CREDIT INSIGHT April 2021 - Principal Mutual Fund
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CREDIT INSIGHT April 2021
Monthly Credit Update
Fixed Income: Investment Process
• Monthly Asset
Allocation Matrix
• Benchmark & Peer
Group Analysis
• Daily Performance
Attribution
• Rates: Access to best • Portfolio Laddering • Limit monitoring/
ofInternal/External & compliance
Proprietary • Monthly Review of Risk
• Credit: Exhaustive top Fund Areas
down process combined Management • Global Supervision of
with "bottom up" Risk Processes
issuer selection
Risk
Research
Management
Highlights of the Credit Research Process
Board approved Internal Credit Risk Assessment Policy
“Credit Tracker” list of approved Credits: LT & ST: Bottom Up Approach
Inclusion and sustainability of a credit in the record/list is determined by the established credit
process, which includes two broad areas :
• Approval for new credits (through credit note)
• Review and monitoring of existing credits
“Early in- Early Exit” Identify new promising credits early on, take shorter exposures
Access to in house Equity Team expertise on sector/stock coverage where we take exposure
KEY CREDIT NOTES
Godrej Industries Ultratech Reliance
Ltd (‘GIL’) Cement Ltd Industries Ltd
Housing
Cholamandalam
Development LIC Housing
Investment &
Finance Corporation Finance Ltd
Finance Ltd
Ltd
Bajaj Finance The Ramco L&T Finance
Ltd Cements Ltd Limited
GODREJ INDUSTRIES LTD (‘GIL’)
Rating: CRISIL A1+, ICRA A1+ and AA (Stable)
Rating change in last month: No change
Sector: CONSUMER GOODS
About: GIL, one of India's leading manufacturers of oleochemicals, makes more than a hundred chemicals for use
in over two dozen industries. It also manufactures edible oils, vanaspati and bakery fats. The company was
called Godrej Soaps until March 31, 2001. Thereafter, the consumer products division got de-merged into
GCPL, and the residual Godrej Soaps became GIL.
GIL, a leading producer of fatty acids, fatty alcohols and surfactants, operates four plants, one each at Valia
(Gujarat), Ambernath, Wadala, and Dombivli (all in Maharashtra. The company's products are exported to
60 countries across the world. GIL is also a holding company of GCPL, GAL, and GPL. GIL's strong financial
flexibility arises from its 23.75% stake in GCPL, 49.35% stake in GPL and 59.28% stake in GAL, which
translates into a market value of over ` 35,400 crore (as on October 23, 2020). This is substantial in relation
to the company's total debt exposure, estimated at ` 3,400 crore as on September 30, 2020, leading to
healthy debt coverage. Cash and equivalents are estimated at ` 700 crore as on September 30, 2020. GIL's
operating profit before depreciation, interest and tax (OPBDIT) declined to ` 348 crore in fiscal 2020
compared with ` 447 crore in fiscal 2019, primarily because of lower dividend income from group
companies (` 245 crore against ` 342 crore in the said period). Profit after tax (PAT) was ` 31 crore in fiscal
2020 against loss (owing to impairment of investment in Natures Basket Ltd) of ` 91 crore in fiscal 2019.
Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Net Sales 1,682 1,760 1,724 1,425 1,183
Operating Income 1,746 1,824 1,776 1,482 1,217
OPBDIT 64 76 46 42 0
PAT 31 -101 241 -145 34
Net Cash Accruals 61 -108 250 -93 -63
Equity Share Capital 34 34 34 34 34
Adjusted Networth 1,628 1,641 1,799 1,615 1,756
Adjusted Debt 2,876 3,195 2,704 2,862 2,658
OPBDIT Margin (%) 3.7 4.2 2.6 2.9 0.0
Net Profit Margin (%) 1.8 -5.6 13.6 -9.8 2.8
ROCE (%) 5.6 8.4 10.5 1.3 4.9
PBDIT / Interest &
Finance Charges (x) 1.4 0.8 2.5 0.6 1.3
Net Cash Accruals /
Adjusted Debt (x) 0.0 0.0 0.1 0.0 0.0
Adjusted Debt / Adjusted
Networth (x) 1.8 1.9 1.5 1.8 1.5
Adjusted Debt / PBDIT (x) 8.8 16.6 5.1 24.9 10.5
Current Ratio (x) 0.3 0.3 0.2 0.2 0.3
Total Outside Liabilities /
Adjusted Networth (x) 2.1 2.2 1.8 2 1.7
Cash Flow from Operations -138 -222 -221 98 -867
Operating Income /
Gross Block (x) 1.2 1.3 1.3 1.2 1.2
Gross Current
Asset Days 171 205 120 118 189
Debtors Days 43 37 25 29 53
Inventory Days 55 63 63 75 80
Creditors Days 117 105 98 104 75ULTRATECH CEMENT LTD
Rating: CRISIL AAA (stable)/A1+ , India Ratings ltd AAA(stable),A1+
Rating change in last month: No change
Sector: CEMENT & CEMENT PRODUCTS
About: Ultratech Cement ltd (‘UCL’) is India’s largest manufacturer of grey cement, ready mix concrete and white
cement in India. It has 12 integrated plants, one clinker plant, 20 grinding units, seven bulk terminals, and
two white cement and putty plants. Its operations span across India, the UAE, Bahrain, Bangladesh and
Sri Lanka. UCL has a market share of 24% in India with 113.35 million tonne per annum (mtpa) capacity.
Operating efficiency is superior, driven by strong consumption norms, efficient logistics (because of pan-
India presence), and captive power capability. As on Sep 30, 2019, Grasim (the flagship company of the
Aditya Birla group) held 60.2% equity stake in UltraTech, the other promoter group held 1.49%, and
financial institutions and the public held the rest. During fiscal 2020, UCL, on a consolidated basis, had a
net profit of ` 5800 cr with operating income of ` 42100 crore, against a net profit of ` 2,400 crore with
operating income of ` 41600 crore in fiscal 2019. Net debt/EBITDA was down to 1.55x in Mar'20 from
2.83x in Mar'19
Parameter (`Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Net Sales 40,649 35,105 28,984 23,616 23,440
Operating Income 40,649 35,627 29,382 23,716 23,548
OPBDIT 8,652 6,485 5,891 4,806 4,478
PAT 5,456 2,456 2,231 2,501 2,234
Net Cash Accruals 7,910 4,079 3,624 3,421 3,183
Equity Share Capital 289 275 275 275 274
Adjusted Networth 31,173 25,014 22,930 23,607 21,320
Adjusted Debt 18,101 18,118 17,420 6,240 8,250
OPBDIT Margin (%) 21.3 18.2 20.0 20.3 19.0
Net Profit Margin (%) 13.4 6.9 7.6 10.5 9.5
ROCE (%) 12.3 10.8 11.5 11.6 11.3
PBDIT / Interest &
Finance Charges (x) 5.5 4.9 5.3 9.0 8.5
Net Cash Accruals /
Adjusted Debt (x) 0.4 0.2 0.2 0.5 0.4
Adjusted Debt / Adjusted
Networth (x) 0.6 0.7 0.8 0.3 0.4
Adjusted Debt / PBDIT (x) 1.9 2.6 2.8 1.1 1.7
Current Ratio (x) 1.0 0.8 0.9 1.5 0.9
Total Outside Liabilities /
Adjusted Networth (x) 1.1 1.2 1.2 0.6 0.8
Cash Flow from
Operations _ 4,048 3,798 3,684 3,184
Operating Income /
Gross Block (x) _ 0.9 0.9 1.0 0.9
Gross Current Asset Days 132 79 78 72 73
Debtors Days 17 22 21 17 19
Inventory Days 44 41 48 43 44
Creditors Days 173 102 108 99 95RELIANCE INDUSTRIES LTD
Rating: CRISIL AAA (stable)/A1+, ICRA AAA (stable)/A1+, India Ratings AAA (stable)/A1+, CARE AAA
(stable)/A1+
Rating change in last month: No change
Sector: ENERGY
About: Reliance Industries Limited (RIL) is one of India's largest private sector companies (maket cap > 14lakh
crores as on 31st Jul 2020), with diverse interests, including petrochemicals, oil refining, and upstream oil
and gas E and P.. In the recent past, RIL has diversified into newer businesses which includes organized
retail and digital services. RIL operates one of the most complex refineries globally which improves its
flexibility in terms of crude sourcing resulting in relatively high Gross Refining Margins (GRMs). RIL’s
strength in the petrochemicals business has also grown following large-scale capacity expansions,
including the refinery off-gas cracker, in the previous fiscal and healthy ramp up of operations. The
company’s digital services venture, where it has made sizeable investments, has been gaining
subscribers at a healthy pace since inception. RIL has in the last six months raised a record amount of
equity capital from marquee investors globally which shows the immense strength in its newer
businesses which includes telecom, retail and digital services.
Parameter (`Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Net Sales 334,933 369,988 289,283 240,363 231,295
Operating Income 334,933 369,988 289,283 240,363 231,295
OPBDIT 52,132 58,440 51,995 43,540 39,645
PAT 30,903 35,163 33,612 31,425 27,384
Net Cash Accruals 36,130 41,569 39,501 40,095 28,966
Equity Share Capital 6,339 6,339 6,335 3,251 3,240
Adjusted Networth 403,633 390,627 298,660 266,159 225,206
Adjusted Debt 262,345 161,720 122,946 114,970 113,836
OPBDIT Margin (%) 15.6 15.8 18.0 18.1 17.1
Net Profit Margin (%) 9.2 9.5 11.6 13.1 11.8
ROCE (%) 8.6 10.9 11.8 11.3 12.3
PBDIT / Interest &
Finance Charges (x) 5.1 6.9 12.9 19.1 18.4
Net Cash Accruals /
Adjusted Debt (x) 0.1 0.3 0.3 0.3 0.3
Adjusted Debt /
Adjusted Networth (x) 0.7 0.4 0.4 0.4 0.5
Adjusted Debt / PBDIT (x) 4.2 2.4 2.0 2.2 2.4
Current Ratio (x) 0.5 0.6 0.6 0.7 0.7
Total Outside Liabilities
/ Adjusted Networth (x) 1.3 0.9 1 1 1
Cash Flow from
Operations 89,247 24,213 53,440 50,404 57,524
Operating Income /
Gross Block (x) 0.9 1.2 1.1 1.0 1.2
Gross Current Asset Days 84 72 76 72 69
Debtors Days 7 11 19 18 15
Inventory Days 50 52 61 63 53
Creditors Days 104 116 155 146 120HOUSING DEVELOPMENT FINANCE CORPORATION LTD
Rating: CRISIL AAA (stable)/A1+ , ICRA AAA (stable)/A1+, CARE AAA (stable)/A1+
Rating change in last month: No change
Sector: FINANCIAL SERVICES
About: Housing Development Finance Corporation Limited (HDFC), India’s premier housing finance entity, is in
existence for over 40 years. With a presence in banking, insurance and asset management, the HDFC
Group is an important part of the Indian financial services sector. HDFC’s has a strong franchise and has
demonstrated ability to grow in the competitive mortgage finance market, its focus on prime salaried
customers within the home loan segment and its good asset quality indicators over credit cycles. HDFC
has a strong capitalization, moderate gearing and good profitability indicators. During FY2020, HDFC
reported an asset base of ` 5,16,800 compared to an asset base of ` 4,58,776 crore in FY2019. HDFC
reported Profit After Tax (PAT) of ` 17,769 crore during the year ended March 31, 2020 compared to
` 9,632 crore during the year ended March 31, 2019
Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity Share Capital 346 344 335 318 316
Reported Networth 86,158 77,355 65,265 39,817 34,243
AUM 442,262 402,257 358,721 296,388 260,230
Total assets 525,341 458,770 398,905 336,354 288,749
Total borrowing 419,102 365,266 319,716 279,732 237,639
Interest Income 42,683 38,194 32,542 30,378 27,767
Interest expenses 31,076 27,897 23,544 20,934 19,374
Total income 49,636 42,827 40,598 33,662 31,402
PAT 17,770 9,632 10,959 6,869 6,625
Gross NPA 2 1.18 1.12 0.8 0.7
Net NPA 1.49 0.84 0.8 0.54 0.48
Overall CAR 17.59 19.08 19.16 15.79 16.55
LIC HOUSING FINANCE LTD
Rating: CRISIL AAA (stable)/A1+ , ICRA A1+, CARE AAA (stable)
Rating change in last month: No change
Sector: FINANCIAL SERVICES
About: LIC is the single-largest shareholder in LIC Housing with a stake of 40.31% as on Mar 30, 2020. It is India's
second-largest housing finance company, with 9 regional offices, 23 back offices, and 273 marketing units
in India, and 2 overseas representative offices (1 each in Dubai and Kuwait), as on March 31, 2020. LIC
Housing benefits from LIC's strong brand equity, access to its agency network for origination of loans, and
funding support. LICHF reported 4Q20 Net Income of ` 4.2bn (down 39% y/y; ROE: 9.5%) on lower
margins and higher operating cost with a positive offset on credit costs. Operating profit at ` 8.9B was
down 18% y/y Asset quality worsened slightly with Stage 3 Assets rising to 2.8% (+10bps q/q). AUM
growth was 8% y/y with individual loan growth at 9.4% y/y. High leverage (~12x) and relatively low Tier 1
capital vs. peer group (Tier 1: 12.5%) are the key negatives. These get offset by Stage 2 assets which
declined ~100bps QoQ to 4.7% and LICHF's access to diverse funding sources remains robust as seen in
almost Rs 270B capital raising (48% of incremental borrowings) done via debt markets in F20 given the
parentageParameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity Share Capital 101 101 101 101 101
Reported Networth 18,193 16,259 14,241 11,077 9,146
AUM 207,993 192,995 166,164 143,515 124,371
Total assets 218,333 202,110 172,600 150,244 129,969
Total borrowing 192,014 177,576 150,374 132,077 114,784
Interest Income 19,606 17,256 14,730 13,918 12,279
Interest expenses 14,817 12,892 11,144 10,231 9,303
Total income 19,682 17,341 14,820 14,080 12,484
PAT 2,402 2,431 2,003 1,931 1,661
Gross NPA 2.86 1.54 0.78 0.43 0.45
Net NPA 1.99 1.08 0.43 0.14 0.22
Overall CAR 13.89 14.36 15.49 15.64 17.04
CHOLAMANDALAM INVESTMENT & FINANCE LTD
Rating: CRISIL AA+ (stable)/A1+, ICRA AA+ (stable)/A1+, CARE AA+ (stable), India Ratings AA+(Stable)
Rating change in last month: No change
Sector: FINANCIAL SERVICES
About: • CIFCL, a non-banking finance company, is a part of the Chennai-based Murugappa Group of
companies. Incorporated in 1978, CIFCL operates through 999 branches across 27 states with assets
under management of ` 57,494 crore as of June 2019. The company’s core business segments include
vehicle finance (75%) and HE loans (21%). In FY2020, Chola’s PAT declined 85% yoy to Rs427 mn in
4QFY20 on the back of elevated provisions due to COVID-19. Core PBT was up 21%.NII growth at 16%
yoy was led by expansion in NIM (calculated) to 6.5% while AUM growth was modest at 12% yoy.
• Chola continues to mobilize funds at attractive rates. High liquidity on-balance sheet and strong ALM
position augur well amidst lower collections over the next few months.
Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity Share Capital 164 156 156 156 156
Reported Networth 8,172 6,176 5,098 4,313 3,657
AUM 55,434 52,637 42,271 27,813 25,352
Total assets 63,970 57,408 44,095 31,578 28,393
Total borrowing 55,005 50,567 38,330 24,207 22,576
Interest Income 8,124 6,565 5,236 4,634 4,177
Interest expenses 4,592 3,589 2,659 2,137 2,030
Total income 8,637 6,932 5,472 4,662 4,193
PAT 1,052 1,186 918 719 568
Gross NPA 3.86 2.47 3.43 4.7 3.5
Net NPA 2.26 1.16 1.83 3.2 2.1
Overall CAR 20.69 17.36 18.24 18.64 19.68BAJAJ FINANCE LTD.
Rating: CRISIL AAA (stable)/A1+ , ICRA AAA (stable)/A1+, CARE AAA (stable)/A1+,India Ratings AAA
(stable)/A1+
Rating change in last month: No change
Sector: FINANCIAL SERVICES
About: Bajaj Finance Limited (BFL) is an NBFC-D-SI with a diversified loan portfolio and a pan-India presence.
While the company was originally set up to provide finance for the purchase of two-wheelers and three-
wheelers manufactured by Bajaj Auto, it diversified into other segments over the years. Currently, it
operates across six broad categories – Consumer Lending, Commercial Lending, Rural Lending, SME
Lending, Deposits and Partnerships & Services. Under the category of Partnerships & Services, the
company offers products like health insurance, extended warranty, comprehensive asset care, co-
branded credit cards and wallets. On a consolidated basis, BFL reported a net profit after tax of ` 5264cr
in FY 20 on total managed assets of ` 147153cr vs PAT of 3,995 crore in FY2019 on a total managed asset
base of ` 1,27,608 crore as on March 31, 2019. The reported CRAR was 25.01 including Tier 1 of 21.27% as
on March 20. The company is rated AAA by all the rating agencies rating it.
Parameter (`Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity Share Capital 120 115 115 109 54
Reported Networth 31,813 19,564 15,817 9,600 7,427
AUM 113,667 95,447 75,746 41,397 42,949
Total assets 137,828 108,346 81,499 65,041 47,979
Total borrowing 104,210 87,438 64,457 50,298 37,025
Interest Income 20,668 15,346 11,511 9,001 6,767
Interest expenses 8,074 6,037 4,649 3,853 2,959
Total income 23,221 17,056 12,397 9,953 7,277
PAT 4,836 3,890 2,455 1,837 1,278
Gross NPA 2 1.54 1.41 1.68 0.44
Net NPA 0.79 0.73 0.45 0.44 0.28
Overall CAR 25.01 20.66 23.98 20.3 19.5
THE RAMCO CEMENTS LTD
Rating: CRISIL A1+, ICRA AA+ (stable)/A1+
Rating change in last month: No change
Sector: CEMENT & CEMENT PRODUCTS
About: The Ramco Cements Ltd. is a leading cement player with capacity of 17.7 million ton spread across Tamil
Nadu, Andhra Pradesh, Karnataka and West Bengal. Established in 1957, it manufactures, and markets
cement under the Ramco brand predominantly in South India. The company also has windmill capacity of
125.95 megawatt (MW; post the transfer of 33.23 MW to a newly formed subsidiary, Ramco Windfarms
Ltd, in fiscal 2014) and captive thermal power plants with capacity of 175 MW. Gearing was 0.65 time
(based on gross debt) as on March 31, 2020. However, net cash accrual to adjusted debt decreased to 0.24
times in fiscal 2020 from 0.39 times in fiscal 2019 as debt increased from ` 1844 crore on fiscal 2019 to
` 3166 crore in fiscal 2020, driven by debt-funded capex of ` 1920 crore incurred in fiscal 2020. In fiscal
2021, company will incur further capex of ` 1000 crore which will be financed through debt of ` 200-300
crore and rest internal accruals. Despite debt funded capex in fiscal 2020 and 2021, the financial risk
profile will remain healthy over the medium term, aided by healthy profitability, and sufficient cash
accrual.. The company revenue were ` 5385cr for FY 20 (vs ` 5155cr in FY 19) and PAT of ` 594cr in FY
20( vs ` 501cr in FY 19).Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016 Net Sales 5,285 5,060 4,330 3,852 3,499 Operating Income 5,363 5,139 4,420 3,957 3,688 OPBDIT 1,136 1,031 1,110 1,200 1,127 PAT 590 496 547 643 534 Net Cash Accruals 750 709 754 927 729 Equity Share Capital 24 24 24 24 24 Adjusted Networth 4,836 4,383 3,966 3,654 3,005 Adjusted Debt 3,056 1,715 1,165 1,470 2,194 OPBDIT Margin (%) 21.2 20.1 25.1 30.3 30.6 Net Profit Margin (%) 11.0 9.6 12.4 16.2 14.5 ROCE (%) 10.7 11.8 14.4 16.2 14.1 PBDIT / Interest & Finance Charges (x) 16.1 20.4 18.9 11.9 6.6 Net Cash Accruals / Adjusted Debt (x) 0.2 0.4 0.6 0.6 0.3 Adjusted Debt / Adjusted Networth (x) 0.6 0.4 0.3 0.4 0.7 Adjusted Debt / PBDIT (x) 2.6 1.6 1.0 1.2 1.8 Current Ratio (x) 0.7 0.7 0.7 0.7 0.6 Total Outside Liabilities / Adjusted Networth (x) 1.1 0.8 0.8 0.9 1.3 Cash Flow from Operations 604 531 940 1,021 1,062 Operating Income / Gross Block (x) 0.6 0.6 0.6 0.5 0.5 Gross Current Asset Days 99 90 99 122 127 Debtors Days 27 29 25 35 30 Inventory Days 56 50 62 76 78 Creditors Days 108 84 98 105 104
L&T FINANCE LIMITED
Rating: ICRA A1+/AA-(stable)
Rating change in last month: No change
Sector: FERTILISERS & PESTICIDES
About: L&T Finance Ltd is a non-banking finance company (NBFC) incorporated in 1993 and wholly held by LTFH.
It had AUM of Rs 46,453 crore as on March 31, 2020, comprising micro loans (27% of total AUM), farm
equipment loans (18%), two-wheeler loans (14%), LAP (1%), real estate financing (20%), iramco
cenfrastructure loans (13%) and balance in defocused. The gross and net stage 3 assets were 5.5% and
2.4% respectively as on March 31, 2020 (3.59% and 1.24%, respectively, as on March 31, 2019). Networth
and gearing were Rs 8,894 crore and 4.9 times, respectively, as on March 31, 2020. PAT of Rs 366 crore on
total income of Rs 8,680 crore against Rs 846 crore and Rs 7,383 crore, respectively, for the previous
fiscal. The group has a diversified product portfolio, with presence in wholesale as well as retail finance
segments. Over the past couple of years, the management has exited some lending asset classes and
currently caters to limited segments, such as farm equipment finance, two-wheeler finance, micro loans,
consumer loans, housing and real estate finance and infrastructure finance. As part of this strategy, the
supply chain financing portfolio was sold to Centrum Financial Services Ltd in fiscal 2019. Furthermore,
structured finance group and DCM were identified and classified as part of the defocused book during
the quarter ended June 30, 2019. The group also has presence in investment management business. As
on June 30, 2020, LTFH's consolidated networth was Rs 14,881 crore. The consolidated asset-liability
maturity (ALM) profile as on March 31, 2020 reflects cumulative positive liquidity gaps in all buckets up
to one year, after factoring in unutilised bank lines and a committed long-term line from the parent, L&T.
The group generally maintains liquidity for a minimum period of the next 30 days of upcoming
repayments, under a business-as-usual as well as stress scenario. LTFS will remain highly strategically
important to L&T and continue to benefit from the strong support from the parent over the medium
term.
Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity Share Capital 1,599 1,599 1,599 1,440 238
Reported Networth 8,894 8,900 8,587 6,879 2,135
AUM 43,927 45,383 37,862 28,330 14,069
Total assets 51,832 54,472 42,543 33,239 15,157
Total borrowing 43,255 45,212 34,762 27,848 12,028
Interest Income 8,190 7,023 4,910 3,772 2,257
Interest expenses 3,815 3,363 2,512 1,976 1,161
Total income 8,632 7,370 5,223 4,100 2,311
PAT 366 846 290 16 207
Gross NPA 6.7 3.61 8.59 9.43 5.24
Net NPA 2.61 2.13 2.81 3.99 3.36
Overall CAR 18.31 16.98 17.92 16.42 17.04Issuer wise Holding as on March 31, 2021
Principal Principal
Principal Principal
Cash Ultra
Issuer Low Duration Short Term
Management Short Term
Fund Debt Fund
Fund Fund
Axis Bank Ltd 1 1
Bajaj Finance Ltd. 1
Bharat Petroleum Corporation Ltd 1 1
Cholamandalam Investment &
Finance Co.Ltd 1 1
Godrej Industries Ltd 1
HDFC Bank Ltd 1
Hindustan Petroleum Corp Ltd 1
Housing Development Finance
Corporation Limited 1 2 2 2
ICICI Bank Ltd 1
Indian Oil Corporation Limited 1 1
Indian Railway Finance
Corporation Limited 1 1 2
Indusind Bank Limited 1 1 1
L&T Finance Limited 1
LIC Housing Finance Ltd 1 1 1 3
National Bank For Agriculture
And Rural Developm 1 1 1
National Housing Bank 1 1
Ntpc Limited 1 2
Power Finance Corporation Ltd 1
Power Grid Corporation of India Ltd 1
REC Limited 2 1 2
Reliance Industries Ltd 1 1
Small Industries Development
Bank Of India 1 1
The Ramco Cements Ltd. 1 1
Ultratech Cement Ltd 1 1 1DISCLAIMER
Disclaimer:
The investment strategy stated above may change from time to time without any notice and shall be in accordance
with the strategy as mentioned in the Scheme Information Document of the scheme. The views contained herein are
not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Diversification does
not guarantee investment returns and does not eliminate the risk of loss. They are considered to be reliable at the time
of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change
without reference or notification to you. It should be noted that the value of investments and the income from them
may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full
amount invested. Past performance may or may not be sustained in future. The views and strategies described may
not be suitable for all investors. Furthermore, whilst it is the intention to achieve the investment objective of the
investment product(s), there can be no assurance that those objectives will be met. Investors are advised to consult
their Investment advisors for determining their risk appetite and Tax Advisor before taking any investment decision.
The data/statistics/ comments are given to explain general market trends in the securities market, it should not be
construed as any research report/research recommendation.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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