Initiating Coverage

27th October 2010

Kaveri Seed Company Ltd.

We initiate coverage on Kaveri Seed Company Ltd. which is India's prominent hybrid seed player. We believe that KSCL is ideally positioned to capitalise on the rising demand seen for hybrid seeds like cotton, sunflower and rice. Also with a timely expansion at Pamulparthi village, warangal Mandal, Medak district, the company will get the benefit of increased capacity expansion which will further boost earnings during FY11 and FY12. We rate the stock as a BUY with a Target price of Rs 450. At our Target price Rs KSCL will be valued at 12x FY12E.

CMP : 330 TARGET PRICE: 450

KEY DATA
Sector Marketcap(INR bn) Marketcap(USDm) O/S Share(m) 52-wk-HI/LO Avg 6m vol(ooo) Bloomberg Reuters
Sources:- Company, Anagram research

BUY

Agro Input- Seed 4.56 103.63 137.02 355/196 27698 KSCL IN KVRI.BO

Returns (%) Strategic shift in unique business model The company is one of the prominent hybrid seed players of India with huge product portfolio of more than 45 hybrid verities. The top-line of the company was heavily contributed by Corn and sunflower but after 2007 the company has shifted its focus to the BT cotton seeds and the contribution of BT cotton to the topline is 25% during FY 10 from 10% in FY 07. The market share of the company is just 2% potential for the cotton seeds business. Capex will fuel future growth The company has invested more than Rs 60 Crs in recent past. This capex is enough to take top line to Rs 400 Crs in years to come from the present Rs 160 Crs. The capex includes Strategic green field expansion at Pamulparthi village, warangal Mandal, Medak district with state of art facility for utilizing cob drying, seed processing and cold storage on owned farmland of 29 acres. PRICE PERFORMANCE
Sources:- Company, Anagram research

1mnth
Absolute Relative 13% 2%

3 mnth
18% 11%

6mnth
17% 14%

12mnth
38% 15%

Sources:- Company, Anagram research

SHAREHOLDING PATTERN (%)

in FY 10 while

cotton is contributing more than 25% to the top line. It shows huge

Valuation
The KSCL has historically traded at 15X earnings. The stock is currently trading at 9X and 7X on there FY 11E and FY 12E. The company shows very attractive forward EV/EBIDTA of 7.1X on its FY 12 earnings. The P/ E and EV/EBIDTA of company is trading at discount of 22% to its peers like Advanta and Camson bio. We recommend a Buy on the stock with a target price of Rs 450. Y/E Mar (Rs. Crs.) Net Sales (Rs Crs) Growth (%) EPS (RS.) EBIDTA (%) P/E (X) ROE(%) EV/EBIDTA ROCE (%)
Sources:- Company, Anagram research Source: Capitaline

Analyst: Miten Chavda, FRM miten.chavda@anagram.co.in

FY09 123 27% 18 25% 18 20% 15 22%

FY10 164 33% 21 22% 16 21% 13 20%

FY11E 229 40% 29 22% 12 23% 9 23%

FY12E 297 29% 36 21% 9 23% 7 23%

Contd...

Kaveri Seed Company Ltd.

Initiating Coverage

Investment Rationale
Strategic shift in unique business model The company is one of the prominent hybrid seed players of India with huge product portfolio of more than 45 hybrid verities. The top-line of the company was heavily contributed by Corn and sunflower but after the 2007 the company has shifted its focus to the BT cotton seeds and the contribution of BT cotton to the top line is 25% during FY 10 from 10% in FY 07. Revenue shift KSCL is one of the prominent hybrid seed players of India with huge product portfolio of more than 45 hybrid verities.

Market Share

Source : Company / Anagram Research

According to market share chart the market share of the company is just 2% in FY 10 while cotton is contributing more than 25% to the top line. It shows huge potential for the cotton seeds business. The company is likely to add some more contribution from the BT cotton business in FY 11. India is second largest producer of Cotton. The cotton crop was grown in 76.3 laks hector in 2004 it is now more than 93.7 laks hector area. This shows farmers turned to the cash commodity like cotton during the recent past. The production of cotton is doubled from 303 kg/ hectors in 2003 to 526 kg/ hectors. Although Cotton seed is a lower margin business due to some of the government control but it is offering huge volume growth for the company which will help company to improve its bottom line in absolute number terms. The company is having very unique business model offering almost every seeds. The product portfolio includes 12 maize, 6 cotton, 23 paddy,5 sunflower and other vegetables and sorghum seeds verities. Most of the domestic companies start by focusing on one crop, and then start diversifying as their key product is accepted in the market. The company has adopted very unique and dynamic kind of business model. It is offering many products so the company is flexible enough to offer a wide range of products to its customer.

KSCL is likely to add some more contribution from the bt cotton business in FY 11.

27th October 2010

Kaveri Seed Company Ltd.

Capex will fuel future growth and smooth functioning. The company has invested more than Rs 60 Crs in recent past. This capex is enough to take top line to Rs 400 Crs in years to come from the present Rs 160 Crs. The capex was financed partially with Debt and own investments. The capex includes Strategic green field expansion at Pamulparthi village, warangal Mandal, Medak district with state of art facility for utilizing cob drying, seed processing and cold storage on owned farmland of 29 acres which has commenced production during FY 10. From FY 11 the company will get the full benefit of this expansion plan. The ware house will help the company to maintain seed bank facility to the need for seed reserves. For the effective supervision of seed production the company has acquired new land area 120 acres has been brought under plough. The company is having more than 9 production facilities across the India. The seed production of the company is increased to 21055 Mt during FY 10 from 11447 during FY 06 (Year of company came with IPO). After taping capital Market Company has shown robust production growth. The company is likely to enjoy the top line growth to Rs 400 Crs in coming 2 or 3 years of time with out incurring any further capex. The full benefit of the current expansion will show up in bottom line of the company in FY 12E and FY 13E. Potential Opportunity yet to explore There are many potential opportunities yet to explore for the company. Over 60% of the company sales use to be contributed by the H1 of the year. The company had also started concentrating on Rabi crop demand since last year. Growing demand for maize and sunflower will help company to boost their top line further up. Q3 and Q4 sales for FY 11 are likely to be better as good and stretched monsoon the month of August and September will help the Rabi crops. Major sales of the company are limited to south India till now the company is targeting for the other region of India. Vegetable seeds are big opportunity in near term till now the segment is contributing meagre Rs 2 Crs in the top line. The veg. seeds sales are likely to get doubled in near future. The company is anticipating approval of the BT Brinjal in India which will provide a huge potential business opportunity for the company. The company is selling its product domestically. International market is still unexploited territory will is likely to provide big opportunity moving forward. Fortifying BT cotton with herbicide tolerance (HT) and drought tolerance is in the research agenda of the company. Since India is one of the largest producers of rice the company is expecting to have huge market potential for Bt rice after Bt cotton. The bio pesticides and micro nutrient business of the company is likely to provide good boost to the revenue on the back of increased demand for bio products.

Initiating Coverage

KSCL is having more than 9 production facilities across India.

Over 60% of the KSCL sales use to be contributed by the H1 of the year.

Since India is one of the largest producers of rice the company is expecting to have huge market potential for Bt rice after Bt cotton.

Contd...

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Kaveri Seed Company Ltd.

Initiating Coverage

Company Profile
The company is one of the few recognized agri-input companies in India. It is mainly into the business of production, processing and marketing of high quality hybrid seeds for different crops like corn, sunflower, cotton, paddy, grain sorghum, etc. and has recently forayed into micronutrients and bioproducts. The company also produces non-hybrid seeds, primarily for paddy. Segmental Revenue

As per chart corn cotton and paddy contribute almost 70% of the sales. The company generates most of the revenues during the first half of the year. Southern states mainly Karnataka and Andhra contribute the most in total sales.

Efficient R&D is backbone of any of the seed company. The company is having R&D facilities located at Ranga Reddy District are recognized by the Department of Science & Technology, Government of India. The R&D for breeding high performance hybrids and also value added micronutrients and bioproducts. The company is having an experienced and professionally qualified R&D team who are engaged in full time research. Germplasm (a seed database, with various combinations of traits possible in a specific crop) is the key differentiating factor for a seeds company, enabling it to roll out hybrids far more quickly to respond to a specific trait required in a crop for a particular region. Over time,Kaveri has consciously been enhancing its germplasm (either sourced from various universities and global bodies, or developed in-house) in multiple crops. Today it can boast of access to a wide range in various crops, thereby providing it with a competitive edge. The company try 8 to 10k combination to develop 1 or 2 traits. It takes almost 5 to 6 years to manufacture seeds commercially. Seed, being a biological entity has to be grown and cannot be manufactured. The planning of requirement of raw material for hybrid seeds is done one to two years in advance based on their own estimates of market demand for the future trend. After conducting GoT and Germination tests, the seeds are processed and packed for sale. The basic material is given to the farmer in the form of foundation seeds and farmer gives back the same upon multiplication as raw seed to company.

KSCL is having an experienced and professionally qualified R&D team who are engaged in full time research.

Over time, KSCL has consciously been enhancing its germplasm (either sourced from various universities and global bodies, or developed in-house) in multiple crops.

27th October 2010

Kaveri Seed Company Ltd.

Initiating Coverage

Management Profile
Mr. G V Bhaskar Rao, Chairman& Managing Director Mr. Gundavaram Venkata Bhaskar Rao is one of the founder Promoters and has motivated the Company to succeed in this business. He has been the Chairman-cum-Managing Director of the Company. He is a Science graduate majoring in agriculture from Andhra Pradesh Agriculture University. His efforts towards growth and development have also ripened\through introduction of high yielding varieties of hybrid seeds in agricultural crops like corn, sunflower, paddy, grain sorghum, bajra, cotton and other vegetable seeds. Mrs. G Vanaja Devi, Executive Director Mrs. Gundavaram Vanaja Devi has been an Executive Director of the Company since its inception. She is one of the founder Promoters of the Company and along with her husband, Mr.Gundavaram Venkata Bhaskar Rao. She is an Arts graduate from Osmania University, Andhra Pradesh Mr. R Venu Manohar Rao, Executive Director Mr. Rangineni Venu Manohar Rao is one of the founder Promoters of the Company and has been an Executive Director of the Company since its inception. His main responsibility in the Company is marketing of the products. He has established a strong marketing network and sales management in the Company. Mr. C Vamsheedhar, Executive Director Mr. Chennameneni Vamsheedhar has been associated with the Company for the past seven years. He joined the Company as "Marketing Officer" and has risen through the ranks and was appointed as an Executive and Additional Director at the Board Meeting held on September 18, 2006. He has been instrumental in the expansion of sales and marketing efforts of the Company. Mr. C Mithun Chand, Executive Director Mr. Chennameneni Mithun Chand is an M.B.A. from Shiva Shivana Institute of Management. He joined Kaveri Agriteck as 'President' (Agriteck) and has significantly contributed in sales, administration and management by creating a core team for its products. He was appointed as an Executive and Additional Director at the Board Meeting held on September 18, 2006. He travels extensively, deals directly with field staff and dealers and tackles their problems and is a key driver of the sales team Mr. Gundavaram Venkata Bhaskar Rao is one of the founder Promoters and has motivated the Company to succeed in this business.

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Kaveri Seed Company Ltd.

Initiating Coverage

Seed Industry & outlook

India is contributing over 17% of the world population and producing over 10% of food grains. Despite of this fact Indian crop industry is account for just 5% of the global industry. Saved seeds meet 85% of the seed demand in India while commercial seeds just 15%.its expected that saved seed user is like to shift to commercial seeds after the great success of BT cotton. BT cotton is great success story in India to understand potential of seed industry. Farmers had made $225 per hectare representing 88% growth in profit and allowed reduction of pesticide sprays by 39%. BT cotton currently accounts for ~85% of all cotton cultivation across the country. The seed industry is likely to enjoy growth 15 to 20% in the era of bio tech seeds. India is contributing over 17% of the world population and producing over 10% of food grains.

Seeds

Commercial 15%

Saved 85%

Public 40%
Source : Company / Anagram Research

Private 60%

Cost benefit Analysis of application of hybrid Seed

Saved Seeds Seed Consumption Per Unit Cost Total Seed Cost Rice Yield Selling Price Total Revenue Profit
Source : Company / Anagram Research

Hybrid Seeds 6 200 1200 1250 12 15000 13800

% Increase

Kg/Acre Rs/Kg Rs/Acre Kg/Acre Rs/Kg Rs/ Acre Rs/Acre

30 20 600 1000 12 12000 11000

100% 25% 25% 25%

Apparently the cost of the hybrid seeds is almost double than the saved seeds but their better productivity is making it better option than the saved seeds. Farmers can earn 25% more yield by applying hybrid seeds. Hybrid seeds makes plant pest and weed resistant which is an added advantage.

Hybrid seeds makes plant pest and weed resistant which is an added advantage.

27th October 2010

Kaveri Seed Company Ltd.

Seed Production Process There are two types of seed that are available to farmers varieties [e.g., open pollinated (OP) and self pollinated (SP) varieties] and hybrids developed through controlled pollination of selected parents. Compared to hybrids, the yields from varieties are lower but the farmer can save and re-use the seed from year to year for several generations. The downside of using farmers saved seed of OP and SP varieties is that there is some degeneration of uniformity, yield potential and quality from one generation to the next when such seeds are reused.

Initiating Coverage
Open Pollinated (OP) Seed production process

Hybrid Seed Production

The development of seed crops takes place in several steps. The process begins with trait selection choosing plants that have desirable characteristics, such as high yield, nutritional content, flavour, size or tolerance to certain diseases and pests. The basic genetic material containing desirable traits for a plant is called its germplasm. Quality germplasm has traditionally been the most important aspect of the seed business. Trait selection requires an extensive pool of germplasm and significant research and development capabilities. Seed companies produce both hybrid and OP seeds. OP seeds are pollinated by natural means and produce progeny with no significant variation from their component lines. In many crops, this type of nucleus seed is the seed produced by the breeder to develop the particular variety and is directly used for multiplication as breeder seed. Breeder seed is the seed material directly controlled by the originating or the sponsoring breeder or institution for the initial and recurring production of seeds to maintain traits indigenous to a specific parent line. In contrast, hybrid seeds are the first generation progeny of two different parent lines. Hybrid seeds are produced by crossbreeding two genetically dissimilar parent plant lines. The hybrid seed production depends on the crop variety. Hybrid seed is produced after crossing a male and a female. The progeny of hybrid seeds (i.e., the F1 shown in the illustration above) that results from the crossing is sold to the farmer. The F1 hybrid seed possesses the hereditary characteristics determined by the selected traits of the parent lines and also would normally contain enhanced performance characteristics superior to the parent lines. Crops produced from these seeds exhibit a higher degree of uniformity and produce higher yields. However, second generation seed produced by a hybrid will not inherit the enhanced performance characteristics of its hybrid parent. Thus, crops produced from seeds saved from hybrid crops do not display the same performance. As a result, hybrid crop farmers must purchase new hybrid seeds every time in order to benefit from hybrids. The demand for hybrid seeds has been increasing in recent years.
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Hybrid seed production process

Kaveri Seed Company Ltd.

Initiating Coverage

Financial Analysis
Attractive fundamental amongst all peers The company enjoys strong fundamentals against its all peers. All the comparative multiple analysis parameters like P/E, EV/EBIDTA and P/BV are showing that company is in better shape. The seed companies use to offer very few number of seed crops. It is likely to give very stagnant kind of growth but unlike other players Kaveri Seed is offering a wide seed in its product portfolio which provides flexibility and bigger market to sell their product to the company.

KSCL enjoys strong fundamentals against its all peers.

Comparative Multiple Analysis

Kaveri seed Sales EBIDTA NPM EBIDTA% NPM% ROE% EV BVPS EPS MPS EV/EBIDTA P/BV P/E * TTM Data 162.1 35.2 29.0 22% 18% 21% 477.7 110.2 21.2 330.0 13.6 3.0 15.6 Advanta* 154.0 23.6 6.0 15% 4% 2% 935.0 247.5 3.8 465.0 39.7 1.9 123.8 Monsanto 410.0 74.4 53.5 18% 13% 15% 1760.0 406.7 62.0 2039.0 23.6 5.0 32.9 Camson bio* 80.0 15.8 13.8 20% 17% 18% 164.0 47.0 8.6 166.0 10.4 3.5 19.4

Du-Pont Analysis
2008
PAT/PBT (Tax Effect) PBT/PBIT (Int. Effect) PBIT/Sales(PBIT Margin) Sales/T.A(Asset Trnover) T.A/N.W (Fin. Leverage) ROE %
Sources:- Company, Anagram research

2009
84% 93% 24% 1.0 1.1 20%

2010
93% 95% 20% 1.0 1.2 21%

2011E
93% 95% 19% 1.1 1.3 23%

2012E
93% 96% 19% 1.2 1.2 23%

58% 94% 26% 0.9 1.1 13%

27th October 2010

Kaveri Seed Company Ltd.

Margins expected to stabilize at 16%

Initiating Coverage

Company / Anagram Research

The company is enjoying good business with the healthy operating margin of 22% and NPM of 18%. As company has shifted its strategy and aggressively increasing Cotton seeds sales which will help to increase the sales volume and sales number in absolute term but being a lower margin business the company is likely to face marginal down fall in operating profit and NPM. The top line of the company is likely to grow up to Rs 295 crs in 2012 from just 97 Crs in 2008. EBIDTA of the company will register CAGR of 34% by 2012 to Rs 60 Crs from Rs 25 Crs in 2008 in absolute terms.

KSCL is enjoying good business with the healthy operating margin of 22% and NPM of 18%.

Forward PE Band

Forward EV/EBIDTA Band

Company / Anagram Research

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Kaveri Seed Company Ltd.

Initiating Coverage

Q1 FY11 Result Review

Kaveri seed company normally records 65% of its revenue in Q1 only. Total revenue of FY 10 was Rs 162 Crs out of which Rs 100 Crs was contributed by Q1 FY 10.The company has recently started concentrating on rabi season as well.

Revenu Distribution

Company / Anagram Research

The company has registered robust growth of 48% to Rs 148 Crs against Rs 100 Crs topline growth in Q1 last year, which is mainly attributed to BT cotton seeds segment performance which witnessed double volume growth. The operating profit of the company is also up to Rs 36 Crs from Rs 26 Crs reflecting the sales volume growth.However there is decline of 200 bps in operating margin on the back of shift in crop acrage to lower margin product like BT cotton from maize and sunflower. The company has registered bottom line growth of 35% to Rs 31 Crs against Rs 23 Crs.

(Rs crores) Net Sales Expenditure Other op. income EBITDA Depreciation Core EBIT Other income Interest Exceptional item PBT Tax Adj PAT Mat. cost/Sales Emp. cost/Sales Other exp/Sales Tax rate EBITDA Margin Net Profit Margin Equity EPS

Q1FY11 148 112 0 36 2 33 0 1 0 33 1 31 29% 2% 45% 4% 24% 21% 13.7 22.75

Q1FY10 100 74 0 26 1 25 0 0 0 25 2 23 42% 2% 29% 8% 26% 23% 13.7 16.88

YoY 48%

Q4FY10 13 12 0

QoQ

37% 32%

1 1 -1 2 0 0 1 0

35% -31% -4% 55% -8% -9%

0 39% 18% 40% 6% 1% 13.7 0.12 -26% -90% 13% 338% 1473%

Sources:- Company, Anagram research

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Kaveri Seed Company Ltd.

Initiating Coverage

Valuation
KSCL is a prominent player of hybrid seeds in India. The Company is catering to mainly to the south India. The company is increasing its foot print to the rest of the India and international territory is still unexplored territory for the company. Moreover KSCL has made one strategic move and concentrating more on the sales of BT cotton which provides really huge opportunity to the company. The company will be one of the key beneficiaries if the BT Brinjal controversies get resolved. The company has also started working for the rabi season seeds as well which will be reflected in to the top line of the company. The stock has historically traded at 15X earnings and it is currently trading at 9X and 7X on there FY 11 and FY 12 Earning. The company shows very attractive forward EV/EBIDTA of 7.1X on its FY 12 earnings. The P/E and EV/EBIDTA of company is trading at discount of 22% to its peers. We recommend Buy on the stock with a target price of Rs 450.

KSCL shows very attractive forward EV/EBIDTA of 7.1X on its FY 12 earnings.

Risk & Concerns

Adverse weather conditions may affect adversely. Agri-inputs industry is subject to substantially all of the risks faced by the agriculture in India. The agri-inputs industry is substantially subject to weather factors, which make its operational results relatively unpredictable. The Raw material and demand both can be affected by the adverse weather conditions. The company is use to undertake two years advance production planning which can be affected by adverse weather conditions. Adverse impact of regulatory change. The Indian seed industry is a substantially regulated sector. Seed development is a very long and expensive process of 5 to 6 years. Any regulatory change can affect companys business badly. Earlier we have seen lot of regulatory issues arise with BT cotton and currently BT brinjal seed is facing the same. So company is very prone to losses due to regulatory and policy changes

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Kaveri Seed Company Ltd.

Initiating Coverage

Company Financials Snapshot

Profit and loss (RsCr.)
Particulars
Net Sales % Growth COGS Administration Exp Misc exp Cost of sales EBITDA % Margins Depreciation Gross Profit Gross Profit Margins Interest Other Income PBT PBT Margins % Tax Net Profit Net Profit Margins % Adjustments Reported Net Profit

Balance Sheet (RsCr.)

FY09
123.1 27% 47.4 44.5 0.0 92.0 31.1 25% 3.2 27.9 23% 1.9 1.3 27.2 22% 2.2 25.0 20% -2.0 23.0

FY10
163.7 33% 65.4 61.5 0.0 126.9 36.8 22% 4.1 32.6 20% 1.8 0.3 31.1 19% 2.1 29.0 18% 0.0 29.0

FY11E
229.0 40% 99.4 78.7 0.0 178.2 50.8 22% 6.8 44.0 19% 2.1 0.3 38.9 17% 3.0 35.9 16% 0.0 35.9

FY12E
296.5 29% 137.8 95.4 0.0 233.2 63.3 21% 8.3 55.0 19% 2.2 0.3 49.7 17% 3.7 46.0 16% 0.0 46.0

Particulars
Source Of funds

FY09

FY10

FY11E

FY12E

Equity Share Capital Total reserves Total Shareholders Fund Total Debt

13.7 111.3 125.0 21.4

13.7 137.2 150.9 45.6

13.7 173.5 187.2 41.6

13.7 219.7 233.4 36.6

Total liability

146

196

228

270

Application of Fund

FIXED Assets Net Current Assets Investments Foreign currency Trans

78.8 65.5 2.0 0.0

109.2 85.3 2.0 0.0

109.1 114.6 5.0 0.0

109.2 148.8 12.0 0.0

Total Assets

146

196

228

270

Cash Flow Statement (RsCr.)

Particulars
PBT Depreciation Interest Divi received Cash flow from operations Changes in working capital Taxes paid Net Cash from operation Fix Assets purchase Invt sales Dividend&Int received Net cash Flow frm Int Acti Proceeds from ishue Dividends Shorterm Loan Longterm Loan Interest Net Cashflow from Fin Act. Net Inc/Dec in Cash Opening Cash Balance Closing cash balance

Financial Ratios
FY10
31.1 4.1 1.8 0.3 36.7 -14.4 -2.1 20.3 -34.0 0.0 0.3 -33.6 0.0 -3.2 29.6 -5.5 -1.8 19.1 5.7 14.0 19.7

FY09
27.1 3.2 1.9 1.3 31.0 -20.0 -2.5 8.5 -45.2 19.7 0.9 -24.6 0.0 -3.2 -4.3 20.0 -1.9 10.6 -5.5 19.5 14.0

FY11E
42.3 6.8 2.1 0.3 50.8 -25.8 -3.0 22.1 -6.8 -3.0 0.3 -9.5 0.0 -3.2 -1.0 -3.0 -2.1 -9.3 3.3 19.7 23.7

FY12E
53.1 8.3 2.2 0.3 63.3 -20.6 -3.7 39.0 -8.3 -7.0 0.3 -15.0 0.0 -3.2 -1.0 -4.0 -2.2 -10.4 13.6 23.7 37.9

Particulars
Market price (Rs) EPS RS. OPM% NPM%

FY09
330.0 18.2 25% 19%

FY10
330.0 21.2 22% 18%

FY11E
330.0 28.7 22% 17%

FY12E
330.0 36.1 21% 17%

ROE % ROCE % Book Value's per share P/E Ratio P/BV EV/EBIDTA

20% 22% 91 18.2 3.6 14.8

21% 20% 110 15.6 3.0 13.0

23% 23% 137 11.5 2.4 9.2

23% 23% 170 9.2 1.9 7.1

Leverage Ratios Debt-Equity Ratio Interest Cover Ratio 0.2 15.2 0.3 18.2 0.2 21.6 0.2 25.0

Working capital ratios Debtor Days Inventory Days 116 147 92 227 78 227 80 227

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Kaveri Seed Company Ltd. Disclaimer

Initiating Coverage

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For Further Details

- Avinash Gorakshakar - Head Research Tel.: -91-22-42198100 Email: avinash.gorakshakar@anagram.co.in RATING INTERPRETATION : BUY Expected to appreciate more than 20% over a 12-month period Accumulate Expected to appreciate up to 20% over a 12-month period Neutral Expected to remain in a narrow range SELL Expected to depreciate more than 10% over a 12-month period
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