(SUBSCRIBE) SBI Cards and Payment Services Limited IPO Note - 27 February 2020 - Dealmoney
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SBI Cards and Payment Services Limited
IPO Note
(SUBSCRIBE)
27 February 2020
IPO details
Key Data Pre Issue Post Issue^
# no. of
Issue Opens no. of Shares % Holding % Holding
2-Mar-20 Shares
Issue Closes Promoters 689,927,363.0 74.0% 559,400,565.0 59.6%
5-Mar-20
Public 242,406,915.0 26.0% 249,029,432.0 26.5%
Equity Shares Offered (in mn.) 137 Others 0.0 0.0 0.0%
QIB Up to 50% Offer for sale 130,526,798.0 13.9%
NIB Total 932,334,278.0 100.00% 938,956,795.0 100.0%
Min 15%
Pre Issue Post Issue^
Retail Min 35%
Face Value (`) 10
Object of the issue
Price Band (`) 750-755
OFS - The object of the Offer for Sale is to allow the Selling
Max. Issue Size (` mn) Shareholders to sell.
103,547.7
• Fresh Issue – The net proceeds to be utilized for augmenting the
Lot Size (Eq. Shares) 19 and multiple thereof capital base to meet company's future capital requirements.
Valuation @ 750 per share @ 755 per share Recommendation
Market Cap (` mn) 150,000 151,000
Net Debt (` mn) 128,737 128,737 SBI Cards is the second largest credit card issuer with 17.1% market
share in terms of credit spend in FY19. Internationally, credit card
Enterprise Value (` mn) 278,737 279,737
industry is at nascent stage which leaves potential on a long term
EV/ Sales horizon. The company has a strong PSU parentage -SBI bank which
4.0 4.0 holds ~74% in the company.
EV/ EBIDTA
11.4 11.4 On valuation front, at an upper issue price of Rs. 755 it is valued at a P/B
P/B of 17.5x FY19 earnings which looks pricey. Further, strong net
4.2 4.2 margin, superior return ratios and promising long term outlook brings
P/E optimisim to this IPO. We give SUBSCRIBE rating to SBI cards for long
60.2 60.6 term.
Source: Red Herring Prospectus, Dealmoney Research
2 27 February 2020
Second-largest credit card issuer in India
SBI cards and payment services Limited (SBI cards) started its operations in 1998, and since then SBI’s parentage and highly
trusted brand have allowed it to quickly establish a reputation of trust, reliability and transparency with our cardholders
SBI cards and payment services Limited (SBI cards) is the second-largest credit card issuer in India, with a 17.6% and 18.1%
market share of the Indian credit card market in terms of the number of credit cards outstanding as of March 31, 2019 and
November 30. respectively, and a 17.1% and 17.9% market share of the Indian credit card market in terms of total credit card
spends in fiscal 2019 and in the eight months ended November 30, 2019, respectively, according to the RBI
SBI cards offers an extensive credit card portfolio to individual cardholders and corporate clients which includes
lifestyle, rewards, travel and fuel, shopping, banking partnership cards and corporate cards covering all major cardholder
segments in terms of income profiles and lifestyles
It is a subsidiary of SBI, India’s largest commercial bank in terms of deposits, advances and number of branches as of September
30, 2019, according to the RBI
According to the RBI, SBI cards has grown the business faster than the Indian credit card market over the past three years both in
terms of numbers of credit cards outstanding and amounts of credit card spends, and it believes it has achieved this by leveraging
its strengths and capitalizing on India’s favourable economic and demographic changes, including its strong macroeconomic
performance, rising affluence, increasing consumer demand, rapid urbanization and the growth of e-commerce platforms
From March 1, 2017 to March 31, 2019 its total credit card spends grew at a 54.2% CAGR (as compared to a 35.6% CAGR for the
overall credit card industry, according to the RBI) and the number of credit cards outstanding grew at a 34.5% CAGR (as
compared to a 25.6% CAGR for the overall credit card industry, according to the RBI)
SBI cards has a broad credit card portfolio that includes SBI Card-branded credit cards as well as co-branded credit cards that
bear both the SBI Card brand and co-brand partners’ brands. It offers four primary SBI Cardbranded credit cards:
SimplySave, SimplyClick, Prime and Elite, each catering to a varying set of cardholder needs
We are also the largest co-brand credit card issuer in India according to the CRISIL Report, and we have partnerships with several
major players in the travel, fuel, fashion, healthcare and mobility industries, including Air India, Apollo Hospitals, BPCL, Etihad
Guest, Fbb, IRCTC, OLA Money and Yatra, among others
Source: Red Herring Prospectus, Dealmoney research
3 27 February 2020Strengths
Second largest credit card issuer in India with deep industry expertise and a demonstrated track record of growth and profitability : According to
RBI, SBI Cards is the second-largest credit card issuer in India both in terms of numbers of credit cards outstanding and amounts of credit card
spends, with 9.83 million credit cards outstanding as of November 30, 2019 and ₹1,032.65 billion in total of credit card spends in fiscal 2019. It
operates a nationwide business with a substantial cardholder base spanning each of India’s eight largest metropolitan areas, India’s tier II and tier III
cities as well as its rural areas. SBI cards believes that iits position as a large-scale, leading market player results in economies of scale that
provided with significant operating efficiencies and also help to diversify some of the risks, such as regional or geographical risks.
Diversified customer acquisition capabilities : The company has a diversified customer acquisition network that allows to engage prospective
customers across multiple platforms, which it believes is a key strength and competitive advantage. According to the CRISIL Report, it is the leading
player in open market customer acquisitions in India. It deploy a sales force of 32,677 outsourced sales personnel as of December 31, 2019
operating out of 145 Indian cities and which engages prospective customers through multiple channels, including physical points of sale, telesales
and online. When a point of sale is not directly managed by them, it works with their 12 non-bank co-brand partners and nine co-brand bank
partners, as of December 31, 2019, using their distribution network (including our co-brand partners’ retail outlets), communication channels and
customer interactions to market the credit card products to their existing customers. Collectively with their co-brand partners, it was present in 3,190
open market physical points of sale in India as of December 31, 2019, retail stores, malls, fuel stations, railway stations and airports. Out of the
aforesaid outsourced sales personnel, it has 4,173 outsourced workforce for tele-sales
Supported by a strong brand and pre-eminent Promoter : SBI cards’ brand, reputation and cardholder satisfaction are critical factors in developing
the business and improving market position. Substantially all of the credit cards carry the SBI Card brand, which is a highly trusted and recognizable
brand in India. The SBI Card brand has been awarded Reader’s Digest “Most Trusted Brand” in India award in the credit card category 11 times
since 2008, and it won The Economic Times’ “Best BFSI Brand”. In India award in the credit cards category in 2019. According to a brand track
survey commissioned by us and conducted by Kantar IMRB in 2019, the SBI Card brand had attained 100% total awareness and 34% top-of-mind
awareness recall among consumers as of December 31, 2018, the highest among all credit card brands surveyed. The value of the SBI Card brand
is further strengthened by the superior customer service, which includes AskILA chat bot and social media customer service capabilities as well as
artificial intelligence-enabled knowledge management tools that assist customer service representatives in providing faster information and more
accurate resolution in real time to its customers
Diversified portfolio of credit card offerings: It has a comprehensive and diverse portfolio of credit card products that it continuously adapts to
the evolving needs of the cardholders and changing industry dynamics. It credit card portfolio caters to individual cardholders and corporate
clients, and includes lifestyle, rewards, travel and fuel, shopping, banking partnership cards and corporate credit cards. It offers four primary
SBIbranded credit cards: SimplySave, SimplyClick, Prime and Elite, each catering to a varying set of cardholder needs. In addition, it is also the
largest co-brand credit card issuer in India according to the CRISIL Report, and it offers a wide portfolio of co-brand credit cards in partnership with
several major players in the travel, fuel, fashion, healthcare and mobility industries, including Air India, Apollo Hospitals, BPCL, Etihad
Guest, Fbb, the IRCTC, OLA Money and Yatra, among others.
Source: Red Herring Prospectus, Dealmoney research
4 27 February 2020Strengths
Advanced risk management and data analytics capabilities : It’s advanced risk management infrastructure is robust and data-intensive, both in
terms of frequency and volume of review, and is guided by data analytics capabilities. It evaluates a large number of data points to generate credit
decisions. It possesses a large database of cardholder demographic and socio-economic data (such as cardholders’ purchase patterns, behaviors
and payment histories) derived from the numerous transactions carried out by millions of cardholders each year. This information covers existing and
historical cardholder accounts across all portfolios and is a significant business asset for the company, enabling in-depth analysis of cardholder
propensities and modeling of future performance. It analyze this data together with data obtained from credit bureaus and other sources to, among
other things, generate underwriting scorecards tailored to the cardholder demographics, proactively mitigate risks, and reduce losses and
delinquencies.
Modern and scalable technology infrastructure: It has a scalable, modern and sophisticated technology infrastructure capable of servicing the
entire credit card life cycle. The core technology systems are capable of handling a much higher number of accounts and transaction volumes than
they currently handle, which gives them the operating leverage to support the expansion of the cardholder base. In fact, it has successfully tested the
key technology systems’ ability to support between three to five times the current level of the business volumes, which it believes provides them with
a solid foundation for the future growth. The technology systems also leverage artificial intelligence and process automation technologies across
several of the platforms to automate routine activities, such as fraud disputes, collections functions, auto debit reconciliations and customer
service, among others, which have increased the operating efficiencies
Highly experienced and professional management team: It have a professional and experienced management team with a deep level of
expertise in the credit card industry and the overall financial services industry. The company’s Managing Director and Chief Executive Officer, Mr.
Hardayal Prasad, has over 36 years of experience in the financial services industry. This deep industry expertise provides them leadership team with
the vision to steer the long-term strategic direction of the business. In addition, it is professionally managed with a significant degree of autonomy
from SBI, which it believes has improved the decision-making processes.
Source: Red Herring Prospectus, Dealmoney research
5 27 February 2020Future road ahead
Expand the customer acquisition capabilities to grow thecardholder base: It intend to grow the cardholder base by continuing
to expand the customer acquisition capabilities. As part of this strategy, it aims to increase the number of open market physical
points of sale that it operates across India. In particular, it is focused on increasing the presence in India’s tier II and tier III cities
where the cardholder base has historically been underrepresented, but which have contributed an increasing proportion of the new
accounts in recent years. It also remains committed to entering into new co-brand partnerships, including with leading organized
retail chains, online aggregators and financial marketplaces, to tap into new cardholder segments by cross-selling into the new co-
brand partners’ customer base. It also intends to deepen the partnerships with existing co-brand partners to include digital
penetration into their online and mobile platforms in addition to the current physical presence at their retail locations
Tap into new cardholder segments by broadening the portfolio of credit card products: It intend to tap into new cardholder
segments by continuing to expand the portfolio of credit card products to meet the needs of the existing cardholders and
prospective customers, particularly by offering new credit card products tailored for different income-based and lifestyle segments.
Among the planned new credit card product categories, it intend to tap into the super-premium segment by offering new credit
cards tailored for the needs of high-net-worth cardholders. It expect the super-premium segment to generate higher spends and
result in superior growth and profitability for the company, while promoting additional brand recognition. In addition, it intend to
launch new credit card products targeting the new-to-credit and new-to-card cardholder segments which, according to the CRISIL
Report, are expected to be one of the key growth drivers for the Indian credit card industry. Expanding the reach of the recently
launched OLA Money cobrand credit card will also be a key objective for the company, as its targeted demographic of younger
cardholders is expected to grow significantly in India over the next decade. The other product offerings may include credit cards
targeting the defense and paramilitary cardholder segments, as well as credit cards tailored for the needs of SME clients
Stimulate growth in credit card transaction volumes: SBI cards seeks to increase the number of credit card transactions
conducted by the cardholders in order to increase the revenues. To achieve this, it is constantly working to enhance the value
proposition to their cardholders by rolling out new cash back rewards offers, bonus reward points and merchant discounts. As part
of these efforts, it plan to increasingly leverage the data analytics platform to deliver more targeted and timely offers to the
cardholders. It is focused on rolling out such offers to cardholders located in India’s tier II and tier III cities, which have contributed
an increasing proportion of the new accounts in recent years
Source: Red Herring Prospectus, Dealmoney research
6 27 February 2020Future road ahead
Continue to optimize risk management processes: SBI cards approach to credit management focuses on making credit
decisions more data driven, closely approximating a digital underwriting process. It believes that credit management will be key to
helping manage credit risk and detect early warning signs of credit difficulties. Therefore, it is constantly testing out additional ways
to deploy the data analytics capabilities to improve its risk management efforts. For example, it intends to develop new ways to
extract value from alternative data sources. It is also working toward making the credit decision engines fully artificial intelligence-
capable, as well as building artificial intelligence and machine learning capabilities into the customer acquisition, portfolio
management and transaction monitoring models. Finally, it intend to further upgrade the award-winning fraud loss prevention
program, which consist of neural network and internally developed rules, from an authorization-based model to an authentication-
based model, which it expects will allow the company to preempt, and then prevent fraudulent transactions before they occur and
lead to significant efficiency gains going forward
Enhance cardholder experience: It is focused on continuing to invest in the digital and mobile capabilities to enhance the
cardholder experience. It constantly seek to provide additional payment capabilities and other functionalities to promote greater
ease and convenience for our cardholders. For example, it is now committed toward expanding the use of contactless card in the
near future. It will also continue promoting the use of the digital credit cards, which are delivered directly to the cardholders’ mobile
phones and provide them with an additional convenience factor. It also strives to leverage the technology to improve the customer
service experience. As one such key initiative, it intends to consolidate the comprehensive omni-channel customer service
platform, including by expanding our AskILA chat bot and social media customer service capabilities and enhancing the mobile and
website customer self-service channels
Continue leveraging technology across our operations: It operates in a highly competitive, ever evolving industry where it must
continuously improve the technology platform in order to compete effectively and reduce operating costs. It focuses on leveraging
technology and data analytics in the Indian credit card industry, it intend to continue investing to further enhance these capabilities
and derive greater operating efficiencies. It continues to improve its operational efficiencies through automation and digitization
efforts to ensure increased cardholder retention. For example, it id focused on leveraging the artificial intelligence and predictive
behavior capabilities to improve collection efforts by better estimating optimal intervention points with the cardholders, thus driving
greater efficiencies. In order to maximize the efficiency of the marketing strategy, it is currently deploying geo-tagging technologies
to identify areas with significant potential for credit card penetration
Source: Red Herring Prospectus, Dealmoney research
7 27 February 2020Financial Performance
Financial Metrics Return Ratios
8000 60.0%
60.00%
7000
50.0%
6000
40.0%
5000 40.00%
4000 30.0%
3000
20.0%
20.00%
2000
10.0%
1000
0 0.0%
0.00%
2016 2017 2018 2019
2016 2017 2018 2019
Revenue EBITDA Margin PAT Margin ROE ROCE
200 (in Mn)
150
100
50
0
FY15 FY16 FY17 FY18 FY19
No. of cards O/S (in Mn) Annual spends per cards ('000)
8 27 February 2020Consolidated Summary Financials
Income Statement Balance Sheet
` mn Mar-19 Mar-18 Mar-17 Mar-16 ` mn Mar-19 Mar-18 Mar-17 Mar-16
Liabilities
Total Income 69,991 51,870 33,462 23,868
Share capital 8,372 7,850 7,850 7,850
Operating Expense 45,475 30,655 17,676 15,207 Reserves and surplus 27,445 15,681 6,638 3,700
EBIDTA 24,516 21,215 15,786 8,661 Non-controlling interest - - - -
Depreciation 811 245 48 8 Long-Term Borrowings 33,332 17,715 5,634 3,411
Deferred tax liabilities(Net) (1,665) (880) (1,292) (902)
Other Income 2,877 1,832 1,248 1,063
Other Long Term Liabilities - - - -
Finance Costs 13,266 13,608 11,270 5,333 Long term provisions - - - 453
PBT 13,316 9,194 5,716 4,382 Other non-current liabilities - - - -
Short term borrowings 103,174 96,414 77,051 55,870
Exceptional items - - - -
Trade payables 6,651 5,296 1,191 859
Profit before tax 13,316 9,194 5,716 4,382 Other current liabilities 16,377 9,878 4,317 2,870
Current tax (including MAT) 4,689 3,182 1,988 1,543 Other financial liabilities - - - -
Income tax liabilities - - - -
Deferred tax (including MAT credit entitlement) - - - - Other current liabilities 7,046 4,028 4,970 3,789
Profit for the year 8,627 6,011 3,729 2,839 Total Liabilities 200,731 155,980 106,358 77,901
Assets
Net Block 2,864 2,418 239 21
` mn FY17 FY16 FY15 FY14
Intangible assets 158 217 - -
EBIDTA Margin 39.1% 44.4% 50.9% 40.7% Capital work in progress 43 133 - -
Net Margin 12.3% 11.6% 11.1% 11.9% Non current Investments 15 - - -
Other financial assets 473 436 295 5,921
ROE 24.1% 25.5% 25.7% 24.6%
Deferred tax asset - - - -
ROCE 39.4% 56.5% 90.2% 66.9% Other non-current assets 73 893 0 0
EBIT 26582.2 22801.8 16986.5 9715.1 Income tax asset - - - -
Capital Employed 67,484 40,365 18,830 14,513 Inventories - - - -
Current Investments - - - -
Trade receivables 2,950 1,507 1,325 -
Cash and cash equi. 7,768 4,727 2,830 2,744
Other financial assets 178,265 140,853 99,876 68,493
Other current assets 8,122 4,796 1,794 722
Total Assets 200,731 155,980 106,358 77,901
Source: Red Herring Prospectus, Dealmoney research
9 27 February 2020Key Risks
It uses the “SBI” brand of the Promoter, and are exposed to the risk that the “SBI” brand may be affected by events beyond
control and that Promoter may prevent the company from using it in the future.
Substantially all of the credit card portfolio is unsupported by any collateral that could help ensure repayment, and in the event
of non-payment by a cardholder of their credit card receivables, it may not be able to collect the unpaid balance
Fraudulent activity associated with the products or networks could cause the brand to suffer reputational damage, the use of
the products to decrease and fraud losses to be materially adversely affected
It relies on third-parties for customer acquisitions, technology, platforms and other services integral to the operations of the
businesses
Cyber-attacks or other security breaches could have a material adverse effect on the business, results of operation or financial
condition
The provisions for credit losses may prove to be insufficient to cover losses on the credit card receivables
Source: Red Herring Prospectus, Dealmoney research
10 27 February 2020Dealmoney Securities Private Limited
Plot No. A356/357, Road No.26,Wagle Industrial Estate, Thane (West), Maharashtra - 400 604.
Disclaimer: Third party products are subject to code of conduct to be adhered to by the representatives of Dealmoney and
Dealmoney Securities Private Limited (hereinafter referred to as “Dealmoney”) is a registered Member of Dealmoney is not responsible for the losses, whether actual or notional incurred by any investor. Services
National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange assured and expected may vary from actual service and Dealmoney does not guarantee about the quality of
Limited. Dealmoney is also registered as a Depository Participant with CDSL. Dealmoney is in the services. Investments in securities and commodities are subject to market and other risks and there is no
process of making an application with SEBI for registering it as a Research Entity in terms of SEBI assurance or guarantee that the objectives of any of the Investments/Schemes/product would be achieved.
(Research Analyst) Regulations, 2014. Dealmoney or its associates has not been debarred/ suspended Past performances are only indicative and returns are not assured and guaranteed by Dealmoney group
by SEBI or any other regulatory authority for accessing /dealing in securities Market and no material companies. The price, value of and income from any of the securities or financial instruments mentioned in
disciplinary action has been taken by SEBI/other regulatory authorities impacting Dealmoney’s Equity this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate
Research Analysis. Dealmoney or its associates/analyst including its relatives do not hold any fluctuation that may have a positive or adverse effect on the price or income of such securities or financial
actual/beneficial ownership of more than 1% in the company/ies covered by Analyst (hereinafter referred instruments.
to as “Subject Company/ies”). Dealmoney or its associates/analyst including its relatives may hold
financial interest in the company/ies covered by Analyst (hereinafter referred to as “Subject The recipient alone shall be fully responsible, and/or liable for any decision taken on the basis of this
Company/ies”). Dealmoney or its associates/analysts or his/her relative does not receive any material/document/Report. Dealmoney does not in any way through this material solicit or offer for purchase or
compensation or other benefits from the subject company/ies mentioned in this research report sale of any financial services, commodities, products dealt in this material/document/Report. Dealmoney/its
(hereinafter referred to as “Report”) or from a third party in connection with preparation of the report. affiliates/associates/directors shall not be in any way responsible for any loss or damage of any
Accordingly, Dealmoney or its associates/analyst or his/her relative does not have any other material nature, including but not limited to direct, indirect, punitive, special, exemplary, and consequential, as also any
conflict of interest at the time of publication of the Report. loss of profit that may arise to any person/entity from or in connection with the use of information contained in
this material/document/Report. All recipients of this material/document/Report before dealing and/or
Research analyst/s engaged in preparation of the Report, has not received any compensation / managed transacting in any of the products advised, opined or referred to in this material shall make their own
or co-managed public offering of securities of the subject company/ies / has not received compensation investigation, seek appropriate professional advice and make their own independent decision. Noting
for investment banking or merchant banking or brokerage services from the subject company/ies / has not contained in this material/document/Report should be construed as investment or financial advice. Clients are
received compensation for products or services other than investment banking or merchant banking or advised to assess their risk profile/ appetite before acting on any information contained in this
brokerage services from the subject company/ies / has not received compensation or other benefits from material/document/Report. Investors should also refer to risk tag and compare it with is own risk appetite
the subject company/ies or third party in connection with the Report of the subject company/ies during the before taking any investment decision.
past twelve months / has not served as an officer, director or employee of subject Company/ies and is not
engaged in market making activity of the subject Company/ies. Reports on technical and derivative analysis are based on studying charts of a stock’s price
movement, outstanding positions and trading volume as opposed to focussing on a company’s fundamentals
Dealmoney or its associates are engaged in various financial services business, thus, it might and as such, may not match with a report on a company’s fundamentals. The opinions expressed in the
have, received any compensation / managed or co-managed public offering of securities of the subject Report are our current opinions as of the date of this report and may be subject to change from time to time
company/ies / received compensation for investment banking or merchant banking or brokerage services without notice. Dealmoney or any persons connected with it do not accept any liability arising from use of this
from the subject company/ies / received compensation for products or services other than investment material/document/Report.
banking or merchant banking or brokerage services from the subject company/ies / received
compensation or other benefits from the subject company/ies or third party in connection with the Report Information/ opinion conveyed through this material/document/Report are strictly meant for the registered
of subject company/ies during the past twelve months engaged in market making activity for the subject Clients of Dealmoney group of Companies of the respective segments. This information is not intended for
company/ies. distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use
would be contrary to law or regulation or which would subject Dealmoney or its affiliates to any registration
In the preparation of the material contained in the Report, Dealmoney has used information that is publicly requirement within such jurisdiction or country. This information does not constitute an offer to sell or a
available, as also data developed in-house. Some of the material used in the document may have been solicitation of an offer to buy any financial products to any person in any jurisdiction where it is unlawful to
obtained from members/persons other than Dealmoney and which may have been made available to make such an offer or solicitation. No part of this material may be duplicated in whole or in part in any form
Dealmoney. Information gathered & material used in the Report is believed to be from reliable sources. and / or redistributed without the prior written consent of Dealmoney. This material/document/Report is being
Dealmoney has not independently verified all the information and opinions given in this supplied to you solely for your information, and its contents, information or data may not be
material/document/Report. Accordingly, no representation or warranty, express or implied, is made as to reproduced, redistributed or passed on directly or indirectly.
the accuracy, authenticity, completeness or fairness of the information and opinions contained in this
material/document/Report. For data reference to any third party in this material no such party will assume For any grievance mail at compliance@Dealmoney.com
any liability for the same.
A graph of daily closing prices of securities available at
Dealmoney group companies provides finance related product services like distribution of financial http://www.nseindia.com/ChartApp/install/charts/mainpage.jsp, www.bseindia.com and
products and as such is a provider of many services like loans, mutual funds, tax & trust planning etc. http://economictimes.indiatimes.com/markets/stocks/stock-quotes.(Choose a company from te list on the
mentioned in this brochure. And hence, Dealmoney do not warranty / guarantee about performance of browser and select the “three years” period in the price chart).
any products and customer servicing w.r.t third party products per se. Recipients of the Report shall always independently verify reliability and suitability of the Report and opinions
before investing.
For Company details, please visit our website www.Dealmoneyonline.com
For research related query, write to us at research@Dealmoney.com
11 27 February 2020You can also read
