polymer extruded products – from 20 mm to
710 mm diameter and applications extending from water to drip irrigation to gas
to telecom. This has enhanced our share of the primary customer’s wallet
(distributors). <b style="mso-bidi-font-weight: normal;">Manufacturing capacity</b>:
The Company broad-based its manufacturing capacity by 25% in 2018-19 and kept
its capacity at a constant in 2019-20. This is one of the largest capacities at
a single location across the polymer pipe sector in India. This capacity has
been structured for peak requirement during the post-monsoon season. The plant
usually operates at peak utilisation during this period. The objective of the
Company is to enter new sectors with round-the-year applications that could
strengthen the Company’s capacity utilisation (and profitability). </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Product
portfolio</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The Company’s portfolio comprises a range of PVC
pipes and fittings, strengthening its recall as a one-stop solution provider.
This has increased the Company’s ability to address a larger share of the
customer’s wallet. The proportion of fittings (value-added) accounted for 5.20%
of the turnover during the year under review.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Product
mix</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
The Company leveraged its rich experience in product design and manufacture to
graduate to larger-diameter pipes. The Company possesses capabilities to
manufacture pipes up to 710 mm diameter, addressing larger water throughput
requirements and larger government outlays. The Company also developed larger diameter
pipes addressing the gas sector. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Value-added:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
The Company is a value-added player in a commoditised space. The Company
manufactured products addressing the highest quality standard and generating a
premium. Value-added fittings accounted for 6% of the Company’s revenues.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Quality:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
The Company manufactured around a high consistent quality standard (across
narrow tolerances), resisting the use of a lower price/quality of raw material
to enhance profitability. This addressed the growing emergence of discerning
farmers who would prefer to invest in a premium quality product when making a
long-term capital expenditure (as opposed to buying low-priced products of
suspect quality).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Location</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
The Company is present in Madhya Pradesh where 70% of the state’s population
depends on agriculture. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Geographic
footprint:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> The Company’s geographic broadbasing extended from a
longstanding presence in Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana
to contiguous states like Maharashtra and Telangana, the most decisive
expansion after 35 years of being present principally in two Indian states. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The organisation has
matured to a point – scale, brand, bandwidth, distribution and Balance Sheet –
where a wider geographic footprint will accelerate its competitiveness and transform
it from a regional brand into a multi-zonal organisation and pan-India
presence. <b style="mso-bidi-font-weight: normal;">Micro focus</b>: The Company
has treated each district as a unique market, helping map the growing needs of
individual farmers. The Company is directly present through trade partners at
tehsil levels (as opposed to taluka levels for most). The result is that the
Company is a market leader in Madhya Pradesh (65%) and Rajasthan (45%).</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Distribution
radius</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The Company is engaged in the manufacture of a hollow
product, making it competitive to market as close to the plant as possible. The
Company prefers to route products out of the single unit but deliver with speed
to its primary customers (trade partners). The Company maximised sales within
500kms of its manufacturing facility. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Distribution
intensity</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The Company does not just market products wide; it
has also selected to market products deep within its existing footprint. This
priority has been manifested in the Company reaching products down to towns,
enhancing proximity to consumers and making it a preferred vendor. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Contiguous
growth</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The Company believes in incremental geographic
expansion: from one district to the contiguous other, leveraging economies of
brand spending, distribution presence and managerial bandwidth.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Customer
mix:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
The Company is largely a retail-focused company, accounting for 76% of revenues
in 2019-20. The institutional sales generate volumes marked by long
receivables; the rest of the business is largely cash and carry, strengthening
the Company’s cash flow. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Sectoral
mix</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">:
The Company is broad-basing its personality beyond water transportation
applications towards fluid transportation. The Company intends to manufacture
extruded products for application in the rapidly growing <b style="mso-bidi-font-weight: normal;">gas sector</b>. The Company will manufacture pipes of a larger diameter
for this application. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Primary
customers</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: In the Company’s markets of Madhya Pradesh and
Rajasthan, the primary customers (trade partners) are Kasta’s biggest
ambassadors: they have worked with the Company for years, experienced virtually
no product returns and provided the opportunity to add other dealerships to
their profile. The result is that the Kriti associated has proved beneficial
for their respect, status and business. The Company embarked on the creation of
a similar network in the new States of our presence through a prudent selection
of distribution partners based on their integrity, financial depth and
long-term commitment to the business.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">New
market selection</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">: The Company entered new States that
represent the springboard of its future, accounting for a sizable share of the
Indian extruded polymer products market. Some of these States have been
affected by drought and erratic monsoons, making water storage and transmission
imperative for agricultural survival.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-17790766880165553612021-02-24T05:00:00.003-08:002021-02-24T05:00:28.563-08:00BAJAJ HEALTHCARE LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BAJAJ <span style="mso-spacerun: yes;"> </span>HEALTHCARE LTD</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Q3 FY 21
RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">About Bajaj Healthcare Limited</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Bajaj<span style="mso-spacerun: yes;"> </span>Healthcare<span style="mso-spacerun: yes;">
</span>Limited is a leading<span style="mso-spacerun: yes;">
</span>manufacturer<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>APIs, Intermediates and<span style="mso-spacerun: yes;"> </span>Formulations established in the year 1993. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">It
specializes in manufacturing of of Amino Acids, Intermediates, API,
formulations & Nutraceuticals. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
company has state-of-art manufacturing facilities, of which 6 units are
dedicated to APIs, 2 units to Intermediates and 1 unit for formulations. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">These
facilities are<span style="mso-spacerun: yes;"> </span>designed<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>meet<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>requirements<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>both<span style="mso-spacerun: yes;"> </span>advanced<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>well<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;">
</span>emerging<span style="mso-spacerun: yes;"> </span>market opportunities. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL
has a strong presence globally in countries like Europe, USA, Australia,
Africa, Middle East and South America.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Management</span></b></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sajankumar R Bajaj Chairman &
Managing Director</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Anil C Jain<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 3;"> </span>Managing
Director</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Rupesh H Nikam<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>Whole
Time Director & CFO</span></li></ul>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Financial Performance </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Comparison –Q3FY21v/s Q3FY20</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Revenue
from operations increased by79.64% from Rs.992.7mn in Q3FY20 to R</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">s.1783.34mn
in Q3 FY21 mainly driven by strong performances of our products across the
board.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">
The EBITDA increased by 3.4xfrom Rs.134.91mn in Q3FY20 to Rs.458.16 mn in
Q3FY21 led by surge in sales of value added and high margin products.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">EBITDA Margin (%)
increased to 25.44% from 13.57%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> Finance cost increas</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">ed
merely by 16.26% from Rs.16.55mn in Q3FY20 to Rs.19.24mn in Q3FY21 despite of
sales growing by 80%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> Net profit stood at
Rs.264.23mn in Q3FY21, compared to 61.96mn in Q3FY20</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> PAT margins increased
to14.67 % in Q3FY21 from 6.23% in Q3FY2</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Financial Comparison </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Summary of <span style="mso-spacerun: yes;"> </span>9M
FY21 v/s 9M FY20</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Income<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>operation<span style="mso-spacerun: yes;"> </span>recorded<span style="mso-spacerun: yes;"> </span>a growth<span style="mso-spacerun: yes;">
</span>by 80.03%<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;"> </span>Rs 2,915.12mn<span style="mso-spacerun: yes;">
</span>in9MFY20<span style="mso-spacerun: yes;"> </span>to Rs.5,248.02mn in 9 M FY21mainly
driven by s</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">trong performances of the key product lines.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">
The<span style="mso-spacerun: yes;"> </span>EBITDA increased by 3.3x from
Rs.319.38mn in 9M FY20 to Rs.1,064.67mn in 9M FY21and EBIDTA margins expanded
by almost 1.8xfrom 10.94 % in9M FY20 to 20.10% in 9M FY21 led by surge in sales
of value added and high marg</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">in products.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net
profit stood at Rs.618.31 mn in 9M FY21, compared to Rs.126.73mn in 9M FY 20
recorded an absolute growth of 4.9</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">x</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Recent notable Developments</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">A. Product Developments</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL has successfully
executed pilot scale batch for two new API’s i.e. Methyl dopa & Acyclovir
in therapeutical segment;</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">a)Methyldopa
is<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>prodrug<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>metabolized<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>central<span style="mso-spacerun: yes;"> </span>nervous<span style="mso-spacerun: yes;"> </span>system, works<span style="mso-spacerun: yes;"> </span>by relaxing blood vessels<span style="mso-spacerun: yes;"> </span>so<span style="mso-spacerun: yes;">
</span>blood<span style="mso-spacerun: yes;"> </span>can<span style="mso-spacerun: yes;"> </span>flow<span style="mso-spacerun: yes;">
</span>more<span style="mso-spacerun: yes;"> </span>easily.<span style="mso-spacerun: yes;"> </span>It<span style="mso-spacerun: yes;">
</span>is<span style="mso-spacerun: yes;"> </span>used<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>treat<span style="mso-spacerun: yes;"> </span>Lowering high<span style="mso-spacerun: yes;"> </span>blood pressure, helps<span style="mso-spacerun: yes;"> </span>prevent<span style="mso-spacerun: yes;">
</span>strokes, heart<span style="mso-spacerun: yes;"> </span>attacks, kidney problems.
Dizziness, light headedness, drowsiness, headache, stuffy nose, and weakness are
some common side effects that may occur.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">b)
Acycloviris<span style="mso-spacerun: yes;"> </span>a synthetic analog of the
purine nucleoside, guanosine, with potent antiviral activity against<span style="mso-spacerun: yes;"> </span>herpes<span style="mso-spacerun: yes;">
</span>simplex virus’s type<span style="mso-spacerun: yes;"> </span>1<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>2,<span style="mso-spacerun: yes;"> </span>varicella-zoster<span style="mso-spacerun: yes;"> </span>virus<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>other<span style="mso-spacerun: yes;"> </span>viruses<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the herpes virus<span style="mso-spacerun: yes;"> </span>family.<span style="mso-spacerun: yes;">
</span>It<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>used<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>treat<span style="mso-spacerun: yes;"> </span>infections<span style="mso-spacerun: yes;">
</span>caused<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;"> </span>certain<span style="mso-spacerun: yes;">
</span>types<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>viruses. Nausea, diarrhoea, headache, or vomiting
are some common side effects that may occur.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">B. Commercial Updates</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Update on Production Linked Incentive (PLI) Scheme</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Production
linked incentive<span style="mso-spacerun: yes;"> </span>(PLI)<span style="mso-spacerun: yes;"> </span>scheme<span style="mso-spacerun: yes;">
</span>intends to boost domestic<span style="mso-spacerun: yes;">
</span>manufacturing of<span style="mso-spacerun: yes;"> </span>identified Key<span style="mso-spacerun: yes;"> </span>Starting<span style="mso-spacerun: yes;">
</span>Materials<span style="mso-spacerun: yes;"> </span>(KSMs)/Drug<span style="mso-spacerun: yes;"> </span>Intermediates<span style="mso-spacerun: yes;">
</span>(Dis)<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>Active<span style="mso-spacerun: yes;">
</span>Pharmaceutical<span style="mso-spacerun: yes;"> </span>Ingredients
(APIs)<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>India.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL
has<span style="mso-spacerun: yes;"> </span>submitted<span style="mso-spacerun: yes;"> </span>application<span style="mso-spacerun: yes;">
</span>under<span style="mso-spacerun: yes;"> </span>the PLI<span style="mso-spacerun: yes;"> </span>scheme<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>manufacturing of<span style="mso-spacerun: yes;"> </span>some key<span style="mso-spacerun: yes;">
</span>APIs<span style="mso-spacerun: yes;"> </span>/<span style="mso-spacerun: yes;"> </span>Intermediates<span style="mso-spacerun: yes;">
</span>with<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>GOI.<span style="mso-spacerun: yes;">
</span>Applications<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>schemes<span style="mso-spacerun: yes;"> </span>closed<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;">
</span>30th<span style="mso-spacerun: yes;"> </span>November 2020, and awaiting
approvals from respective authority.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
production-linked<span style="mso-spacerun: yes;"> </span>incentive<span style="mso-spacerun: yes;"> </span>(PLI)<span style="mso-spacerun: yes;">
</span>schemes<span style="mso-spacerun: yes;"> </span>received<span style="mso-spacerun: yes;"> </span>215<span style="mso-spacerun: yes;">
</span>applications<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;"> </span>83<span style="mso-spacerun: yes;">
</span>bulk<span style="mso-spacerun: yes;"> </span>drug makers<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>28<span style="mso-spacerun: yes;"> </span>applications<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>23<span style="mso-spacerun: yes;"> </span>medical<span style="mso-spacerun: yes;"> </span>device<span style="mso-spacerun: yes;">
</span>manufacturers,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>department<span style="mso-spacerun: yes;">
</span>of pharmaceuticals<span style="mso-spacerun: yes;"> </span>said.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">A<span style="mso-spacerun: yes;"> </span>maximum<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>136<span style="mso-spacerun: yes;"> </span>applications<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>bulk<span style="mso-spacerun: yes;"> </span>drugs<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>28<span style="mso-spacerun: yes;"> </span>applications for medical<span style="mso-spacerun: yes;"> </span>devices<span style="mso-spacerun: yes;">
</span>will<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;"> </span>approved.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Updates
on manufacturing facilities acquired from Saraswat Co-operative Bank Limited:</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL<span style="mso-spacerun: yes;"> </span>had acquired<span style="mso-spacerun: yes;">
</span>manufacturing<span style="mso-spacerun: yes;"> </span>facilities
from<span style="mso-spacerun: yes;"> </span>Saraswat<span style="mso-spacerun: yes;"> </span>Co-operative<span style="mso-spacerun: yes;">
</span>Bank<span style="mso-spacerun: yes;"> </span>Limited<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>the SARFAESI Act., for a purchase consideration of Rs.610 million</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL<span style="mso-spacerun: yes;"> </span>would be manufacturing API’s<span style="mso-spacerun: yes;"> </span>like<span style="mso-spacerun: yes;">
</span>Mefenamic<span style="mso-spacerun: yes;"> </span>Acid,<span style="mso-spacerun: yes;"> </span>Arthemether<span style="mso-spacerun: yes;">
</span>Lumefranrine, Aceclofenac, Albendazole and Nimesulide at the above
facilities. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">These
API’s are primarily used in pain management, anti-malaria and tapeworm
infection. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>its<span style="mso-spacerun: yes;"> </span>endeavor<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>move<span style="mso-spacerun: yes;"> </span>up<span style="mso-spacerun: yes;"> </span>the
value chain,<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>revamping<span style="mso-spacerun: yes;">
</span>its existing<span style="mso-spacerun: yes;"> </span>3<span style="mso-spacerun: yes;"> </span>API manufacturing facilities of Nutraplus<span style="mso-spacerun: yes;"> </span>India<span style="mso-spacerun: yes;">
</span>Limited.<span style="mso-spacerun: yes;"> </span>The<span style="mso-spacerun: yes;"> </span>revamp,<span style="mso-spacerun: yes;">
</span>which<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>underway<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>expected<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>be
completed by February 2021.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL
expect the commencement of production to start from April 2021.These<span style="mso-spacerun: yes;"> </span>facilities<span style="mso-spacerun: yes;">
</span>would<span style="mso-spacerun: yes;"> </span>considerably<span style="mso-spacerun: yes;"> </span>enhance<span style="mso-spacerun: yes;">
</span>BHL’s<span style="mso-spacerun: yes;"> </span>capacity<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>address<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>international market and meet demand surges
from the domestic market</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Update about factory premises situated at Plot No.
N-178, MIDC, Tarapur: Maharashtra<span style="mso-spacerun: yes;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Pollution<span style="mso-spacerun: yes;"> </span>Control <span style="mso-spacerun: yes;"> </span>Board<span style="mso-spacerun: yes;">
</span>(“MPCB”)<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;"> </span>issued<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>notice dated January<span style="mso-spacerun: yes;"> </span>14,<span style="mso-spacerun: yes;">
</span>2021 directing the closure of operations at the above<span style="mso-spacerun: yes;"> </span>Unit<span style="mso-spacerun: yes;">
</span>situated at Plot No. N-178, MIDC, Tarapur, Boisar<span style="mso-spacerun: yes;"> </span>401<span style="mso-spacerun: yes;"> </span>506<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>alleged<span style="mso-spacerun: yes;"> </span>violation<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>provisions<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>Water<span style="mso-spacerun: yes;"> </span>(Prevention<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>Control<span style="mso-spacerun: yes;"> </span>of Pollution)<span style="mso-spacerun: yes;">
</span>Act,<span style="mso-spacerun: yes;"> </span>1974,<span style="mso-spacerun: yes;"> </span>Air(Prevention<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>Control<span style="mso-spacerun: yes;"> </span>Pollution),<span style="mso-spacerun: yes;"> </span>Act, 1981<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Rules<span style="mso-spacerun: yes;">
</span>made there under.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL’s<span style="mso-spacerun: yes;"> </span>above<span style="mso-spacerun: yes;">
</span>said<span style="mso-spacerun: yes;"> </span>unit<span style="mso-spacerun: yes;"> </span>admeasured to<span style="mso-spacerun: yes;">
</span>1000<span style="mso-spacerun: yes;"> </span>sq.<span style="mso-spacerun: yes;"> </span>mtrs,<span style="mso-spacerun: yes;">
</span>with<span style="mso-spacerun: yes;"> </span>an<span style="mso-spacerun: yes;"> </span>installed capacity<span style="mso-spacerun: yes;"> </span>of 20MTPA.<span style="mso-spacerun: yes;">
</span>Production at this unit<span style="mso-spacerun: yes;"> </span>is restricted
to<span style="mso-spacerun: yes;"> </span>small volume of intermediates,
which<span style="mso-spacerun: yes;"> </span>do<span style="mso-spacerun: yes;">
</span>not contribute significantly to the sales. BHL has undertaken necessary
measures to ensure business continuity of the products being manufactured at
this facility. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
manufacturing of these products is being transferred to other units and all
necessary steps have been taken to avoid any short comings and overcome any
consequences.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL’s
major priority and focus would be to get the unit back in operation and expect
the unit to be<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>operation<span style="mso-spacerun: yes;">
</span>within<span style="mso-spacerun: yes;"> </span>15 <span style="mso-spacerun: yes;"> </span>days.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Accordingly,
BHL<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;">
</span>taken<span style="mso-spacerun: yes;"> </span>necessary<span style="mso-spacerun: yes;"> </span>steps<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>provide<span style="mso-spacerun: yes;"> </span>an appropriate response to the said notice.
BHL stands by its commitment to long term sustainability and ethical way of
doing business.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Fire accident dt 13-02-20 at Tarapur Unit</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">There was a minor fire
accident at one unit situated on Plot no. N-128 at M.I.D.C, Tarapur,
Maharashtra in the first half of. February 13, 2021.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"><span style="mso-spacerun: yes;"> </span>Due to prompt action by alert staff the fire
was brought under control and no substantial loss of<span style="mso-spacerun: yes;"> </span>property<span style="mso-spacerun: yes;">
</span>or<span style="mso-spacerun: yes;"> </span>injury<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>human<span style="mso-spacerun: yes;"> </span>life<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;">
</span>occurred<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>incidence.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">However,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>Company<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>ascertaining<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>extent<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>loss<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;">
</span>already<span style="mso-spacerun: yes;"> </span>informed <span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Insurance<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>entire<span style="mso-spacerun: yes;">
</span>factory<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>goods<span style="mso-spacerun: yes;">
</span>therein<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>adequately<span style="mso-spacerun: yes;">
</span>insured.<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>taking<span style="mso-spacerun: yes;"> </span>steps<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>ensure<span style="mso-spacerun: yes;"> </span>normal operation at the
plant at the earliest.<span style="mso-spacerun: yes;"> </span>Any further
material development in this regard will be updated</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Updates on Generic business:</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL has planned to enter into
Generic Market and also has identified several products to launch in<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>phased<span style="mso-spacerun: yes;"> </span>manner. This segment
will<span style="mso-spacerun: yes;"> </span>cover<span style="mso-spacerun: yes;"> </span>all<span style="mso-spacerun: yes;">
</span>major<span style="mso-spacerun: yes;"> </span>therapeutic<span style="mso-spacerun: yes;"> </span>segments<span style="mso-spacerun: yes;">
</span>like<span style="mso-spacerun: yes;"> </span>Chronic, Acute and
Dermatological range of products. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL expects that revenue
from generic division to commence from the first quarter of FY 2021-22</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Around 1.7xofY-o-Y<span style="mso-spacerun: yes;"> </span>growth(9<span style="mso-spacerun: yes;">
</span>months)in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>API<span style="mso-spacerun: yes;">
</span>segment<span style="mso-spacerun: yes;"> </span>was mainly<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;">
</span>account<span style="mso-spacerun: yes;"> </span>of strong performance
& growth from our leading APIs. Formulation segment revenues grew by around
3xon a Y-o-Y<span style="mso-spacerun: yes;"> </span>(9<span style="mso-spacerun: yes;"> </span>months)basis<span style="mso-spacerun: yes;">
</span>on<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>account<span style="mso-spacerun: yes;">
</span>of business<span style="mso-spacerun: yes;"> </span>from our<span style="mso-spacerun: yes;"> </span>existing clients<span style="mso-spacerun: yes;"> </span>and addition<span style="mso-spacerun: yes;">
</span>of few new clients”</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Guidance for FY21</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL expects to deliver
similar uptick in revenues for Q4 FY21 on account of accelerated growth in
sales volume mainly driven by upsurge in demand for few of our </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">key
products in the API segment.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Addition of new
capacities and product’s will further add fuel to the growth of the company.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BHL has reported healthy
upside in EBITDA margins for nine months ending December FY20 and further<span style="mso-spacerun: yes;"> </span>expects<span style="mso-spacerun: yes;">
</span>margin<span style="mso-spacerun: yes;"> </span>accretion<span style="mso-spacerun: yes;"> </span>in </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"><span style="mso-spacerun: yes;"> </span>line<span style="mso-spacerun: yes;">
</span>with<span style="mso-spacerun: yes;"> </span>their<span style="mso-spacerun: yes;"> </span>expectations<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>guidance<span style="mso-spacerun: yes;"> </span>given<span style="mso-spacerun: yes;">
</span>by<span style="mso-spacerun: yes;"> </span>the management, this will be
mainly attributed to further backward integration, volume growth and better
realisation from BHL’s key products</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QUARTERLY RESULTS :</span></b><b><span style="font-family: "Verdana","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"></span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Quarterly Results of Bajaj Healthcare Ltd
(in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">178.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">206.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">139.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">118.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">99.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">79.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-13.7</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">118.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">154.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">103.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">89.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">76.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">53.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-23.48</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">16.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-11.52</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">39.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">28.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">20.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">14.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">9.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">332.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">41.33</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">8.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">4.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">374.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">65.97</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">26.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">20.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">15.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">9.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">314.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">31.31</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Equity Share Capital</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">13.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.35pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.05pt;" valign="top" width="121">
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">19.15</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">14.58</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.96</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">4.62</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">314.5</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">31.34</span></p>
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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></b></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MP<span style="mso-tab-count: 1;"> </span>465<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PE<span style="mso-tab-count: 1;"> </span>6.07<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">VOLUME<span style="mso-tab-count: 1;"> </span>7091<span style="mso-tab-count: 1;"> </span>VERY LOW</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">52 Week Range<span style="mso-tab-count: 2;"> </span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">185<span style="mso-tab-count: 2;"> </span>600<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 2;"></span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">TECHNICALS<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">VERY BEARISH<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Face Value<span style="mso-tab-count: 1;"> </span>10<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Price Performance<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1 Week<span style="mso-tab-count: 2;"> </span>-3.24%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1 Month<span style="mso-tab-count: 2;"> </span>-1.26%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">3 Months<span style="mso-tab-count: 1;"> </span>0.57%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">YTD<span style="mso-tab-count: 1;"> </span>4.31%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1 Year<span style="mso-tab-count: 1;"> </span>102.17%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">3 Years<span style="mso-tab-count: 1;"> </span>145.54%<span style="mso-tab-count: 1;"> </span></span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-5371978444360502252021-02-24T04:57:00.005-08:002021-02-24T04:57:52.087-08:00AJANTA PHARMA LIMITED - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">AJANTA PHARMA LIMITED</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">About Ajanta Pharma Limited</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Ajanta Pharma is a speciality pharmaceutical formulation company having
branded generic business in India and emerging markets, generic business in US
and institution business in Africa. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Many of company’s products are 1st to market and are leading in their
sub-therapeutic segments.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Company’s state of the art R&D centres for formulation development
and API are located at Mumbai. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Company has 8 world class manufacturing facilities located in India and
Mauritius.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Recently Company has commercialised its sterile eye drops manufacturing
block at Guwahati.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">For last 10 financial years, company has posted healthy performance with
its consolidated total income growing at 20% CAGR and net profit at 28% CAGR.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Q3 FY 2021 performance highlights (compared to Q3 FY 2020)</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Arial Unicode MS"; mso-fareast-font-family: "Arial Unicode MS";"></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: SymbolMT; mso-fareast-font-family: SymbolMT;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue from operations at Rs. 749 cr. against Rs.
651 cr.; up 15%.</span></p>
<p class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo2; text-autospace: none; text-indent: -21.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA at Rs. 242 cr. against Rs. 186 cr.; up 30%;
EBITDA at 32% of revenue from operations.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Arial Unicode MS"; mso-fareast-font-family: "Arial Unicode MS";"></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: SymbolMT; mso-fareast-font-family: SymbolMT;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Profit after tax at Rs. 177 cr. against Rs. 108
cr.; up 64%; PAT at 24% of revenue from operations.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9 Months FY 2021 performance highlights (compared to 9 Months FY 2020)</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Arial Unicode MS"; mso-fareast-font-family: "Arial Unicode MS";"></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: SymbolMT; mso-fareast-font-family: SymbolMT;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue from operations at Rs. 2,133 cr. against
Rs. 1,906 cr., up 12%.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Arial Unicode MS"; mso-fareast-font-family: "Arial Unicode MS";"></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: SymbolMT; mso-fareast-font-family: SymbolMT;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA at Rs. 747 cr. against Rs. 532 cr.; up 41%;
EBITDA at 35% of revenue from operations.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Arial Unicode MS"; mso-fareast-font-family: "Arial Unicode MS";"></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: SymbolMT; mso-fareast-font-family: SymbolMT;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Profit after tax at Rs. 495 cr. against Rs. 339
cr., up 46%; PAT at 23% of revenue from operations.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">India</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Q3 FY 2021</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">, India sales was Rs. 220 cr. (against Rs. 195
cr.), up 13%.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9M FY 2021</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">, India sales was Rs. 595 cr. (against Rs. 592
cr.), up 1%.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">As per Iqvia MAT December 2020, we have posted healthy growth of 13% in
Cardiology (segment growth of 14%), 2% de-growth in Ophthalmology (segment
de-growth of 3%), 3% growth in Dermatology (segment growth of 4%) and 14%
growth in Pain Management (segment de-growth of 1%).</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Exports</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Q3 </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FY 2021, total export sales were Rs. 524 cr.(against
Rs. 448 cr.) posting growth of 17%.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Segment
wise break-up is given below:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Emerging market</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">branded generic </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 286 cr. against
(Rs. 240 cr.) posting 19% growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">US Generic </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 161 cr. (against Rs. 159 cr.) posting
1% growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Africa Institution </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 77 cr. (against
Rs. 49 cr.) posting 58% growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9Months </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FY 2021, total export sales were Rs. 1,506 cr.
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below:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Emerging market</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">branded generic </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 851 cr. against
(Rs. 726 cr.) posting 17% growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">US Generic </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 464 cr. (against Rs. 372 cr.) posting
25% growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">ANDA Status as on 31-Dec-2020</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Cumulative
Approvals (incld. TAs) 42</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Commercialised
36</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Under
Approval 18</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Approvals
(FY2021) (incld. TAs) 9</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Filing
(FY 2021) 2</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">TA –
Tentative approval</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Africa Institution </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sale was Rs. 191 cr.
(against Rs. 202 cr.) posting 5% de-growth.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">R&D</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">During Q3
FY 2021, R&D expenses were Rs. 40 cr., (Q3 FY 2020 Rs. 35 cr.) which is 5%
of revenue from operations. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">During 9
Months FY 2021, R&D expenses were Rs. 100 cr. (9 Months FY 2020 Rs.114 cr.)
which is 5% of revenue from operations.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: center; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt;">INVESTORPRESENTATION</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: center; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt;">Q3 FY 2021 2ND FEBRUARY 2021</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: center; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Content</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1.India
Business2.Global Business 3.Infrastructure 4.Financial Highlights</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1.INDIA BUSINESS</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">INDIA
BRANDED GENERICS</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">15 <span style="mso-tab-count: 1;"> </span>Divisions for 4 segments</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">270+ Product
Basket</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1st to
Market Products</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,000+
MRs<span style="mso-tab-count: 1;"> </span>= Building Efficiency</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Continue
to Focus on 4 Therapeutic Segments</span></p>
<p class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Dermatology : Growth recovering (3% Growth)</span></p>
<p class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Pain Management : Consistently Performing well (14% Growth)</span></p>
<p class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Cardiology : Growth Recovering (13% Growth)</span></p>
<p class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Ophthalmology : 2nd largest in India (-2%)</span></p>
<p class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Overall Pharma Market in Dec 20 : 5% Growth for Ajanta; 4% for IPM</span></p>
<p class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l1 level1 lfo1; text-autospace: none; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">INDIA
SALES :<span style="mso-spacerun: yes;"> </span>220 CR(13%) IN Q3 FY 21; 595
CR<span style="mso-spacerun: yes;"> </span>IN 9M(1%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">India
Ranking : Opthal :2; Derma : 15; Cardio : 18; Pain :34; Overall Ajanta : 29;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt;">GLOBAL BUSINESS :</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt;">Branded Generic Emerging
Markets:</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Product
Registration : 1300+</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Countries
across Asia & Africa : 29</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Customised
Product Market : 200+</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Broader
Therapeutic Segments</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Anti
Malaria; Antibiotics;Gynecology; Vitamins; Gastro;Anti-Histamines;
Respiratory;Neurology; Ophtholmology; Pain</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">USA</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">42 Final
Approvals; 9 in 9M FY 2021; 18 under approval36 products on shelf;3 products
launched in Q3; Focus on sound execution for customer delight;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Export Sales in Q3 Consolidated</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> :</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">From 448
cr to 524 Cr;YoY; 17% up Total Exports;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Branded
Generics :240 cr to 285Cr 19% Up;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">US
Generics from 159 Cr to 161 Cr; 1% up YoY</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Institution
: 49 cr to 77 cr 58% Up</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total Consolidated Sales - Q3</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">India 13%
Up YoY from 195 cr to 220 Cr (1% in 9M)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Exports 17%
Up YoY from 448 Cr to 524 Cr (16% in 9M)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total
Sales 35% Up YoY from 643 Cr to 744 Cr(11% in 9M)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span>Overall - India Growth 13%;Exports Growth 17%
and Total sales growth is 17%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.INFRASTRUCTURE</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Formulation Mfg :</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3
facilities in Aurangabad MH;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 at
Dahej,Guj; 1 at Guwahati;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 at
Pithampur, MP;</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 At
Mauritiuous</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">API Mfg</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> : </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 at
Waluz, Aurangabad, MH (Captive consumption)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">R&D</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> :Rs.40 CR (5%)
in Q3; Rs.100 Cr in 9 M(5%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">R&D
spend excl Capex was 164 CR(6%) in FY 2020.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4. FINANCIAL HIGH LIGHTS : </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Q3 consolidated FY 2021</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Exports :
524 cr (17% Up)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Domestic
: 220 cr (13% Up)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue
from operations : 749 Cr (15%Up <span style="mso-spacerun: yes;"> </span>YoY</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>Rs.242
Cr; 30% up</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PBT
:<span style="mso-spacerun: yes;"> </span>215 Cr; 23% Up</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PAT<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>176
Cr; 64% Up</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total
Comprehensive Income : 176 Cr ; 61%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PAT is 24%
of Total Income</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5 Year
Track Record : (Consolidated )</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total
Income has grown from 1771 Cr(2016) to 2026 (2017) to 2155 cr (2018);to2076
cr(2019); to 2680 Cr (2020)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PAT has
grown from 416 cr(2016) to 507 cr(2017);to 469 Cr (2018); to 367 cr(2019) to
468 cr(2020)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PAT
Margin was 24%(2016);26%(2017); 22%(2018); 19%(2019);18%(2020)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">ROCE WAS
43%(2016); 40%(2017);29%(2018); 22% (2019); 22% (2020)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Ajanta Pharma (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">748.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">715.91</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">668.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">681.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">651.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">14.98</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4.59</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span>Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">192.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">188.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">153.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">173.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">138.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">38.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1.82</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">215.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">249.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">206.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">175.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">175.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">23.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-13.55</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">38.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">79.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">58.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">46.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">67.55</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-42.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-50.85</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FINAL NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">176.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">170.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">147.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">129.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">107.55</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">64.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.77</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-0.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-0.86</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.4pt;" valign="top" width="95">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Basic EPS fv 2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.2pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">20.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">16.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">14.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.25pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">12.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">65.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4.61</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">MP<span style="mso-tab-count: 1;"> </span>1775.1</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">PE<span style="mso-tab-count: 1;"> </span>21.74</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">52 Week
Range<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">961<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,878.00<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">L H<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Volume<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">95,730<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Book
Value Per Share<span style="mso-tab-count: 1;"> </span>300.26</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Shareholding Pattern</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Promoters
unpledged 0.89% of shares in last quarter. Total pledge stands at 15.17% of
promoter holdings</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Promoters
have decreased holdings from 70.51% to 70.34% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mutual
Funds have decreased holdings from 9.93% to 9.78% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Number of
MF schemes decreased from 17 to 16 in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FII/FPI
have increased holdings from 7.71% to 7.9% in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Number of
FII/FPI investors decreased from 185 to 184 in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Price Performance<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 Week<span style="mso-tab-count: 2;"> </span>-1.81%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>3.13%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3 Months<span style="mso-tab-count: 1;"> </span>16.13%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">YTD<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>8.69%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>22.81%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>31.46%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Yearly Results of Ajanta Pharma (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total Income </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,587.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,055.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,130.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,001.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,727.53</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">560.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">391.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">378.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">377.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">400.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net P/L </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">467.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">386.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">468.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">506.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">401.41</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Equity </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.69</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Reserves </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,580.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,226.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,023.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,550.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,173.17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">53.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">43.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">53.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">57.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">45.62</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.35pt;" valign="top" width="198">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Diluted EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">53.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">43.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">53.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">57.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.75pt;" valign="top" width="84">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">45.61</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">STRENGTHS</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Company
with high TTM EPS Growth</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">High
Piotroski Score with High Return on Equity (ROE) and EPS Growth</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Growth in
Quarterly Net Profit with increasing Profit Margin (YoY)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Company
with Low Debt</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Increasing
profits every quarter for the past 4 quarters</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Increasing
Revenue every quarter for the past 2 quarters</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Strong
cash generating ability from core business - Improving Cash Flow from operation
for last 2 years</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Book
Value per share Improving for last 2 years</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Company
with decreasing Promoter pledge</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FII / FPI
or Institutions increasing their shareholding</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Near 52
Week High</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">WEAKNESSES</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">MFs
decreased their shareholding last quarter</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Inefficient
use of assets to generate profits - ROA declining in the last 2 years</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Promoter
decreasing their shareholding</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">OPPORTUNITIES</span></p>
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upgraded recommendation or target price in the past three months</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Positive
Breakout First Resistance ( LTP > R1)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">THREATS</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Upcoming
Results for Nifty500 with Declining Share Price Over the Week</span></p>
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Trend in Non-Core Income</span></p>
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sold stocks</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-55026107955743884952021-02-21T05:54:00.004-08:002021-02-21T05:54:24.387-08:00NCL INDUSTRIES LTD - Q3 FY 21 RESULTS ANALYSIS <p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">NCL INDUSTRIES LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Management<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Kamlesh Gandhi<span style="mso-tab-count: 1;"> </span>Chairman<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">K Ravi<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>Managing
Director<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">N G V S G Prasad<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>Executive
Director & CFO<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">CAPACITIES</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2,700,000<span style="mso-tab-count: 2;"> </span>Cement Capacity(Tons)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">90,000<span style="mso-tab-count: 3;"> </span>Cement Boned Particle Board
(Sq. Metres)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">5<span style="mso-tab-count: 3;"> </span><span style="mso-tab-count: 1;"> </span>Ready
Mix Concrete Units</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">15.75<span style="mso-tab-count: 3;"> </span>Hydro Power Capacity (MW)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2,000<span style="mso-tab-count: 3;"> </span>Dealers/Distributors</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cement to Building
Materials – a natural progression</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The first step was setting
up a Plant to manufacture cement bonded particle Boards to be used as
partitions, roofs and panels. This was started in collaboration with Bison
Werke of Germany, the world leaders in particle board technology. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In house research and
development brought about several improvements and additional features in the
product. Bison Panels now have several features that provided flexibility and
adaptability to suit varying requirements.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Bison Panels progressed
from market acceptability to popularity. To meet the growing demand of the
product, the capacity also was increased from the initial 30,000 TPA. A new
plant with similar capacity was set up in Paonta Saheb, Himachal Pradesh in
2007 to cater to the North Indian market. Yet another plant at Mattapalli was
commissioned in 2018. Now the total Boards capacity stands at 90,000 TPA.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Group added to its
product portfolio other products like pre-painted steel profiles for windows
and partitions, paints, putties and emulsions, UPVC windows and AAC Bricks.
These are all manufactured by its sister concern, NCL BUILDTEK LTD, (Formerly
known as NCL ALLTEK & SECCOLOR LTD).</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Company is now in the
process of setting up a state of the art ready-made doors plant, which is
drawing attention of leading builders and architects.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">NCL also has an Energy
Division consisting of two small hydro power plants viz. 7.50 MW project on
right main canal of Srisailam dam and 8.25 MW on right high level canal of
Tungabhadra dam. Both the Plants have Power Purchase Agreements with respective
State DISCOMs. These two projects augment the company’s revenues.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">CEMENT DIVISION</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Suryapet Dist.Telangana
State</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Krishna District, A.P.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BOARDS DIVISION</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Suryapet Dist. Telangana
State</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sirmour District ,Himachal
Pradesh</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ENERGY DIVISION</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Nandikotkur TQ, Kurnool
District, AP</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tungabhadra Dam, Hospet,
Karnakata</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">READY MIX CONCRETE DIVISION</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1. Visakhapatnam, A.P.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2. Visakhapatnam</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3. Patancheru (V) Telangana
State.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">4. Keesara (M), Medchal
(Dt.)Telangana State.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">5. Serilinagampalli,Ranga
Reddy (Dist) </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">6. Maheswaram (Mandal),
Ranga Reddy (District), Telangana. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">7. Kasimkota (M), Near
Paravadapalem Busstop, AP.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">DOORS DIVISION : Malkapur
(V) Choutuppal (M),</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Yadadri-Bhuvanagiri (Dt.) Telangana
State</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ANNUAL REPORT 2019-20</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Performance Review &
State of Company’s Affairs</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">After<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>promising<span style="mso-spacerun: yes;"> </span>start<span style="mso-spacerun: yes;"> </span>during<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>1st<span style="mso-spacerun: yes;"> </span>quarter<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the year<span style="mso-spacerun: yes;"> </span>2019-20,<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Cement<span style="mso-spacerun: yes;"> </span>Division<span style="mso-spacerun: yes;">
</span>had<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>face<span style="mso-spacerun: yes;">
</span>several challenges in the subsequent quarters. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non availability of sand,
cancellation / suspension of some of the orders by some<span style="mso-spacerun: yes;"> </span>contractors<span style="mso-spacerun: yes;">
</span>executing<span style="mso-spacerun: yes;"> </span>major<span style="mso-spacerun: yes;"> </span>orders<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>some<span style="mso-spacerun: yes;"> </span>State Governments<span style="mso-spacerun: yes;"> </span>were<span style="mso-spacerun: yes;">
</span>factors which<span style="mso-spacerun: yes;"> </span>impacted<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>demand and<span style="mso-spacerun: yes;"> </span>dispatches<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>cement.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>positive<span style="mso-spacerun: yes;"> </span>side,<span style="mso-spacerun: yes;"> </span>there were better price realisation resulted
in an improved profit compared to the previous year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Cement Division
registered a Turnover of ` 1102.91 Crores which was marginally lower by 12% in
comparison with the previous year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Boards Division
recorded a lower Turnover by 6 % at ` 125.92 Crores during the year under
review. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The generation of hydel
power during the year was 36.80 million units, an increase of around 65 % compared
to 22.36 million units in the previous year.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>The Ready Mix Concrete division improved its
performance during the year under review. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Readymade Doors
division commenced its commercial operations on 23rd December 2019 during the
year under review. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The full results of
operations of the Division are expected to be reflected in the financial
statements for the current Financial Year 2020-21. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Readymade Doors:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The plant for manufacture
of Readymade Doors installed at Malkapur near Hyderabad commenced its
commercial operations<span style="mso-spacerun: yes;"> </span>23rd<span style="mso-spacerun: yes;"> </span>December,<span style="mso-spacerun: yes;">
</span>2019.<span style="mso-spacerun: yes;"> </span>The<span style="mso-spacerun: yes;"> </span>response<span style="mso-spacerun: yes;">
</span>from builders and market to the new product introduced by your Company
is encouraging. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ready Mix Concrete Units
(RMC)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">During the current year,
your company has commenced establishment of two more RMC units at Visakhapatnam
and Hyderabad and erection of machinery is in advanced stage of completion</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">QUARTERLY RESULTS</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NCL Industries (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
</td>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">369.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">348.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">260.91</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">246.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">210.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">75.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6.15</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Power & Fuel</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">81.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">78.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">79.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">65.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.76</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.45</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-200</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-4.67</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-44.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-12.72</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">58.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">66.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">48.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">913.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-12.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">23.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-0.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4864.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-28.54</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">N P T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">41.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">42.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">665.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-3.05</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.3pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.4pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.4pt;" valign="top" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">666.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.4pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-2.95</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span>168</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span>4.565217391</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52 WEEK<span style="mso-spacerun: yes;"> </span>: L 53.2<span style="mso-tab-count: 1;"> </span>H
176.7<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Volume<span style="mso-spacerun: yes;"> </span>2,67,839<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Face Value<span style="mso-tab-count: 1;"> </span>10</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book Value<span style="mso-tab-count: 1;"> </span>116.83</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Price Performance<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Week<span style="mso-tab-count: 1;"> </span>0.63%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Month<span style="mso-tab-count: 1;"> </span>11.93%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3 Months<span style="mso-tab-count: 1;"> </span>15.50%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">YTD<span style="mso-tab-count: 1;"> </span>13.03%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Year<span style="mso-tab-count: 1;"> </span>96.29%</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Yearly Results</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">937.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">979.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">880.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">765.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">660.77</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">285.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">343.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">310.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">303.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">255.9</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">69.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">60.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">74.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">61.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">66.87</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.79</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">50.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">46.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">49.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">54.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">53.08</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">36.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">36.73</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Reserves </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">483.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">454.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">415.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">189.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">160.08</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity Dividend Rate (%)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">20</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14.56</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="2" nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 138.25pt;" valign="top" width="184">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">SEGMENT REVENUE</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q3 FY21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q2 FY 21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q3 FY20</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">CEMENT DN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">439.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">434.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">240.59</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">BOARDS DN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">29.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31.14</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 138.25pt;" valign="top" width="184">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PREFAB DN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ENERGYDN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.42</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">READYMIX CONCRETE</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">21.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">23.49</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">DOORS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.07</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">INTER-SEGMENTAL</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-51.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-47.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-34.04</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NET SALES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">369.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">348.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">210.64</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PROFIT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.8pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">CEMENT DN</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 38.45pt;" valign="top" width="51">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">57.95</span></p>
</td>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">22.23</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.78</span></p>
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<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PROMOTERS SHAREHOLDING</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters pledged 3.34% of
shares in last quarter. Total pledge stands at 6.33% of promoter holdings</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters have increased
holdings from 43.7% to 43.86% in Dec 2020 qtr.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mutual Funds have
decreased holdings from 6.07% to 2.78% in Dec 2020 qtr</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Number of MF schemes
remains unchanged at 3 in Dec 2020 qtr</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Institutional Investors
have decreased holdings from 6.47% to 2.84% in Dec 2020 qtr</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">STRENGTHS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters increasing
shareholding QoQ</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Effectively using its
capital to generate profit - RoCE improving in last 2 years</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Growth in Quarterly Net
Profit with increasing Profit Margin (YoY)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Increasing Revenue every
Quarter for the past 4 Quarters</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">WEAKNESSES</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MFs decreased their
shareholding last quarter</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Decline in Net Profit with
falling Profit Margin (QoQ)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Declining Net Cash Flow :
Companies not able to generate net cash</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">OPPORTUNITIES</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Companies with current TTM
PE Ratio less than 3 Year, 5 Year and 10 Year PE</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Highest Recovery from 52
Week Low</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Stock with Low PE (PE <
= 10)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Insiders bought stocks</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">THREATS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Companies where promoters
have increased their pledged stocks</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-77755385657011324272021-02-19T09:18:00.006-08:002021-02-19T09:18:41.088-08:00ORIENT ELECTRIC LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
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table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt;">ORIENT
ELECTRIC LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt;">Q3 FY 21
RESULTS ANALYSIS</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt;"></span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 13.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Management</span></b></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Chandra Kant Birla <span style="mso-spacerun: yes;"> </span>Chairman</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Desh Deepak Khetrapal</span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Vice Chairman</span></li></ul>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Rakesh Khanna Managing Director & CEO</span></li></ul>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> QUARTERLY
RESULTS</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Orient
Electric Limited (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">618.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">433.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">495.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">24.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">42.55</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">69.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">43.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">29.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">135.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">60.4</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">17.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">10.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">10.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">67.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">60.85</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">51.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">32.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">19.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">172.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">60.2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Basic EPS.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">2.45</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">0.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">172.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">60.13</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>274.7</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>28.15</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">52 Week Range<span style="mso-tab-count: 1;"> </span>145.05<span style="mso-tab-count: 1;"> </span>296.6<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Volume<span style="mso-tab-count: 2;"> </span>2,37,330<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Face Value<span style="mso-tab-count: 1;"> </span>1</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Shareholding
Pattern</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Promoters pledge remained unchanged at 12.79% of
holdings in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Promoters holding remains unchanged at 38.52% in
Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Mutual Funds have increased holdings from 17.83% to
19.98% in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Number of MF schemes increased from 20 to 21 in Dec
2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">FII/FPI have increased holdings from 6.05% to 7.53%
in Dec 2020 qtr.</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Yearly Results
of Orient Electric Limited (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Mar '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Mar '18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Mar '17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">2,061.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1,864.40</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1,599.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">212.28</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">114.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">104.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">97.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">20.2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">35.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">35.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">33.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">8.37</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">78.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">69.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">64.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">11.82</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">21.22</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Reserves</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">338.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">285.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">242.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">--</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Equity
Dividend Rate (%)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">115</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">--</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 183.9pt;" valign="top" width="245">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">0.56</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Price
Performance<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1 Week<span style="mso-tab-count: 2;"> </span>-1.78%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1 Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>18.41%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3 Months<span style="mso-tab-count: 1;"> </span>21.23%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">YTD<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>20.20%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>3.63%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>0.00%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">STRENGTHS</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Companies with strong financials</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Stock passes majority of CANSLIM Investment criteria</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">High TTM EPS Growth</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Growth in Net Profit &increasing Profit Margin
(QoQ)(YOY)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Company with Low Debt</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Increasing Revenue every quarter for the past 2
quarters</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Increasing profits every quarter for the past 2
quarters</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Annual Net Profits improving for last 2 years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Book Value per share Improving for last 2 years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Decreasing Promoter pledge</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">FII / FPI or Institutions increasing their
shareholding</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">WEAKNESSES<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">RoCE declining in the last 2 years<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">ROE declining in the last 2 years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Declining Net Cash Flow : Companies not able to
generate net cash</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Revival of
Home Appliances </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Tailwinds</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> : Due to heightened consumer demand for all types
of home appliances in the wake of increased home bound working, together with a
strong support of pent-up demand and festival season in the last quarter, led
to encouraging growth in offtakes. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Supply chain shift from smaller scale and
unorganized sector to larger established brands. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The steep increase in commodity prices compelled
all industry players to take up the prices effective Q4’21. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The forewarning of price increase propelled <b style="mso-bidi-font-weight: normal;">dealer stocking during Dec’20.</b></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Key
Highlights : </span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Q3’FY21 : Orient
rides the tide:</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Orient Electric Limited (OEL) continued the growth
momentum for all product segments riding on the market pull in B2C retail and
e-commerce. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Institutional
buying remained subdued</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Overall B2C retail businesses recorded steep growth
in the quarter across all product segments, fans, Water heaters, small kitchen
appliances and consumer luminaires were more dominant to drive the growth
engine in the quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Premium products are steadily making a comeback
with rising share of business. OEL registered 25% revenue growth for the
Q3’FY21 with a healthy bottom-line delivery of ~175% over last year in the same
period and operating margin expansion by 4.5% y-o-y for the quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">For the nine-month period, OEL has recorded growth
of ~34% in Net Profit year on year after wiping out net loss for the complete
lockdown period during April-May’20.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"><span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>Q320-21 (A)<span style="mso-tab-count: 1;"> </span>Q319-20(A) YOY%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Revenue<span style="mso-tab-count: 1;"> </span> <span style="mso-tab-count: 1;"> </span>618.3<span style="mso-tab-count: 1;"> </span>495.7
<span style="mso-tab-count: 1;"> </span>24.7%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Op.EBITDA <span style="mso-tab-count: 1;"> </span>84.2<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>45.1<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>86.7%
</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">EBITDA% <span style="mso-tab-count: 1;"> </span>13.6%
<span style="mso-tab-count: 1;"> </span>9.1%<span style="mso-tab-count: 1;"> </span>10%<span style="mso-tab-count: 3;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PBT<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>69.4<span style="mso-tab-count: 1;"> </span>29.3<span style="mso-tab-count: 1;"> </span>136.9% </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PBT%<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>11.2%<span style="mso-tab-count: 1;"> </span>5.9%<span style="mso-tab-count: 1;"> </span> 6.3%<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PAT<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>51.9<span style="mso-tab-count: 1;"> </span>18.9<span style="mso-tab-count: 1;"> </span>174.9% </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PAT%<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>8.4%<span style="mso-tab-count: 1;"> </span>3.8%<span style="mso-tab-count: 1;"> </span>4.6%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Gross
Margin:</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Gross
margin contraction</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> both Y-o-Y and
sequentially Q-o-Q was primarily driven by a substantial change in segment mix
and product mix with a higher increase in share of business during the quarter
in ECD vs-a-vis Lighting. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">With steep input cost increases resulting from
ongoing commodity trends, gross margin is likely to be under continued
pressure. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Expenses: </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Employee
Cost reduced</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> year-on-year by
9% and Other Expenses reduced by 16% enabled by rapid digitization and process
transformation. In view of the positive consumer sentiment, Advertisement and
promotion expenses have resumed at last year levels during the quarter.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">EBITDA:</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Firm control on expenses coupled with higher scale
enabled better operating leverage to offset the gross margin contraction and
yet deliver an expansion in the operating margins by 450 bps during the quarter
ended Dec’20 and by 260 bps for the year to date, overcoming the adverse margin
impact of the complete lockdown period earlier in the year. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Finance
cost:</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Aggregate Finance Cost has reduced by 30% Y-o-Y for
the quarter and reduced by ~17% for the year to date primarily due to repayment
of working capital and term loans. However, other bank charges will continue to
remain and also increase with scale. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Income Tax:
</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Lower corporate tax rate opted last year has helped
in reducing the incidence of tax year on year.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Working
capital: </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Sharper inventory planning, increased collections
and channel financing, coupled with restructuring Vendor terms assisted a
reduction of working capital from 60 days (Rs. 364 cr.) last year to 18 days
(Rs. 146 cr.) end-Dec’20. This has also resulted in improving the cash
conversion cycle by around 40 days y-o-y, thereby generating stronger cash
flows in the quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Net Debt position as on 31st Dec’20:</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">• Gross Borrowings at Rs. 15 cr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">• Cash & Bank Bal = Rs. 170 cr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">• Net Debt = (-) Rs. 155 cr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"><span style="mso-tab-count: 3;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>Q3 20-21
<span style="mso-spacerun: yes;"> </span>Q2 20-21<span style="mso-spacerun: yes;"> </span>Q3 19-20</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">EBITDA % to Revenue 13.6%<span style="mso-tab-count: 2;"> </span>13.3%<span style="mso-tab-count: 1;"> </span>9.1%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">PAT % to Revenue<span style="mso-tab-count: 1;"> </span>8.4%<span style="mso-tab-count: 2;"> </span>7.5%<span style="mso-tab-count: 1;"> </span>3.8%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">ROCE<span style="mso-tab-count: 3;"> </span><span style="mso-tab-count: 1;"> </span>43.0%<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>29.5%<span style="mso-tab-count: 1;"> </span>28.0%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">EPS<span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 1;"> </span>2.44<span style="mso-tab-count: 2;"> </span>1.52<span style="mso-tab-count: 1;"> </span>0.90</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Debt to Equity<span style="mso-tab-count: 2;"> </span>0.04<span style="mso-tab-count: 2;"> </span>0.04<span style="mso-tab-count: 1;"> </span>0.49</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">TOL/TNW<span style="mso-tab-count: 3;"> </span>1.45<span style="mso-tab-count: 2;"> </span>1.31<span style="mso-tab-count: 1;"> </span>2.00</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Current Ratio<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>1.40<span style="mso-tab-count: 2;"> </span>1.39<span style="mso-tab-count: 1;"> </span>1.32</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Outlook:
Optimistic with caution</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Higher recovery rate of the virus infection,
declining trend of newly affected cases, and arrival of the vaccines is
building consumer sentiment and business confidence. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Adding further difficulty, lead times and costs for
overseas shipments through Indian ports has aggravated. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The green field project for manufacturing capacity
expansion at South India is progressing well and we expect to perform
ground-breaking during Q1’FY22. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The company will continue the efforts on Working
Capital reduction with sharper inventory planning and cash management, despite
the onset of high seasonal volumes in the final quarter of the current fiscal,
without comprising on the market shares.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Electrical
Consumer Durables</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">ECD segment further picked up overall momentum
during the quarter supported by the festive season and advance buying by
Dealers due to anticipated price increase. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Coolers continued to remain depressed during the
quarter, whereas all other product segments have performed well. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">While all channels have shown good growths,
e-commerce drove the segment volumes substantially in the quarter having grown
by more than 3x over LY. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The segment was confronted with commodity price
pressures and intermittent shortage of materials which is likely to continue
into the next quarter. Hence, in lines with industry trends, price increases in
all product lines are lined up to address the commodity pressures.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Fans</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Orient registered healthy growth across all
categories in the quarter though remaining lower than last year for 9-month ended
Dec20 due to eroded Q1’FY21. Soaring input prices seen during the quarter and
occasional shortages in materials are causing pressures on supply ahead of
season.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span>However, the
procurement teams along with the vendor partners are ensuring availability with
timely interventions. Speedier adoption of SFA and DMS is helping acquire
market visibility. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The margin for the segment has grown substantially
on the back of controlled costs and better leverage of expenses.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Working capital has been substantially reduced
y-o-y by around 40 days with better inventory planning, higher collections and
restructuring of vendor terms. This has resulted in better cash generation for
the segment.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Home
Appliances</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Encouraging growth of the segment was driven by
Small Appliances and Water Heaters across all geographies. Consistent network
expansion is the key enabler for driving the growth. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Retail Connect programs and launch of SFA / DMS
during the quarter is being leveraged to track markets and harness expansion
opportunities. New products have been launched during the quarter across all
the categories. In view of the rising input costs of ABS and Steel affecting
the product costs, alternate materials are also under consideration. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">There has been considerable expansion of operating
margins for this category due to protection of gross margins, reduction in
operating costs resulting in leverage of spends. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">This segment also reduced working capital by around
20 days y-o-y with strategic inventory planning together with restructuring of
payment terms and also with higher collections.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Lighting
& Switchgear</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Demand for Consumer Lighting indicate high teens
growth y-o-y in the industry in Q3’FY21. Upsurge in consumption in tier 2 and
tier 3 cities is generating demand for electrical products like switches, and
lighting. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">CLUM growth is at a faster pace than Lamps in Q3
with changing consumer preference and rising home consumption. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">LED Lamps
demand continues to remains healthy</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">
fueled mainly by smaller towns. In L&S segment too, the growth in Dec’20
was driven due to advance channel buying because of impending price increase
propelled by rising input prices of PC, PP, Electronic components and metals. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">B2B
Business environment remain sluggish</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">
as new projects are still on hold. B2G project tendering, especially in infra
sector, has started and tenders are expected to be awarded in next 3-6 months.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Lighting</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Consumer Lighting continued its growth trajectory
during the quarter mainly driven by Consumer Luminaire business. High focus on
C-Lum and effective supply planning enabled the growth. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Tender business for OEL had a high base last year
which has reduced substantially due to non-clearance of new orders. The
business has a good order bank awaiting execution subject to site clearances. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The significant drop in the Tender business y-o-y
resulted in a negative growth for the segment, despite strong traction in the
B2C. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The company has successfully entered into the
Façade Lighting category and completed the prestigious “Dobra Chanti Bridge”
project in Uttarakhand, “ODISHA Vidhan Sabha” building at Bhubaneswar, amongst
other projects completed during this quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Rising input cost concerns are influenced by prices
of polycarbonate, polypropylene, and metals. Going forward, the cost push will
be addressed through a combination of cost reduction initiatives and price
increase. During the quarter, advance planning for component and FG sourcing
helped to keep down LED Lamp cost. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Targeted focus on high wattage lamps enabled
volumes and mix resulting to improvement in the margins. Lower costs, efficient
sourcing and manufacturing together with a better product mix resulted to a
margin expansion of Lighting business. Working Capital for Lighting reduced by
around 40 days y-o-y resulting to healthy cash generation.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Switchgear</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The addressable market of OEL Switches is small and
in the premium segment which has been under pressure, though OEL stands to
remain focused within this niche’ space only. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Accordingly, the OEL focus is on select markets and
penetration in such markets coupled with the B2B segment and influencer
programs. Sales promotion activities including electrician meets have resumed
during the quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">OEL is trending at lower than last year levels in
this segment primarily due to muted B2B business. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">As a result, the margins have suffered y-o-y though
with very low share of business. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">However, this business had also reduced Working
Capital by almost 90 days on a very low base.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Key
developments of the quarter </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Digitisation
under “e-Wings”</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The company’s journey in fast pacing the digital
interventions and technology enablement across every touch point in the entity
is progressing with promise. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Several implementations are currently underway,
which have started showing some positive indications in terms of changeover of
processes and efficiencies. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">The level and adoption and seamless integration
across all modules of digitisation will finally determine the business results
delivery over a period in future. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">1. TCS
enablement </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">With the new rule of paying TCS on all collections
of the company, OEL has been very agile to quickly put the digitally enabled
seamless process in place during the quarter not only for complying with the
rule but also to facilitate visibility, reconciliation and compliance without
any added effort. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">2. Sales
Force Automation (SFA) </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Whist the implementation was carried out in the
previous quarter, but the adoption and KPI tracking with change in the ways of
working has seen substantial adoption rate, not only with own sales team but
also with targeted Distributor sales staff by close handholding and training. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">3.
Distributor Management System (DMS) </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">Despite all complexities of heterogenous backend
systems and practices of distributors, OEL continues to progress with
encouraging initial results of implementation and integration, on the ground,
at the distributor point across select target distributors across all
businesses. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">4.
Transport Management System (TMS) </span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">User confidence on ground is continuously
increasing with fast paced adoption across all warehouses and logistics touch points
with supporting results of process stability showing a promise of benefit
delivery. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;">5. Employee
engagement</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span>Employee
engaging processes including attendance, leave management, recruitment, travel
& expense reimbursements as well as rewards & recognition processes,
all are mobility enabled real time user friendly adoption which has
successfully happened during the quarter.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-48254246108765181072021-02-19T09:15:00.002-08:002021-02-19T09:15:26.352-08:00INDIAN BANK - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 36.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">INDIAN BANK</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 36.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Amalgamation
of Allahabad Bank into Indian Bank came in to effect on April1, 2020. Accordingly,
the combined financials as on 31st December 2019 and 31st March 2020 have been arrived
at by aggregation of audited numbers of two banks.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Performance
Highlights - Q3 FY 21 (YoY)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Business`9.1
lakh Cr 8% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Deposits`5.2
lakh Cr8%UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">CASA
at 41% 86 bps UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Savings
Bank 9% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Term
Deposits7% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Advances`3.9
lakh Cr7% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">RAM<span style="mso-spacerun: yes;"> </span>Rs.2 LAKH CR 12% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">GROSS
NPA 9.04%<span style="mso-spacerun: yes;"> </span>365 BPS DOWN</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">NET
NPA 2.35%<span style="mso-spacerun: yes;"> </span>187 BPS DOWN</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">PCR<span style="mso-spacerun: yes;"> </span>86.51%<span style="mso-spacerun: yes;">
</span>808 BPS UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">OPERATING
PROFIT Rs.3099 Cr 10% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Net
Profit<span style="mso-tab-count: 1;"> </span>`514 Cr UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">ROA
%<span style="mso-tab-count: 2;"> </span>0.35 UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">ROE
%<span style="mso-tab-count: 2;"> </span>7.13 UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Domestic
NIM<span style="mso-tab-count: 1;"> </span>3.13 <span style="mso-tab-count: 1;"> </span>42 bps UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Expense
Ratio<span style="mso-tab-count: 1;"> </span>45.73% <span style="mso-tab-count: 1;"> </span>DOWN</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">CRAR
(Basel III)<span style="mso-tab-count: 1;"> </span>14.06% UP</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Financials</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Indian Bank (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.8pt;" valign="top" width="216">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Interest Earned</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">(a) Int. /Disc. on Adv/Bills</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">7,133</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">7,148</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">7,149</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4,037</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4,050</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-0.21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">(b) Income on Investment</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,809</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,795</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,775</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,399</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,366</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">106</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">0.5</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">(c) Int. on balances With RBI</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">68.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">99.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">180.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">49.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">46.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-31</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">(d) Others</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">16.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">18.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.45</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">343.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-3.16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,544.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,737.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,433.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">851.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,037.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">48.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-11.1</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">TOTAL INTT INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">10,025.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">10,057.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9,693</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-0.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">NON INTT INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,397.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,612.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5,769</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-75.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-13.34</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">TOTAL INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">11421</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">11669</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">44099</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-74.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-2.13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.8pt;" valign="top" width="216">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EXPENDITURE</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Interest Expended</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5,711.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5,912.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">6,245.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,489.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,511.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">62.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-3.4</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,579.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,757.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,660.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">625.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">594.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">166</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-10</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,166.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,111.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">876.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">521.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">482.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">141.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4.89</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">TOTAL EXPENSES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">8,322.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">8,674.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">8550</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-2.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-4.06</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Operating Profit </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,114</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,015</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,773</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,703</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,916</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.3</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Provisions </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,314.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,284.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">2,139.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,888.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,525.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">51.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">799.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">730.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">633.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-185.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">390.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">104.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9.51</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">274</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">306</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">249</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">142</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-11</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">526</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">424</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">385</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-215</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">248</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">112</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">24</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">FINAL N P T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">535</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">458</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">431</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-267</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">291</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,129.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,129.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">1,129.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">608.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">608.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">85.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 22;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Reserves </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19,170.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19,170.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19,170.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19,170.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">16,140.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">18.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 23;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.8pt;" valign="top" width="216">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">ANALYTICAL RATIOS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 24;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">a) % of Share by Govt.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">88.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">88.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">88.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">83.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">83.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 25; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.1pt;" valign="top" width="141">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">4.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-4.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.7pt;" valign="top" width="74">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.5pt;" valign="top" width="55">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">-15.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 36.0pt;" valign="top" width="48">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">17.04</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>149.9</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>7.91</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">VOLUMES<span style="mso-tab-count: 1;"> </span>18215508</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52
Week Range<span style="mso-spacerun: yes;"> </span>41.55<span style="mso-tab-count: 1;"> </span>157<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Face
Value<span style="mso-tab-count: 1;"> </span>10</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book
Value Per Share<span style="mso-tab-count: 1;"> </span>206.39</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">INTERESTR
EXPENDED /TOTAL INCOME% : <span style="mso-tab-count: 1;"> </span>50.01</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EMPL
COST<span style="mso-tab-count: 4;"> </span>13.83</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">OTHER
EXPENSES<span style="mso-tab-count: 2;"> </span>10.21</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TOTAL
EXPENSES<span style="mso-tab-count: 3;"> </span>72.87</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">OPERATING
PROFIT<span style="mso-tab-count: 2;"> </span>27.27</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PROVISIONS<span style="mso-tab-count: 4;"> </span>20.26</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">P
B T<span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 1;"> </span>7</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TAX<span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 2;"> </span>2.39</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">NET
PROFIT<span style="mso-tab-count: 4;"> </span>4.61</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">COMPONENTS</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YE MAR'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q3FY20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q2FY21</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q3FY21</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">INTEREST INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38330</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9693</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10057</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10025</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">INTT EXPENSES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25273</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6400</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5913</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5711</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-11</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NII</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13057</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3293</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4144</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4313</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NON INTT INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5769</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1673</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1612</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1397</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">OPTG INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18825</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4966</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5756</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5710</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">15</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">OPTG EXP</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9293</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2150</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2760</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2611</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">OPTG PROFIT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9587</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2816</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2995</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3099</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PROVISIONS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14230</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4555</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2583</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2585</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-43</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NET PROFIT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-4643</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1739</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">412</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">514</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NA</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.25pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">TOTAL INCOME</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">44099</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11366</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11669</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11421</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NA</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">R O<span style="mso-spacerun: yes;"> </span>A</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-0.86</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1.28</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.28</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NIM DOMESTIC</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ROI(DOMES)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.25</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18.21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">BUSINESS PER EMPLOYEE(CR)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">20.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">20.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">21.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">21.55</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NET PROFIT PER EMLOYEE(LAKHS)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.89</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 153.95pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">CASA%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">40</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">41</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">SEGMENT</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">TARGET</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ACHIEVEMENT</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PRIORITY SECTOR</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">40%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">42.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">AGRI</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19.75</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">SF/MF</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">WEAKER SECTION</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.23</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">MICRO(MSME)</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.01</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.25pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NON CORPORATE FARMERS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.33</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NPAs</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89"><br /></td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">INDUSTRY</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.8pt;" valign="top" width="178">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">% TO RESPECTIVE PORTFOLIO</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31.12.2019</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">31.12.2020</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">METALS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38.98</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">35.44</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PETROLEUMETC</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">22.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.25</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ENGG</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">46.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">23.26</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">TEXTILES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">23.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.86</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">INFRA</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.03</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">POWER</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.28</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">REALEST</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.68</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">NBFC</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.14</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.15pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">OTHERS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.9pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8.38</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="4" nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 290.0pt;" valign="top" width="387">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">MIGRATION TO DIGITAL CHANNELS</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.35pt;" valign="top" width="71"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.35pt;" valign="top" width="71"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q2FY21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Q3FY21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.7pt;" valign="top" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">BRANCH TRANSACTION</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">47%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">36%</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.7pt;" valign="top" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ATM&BNA</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24%</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.7pt;" valign="top" width="142">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">DIGITAL TRANSACTION</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">34%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.65pt;" valign="top" width="122">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">40%</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="3" nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 226.3pt;" valign="top" width="302">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">BUSINESS NETWORK</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.35pt;" valign="top" width="134">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">DOMESTIC BRANCHES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.95pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6003</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.35pt;" valign="top" width="134">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">ATMS&BNAS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.95pt;" valign="top" width="168">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5428</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.35pt;" valign="top" width="134">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">CORRESPONDENTS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.95pt;" valign="top" width="168">
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V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-15822658704741152252021-02-17T18:00:00.002-08:002021-02-17T18:00:14.095-08:00NGL FINE CHEMICALS LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">NGL FINE CHEMICALS LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NGL Fine-Chem Ltd is a
manufacturer of pharmaceuticals and intermediates for usage in veterinary and
human health. It caters to various global companies to custom manufacture high
quality pharmaceuticals with reliability and flexibility.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Its business is modelled
around the changing customer demands and its ability to offer value-added
innovative solutions to meet and even exceed these demands.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Products</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">›<span style="mso-spacerun: yes;"> </span>APIs Animal Health</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">›<span style="mso-spacerun: yes;"> </span>APIs Human Health</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">›<span style="mso-spacerun: yes;"> </span>Intermediates</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">›<span style="mso-spacerun: yes;"> </span>Finished Dosage Form</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Management</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Rahul Nachane<span style="mso-tab-count: 2;"> </span>:<span style="mso-tab-count: 1;"> </span>Managing Director</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Rajesh Narayan Lawande<span style="mso-tab-count: 1;"> </span>: Whole Time Director & <span style="mso-tab-count: 3;"> </span><span style="mso-tab-count: 5;"> </span>CFO</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">QUARTERLY
RESULTS</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">NGL
Fine Chem (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Jun
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Sep
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">72.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">42.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">35.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">37.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">37.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">95.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">71.63</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-43.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-38.33</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">PBT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">23.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">758.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">81.21</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1366.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">61.58</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">FINAL
NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">653.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">88.6</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.6pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">28.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.35pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.6pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">654.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.3pt;" valign="top" width="67">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">88.74</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Basic EPS<span style="mso-tab-count: 1;"> </span>28.67</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>1499<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>13.39<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">VOLUME<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>7472<span style="mso-tab-count: 1;"> </span>ONLY BSE</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">52 Week Range : 220<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>1,589<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Volume<span style="mso-tab-count: 2;"> </span>7,472<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">BV<span style="mso-tab-count: 1;"> </span>160<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">FV<span style="mso-tab-count: 1;"> </span>5<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Yearly
Results of NGL Fine Chem (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">152.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">153.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">113.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">96.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">94.84</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Raw
Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">70.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">63.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">50.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">38.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">39.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Employees
Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">23.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">21.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">18.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">11.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">7.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.72</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Other
Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">43.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">37.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">28.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">22.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">22.57</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">10.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">11.4</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Reserves
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">98.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">89.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">68.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">56.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">41.13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.4pt;" valign="top" width="225">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.4pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">32.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.45pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">23.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.2pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">18.45</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Contract
Manufacturing</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Manufacturing Plants : NGL Fine-Chem Ltd has
manufacturing plants located around Mumbai. These plants have been designed to
meet the requirements of Drug regulatory agencies and are capable of a wide
range of reaction capabilities.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Our current manufacturing facilities comprise of</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Plant Area <span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>:<span style="mso-tab-count: 1;"> </span>
9000 m2</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Glass Lined Reactor <span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span> 20 m3</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Stainless Steel reactors<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span> 40 m3</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Gas Induction reactor<span style="mso-tab-count: 2;"> </span>:<span style="mso-tab-count: 1;"> </span>3 m3</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">And other equipment consisting of Lead Lined /Mild
Steel Reactor <span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span> H10 m3</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Reactions ranging -30°C – 300°C can be carried out at
our premises.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Pilot
Plant</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NGL Fine-chem Ltd has a pilot plant facility for the
scale up and development of new products and processes.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The pilot plant facilities comprise of</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Plant Area <span style="mso-tab-count: 1;"> </span>: <span style="mso-tab-count: 1;"> </span>2000
sq.ft</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Glass
Reactor <span style="mso-spacerun: yes;"> </span>: <span style="mso-tab-count: 1;"> </span>50 liters - 5 Nos</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Stainless
Steel reactors<span style="mso-spacerun: yes;"> </span>: <span style="mso-tab-count: 1;"> </span>200 liters - 400 liters</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Gas
Induction reactor<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>5 liters</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Other
equipment comprising of Bioreactor <span style="mso-spacerun: yes;"> </span>: 2000
Liters</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Reaction
Capabilities</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Nitration</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Halogenation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Hydrogenation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Chlorosulfonation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Diazotization</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>High
temperature Reactions</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Hazardous /
Toxic Reactions</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Oxidations</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 1;"> </span>Alkylations</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Custom
Synthesis</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The core expertise of NGL
Fine-Chem Ltd is complex multi step organic synthesis for the manufacture of
generic API’s and intermediates.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Our synthetic chemistry
expertise coupled with problem - solving skills guide us to achieve safe and
simple solutions to synthesize commercialize complex molecules, to meet your
custom manufacturing needs.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">We are committed to offer
solutions to complete scale-up, process development and process validation and
analytical services. With our complete range of reaction capabilities we work
closely with you to deliver high-purity compounds as cost-effectively as
possible.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Reaction
Capabilities</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Nitration</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Halogenation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Hydrogenation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;">
</span>Chlorosulfonation</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Diazotizaton</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>High
temperature reactions</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Hazardous /
Toxic reactions</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Oxidations</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•<span style="mso-spacerun: yes;"> </span>Alkylations</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">WHY
IT'S<span style="mso-spacerun: yes;"> </span>STRONG BUY</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MOJO SCORE</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Buy<span style="mso-spacerun: yes;"> </span>82<span style="mso-spacerun: yes;"> </span>Strong Buy </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1<span style="mso-spacerun: yes;"> </span>High
Management Efficiency with a high ROE of <span style="mso-spacerun: yes;"> </span>20.04% </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2 <span style="mso-spacerun: yes;"> </span>Strong
ability to service debt as the company has a low Debt to EBITDA ratio of 0.49
times </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 <span style="mso-spacerun: yes;"> </span>With a
growth in Net Profit of 1467.26%, the Company declared Outstanding results in
Dec 20 </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>The
company has declared positive results for the last 3 consecutive quarters </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>CASH
AND CASH EQUIVALENTS(HY) Highest at Rs 9.65 cr </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>NET
SALES(Q) Highest at Rs 72.72 cr </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>PBDIT(Q)
Highest at Rs 22.40 cr. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">4 <span style="mso-spacerun: yes;"> </span>Stock is
technically in a Bullish range </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>The
technical trend has improved from Mildly Bullish on 02-Feb-21 and has generated
6.47% returns since then </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span>Multiple
factors for the stock are Bullish like MACD, Bollinger Band, KST and DOW </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 YEAR RETURN - OUTPERFORMED THE SENSEX BY 239.57%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1W<span style="mso-tab-count: 2;"> </span>5.75
%<span style="mso-tab-count: 2;"> </span>1.71%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1M<span style="mso-tab-count: 2;"> </span>22.86
%<span style="mso-tab-count: 2;"> </span>4.2%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">YTD<span style="mso-tab-count: 2;"> </span>36.17
%<span style="mso-tab-count: 2;"> </span>8.05%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1Y<span style="mso-tab-count: 2;"> </span>263.7
%<span style="mso-tab-count: 2;"> </span>24.13%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3Y<span style="mso-tab-count: 2;"> </span>278.52
%<span style="mso-tab-count: 1;"> </span>50.43%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">5Y<span style="mso-tab-count: 2;"> </span>618.71
%<span style="mso-tab-count: 1;"> </span>124.47%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">10Y<span style="mso-tab-count: 2;"> </span>9276.15
%<span style="mso-tab-count: 1;"> </span>191.04%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Dec 20 Results: : Outstanding result- Financial Trend
score in Dec 20 is 33 which has improved of previous quarter score of 29</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>22 May :
BRIEF-NGL Fine Chem Re-Appoints Rahul Nachane As MD</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>BUY TARGET :
Rs 485.00</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Shashank
Kanodia(ICICIdirect.com) on 20th Mar 18</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">THINGS YOU SHOULD KNOW</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Bulk Deal :
No bulk deals in the last 1 week</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Block Deal :
No Block deals in the last 1 week</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Dec 20
Results: : Outstanding result- Financial Trend score in Dec 20 is 33 which has
improved of previous quarter score of 29 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Industry<span style="mso-tab-count: 2;"> </span>Pharma</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Market cap<span style="mso-tab-count: 1;"> </span>Rs
947.09 Cr (Micro Cap)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">P/E<span style="mso-tab-count: 3;"> </span>21.71</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Industry P/E<span style="mso-tab-count: 1;"> </span>31.29</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Dividend Yield<span style="mso-tab-count: 1;"> </span>0.12%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Debt Equity<span style="mso-tab-count: 2;"> </span>-0.27</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Return on Equity<span style="mso-tab-count: 1;"> </span>21.27%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Price to Book<span style="mso-tab-count: 2;"> </span>7.55</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Net Sales<span style="mso-tab-count: 2;"> </span>Rs
72.72 cr</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Net Profit (Quarterly Results - Dec 2020)<span style="mso-spacerun: yes;"> </span>::Rs 17.71cr</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">TECHNICAL RATING</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> <span style="mso-tab-count: 1;"> </span>VERY BULLISH<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">STRENGTHS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Rising Net Cash Flow and Cash from Operating activity</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company with high TTM EPS Growth</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Good quarterly growth in the recent results</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Growth in Net Profit with increasing Profit Margin
(QoQ)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company with Low Debt</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Increasing Revenue every quarter for the past 3
quarters</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Increasing profits every quarter for the past 3
quarters</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company with Zero Promoter Pledge</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Recent Results : Growth in Operating Profit with
increase in operating margins (YoY)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Near 52 Week High</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Stock gained more than 20% in one month</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Companies with rising net profit margins - quarterly as
well as TTM basis</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Strong Momentum: Price above short, medium and long
term moving averages</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ANNUAL REPORT 2019-20</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">We reported net sales turnover of ₹ 149.45 Crores, net
EBITDA of ₹ 23.87 Crores and PAT of ₹ 10.60 Crores in 2019-2020. Veterinary
APIs accounted for 89% of the overall API sales whereas remaining was
contributed by the human APIs, veterinary formulations and others. Exports
continued to comprise the large part of our revenue at 74.03%. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">I am further happy to state that the brownfield
expansion at Tarapur, commissioned in February 2019, has commence commercial
production. The validation batches are being undertaken for four products which
are at different stages. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">In addition, we have acquired Macrotech Polychem Pvt
Ltd for a consideration of ₹ 7 Crores. We have commenced manufacturing at its
facilities and are expecting higher utilisation in the coming years.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">As we look to 2020-21 and beyond, we are in a great
position to continue to grow from strength to strength. With a clear and
compelling purpose, solid foundation and a well-positioned product portfolio,
we shall continue to move ahead as per our long-term goals. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Warm Regards,</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Rahul Nachane</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Managing Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Total Revenue from Exports Business 74.03%<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Total Revenue from<span style="mso-spacerun: yes;">
</span>Indigenous Business<span style="mso-spacerun: yes;"> </span>25.97%</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PRODUCTWISE
REVENUES:</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Human APIs <span style="mso-spacerun: yes;"> </span>2%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Veterinary APIs 89%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Veterinary<span style="mso-spacerun: yes;">
</span>Formulations <span style="mso-spacerun: yes;"> </span>5%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Intermediates<span style="mso-spacerun: yes;"> </span>2%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Others 2%</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-10876217337255566652021-02-16T09:39:00.002-08:002021-02-16T09:39:18.043-08:00ASAHI INDIA GLASS LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ASAHI INDIA GLASS LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">It manufactures 3 types of
Glass (1) Automotive Glass (2) Architectural Glass (3) Consumer Glass</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Board of Directors </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr.
B. M. LabrooChairman </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr.
Sanjay Labroo Managing Director & C.E.O</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr.
Satoshi Ogata Dy. Managing Director & C.T.O. (Auto)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In
a span of over three decades, AIS’s Automotive Glass SBU has grown<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>single-location<span style="mso-spacerun: yes;"> </span>manufacturing<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>five<span style="mso-spacerun: yes;"> </span>state-of-art<span style="mso-spacerun: yes;">
</span>manufacturing<span style="mso-spacerun: yes;"> </span>facilities<span style="mso-spacerun: yes;"> </span>across<span style="mso-spacerun: yes;">
</span>India<span style="mso-spacerun: yes;"> </span>including<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>facility<span style="mso-spacerun: yes;"> </span>each<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>Bawal,<span style="mso-spacerun: yes;"> </span>Haryana;<span style="mso-spacerun: yes;"> </span>Roorkee,<span style="mso-spacerun: yes;">
</span>Uttarakhand;<span style="mso-spacerun: yes;"> </span>Chennai,<span style="mso-spacerun: yes;"> </span>Tamil<span style="mso-spacerun: yes;">
</span>Nadu;<span style="mso-spacerun: yes;"> </span>Taloja,<span style="mso-spacerun: yes;"> </span>Maharashtra<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>latest<span style="mso-spacerun: yes;">
</span>plant<span style="mso-spacerun: yes;"> </span>being<span style="mso-spacerun: yes;"> </span>built<span style="mso-spacerun: yes;">
</span>at<span style="mso-spacerun: yes;"> </span>Patan,<span style="mso-spacerun: yes;"> </span>Gujarat.<span style="mso-spacerun: yes;">
</span> </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">These<span style="mso-spacerun: yes;"> </span>strategically<span style="mso-spacerun: yes;"> </span>located<span style="mso-spacerun: yes;">
</span>manufacturing<span style="mso-spacerun: yes;"> </span>facilities<span style="mso-spacerun: yes;"> </span>ensure seamless QCDDM to all automotive OEMs
across India.<span style="mso-spacerun: yes;"> </span>AIS’s<span style="mso-spacerun: yes;"> </span>strong<span style="mso-spacerun: yes;">
</span>focus<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;"> </span>R&D<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>its<span style="mso-spacerun: yes;"> </span>penchant<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>state-of-the-art<span style="mso-spacerun: yes;"> </span>technologies<span style="mso-spacerun: yes;">
</span>helps<span style="mso-spacerun: yes;"> </span>it<span style="mso-spacerun: yes;"> </span>deliver<span style="mso-spacerun: yes;">
</span>breakthrough<span style="mso-spacerun: yes;"> </span>solutions<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>its<span style="mso-spacerun: yes;"> </span>customers,<span style="mso-spacerun: yes;"> </span>even<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>it<span style="mso-spacerun: yes;"> </span>easily<span style="mso-spacerun: yes;">
</span>meets<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>most<span style="mso-spacerun: yes;">
</span>stringent<span style="mso-spacerun: yes;"> </span>quality<span style="mso-spacerun: yes;"> </span>norms of both global and domestic OEMs.
With<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>market<span style="mso-spacerun: yes;"> </span>share<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
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</span>the<span style="mso-spacerun: yes;"> </span>passenger<span style="mso-spacerun: yes;"> </span>vehicle<span style="mso-spacerun: yes;">
</span>segment,<span style="mso-spacerun: yes;"> </span>AIS’s<span style="mso-spacerun: yes;"> </span>Auto<span style="mso-spacerun: yes;">
</span>Glass<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>with<span style="mso-spacerun: yes;">
</span>nearly<span style="mso-spacerun: yes;"> </span>three<span style="mso-spacerun: yes;"> </span>out<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>every<span style="mso-spacerun: yes;"> </span>four cars, SUVs and MUVs manufactured in
India. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">During the financial year, AIS saw its auto glass products on most of
the new launches including S-Presso from Maruti Suzuki; Venue, Grand i10 Nios
and Aura<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;"> </span>Hyundai<span style="mso-spacerun: yes;">
</span>Motors;<span style="mso-spacerun: yes;"> </span>Seltos<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>Kia<span style="mso-spacerun: yes;"> </span>Motors;<span style="mso-spacerun: yes;"> </span>Altroz<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>Tata Motors; Triber from
Renault and Hector from MG Motors. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">QUARTERLY RESULTS</span></b></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Asahi India Glass (in Rs. Cr.)</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Jun '20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">747</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">634</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">227</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">595</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">684</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">17.8</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Raw Materials</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">214.57</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">209.64</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.13</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">210.24</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">226.48</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-5.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.35</span></p>
</td>
</tr>
<tr style="height: 71.35pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">TOTAL EXPENSES</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">646</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">589</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65"><br /></td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76"><br /></td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">641</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 71.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">9.79</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Interest</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">35.05</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38.64</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">36.93</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">34.95</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">36.85</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-4.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-9.29</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P B T</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">109</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">55</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-97</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19.2</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">44</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">147</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">99</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38.83</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">20.73</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-33.58</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-31.39</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">15.3</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">153.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">87.31</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Profit</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">69.9</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">33.9</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-63.4</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">50.6</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">28.8</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">143</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">106</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">FINAL NPT</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">73.91</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">37.29</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-62.7</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">52.53</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">32.17</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">129.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">98.2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity </span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.95pt;" valign="top" width="107">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS(FV:1)</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.04</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.53</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-2.58</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.16</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.3</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.95pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">133.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.7pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">98.69</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span>290.85<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span>23.92<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52
Week Range<span style="mso-spacerun: yes;"> </span>L<span style="mso-spacerun: yes;"> </span>119<span style="mso-spacerun: yes;"> </span>H
302<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Volume<span style="mso-tab-count: 1;"> </span>85,312<span style="mso-tab-count: 1;"> </span>NSE</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book
Value Per Share<span style="mso-tab-count: 1;"> </span>53.01</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3
year CAGR growth<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue<span style="mso-tab-count: 1;"> </span>3.80%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net
Profit<span style="mso-tab-count: 1;"> </span>0.90%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating
Profit<span style="mso-tab-count: 1;"> </span>1.60%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Price
Performance<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Week<span style="mso-tab-count: 2;"> </span>-1.29%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>0.33%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3
Months<span style="mso-tab-count: 1;"> </span>29.38%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>10.51%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3
Years<span style="mso-tab-count: 2;"> </span>-19.64%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Yearly Results </span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,638.60</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,904.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,628.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,372.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,207.37</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">875.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">960.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">888.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">824.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">759.47</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">160.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">272.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">264.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">192.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">142.06</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19.45</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">92.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">92.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">57.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">60.02</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">N P T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">141.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">180.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">171.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">127.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">82.04</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">FINAL NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">153.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">190.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">177.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">131.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">86.95</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.31</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Reserves </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,277.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,191.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,051.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">902.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">329.74</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.65pt;" valign="top" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.85pt;" valign="top" width="98">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.9pt;" valign="top" width="99">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.82</span></p>
</td>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3.58</span></p>
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<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shareholding Pattern</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters
unpledged 0.44% of shares in last quarter. Total pledge stands at 10.67% of
promoter holdings</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters
holding remains unchanged at 54.27% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mutual
Funds have decreased holdings from 1.24% to 0.72% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Number
of MF schemes increased from 24 to 25 in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FII/FPI
have decreased holdings from 1.16% to 1.15% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">STRENGTHS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Growth
in Net Profit with increasing Profit Margin (QoQ)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Increasing
Revenue every quarter for the past 2 quarters</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Increasing
profits every quarter for the past 2 quarters</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book
Value per share Improving for last 2 years</span></p>
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with decreasing Promoter pledge</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Near
52 Week High</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Strong
Momentum: Price above short, medium and long term moving averages</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">WEAKNESSES</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MFs
decreased their shareholding last quarter</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">RoCE
declining in the last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ROE
declining in the last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ROA
declining in the last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Declining
Cash Flow from Operations for last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Degrowth
in Revenue and Profit</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Declining
Net Cash Flow : Companies not able to generate net cash</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Major
fall in TTM Net Profit</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">OPPORTUNITIES</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Highest
Recovery from 52 Week Low</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">RSI
indicating price strength</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">THREATS</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Upcoming
Results for Nifty500 with Declining Share Price Over the Week</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Stocks
with high PE (PE > 23)</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-45078768938413957782021-02-15T20:20:00.000-08:002021-02-15T20:20:04.120-08:00MARKSANS PHARMA LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">MARKSANS PHARMA LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">BUSINESS
DESCRIPTION -</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans Pharma Ltd.,
headquartered at Mumbai, is engaged in Research, Manufacturing & Marketing
of generic pharmaceutical formulations</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company manufactures
tablets(plain, enteric coated and film coated), hard & soft gelatin
capsule, oral liquids and ointments</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Its manufacturing
facilities are accredited by USFDA, UKMHRA and Australian TGA</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MANAGEMENT</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Mark Saldanha MANAGING
DIRECTOR AND CEO</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">About Q3 FY 21 : I am
pleased to share that we delivered another outstanding quarter led by all round
growth. We maintained our momentum with a 24.6% revenue growth and operational improvement
with a record EBITDA of Rs. 91.1 crore. We remain cautiously positive of continuing
the said traction in the forthcoming quarters in the light of gradual reopening
of lockdowns in developed markets.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">QUARTERLY
RESULTS</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Marksans
Pharma (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Sep
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Jun
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">QOQ</span></p>
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</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net Sales</span></b></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">358</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">356</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">331</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">335</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">288</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">24.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.53</span></p>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"><span style="mso-spacerun: yes;"> </span>Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">112</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">118</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">145</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">48.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-4.9</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Traded
Goods</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">66.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">52.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">43.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">53.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">25.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">26.5</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Other
Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">78.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">65.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">78.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">72.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">59.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">30.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">18.65</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.55</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">P
B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">77.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">65.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">61.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">57.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">38.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">102.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.8</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">TAX</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">18.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">113</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">23.4</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">N P T</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">58.94</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">50.73</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">49.37</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">42.74</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">29.56</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">99.39</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">16.18</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">40.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">40.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">40.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">40.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">40.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.55pt;" valign="top" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.2pt;" valign="top" width="79">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.36</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>56.05</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>9.87</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">VOLUME<span style="mso-tab-count: 1;"> </span>7,00,071</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">52 Week Range<span style="mso-tab-count: 1;"> </span>L 9.85<span style="mso-tab-count: 1;"> </span>H
66.2<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Volume<span style="mso-tab-count: 1;"> </span>7,00,071</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">3
year CAGR growth<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">24.6%(YoY) Revenue<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">92.6%(YoY) EBITDA</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">99.4%<span style="mso-tab-count: 2;"> </span>PAT</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">195.6<span style="mso-tab-count: 1;"> </span>Cash (₹ cr.)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Financial Highlights</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Q3FY21</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Operating Revenue was ₹
358.4 cr.; Y-o-Y growth of 24.6%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•EBITDA was ₹ 91.1 cr.;
Y-o-Y growth of 92.6% •EBITDA Margin stood at 25.4% for Q3FY21 as against 16.4%
in Q3FY20</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•PAT stood at ₹ 58.9 cr.,
Y-o-Y growth of 99.4% 9MFY21</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">9MY
FY 21</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Operating Revenue was
₹1,046.0 cr.; Y-o-Y growth of 30.9%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•EBITDA was ₹ 244.2 cr.;
Y-o-Y growth of 98.5% •EBITDA Margin stood at 23.3% for 9MFY21 as against 15.4%
in 9MFY20</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•PAT stood at ₹ 159.0 cr.,
Y-o-Y growth of 104%</span></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">GPT MARGIN 60.5%</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NPT MARGIN 16.6%</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ROCE 11.6%</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ROE 24.5%</span></p>
<p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NET DEBT TO EBITDA -0.6</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Anti-Biotic<span style="mso-tab-count: 2;"> </span>13</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Anti hair fall (male)14</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Anticancer<span style="mso-tab-count: 1;"> </span>17</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Miscellaneous<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>17</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Anti-Allergic<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>33</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Central Nervous
System(CNS)<span style="mso-tab-count: 1;"> </span>76</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Gastrointestinal<span style="mso-tab-count: 2;"> </span>93</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Cough & Cold<span style="mso-tab-count: 2;"> </span>149</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Cardiovascular System(CVS)<span style="mso-tab-count: 1;"> </span>164</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Anti-Daibetic<span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>209</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Pain Management<span style="mso-tab-count: 2;"> </span>350</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Focus
on Regulated Markets</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Marksans commenced
business with CRAMS directed at the UK and Australian markets</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Entered the regulated
Australian market with the acquisition of Nova in 2005</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Entered the regulated UK
market with the acquisition of Bell Sons & Company Ltd. in 2007 and
Relonchem Limited in 2008</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Entered the US market in
2011-12 and acquired Time-Cap Laboratories in 2015</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company now has a
global presence across 25 countries</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Forward
Integrated Business Model</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans commenced
operations as a formulations manufacturing enterprise</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company entered
front-end marketing in regulated markets through acquisitions </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company was among a
few Indian mid-sized companies with frontend marketing capabilities</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company invested in a
state of- the-art R&D facility, strengthening integration</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Wider
Product Basket</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans commenced its
journey with products addressing the pain management segment</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company focused on
high-growth areas impacted by lifestyle disorders</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company launched soft
gelatin capsules, a niche category</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•The Company now offers
products across >10 therapeutic segments</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Forward Integrated
Business Model</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">R&D and Manufacturing</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Supply chain and
distribution</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">End Consumers</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 26.0pt; line-height: 115%;">Long-term Strategy</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Strategic Focus on
Regulated Markets</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Global Footprint</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans Pharma entered
into strategic tie-ups and acquired key players in major markets to expand its
global footprint</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Higher
Margins</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company can generate
higher margins by eliminating third parties from the value chain</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Currently, the company
markets products in <span style="mso-spacerun: yes;"> </span>25+ countries</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">with the UK and the US
being the largest</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">European
Countries</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Other prominent markets include
Australia, New Zealand, Canada and several other European countries</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Regulatory
Approvals</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">These markets are
empowered with regulatory approvals which allows the company to sell its
products without restrictions</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Proprietary
Marketing Presence</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans is among a
handful of Indian players with a proprietary marketing presence in the world’s
largest pharma market such as US, UK and Australia</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Expansion
in Regulated Markets</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Company expects to
expand in the regulated markets through integrated product development, cGMP
compliance, regulatory compliance and utilization of latest technologies</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans Pharma generates
~95% of its revenues from regulated markets</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Niche Formulations with
few Competitors</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">DIFFERENTIATED
OFFERINGS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Focused on softgel
capsules with a view to build a differentiated set of offerings in the crowded
generics market</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">LIMITED
COMPETITION</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Given the challenges in
preparing Softgel formulations plus other economic, technical and patent
constraints there are not many players in this segment</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">HIGH
BARRIERS TO ENTRY</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">High capex requirements
and operational costs further restrict entry</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">SELECTIVELY
TARGETED LARGER MARKETS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans has filed softgel
products in all major markets including USA, UK, Europe, Canada, Australia
& Russia. Of this, US alone is potentially a USD9 billion market</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NEW
APPROVALS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">6 new approvals are
awaited in US</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MFG
CAPABILITIES WITH REGULATORY APPROVALS :</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans’ Goa facility has
a capacity to turn out 2.4 billion softgel capsules per annum, and has all the
necessary approvals by USFDA, UKMHRA, TGA & other key regulatory authorities</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Marksans Pharma is
currently one of the most active Indian firms focused in Softgel segment</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">UK
Business & Opportunity by market size</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">OVERVIEW
OF THE MARKET</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The UK & EU
pharmaceutical market is estimated to grow from ~USD 468 billion in 2016 to
~USD 585 billion by 2030,at a CAGR of 1.6%, driven primarily by a robust life
sciences industry.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">COMPANY
PRESENCE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•One of the top 5 Indian
pharma companies in the UK.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•UK business is driven by
its two subsidiaries, Relonchem and Bell.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Bell has a strong OTC
portfolio with 450+ OTC/SKU products and 50+ products in pipeline.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Relonchem’s portfolio
comprises 162 MA’s.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">OUTLOOK</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Company has 50+ products
in the pipeline in different stages to cater to UK market.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Company is awaiting
approval for ~20 MAs in the UK market.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Expansion
Strategy for UK</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">REVENUE
FY20</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Wide UK customer base and
100% reach within the distribution channel.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Broad and diversified
range of product portfolio with well recognized brands.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Captured a large share of
OTC and generic markets.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ORGANIC
GROWTH </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Working on receiving
USFDA approval for Southport facility to commence exports to USA.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Increase in partnership
with major national distributors, pharmacies, retailers and chemist
wholesalers.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NEW
PRODUCTS IN PIPELINE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Developing a range of
narcotic & dermatology products</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Range of oral solid
products under-development to increase market share in generic and OTC markets</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Investment in
manufacturing facility to develop oral liquid solutions</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">INORGANIC
GROWTH </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•For rapid expansion into
various therapy areas and other markets including UK and Europe, the company
plans to acquire product licenses.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">REVENUE
FY 25</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Sustainable revenue
growth</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Consistently delivering
on profit margins</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Focus towards Europe, USA
and other export destinations</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•One of the key OTC
product supplier and private label manufacturer in the industry</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">US
Business & Opportunity by market size</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">OVERVIEW
OF THE MARKET</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The US holds over 30-40%
of the global pharmaceutical market. Nominal spend on medicine was USD 511
billion in 2019, and is expected to grow at projected CAGR of 4-5% over near
term, due to favorable government programs and policies.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">COMPANY
PRESENCE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•In June 2015, Marksans
acquired Time-Cap Labs which enabled Marksans to expand its offering in US
market.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•50+ products in various
therapy area segments.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Proprietary marketing
presence with 100% integration of Time-Cap Laboratories.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Strong distribution channel
marketing for both OTC and Rx products.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">OUTLOOK</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Strengthen company’s US
operations in the coming years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Add 4-5 new products to
its portfolio during the year under review</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Expansion
Strategy for US</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">revenue
FY 20</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•50+ products in various
therapy area segments</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Positioned in the niche
soft gel category</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Strong distribution
channel marketing for both OTC and RX products</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•23 ANDAs filled till date</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ORGANIC
GROWTH</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Expanding presence in
other North American region</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Increase in ANDA fillings
for soft gel dosage</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Partnership with leading
retailers</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Exploiting untapped
potential of drugs going off patent</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">NEW
PRODUCTS IN PIPELINE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">25 products identified
with a focus on soft gels and OTC products</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•15 products in R&D</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">INORGANIC
GROWTH</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Planning to acquire ANDAs
to cut short development time</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•Increasing capacity in
India and US facility to meet future requirements</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">revenue
fy 25</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Expected to grow rapidly
to achieve a high growth platform in FY25</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Mfg
Capabilities</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Goa,India</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Southport,UK</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Farmingdale, USA</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Key Focus Areas</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">STRATEGY</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1. Expansion</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1.Expansion of current
product portfolio in regulated market</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">2 Product Launch</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">New product development
and launch</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">3 Inorganic Expansion</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Inorganic expansion to
enhance manufacturing capabilities and product portfolio</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">4 Backward Integration</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Backward integration into
API manufacturing</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-37006732201814493582021-02-15T20:19:00.000-08:002021-02-15T20:19:01.525-08:00GUJARAT GAS LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">GUJARAT
GAS LTD</span></b></p>
<p align="center" class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Q3 FY 21
RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Gujarat
Gas is engaged in processing, transmission, and distribution of natural gas. It
supplies gas to industrial, commercial and domestic customers.<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">MANAGEMENT</span></b></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Anil
Mukim<span style="mso-tab-count: 2;"> </span>Chairman<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sanjeev
Kumar<span style="mso-tab-count: 1;"> </span>Managing Director<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QUARTERLY RESULTS</span></b></p>
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<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Gujarat Gas (in Rs. Cr.)</span></b></p>
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<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec
'20</span></p>
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<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sep
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2886</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2560</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2564</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">12.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">12.73</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">TOTAL
EXP</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2381</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1946</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2320</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.66</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">22.35</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">24.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">33.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">46.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-47.65</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-28.2</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">P
B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">523.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">634.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">263.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">99.04</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-17.4</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">131.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">159.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">66.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">97.13</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-17.39</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">FINAL NPT</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">392.3</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">475.48</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">197.3</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">98.83</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-17.49</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Equity
Share</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">137.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">137.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">137.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.25pt;" valign="top" width="87">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">BASIC
EPS</span></u></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.4pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.91</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.55pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">98.61</span></b></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.2pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-17.51</span></b></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>449.5</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>19.71</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">VOLUME<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>8,66,539</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">FV<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>2</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">52
Week Range<span style="mso-tab-count: 1;"> </span>190.5<span style="mso-tab-count: 1;"> </span>477<span style="mso-tab-count: 1;"> </span></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.2pt;" valign="top" width="143">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Annual</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-20</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-19</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-18</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-17</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-16</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.2pt;" valign="top" width="143">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sales</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">10,300</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">7,754</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6,174</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5,092</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6,105</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.2pt;" valign="top" width="143">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Total
Expenditure</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">8,984</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">7,057</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5,551</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">4,606</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5,648</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.2pt;" valign="top" width="143">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net
Profit</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.5pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1,198</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">416</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">291</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">219</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.35pt;" valign="top" width="76">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">187</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 30.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">CASH
FLOWS</span></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-20</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-19</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-18</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-17</span></b></p>
</td>
<td style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar-16</span></b></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Operating
Activities</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1,419</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">956</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">782</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">700</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">637</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Investing
Activities</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-466</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-603</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-430</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-458</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">375</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Financing
Activities</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-502</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-349</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-270</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-251</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-1,224</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Others</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net
Cash Flow</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">451</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">81</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-8</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-211</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"><span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Performance
Highlights - - of the third Quarter ended on 31" December 2020 jQ3 FY21) </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Average
gas sales volume for the quarter was at 11.44 mmscmd, up by 23% compared to
corresponding quarter previous year. </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">During
the current nine months period<span style="mso-spacerun: yes;">
</span>ended<span style="mso-spacerun: yes;"> </span>on 3Ist December 2020, the
Company commercialised 83 new CNG stations. Detail of sales volume for current
quarter is as under:</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sales
Volumes (in mmscm) <span style="mso-spacerun: yes;"> </span>Q3 FY21</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Industrial
<span style="mso-tab-count: 4;"> </span>843</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">CNG
<span style="mso-tab-count: 5;"> </span>142</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">PNG
- Domestic <span style="mso-tab-count: 3;"> </span>59</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">PNG
- Commercial <span style="mso-tab-count: 2;"> </span>9</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Total
in mmscm <span style="mso-tab-count: 3;"> </span>1,053</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
company's gas sales volume has shown a robust recovery post lockdown. </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">During
the current quarter, in industrial and CNG category, the gas sales volume is up
by 29% and 2% respectively compared to corresponding quarter previous
year,<span style="mso-spacerun: yes;"> </span>and 16% and 20% respectively
compared to previous quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">On
Expenditure side - Raw Material consumption has gone up by 27% and other
expenses have gone up by 11.31 % QoQ , which are the causes for reducing the
Profit QoQ by over 17% QoQ.</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
company currently<span style="mso-spacerun: yes;"> </span>continues to flow
total gas volume above 11.50 mmscrnd as<span style="mso-spacerun: yes;">
</span>against FY20 average sales of 9.44 mmscrnd.</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">The
Company currently has a comfortable liquidity position and prepaid term loans
of Rs.988 crore<span style="mso-spacerun: yes;"> </span>during the nine
months<span style="mso-spacerun: yes;"> </span>period ended<span style="mso-spacerun: yes;"> </span>on 3Ist December<span style="mso-spacerun: yes;"> </span>2020, while continuing to service its debt
obligations. </span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">STRENGTHS</span></b></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">strong financials</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Rising Net Cash Flow and Cash from Operating
activity</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with high TTM EPS Growth</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong Annual EPS Growth</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RoCE improving in last 2 years</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Return on equity (ROE) improving since last 2
year</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ROA improving since last 2 year</span></li></ul>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Growth in Quarterly Net Profit with increasing
Profit Margin (YoY)</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Increasing Revenue every quarter for the past
2 quarters</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong cash generating ability from core
business - Improving Cash Flow from operation for last 2 years</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Annual Net Profits improving for last 2 years</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with Zero Promoter Pledge</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Recent Results : Growth in Operating Profit
with increase in operating margins (YoY)</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l4 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong Momentum: Price above short, medium and
long term moving averages</span></li></ul>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">WEAKNESSES</span></b></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Decline
in Net Profit with falling Profit Margin (QoQ)</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">OPPORTUNITIES</span></b></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l3 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Brokers upgraded recommendation or target
price in the past three months</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l3 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Positive Breakout First Resistance ( LTP >
R1)</span></li></ul>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l1 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Highest Recovery from 52 Week Low</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l1 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RSI indicating price strength</span></li></ul>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><a href="https://www.moneycontrol.com/india/stockpricequote/oil-drillingexploration/gujaratgas/GGC#sharepattern"><span style="color: blue; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Shareholding Pattern</span></a><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoters holding remains unchanged at 60.89%
in Dec 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mutual Funds have increased holdings from
7.14% to 7.23% in Dec 2020 qtr.</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Number of MF schemes remains unchanged at 25
in Dec 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FII/FPI have decreased holdings from 9.07% to
9.01% in Dec 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Number of FII/FPI investors increased from 206
to 207 in Dec 2020 qtr.</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Institutional Investors have decreased
holdings from 16.38% to 16.33% in Dec 2020 qtr</span></li></ul>
<p class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 year CAGR growth</span></b><b><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"></span></b></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Revenue<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span><span style="mso-tab-count: 1;"> </span>26.6%</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net
Profit<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>75.8%</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Operating<span style="mso-tab-count: 1;"> </span>Profit<span style="mso-tab-count: 1;"> </span>30.0%</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">TECHNICAL
RATING<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;">
</span>VERY BULLISH</span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Price Performance</span></b></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1
Week<span style="mso-tab-count: 1;"> </span>18.30%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1
Month<span style="mso-tab-count: 1;"> </span>16.93%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">3
Months<span style="mso-tab-count: 1;"> </span>44.65%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">YTD<span style="mso-tab-count: 1;"> </span>19.38%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1
Year<span style="mso-tab-count: 1;"> </span>49.01%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">3
Years<span style="mso-tab-count: 1;"> </span>164.12%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Buy Gujarat Gas; target of Rs 475: Emkay Global Financial</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Emkay Global
Financial is bullish on Gujarat Gas has recommended buy rating on the stock
with a target price of Rs 475 in its research report dated February 06, 2021.</span></b></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest
cost declined 28% qoq, with net debt down 19% to Rs.7.0bn. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Gas
sales volumes grew 16% qoq (23% yoy) to 11.45mmscmd. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Industrial
PNG was up 17% qoq (29% yoy) to 9.2mmscmd, with Morbi up 20% to ~7.0mmscmd. On
a yoy basis, CNG/Dom. PNG/Comm. PNG was up 2%/up 11%/down 18% to
1.5/0.6/0.1mmscmd. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
realization fell 3% qoq, while gas cost rose 9%, resulting in a gross margin
decline of 24% qoq to Rs.7.8/scm (an 18% beat though). Opex/scm fell 10% qoq to
Rs.1.9 (down 12% yoy and 12% below est.). EBITDA/scm came in at Rs5.8, down 28%
qoq/up 35% yoy.</span></p>
<p style="text-align: justify;"><strong><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Outlook </span></strong><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">We
raise FY21/22/23E EPS by 14%/16%/13%, building in 5-7% higher volumes as well
as EBITDA/scm each, based on strong run-rate and management guidance. We
increase our DCF-based TP by 27% to Rs475 with a lower 10% WACC. Retain Buy
with OW.</span></p>
<h1><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Buy
Gujarat Gas; target of Rs 505: ICICI Direct</span></h1>
<h2><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">ICICI
Direct is bullish on Gujarat Gas has recommended buy rating on the stock with a
target price of Rs 505 in its research report dated February 09, 2021.</span></h2>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Gujarat
Gas’ Q3FY21 results were better than our estimates on all fronts. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Revenues
increased 12.9% YoY at Rs 2829.4 crore (our estimate: Rs 2608.5 crore) as sales
volume jumped 22.9% YoY during the quarter. Sales volume at 11.4 mmscmd was
above estimate of 10.6 mmscmd.</span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Realisation
was at Rs 26.9/scm (our estimate: Rs 26.7/scm). </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Higher-than-expected
realisation coupled with lower gas costs led to increase in gross margins that
improved by Rs 1.2/scm YoY to Rs 7.8/scm (our estimate: Rs 7.3/scm). </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">EBITDA
was at Rs 614.8 crore, up 65.9% YoY (our estimate: Rs 476.4 crore). </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Subsequently,
PAT increased 99.5% YoY to Rs 392.2 crore (our estimate: Rs 280.1 crore).</span></p>
<p style="text-align: justify;"><strong><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Outlook </span></strong><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">We
roll over valuations to FY23 and maintain BUY on the stock with a revised TP of
Rs 505 (21x FY23E EPS) (earlier Rs 400/share).</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-12147379340340574752021-02-01T00:45:00.000-08:002021-02-01T00:45:08.654-08:00RELIANCE INDUSTRIES LTD - Q3 FY 21- RESULTS PRESS STATEMENT - EXCERPTS - AND ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="Default" style="text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;">RELIANCE
INDUSTRIES LTD</span></b></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;">Q3
FY 21 RESULTS </span></b></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;">PRESS
STATEMENT </span></b></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;">-
EXCERPTS -</span></b></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;">AND
ANALYSIS</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-size: 16.0pt;"></span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"><span style="mso-spacerun: yes;"> </span>22nd January 2021</span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="page-break-before: always;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">RESULTS AT A GLANCE (Q-O-Q) </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">CONSOLIDATED - RIL </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo3; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.137,829 crore ($ 18.9 billion)
higher by 7.4% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo3; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item for the quarter was Rs.26,094
crore ($ 3.6 billion) higher by 12.0% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo3; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net Profit </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item for the quarter was Rs.15,015
crore ($ 2.1 billion) higher by 41.6% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo3; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Cash Profit
</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item was Rs.21,473
crore ($ 2.9 billion) higher by 27.5% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo3; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EPS </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item was </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Rupee Foradian";">Rs.</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">20.5
per share, increased 38.2% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">STANDALONE – RIL </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo4; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.71,454 crore ($ 9.8 billion)
higher by 10.9% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo4; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item for the quarter was Rs.12,306
crore ($ 1.7 billion) higher by 4.2% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo4; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net Profit </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item for the quarter was </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Rupee Foradian";">Rs.</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">8,744
crore ($ 1.2 billion) higher by 33.6% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo4; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Cash Profit
</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">before exceptional item for the
quarter was <span style="mso-spacerun: yes;"> </span>Rs.9,376 crore ($ 1.3
billion) higher by 30.2% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo4; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Exports </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.31,559 crore ($ 4.3 billion)
decline of 8.5% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"> </span></b></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">CONSOLIDATED RESULTS FOR QUARTER
ENDED 31ST DECEMBER, 2020 </span></b></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">STRONG SEQUENTIAL REBOUND ACROSS ALL BUSINESSES </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">HIGHEST EVER QUARTERLY CONSOLIDATED PAT BEFORE
EXCEPTIONAL ITEMS AT <span style="mso-spacerun: yes;"> </span>Rs.15,015 CRORE </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">RECORD QUARTERLY CONSOLIDATED EBITDA BEFORE
EXCEPTIONAL ITEMS AT <span style="mso-spacerun: yes;"> </span>Rs.</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Rupee Foradian";"> </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">26,094
CRORE </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">RECORD QUARTERLY EBITDA FOR DIGITAL SERVICES AT Rs.8,942
CRORE </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">HIGHEST EVER QUARTERLY EBITDA FOR RETAIL AT Rs.3,102
CRORE </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">RIL AND BP ANNOUNCE THE START OF PRODUCTION FROM R
CLUSTER, ULTRA-DEEP-WATER GAS FIELD IN BLOCK KG D6 OFF THE EAST COAST OF INDIA<b>
</b></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; page-break-before: always; text-align: justify;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial;"><span style="mso-tab-count: 4;"> </span>STRATEGIC UPDATES </span></b></p>
<p class="Default" style="margin-left: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Reliance Retail Ventures Limited
(RRVL), a subsidiary of Reliance Industries Limited (RIL) completed the capital
raise of ₹ 47,265 crore for 10.09% equity stake. This is the largest fund raise
in the sector. </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l1 level1 lfo1; text-align: justify; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Reliance Industries Limited (RIL)
and BP announced the start of production from the R Cluster, ultra-deep-water
gas field in block KG D6 off the east coast of India. RIL and BP are developing
three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and
MJ – which together are expected to meet ~15% of India’s gas demand by 2023.
These projects will utilise the existing hub infrastructure in KG D6 block. RIL
is the operator of KG D6 with 66.67% participating interest and BP holds 33.33%
participating interest. </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="page-break-before: always;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l3 level1 lfo2; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">The Company supported job creation
in the economy during the pandemic-impacted period and generated in excess of
50,000 new jobs during April – December 2020 in Consumer businesses and last
mile delivery. </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="page-break-before: always;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">CONSOLIDATED – JIO PLATFORMS LIMITED </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">including access revenues for the quarter was Rs.22,858
crore ($ 3.1 billion) higher by 5.3% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.8,483 crore ($ 1.2 billion)
increase of 6.4% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net profit </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Rupee Foradian";">Rs.</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,489 crore ($ 477 million) growth
of 15.5% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total Customer base as on 31st Dec
2020 of 410.8 million, net addition of 5.2 million customers. </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">ARPU during the quarter of ₹ 151.0
per subscriber per month as against ₹ 145.0 per subscriber per month in the
trailing quarter </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo5; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Total data traffic during the
quarter of 1,586 crore GB; 4.0% growth </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">CONSOLIDATED – RELIANCE RETAIL </span></b></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.37,845 crore ($ 5.2 billion)
lower by 7.9% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was Rs.3,087 crore ($ 422 million)
higher by 53.9% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net profit </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was ₹ 1,830 crore ($ 250 million)
higher by 88.1% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Cash Profit
</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">for the quarter was ₹ 2,482 crore
($ 340 million) higher by 76.3% </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">12,201 operational physical
stores; 327 stores opened during the quarter </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Verdana; mso-fareast-font-family: Verdana;"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Area of operation – 31.2 million
sq. feet as compared to 29.7 million sq. feet in trailing quarter. </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">OPERATIONAL HIGHLIGHTS </span></b><b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody><tr style="height: 12.65pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">CONSOLIDATED
JIO PLATFORMS LIMITED </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">(In
₹ crore) </span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">3Q </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">FY21 </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">2Q </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">FY21 </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">% chg. w.r.t. 2Q FY21 </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
</td>
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">9M </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">FY21 </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;"></span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 1;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Value of Services </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">22,858 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">21,708 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5.3% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">64,843 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 2;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Revenue from Operations </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">19,475 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">18,496 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">5.3% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">55,225 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 3;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">8,483 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">7,971 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">6.4% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">23,786 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 4;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">EBITDA margin* </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">43.6% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">43.1% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">43.1% </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">Net Profit </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,489 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">3,020 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">15.5% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="Default"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial;">9,029 </span></p>
</td>
</tr>
<tr height="0">
<td style="border: none;" width="186"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="99"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="99"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="132"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• JPL has achieved a milestone this quarter with
annualised revenue run-rate in excess of US$ 10 billion with strong Revenue and
EBITDA growth.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated Value of Services, including access
revenues, grew by 5.3% Q-o-Q to ₹ 22,858 crore on back of higher ARPU and FTTH
expansion.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated EBITDA grew by 6.4% Q-o-Q to ₹ 8,483
crore and EBITDA margin of 43.6% up from 43.1% Q-o-Q owing to growing revenue
and operating leverage.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated Net Profit grew by 15.5% to ₹ 3,489
crore, Q-o-Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total Customer base as on 31st Dec 2020 of 410.8
million, net addition of 5.2 million customers.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• ARPU during the quarter of ₹ 151.0 per subscriber per
month as against ₹ 145.0 per subscriber per month in the trailing quarter</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total data traffic during the quarter of 1,586 crore
GB; 4.0% growth Q-o-Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total voice traffic during the quarter of 97,496
crore minutes; 4.6% growth Q-o-Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• JPL has achieved a milestone this quarter with
annualised revenue run-rate in excess of US$ 10 billion with strong Revenue and
EBITDA growth.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated Value of Services, including access
revenues, grew by 5.3% Q-o-Q to ₹ 22,858 crore on back of higher ARPU and FTTH
expansion.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated EBITDA grew by 6.4% Q-o-Q to ₹ 8,483
crore and EBITDA margin of 43.6% up from 43.1% Q-o-Q owing to growing revenue
and operating leverage.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Consolidated Net Profit grew by 15.5% to ₹ 3,489
crore, Q-o-Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total Customer base as on 31st Dec 2020 of 410.8
million, net addition of 5.2 million customers.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• ARPU during the quarter of ₹ 151.0 per subscriber per
month as against ₹ 145.0 per subscriber per month in the trailing quarter</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total data traffic during the quarter of 1,586 crore
GB; 4.0% growth Q-o-Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Total voice traffic during the quarter of 97,496
crore minutes; 4.6% growth Q-o-Q</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Connectivity</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Wireless gross addition was robust at 25.1 million as
smart phone shipments improved with easing restrictions across the country.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Monthly churn rate for wireless subscribers remained
elevated at 1.63% with continued impact of COVID and other factors.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Jio honoured its commitment and made all domestic
voice calls absolutely free from 1st January 2021. Jio had earlier assured its
users that the charge for offnet outgoing calls would continue only till the
time TRAI abolished IUC charges.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• During 3Q FY21, average data consumption per user per
month was at 12.9 GB as against 12.0 GB per user per month during the trailing
quarter and average voice consumption was at 796 minutes per user per month
during the quarter as compared to average voice consumption at 776 minutes per
user per month during the trailing quarter.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• FTTH services witnessed increased uptake during the
quarter on the back of unique offering and widespread network across the
country.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Digital
Platforms</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Indigenously developed 5G Radio integrated with Jio’s
5G Core Network and 5G Smartphones to achieve over the air throughputs in
excess of 1 Gbps. In-house Massive MIMO and indoor 5G small cell under advanced
stages of development.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• JioMeet crossed 15 million users during the quarter.
JioMeet is now evolving as a complete platform with solutions for different
segments like large enterprises, healthcare industry, educational and
government institutions.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Jio’s bundled broadband offering for SMBs has had an
encouraging response. A widescale commercial deployment will see Jio offering
unique solutions across Connectivity, Communication, Conferencing,
Productivity, Marketing, Infotainment and Devices. The addressable market will
be significantly expanded with these digital solutions and ubiquitous fibre
presence.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Besides deploying IoT solutions for Jio Home users,
the Jio pan India IoT network is operational for application in connected
vehicles, smart metering, smart cities, connected assets and hospitality.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Update
on Investments into JPL</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• During the quarter, Google invested, post requisite
regulatory approvals, an amount of ₹ 33,737 crore into JPL for 7.73% stake.
This has resulted in total investment of ₹ 152,056 crore by the investors for a
stake of 32.88% in JPL.</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody><tr style="height: 19.55pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: none; height: 19.55pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">C</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">ONSOLIDATED </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">R</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">ELIANCE </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">R</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">ETAIL </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(In ₹
Crore) </span></p>
</td>
<td colspan="2" style="border: none; height: 19.55pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 19.55pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 19.55pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">% chg.
w.r.t. 2Q FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 19.55pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9M </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 1;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Value
of Sales and Services </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">37,845 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">41,100 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(7.9%) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">110,565
</span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 2;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Revenue
from Operations </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">33,018 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">36,566 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(9.7%) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">97,781 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 3;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">EBITDA </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3,087 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2,006 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">53.9% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.8pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6,172 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 4;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">EBITDA
Margin (%)* </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9.3% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">5.5% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6.3% </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Area
Operated (Mn. Sq. ft.) </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">31.2 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">29.7 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.5pt;" valign="top" width="165">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">31.2 </span></p>
</td>
</tr>
<tr height="0">
<td style="border: none;" width="139"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="99"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="99"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="132"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• The business delivered a healthy performance with
record profit delivery in an operating environment that continued to remain
challenging with sporadic COVID related restrictions and local issues.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Value of Sales and Services for 3Q FY21 decreased by
8% Q-o-Q to ₹ 37,845 crore while EBITDA for 3Q FY21 increased by 54% Q-o-Q to a
record ₹ 3,087 crore, with underlying operating margin (excluding the impact of
the investment income) at 7%, coming in ahead of last quarter and same time
last year. This was led by near doubling of Fashion and Lifestyle earnings,
continued benefits from cost management initiatives and a boost from higher
investment income of ₹ 775 crore.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Quarterly
Performance</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• COVID related curbs on store operations eased during
the quarter, enabling 96% of stores to be opened, although only half of them
were fully operational. Stores in smaller towns are recovering faster.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Overall footfalls remained at similar levels to last
quarter but still lower than pre-COVID levels.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Overall revenue, which apart of being impacted by the
challenging operating conditions, was further affected by (i) the transfer out
of the fuel retailing business to the RIL-BP JV and (ii) the decision to
convert Reliance Market stores to fulfilment centers to enable city expansion
of New Commerce.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• The Grocery business and Electronics stores sustained
double digit growth while the Fashion and Lifestyle business delivered a strong
rebound, surpassing pre COVID levels.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• The business accelerated the pace of new store
expansion with 327 stores opened during the quarter taking the total store
count to 12,201 stores spread over 31.2 million sq. ft.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Digital commerce momentum continued with orders up
12X Y-o-Y alongside growth in portfolio, traffic and customer base across
platforms</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• New Commerce which seeks to foster the spirit of
entrepreneurship through a model of shared prosperity and inclusive growth is
well underway and making steady progress. At the end of the quarter, the retail
business had extended its partnerships to over a million merchants across
consumption baskets with plans to accelerate this in the days ahead.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Reliance Retail has added over 50,000 new jobs since
the beginning of pandemic and contributes positively to the social and
financial well-being of all employees and their families.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Consumer
Electronics</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Revenue growth momentum was sustained at Consumer
Electronics stores (excluding Jio devices) on the back of a market beating
festive season and particularly strong performance in Tier 2 and 3 cities.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Successful activations around affordability, new product
launches and offers in key categories enabled broad based growth, particularly
with Laptops, Tablets, Large Appliances leading the way.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Omni commerce capabilities were further augmented
enabling the business to deliver an unparalleled service proposition across
1,300 cities where it is currently present. Over 95% orders were delivered to
customers from stores in less than 6 hours.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Fashion
& Lifestyle</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Apparel & Footwear business staged a strong
bounce back driven by impactful event activation, which led to strong festive
season performance and enabled 1.5X growth over last quarter.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Stores witnessed stepped up conversions and increased
average bill values over last year driven by new collections across occasion
wear and winter-wear.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• AJIO continues to scale new highs with 5X growth in
orders over previous year and significant improvement across customer metrics
and operating parameters.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Relationships with merchants were further extended to
1,900 cities with 2X more merchant partners onboarded.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Jewelry revenues grew in high double digits over last
year and nearly doubled over the previous quarter, aided by a strong festive
and wedding season buying. Leveraging its design capabilities, the business
strengthened its portfolio offerings with the launch of a range of new
collections.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• With stores reopening, the Luxury and Premium Brands
more than doubled over the last quarter. Digital commerce revenues grew 3X over
last year and the distance selling initiative pioneered by the business is
contributing meaningfully both to sales and customer engagement.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Grocery</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• In Grocery while overall revenue was impacted by
COVID restrictions, local issues and the decision to transition Market stores
into fulfillment centers to enable New Commerce expansion, the continuing
business delivered a healthy double-digit growth.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• The quarter saw the continued trend of lower
footfalls being more than offset by higher bill values across the store
network.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Rapid scale up of JioMart continues with more
traffic, customers and orders.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Brand partnerships, strengthened owned brand
portfolio and impactful activation, enabled the business deliver robust growth
in the festive period with staples, FMCG and Indian sweets doing particularly
well.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• As it expands its New Commerce footprint, the
business continues to grow its bond and win-win partnerships, both at the
backend with producers and at the front end with merchants. The business is
currently present in 23 cities and with the investments in supply chain and
technology that are currently underway, the business is gearing up to be a
trusted partner for millions across the country.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">With the Indian economy poised for a rapid recovery in
2021 after overcoming the COVID-19 constraints, Reliance Retail is confident of
maintaining its industry leading and market beating performance.</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody><tr style="height: 12.65pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">O</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">IL TO </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">C</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">HEMICALS </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">(O2C) </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(In ₹
Crore) </span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">% chg.
w.r.t. 2Q FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9M </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 1;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Segment
Revenue </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">83,838 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">76,184 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">10.0% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">218,928
</span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 2;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Segment
EBITDA </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9,756 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">8,841 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">10.3% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.85pt;" valign="top" width="133">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">26,763 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 3;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">EBITDA
Margin (%) </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">11.6% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">11.6% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">12.2% </span></p>
</td>
</tr>
<tr style="height: 14.9pt; mso-yfti-irow: 4;">
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Total
Throughput (MMT) </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(including
Refining Throughput) </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">18.2 </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">16.8 </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">52.6 </span></p>
</td>
</tr>
<tr style="height: 14.9pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Production
meant for sale (MMT)* </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">16.2 </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">14.9 </span></p>
</td>
<td colspan="2" style="border: none; height: 14.9pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 124.85pt;" valign="top" width="166">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">46.9 </span></p>
</td>
</tr>
<tr height="0">
<td style="border: none;" width="133"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="100"><br /></td>
<td style="border: none;" width="67"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="100"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="133"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Segment Revenues for 3Q FY21 increased by 10.0% Q-o-Q
to ₹ 83,838 crore primarily on account of higher volumes mainly in
Transportation fuels, PTA and Polyester supported by improved product
realization across Polymers, Intermediates and Polyester.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Segment EBITDA for 3QFY21 improved by 10.3% Q-o-Q to ₹
9,756 crore primarily on account of higher product sales and shifting of
product placement from exports to domestic market. On O2C basis, total
throughput has increased from 16.8 MMT to 18.2 MMT on Q-o-Q basis due to
improved product demand in Q3 and scheduled shutdown taken in Q2.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">During the quarter, Polymers margins were at a record
high while intermediate margins were sequentially better. Petrochemical
“Production meant for sale” for the quarter was 4.2 MMT, with polyester
production higher at 16% Q-o-Q.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Business
Environment</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Global oil demand for 3QFY21 is estimated to be 94.5
mb/d, or 1.5 mb/d higher than 2Q FY21 and 11.4 mb/d higher than 1Q FY21
following a sharp recovery.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Oil prices are supported by supply-cut in OPEC+
output, led by Saudi Arabia and improved visibility on vaccine roll-out.
Average Brent crude prices were higher by 3% Q-o-Q at $44.2/bbl.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Transportation fuel markets continued to remain
challenging with excess supply and second COVID-19 wave hurting demand from
European and US markets.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Domestic demand in India continued to improve with
oil product demand growth at 19% Q-o-Q. Oil demand for December was at 99% of
pre-COVID level.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Restraints on public transport and increased
preference for personal vehicles improved demand for personal mobility fuels –
gasoline and diesel. Domestic gasoline demand continued its upward month-on-month
growth trend through the quarter. Gasoline demand in December was at 110% of
pre-COVID level, while diesel demand was at 103% of pre-COVID level.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Even though regrades improved, ATF demand remained
below pre-COVID level, as airlines continue to under-operate due to ban on
international flights which has been extended till 31st Jan’2021.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Demand growth for polymers, polyester and elastomers
was robust on a Q-o-Q basis led by FMCG, Health & Hygiene, Pipes, Auto,
Paint and Apparels.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Overall polymer demand grew by 8% on Q-o-Q basis and
polyester demand growth was 38% Q-o-Q.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• The lockdown period has led a systemic shift in
consumer behavior and purchasing preference from offline to online. There is
also increased consumption of hygiene related products. This is expected to
have a lasting impact on consumption patterns.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Polymers</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• PP, PE and PVC prices strengthened during the quarter
by 18%, 8% and 29% Q-o-Q respectively amidst strong demand recovery in Asian
markets.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• PP, PE and PVC margins over naphtha increased by 31%
($ 698/MT), 13% ($541/MT) and 15% ($ 628/MT over Naphtha/ EDC) respectively on
Q-o-Q basis led by strong demand recovery across sectors. PVC prices were at 10
years high level during the quarter.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• RIL achieved highest ever quarterly domestic sales by
leveraging unparalleled supply chain,</span> <span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">multimodal logistics and
pan-India warehousing facilities.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Intermediates
and Polyesters</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• PX, PTA and MEG prices strengthened during the
quarter by 3%, 15% and 8% Q-o-Q respectively amidst hike in energy value and
improved downstream demand markets. PX, PTA and MEG margins increased by 4%
($141/MT), 57% ($168/MT) and 17% ($218/MT) amidst lower inventory across the
chain in China.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Increase in Polyester prices lagged the raw material
and increased by 2-8%. RIL continued to reap the benefits of higher capacity
utilization on the back of festive demand and availability of labour in the
downstream sector. RIL’s Polyester margins improved Q-o-Q on back of
differentiated and specialty products.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Transportation
fuels</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• RIL Transportation fuels volume increased from 8.7
MMT in 2Q FY21 to 9.7 MMT in 3Q FY21 with improved domestic demand.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Singapore gasoline cracks averaged $3.0/bbl during
3QFY21 as against $2.9 /bbl in 2QFY21 and $8.2 /bbl in 3QFY20. The winter
period is typically a low season for gasoline demand, which was exacerbated by
COVID-19 factors. Global gasoline demand declined 0.5 mb/d Q-o-Q to 24.5 mb/d,
due to seasonal low demand in winter and lockdowns in US, Europe.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Singapore gasoil 10-ppm cracks averaged $4.3/bbl
during 3QFY21 as against $5.0 /bbl in 2QFY21 and $15.4 /bbl in 3QFY20. The
cracks averaged lower Q-o-Q with much of Europe still struggling with recurring
COVID-19 outbreaks, a closed Western arbitrage kept Middle Eastern volumes
towards Southeast Asia. Global gasoil demand improved 0.5 mb/d Q-o-Q to 27.6
mb/d</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Singapore Jet/kero cracks averaged $2.4/bbl during 3QFY21
as against $-0.7 /bbl in 2QFY21 and $13.9 /bbl in 3QFY20. Jet/Kero gained
strength on winter demand and tight supply.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">RIL
O2C Operations</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Utilization rates across RIL O2C facilities remained
at high levels in 3Q FY 21.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Refining throughput was 16.7 MMT an increase of 9.2%
over 2Q FY21.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Cracker operating rate was 96% impacted by scheduled
shutdown of ROGC at Jamnagar.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• LPG production was maximized based on favorable
economics over marginal Alkylate volumes.</span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody><tr style="height: 12.65pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">O</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">IL AND </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">G</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">AS </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">(E</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">XPLORATION </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">& P</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">RODUCTION</span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt;">) B</span></b><b><span style="color: black; font-family: "Arial","sans-serif";">USINESS </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(In ₹
Crore) </span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td colspan="2" style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">% chg.
w.r.t. 2Q FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 12.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9M </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 1;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Segment
Revenue </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">431 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">355 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">21.4% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.45pt;" valign="top" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">1,292 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 2;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Segment
EBITDA </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">4 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(194) </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(222) </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 3;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">EBITDA
Margin (%) </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">0.9% </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(54.6%)
</span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(17.2%)
</span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Production
(BCFe) </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">28.5 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">28.3 </span></p>
</td>
<td colspan="2" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 123.1pt;" valign="top" width="164">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">86.2 </span></p>
</td>
</tr>
<tr height="0">
<td style="border: none;" width="133"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="98"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="66"><br /></td>
<td style="border: none;" width="99"><br /></td>
<td style="border: none;" width="33"><br /></td>
<td style="border: none;" width="131"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Segment Revenues for 3Q FY21 increased by 21.4% Q-o-Q
to ₹ 431 crore primarily due to higher commodity price realization and
incremental production from R-Cluster.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•
KGD6</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Production and gas supplies from R Cluster field,
India’s first ultra-deepwater gas field in block KGD6 off the east coast of
India, have commenced on 18th Dec’20.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o R Cluster is the first of the three projects to come
onstream. Located at a water depth of greater than 2000 meters, it is the
deepest offshore gas field in Asia. Current production in line with expectation
and being ramped-up.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Expected to reach plateau production of about 12.9
MMSCMD in H2 CY21.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Production for the period 18th Dec’20 to 31st Dec’20
is 1.6 BCF (RIL’s share).</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Gas demand has recovered to pre-COVID levels as we
pursue the second round of bidding for gas sales.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•
KGD6 – Other Projects:</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Satellite Cluster</span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 115%; mso-ascii-font-family: Verdana; mso-bidi-font-family: "MS Gothic"; mso-hansi-font-family: Verdana;">➢</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> All five wells drilled
and completed.</span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 115%; mso-ascii-font-family: Verdana; mso-bidi-font-family: "MS Gothic"; mso-hansi-font-family: Verdana;">➢</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> Final installation
campaign on track for commencement in Q4 FY21.</span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16.0pt; line-height: 115%; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana;">➢</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
First gas is expected in mid-2021.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o MJ Field</span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16.0pt; line-height: 115%; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana;">➢</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
Drilling campaign underway</span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16.0pt; line-height: 115%; mso-ascii-font-family: Verdana; mso-hansi-font-family: Verdana;">➢</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">
First installation campaign to commence in Q4 FY21</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• CBM: Production has remained stable at 0.9 MMSCMD.
Focus is on for augmenting production.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• US Shale:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Given the current weak macro environment and its
impact on price realisation, both the Marcellus and Eagleford JVs are pursuing
minimal activity and have optimized costs.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o For Oct’2020- Dec’2020 period, the overall price
realization was at $ 2.05/Mcfe, and production was at 22.7 Bcfe.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o During the quarter, Chevron sold its interest in
Marcellus JV to EQT Aurora LLC.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">o Due to the adverse changes in market environment,
reduction in activity by operator and recent operational performance, the Shale
Gas subsidiaries have impaired their assets including unavoidable costs based
on contractual commitments, totaling to ` 15,691 crore</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MEDIA
BUSINESS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(In ₹ Crore) 3Q FY21</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">2Q</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">FY21</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">% chg. w.r.t. 2Q FY21 9M FY21</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Value of Sales and Services 1,650 1,234 33.7% 3,818</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Revenue from Operations 1,422 1,061 34.0% 3,290</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">EBITDA 324 166 95.2% 517</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">EBITDA Margin (%)* 22.8% 15.6% 15.7%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">*EBITDA Margin is calculated on revenue from operations</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Revenues recovered fully from the pandemic impact in
3QFY21, rising sharply by 34% Q-o-Q to ₹ 1,422 crore. Festive season buoyancy
and sustained elevation in media consumption largely eliminated the
COVID-linked drag on ad-spending. Revenue of the primary business of broadcast
and digital media (i.e ex-film production) grew 35% Q-o-Q and 1% Y-o-Y, as a
result</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">of sustained viewership and faster than expected recovery
in Ad revenues.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• EBITDA for 3Q FY21 grew 96% Q-o-Q and 21% Y-o-Y to ₹
324 crore. EBITDA margins rose to ~23% as all three verticals (Entertainment,
TV and Digital News) improved their profitability levels. Broad-based cost
controls implemented across business lines since last year have improved
efficiencies. This has resulted in driving down operating expenses, even amidst
a festive season thrust on content and marketing. Growth in digital reach and
annuity-style revenue streams also continues to accentuate operating leverage.
Hence, a recovery in revenue has resulted in sharp margin expansion.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Recovery in advertising has been sharp and
broad-based, resulting in group revenue reviving to pre-pandemic levels.
Entertainment attained its highest ever profitability led by programming returning
to normalcy, and high impact content driving ad-yields up during festive
season. Sustained focus on high-quality reportage sans hyperbole continues to
bolster the News business, even amidst the absence of BARC ratings during the
quarter. Digital News revenue rose >50% Y-o-Y after having broken even in
the last quarter, underscoring the success of the platforms in a fast-growing
but hyper-competitive domain.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Subscription revenue was up 6% Q-o-Q and 2% Y-o-Y, as
lockdown impact on some consumer segments is tapering. Domestic subscription
revenue growth remained strong due to improved tie-ups in TV and Digital,
offsetting stress in international.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• OTT platform Voot’s video-views rose 30% Q-o-Q,
driven by complete resumption of network content. With an average daily time
spent per viewer (TSV) of >50 minutes, Voot continued to be a leader amongst
direct peers.</span></p>
<p class="MsoNormal"><b><span style="font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">C</span></b><b><span style="font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 13.0pt;">ONSOLIDATED </span></b><b><span style="font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">F</span></b><b><span style="font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 13.0pt;">INANCIAL </span></b><b><span style="font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">H</span></b><b><span style="font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 13.0pt;">IGHLIGHTS</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; width: 659px;">
<tbody><tr style="height: 23.85pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Sr. No.
</span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Particulars
</span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2Q </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">% chg.
w.r.t. 2Q FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 23.85pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9M </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">FY21 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
</tr>
<tr style="height: 14.7pt; mso-yfti-irow: 1;">
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">1 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Value
of Sales and Services </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><i><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(Gross
of GST) </span></i><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">137,829
</span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">128,385
</span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">7.4% </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">367,143
</span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 2;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">2 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">EBITDA </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">26,094 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">23,299 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">12.0% </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">70,978 </span></p>
</td>
</tr>
<tr style="height: 14.7pt; mso-yfti-irow: 3;">
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">3 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Depreciation,
Depletion and Amortization Expense </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6,665 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6,626 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">0.6% </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">19,599 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 4;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">4 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Finance
Costs </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">4,326 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6,084 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(28.9%)
</span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">17,145 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 5;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">5 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Exceptional
Item (Refer note) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(121) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">- </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">- </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">4,845 </span></p>
</td>
</tr>
<tr style="height: 14.7pt; mso-yfti-irow: 6;">
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">6 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Profit
Before Tax </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(after
exceptional item) </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">14,982 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">10,589 </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">41.5% </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">39,079 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 7;">
<td colspan="3" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 246.95pt;" valign="top" width="329">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">7 </span></p>
</td>
<td colspan="3" style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 246.95pt;" valign="top" width="329">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Tax
Expenses </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 8;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">7(a) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Current
Tax </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">295 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">378 </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(22.0%)
</span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">1,596 </span></p>
</td>
</tr>
<tr style="height: 5.6pt; mso-yfti-irow: 9;">
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">7(b) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Deferred
Tax </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(207) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(391) </span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(47.1%)
</span></p>
</td>
<td style="border: none; height: 5.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(1,261)
</span></p>
</td>
</tr>
<tr style="height: 14.7pt; mso-yfti-irow: 10;">
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">8 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Profit
for the Period </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(before
exceptional item) </span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">15,015 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">10,602 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">41.6% </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">33,899 </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;"></span></p>
</td>
</tr>
<tr style="height: 14.7pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">9 </span></b></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">Profit
for the Period </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">(after
exceptional item) </span></b></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">14,894 </span></b></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">10,602 </span></b></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">40.5% </span></b></p>
</td>
<td style="border: none; height: 14.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.35pt;" valign="top" width="110">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11.5pt;">38,744 </span></b></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Note: The exceptional loss of ₹ 121 crore in Q3 FY 21
is on account of impairment of shale gas assets (net of deferred tax asset
thereon).</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The exceptional gain of ₹ 4,845 crore in 9M FY 21
includes profit on divestment of shares of Reliance BP Mobility Limited of `
4,966 crore in Q1 FY 21.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• For the quarter ended 31st December, 2020, RIL
achieved revenue of ₹ 137,829 crore ($ 18.9 billion), as compared to ₹ 128,385
crore in the trailing quarter. The increase in revenue was primarily due to
higher price realizations and higher volumes in O2C segment, higher ARPU and
FTTH expansion in Digital services business.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Exports (including deemed exports) from RIL’s India
operations declined by 8.5% to ₹ 31,559 crore ($ 4.3 billion) as against ₹
34,501 crore in the trailing quarter owing to increased domestic demand.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• EBITDA increased by 12.0% to ₹ 26,094 crore ($ 3.6
billion) from ₹ 23,299 crore in the trailing quarter, led by EBITDA margin
improvement across consumer businesses.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Finance cost decreased by 28.9% to ₹ 4,326 crore ($
592 million) as against ₹ 6,084 crore in the trailing quarter. The decrease in
finance cost was due to repayment of higher cost liabilities in the trailing
quarter and also due to favorable exchange rate movements. The finance cost of
trailing quarter was higher due to merger of RHUSA during the trailing quarter
and included the cumulative finance costs of 1Q FY21 as well as 2Q FY21.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Profit after tax (pre-exceptional) grew sharply by
41.6% Q-o-Q at ₹ 15,015 crore ($ 2.1 billion) as against ₹ 10,602 crore in the
trailing quarter.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• Outstanding debt as on 31st December, 2020 was `
257,413 crore ($ 35.2 billion). Cash and cash equivalents as on 31st December,
2020 were at ` 220,524 crore ($ 30.2 billion). Balance capital commitment
receivables (on account of Rights issue) are in excess of quarter-end Net Debt
levels.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">• RIL retained its domestic credit ratings of “CRISIL
AAA/Stable” from CRISIL and “IND AAA/Stable” from India Ratings and an
investment grade rating for its international debt from Moody’s as “Baa2” and
“BBB+” from S&P.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-21471496203825236232021-01-31T21:02:00.002-08:002021-01-31T21:02:09.334-08:00GRANULES INDIA LIMITED - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">GRANULES INDIA LIMITED</span></b></p>
<p align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Management</span></b></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Krishna Prasad
Chigurupati:Chairman & Managing Director</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Harsha Chigurupati : <span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>Executive Director</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Uma Devi Chigurupati : <span style="mso-spacerun: yes;"> </span>Executive Director</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Priyanka Chigurupati<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>Executive
Director</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Q3 RESULTS :</span></b></p>
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<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Granules India (in Rs.
Cr.)</span></b></p>
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<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dec'20</span></b></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">QOQ</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">845</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">858</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">704</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">19.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-1.59</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">413.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">418.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">346.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">19.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-1.05</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Increase/Decrease in
Stocks</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-22.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-56.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-13400</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-60.26</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">83.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">79.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">64.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">28.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">4.27</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">36.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">36.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">38.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-5.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.19</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">158.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">160.89</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">129.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">23.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-1.27</span></p>
</td>
</tr>
<tr style="height: 105.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Other Inc.,
Int., Excpt. Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">220.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">124.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-100</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">16.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">367.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">409.63</span></p>
</td>
</tr>
<tr style="height: 90.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid black 1.0pt; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Int.,
Excpt. Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">174.71</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">223.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">127.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">36.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-21.85</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">7.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">7.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">15.47</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Exceptional
Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">183.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">217.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">120.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-15.38</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Exceptional Items</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-32.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">183.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">217.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">88.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">106.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-15.38</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">37.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">53.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">24.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">49.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-30.91</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">N P T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">146.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">163.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">64.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">129.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-10.28</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">24.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">24.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">25.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-2.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.04</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">5.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">134.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-10.3</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.1pt;" valign="top" width="151">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Diluted EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.6pt;" valign="top" width="70">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">5.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">135.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.4pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-10.06</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MP</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">337.15</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PE</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">14.29</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">VOLUMES</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1852579</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" valign="top" width="128">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52 Week Range</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">114.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">437.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="pt5"><strong><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">Granules India</span></strong><span class="bl15"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;"> - Board declares Third Interim Dividend<span style="mso-spacerun: yes;"> </span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">of 25 paise per
share of face value of Re. 1/- each (Record Date : 9th Feb)</span></p>
<p class="pt5"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">Gross Profit Margin increased to 53.7% from
50.7% YoY.</span></p>
<p class="pt5"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">operating Margin increased to 25.1% from 23.2%
YoY.</span></p>
<p class="pt5"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">Net profit Margin increased to 17.4% from 9.1%
YoY.</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">API has grown from 209
cr to 252 cr YoY.</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PFI has grown from 116
cr to 171 cr YoY</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FD has grown from 379 to
422 cr</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Higher contribution<span style="mso-spacerun: yes;"> </span>from FD as it continues<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>grow in<span style="mso-spacerun: yes;"> </span>absolute<span style="mso-spacerun: yes;"> </span>terms from INR 379 Crsto<span style="mso-spacerun: yes;"> </span>INR 422Crs, up 11%<span style="mso-spacerun: yes;"> </span>YoY </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic"; mso-fareast-language: EN-IN;">❑</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PFI<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>growing<span style="mso-spacerun: yes;">
</span>at<span style="mso-spacerun: yes;"> </span>48%<span style="mso-spacerun: yes;"> </span>YoY<span style="mso-spacerun: yes;">
</span>with<span style="mso-spacerun: yes;"> </span>increasing contribution<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;">
</span>16.4%<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>20.2% YoY,on<span style="mso-spacerun: yes;">
</span>account<span style="mso-spacerun: yes;"> </span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">of increasing penetration of PFIs<span style="mso-spacerun: yes;"> </span>as a category </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic"; mso-fareast-language: EN-IN;">❑</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">API grew 20%<span style="mso-spacerun: yes;">
</span>YoY via on<span style="mso-spacerun: yes;"> </span>boarding<span style="mso-spacerun: yes;"> </span>of new<span style="mso-spacerun: yes;">
</span>customer</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">s</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quarter at a Glance:</span></b></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>Revenue up 20% YoY,</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">EBITDA margin expanded 190
bps YoY, followed by PAT growth of 129% YoY in Q3 FY21 on back of new launches and
better utilization of Metformin block. </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">USFDA approval for Penicillamine
Capsules 250 mg and Potassium Chloride ER tablets (Klor-ConM), manufactured via
MUPS (multi-unit pellet system) Technology.</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">YoY ROE and ROCE improved
to 29% and 32.4%, respectively </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Four new launches such as
Ramelteon, Dexmethyl phenidate HCIER and Potassium Chloride ER tablets (Klor-Con)
from GPI and Guaifenes in ER tablets from GIL </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Focused R&D investments
in value accretive products emphasize our core strength and backward integrated
manufacturing.</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">R&D spend at INR 223
Mn. </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Received 2 ANDA approvals
during the quarter </span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Total 35 ANDA approvals from
USFDA (34 Final approvals and 1 tentative approval)</span></p>
<p class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">During the quarter, we acquired
land in Genome valley near Hyderabad, for the construction of a PFI & FD manufacturing
facility for~10 Bn units of solid orals, other finished dosage forms and additional
capacity for PFIs. The facility will be operational in early FY24. The expected
CAPEX is~INR 4000 Mn, to be incurred over the next 3 years.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Net
Debt down by 22% YoY and Net debt to EBITDA stood at 0.7x vs. 1.4x as of
December 2019 </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">ROCE
stood at 32.4%, up significantly on account of higher capacity utilization.
Capacity increases came through quickly via addition of new modules and
equipment with limited capital expenditure.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Increased
contribution from higher margin FDs, Generics, while remaining backward integrated
in APIs. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Strong
Growth momentum witnessed across Geographies - led by North America</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Finished
Dosage and PFI segments grew 11% and 48%YoY</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Contribution
from PFI increased to 20.2% YoY</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Higher-margin
FD continues to grow in absolute terms from INR 3,794 Mn to INR 4,221 Mn, up
11% YoY </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">PFI
is growing at 48% YoY, with increasing contribution from 16.4% to 20.2% YoY, on
account of increasing penetration of PFIs as a category </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">API
grew 20% YoY, via on-boarding<span style="mso-spacerun: yes;"> </span>of new
customers</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">QOQ</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Revenue
declined 1.6% QoQ due to MEIS(Merchandise Export from India Scheme) benefits
withdrawal. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span class="hgkelc">The Centre has decided to <b>discontinue</b> the <b>MEIS</b>
scheme from January 1, 2021, as it is not compliant with World Trade
Organization norms. Exporters will then be reimbursed the duty paid on inputs
through the new Remission of Duties or Taxes on Export Products Scheme, the
rates for which are under formulation.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"></span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">PAT
declined 10% QoQ due to higher material cost and one-time product loss taken
during the quarter. </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Particulars<span style="mso-tab-count: 2;"> </span>Q3FY21<span style="mso-tab-count: 1;"> </span>Q2FY21<span style="mso-tab-count: 1;"> </span>QoQ</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Reported
Gross Margin<span style="mso-tab-count: 1;"> </span>4,535 4,970 </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Reported
Gross Margin %<span style="mso-tab-count: 1;"> </span>53.7%<span style="mso-tab-count: 1;"> </span>57.9%-4.2%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Adjustments</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Add
: One time product loss<span style="mso-tab-count: 1;"> </span>1.2%<span style="mso-tab-count: 1;"> </span>-<span style="mso-tab-count: 1;"> </span>1.2%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Less
: MEIS benefits<span style="mso-tab-count: 1;"> </span>-<span style="mso-tab-count: 1;"> </span>-0.8%<span style="mso-tab-count: 1;"> </span>0.8%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Less
: On account of Air freight collected from customers<span style="mso-tab-count: 3;"> </span>-0.1%<span style="mso-tab-count: 2;"> </span>-0.3%<span style="mso-tab-count: 1;"> </span>0.2%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Change
in Inventory (Q2 additional inventory build-up is Rs 57 Crs vs Q3 is Rs 23 Crs)<span style="mso-tab-count: 1;"> </span>-0.8%<span style="mso-tab-count: 1;"> </span>-2.0%<span style="mso-tab-count: 1;"> </span>1.2%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Forex
rate reduction<span style="mso-tab-count: 2;"> </span>0.5%<span style="mso-tab-count: 3;"> </span>0.5%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">*Adjusted
Gross Margin %<span style="mso-tab-count: 1;"> </span>54.4%<span style="mso-tab-count: 1;"> </span>54.8%<span style="mso-tab-count: 1;"> </span>-0.3%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">*The
balance impact is from change in product mix</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Adjusted
EBITDA % 26.2%(Q3FY21) 27.1%(Q2FY21)<span style="mso-spacerun: yes;"> </span>-0.9%QoQ</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">CONTINUOUS IMPROVEMENT IN FINANCIAL
METRILCS:</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">1.
Net Debt has fallen from 7,888 cr to 6,121 cr (1.4X to 0.7X)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">ROE
has risen from 19.8% to 29%.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Free
Cash Flow has fallen from 590 to 214 Mn</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">ROCE%
has risen from 22.7% to 32.4%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Granules
India Ltd subsidiaries : Granules (USA); Granules Pharmaceuticals, Granules
Europe; Granules Lifesciences ;Granules Consumer Health;</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•GIL:
Presence across the entire pharmaceutical manufacturing value chain from API to
finished dosages</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•GranulesUSA:
B2B Marketing & Distribution arm for APIs, PFIs and FDs (Rx & OTC) from
GIL incorporated in 2003</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•GCH:
B2C Granules Consumer Health; our front end division for private label OTC products
incorporated in 2014</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Gr.Pharmaceuticals
Inc: R&D, manufacturing and front end division for marketing of Rx products
in the US incorporated in 2014</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Gr.
Europs Ltd:B2B Marketing & Distribution arm for APIs, PFIs and FDs from GIL
incorporated in 2017</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Gr.Lifesciences
Pvt Ltd:Manufacturing facility for new product launches</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Multiple
Drivers Provide Visibility for Long term Growth :Core Business :</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Granules
India Limited. Multiple Drivers Provide Visibility For Long-Term Growth </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Core Business :-</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Focus
on volume-based products such as Paracetamol, Metformin HCl, Ibuprofen(core). Other
products include Guaifenesin, Methocarbamol, Gabapentin, Losartan, Cetrizine and
Fexofenadine</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Expanding
base business by entering into ne</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">w geographies (Europe, Canada,
South Africa)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Large
scale manufacturing with sustained competitive advantage & secure supply source
for the customers</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Pioneered
the concept of commercializing PFIs─suits large volume dru</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">gs</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">US GENERICS :</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Fully-integrated infrastructure
including R&D, manufacturing and marketing to enable “Make in America”</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Business-to-Consumer
model (B2C) through Granules Consumer Health(GCH)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Focus
on developing controlled substances and niche/differentiated modified and extended-release
products in varied dosage form</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">s.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">NEW PRODUCTS :</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Filing new ANDAs (7-8 ANDAs
and 2-4 dossiers per year and value added DMFs/CEPs/EDMFs)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Focus
on developing controlled substances and niche/differentiated modified and extended-release
products in varied dosage forms </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Average
launches 7-8 ANDAs / Dossiers per year</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span lang="EN-US" style="font-family: "MS Gothic"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "MS Gothic";">✓</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Verdana;">Focus
on operational efficien</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">cies and process innovation through R&D</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">CORE BUSINESS : GROWTH DRIVERS :-</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">1.
Expanded to 8 molecules: Losartan, Fexofenadine and Cetrizine added to the
existing core portfolio </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">2.
Expanded capacities in high-volume products (API + FD): Paracetamol, Metformin,
Ibuprofen, Guaifenesin, Methocarbamol </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">3.
Ramp-up of utilization at new capacities to expand global market shares in these
APIs and forward integrated from API to FD</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">4.
Widening existing portfolio into several dosage forms: E.g. Paracetamol 500mg, Paracetamol
650mg, Metformin XR</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">5.
Expanding market to other regions by extending our filings footprints in UK,
Europe and Canada for core molecules.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">EXPANDING THE CORE BUSINESS TO NON US
MARKETS :</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">New
capacity expansion: MUPS technology</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">What
is MUPS technology</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Tablets,
Capsules and other dosage forms which are prepared by compaction, encapsulation
or blending of modified release coated pellets are based on MUPS (multi-unit
pellet system) technology.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Pellets
are produced for the purpose of oral controlled-release dosage form having
gastro resistant or sustained-release properties</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•For
such purposes, coated pellets are administered in the form of MUPS dosage
forms. The coating material used is either sustained release or enteric
release.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">• GIL
will invest INR 2,400 Mn over FY21 to FY22; to be funded entirely via internal
accruals</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•The
products that will be manufactured in this block will be integrated with APIs
from the Multi API block from Unit 5 in Vizag</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•The
MUPS block will have a capacity to manufacture 2.5 –5 Bn FDs per annum will be
operational by Q3FY22</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">•Received
approval for one product in FY21. This product is under production in an existing
facility and will be launched in Q1 FY22.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif"; font-size: 20.0pt; line-height: 150%; mso-bidi-font-size: 13.0pt;">Key focus areas for
FY21:-</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Granules
India Limited. Key focus areas for FY21-23</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Key
focus areas for FY21</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">1.To
ensure timely launches of 9 products expected in FY21 while also increasing the
market share of existing products by passing on cost benefits realized through
operational efficiencies</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">2.
To ensure employee safety while increasing productivity and improve Regulatory
compliance </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">3.
To focus on Cash conservation and liquidity management To focus on Free cash
flow generation and ensure reduction in gross debt</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">4.
To focus on Working capital management with high focus on inventory management
to ensure<span style="mso-spacerun: yes;"> </span>supply security</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">5.
To focus on profitability through better capacity utilization and by enhancing
product mix and operational cost efficiencies</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">6.
To continue to rationalizing R&D portfolio<span style="mso-spacerun: yes;">
</span>while building towards sustainability</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">To
ensure timely progress of the completion of new block construction in
Gagillapur and other expansion activities.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">STRENGTHS
:</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>High Piotroski Score - Companies with
strong financials</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Rising Net Cash Flow and Cash from
Operating activity</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Company with high TTM EPS Growth</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Effectively using its capital to generate
profit - RoCE improving in last 2 years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Effectively using Shareholders fund -
Return on equity (ROE) improving since last 2 year</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Efficient in managing Assets to generate
Profits - ROA improving since last 2 year</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Growth in Quarterly Net Profit with
increasing Profit Margin (YoY)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"> </span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Company with Low Debt</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Strong cash generating ability from core
business - Improving Cash Flow from operation for last 2 years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Annual Net Profits improving for last 2
years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Book Value per share Improving for last 2
years</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>FII / FPI or Institutions increasing their
shareholding</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Recent Results : Growth in Operating Profit
with increase in operating margins (YoY)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">WEAKNESSES
:</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Negative Breakdown First Support (LTP <
S1)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>MACD Crossover Below Signal Line</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>MFs decreased their shareholding last
quarter</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>Decline in Net Profit with falling Profit
Margin (QoQ)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">OPPORTUNITIES :</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Companies
with current TTM PE Ratio less than 3 Year, 5 Year and 10 Year PE</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Highest
Recovery from 52 Week Low</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">THREATS</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Degrowth
in Revenue, Profits and Operating Profit Margin in recent results (QoQ)</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Increasing
Trend in Non-Core Income</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Insiders
sold stocks</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">3 year CAGR growth<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Revenue<span style="mso-tab-count: 2;"> </span>22.90%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Net
Profit<span style="mso-tab-count: 2;"> </span>26.80%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Operating
Profit<span style="mso-tab-count: 2;"> </span>20.70%</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 150%; mso-bidi-font-size: 16.0pt;">Shareholding
Pattern</span></b></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Promoters
pledge remained unchanged at 8.64% of holdings in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Promoters
holding remains unchanged at 42.04% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Mutual
Funds have decreased holdings from 0.14% to 0.11% in Dec 2020 qtr</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Number
of MF schemes increased from 3 to 4 in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">FII/FPI
have increased holdings from 26.31% to 26.38% in Dec 2020 qtr.</span></p>
<p class="MsoNormal" style="line-height: 150%; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%;">Number
of FII/FPI investors increased from 189 to 211 in Dec 2020 qtr.</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-50279789847161568862021-01-21T22:27:00.000-08:002021-01-21T22:27:02.681-08:00WIPRO LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">WIPRO LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
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<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Wipro
(in Rs. Cr.)</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'20</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Sep
'20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Jun
'20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Dec
'19</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">YOY</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Total
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15670</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15097</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">14923</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15751</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15471</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.29</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.8</span></p>
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</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Employees
Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8,276.90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8,316.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8,026.20</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8,544.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8,238.10</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.48</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Other
Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">654.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">554.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">648.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">590</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">609.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">7.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.92</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">P B
T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3,840.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3,207.90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3,092.20</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,964.50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3,076.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">24.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">19.71</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">852.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">722.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">683.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">620.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">616.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">38.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.94</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,987.70</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,485.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,408.40</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,343.90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,459.60</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">21.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.23</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">FINAL
NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,968.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,465.70</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,390.40</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,326.10</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2,455.90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.37</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1,143.10</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1,143.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1,142.90</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1,142.70</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1,142.60</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.01</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 67.55pt;" valign="top" width="90">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Diluted
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.4pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 47.95pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.6pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">19.68</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span>444.85</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span>21.51</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">VOLUME
: 2637164</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Gross
Revenue was ₹156.7billion , an increase of 3.7% QoQ and 1.3% YoY</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Non-GAAP2
constant cur</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">rency IT Services Segment
Revenue increased by 3.4% QoQ</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">IT
Services Operating Margin3for the quarter was at 21.7%, an expansion of 243bps
QoQ and 329 bps YoY</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Net
Income for the quarter was ₹29.7billion , an increase of 20.8%YoY</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Earnings
Per Shar</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">e for the quarter was at
₹5.21($0.071), an increase of 20.7% YoY</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Operating
Cash Flow was at ₹44.3billion ($607million1),which is149.4% of Net Income</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">Wipro
declared an interim dividend of ₹1 ($0.0141) per equity share/ADS</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Thierry Delaporte <span style="mso-spacerun: yes;"> </span>CEO and Managing Director said</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">“Wipro has delivered a second
consecutive quarter of strong performance on order booking, revenue and
margins. Five of our sectors grew over 4% sequentially. We closed our
largest<span style="mso-spacerun: yes;"> </span>ever<span style="mso-spacerun: yes;"> </span>deal<span style="mso-spacerun: yes;">
</span>win<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>Continental<span style="mso-spacerun: yes;">
</span>Europe. The<span style="mso-spacerun: yes;"> </span>demand<span style="mso-spacerun: yes;"> </span>environment<span style="mso-spacerun: yes;">
</span>is steadily<span style="mso-spacerun: yes;"> </span>improving,<span style="mso-spacerun: yes;"> </span>especially<span style="mso-spacerun: yes;">
</span>for digital transformation, digital operations, and cloud services. I am
also pleased to share with you that we have moved into our new organization
structure and are stabilizing quickly.”</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Jatin<span style="mso-spacerun: yes;"> </span>Dalal,<span style="mso-spacerun: yes;">
</span>Chief<span style="mso-spacerun: yes;"> </span>Financial<span style="mso-spacerun: yes;"> </span>Officer<span style="mso-spacerun: yes;">
</span>said, “Our margins<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>now at<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>22<span style="mso-spacerun: yes;"> </span>quarters high.<span style="mso-spacerun: yes;"> </span>The expansion<span style="mso-spacerun: yes;">
</span>was<span style="mso-spacerun: yes;"> </span>led<span style="mso-spacerun: yes;"> </span>by improved revenue growth trajectory and
excellence in operations with several metrics at an all-time high. Our Operating
Cash Flows grew by 45%YoYwith a significant improvement in outstanding
receivables.”</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Outlook
for the quarter ending March31, 2021We expect Revenue from our IT Services
business to be in the range of $2,102million to $2,143million*. This translates
to a sequential growth of 1.5% to 3.5%.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"A total of 23.75 crore
equity shares were bought back under the buyback at a price of Rs 400 per
equity share...The total amount utilized in the buyback is Rs 9,500
crore," Wipro said.</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">The growing acceptance of remote
delivery of services is providing a new operating lever for Indian IT:
offshoring. Distance has become less of a problem, Thierry Delaporte, chief
executive officer and Managing Director, Wipro Ltd, said in an earnings call.</span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 12.0pt;">The offshore effort mix at Infosys
Ltd rose to highest levels in more than a decade last quarter. Wipro’s offshore
revenues as a percentage of total revenues are possibly the highest in its
reporting history, point out analysts at JM Financial Institutional Securities
Ltd.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue : $2.07 B</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sequential Growth :3.9%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Constant Currency : 3.4%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating Margin : 21.7%</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Composition Of Revenue</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BFSI :30.5%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Communications : 5.2%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consumer : 16.4%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Energy, Natural Resources,
Utilities : 13.1%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Health : 13.9%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Manufacturing : 8.3%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Technology : 12.6%</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Geographic distribution :</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Americas : 57.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Europe : 25.2%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Rest of world : 17.2%</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue Guidance</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">
: QoQ Growth : 1.5% to 3.5%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q4 $2,102 Mn to $2,143 Mn</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">customer concentration :
Top 1 :3.1% ; Top 5 :11.9%; Top 10 : 18.9%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total head Count :
1,90,308</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Attrition Vol-TTM : 11%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Gross Utilization : 74.8%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Off Shore revenue : 52.7%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cash Flow Metrics for the
quarter :</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating Cash Flow :
149.4% of Net Income</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Free Cash Flow is at
132.7% of Net Income</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"><b><span style="font-family: "Arial","sans-serif"; font-size: 24.0pt;">Other highlights for
the quarter</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">1. Secular growth across all Service Lines
& Business Units. 5 out of 7 Business unit grew over 4% sequentially</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">2. We closed 12 deals with > $30Mn TCV and
the TCV booked of these deals was over $1.2Bn</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">3. We also closed our largest deal in
Continental Europe with Metronom</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">4. Hired about 14,000 employees which includes
onboarding of more than 2,900 freshers in </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: Arial-BoldMT; mso-bidi-font-weight: bold;">Q3’21</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">5. Declared </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial-BoldMT; mso-bidi-font-weight: bold;">an interim dividend of ₹1 ($</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">0.0141) per equity
share/ADS</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">IT Products</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">IT
Products Segment Revenue for the quarter was ₹1.6 billion ($21.3million)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">IT
Products Segment Results for the quarter was a profit o</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">f ₹0.09billion ($1.2million1)India business from State
Run Enterprises (ISRE)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">India
SRE Segment Revenue for the quarter was ₹2.4billion ($32.8million1)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">India
SRE Segment Results for the quarter was a profit of ₹0.47billion ($6.5million1</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1. For the convenience of
the readers, the amounts in Indian Rupees in this release have been translated
into United States Dollars at the certified foreign exchange rate of US$1 =
₹73.01, as published by the Federal Reserve Board of Governors on December 31,
2020. However, the realized exchange rate in our IT Services business segment for
the quarter ended December 31, 2020 was US$1= ₹74.04</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2. Constant currency
revenue for a period is the product of volumes in that period times the average
actual exchange rate of the corresponding comparative period</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3. IT Services Operating
Margin refers to Segment Results Total as reflected in IFRS financials</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">IT Services</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Wipro continued its
momentum in winning large deals with our customers as described below:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro has secured a contract for the upstream and downstream business of a
UK-based energy company to </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">transform their
existing application maintenance services to a DevOps model, aligned with their
new digital organization. This will enable the client to be more agile and
respond swiftly to the changing business demands while ensuring cost
optimization.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro has won an engagement with a global new-age technology corporation to
provide B2B customer and</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">technology support for
their business communication platform. Wipro will also provide account review
services to</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">
</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">determine any unauthorized access, and
offer Quality as a Service (QaaS) to the client.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro has won an engagement with a US-based public relations and media services
company to streamline it</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">s operations across
US, Canada, UK, Europe, India, and APAC, in addition to consolidating its
supplier base.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro has secured a contract from a large US-based telecom service provider to
manage their sales support and</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">sales request functions
for the order management process. As part of the engagement, Wipro will bring
about</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">technology transformation to reduce the cycle time for
order processing, ensuring faster deployment of services.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
A global energy corporation has awarded Wipro a multi-year contract </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">to provide digital services. The engagement includes
support and development of business and enterprise applications for the
upstream, midstream and downstream lines of business and corporate functions of
the company.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Digital & Cloud Application Services Highlights</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We continue to see
increasing traction in digital oriented deals as illustrated below:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
A global beverage company has selected Designit, a Wipro company, to support a
new product and service in</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">the area of public and
semi-public vending. Designit will analyze market and consumer insights and
create vision</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">
</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">concepts for the launch.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
A US-based network software provider has awarded Wipro a contract to co-develop
their 5G Radio Unit product</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">and variants for global
markets. The deal encompasses system architecture, software/hardware design,</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">development, integration and validation to enable the
customer achieve faster and cost-effective time-to-market.</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
A European multinational manufacturing company has awarded Wipro a contract to
provide cloud manage</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">d services,
application testing platforms and managed security services. Wipro will provide
innovative solutions forCloud access security, application security and
vulnerability management using AI-based orchestration & automation.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro’s crowd sourcing</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> platform Topcoder
has won an engagement with a leading US-based pharma- ceutical company to
provide on-demand digital talent and development capability to their R&D
Data Science Team. As part of the engagement, Topcoder's Platform and Data
Science Community was leveraged to validate a COVID prediction model,
operationalize it for use with customer data, and develop visualizations for
the effort, all in under four weeks. The client had worked with Topcoder in
June 2020 to plan for COVID vaccine trials.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Analyst Recognition</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was positioned as a Leader in Gartner Magic Quadr</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ant for Managed Network Services, Ted Corbett, Lisa Pierce,
Danellie Young et al., 9 Nov 2020</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was positioned as a Leader in IDC MarketScape Asia/Pacific Salesforce
Implementation Services 2020</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Vendor Assessment (Doc #AP46211420, Nov 2020)</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro w</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">as positioned as a Leader
in IDC MarketScape Worldwide Life Science Sales and Marketing Digital Transformation
2020 Vendor Assessment (Doc #US42724918, Dec 2020)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was recognized as a Leader in IDC MarketScape GCC Professional Security
Services 2020 Vendor</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Assessment (Doc
#META47033220, Dec 2020)</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was positioned as a Leader in IDC MarketScape Worldwide Retail Commerce
Platform Service Providers</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2020 Vendor Assessment
(Doc #US46162920, Dec 2020)</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was positioned as a Leader in Everest Group’s System Integrator (SI)
Capabilities on Amazon Web</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Services (AWS), Microsoft
Azure Services and Google Cloud Platform (GCP) Services PEAK Matrix®</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Assessments 2021</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was recognized as a Leader and Star Performer in Everest Group’s
Application and Digital Services (ADS)</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"> </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">in Life and
Annuities (L&A) Insurance PEAK Matrix® Assessment 2021</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro was recognized as a Leader in Everest Group’s Artificial Intellig</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ence (AI) Services PEAK Matrix®</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Assessment 2021</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
Wipro Ranks #2 for Customer Satisfaction in Whitelane 2020 French IT Sourcing
Stud</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt;">y</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Company is organized
into the following operating segments: IT Services, IT Products and India State
Run Enterprise segment (ISRE).</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">IT Services: The IT
Services segment primarily consists of IT Service offerings to customers
organized by industry verticals.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The industry verticals are
as follows: Banking, Financial Services and Insurance (BFSI), Health Business
unit (Health BU), Consumer Business unit (CBU), Energy, Natural Resources &
Utilities (ENU), Manufacturing (MFG), Technology (TECH) and Communications
(COMM). Key service offerings to customers includes software application
development and maintenance, research and development services for hardware and
software design, business application services, analytics, consulting,
infrastructure outsourcing services and business process services.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">IT Products: The Company
is a value-added reseller of desktops, servers, notebooks, storage products,
networking solutions and packaged software for leading international brands. In
certain total outsourcing contracts of the IT Services segment, the Company
delivers hardware, software products and other related deliverables. Revenue
relating to the above items is reported as revenue from the sale of IT
Products.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">India State Run Enterprise
segment (ISRE): This segment consists of IT Services offerings to entities/
departments owned or controlled by the Government of India and/ or any State
Governments</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-30771657174234721462021-01-21T18:20:00.006-08:002021-01-21T18:20:42.238-08:00SMRUTHI ORGANICS LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SMRUTHI ORGANICS LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Who We Are</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Smruthi Organics manufactures API products in the anti – diabetic, anti –
hypertension and anti – infectives therapeutic categories. It caters to both the
Indian domestic as well as rest of the world (ROW) markets, with clients
spanning across Asia, Americas and Africa. Its client list of large domestic
and international pharma companies is testimony to its high quality and
reliable service.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The company has 2 manufacturing facilities in Solapur, India. The API
facility is spread across 22-acre land. Our State-of-the-Art R&D
Facility based in Hyderabad, India, works on developing novel synthetic routes
for API. Its process development laboratory based at the API facility is
constantly engaged in improving process efficiency and troubleshooting. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">THEIR USP:</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">HIGH QUALITY API</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">TECHNOLOGY iNNOVATION</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">BACKWARD INTEGRATION</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">WHO APPROVED</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">RELIABLE SUPPLY ANYWHERE</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">COMPLEX CHEMISTRY</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">REGULATORY SUPPORT</span></p>
<h2>Manufacturing Facilities<span style="font-weight: normal;"> </span></h2>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The company has 2 manufacturing
facilities in Solapur, Maharashtra. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The flagship API facility is spread
across 22 acre land in MIDC Chincholi, Solapur, and is WHO – GMP approved site
by CDSCO. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">It has 7 manufacturing workshops and
8 clean rooms equipped with class 100000 air handling units. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The current area occupied is about
50%, with ample free land available for future expansion. The second unit is a
smaller facility with one workshop manufacturing intermediates for captive
consumption. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The company has more than 100
reactors with a mix of glass lined and SS 316 adding to an installed reactor
capacity of more than 300 kilo liter. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The company’s diverse equipment
allows it to perform a variety of complex chemical reactions from -50 oC to
over 250 oC and from low vacuum (1 mm) to high pressure (30 bar). The company
is equally adept at handling both large volume (batch size of 1250 kg) and
small volume (batch size 10 kg) manufacturing. The facility is a zero liquid
discharge facility with integrated effluent treatment systems for complete
recycling of water. </span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The company has a state of the art
quality control laboratory equipped with all testing facilities to release all
our products in house. Our qualified and experienced quality assurance
personnel ensure strict adherence to global GMP standards.</span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span>Our strong regulatory affairs team is expert
in providing timely documentation support to our clients and regulatory
authorities across the globe.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Quarterly Results</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 75.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Smruthi
Organics Limited (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">DEC'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Sep
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Dec
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">31.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">36.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">30.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">2.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-14.25</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Raw
Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">14.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">21.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">18.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-22.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-34.83</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Net
Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">5.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">5.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">2.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">111.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-12.5</span></p>
</td>
</tr>
<tr style="height: 26.3pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Equity
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 26.3pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">13.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">15.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">6.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">110.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-12.54</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Increase/Decrease
in Stocks</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-3.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-75.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-124.64</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Employees
Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">4.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">4.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">18.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">2.33</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">depreciat</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">1.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">1.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-26.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-26.79</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Other
Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">4.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">4.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-11.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-16.95</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Other
Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">4.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-94.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">109.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-73.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-4.55</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">TOTAL
EXP</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">24.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">26.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">31.86</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-22.98</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-8.6</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">P/L
Before Exceptional Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">7.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">8.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">140.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-10.12</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">P/L
Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">7.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">8.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">3.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">140.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-10.12</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.35pt;" valign="top" width="190">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="top" width="82">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">2.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">2.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.5pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">0.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">255.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.4pt;" valign="top" width="81">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt;">-3.98</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span>633.15<span style="mso-tab-count: 1;"> </span>4.45</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span>11.82<span style="mso-tab-count: 1;"> </span>35.57</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BONUS SHARES<span style="mso-tab-count: 1;"> </span>2 EQUITY SHARES FOR EACH EQUITY SHARE<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52 Week Range<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">L 65.1<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">H 699.75<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Volume<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">31,743<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mkt Cap (Rs. Cr.)<span style="mso-tab-count: 1;"> </span>241</span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SHAREHOLDING<span style="mso-tab-count: 2;"> </span></span></b></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters have decreased
holdings from 63.97% to 63.5% in Dec 2020 qtr<span style="mso-tab-count: 2;"> </span></span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Management<span style="mso-tab-count: 2;"> </span></span></b></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Purushotham Eaga : Chairman
& Managing Director<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Swapnil Eaga<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>Whole Time Director & CFO<span style="mso-tab-count: 2;"> </span></span></p>
<p class="MsoNormal"> </p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 105.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Cash
Flow of Smruthi Organics Limited (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar-20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar-19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar-18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar-17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar-16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12
mths</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12
mths</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12
mths</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12
mths</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12
mths</span></p>
</td>
</tr>
<tr style="height: 105.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Profit/Loss Before Extraordinary Items And Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">12.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-4.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.59</span></p>
</td>
</tr>
<tr style="height: 105.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Cash Flow From Operating Activities</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">21.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">11.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">5.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">9.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">13.97</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Cash Used In Investing Activities</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-4.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-4.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-3.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.16</span></p>
</td>
</tr>
<tr style="height: 105.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Cash Used From Financing Activities</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-17.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-5.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-1.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-8.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 105.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-14.19</span></p>
</td>
</tr>
<tr style="height: 90.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid black 1.0pt; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Inc/Dec In Cash And Cash Equivalents</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">2.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 90.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-0.06</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Cash
And Cash Equivalents Begin of Year</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.55</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.69</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.15pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Cash
And Cash Equivalents End Of Year</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">3.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">4.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.63</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.05pt;"> <b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></b></p><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.05pt;"><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">STRENGTHS<span style="mso-spacerun: yes;"> </span></span></b></p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -.7pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 633px;"><tbody><tr style="height: 75.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="" style="height: 75.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633"></td></tr><tr style="height: 30.0pt; mso-yfti-irow: 1;"><td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633"><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with high TTM EPS Growth</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">New 52 Week High</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="height: 60.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Effectively using its capital to
generate profit - RoCE improving in last 2 years</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Effectively using Shareholders fund -
Return on equity (ROE) improving since last 2 year</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Efficient in managing Assets to
generate Profits - ROA improving since last 2 year</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Growth in Quarterly Net Profit with
increasing Profit Margin (YoY)</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with Low Debt</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong cash generating ability from
core business - Improving Cash Flow from operation for last 2 years</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Annual Net Profits improving for last
2 years</span></p>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="height: 75.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Book Value per share Improving for
last 2 years</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Company with Zero Promoter Pledge</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Recent Results : Growth in Operating
Profit with increase in operating margins (YoY)</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Stock gained more than 20% in one
month</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong Momentum: Price above short,
medium and long term moving averages</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">High Piotroski
Score - Companies with strong financials</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">WEAKNESSES</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Negative Breakdown Third Support (LTP
< S3)</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Bearish Engulfing (Bearish Reversal)</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Decline in Net Profit (QoQ)</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoter decreasing their
shareholding</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Declining Net Cash Flow : Companies
not able to generate net cash</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 22;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">OPPORTUNITIES</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 23;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Highest Recovery from 52 Week Low</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 24;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RSI indicating price strength</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 25;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 16.0pt;"><b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">THREATS</span></b></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 26;">
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Increasing Trend in
Non-Core Income</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 27; mso-yfti-lastrow: yes;">
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 474.8pt;" valign="bottom" width="633">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Strong
Performer:</span></b><span style="color: black; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">
Stock with consistent financial performance, quality management, and strong
technical momentum indicating good investor enthusiasm. Currently valued at
Good to expensive valuation</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"> </p><p class="MsoNormal"></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RETURNS
SUMMARY (Price + Dividend)</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The stock
gave a total returns of 402.09% in the last 1 year Outperforming Sensex returns
of 17.10%</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Investors
Returns (3 years) – </span></p>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Period</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6M</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
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<td style="padding: .75pt .75pt .75pt .75pt;">
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</td>
<td style="padding: .75pt .75pt .75pt .75pt;">
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<td style="padding: .75pt .75pt .75pt .75pt;">
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Stock
(%)</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
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<td style="padding: .75pt .75pt .75pt .75pt;">
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">432.8</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sector
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<p class="MsoNormal"> </p>
<p class="MsoNormal">20 Apr : BRIEF-Smruthi Organics Acquires Manufacturing
License For APIs HCQ & Chloroquine Sulphate</p><br /><p class="MsoNormal"> </p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-26953066948724504182021-01-20T01:27:00.007-08:002021-01-20T01:27:54.962-08:00MINDTREE LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 36.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MINDTREE LTD</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 36.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 26.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">About Mindtree</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mindtree is now a Larsen
& Toubro Group Company. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>more<span style="mso-spacerun: yes;"> </span>than<span style="mso-spacerun: yes;"> </span>15<span style="mso-spacerun: yes;">
</span>countries<span style="mso-spacerun: yes;"> </span>across<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>world,<span style="mso-spacerun: yes;"> </span>we’re consistently
regarded as one of the best places to work, embodied every day by our winning
culture made up of over 22,000 entrepreneurial, collaborative and dedicated
“Mindtree Minds.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Management</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;">
</span>Anilkumar Manibhai Naik</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>Non
Executive Chairman</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;">
</span>Sekharipuram Narayanan Subrahmanyan</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>Non
Executive Vice Chairman</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>Debashis
Chatterjee</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;">
</span>Managing Director & CEO</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Key financial highlights: </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quarter ended December31, 2020</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> In USD:</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue
at $274.1 million </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(growth of 5.0% q-o-q / decline of 0.4%
y-o-y) </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net
profit at $44.2million </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(growth of 28.6% q-o-q/ 59.3%y-o-y)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> In INR:</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue
at ₹20,237million </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(growth of 5.1% q-o-q / 3.0% y-o-y)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net
profit at ₹3,265 million </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(growth of 28.7% q-o-q / 65.7% y-o-y)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other
highlights: </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Clients: </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">276 active
clients as of December 31, 2020</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">8 new
clients added during the quarter</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> People:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">22,195
Mindtree Minds as of December31, 2020</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Trailing
12 months attrition is 12.5%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">“Our third quarter has by far been the best
performing in recent years backed by broad-based revenue growth of 5.0% across
our verticals and service lines, robust margin expansion of 350 bps, and a
healthy order book of $312M,” said Debashis Chatterjee, Chief Executive Officer
and Managing Director, Mindtree. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">“We are witnessing strong business momentum
across all verticals with a significant demand for cloud, data and analytics
capabilities.”</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(₹ million)Q3 FY20 :: Q2
FY21::Q3 FY21::Q-o-Q:: Y-o-Y</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue<span style="mso-spacerun: yes;"> </span>:: 19,653:: 19,260 :: 20,237 :: <span style="mso-spacerun: yes;"> </span>5.1% 3.0% </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EBITDA :: 3,063 :: 3,784
:: 4,679 :: 23.7%:: 52.8%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EBIT :: 2,364 :: 3,215 :: 3,962
:: 23.2% :: 67.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PAT<span style="mso-spacerun: yes;"> </span>:: 1,970 :: 2,537 :: 3,265 :: 28.7%:: 65.7%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Diluted EPS (Rs.) :: 11.96
:: 15.40 :: 19.81 :: 28.7%:: 65.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">KEY RATIOS<span style="mso-spacerun: yes;"> </span>:Q3 FY 21 :: Q2 Y 21 :: Q3 FY 20</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EBITDA Margin (%)15.6%::19.6%<span style="mso-spacerun: yes;"> </span>:: 23.1%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">EBIT Margin (%)<span style="mso-tab-count: 1;"> </span>12.0%<span style="mso-spacerun: yes;">
</span>:: 16.7% :: 19.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Effective Tax Rate (%):: 23.6%
:: 26.4%<span style="mso-spacerun: yes;"> </span>:: 26.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PAT Margin (%)<span style="mso-tab-count: 1;"> </span>:: 10.0%<span style="mso-spacerun: yes;">
</span>::<span style="mso-spacerun: yes;"> </span>13.2%<span style="mso-spacerun: yes;"> </span>:: 16.1%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ROCE (%)<span style="mso-tab-count: 2;"> </span>:: 29.6%<span style="mso-spacerun: yes;"> </span>::<span style="mso-spacerun: yes;"> </span>34.4%<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;">
</span>::41.7%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ROE(%)<span style="mso-tab-count: 3;"> </span>:: 25.5%<span style="mso-spacerun: yes;"> </span>::<span style="mso-spacerun: yes;"> </span>28.4%<span style="mso-spacerun: yes;"> </span>:: 34.1%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">DSO (Days)<span style="mso-tab-count: 2;"> </span>::<span style="mso-spacerun: yes;">
</span>66<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>:: 65<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>:: 61</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Effective Tax Rate = Tax /
PBTROCE = EBIT / Average Capital Employed. ROCE is annualized</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Key Performance Highlights</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">Strong
deal wins of $312M crossing $1Bn YTD</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">Record
high PAT of $44.2M. Improvement o</span><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">f
290 basis points QoQ</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt;">
LTM attrition at 12.5%Improvement of 4 days in DSO, taking it to 61 day</span><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">s</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue by Geography ::<span style="mso-spacerun: yes;">
</span>Q3 FY20<span style="mso-spacerun: yes;"> </span>:: Q2 FY21 ::Q3 FY21</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">North America<span style="mso-tab-count: 3;"> </span>:: 74.6%<span style="mso-spacerun: yes;"> </span>::<span style="mso-spacerun: yes;"> </span>77.4%<span style="mso-spacerun: yes;"> </span>:: 77.2%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Continental Europe<span style="mso-tab-count: 2;"> </span>:: 8.3%<span style="mso-tab-count: 2;"> </span>7.5%<span style="mso-tab-count: 1;"> </span>7.4%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">UK and Ireland8.<span style="mso-tab-count: 2;"> </span>:: 7%<span style="mso-spacerun: yes;">
</span><span style="mso-tab-count: 1;"> </span>:: 7.9%<span style="mso-spacerun: yes;"> </span>::<span style="mso-spacerun: yes;"> </span>7.8%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Asia Pacific & ROW <span style="mso-tab-count: 2;"> </span>:: 8.4% :: 7.2% :: 7.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total <span style="mso-tab-count: 4;"> </span>100.0%<span style="mso-tab-count: 1;"> </span>100.0%<span style="mso-tab-count: 1;"> </span>100.0%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue by Industry <span style="mso-tab-count: 1;"> </span>Q3 FY20<span style="mso-tab-count: 1;"> </span>Q2
FY21 <span style="mso-tab-count: 2;"> </span>Q3 FY21</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BFSI<span style="mso-tab-count: 5;"> </span>21.3%<span style="mso-tab-count: 2;"> </span>20.4%<span style="mso-tab-count: 1;"> </span>19.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Communications, Media
& Technology*41.5%::49.8%::49.9%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Retail, CPG &
Manufacturing<span style="mso-tab-count: 1;"> </span>:: 20.6% :: 21.5%<span style="mso-spacerun: yes;"> </span>:: 21.6%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Travel & Hospitality<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>::
<span style="mso-tab-count: 1;"> </span>16.6%<span style="mso-tab-count: 1;"> </span>::
8.3%<span style="mso-spacerun: yes;"> </span>:: 8.9%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total <span style="mso-tab-count: 5;"> </span>100.0%<span style="mso-tab-count: 1;"> </span>100.0%<span style="mso-tab-count: 1;"> </span>100.0%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Overall TCV- IN USD
(MILLIONS OF $) </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 6;"> </span>207<span style="mso-tab-count: 2;"> </span>303<span style="mso-tab-count: 2;"> </span>312</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Quarter at a glance</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
quarterly revenue performance was good with a sequential revenue growth of 5
per cent in reported currency at $274.1 million. This is the highest Q3 revenue
growth in a decade. However, revenue was almost flat when compared with the
year-ago period.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">It
was a broad-based revival with all the key geographies, namely the US,
Continental Europe, the UK & Ireland as well as the Asia Pacific, showing
sequential growth. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In
terms of the four key industry verticals — Communication Media &
Technology, BFSI (banking financial services), retail CPG (consumer packaged
goods) and the much-troubled travel and hospitality — all showed positive
sequential growth.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
four key services — Customer Success, Data & Intelligence, Cloud and
Enterprise IT — also reported sequential growth.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In
terms of client performance, the top client grew sequentially by 3.6 per cent.
It is also heartening to see a more de-risked growth with a stronger sequential
growth of 5.6 per cent coming from others, excluding the top client.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">However,
it was the performance of the operating margin that stood out, with the EBITDA
(earnings before interest, tax, depreciation and amortisation) margin showing a
sequential jump of 350 basis points at 23.1 per cent, without any one-off
factor. The company attributed this sharp improvement to traction in revenue,
stable pricing and operational efficiencies. The utilisation rate has jumped
from 78.8 per cent in the previous quarter to 83.1 per cent and the offshore
mix has improved 70 basis points sequentially to 82.8 per cent. Despite some
near-term headwinds, the management is confident of a high-margin trajectory,
upwards of 20 per cent.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
segmental margin in travel and hospitality showed a sharp sequential
improvement. In fact, the other three verticals of BFSI, Retail and Technology
also showed a sequential improvement in margin.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Deal
win momentum was decent with the company bagging deals worth $312 million, a
little higher than the previous quarter. In the first nine months of the
current fiscal, the company has bagged orders of little over $1 billion, which
is 20 per cent higher than the year-ago period. The management exuded
confidence in the pipeline as well.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
rationalisation of tail accounts continue as reflected in the decline in the
number of<span style="mso-spacerun: yes;"> </span>$1-million clients and the
management is putting efforts to deep mine larger relationships with a focus on
annuity stream of revenue. It added 8 new clients in the quarter.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
receivable position improved to 61 days from 65 days in the previous quarter
and attrition fell by 130 basis points sequentially to 12.5 per cent.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
company is sitting on a healthy cash position of Rs 2,523 crore and is open to
opportunistic acquisition to grow.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Key
negatives</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mindtree
is implementing a wage hike effective from January and this could result in a
sequential margin contraction.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Despite
the all-round improvement, revenues in BFSI and travel and hospitality are
still lower than the pre-Covid levels.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Outlook</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mindtree
remains a winner in the new normal with its head-start in adopting digital
technology. With its four-by-four-by-four strategy of targeting four geographies,
industries and service lines, it is sharpening focus on client mining and
execution. This has already started yielding results as is evident from the Q3
numbers. The company is actively participating in three key areas — enabling
corporates to work remotely, maximising revenue potential through digitisation
and bringing in cost efficiencies with cloud migration — and is therefore
gaining from post-Covid vendor consolidation.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We
expect Mindtree’s current valuation discount to peers like L&T Infotech, Coforge
or Persistent to narrow as it comes out of the negative impact of Covid on its
travel vertical and reverts to its trajectory of industry-leading growth.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mindtree (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales/Income from operations</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,023.70</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,926.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,908.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,050.50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,965.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.07</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,261.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,262.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,277.60</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,293.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,253.50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-0.1</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">71.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">56.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">59.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">67.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">69.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">26.01</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">294.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">273.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">309.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">433.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">405.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-27.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.83</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P/L Before Other Inc., Int.,
Excpt. Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">396.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">333.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">262.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">255.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">236.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">67.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18.84</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">61.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">40.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">18.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">34.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">77.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">151.43</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P/L Before Int., Excpt. Items
& Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">457.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">357.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">302.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">274.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">271.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">68.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">27.91</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-4.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-3.79</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">445.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">344.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">289.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">261.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">257.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">72.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">29.13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">118.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">91</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">76.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">55.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">60.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">94.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">30.33</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net P/L After M.I & Associates</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">326.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">253.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">213</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">206.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">197</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">65.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">28.7</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity Share Capital</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">164.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">164.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">164.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">164.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">164.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Reserves Excluding Revaluation
Reserves</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3,804.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3,527.50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">3,297.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,992.20</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,993.30</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">27.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.86</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">15.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">65.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">28.62</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.55pt;" valign="top" width="235">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Diluted EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">19.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.8pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">15.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.93</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">65.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.85pt;" valign="top" width="56">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">28.64</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span>1772.5</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span>22.37</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52
Week Range:<span style="mso-tab-count: 1;"> </span>L 692.00<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>H 1,782.80</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Volume<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>2,502,474</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3 year CAGR growth</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue
<span style="mso-tab-count: 1;"> </span>14.0%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net
Profit <span style="mso-tab-count: 1;"> </span>14.7%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating
Profit <span style="mso-tab-count: 1;"> </span>15.4%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Q3 deal wins with leading global clients:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">We
have been chosen to drive the digital transformation journey of a leading
global wind turbine manufacturer. As part of this five year deal, Mindtree will
simplify, modernize, and transform the entire IT landscape of the client
globally, while providing scalability to support the company’s growth plans</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
partnered with a Large global airline, as a strategic technology partner, to
enhance consumer experience on mobile digital platforms. We will provide
application development and maintenance services to enhance the features of the
mobile application along with underlying services layer</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A
World-leading sportswear brand selected Mindtree as a strategic partner for a
multi-year engagement to provide application development services to accelerate
their journey towards a product led and outcome-oriented organization</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
has been selected by a US based diverse insurance and reinsurance provider to
provide end to end IT Infrastructure Management and cloud services, resulting
in enhanced efficiency and speed of business standardization</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: Symbol; font-size: 18.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Recognition:</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
has been recognized as a winner in SHRM HR Excellence Awards 2020 under
Excellence in HR Analytics Award category </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o
</span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree has been honored with the title of
IT Pride of Karnataka -2019-20 by STPI IT Export Awards, granted by
STPI(Software Technology Parks of India) of Karnataka </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
has been awarded as a top performer, with a score of A-, in the 2020 Climate
Change ranking by Carbon Disclosure Project (CDP)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
recognized as a leader in ISG Provider Lens™ for Next-gen Application
Development and Maintenance (ADM) Services (U.S.) 2020 in application
maintenance services, agile development, and continuous testing</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Courier New"; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">o </span><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.5pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mindtree
recognized as leaders in ISG Provider Lens™ for Digital Business Solutions and
Service Partners 2020 (Australia) and Public Cloud Solutions and Services for
Midmarket 2020 (U.S.)</span><span style="font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-22279300772369920952021-01-20T01:26:00.005-08:002021-01-20T01:26:37.208-08:00SHAKTI PUMPS LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SHAKTI PUMPS LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Welcome to Shakti</span></b></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Shakti is one of the pioneers in manufacturing of energy efficient pumps
and motors. With its latest series of new advanced solar energy operated pumps it
has emerged as a prestigious brand in domestic and international markets. </span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"Shakti" brand products are well received in the market as
they are conforming to national and international standards coupled with
superior quality and durability. Shakti offers advanced water pumping solutions
to a wide range of applications such as irrigation – flood and micro
irrigation, horticulture, domestic water supply, commercial and industrial
applications and so on. </span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">With a leading position in solar pump markets in India, Shakti exports a
wide range of pumping products to over 100 countries globally.</span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">we are proud to say that we have achieved our goal “to become the best
in class pumping solution provider” on a global scale”.</span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quality and energy efficiency are our hallmarks that instills pride in
us as a pioneer in manufacture of stainless steel submersible pumps and motors.
With commitment to sustainable energy goals and climate change mitigation
efforts, we have diversified into solar energy operated pumps and rooftop products
and have a cumulative installed capacity of over 200MW which itself manifest
our commitments to green energy initiatives.</span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SCALE</span></b></p><p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">A
manufacturing capacity of 5 lac pumps per annum ensures that we are able to
meet the surging demand for solar pumps from across the globe</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PRESENCE</span></b></p><p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We
are present across all Indian states connected by many dealers and in 125+
countries around the world connected by other dealers.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Applications</span></b></p><p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shakti
Pumps provides a range of solutions in many areas with its array of world
class, cost & energy efficient pumps . Domestic;Agri; Industrial;
Commercial Building sector; Solar Pumps; Sewage and drainage;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Management</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Dinesh Patidar<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Managing Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Sunil Patidar<span style="mso-spacerun: yes;"> </span>:<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>Whole Time Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Ramesh Patidar<span style="mso-spacerun: yes;"> </span>:<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span>Whole Time Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif";"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif";"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 75.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Shakti Pumps (India) (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Dec'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Jun '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 75.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">316.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">201.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">92.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">92.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">93.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">239.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">57.47</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">221.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">128.01</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">55.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">63.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">52.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">317.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">72.75</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Increase/Decrease in Stocks</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">2.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">13.78</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">0.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">9.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-71.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-79.46</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">12.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">9.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">8.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">13.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">12.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-2.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">27.61</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-1.29</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">30.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">8.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">17.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">68.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">61.36</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">TOTAL EXP</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">275.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">179.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">103.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">166.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">53.6</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">PBEI&TAX</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">41.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">22.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-8.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-579.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">86.7</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">0.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">0.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">1.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">1.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">1.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-42.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">3.08</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">4.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">5.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">5.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-22.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-4.85</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">41.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">22.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">3.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-11.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-8.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-579.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">86.7</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">15.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">7.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-0.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-5.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-0.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-30980</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">113.55</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">26.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">15.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">3.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-6.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-8.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-404.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">74.08</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid black 1.0pt; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Equity Share Capital</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">18.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 45.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.45pt;" valign="top" width="113">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">14.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">8.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">1.8</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-3.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-4.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">-405.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">74.19</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif";"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 30.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">segment Revenue
(lakhs)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">Q3FY21</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">Q2FY21</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">Q3FY20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 30.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">9M</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">India</span></p>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">33,104.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">27,770.O4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">9,200.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">61,275.77</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">Overseas</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">3,523.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">2,607.80</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">1,976.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">8,446.40</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">TOTAL</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">36,627.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">23,777.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">11,177.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">71,721.57</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">Inter seg</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">-4,895.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">-3,603.82</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">-1,733.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">-10,489.55</span></p>
</td>
</tr>
<tr style="height: 60.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">income from
operations</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">31,732.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">20,174.O3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">9,444.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">61,232.O2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.65pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">PBT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">4,197.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">2,247.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">-875.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 52.0pt;" valign="top" width="69">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif";">6,769.39</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif";"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif";"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Basic EPS<span style="mso-tab-count: 1;"> </span>14.44<span style="mso-tab-count: 1;"> </span>8.29</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 3;"> </span>359</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 3;"> </span>10.83</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52 Week Range<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>L
101<span style="mso-spacerun: yes;"> </span>H 394.30</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Volume<span style="mso-tab-count: 2;"> </span>10,928</span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shakti Pumps shares closed
at 394.30 on January 19, 2021 (NSE) and has given multibagger returns over the
last 6 months.</span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shareholding Pattern</span></b></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters have increased
holdings from 54.21% to 54.66% in Dec 2020 qtr.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Institutional Investors
have increased holdings from 2.23% to 2.7% in Dec 2020 qtr.</span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 not one-off exceptional quarter; expect strength to
continue, says Shakti Pumps</span></b></p><p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Updated : January 19, 2021
11:40 AM IST</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Government’s Kusum Yojana
has worked well for Shakti Pumps, said Akhilesh Maru, Associate
Director-Corporate Strategy at the firm on Tuesday. He also said that the Q3
was not a one-off exceptional quarter and the company expects strength to
continue. Shakti Pumps manufactures submersible pumps for domestic, industrial,
horticultural and agricultural use.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Speaking in an interview
with CNBC-TV18, Maru said, “This is surely not the one-off kind of number; a
bit of a delay is always possible while doing a business with the government
but now there is a consistency in order. Q2 was around Rs 200 crore (order), Q3
was around Rs 300 crore and we expect a similar kind of number in future quarters
as well.”</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shakti Pumps’ Maru also
said, “In our total business solar energy contributes 70 percent and we have a
large number of orders pending there.”</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On the growth front, he
said, “This year we are targeting profit around 7-7.5 percent; last year we had
losses so we are in a recovery phase and we are getting good growth.”</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-36587716783557031852021-01-16T05:31:00.006-08:002021-01-16T05:31:49.494-08:00APOLLO PIPES LTD - Q3 FY21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">APOLLO PIPES LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY21 RESULTS ANALYSIS</span></b></p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;"></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Apollo Pipes, is among the
top 10 leading piping solution providing Company in India. Headquartered in
Delhi, the Company enjoys strong brand equity in the domestic markets. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">With more than 3 decades
of experience in the Indian Pipe Market, Apollo Pipes holds a strong reputation
for high quality products and an extensive distribution network. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Equipped with
state-of-the-art infrastructure, the Company operates large manufacturing
facilities at Dadri and Sikandarabad in UP, Ahmedabad – Gujarat and Tumkur –
Karnataka, with a total capacity of 100,000 MTPA. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The multiple and efficient
product profile includes over 1,000 product varieties of cPVC, uPVC, and HDPE
pipes, Water storage tanks, PVC taps, fittings and solvents of the highest
quality. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The products<span style="mso-spacerun: yes;"> </span>cater<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>an<span style="mso-spacerun: yes;"> </span>array<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>industrial<span style="mso-spacerun: yes;"> </span>applications<span style="mso-spacerun: yes;">
</span>such<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>Agriculture,<span style="mso-spacerun: yes;">
</span>Water<span style="mso-spacerun: yes;"> </span>Management, Construction,
Infrastructure, and Telecom ducting segments. The Company’s extensive
distribution network spreads across 600+ channel partners.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MANAGEMENT</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mr. Sameer Gupta<span style="mso-spacerun: yes;"> </span>: Managing
Director</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"></span></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Q3 FY21 Financial Performance</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Highlights</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> <br /></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Performance Review for Q3 FY21 vs. Q3 FY20</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span></span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Sales Volume higher by 7% to 11,445 tons from 10,712 tons </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Revenue higher by 28% to Rs. 128.1 crore compared to Rs.100 crore </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> EBITDA higher by 139% to Rs. 25.5 crore as compared to Rs. 10.7 crore ;
EBITDA MARGIN at 20%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Net Profit after Tax up by 145% to Rs. 16.3 crore compared to Rs. 6.7
crore </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.7pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 489px;">
<tbody><tr style="height: 45.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Apollo
Pipes (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">DEC'20</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Sep
'20</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Dec
'19</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">YOY</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">QOQ</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Net
Sales</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">128.06</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">123.3</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">100.02</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">28.03</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">3.86</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 2;">
<td style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Raw
Materials</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">87.78</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">74.08</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">77.39</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">13.43</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">18.49</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Total
Exp</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">107.63</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">112.55</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">94.42</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">13.99</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">-4.37</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 4;">
<td style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Other
Income</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">1.86</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">1.93</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">2.87</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">-35.19</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">-3.63</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Interest</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;"><span style="mso-spacerun: yes;"> </span>0.64</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">0.72</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">1.71</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">-62.57</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">-11.11</span></p>
</td>
</tr>
<tr style="height: 45.0pt; mso-yfti-irow: 6;">
<td style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">P/L
Before Tax</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">22.29</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">12.69</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">8.48</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">162.85</span></p>
</td>
<td nowrap="" style="height: 45.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">75.65</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Tax</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">5.96</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">3.19</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">1.81</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">229.28</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">86.83</span></p>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 8;">
<td style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Net
Profit</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">16.33</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">9.5</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">6.67</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">144.83</span></p>
</td>
<td nowrap="" style="height: 30.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">71.89</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Equity</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">13.11</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">13.11</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">13.11</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">0</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 116.5pt;" valign="bottom" width="155">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">Basic
EPS</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.0pt;" valign="bottom" width="68">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">12.46</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">7.25</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">5.08</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">145.28</span></p>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.85pt;" valign="bottom" width="66">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="color: black; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Calibri;">71.86</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FV<span style="mso-tab-count: 1;"> </span>10</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MP<span style="mso-tab-count: 1;"> </span>736</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PE<span style="mso-tab-count: 1;"> </span>14.77</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"52 Week Range<span style="mso-spacerun: yes;">
</span>:<span style="mso-spacerun: yes;"> </span>L 282.00<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>H 769.90</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Volume</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">60,593"<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Performance Review for 9M FY21 vs. 9M FY20 </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Sales Volume lower by 2% to 34,346 tons from 34,971 tons </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Revenue higher 10% to Rs. 343.9 crore from Rs. 313.8 crore </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> EBITDA higher by 32% to Rs. 47.2 crore compared to Rs. 35.8 crore </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: Symbol; font-size: 16.0pt; mso-ascii-font-family: Verdana; mso-bidi-font-family: "Times New Roman"; mso-char-type: symbol; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-hansi-font-family: Verdana; mso-symbol-font-family: Symbol;"><span style="mso-char-type: symbol; mso-symbol-font-family: Symbol;">·</span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Net Profit after Tax up by 25% to Rs. 27.8 crore compared to Rs. 22.3
crore </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Management’s Message </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mr. Sameer Gupta, Managing Director, Apollo Pipes says: </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">“We have reported an encouraging performance during the quarter led by a
robust uptick in consumption in the domestic markets. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">During the quarter, our sales volume grew by 7% to 11,445 MTPA, driven
by a healthy contribution from the cPVC, HDPE pipe and value-added product
segment of Fittings. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Cost-optimization measures and improved contribution from the
high-margin fittings segment further resulted in a better gross margin
performance during the quarter. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">From an operational standpoint, our existing manufacturing facilities at
Dadri, Ahmedabad and Tumkur are operating at steady utilization levels and we
remain confident of further improving it to the optimal levels in the quarters
ahead. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">I am also happy to share that the plan to operationalize our Greenfield
facility at Raipur is advancing well and we remain on track to commission this
facility by March 2021. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">We are also progressing on our brownfield expansion plans at the three
plants of Dadri, Ahmedabad and Tumkur. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In addition, our latest range of Water Storage Tanks are seeing strong
acceptance in the domestic market and accordingly, we have already doubled the
capacity for this product at our plant in Sikandarabad (Dadri) and also
commissioned 1 unit at Tumkur. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">So, on the whole, the planned capacity additions should enable us to
deliver improved sales momentum, going forward. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Looking ahead, the various pro-growth measures undertaken by the
Government, especially in the rural, infrastructure and agricultural space
should lead to better demand and consumption of our products in the domestic
market over the medium-to-longer term. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">We are confident that once the macro-situation normalizes, we should be
able to deliver strong and sustainable growth, going forward.”</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Key
Developments </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Company on-track to
achieve a production capacity exceeding 100,000 MTPA by March 2021 - Greenfield
and Brownfield manufacturing expansions of the Company progressing as per
schedule<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">The
Greenfield facility at Raipur is marking steady improvement and the Company
remains on track to fully operationalise the plant by March 2021. The facility,
with a proposed installed capacity of 7,200 MTPA, is strategically located and
will help boost </span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">volumes in high-potential domestic markets
in Central and East India </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">
In addition, the Company is undertaking staggered brown field expansions at all
of its existing facilities across the country, which are also progressing as
per schedule </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">
On the whole, th</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">e Company is aiming towards a healthy
capacity upgradation and is on-track to achieve a total production capacity
exceeding 100,000 MTPA by March 2021 Apollo Life – Water storage tank seeing
strong response from the domestic market </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">
The Company’s latest la</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">unched product – water storage tanks has
seen strong acceptance in the domestic market and the product contributed to
improved sales during the quarter </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">
In order to address the increased demand for this product, the Company has
already doubled the capacity</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> for<span style="mso-spacerun: yes;">
</span>this product<span style="mso-spacerun: yes;"> </span>line<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>its
current manufacturing<span style="mso-spacerun: yes;"> </span>facility<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>Sikandarabad<span style="mso-spacerun: yes;"> </span>(Dadri) in November
2020 and 1 Unit at Tumkur location. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Verdana;">
The product launch is in-line with the Company’s growth strategy to improve its
product offerings across the value</span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> chain that efficiently
leverages the ‘APL Apollo’ brand reach and recall. Going forward, this will
enable enhanced business visibility and improved sales performance for Apollo
Pipes.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">AT
A GLANCE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Among the Top 10<span style="mso-spacerun: yes;"> </span>leading PVC pipe<span style="mso-spacerun: yes;"> </span>manufactures in India</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1,00,000 MTPA Capacity* as
on 31Dec 2020</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">4 Manufacturing<span style="mso-spacerun: yes;"> </span>Plants</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">600+Channel Partners</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1500+SKU’s</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">14% 5-year Sales
Volume<span style="mso-spacerun: yes;"> </span>CAGR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">19% 5-year Revenue CAGR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">29% 5-year Net Profit CAGR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Q3
FY21 AT A GLANCE</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">19% ROCE in 9M FY21</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">16.3 Cr.PAT 145% YoY increase</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">11,445 MT Sales
Volume<span style="mso-spacerun: yes;"> </span>7% YoY increase</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">128 Cr. Revenue<span style="mso-spacerun: yes;"> </span>28% YOY increase</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Rs.25.5 Cr. EBITDA* 138%
YoY increase </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">58 Days Net WC days
Continuous<span style="mso-spacerun: yes;"> </span>focus on improving WC cycle</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">PRESENCE ACROSS SECTORS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Agriculture</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Water
Management</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Telecom
Ducting</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">construction</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Oil
and Gas</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">SUCCESS MILESTONES</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">2020-21</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•
Concluded the<span style="mso-spacerun: yes;"> </span>strategic acquisition
of<span style="mso-spacerun: yes;"> </span>Kisan Mouldings’<span style="mso-spacerun: yes;"> </span>manufacturing unit in<span style="mso-spacerun: yes;"> </span>Bengaluru</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•
Successful listing of<span style="mso-spacerun: yes;"> </span>Company’s shares
on<span style="mso-spacerun: yes;"> </span>NSE</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•
Started Manufacturing Water tank, Solvent &<span style="mso-spacerun: yes;">
</span>Bath Fittings</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">2019</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•
Concluded promoter<span style="mso-spacerun: yes;"> </span>infusion of Rs.
202<span style="mso-spacerun: yes;"> </span>crore through issuance<span style="mso-spacerun: yes;"> </span>of Equity Shares and<span style="mso-spacerun: yes;"> </span>fully convertible<span style="mso-spacerun: yes;"> </span>warrants on<span style="mso-spacerun: yes;">
</span>Preferential basis</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Robust
5-year CAGR(FY16 – FY20)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">14%
Growth in Sales Volume<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">25%
Growth in EBITDA<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">29%
Growth in PAT</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Diversified Product Portfolio</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;"> with total offerings at 1,500+,<span style="mso-spacerun: yes;"> </span>Aiming to achieve 2,500+ products to the
basket</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Range
of products manufactured at the technologically-advanced manufacturing facility
at Dadri<span style="mso-spacerun: yes;"> </span>and Ahmedabad</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•Emphasis
on innovation: One of the first companies to launch “Super Lock System” pipes
in the <span style="mso-spacerun: yes;"> </span>country - Awarded 10 year patent
for the innovative product</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•
Launched ‘Plastic Faucets, Taps and Showers’ in the domestic market – to drive
higher brand<span style="mso-spacerun: yes;"> </span>visibility through New
Products</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Capacity
Expansion to aid long-term growth plan –Target to install 125,000 MTPA by March
2021:</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Efficiently
leverage the ‘APL Apollo’ brand reach and<span style="mso-spacerun: yes;">
</span>recall to drive higher growth</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">The
‘APL Apollo’ Brand Edge enables better reach and product competitiveness</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">PVC
Pipe Industry</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">The
Indian PVC pipes and fittings market expected to register 15% CAGR during FY18
- FY26</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•The
domestic plastic pipes industry size at ~ ₹ 315B</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•Organized
players account for ~60% market share</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•Key
features of plastic pipes against other pipes- Lightweight- Ease of
transportation- Longer life span</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">•Key
growth drivers:- Government’s push for cleanliness and sanitation to boost
water management sector- Increased Building of affordable houses and growing
housing demand- Requirement for infrastructure for irrigation and water
supplies</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 47.5pt;">FUTURE OUTLOOK</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Strengthen<span style="mso-spacerun: yes;"> </span>foothold in<span style="mso-spacerun: yes;">
</span>existing<span style="mso-spacerun: yes;"> </span>markets of<span style="mso-spacerun: yes;"> </span>North and<span style="mso-spacerun: yes;">
</span>Western India</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Undertake
a<span style="mso-spacerun: yes;"> </span>phase-wise<span style="mso-spacerun: yes;"> </span>capacity<span style="mso-spacerun: yes;">
</span>expansion at the existing facilities<span style="mso-spacerun: yes;">
</span>over the next<span style="mso-spacerun: yes;"> </span>few quarters<span style="mso-spacerun: yes;"> </span>Successfully<span style="mso-spacerun: yes;">
</span>integrate<span style="mso-spacerun: yes;"> </span>inorganic<span style="mso-spacerun: yes;"> </span>acquisition in<span style="mso-spacerun: yes;"> </span>the South</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Register
solid<span style="mso-spacerun: yes;"> </span>growth in<span style="mso-spacerun: yes;"> </span>volumes –targeting<span style="mso-spacerun: yes;"> </span>volume growth<span style="mso-spacerun: yes;">
</span>of around 25%+ CAGR</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Penetrate
and establish<span style="mso-spacerun: yes;"> </span>footprint into<span style="mso-spacerun: yes;"> </span>neighboring<span style="mso-spacerun: yes;">
</span>markets in<span style="mso-spacerun: yes;"> </span>Central and<span style="mso-spacerun: yes;"> </span>Eastern India</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Improve<span style="mso-spacerun: yes;"> </span>utilization at<span style="mso-spacerun: yes;"> </span>the existing<span style="mso-spacerun: yes;">
</span>manufacturing<span style="mso-spacerun: yes;"> </span>plants at Dadri and<span style="mso-spacerun: yes;"> </span>Ahmedabad</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Undertake<span style="mso-spacerun: yes;"> </span>various brand<span style="mso-spacerun: yes;">
</span>building<span style="mso-spacerun: yes;"> </span>exercises and<span style="mso-spacerun: yes;"> </span>establish<span style="mso-spacerun: yes;">
</span>stronger brand recall in the<span style="mso-spacerun: yes;">
</span>established<span style="mso-spacerun: yes;"> </span>markets of<span style="mso-spacerun: yes;"> </span>North and<span style="mso-spacerun: yes;">
</span>Western India</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 26.0pt; line-height: 115%; mso-bidi-font-size: 47.5pt;">OPERATIONAL & FINANCIAL HIGHLIGHTS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Aiming
capacity<span style="mso-spacerun: yes;"> </span>upgradation to the tune of
1,25,000<span style="mso-spacerun: yes;"> </span>MTPA</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Target
to achieve<span style="mso-spacerun: yes;"> </span>25%+ sales volume growth CAGR
over<span style="mso-spacerun: yes;"> </span>next three years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Value-added<span style="mso-spacerun: yes;"> </span>product categories to provide impetus<span style="mso-spacerun: yes;"> </span>to volumes and<span style="mso-spacerun: yes;"> </span>profitability</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Increased<span style="mso-spacerun: yes;"> </span>market presence and improving distributor
network to address demand across pan-India</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;">Leveraging
‘APL Apollo’ brand<span style="mso-spacerun: yes;"> </span>reach and recall<span style="mso-spacerun: yes;"> </span>to drive higher<span style="mso-spacerun: yes;"> </span>growth in<span style="mso-spacerun: yes;">
</span>business</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-size: 72.0pt; line-height: 115%; mso-bidi-font-size: 30.5pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-75731542314617123092021-01-15T06:20:00.005-08:002021-01-15T06:20:34.340-08:00INFOSYS LTD - Q3 FY 21 RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%;">INFOSYS
LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%;">Q3
FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Infosys,
a global leader in next-generation digital services and consulting, delivered
its highest Q3 sequential growth of 5.3% in 8 years in constant currency. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On
a year on year basis, revenues grew by 6.6%, digital revenues grew by 31.3% and
overall digital revenue crossed more than half of total revenues.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Large
deal TCV was at all time high of $7.13bn with<span style="mso-spacerun: yes;">
</span>73%<span style="mso-spacerun: yes;"> </span>being<span style="mso-spacerun: yes;"> </span>net<span style="mso-spacerun: yes;">
</span>new.<span style="mso-spacerun: yes;"> </span>Strong<span style="mso-spacerun: yes;"> </span>and steady<span style="mso-spacerun: yes;">
</span>operating<span style="mso-spacerun: yes;"> </span>margin<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>25.4%.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue<span style="mso-spacerun: yes;"> </span>and margin<span style="mso-spacerun: yes;"> </span>guidance band increased to 4.5%-5.0% and
24.0%-24.5% respectively on the back of continued strong performance.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">“The
Infosys team has delivered another quarter of excellent results. Execution of
client relevant strategy focused on digital transformation continues to drive superior
growth, well ahead of the industry. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
scale of<span style="mso-spacerun: yes;"> </span>new<span style="mso-spacerun: yes;"> </span>client<span style="mso-spacerun: yes;">
</span>partnerships<span style="mso-spacerun: yes;"> </span>with<span style="mso-spacerun: yes;"> </span>leading global<span style="mso-spacerun: yes;"> </span>companies<span style="mso-spacerun: yes;">
</span>such<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>Vanguard,<span style="mso-spacerun: yes;">
</span>Daimler<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>Rolls-Royce demonstrate<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>depth<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>digital<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>cloud<span style="mso-spacerun: yes;"> </span>capabilities<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>Infosys.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The<span style="mso-spacerun: yes;"> </span>commitment<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>skills<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>our
employees to support and drive the digital journey of clients are matters of
great pride for me”, said Salil Parekh, CEO and MD.“With the intense focus on
client needs and the comprehensive foundation built on differentiated capabilities,
I remain confident about the future.”</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Q3revenues
grew year-on-year by 12.3% in INR;grew by 6.6% in constant currency</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Digital
revenues cross 50% of total revenue,year-on-year growth of 31.3%in constant
currency</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Q3operating
margin at 25.4%, year-on-year increase of 350 bps</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Robust
Q3net profit at `5,197 crore, year-on-year growth of 16.6%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Continued<span style="mso-spacerun: yes;"> </span>strong Q3<span style="mso-spacerun: yes;">
</span>free<span style="mso-spacerun: yes;"> </span>cash<span style="mso-spacerun: yes;"> </span>flow<span style="mso-spacerun: yes;">
</span>at `5,683<span style="mso-spacerun: yes;"> </span>crore;year-on-year<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;">
</span>of 19.4%;<span style="mso-spacerun: yes;"> </span>FCF conversion at109.0%
of net profit</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Q3voluntary
attrition for IT services declined to 10.0% from 15.8% in Q320</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Year-to-daterevenues
grew by 3.5% in constant currency</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•Year-to-date
operating margin at 24.5%, an expansion of 310 bps</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•FY
21 revenue growth guidance increases to 4.5%-5.0% in constant currency</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•FY
21 operating margin guidance increases to 24.0%-24.5%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">For
the quarter ended December 31, 2020</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenues<span style="mso-spacerun: yes;"> </span>were `25,927<span style="mso-spacerun: yes;">
</span>crore,<span style="mso-spacerun: yes;"> </span>growth<span style="mso-spacerun: yes;"> </span>of 12.3% YoY and 5.5% QoQ</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating
profit was `6,589 crore, growth of 30.1% YoY and 5.8% QoQ</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Basic
EPS was Rs.12.25, growth of 16.5% YoY and 7.3% QoQ</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Infosys (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">25,927.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">24,570.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">23,092.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.52</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">14,097.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">13,400.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12,994.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">826</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">855</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">737</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-3.39</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,415.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,087.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,297.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.75</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8.03</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P/L Before Other Inc., Int.,
Excpt. Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6,589.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6,228.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5,064.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">30.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.8</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">611</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">570</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">827</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-26.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.19</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">PBIT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7,200.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6,798.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5,891.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">22.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.91</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.08</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">P B T</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7,151.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">6,750.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5,849.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">22.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.94</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,936.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,892.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1,383.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">39.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.33</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5,215.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,858.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,466.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Minority Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">100</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">38.46</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">FINAL NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5,197.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,845.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">4,457.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.27</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,123.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,122.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2,122.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.05</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Reserves</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">63,328.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">63,328.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">62,778.00</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td colspan="3" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 214.7pt;" valign="top" width="286">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">EPS Before Extra Ordinary</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.56</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.27</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Diluted EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td colspan="3" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 214.7pt;" valign="top" width="286">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">EPS After Extra Ordinary</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.45</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.25</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.35pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Diluted EPS.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.65pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">12.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">11.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.7pt;" valign="top" width="77">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.15pt;" valign="top" width="50">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.28</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating
Margin % has gone up to 24.5 from 21.4% YoY</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Free
cash flow has increased to Rs.5,683 in Q3 FY 21 from Rs.4,989 cr in Q2 FY 21
and from Rs.4,759cr in Q3 Fy20</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>1371</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>28.03</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">VOLUME<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>2,75,21,697</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">52
Week Range<span style="mso-tab-count: 1;"> </span>509.25<span style="mso-tab-count: 1;"> </span>1,392.80<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mkt
Cap (Rs. Cr.)<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>5,83,776</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FV<span style="mso-tab-count: 1;"> </span>5</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TTM
EPS<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>43.66</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TTM
PE<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>31.39</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sector
PE<span style="mso-tab-count: 1;"> </span>34.25</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book
Value Per Share<span style="mso-tab-count: 1;"> </span>154.6</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Price Performance<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Week<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>8.58%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>17.68%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3
Months<span style="mso-tab-count: 1;"> </span>20.54%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1
Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>76.69%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3
Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>154.16%</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 22.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shareholding<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters
holding remains unchanged at 12.95% in Dec 2020 qtr<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mutual
Funds have decreased holdings from 14.23% to 13.67% in Dec 2020 qtr<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Number
of MF schemes increased from 37 to 39 in Dec 2020 qtr.<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FII/FPI
have increased holdings from 31.31% to 32.26% in Dec 2020 qtr.<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Management<span style="mso-tab-count: 2;"> </span></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Nandan
M Nilekani<span style="mso-tab-count: 1;"> </span>Chairman<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Salil
Parekh<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>Managing
Director & CEO<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">U
B Pravin Rao<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>Whole Time Director & COO<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3 year CAGR growth<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue<span style="mso-tab-count: 4;"> </span>9.40%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net<span style="mso-tab-count: 1;"> </span>Profit<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>5.00%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating<span style="mso-tab-count: 1;"> </span>Profit<span style="mso-tab-count: 1;"> </span>6.20%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">STRENGTHS</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Growth
in Net Profit with increasing Profit Margin (QoQ)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Growth
in Quarterly Net Profit with increasing Profit Margin (YoY)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Company
with No Debt</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Increasing
Revenue every Quarter for the past 4 Quarters</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Increasing
profits every quarter for the past 2 quarters</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Strong
cash generating ability from core business - Improving Cash Flow from operation
for last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Company
with Zero Promoter Pledge</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FII
/ FPI or Institutions increasing their shareholding</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Recent
Results : Growth in Operating Profit with increase in operating margins (YoY)</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Near
52 Week High</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Strong
Momentum: Price above short, medium and long term moving averages</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">WEAKNESSES</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MFs
decreased their shareholding last quarter</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Inefficient
use of assets to generate profits - ROA declining in the last 2 years</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Declining
Net Cash Flow : Companies not able to generate net cash</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">High
volume, top losers</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">OPPORTUNITIES</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Brokers
upgraded recommendation or target price in the past three months</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Highest
Recovery from 52 Week Low</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">RSI
indicating price strength</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Large
deal wins and improving demand around digital transformation helped net profit
rise</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Infosys
posted yet another stellar performance with its net profit rising<span style="mso-spacerun: yes;"> </span>16.6 per cent to ₹5,197 crore in the third
quarter of FY21 on the back of large deal wins and improving demand environment
around digital transformation.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">“Execution
of client-relevant strategy focussed on digital transformation continues to
drive superior growth, well ahead of the industry,” said Salil Parekh, CEO and
MD.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
biggest deal</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">He
also said<span style="mso-spacerun: yes;"> </span>the company signed the biggest
deal in the history of the Indian IT sector during the quarter which is learnt
to be with Daimler and<span style="mso-spacerun: yes;"> </span>estimated at $3.2
billion spread over eight years.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>Large
deal TCV (total contract value) </b>was at an all-time high of $7.13 billion with
73 per cent being net new. The IT major for the second straight quarter raised
the guidance for revenue and operating margin. The company expects its revenue
to grow 4.5-5 per cent in the financial year ending March 2021 compared with
2-3 per cent growth forecast earlier. It has raised its operating margin
guidance to 24-24.5 per cent compared with the earlier<span style="mso-spacerun: yes;"> </span>23-24 per cent.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On
a year-on-year basis, revenues grew 12.3 per cent to ₹25,927 crore and on a
sequential basis were up 5.5 per cent. The net profit on a sequential basis
rose<span style="mso-spacerun: yes;"> </span>7.3 per cent. It also posted its
highest Q3 sequential growth of 5.3 per cent<span style="mso-spacerun: yes;">
</span>in eight years in constant currency.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
company said it will hire 24,000 more from campus while the voluntary attrition
rate for IT services declined to 10 per cent during the quarter from 15.8 per
cent. The cash flow during the quarter was ₹5,683 crore achieving a y-o-y<span style="mso-spacerun: yes;"> </span>growth of 19.4 per cent.</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Hybrid model</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Infosys
COO UB Pravin Rao also said that going forward Infosys will adopt a hybrid
model of work-from-home and office. “We have to wait and watch on real estate
rationalisation. We are not renewing many offices on rent. We have slowed down
on infrastructure expansion,” he said.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sanjeev
Hota, head of research at Sharekhan, said the strong Q3 results, robust deal
wins and healthy digital growth momentum would drive consensus earning upgrade.
and re-rating of target multiple. “Infosys reported another solid quarter
beating the revenue and margin performance, along with record-high deal wins
ever.”</span></p><br /><p class="MsoNormal"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Acquisitions </span></b></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>Guide Vision,
s.r.o</b> </span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On October1, 2020, Infy Consulting Company Limited(a wholly-owned subsidiary
of Infosys Consulting HoldingAG) acquired 100% of voting interests in GuideVision
s.r.o, a Service Now Elite Partner in Europe for a total consideration of upto €31
million (approximately₹266crore), comprising cash consideration of €21million (approximately
₹ 180 crore), contingent consideration upto€4million (approximately ₹36 crore) and
retention payouts up to €6million(approximately ₹50 crore), to the employees of
Guide Vision <span style="mso-spacerun: yes;"> </span>s.r.o over the next three years,
subject to their continued employment with the group along with the achievement
of set targets for the respective years.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Guide Vision is an enterprise
service management consultancy specialized in offering strategic advisory, consulting,
implementations, training and support on the Service Now platform.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The excess of the purchase
consideration paid over the fair value of net assets acquired has been attributed
to goodwill amounting to ₹102crore.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>Kaleidoscope Animations, Inc</b>.
On October 9, 2020, Infosys Nova Holdings LLC (a wholly-owned subsidiary of
Infosys Limited) acquired 100% of voting interests in Kaleidoscope Animations, Inc.
a US-based product design and development services company focused primarily on
medical devices, for a total consideration of up to US $43million (approximately₹320crore),
comprising cash consideration of US$30million (approximately ₹224crore), contingent
consideration up to US $12 million (approximately ₹91crore) and retention payouts
up to US$1million (approximately ₹5 crore), to the employees of Kaleidoscope Animations,
Inc over the next three years, subject to their continued employment with the group
along with the achievement of set targets for the respective years.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">This acquisition is expected
to strengthen Infosys’ digital offerings at the intersection of new software technologies,
consumer products and medical devices. The excess of the purchase consideration
paid over the fair value of net assets acquired has been attributed to goodwill
amounting to ₹164crore.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>Blue Acorn iCiGroup (through
acquisition of Beringer Capital Digital Group Inc and Beringer Commerce Inc)</b> On
October 27,2020, Infosys Nova Holdings LLC(a wholly-owned subsidiary of Infosys
Limited) acquired 100% of voting interests in Beringer Commerce Inc. and Beringer
Capital Digital Group Inc., collectively known as Blue Acorn iCi, an Adobe Platinum
partner in the US, and a leader in digital customer experience, commerce and analytics
for a cash consideration of US $121million (approximately ₹899 crore), adjusted for
closing cash and customary closing adjustments and retention bonus up to US $9million
(approximately₹67crore) payable to the employees of Blue Acorn iCi over the next
two to three years, subject to their continued employment with the group, along
with the achievement of set targets for the respective years.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Blue Acorn iCi brings to Infosys,
cross-technology capabilities through the convergence of customer experience, digital
commerce, analytics, and experience-driven commerce services. The excess of the
purchase consideration paid over the fair value of net assets acquired has been
attributed to goodwill amounting to₹490crore.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>Business transfer–Kallidus
Inc. and Skava Systems Private Limited</b> On October11,2019, the Board of Directors
of Infosys authorized the Company to execute a Business Transfer Agreement and related
documents with its wholly-owned subsidiaries, Kallidus Inc. and Skava Systems Private
Limited (together referred to as “Skava”), to transfer the business of Skava to
Infosys Limited for a consideration based on an independent valuation. The Company
entered into a business transfer agreement to transfer the business of Kallidus
Inc. and Skava Systems Private Limited for a consideration of ₹171 crore and ₹66
crore respectively on securing the requisite regulatory approvals. The transaction
was between a holding company and a wholly-owned subsidiary and therefore was accounted
for at carrying values and did not have any impact on the consolidated financial
statement. Subsequently, the Board of Skava has approved voluntary winding up of
the entity</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-28119833670045630352021-01-15T06:15:00.005-08:002021-01-15T06:15:41.819-08:00FILATEX INDIA LIMITED - Investor Presentation - Q3FY21 RESULTS ANALYSIS - January 2021<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="Default" style="page-break-before: always; text-align: center;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 44.0pt; mso-bidi-font-family: "Noto Sans";">FILATEX INDIA LIMITED</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 44.0pt; mso-bidi-font-family: "Noto Sans";"></span></p>
<p align="center" class="Default" style="text-align: center;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-family: "Noto Sans";">Investor Presentation</span></p>
<p align="center" class="Default" style="text-align: center;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-family: "Noto Sans";">Q3FY21</span></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 20.0pt; mso-bidi-font-family: "Noto Sans";">January 2021</span></b></p>
<p align="center" class="Default" style="text-align: center;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 32.0pt; mso-bidi-font-family: "Noto Sans";">Q3FY21 Highlights</span></b></p>
<p class="Default" style="text-align: justify;"><span style="font-size: 16.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">We are one of India’s Top 5 Manufacturers
of Polyester Filament yarns.</span></p>
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">We manufacture polyester and polypropylene
multifilament yarn and polyester chips. </span></p>
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">We have two manufacturing facilities; one
at Dadra & Nagar Haveli and second one at Dahej, equipped with
state-of-the-art modern German machines</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 32.0pt; mso-bidi-font-family: "Noto Sans";"> </span></p>
<p class="Default" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Management</span></b></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"><span style="mso-spacerun: yes;"> </span>Madhu
Sudhan Bhageria : <span style="mso-spacerun: yes;"> </span>Chairman &
Managing Director</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"><span style="mso-spacerun: yes;">
</span>Purrshottam Bhaggeria<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span> Joint Managing Director</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"><span style="mso-spacerun: yes;"> </span>Madhav
Bhageria<span style="mso-tab-count: 2;"> </span>:<span style="mso-tab-count: 1;"> </span> Joint Managing Director</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Filatex India (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Dec '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">SEP'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Dec '19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">YOY</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Net Sales/Income from operations</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">721.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">507.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">737.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-2.19</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">42.1</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">TOT REV</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">723.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">509.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">739.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-2.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">42.05</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">TOT EXP</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">632.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">496.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">712.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-11.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">27.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">rev/exp%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">87.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">97.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">96.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-11.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">27.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Consumption of Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">500.12</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">377.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">574.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-12.89</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">32.6</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Increase/Decrease in Stocks</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">4.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">9.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">17.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-71.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-49.27</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">20.81</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">16.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">19.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">8.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">29.42</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">FINANCE COST</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">16.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">18.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">17.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-6.21</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">-15.1</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">DEPRECI</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">14.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">14.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">5.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">2.36</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">75.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">60.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">71.36</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">5.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">25.14</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">91.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">12.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">26.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">247.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">619.09</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">25.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">3.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">7.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">228.2</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">664.13</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">66.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">9.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">18.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">255.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">603.3</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Net Profit %</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">9.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">1.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">2.52</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">263.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">394.59</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">44.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">44.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">43.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">0.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">2.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">0.43</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">0.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">251.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">595.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.3pt;" valign="top" width="207">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Diluted EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">2.98</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">0.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64">
<p class="Default" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">254.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.0pt;" valign="top" width="64"><br /></td>
</tr>
</tbody></table>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">MP<span style="mso-tab-count: 1;"> </span>64.7</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">PE<span style="mso-tab-count: 1;"> </span>5.43</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">VOLUMES<span style="mso-tab-count: 1;"> </span>9,24,261</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">52 Week Range : 15.05<span style="mso-tab-count: 1;"> </span>72<span style="mso-tab-count: 1;"> </span></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Mkt Cap (Rs. Cr.)<span style="mso-tab-count: 1;"> </span>1,428</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Book Value Per Share<span style="mso-tab-count: 1;"> </span>21.36</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">P/B<span style="mso-tab-count: 1;"> </span>3.03</span></p>
<p class="Default" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">3
year CAGR growth<span style="mso-tab-count: 1;"> </span></span></b></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Revenue<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 4;"> </span>21.40%</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Net Profit Growth<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 2;"> </span>44.10%</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Operating Profit Growth<span style="mso-tab-count: 1;"> </span>18.60%</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Price
Performance</span></b></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">1 Week<span style="mso-tab-count: 2;"> </span>-5.55%</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">1 Month<span style="mso-tab-count: 2;"> </span>57.23%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">3 Months<span style="mso-tab-count: 1;"> </span>153.73%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>57.61%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>33.90%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 18.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;"> </span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Promoter Group has made market purchases in
Dec,2020</span></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 32.0pt; mso-bidi-font-family: "Noto Sans";"> </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Commissioned
& commenced captive roof top solar power plants of 1.0 MW capacity at Dahej
& 0.4 MW capacity at Dadra w.e.f. 30</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 10.5pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">th </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">December
2020</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">The
Company has achieved its highest ever quarterly EBIDTA of Rs. 120.02 crores and
EBITDA margin of 16.65%</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Steady
increase in demand in the 2</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 10.5pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">nd </span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">half
of FY21 allowed the company to run at 90% capacity in its yarn production and
improved product mix with more value added sales of FDY and DTY</span></p>
<p class="Default" style="text-align: justify;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 32.0pt; mso-bidi-font-family: "Noto Sans";">Key
message</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 32.0pt; mso-bidi-font-family: "Noto Sans";"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">We
are excited to announce that we have achieved our highest quarterly EBIDTA of Rs.120.17
crores and improved EBITDA margins to16.65% as against 7.57% in Q3 FY20. After facing
a pandemic set back in H1 FY21, we are now making a comeback in H2 FY21.</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">This
has been possible on account of a quick and steady recovery of the downstream textile
sector and sharp recovery of demand.</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 18.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">The
commencement of additional DTY capacity has also contributed to higher margins.</span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Madhu Sudhan Bhageria</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Chairman
& Managing Director</span></p>
<p class="Default" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 26.0pt; mso-bidi-font-family: "Noto Sans"; mso-bidi-font-size: 32.0pt;">Company
<span style="mso-bidi-font-weight: bold;">Overview</span></span></b></p>
<p class="Default" style="text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Noto Sans";"> </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">We
are one of India’s Top 5 Manufacturers of Polyester Filament yarns.</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">We
manufacture polyester and polypropylene multifilament yarn and polyester chips.
</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">We
have two manufacturing facilities; one at Dadra & Nagar Haveli and second
one at Dahej, equipped with state-of-the-art modern German machines.</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">We
want to be one of the leading polyester yarns manufacturer producing products
to international standards, to be customer focused through stringent quality
assurance and continuous innovation.</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">02
World-Class Manufacturing<span style="mso-spacerun: yes;"> </span>Facilities </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Tonnes
Per Annum Production Capacity (2019-2020)<span style="mso-spacerun: yes;">
</span>:<span style="mso-spacerun: yes;"> </span>383,000</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">05
Continents Catered<span style="mso-spacerun: yes;"> </span>;<span style="mso-spacerun: yes;"> </span></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">45+
Countries Global; </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 14.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">2500+
Team Members Export; </span><span style="color: windowtext; font-family: "Verdana","sans-serif";"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">25% <span style="mso-spacerun: yes;"> </span></span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Drawn Texturizing Yarn (DTY)
Production is exported</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">15%<span style="mso-spacerun: yes;"> </span></span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Exports contribution to
Revenues in FY20</span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Manufacturing Facilities </span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"></span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Dadra
& Nagar Havelli(UT) </span></p>
<p class="Default" style="line-height: 150%; margin-left: 36.0pt; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span style="color: windowtext; font-family: Symbol; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Dahej
(Gujarat)</span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"> </span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";">Shareholding Pattern</span></b><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"> <br /></span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"><span style="mso-spacerun: yes;"> </span>Promoters unpledged 2.66% of shares in last
quarter. Total pledge stands at 33.84% of promoter holdings</span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"><span style="mso-spacerun: yes;"> </span>Promoters have increased holdings from
60.47% to 65.23% in Dec 2020 qtr.</span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"><span style="mso-spacerun: yes;"> </span>Institutional Investors have decreased
holdings from 5.4% to 4.54% in Dec 2020 qtr</span></p>
<p class="Default" style="line-height: 150%; text-align: justify;"><span style="color: windowtext; font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 150%; mso-bidi-font-family: "Noto Sans";"> </span></p>
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<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif";"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-42512826505466651682021-01-11T04:29:00.003-08:002021-01-11T04:29:17.555-08:00BHANSALI ENGINEERING POLYMERS LTD - Q3 FY 21 - RESULTS ANALYSIS<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BHANSALI ENGINEERING POLYMERS LTD</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">11 01 2021</span></b></p>
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<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Bhansali
Engineering Polymers Ltd (BEPL) is a leading name in the petrochemical sector
in India. BEPL is a vertically integrated petrochemical company that is into
manufacturing of ABS (Acrylonitrile Butadiene Styrene) -- a raw material used
extensively across industries like automobiles, home appliances,
telecommunications, luggage and other sectors.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Major
clients of the company include large Indian brands namely Bajaj, Exide, Fiat,
Aquaguard, Beetel, VIP, Samsonite, BPL, Onida, Sanyo, Videocon, Voltas,
Whirpool, Electrolux, Crompton, IFB, LG, Kenstar, Tata, Toyota, and may more.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
company`s product include the following Abstron,Santron & High Rubber Graft</span></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BOARD OF DIRECTORS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr. M. C. Gupta<span style="mso-tab-count: 2;"> </span>Chairman, Non-Executive Independent
Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr. B. M. Bhansali <span style="mso-tab-count: 1;"> </span>Managing Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mr. Jayesh B. Bhansali <span style="mso-tab-count: 1;"> </span>Executive Director cum CFO</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">BEPLs (in Rs. Cr.)</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Sep '20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Jun '20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Mar '20</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Dec '19</span></p>
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</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 60.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">411.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">307.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">99.40</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">251.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">260.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">58.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">39.77</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">106.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">121.1</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">81.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">141.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">151.83</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-29.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-9.43</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Profit Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">183.26</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">45.53</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.33</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">22.87</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">701.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">602.23</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">46.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">10.03</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">5.95</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">689.41</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">620.84</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Net Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">136.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">35.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1.25</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.91</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">705.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">596.04</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">FINAL NET PROFIT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">136.29</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">35.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-1.39</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">7.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">705.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">593.97</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Equity Share </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">16.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.3pt;" valign="top" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 58.3pt;" valign="top" width="78">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">8.22</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">2.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.75pt;" valign="top" width="62">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">-0.08</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">0.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">1.02</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">705.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 54.55pt;" valign="top" width="73">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-size: 11.0pt;">596.08</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MP 169</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">PE : 5.14</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TECHNICAL RATING : VERY
BULLISH</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Price Performance</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Week<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>13.07%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>30.48%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3 Months<span style="mso-tab-count: 1;"> </span>73.44%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>211.71%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span>-17.05%</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SHAREHOLDING :</span></b></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Promoters holding
remains unchanged at 56.45% in Dec 2020 qtr</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Mutual Funds have
decreased holdings from 0.01% to 0.0% in Dec 2020 qtr</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Number of MF
schemes decreased from 2 to 1 in Dec 2020 qtr</span></p>
<p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: Symbol; font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FII/FPI have
increased holdings from 0.43% to 0.9% in Dec 2020 qtr.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ANNUAL REPORT 2019-20</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Particulars2019-2020</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Installed Capacity <span style="mso-spacerun: yes;"> </span>(TPA)1,37,000 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Equity Share
Capital1,659.06</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other Equity 33,961.29 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total Equity (Net Worth) 35,620.35</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net Worth per equity share
of Re.1 each 21.47</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Current Ratio1.72</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Income and Profits</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Gross Sales1,29,530.37 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net Sales (Excluding GST
and Excise) 1,10,433.02</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit/(Loss) before Tax 8,261.14</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tax 1,578.68</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit/(Loss) after Tax 6,682.46</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit/(Loss) for the Year
6,730.13 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Earnings per share (in
Rs.) 4.03</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Dividend per share of Re.1
0.50</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">MESSAGE FROM THE Chairman</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">I<span style="mso-spacerun: yes;"> </span>feel<span style="mso-spacerun: yes;">
</span>pleased<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>presenting<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Annual<span style="mso-spacerun: yes;"> </span>Report<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>Fiscal<span style="mso-spacerun: yes;"> </span>2020.<span style="mso-spacerun: yes;">
</span>The<span style="mso-spacerun: yes;"> </span>Operational<span style="mso-spacerun: yes;"> </span>Revenue<span style="mso-spacerun: yes;">
</span>(net)<span style="mso-spacerun: yes;"> </span>stood<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>Rs.110,433<span style="mso-spacerun: yes;"> </span>lakh <span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>PBT<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>Rs.8,261<span style="mso-spacerun: yes;">
</span>lakh.<span style="mso-spacerun: yes;"> </span>After<span style="mso-spacerun: yes;"> </span>considering<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>provision<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>tax<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>Rs.1,578 lakh, the<span style="mso-spacerun: yes;"> </span>profit<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>continuing<span style="mso-spacerun: yes;"> </span>operations<span style="mso-spacerun: yes;">
</span>was<span style="mso-spacerun: yes;"> </span>Rs.6,682 lakh<span style="mso-spacerun: yes;"> </span>whereas<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>total<span style="mso-spacerun: yes;"> </span>comprehensive<span style="mso-spacerun: yes;"> </span>income<span style="mso-spacerun: yes;">
</span>was Rs.6,730 lakh. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Message From The Managing
Director</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In the wake of the call
given by our Hon’ble Prime Minister, Shri Narendra Modi for ATMANIRBHAR BHARAT
ABHIYAAN, BEPL is fully committed to set-up the proposed ABS Expansion Project
with State of the Art technology in a time bound manner.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Your Company has been able
to withstand several odds and is presenting yet another year of improved
financial results. In adverse circumstances, the stability and growth is best
appreciated.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The key highlights of the
Company’s performance based on the Standalone Balance Sheet as on 31st March,
2020 is reflected as under:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net Worth: During the
financial year under review, the Net Worth of the Company stood at ` 35,620.35
lakh, as compared to ` 29,890.26 lakh for the previous financial year, an
increase of 19.17%. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The Return on Net Worth
stood at 18.76 % as against 15.57% in FY 2018-19, an increase of 3.19 %.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Book Value of Shares: The
Book value of the Equity shares increased from ` 18.02 in FY 2018-19 to ` 21.47
in FY 2019-20, an increase of ` 3.45</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Current Ratio: As on 31st
March, 2020 the current ratio was 1.72 as compared to 1.86 as of 31st March,
2019.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TOL/TON: The ratio of
total liability to total net worth for FY 2019-20 was 0.83 as compared to 0.77
for FY 2018-19.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Zero Debt: The Company
continues to enjoy the status of a “Zero Debt Company”.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Financing<span style="mso-spacerun: yes;"> </span>Pattern:<span style="mso-spacerun: yes;">
</span>There<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;"> </span>no<span style="mso-spacerun: yes;">
</span>change<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>financing<span style="mso-spacerun: yes;"> </span>pattern<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;"> </span>would<span style="mso-spacerun: yes;">
</span>be<span style="mso-spacerun: yes;"> </span>able<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>sustain<span style="mso-spacerun: yes;"> </span>its<span style="mso-spacerun: yes;"> </span>business<span style="mso-spacerun: yes;">
</span>operations through internal accruals.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sales<span style="mso-spacerun: yes;"> </span>Credit<span style="mso-spacerun: yes;">
</span>Control:<span style="mso-spacerun: yes;"> </span>During<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>financial<span style="mso-spacerun: yes;"> </span>year<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>review,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>debtor’s<span style="mso-spacerun: yes;">
</span>percentage<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>sales<span style="mso-spacerun: yes;">
</span>decreased<span style="mso-spacerun: yes;"> </span>from<span style="mso-spacerun: yes;"> </span>15.50%<span style="mso-spacerun: yes;">
</span>in FY 2018-19 to 11.87% in FY 2019-20.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Debtors<span style="mso-spacerun: yes;"> </span>Turnover<span style="mso-spacerun: yes;">
</span>Ratio:<span style="mso-spacerun: yes;"> </span>During<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>financial<span style="mso-spacerun: yes;"> </span>year<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>review,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Debtors<span style="mso-spacerun: yes;">
</span>Turnover<span style="mso-spacerun: yes;"> </span>Ratio<span style="mso-spacerun: yes;"> </span>was<span style="mso-spacerun: yes;">
</span>8.43<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>compared<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>6.45<span style="mso-spacerun: yes;"> </span>in the previous fiscal.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Inventory<span style="mso-spacerun: yes;"> </span>Turnover<span style="mso-spacerun: yes;">
</span>Ratio:<span style="mso-spacerun: yes;"> </span>During<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>financial<span style="mso-spacerun: yes;"> </span>year<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>review,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Inventory<span style="mso-spacerun: yes;">
</span>Turnover<span style="mso-spacerun: yes;"> </span>Ratio<span style="mso-spacerun: yes;"> </span>was<span style="mso-spacerun: yes;">
</span>5.79<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>compared<span style="mso-spacerun: yes;">
</span>to 11.28 in FY 2018-19.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating<span style="mso-spacerun: yes;"> </span>Profit<span style="mso-spacerun: yes;">
</span>Margin<span style="mso-spacerun: yes;"> </span>(%):<span style="mso-spacerun: yes;"> </span>The<span style="mso-spacerun: yes;">
</span>Operating<span style="mso-spacerun: yes;"> </span>Profit<span style="mso-spacerun: yes;"> </span>Margin<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>FY<span style="mso-spacerun: yes;"> </span>2019-20<span style="mso-spacerun: yes;">
</span>stood<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>7.48%<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>compared<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>6.32%<span style="mso-spacerun: yes;"> </span>for FY 2018-19.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net Profit Margin (%): The
Net Profit Margin for FY 2019-20 stood at 6.05% as compared to 3.80% for FY
2018-19.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Research and Development
Facilities:</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
Company has received the recognition from the Department of Science and
Industrial Research (DSIR), Government of India on 27th June, 2019 for its
state-of-the-art <span style="mso-spacerun: yes;"> </span>Research and
Development Centre (‘R&D Centre’) at Abu Road, Rajasthan.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
said certificate entitles the Company for a host of concessions including but
not limited to customs/ central duty exemption on purchase of equipment, stores
& spares, instruments etc. during the period of recognition and subject to
relevant government policies in force from time to time.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The<span style="mso-spacerun: yes;"> </span>experts<span style="mso-spacerun: yes;">
</span>from<span style="mso-spacerun: yes;"> </span>Nippon<span style="mso-spacerun: yes;"> </span>A&L,<span style="mso-spacerun: yes;">
</span>Company’s<span style="mso-spacerun: yes;"> </span>Joint<span style="mso-spacerun: yes;"> </span>Venture<span style="mso-spacerun: yes;">
</span>Partner,<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;"> </span>headquartered<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>India<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>extending<span style="mso-spacerun: yes;"> </span>their<span style="mso-spacerun: yes;"> </span>support<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>terms<span style="mso-spacerun: yes;"> </span>of additional manpower to be deployed,
development of new recipe etc. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The<span style="mso-spacerun: yes;"> </span>R&D<span style="mso-spacerun: yes;">
</span>Centre<span style="mso-spacerun: yes;"> </span>has<span style="mso-spacerun: yes;"> </span>till<span style="mso-spacerun: yes;">
</span>date<span style="mso-spacerun: yes;"> </span>successfully<span style="mso-spacerun: yes;"> </span>developed<span style="mso-spacerun: yes;">
</span>20<span style="mso-spacerun: yes;"> </span>different<span style="mso-spacerun: yes;"> </span>Grades<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>ABS<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Automobile<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>Home<span style="mso-spacerun: yes;"> </span>Appliances<span style="mso-spacerun: yes;">
</span>segment<span style="mso-spacerun: yes;"> </span>which<span style="mso-spacerun: yes;"> </span>were<span style="mso-spacerun: yes;">
</span>currently<span style="mso-spacerun: yes;"> </span>being<span style="mso-spacerun: yes;"> </span>imported<span style="mso-spacerun: yes;">
</span>along-with<span style="mso-spacerun: yes;"> </span>significant<span style="mso-spacerun: yes;"> </span>improvements<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>properties<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>existing<span style="mso-spacerun: yes;">
</span>material<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>various<span style="mso-spacerun: yes;">
</span>other<span style="mso-spacerun: yes;"> </span>colour<span style="mso-spacerun: yes;"> </span>developments.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;">
</span>has<span style="mso-spacerun: yes;"> </span>now<span style="mso-spacerun: yes;"> </span>started<span style="mso-spacerun: yes;">
</span>reaping<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>benefits<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>its<span style="mso-spacerun: yes;"> </span>in-house<span style="mso-spacerun: yes;">
</span>R<span style="mso-spacerun: yes;"> </span>&<span style="mso-spacerun: yes;"> </span>D<span style="mso-spacerun: yes;">
</span>centre<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;"> </span>way<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>new and improved products,
leading to customer loyalty and satisfaction.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Further,
there has been no change in the nature of business of the Company.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">FUTURE EXPANSION:</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ATMANIRBHAR<span style="mso-spacerun: yes;"> </span>BHARAT<span style="mso-spacerun: yes;">
</span>ABHIYAAN<span style="mso-spacerun: yes;"> </span>-<span style="mso-spacerun: yes;"> </span>Make<span style="mso-spacerun: yes;">
</span>In<span style="mso-spacerun: yes;"> </span>India.<span style="mso-spacerun: yes;"> </span>Addressing<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>nation<span style="mso-spacerun: yes;"> </span>on<span style="mso-spacerun: yes;">
</span>12th<span style="mso-spacerun: yes;"> </span>May,<span style="mso-spacerun: yes;"> </span>2020,<span style="mso-spacerun: yes;">
</span>Hon’ble<span style="mso-spacerun: yes;"> </span>Prime<span style="mso-spacerun: yes;"> </span>Minister<span style="mso-spacerun: yes;">
</span>Shri Narendra Modi announced a special economic package for an
Aatmanirbhar or self-reliant India. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In his address to the
nation, he outlined the following five pillars for building a self-reliant
India:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">1.<span style="mso-spacerun: yes;"> </span>Economy<span style="mso-spacerun: yes;"> </span>-<span style="mso-spacerun: yes;">
</span>which<span style="mso-spacerun: yes;"> </span>brings<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>quantum<span style="mso-spacerun: yes;"> </span>jump<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>not<span style="mso-spacerun: yes;"> </span>incremental<span style="mso-spacerun: yes;"> </span>change.<span style="mso-spacerun: yes;">
</span>The<span style="mso-spacerun: yes;"> </span>government’s<span style="mso-spacerun: yes;"> </span>goal<span style="mso-spacerun: yes;">
</span>is<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>make<span style="mso-spacerun: yes;">
</span>India<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;"> </span>USD 5 Trillion economy by 2025;</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">2. Infrastructure<span style="mso-spacerun: yes;"> </span>-<span style="mso-spacerun: yes;">
</span>which<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;"> </span>become<span style="mso-spacerun: yes;">
</span>India’s<span style="mso-spacerun: yes;"> </span>new<span style="mso-spacerun: yes;"> </span>identity.<span style="mso-spacerun: yes;">
</span>To<span style="mso-spacerun: yes;"> </span>achieve<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>target<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>a<span style="mso-spacerun: yes;">
</span>USD<span style="mso-spacerun: yes;"> </span>5<span style="mso-spacerun: yes;"> </span>Trillion<span style="mso-spacerun: yes;">
</span>economy,<span style="mso-spacerun: yes;"> </span>more<span style="mso-spacerun: yes;"> </span>than<span style="mso-spacerun: yes;">
</span>INR 100 lakh Crore will be invested in infrastructure development in
India over the next five years;</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">3. Systems - based on 21st
century technology driven arrangements;</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">4. Vibrant Demography -
which will prove to be a competitive advantage for a self-reliant India; and</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">5. Demand - utilized to
its full capacity.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Seeing<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>aggressive<span style="mso-spacerun: yes;"> </span>plan<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>ATMANIRBHAR<span style="mso-spacerun: yes;"> </span>BHARAT<span style="mso-spacerun: yes;"> </span>ABHIYAAN<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>further<span style="mso-spacerun: yes;"> </span>announcement<span style="mso-spacerun: yes;">
</span>by<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Hon’ble<span style="mso-spacerun: yes;">
</span>Finance<span style="mso-spacerun: yes;"> </span>Minister to create land
bank for Industrial Cluster up-gradation of common infrastructure facilities
and connectivity, the Company is<span style="mso-spacerun: yes;">
</span>continuously<span style="mso-spacerun: yes;"> </span>thriving<span style="mso-spacerun: yes;"> </span>its<span style="mso-spacerun: yes;">
</span>best<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>identify<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>suitable<span style="mso-spacerun: yes;"> </span>Land<span style="mso-spacerun: yes;">
</span>parcel<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>future<span style="mso-spacerun: yes;">
</span>Green<span style="mso-spacerun: yes;"> </span>Field<span style="mso-spacerun: yes;"> </span>Port<span style="mso-spacerun: yes;">
</span>based<span style="mso-spacerun: yes;"> </span>Expansion.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Looking<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>initiatives taken by the
Government for self-reliant India, the Company strongly believes that in coming
years, the demand of ABS shall<span style="mso-spacerun: yes;"> </span>grow<span style="mso-spacerun: yes;"> </span>exponentially<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>will<span style="mso-spacerun: yes;"> </span>outstrip<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>ABS<span style="mso-spacerun: yes;"> </span>supplies.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">To<span style="mso-spacerun: yes;"> </span>meet<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>growing<span style="mso-spacerun: yes;"> </span>demand<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>ABS<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>India,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;">
</span>may<span style="mso-spacerun: yes;"> </span>even<span style="mso-spacerun: yes;"> </span>have<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>re-think<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>carry<span style="mso-spacerun: yes;"> </span>out<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>future<span style="mso-spacerun: yes;"> </span>expansion<span style="mso-spacerun: yes;">
</span>at<span style="mso-spacerun: yes;"> </span>its<span style="mso-spacerun: yes;"> </span>existing<span style="mso-spacerun: yes;">
</span>Plant<span style="mso-spacerun: yes;"> </span>located<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>Satnoor<span style="mso-spacerun: yes;"> </span>(Madhya<span style="mso-spacerun: yes;"> </span>Pradesh)<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>Abu<span style="mso-spacerun: yes;"> </span>Road<span style="mso-spacerun: yes;">
</span>(Rajasthan), if the availability of the suitable Land parcel at PORT
based location is delayed.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-80287268795998806732021-01-10T08:59:00.007-08:002021-01-10T08:59:45.020-08:00INDIAN ACRYLICS LTD - Q3 FY 21 - RESULTS ANALYSIS - Dt. 10 01 2021 <p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">INDIAN ACRYLICS LTD</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;"> </span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Indian Acrylics Ltd is
the largest and most efficient acrylic fiber manufacturer of India and an
important player in the global industry with exports to Asia, Europe and the
Middle East.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Its dry spun acrylic fiber
quality is outstanding thanks to its unique dog bone shaped cross section.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Product optimization,
reliability and environmental consciousness (green captive power generation
since 2002) make Indian Acrylics a preferred supplier for acrylic fiber, tops,
and tows.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">MANAGEMENT</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sh. Sibin C., IAS<span style="mso-tab-count: 2;"> </span>CHAIRMAN</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sh. R.K. Garg<span style="mso-tab-count: 2;"> </span>MD</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sh. Dheeraj Garg<span style="mso-tab-count: 2;"> </span>ADDL. MD</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">COMPANY</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">produces dry spun acrylic
fiber since 1993. product range comprises staple, tow and tops in regular and
high shrink. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">production facility is
located at Harkishanpura, District Sangrur, Punjab, India and has a capacity of
42000 mt p.a. and 5400 mt p.a. of tow to tops conversion.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">caters to all segments of
the textile industry.Product can be found in garments (especially winter wear
like sweaters, shawls, etc.), work clothing, furnishing fabrics (indoor and
outdoor), blankets, carpets, toys, etc.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">India´s biggest and most
efficient acrylic fiber manufacturer and an increasingly important global
player in the industry with exports to Asia, Europe and the Middle East.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QUARTERLY RESULTS</span></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="2" nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Indian Acrylics
(in Rs. Cr.)</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec '20</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Sep '20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Jun '20</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Mar '20</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Dec '19</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">YOY</span></p>
</td>
<td colspan="2" nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">QOQ</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net Sales</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">188</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">134</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">42</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">168</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">150</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">25.8</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">40.5</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Raw Materials</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">96.59</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">47.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">48.67</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">130.12</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">95.25</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.41</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">102</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.2pt;" valign="top" width="150">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Net Profit</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">10.4</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-4.3</span></p>
</td>
<td colspan="3" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-22</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">3.46</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.98</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">962</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.9pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">342</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.2pt;" valign="top" width="150">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Equity </span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">135.32</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">135.32</span></p>
</td>
<td colspan="3" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">135.32</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">135.32</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">135.32</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.9pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 112.2pt;" valign="top" width="150">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Basic EPS</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.77</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-0.32</span></p>
</td>
<td colspan="3" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-1.63</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.26</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.07</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.0pt;" valign="top" width="65">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1000</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.9pt;" valign="top" width="75">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">341</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Increase/Decrease
in Stocks</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">10.84</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">44.46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-20.07</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-31.73</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-1.68</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-745.2</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-75.62</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Employees Cost</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">17.52</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">12.99</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">7.32</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">16.25</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">15.71</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">11.52</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">34.87</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Depreciation</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.34</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.3</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.34</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5.22</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5.98</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">6.02</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.63</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Other Expenses</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">38.41</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">22.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">14.15</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">31.61</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">26.74</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">43.64</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">70.79</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">TOTAL EXP</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">178.85</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">138.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57"><br /></td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66"><br /></td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">149.18</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">19.89</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">28.74</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">P/L Before Other
Inc., Int., Excpt. Items & Tax</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">18.48</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-14.17</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">16.13</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">7.62</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">142.52</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Other Income</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.9</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.64</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.63</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">2.04</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">0.55</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">63.64</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-45.12</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">P/L Before Int.,
Excpt. Items & Tax</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">19.38</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1.63</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">-13.54</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">18.17</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">8.17</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">137.21</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1088.96</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td colspan="2" nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 114.05pt;" valign="top" width="152">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Interest</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">8.97</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.75pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">5.94</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.75pt;" valign="top" width="57">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">8.51</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">14.21</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">7.19</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.7pt;" valign="top" width="66">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">24.76</span></p>
</td>
<td colspan="2" nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="76">
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">51.01</span></p>
</td>
</tr>
<tr height="0">
<td style="border: none;" width="211"><br /></td>
<td style="border: none;" width="4"><br /></td>
<td style="border: none;" width="84"><br /></td>
<td style="border: none;" width="5"><br /></td>
<td style="border: none;" width="83"><br /></td>
<td style="border: none;" width="5"><br /></td>
<td style="border: none;" width="77"><br /></td>
<td style="border: none;" width="5"><br /></td>
<td style="border: none;" width="84"><br /></td>
<td style="border: none;" width="3"><br /></td>
<td style="border: none;" width="85"><br /></td>
<td style="border: none;" width="3"><br /></td>
<td style="border: none;" width="84"><br /></td>
<td style="border: none;" width="1"><br /></td>
<td style="border: none;" width="99"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">LETTER TO BSE RECENTLY:</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">After first two quarters
of lower operations level due to Covid19 pandemic, Company operations has started
improving and reaching near to the pre-covid levels in last two months. Sale of
Fibre and yarn during this month has increased by19%approx. to Rs.64.02 crore as
compared to Rs.53.90 crore in the corresponding period in the last month of December
2019 since the yarn being produced in our Spinning Mill has started getting
good response in the markets. Sale of Fibre and Yarn during this quarter has
increased by 25% to Rs.188.17croreas compared to Rs.149.62 crore in the
corresponding period in the last quarter October-December2019. Kindly take the same
on your records.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Segment Result indicates :</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Fibre revenue was
Rs.141.58 cr and its PBIT was Rs.21.77 cr where as its previous quarter net
loss was Rs.2.97 cr and Y/B /Q loss was Rs.3.13 cr</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Yarn has clocked revenue
of Rs.104.06 cr and a Net loss of Rs.1.95 cr against Net profit of Rs.5.26 Cr
in previous quarter and Net profit of Rs.12.14 cr in Y/B/Q.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Inter-segment revenue was
Rs.57.46 Cr</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">There is good increase in
sales in Q3 of this year for both Fibre and Yarn. While Fibre has given a
profit of Rs.21.77 cr Yarn has given a net loss of Rs.1.95 cr. Yarn had net
profit earlier and Fibre had net loss earlier. That has reversed in latest
quarter.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Finance cost has
increased considerably in Q3. Company has employed capital of<span style="mso-spacerun: yes;"> </span>Rs.113.11 cr in Fibre and<span style="mso-spacerun: yes;"> </span>Rs.13.224 cr only in Yarn.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Price Performance</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1 Week<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>1.98%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1 Month<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>43.27%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">3 Months<span style="mso-tab-count: 1;"> </span>37.68%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>26.41%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>-42.42%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">January 08, 2021 / 10:35 AM IST </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Reported Standalone quarterly numbers for Indian
Acrylics are:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Sales at
Rs 188.17 crore in December 2020 up 25.77% from Rs. 149.62 crore in December
2019.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quarterly
Net Profit at Rs. 10.42 crore in December 2020 up 947.12% from Rs. 0.99 crore
in December 2019.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">EBITDA
stands at Rs. 25.72 crore in December 2020 up 81.64% from Rs. 14.16 crore in
December 2019.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Indian
Acrylics EPS has increased to Rs. 0.77 in December 2020 from Rs. 0.07 in
December 2019.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mid-range
performer:</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Stock with medium financial performance with
average price momentum and valuation. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 year CAGR growth</span></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 100%px;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue</span></p>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">16.0%</span></p>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Profit</span></p>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-22.8%</span></p>
</td>
</tr>
<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Operating Profit</span></p>
</td>
<td style="padding: 0cm 0cm 0cm 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.5%</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><a href="https://www.moneycontrol.com/india/stockpricequote/textiles-manmade/indianacrylics/IA05#sharepattern"><span style="color: blue; font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Shareholding Pattern</span></a><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<ul type="disc"><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoters pledge remained unchanged at 24.89%
of holdings in Sep 2020 qtr.</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoters holding remains unchanged at 62.56%
in Sep 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mutual Funds holding remains unchanged at
0.07% in Sep 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Number of MF schemes remains unchanged at 4 in
Sep 2020 qtr</span></li><li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Institutional Investors holding remains
unchanged at 0.07% in Sep 2020 qtr</span></li></ul>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">MANAGEMENT DISCUSSION &
ANALYSIS-AR 2019-20</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a)<span style="mso-spacerun: yes;"> </span>Acrylic Fiber Industry – Global and Indian
Perspective:<span style="mso-spacerun: yes;"> </span>During the year under
review, the Industry witnessed stable demand of Acrylic Fibre (AF). The raw
materials as well as energy prices kept increasing during the first half of the
current year. The prices of raw material fell in the second half of the current
year.<span style="mso-spacerun: yes;"> </span>As far as production of Acrylic
Fibre in India is concerned, the domestic production of Acrylic Fibre has
increased marginally by 2% during the current financial year. The total
production of Acrylic Fibre in India during 2019-20 is estimated to be 0.099
Million MT compared to 0.097 Million MT in the year before that.<span style="mso-spacerun: yes;"> </span>Export of Acrylic Fibre from India in
quantitative terms have gone down from 0.025 Million MT to 0.022 Million
MT.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Domestic Industry continue
to face problems due to Acrylic Tow and tops<span style="mso-spacerun: yes;">
</span>exported as sub standard product or Synthetic Waste (Acrylic Soft Waste)
by certain producers from Peru, Thailand, Belarusian and dumped in India at
much lower prices. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Forum of Acrylic Fibre
(FAFM) has taken up with the Govt. to take stringent measures to curb this
practice as well as for levy of anti dumping duty on dumped Acrylic Fibre
imports.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Acrylonitrile (ACN), a
crude oil derivative, is the principal raw material for manufacture of Acrylic
Fiber. Normally, it is influenced by crude oil prices, though the same is also
impacted by it’s demand-supply balance as well as demand for propylene (an
input for ACN) from competing end uses and it’s availability. While supply of
Acrylonitrile was tight due to unplanned shutdowns in the first half of the
year with very high prices. This has improved in the second half of the year
and thereafter prices of ACN drop considerably<span style="mso-spacerun: yes;">
</span>Production<span style="mso-spacerun: yes;"> </span>remained<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;">
</span>complete<span style="mso-spacerun: yes;"> </span>shutdown <span style="mso-spacerun: yes;"> </span>during<span style="mso-spacerun: yes;">
</span>24.03.2020<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>27.04.2020<span style="mso-spacerun: yes;">
</span>due<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>lockdown<span style="mso-spacerun: yes;">
</span>imposed<span style="mso-spacerun: yes;"> </span>by Government on account
of Covid-19. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">It has affected market
sentiments of customers across entire value chain due to which export textile
sales have taken severe dip during last quarter of the Financial Year.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">There is no other major
change in the world capacities of Acrylic Fibre during the year.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">b<b style="mso-bidi-font-weight: normal;">)<span style="mso-spacerun: yes;"> </span>Business Outlook</b>:<span style="mso-spacerun: yes;"> </span>The market for acrylic fiber is expected to
register a CAGR of around 1% during the time period of 2020-2025. The major factor
driving the growth of the market studied include the high demand from the use
of apparel.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">On the flipside,
availability of substitutes like polyester, stringent regulations worldwide on
the production of acrylic fiber, and the negative impact of Covid-19 on the
overall market are expected to hinder the growth of the market<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Asia-Pacific dominated the
global acrylic fiber market, due to high demand from the ASEAN countries and
India.<span style="mso-spacerun: yes;"> </span>India will continue to be the
fastest growing major economy in the world. It’s growth outlook is still
robust. In comparison to other emerging markets Indian economy position is
quite impressive as it has managed to deliver growth slightly above its
potential despite temporary setbacks.<span style="mso-spacerun: yes;">
</span>It is predicted that feed stocks as well as Acrylonitrile Prices will
continue to remain soft in the first half of F.Y. 2020-21 due to Covid-19 and
pickup gradually after that.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">It is predicted that
Acrylic Fibre and Yarn demand will grow at faster rate in Indian Market post
Covid-19 in the second half of this financial year.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">In<span style="mso-spacerun: yes;"> </span>order<span style="mso-spacerun: yes;">
</span>to<span style="mso-spacerun: yes;"> </span>grow<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>business<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>strengthen<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>top<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>bottom<span style="mso-spacerun: yes;"> </span>lines,<span style="mso-spacerun: yes;">
</span>your<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>creating<span style="mso-spacerun: yes;"> </span>more<span style="mso-spacerun: yes;"> </span>yarn manufacturing capacity. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The work on installation
of 10000 more spindles worsted mill project is completed. Out of the above 6500
spindles along with all other facilities required for production of dyed
acrylic yarn has come into commercial production on 01.06.2019 and remaining
3500 spindles had come into commercial production on 15.03.2020. These
facilities would further help in increasing the demand of acrylic fibre as well
as in making more diversified and broad based customer base in both domestic
and export markets.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Shareholding Pattern as on
31st March 2020<span style="mso-spacerun: yes;"> </span>Sr. No.<span style="mso-spacerun: yes;"> </span>Particulars No. of Shares % age1.
Promoters, Directors & Associates 84662319 62.562. Bodies Corporate 5365604
3.973. FI’s & Mutual Funds 92900 0.074. NRI’s 705771 0.525. General Public
44495568 32.88Total<span style="mso-spacerun: yes;"> </span>135322162<span style="mso-spacerun: yes;"> </span>100.00</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Yearly
Results of Indian Acrylics (in Rs. Cr.)</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'20</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'19</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'18</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'17</span></p>
</td>
<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Mar
'16</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">745.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">731.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">522.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">476.13</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">540.2</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Consumption
of Raw Materials</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">528.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">500</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">372.54</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">314.14</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">355.97</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">38.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">28.48</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">15.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">17.59</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Net
Profit</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">10.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">11.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">8.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">21.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">20.62</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Equity</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">135.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">135.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">135.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">135.32</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">135.32</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Reserves
</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">6.4</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-3.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-15.06</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-37.34</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">-59.74</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 129.1pt;" valign="top" width="172">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Basic
EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">0.66</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.62</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.6pt;" valign="top" width="89">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">1.52</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-83458604350235928902021-01-09T21:21:00.012-08:002021-01-09T21:21:59.280-08:00D MART - AVENUE SUPERMARTS LIMITED - Q3 FY 21 - RESULTS ANALYSIS - Dt 09.01.21<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">D MART</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">AVENUE SUPERMARTS LIMITED</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Avenue<span style="mso-spacerun: yes;">
</span>Supermarts Limited is a Mumbai-based company, which owns and operates
D-Mart stores. It was founded by <b>Mr. Radhakishan Damani</b>, the 7th Richest Man in
India as of 2020.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">D-Mart is a national supermarket<span style="mso-spacerun: yes;"> </span>chain<span style="mso-spacerun: yes;">
</span>that<span style="mso-spacerun: yes;"> </span>offers customers a range of
home<span style="mso-spacerun: yes;"> </span>and personal products under<span style="mso-spacerun: yes;"> </span>one roof.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Company offers a wide range of products with a
focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel<span style="mso-spacerun: yes;"> </span>product<span style="mso-spacerun: yes;">
</span>categories.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The<span style="mso-spacerun: yes;"> </span>Company<span style="mso-spacerun: yes;"> </span>offers<span style="mso-spacerun: yes;">
</span>its products<span style="mso-spacerun: yes;"> </span>under<span style="mso-spacerun: yes;"> </span>various<span style="mso-spacerun: yes;">
</span>categories,<span style="mso-spacerun: yes;"> </span>such<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;">
</span>grocery and staples, dairy and frozen, fruits and vegetables, home and
personal care, bed and bath, crockery, footwear, toys and games, kids’ apparel,
apparel for men & women and daily essentials.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">As<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>December<span style="mso-spacerun: yes;">
</span>31,<span style="mso-spacerun: yes;"> </span>2020,<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>Company had 221 operating stores with Retail Business Area of 8.17
million sq. ft. (adjusted for space leased to AEL during the quarter) across
Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu,
Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Consolidated
Results</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> :Q3 FY 21<span style="mso-spacerun: yes;"> </span>:Q2
FY 21<span style="mso-spacerun: yes;"> </span>: Q3 FY 20<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">1<span style="mso-spacerun: yes;"> </span>Income </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a1) Revenue from operations 7,542 <span style="mso-tab-count: 1;"> </span>5,306 <span style="mso-tab-count: 1;"> </span>6.809
(10.8%YoY);(42.1 QoQ)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a2) Net<span style="mso-spacerun: yes;"> </span>profit
after tax <span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>447 <span> </span><span style="mso-tab-count: 1;"> </span>199 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>384 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(16.4% YoY); (125%QoQ)</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a3)<span style="mso-spacerun: yes;"> </span>Diluted EPS <span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>Rs.<span style="mso-tab-count: 2;"> </span>6.85 <span style="mso-tab-count: 1;"> </span>3.04 <span> </span><span style="mso-tab-count: 1;"> </span>6.09 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><b>Market price</b> :Rs.2958;</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">52-wk high<span style="mso-tab-count: 1;"> </span>3,100.00</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">52-wk low<span style="mso-tab-count: 1;"> </span>1,729.30</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PE RATIO :108</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> <br /></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">b) Other income <span style="mso-tab-count: 4;"> </span>45
<span style="mso-tab-count: 2;"> </span>52 <span style="mso-tab-count: 2;"> </span>6</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Total income <span style="mso-tab-count: 3;"> </span>7,587
<span style="mso-tab-count: 1;"> </span><span> </span>5.358 <span style="mso-tab-count: 1;"> </span>6,815</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">2 Expenses </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a) Purchases of stock-in-trade 6,386 <span style="mso-tab-count: 1;"> </span>4,612 <span style="mso-tab-count: 1;"> </span>5,541</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">b)<span style="mso-spacerun: yes;"> </span>Change
in<span style="mso-spacerun: yes;"> </span>inventories of stock-in-trade (13)
(76) 225 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">c) Employee benefits expense <span> </span>139 <span> </span><span> </span>132 <span> </span>118</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">d) Finance costs <span> </span><span> </span><span> </span><span> </span><span> </span><span> </span>11 <span> </span><span> </span><span> </span>9 <span> </span><span> </span>18</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">e) Depreciation and<span style="mso-spacerun: yes;">
</span>amortisation expense 114 101 95 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">f)<span style="mso-spacerun: yes;"> </span>Other
expenses <span style="mso-tab-count: 1;"> <span> </span><span> </span><span> </span></span>341 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span><span> </span>309 <span style="mso-tab-count: 1;"> </span><span> </span>328 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Total expenses <span style="mso-tab-count: 2;"> </span><span> </span><span> </span>6,978
<span style="mso-tab-count: 1;"> <span> </span></span>5,087 <span style="mso-tab-count: 1;"> </span>6,325
</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">3<span style="mso-spacerun: yes;"> </span>Profit before
tax <span style="mso-tab-count: 1;"> </span><span> </span><span> </span><span> </span>609 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>272 `<span> </span><span style="mso-tab-count: 1;"> </span>490 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">4 Tax expenses Current tax <span style="mso-tab-count: 1;"> </span>160 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>73<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span><span> </span><span> </span>111 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Deferred tax<span style="mso-spacerun: yes;">
</span>charge! (credit) <span> </span>3 <span> </span><span> </span><span> </span>1<span> </span><span> </span> (5)<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Net<span style="mso-spacerun: yes;"> </span>profit after
tax <span style="mso-tab-count: 1;"> </span><span> </span><span> </span><span> </span>447 <span style="mso-tab-count: 1;"> </span><span> </span><span> <span> </span></span>199 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>384 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">7 Total comprehensive income for<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>period<span style="mso-tab-count: 5;"> </span><span style="mso-tab-count: 3;"> </span>446 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>198 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>383 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">8 Profit for the<span style="mso-spacerun: yes;">
</span>period<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> <span> </span><span> </span></span>447 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>199 <span> </span><span style="mso-tab-count: 1;"> </span>384 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">9. Total comprehensive income for<span style="mso-spacerun: yes;"> </span>the period</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"><span style="mso-tab-count: 6;"> <span> </span></span>446
<span style="mso-tab-count: 1;"> </span><span> </span><span> </span><span> </span>198 <span style="mso-tab-count: 1;"> </span><span> </span>383
</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">10 Paid-up equity share capital 647.77 647.77 627.77 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">(Face Value - Rs.10 - per<span style="mso-spacerun: yes;"> </span>share) </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">12 Earnings per<span style="mso-spacerun: yes;">
</span>share (of ~10!- each) (not annualised): </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">a)<span style="mso-spacerun: yes;"> </span>Basic in <span style="mso-tab-count: 1;"> <span> </span><span> </span><span> </span><span> </span></span>Rs.6.90 <span style="mso-tab-count: 2;"> </span>3.07
<span style="mso-tab-count: 1;"> </span>6.14<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">b)<span style="mso-spacerun: yes;"> </span>Diluted
in<span style="mso-spacerun: yes;"> </span><span> </span><span> </span><span> </span><span> </span>Rs.6.85 <span style="mso-tab-count: 1;"> </span>304 <span style="mso-tab-count: 1;"> </span><span> </span><span> </span>6.09 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p><p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Parent
company through Qualified Institutions Placement (QIP) allotted 20,000,000
equity shares to the eligible Qualified Institutional Buyers (QIB) at a issue
price of Rs.2,049 per equity share (Including a premium of Rs.2,039 per Equity
Share) aggregating to Rs.4,098 crore on 11th February, 2020 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">•9 stores were added in 9MFY21 and 2 were closed and
converted into Fulfillment Center for our E-Commerce Business in 9MFY21 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The Statement includes the results of the following
entities:Parent Company:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">i.Avenue Supermarts Limited</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Subsidiaries:</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">i.Avenue E-Commerce Limited</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">ii.Align Retail Trade Private Limited</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">iii.Nahar Seth & Jogani Developers Private Limited</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">iv.Avenue Food Plaza Private Limited</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">v.Reflect Wholesale and Retail Private Limited</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 16.0pt;">Consolidated results<span style="mso-spacerun: yes;"> - some more Analysis
</span></span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Earnings<span style="mso-spacerun: yes;">
</span>before<span style="mso-spacerun: yes;"> </span>Interest,<span style="mso-spacerun: yes;"> </span>Tax,<span style="mso-spacerun: yes;">
</span>Depreciation<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>Amortization<span style="mso-spacerun: yes;">
</span>(EBITDA)<span style="mso-spacerun: yes;"> </span>in Q3FY21 stood<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>Rs.689<span style="mso-spacerun: yes;"> </span>crore,<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;"> </span>compared<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
</span>Rs.<span style="mso-spacerun: yes;"> </span>597<span style="mso-spacerun: yes;"> </span>crore in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>corresponding<span style="mso-spacerun: yes;"> </span>quarter<span style="mso-spacerun: yes;">
</span>of last year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">EBITDA margin stood at 9.1% in Q3FY21 as compared to
8.8% in Q3FY20.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Net Profit stood at Rs. 447 crore for Q3FY21, as
compared to Rs. 384 crore in the corresponding quarter of last year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PAT margin stood at 5.9% in Q3FY21 as compared to 5.6%
in Q3FY20 </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Basic Earnings per share (EPS) for Q3FY21 stood at Rs.
6.90, as compared with Rs. 6.14 for Q3FY20. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Total<span style="mso-spacerun: yes;">
</span>Revenue<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;"> </span>9MFY21<span style="mso-spacerun: yes;">
</span>stood<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>Rs.<span style="mso-spacerun: yes;">
</span>16,731<span style="mso-spacerun: yes;"> </span>crore,<span style="mso-spacerun: yes;"> </span>as<span style="mso-spacerun: yes;">
</span>compared<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>Rs.<span style="mso-spacerun: yes;">
</span>18,614<span style="mso-spacerun: yes;"> </span>crore<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;">
</span>the<span style="mso-spacerun: yes;"> </span>same<span style="mso-spacerun: yes;"> </span>period<span style="mso-spacerun: yes;">
</span>last year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Earnings before Interest, Tax, Depreciation and
Amortization (EBITDA) in 9MFY21 stood at Rs. 1,130<span style="mso-spacerun: yes;"> </span>crore, as compared to Rs. 1,711 crore during
9MFY20.</span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">EBITDA margin stood at 6.8% in 9MFY21 as compared to
9.2% in 9MFY20.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Net Profit<span style="mso-spacerun: yes;">
</span>stood<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;"> </span>Rs.<span style="mso-spacerun: yes;">
</span>686<span style="mso-spacerun: yes;"> </span>crore<span style="mso-spacerun: yes;"> </span>for<span style="mso-spacerun: yes;">
</span>9MFY21,<span style="mso-spacerun: yes;"> </span>as compared<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>Rs.<span style="mso-spacerun: yes;"> </span>1,030<span style="mso-spacerun: yes;">
</span>crore<span style="mso-spacerun: yes;"> </span>in<span style="mso-spacerun: yes;"> </span>9MFY20.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">PAT<span style="mso-spacerun: yes;"> </span>margin<span style="mso-spacerun: yes;"> </span>stood<span style="mso-spacerun: yes;">
</span>at 4.1% in 9MFY21 as compared to 5.5% in 9MFY20.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Basic Earnings per share (EPS) for 9MFY21 stood at Rs.
10.58 as compared with Rs. 16.49 for 9MFY20.</span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">COMMENTS
:</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">D-Mart follows Everyday low cost - Everyday low price
(EDLC-EDLP) strategy which aims at procuring goods at competitive<span style="mso-spacerun: yes;"> </span>price,<span style="mso-spacerun: yes;">
</span>using<span style="mso-spacerun: yes;"> </span>operational<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>distribution<span style="mso-spacerun: yes;"> </span>efficiency<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;">
</span>thereby<span style="mso-spacerun: yes;"> </span>delivering<span style="mso-spacerun: yes;"> </span>value<span style="mso-spacerun: yes;">
</span>for<span style="mso-spacerun: yes;"> </span>money<span style="mso-spacerun: yes;"> </span>to customers by selling at competitive
prices. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Commenting<span style="mso-spacerun: yes;">
</span>on<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>performance<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;"> </span>company <b>Mr. Neville Noronha, CEO &
Managing Director,</b> Avenue Supermarts Limited, said:<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">The quarter has seen further improvement in our
business and financial metrics. Our overall sales and sales mix is now trending
very close to our usual times except for specific customer consumption changes
post Covid-19. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Apparel,<span style="mso-spacerun: yes;">
</span>laundry,<span style="mso-spacerun: yes;"> </span>footwear,<span style="mso-spacerun: yes;"> </span>travel<span style="mso-spacerun: yes;">
</span>and<span style="mso-spacerun: yes;"> </span>such<span style="mso-spacerun: yes;"> </span>relevant<span style="mso-spacerun: yes;">
</span>out<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>home<span style="mso-spacerun: yes;">
</span>usage<span style="mso-spacerun: yes;"> </span>categories<span style="mso-spacerun: yes;"> </span>are<span style="mso-spacerun: yes;">
</span>taking<span style="mso-spacerun: yes;"> </span>more<span style="mso-spacerun: yes;"> </span>time<span style="mso-spacerun: yes;">
</span>to recover.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Agile OPEX management along with a good surge in
festival shopping allowed us to deliver a significantly better quarter than the
previous two quarters. However, December month didn’t trend as well as the
festival months of October and November. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Two years and older DMart stores did ~96% of December
2019 sales in the month of December 2020. We have 162 stores that are 2 years
or older. Restricted store operations in certain cities post Diwali due to
night curfews and weekend closure led to significantly larger declines in those
stores versus same period last year. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">There<span style="mso-spacerun: yes;">
</span>continues<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>be<span style="mso-spacerun: yes;">
</span>a<span style="mso-spacerun: yes;"> </span>distinct<span style="mso-spacerun: yes;"> </span>behaviour<span style="mso-spacerun: yes;">
</span>of<span style="mso-spacerun: yes;"> </span>doing<span style="mso-spacerun: yes;"> </span>shopping<span style="mso-spacerun: yes;">
</span>more<span style="mso-spacerun: yes;"> </span>efficiently<span style="mso-spacerun: yes;"> </span>by<span style="mso-spacerun: yes;"> </span>shoppers.<span style="mso-spacerun: yes;"> </span>Lesser<span style="mso-spacerun: yes;">
</span>trips<span style="mso-spacerun: yes;"> </span>and higher basket values
continue to be the norm. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">While there is a general reduction in basket values
compared to peak pandemic levels, they still continue to be relatively higher
than pre Covid-19 levels.<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">We also continue to face inconsistent supplies from the
non FMCG sector. Raw material prices are also going up. Availability in certain
categories is likely to get worse before getting better. This could therefore
have an impact on sales mix and margins in the near term. </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">DMart
Ready</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> : This<span style="mso-spacerun: yes;">
</span>quarter<span style="mso-spacerun: yes;"> </span>we<span style="mso-spacerun: yes;"> </span>soft<span style="mso-spacerun: yes;">
</span>launched<span style="mso-spacerun: yes;"> </span>DMart<span style="mso-spacerun: yes;"> </span>Ready<span style="mso-spacerun: yes;">
</span>in<span style="mso-spacerun: yes;"> </span>select<span style="mso-spacerun: yes;"> </span>pin<span style="mso-spacerun: yes;">
</span>codes<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;"> </span>Ahmedabad,<span style="mso-spacerun: yes;">
</span>Bangalore<span style="mso-spacerun: yes;"> </span>and<span style="mso-spacerun: yes;"> </span>Hyderabad.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">In addition, at some of our brick and mortar stores we
have leased some part of the space to Avenue E-Commerce Limited<span style="mso-spacerun: yes;"> </span>(AEL)<span style="mso-spacerun: yes;">
</span>to <span style="mso-spacerun: yes;"> </span>commence<span style="mso-spacerun: yes;"> </span>E-Commerce<span style="mso-spacerun: yes;">
</span>operations<span style="mso-spacerun: yes;"> </span>in those<span style="mso-spacerun: yes;"> </span>cities.<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Post<span style="mso-spacerun: yes;">
</span>Covid-19<span style="mso-spacerun: yes;"> </span>environment<span style="mso-spacerun: yes;"> </span>is<span style="mso-spacerun: yes;">
</span>creating opportunities to launch DMart Ready in more cities. </span></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">However, we will continue with our approach of small
trials, reviews and controlled acceleration for DMart Ready. </span></p>
<p class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">Conclusion
</span></b></p>
<p class="MsoNormal"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;">All<span style="mso-spacerun: yes;"> </span>our<span style="mso-spacerun: yes;"> </span>stringent<span style="mso-spacerun: yes;">
</span>safety<span style="mso-spacerun: yes;"> </span>precautions<span style="mso-spacerun: yes;"> </span>at<span style="mso-spacerun: yes;">
</span>stores<span style="mso-spacerun: yes;"> </span>shall<span style="mso-spacerun: yes;"> </span>continue<span style="mso-spacerun: yes;">
</span>as<span style="mso-spacerun: yes;"> </span>before<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;">
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to work and shop. We also intend to continue extended store operating hours.
This is allowing us to serve our customers in a more safe and efficient way.</span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-15617870449182575732021-01-09T21:10:00.005-08:002021-01-09T21:10:34.931-08:00TATA CONSULTANCY SERVICES LTD - TCS - Q3 FY 21 - RESULTS ANALYSIS - DT 09.01.2021<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TATA CONSULTANCY SERVICES</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 FY 21 RESULTS ANALYSIS</span></b></p>
<p align="center" class="MsoNormal" style="text-align: center;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 28.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">09.01.2021</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Strong
Demand Drives TCS Q3 Growth Momentum - </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Highlights of Q3 FY 21</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Revenue at Rs.42,015 crore, +4.7% QoQ, +5.4% YoY</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Constant Currency revenue growth: +4.1% QoQ, +0.4% YoY </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Net Income at Rs.8,701 crore, +3.2% QoQ, +7.3% YoY</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Operating Margin at 26.6%; Net Margin at 20.7% </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Strong Cash Conversion: Net Cash from Operations at ,11,952 Crore : 137.4% of
Net Profit </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Consolidated headcount: 469,261 I Net addition: 15,721 : Women in<span style="mso-spacerun: yes;"> </span>the workforce: 36.4% </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
366K+ employees trained in new technologies; 444K+ on Agile methods </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
IT Services attrition rate dips to a new all-time low, at 7.6% LTM </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
Interim Dividend per share: ~6.00 I Record date 16/01/2021 I Payment date
03/02/2021 </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">IFRS Financial Statements </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consolidated Statements of
Comprehensive Income </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">For the three-month periods ended
December 31, 2019, and December 31, 2020 </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(In millions of Rs. except per share
data) </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 5;"> </span>Q3 FY 20<span style="mso-tab-count: 1;"> </span>Q3 FY 21 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue
<span style="mso-tab-count: 3;"> </span>398,540<span style="mso-tab-count: 2;"> </span>420,150<span style="mso-spacerun: yes;">
</span></span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cost
of revenue <span style="mso-tab-count: 2;"> </span>233,690 <span style="mso-tab-count: 1;"> </span><span> </span>245,270</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Gross
margin <span style="mso-tab-count: 2;"> </span>164,850<span style="mso-tab-count: 2;"> </span>174,880<span style="mso-tab-count: 1;"> </span>
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">SG
& A expenses <span style="mso-tab-count: 2;"> </span>65,110 <span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 2;"> </span>63,140</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Operating
income <span style="mso-tab-count: 1;"> </span>99,740 <span style="mso-tab-count: 2;"> </span>111,840</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
income (expense), net 5,950<span style="mso-tab-count: 2;"> </span>5,080 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Income
before income taxes 105,690<span style="mso-tab-count: 1;"> </span>116,920 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Income
taxes <span style="mso-tab-count: 2;"> </span>24,260<span style="mso-tab-count: 2;"> </span>29,650 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Income
after income taxes 81,430<span style="mso-tab-count: 1;"> </span>87,270 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-controlling
interests 250 <span style="mso-tab-count: 2;"> </span>260</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net
income <span style="mso-tab-count: 3;"> </span>81,180 <span style="mso-tab-count: 2;"> </span>87,010</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Earnings
per share in Rs.21.63<span style="mso-tab-count: 2;"> </span>23.19 </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consolidated Statements of Financial
Position </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(In millions of Rs.) </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 4;"> </span>31,March,
2020:: 31st,Dec,2020</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Assets
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Property
and equipment <span style="mso-tab-count: 1;"> </span>119,380 <span style="mso-tab-count: 1;"> </span><span> </span>119,810</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Right-of-use
Assets <span style="mso-tab-count: 2;"> </span>79,940<span style="mso-tab-count: 2;"> </span>76,980 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Intangible
assets and Goodwill 41,330<span style="mso-tab-count: 1;"> </span>43,990 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Accounts
Receivable <span style="mso-tab-count: 2;"> </span>306,060<span style="mso-tab-count: 2;"> </span>299,670 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Unbilled
Revenues <span style="mso-tab-count: 2;"> </span>105,440<span style="mso-tab-count: 2;"> </span>93,920 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Investments
<span style="mso-tab-count: 4;"> </span>263,560<span style="mso-tab-count: 2;"> </span>503,440 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cash
and Cash equivalents 86,460<span style="mso-tab-count: 2;"> </span>72,160
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
current assets <span style="mso-tab-count: 2;"> </span>148,950<span style="mso-tab-count: 2;"> </span>154,940 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
non-current assets <span style="mso-tab-count: 1;"> </span>79,010 <span style="mso-tab-count: 2;"> </span>77,060</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total
Assets <span style="mso-tab-count: 4;"> </span>1,230,130<span style="mso-tab-count: 1;"> </span>1,441,970 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Liabilities
and Shareholders' Equity </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shareholders'
Funds <span style="mso-tab-count: 2;"> </span>862,400<span style="mso-tab-count: 2;"> </span>821,390 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
current liabilities <span style="mso-tab-count: 1;"> </span>270,600<span style="mso-tab-count: 2;"> </span>527,200 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
non-current liabilities 90,900<span style="mso-tab-count: 2;"> </span>86,670
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-controlling
interests <span style="mso-tab-count: 2;"> </span>6,230<span style="mso-tab-count: 1;"> </span>6,710 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total
Liabilities <span style="mso-tab-count: 3;"> </span>1,230,130 <span style="mso-tab-count: 1;"> </span>1,441,970</span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Ind AS Financial Statements </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consolidated Statement of Profit and
Loss </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 5;"> </span>Q3
FY 20<span style="mso-tab-count: 1;"> </span>Q3 FY 21 </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(In
Rs crore, except per share data) </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Revenue
<span style="mso-tab-count: 3;"> </span>39,854<span style="mso-tab-count: 2;"> </span>42,015 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Expenditure
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">a)
Employee Costs <span style="mso-tab-count: 1;"> </span>21,622 <span style="mso-tab-count: 2;"> </span>23,431</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">b)
Cost of equipment and software licences 460<span style="mso-tab-count: 1;"> </span>396
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">c)
Other Operating expenses <span style="mso-tab-count: 1;"> </span>6,901 <span style="mso-tab-count: 1;"> </span>5,980</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">d)
Depreciation <span style="mso-tab-count: 4;"> </span>897<span style="mso-tab-count: 2;"> </span>1,024 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total
Expenditure <span style="mso-tab-count: 2;"> </span><span> </span>29,880<span style="mso-tab-count: 2;"> </span>30,831 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit
Before Taxes & Other Income 9,974<span style="mso-spacerun: yes;">
</span>11,184 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Other
income (expense), net <span style="mso-tab-count: 2;"> </span>595<span style="mso-tab-count: 2;"> </span>508 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit
Before Taxes <span style="mso-tab-count: 3;"> </span>10,569<span style="mso-tab-count: 1;"> </span>11,692 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Provision
For Taxes <span style="mso-tab-count: 3;"> </span>2,426<span style="mso-tab-count: 1;"> </span>2,965 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Profit
After Taxes & Before Non-controlling interest <span style="mso-tab-count: 4;"> </span><span style="mso-tab-count: 4;"> </span>8,143<span style="mso-tab-count: 2;"> </span>8,727</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-controlling
interests <span style="mso-tab-count: 3;"> </span>25 <span style="mso-tab-count: 2;"> </span>26</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Net
Profit <span style="mso-tab-count: 5;"> </span>8,118
<span style="mso-tab-count: 2;"> </span>8,701</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Earnings
per share in Rs. <span style="mso-tab-count: 2;"> </span>21.63<span style="mso-tab-count: 2;"> </span>23.19 </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consolidated Balance Sheet </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">As at March 31, 2020 and December 31,
2020 </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(In crores of Rs') </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 3;"> </span>As at March 31, 2020<span style="mso-tab-count: 2;"> </span>DEC,31,2020 </span></p>
<p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">ASSETS
</span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Property,
plant and equipment 12,130 <span style="mso-spacerun: yes;"> </span>12,293</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Right-of-use
assets <span style="mso-tab-count: 3;"> </span>7,994<span style="mso-tab-count: 1;"> </span>7,698 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Investments
<span style="mso-tab-count: 5;"> </span>26,356<span style="mso-tab-count: 1;"> </span>50,344 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Deferred
tax assets (net) <span style="mso-tab-count: 2;"> </span>2,828 <span style="mso-tab-count: 1;"> </span>3,332</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Goodwill
(on consolidation) <span style="mso-tab-count: 1;"> </span>1,710 <span style="mso-tab-count: 1;"> </span>1,850</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cash
and Bank Balance <span style="mso-tab-count: 2;"> </span>9,666 <span style="mso-tab-count: 1;"> </span>11,075</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Current
Assets, Loans & Advances 54,431<span style="mso-tab-count: 1;"> </span>50,444
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-current
assets, Loans and advances 5,784 5,040 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total
Assets <span style="mso-tab-count: 6;"> </span>120,899<span style="mso-tab-count: 1;"> </span>1,42,076 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>EQUITY
AND LIABILITIES</b> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Shareholders'
Funds <span style="mso-tab-count: 4;"> </span>84,126<span style="mso-tab-count: 1;"> </span>80,018 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-controlling
interests <span style="mso-tab-count: 4;"> </span>623<span style="mso-tab-count: 1;"> </span> 671 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Deferred
Tax Liabilities (net) <span style="mso-tab-count: 3;"> </span>779<span style="mso-tab-count: 2;"> </span>695 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Current
Liabilities and Provisions <span style="mso-tab-count: 1;"> </span>27,060<span style="mso-tab-count: 1;"> </span>52,270 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Non-current
liabilities and provisions 8,311<span style="mso-tab-count: 1;"> </span>7,972 </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Total
Liabilities <span style="mso-tab-count: 5;"> </span>120,899<span style="mso-tab-count: 1;"> </span>1,42.076 </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Q3 Segment Highlights** </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Industries: </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">All
verticals showed good sequential growth, led by Manufacturing (+7.1%), BFSI
(+2%), Life Sciences and Healthcare (+5.2%), Communications & Media (+5.5%)
and Retail and CPG (+3.1%). </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">On
a year on year, constant currency basis, Life Sciences and Healthcare continued
to grow in double digits at 18.2%. BFSI (+2.4%) and Technology & Services
(+2.4%) also moved into positive territory. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Markets: </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Sequential
growth was led by North America (+3.3%), India (+18.1%), UK (+4.5%), and
Continental Europe (+2.5%). Other markets grew as well, with and Asia Pacific
growing +2.6%, MEA +6.7%, and Latin America +3.1%. </span></p>
<p class="MsoNormal" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Services: </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Continue
to see a strong rebound in growth and transformation services as customers seek
to operationalize new models. Growth in the quarter was led by Cloud Services,
Analytics & Insights, Cognitive Business Operations, loT and Quality
Engineering & Transformation Platform Services. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
<b style="mso-bidi-font-weight: normal;">Consulting & Services Integration</b>:
Continued robustness in demand, led by digital and cloud strategy, enterprise
agility, mergers and acquisitions, and supply chain and finance transformation.
</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
<b style="mso-bidi-font-weight: normal;">Cognitive Business Operations</b>:
Experiencing strong growth due to acceleration of digital adoption and
hyper-automation across enterprises to enhance agility, customer experience,
agility and deliver superior business outcomes. Growth in Q3 was led by
datacenter services, service desk and end-user computing, supply chain
operations, and automation services.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">•
<b style="mso-bidi-font-weight: normal;">Digital Transformation Services</b>:
There was strong demand for hyperscaler cloud services. key areas included
mainframe and legacy modernizations,<span style="mso-spacerun: yes;">
</span>data modernization on cloud (MDM, data lakes), augmented analytics for
in-context insights, risk regulatory & compliance analytics and use of
cloud platforms for collaboration. Cybersecurity continued to be of the highest
priority as new work models emerge. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
need to enhance user experience across enterprise functions drove good growth
for professional services around Sales force, SAP S/4 HANA and BPM. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Consumer
demand for automated and contact-less services led to good growth for TCS
Interactive; in design led services, digital marketing and content services. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Growth in loT (The Internet of Things (IoT) describes the network of physical
objects—“things”—that are embedded with sensors, software, and other
technologies for the purpose of connecting and exchanging data with other
devices and systems over the internet) was led by strong demand for
implementing loT-enabled remote monitoring and self-optimizing plant
operations. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">New offerings launched in Q3 include TCS CogniX™, an Al-driven
suite of prebuilt solutions for accelerating digital transformation of
operations, ConvertCore™ for accelerated S/4HANA transformation assessment
& migration and an expanded version of Crystallus™, a contextualized
preconfigured solution for enterprise transformation, to cover Railways.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The
company's people culture, and world-leading HR practices have made it the
global industry benchmark in talent retention. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">In Q3, its IT services attrition
rate (LTM) was at 7.6%. "While continuing to stay closely focused on
employee engagement and morale, we are now gearing up for growth. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our sustained
investment in organic talent development is now paying rich dividends, helping
·us support our business growth. We are also continuing along our journey to
re-imagine and transform the HR value chain, leveraging technology innovatively
to digitize processes, virtualize interactions, and enhance responsiveness. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">These initiatives for entry-level hiring, training and onboarding were so
successful, we are now rolling out similar models for mid-level hiring and
incremental reskilling. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">All this has resulted in a superior employee
experience, while materially driving up our throughput," said Mlllnd
Lakkad, Chief Human Resources Officer</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">About
Tata Consultancy Services Ltd (TCS) </span></b></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Tata
Consultancy Services is an IT services, consulting and business solutions
organization that has been partnering with many of the world's largest
businesses in their transformation journeys for over so many years. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TCS offers
a consulting-led, cognitive powered, integrated portfolio of business,
technology and engineering services and solutions. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">This is delivered through
its unique Location Independent Agile™ delivery model, recognized as a
benchmark of excellence in software development. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">A part of the Tata group,
India's largest multinational business group, TCS has over 469,000 of the
world's best-trained consultants in 46 countries. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The company generated
consolidated revenues of US $22 billion in the fiscal year ended March 31,
2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE
(National Stock Exchange) in India. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">TCS' proactive stance on climate change and
award-winning work with communities across the world have earned it a place in
leading sustainability indices such as the Dow Jones Sustainability Index (DJSI),
MSCI Global Sustainability Index and the FTSE4Good Emerging Index. </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Commenting
on the Q3 performance, Rajesh Gopinathan Chief Executive Officer and Managing
Director TCS said: </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">"Growing
demand for core transformation services and strong revenue conversion from
earlier deals have driven a powerful momentum that helped us overcome seasonal
headwinds and post one of our best performances in a December quarter. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We are
entering the new year on an optimistic note, our market position stronger than
ever before, and our confidence reinforced by the continued strength in our
order book and deal pipeline." </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">He
added: "Looking beyond the immediate business growth opportunity, we are
tremendously excited by what lies ahead.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Cloud is enabling a new class of
boundary-less organizations, that can seamlessly partner and collaborate within
larger ecosystems to create innovative purpose-driven offerings to customers. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">This boundary-less value creation, supported by the seamless fabric of technology
enabled by cloud together the seamless fabric of talent enabled by our SBWS™,
will redefine industry after industry over the longer term. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Our intimate
knowledge of our customers' business contexts, our strong relationships across
ecosystems, and our continued investments in research and innovation make us
their preferred partner in their growth and transformation journeys." </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>N
Ganapathy Subramaniam</b> Chief Operating Officer<span style="mso-spacerun: yes;">
</span>Executive Director TCS said: "Our Q3 growth is a very satisfactory
outcome of our ability to leverage the proactive investments made to capture
the strong demand and be meaningful to our clients. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">It is a strong endorsement
of our resilience, way of working and the relative competitiveness of our
products and services. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We celebrated the accomplishment of our Enterprise Agile
by 2020 vision during the quarter, and with SBWS™, we have a well-oiled
location-independent execution model that brings in the resources just in time,
efficient execution, and machine-led delivery governance that are delighting
our customers. All these augur well to progress our 25x25 future of work
vision." </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">He
added: "We have had healthy deal closures and the growth has been broad
based on a sequential basis, setting ourselves well for the future. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We also
welcome to the TCS fold, the <b style="mso-bidi-font-weight: normal;">professionals
from Pramerica and Postbank Systems</b>, accelerating our growth plans in
Ireland, Germany and more broadly in Europe." </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><b>V
Ramakrishnan</b> Chief Financial Officer TCS said: "Strong growth across all
our verticals, and operational benefits from our SBWS model allowed us to post
the highest operating margin in the last five years, even after rolling out a
salary increase this quarter. </span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">We also had an all-time high cash conversion in
Q3. This and our strong balance sheet position us very strongly to seize the
opportunities that the current market offers, and more closely partner our
customers in their growth and transformation journeys." </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0tag:blogger.com,1999:blog-5129610229893819909.post-22119890445993434142021-01-07T03:57:00.005-08:002021-01-07T03:57:37.370-08:00TANLA PLATFORMS LTD - Q2 FY 21 RESULTS & REVIEW - FUTURE OUTLOOK - DT 06 01 21<p> <!--[if gte mso 9]><xml>
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</p><p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">TANLA PLATFORMS LTD</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">Q2 FY 21 RESULTS &
REVIEW</span></b></p>
<p align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: center;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">06 01 21</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla is a Hyderabad based company, established in
1999. It is a largest CPaaS provider, handling over 250 billion business
communications annually with a market share of ~70%. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla is innovating the way the world communicates,
continuously raising the bar through enhanced speed, ease, and simplicity of
Cloud Communication solutions, adopting cutting-edge technologies like
blockchain, Artificial Intelligence, Machine Learning to meet the discerning
needs of a diverse clientele, from enterprises to carriers across geographies. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla is working with all leading Telcos in India
creating India’s first Telecom Blockchain Network. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">QUARTERLY RESULTS</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<td nowrap="" style="border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla Platforms (in Rs. Cr.)</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sep '20</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Jun '20</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Mar '20</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Dec '19</span></p>
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<td nowrap="" style="border-left: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sep '19</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">YOY</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">QOQ</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Net Sales</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">583</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">456</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">522</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">539</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">487</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">20</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">28</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Final NPT</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">81.5</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">78.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-89</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.68</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">273</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3.64</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Equity </span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">13.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">15.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">14.6</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">14.59</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">14.38</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-5.42</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-10.7</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Basic EPS</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">5.85</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">5.16</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-6.11</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-3.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">278.9</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">13.37</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Employees Cost</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">20</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">46</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-50</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">15</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Depreciation</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">9.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">11.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">84.07</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">70.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">69.24</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-85.67</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-13.66</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Expenses</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">462.88</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">360.65</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">445.47</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">457.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">409.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">12.97</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">28.35</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Other Inc., Int., Excpt. Items &
Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">87.61</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">63.51</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-25.49</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-7.15</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-37.77</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">331.96</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">37.95</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Income</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">4.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">13.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.72</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">175.58</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-64.17</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Int., Excpt. Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">92.35</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">76.74</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-21.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-4.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-36.05</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">356.17</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">20.34</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Interest</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.09</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">0.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.92</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1.18</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-92.37</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-87.14</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Exceptional Items & Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">92.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">76.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-23.7</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-6.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-37.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">347.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">21.34</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Exceptional Items</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-48.73</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">--</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83"><br /></td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">P/L Before Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">92.27</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">76.04</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-72.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-6.76</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-37.23</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">347.84</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">21.34</span></p>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid black 1.0pt; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.55pt;" valign="top" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tax</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">10.79</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.3pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-2.57</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">16.69</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">-7.44</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.25pt;" valign="top" width="71">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">8.28</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.3pt;" valign="top" width="83">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">30.31</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.9pt;" valign="top" width="63">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">519.84</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Cash and cash equivalents at the end of the period</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">H1 FY21 : 233.91 Cr vs Rs.131.38 Cr in H1 FY 20</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MP<span style="mso-tab-count: 1;"> </span>738.25<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">PE<span style="mso-tab-count: 1;"> </span>31.55 -
SOMEWHAT HIGH<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">VOLUME<span style="mso-tab-count: 1;"> </span>6,64,976<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52 Week Range :<span style="mso-spacerun: yes;">
</span>37.1<span style="mso-tab-count: 1;"> </span>: 904.9</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 year CAGR growth<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Revenue<span style="mso-tab-count: 1;"> </span>49.80%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Operating Profit<span style="mso-tab-count: 1;"> </span>48.90%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Promoter Group HOLDS 39.92% OF SHARES AND BALANCE
BY Public.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla<span style="mso-spacerun: yes;">
</span>Platforms<span style="mso-spacerun: yes;"> </span>Limited,<span style="mso-spacerun: yes;"> </span>largest<span style="mso-spacerun: yes;">
</span>CPaaS<span style="mso-spacerun: yes;"> </span>provider,<span style="mso-spacerun: yes;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• Revenue was ₹583.2 Cr and increased 20%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• EBITDA was ₹97.5 Cr and increased 210%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• PAT was ₹81.5 Cr and increased 273%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• EPS was ₹5.85 and increased 279% </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• ROCE at 47.5% and increased 177%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">• EBIDTA to Cash Conversion remained robust at 82%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Gross Margin % increased from 2.8% to 23%YoY</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">EBITDA % increased from 10.2% to 16.7%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Solid Cash Flow from operating activities at
Rs.166.3 Cr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Highest ROCE at 47.5%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla and all its Subsidiaries remain Debt Free</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Capital Expenditure was Rs.6.7 Cr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Trubloq handled 70% of the total DLT Traffic (35
Bn)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">83 New Customer Opportunities were signed up during
Q2 FY 21.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Appointed CTO,CHRO and CMO</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">52 New Recruitments total is 531 employees</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Current Ratio : 1.70 (+7.6%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quick Ratio<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>1.65%(+13.2%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Cash Ratio<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>0.50 times (+36.8%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Price to Book Value<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>5.67 (+475.5%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ROCE<span style="mso-tab-count: 1;"> </span>:
47.5% (+177.4%)</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Fixed Assets Turnover Ratio<span style="mso-tab-count: 1;"> </span>:<span style="mso-tab-count: 1;"> </span>38.67 times</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">To launch new platform on 20 January 2021</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla Platforms proposes to launch a cloud native,
digital CPaaS platform with global scale on 20 January 2021. This new platform
has been conceptualized and patented by Tanla. The United States Patent &
Trademark Office has approved three patents for the same. Microsoft Corporation
was the development partner who architected & built this platform for
Tanla.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla and Microsoft will jointly go to market in
India and other parts of the world.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla Platforms Update: Tanla Included In MSCI
India Domestic Small Cap Index | Announcement DT 12 Nov,2020, 04:57PM IST</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2 PE firms buy stakes in Tanla Platforms from
Blackstone arm | News : 17 Nov 2020, 09:11PM IST</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Capital Group now holds 6.3% while Amansa holds 3%
in Tanla. Promoter group’s shareholding will increase to 41.2% post the
investment.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MIT's endowment fund, Old Bridge Capital buy into
Tanla via block deals | News DT 25 Nov 2020, 09:10PM IST<span style="mso-spacerun: yes;"> </span>:<span style="mso-spacerun: yes;"> </span>The
endowment fund of US’s premier research university, Massachusetts Institute of
Technology (MIT), bought 985,000 shares and Old Bridge Capital bought 685,000
shares of Tanla, at Rs 524.03 in block deals, market sources told ET.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"I'm delighted to report highest ever Revenue,
EBITDA & EPS in Q2FY21. Our pioneering and dominant market position in
CPaaS, in this cathartic phase in Digital, powered the surge in Revenue",
commented UdayReddy, Chairman & CEO of Tanla.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Commenting further Uday Reddy said, "Going
forward our unwavering focus and investments on platforms & products,
brand, customer success and talent, will drive future growth." </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Business Highlights</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">•89,203 enterprises 6,339 telemarketers are
registered on DLT platform.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">•In the first commercial go-live month of Sept
2020, Tanla’s Trubloq handled 70% of the total DLT traffic which is 35Bn.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">•Acquired healthy mix of customers from leading
verticals (Banking, Financial services, e-commerce, Gaming, OTT etc.) Including
established brands to high potential startups.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">•83 New Customer opportunities were signed up
during Q2FY21, with an annual potential revenue of ~ 76 Cr</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla’s paid up share capital was 13,60,36,450
equity shares of ₹1/ each on Sept 30, 2020 after a share buyback of 1,66,92,752
equity shares of Re.1 each and allotment of 4,71,645 equity shares of Re.1 each
under the Employee Stock Purchase Plan, 2016. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The Company has paid an interim dividend of Re.1
per share to the Shareholders as on the Record date on September 18, 2020
aggregating ₹13,57,87,600/-. </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla Platforms share price hits new high after
MIT, Vantage Equity Fund buy stakes. (Nov 26 News).</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Price Performance</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Week<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>4.07%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Month<span style="mso-tab-count: 2;"> </span>-0.85%</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 Months<span style="mso-tab-count: 1;"> </span>168.16%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1 Year<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>1,032.29%<span style="mso-tab-count: 1;"> </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">3 Years<span style="mso-tab-count: 1;"> </span><span style="mso-tab-count: 1;"> </span>1,685.37%</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 18.0pt;">It was the topmost
multibagger of 2020 <span style="mso-spacerun: yes;"> </span>among smallcaps with
a huge 867 percent return. Can the upward journey continue?</span></b></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2; text-align: justify;"><b><span style="font-family: "Verdana","sans-serif"; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 16.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla Platforms is a cloud communications provider.
It gets its revenue flow from two main sources - platforms and enterprises.</span></b></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;">Route
Mobile which listed last year also gave a 214 percent return last year to
investors.</span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The acquisition of Karix Mobile from GSO Capital in 2019, has
changed Tanla's business profile.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Karix is the
market leader in the Rs 4,000-5,000 crore Communications Platform as a Service
(CPaaS) space, with an estimated 30 percent share. CPaaS players enable
enterprises to send OTPs, transaction alerts, and flight status info to
end-users.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"Unlike
P2P messages that are declining globally due to the prevalence of OTT players
like WhatsApp, application-to-person (A2P) SMS has been growing at 18-20
percent. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Regulators
prefer SMS due to its ubiquity and higher security. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Further,
WhatsApp costs ~2.5x an SMS, for enterprises in India. Though this may change
over time, it would add another channel of revenue for CPaaS providers (as also
seen globally). Telcos directly sell platforms to enterprises, but our
interactions with enterprises and telcos themselves suggest that CPaaS
providers are more agile with quicker response time," IIFL Securities
explained in its research note in December 2020.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla
Platforms is a leading communications provider, enabling businesses to
communicate with their customers and stakeholders. Its cloud-based platforms
provide ease of connectivity to enterprises and aggregators, with a
plug-and-play approach. Cloud communication offers enterprises omnichannel
solutions that combine voice, messaging, and data over telco networks.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Tanla gets
its revenue flow from two main sources - platforms and enterprises. Its
platforms are deployed with major telcos in India. It serves enterprise
customers across verticals such as BFSI, social media, e-commerce, government
sector, and aggregators.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"Cloud-based
communication platform has changed the way to do remote business under this
pandemic situation like COVID-19. Interestingly, companies like Route Mobile,
Tanla Platform and Affle India counters outperformed in small-cap space all
have similar business models based on clouds platform but comparatively Tanla
was significantly undervalued to other listed peers," said Prashanth Tapse
who feels Tanla came under limelight after the world's largest blockchain
solution Trubloq, deployed by Tanla for the Indian telecom industry which was
launched in September 2020.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In addition
to the healthy growth in legacy businesses, the blockchain platform and the
impending launch of an enterprise-grade platform would drive 24 percent and 50
percent revenue and underlying EPS CAGR respectively over FY20-23, the
brokerage feels.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">"Tanla
is a net cash company with an asset-light business model and a healthy free cash
flow generation profile. A long-standing relationship with telcos and
enterprises is positive. An increase in use cases, up-selling to existing
clients, new client additions, and overseas expansion would drive growth. More
value-added services would aid margin," said IIFL Securities.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The
brokerage feels the stock trades at 27x 1YF PER, quite attractive versus listed
peers in India and globally. So it advised buying the stock with a target price
of Rs 859, implying a 24 percent potential upside from current levels.</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The key risk
pointed out by IIFL is Tanla's significant exposure to Vi. "Tanla is
increasing its presence in other telcos; but if Vi collapses, there could be
some short-term pain."</span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Prashanth
Tapse of Mehta Equities believes booking profits is an art in such overwhelming
performance from March 2020 till date, hence he advised investors to book the
majority of the holding.</span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-family: "Verdana","sans-serif"; font-size: 16.0pt; line-height: 115%;"> </span></p>
V VIJAYAMOHANhttp://www.blogger.com/profile/18074555365661801354noreply@blogger.com0