30 August 2016
India | Renewables
Company Update
Global Markets Research
Ujaas Energy Sunny trendsetter
Rating: Not Rated
Transforming into a turnkey solutions provider
CMP: INR 23 (as on 24 August 2016)
After starting its journey as a manufacturer of panel meters and transformers in 1979, Ujaas Energy (UJEL IN), formerly known as M&B Switchgear, has today transformed into a turnkey solutions provider for solar power plants across India. It owns a 15.4MW solar photovoltaic (PV) generating capacity. The company offers turnkey solutions in solar through three segments: 1) Ujaas Solar Park — its own solar parks, 2) Ujaas My Site — at customer’s location, especially commercial, and 3) Ujaas Home — a rooftop solutions provider to commercial buildings and residential places. Ujaas also manufactures transformers upto 133kV at its Indore facility in Madhya Pradesh. During FY16, it reported a revenue of INR 2.8bn, up 2.5x YoY, and a PAT of INR 209mn, up 27% YoY.
Key data* Bloomberg /Reuters Code Current /Dil. Shares O/S (mn) Mkt Cap (INR bn/USD mn) Daily Volume (3M NSE Avg) Face Value (INR) 1 USD = INR 67.1 Note: *as on 24 August 2016; Source: Bloomberg
Price & Volume 35
The company has developed a portfolio of 124MW of solar power PV projects over the past five years in Madhya Pradesh. Of these, it owns 15.4MW of solar power plant. As an EPC developer, Ujaas pursues activities from conceptualizing to commissioning a solar power plant on land selected by the company. It also undertakes operations and maintenance services of the park. The project size is more than 500kW.
15
Cashflow stabilizing from its 15.4MW solar plant in MP An early entrant, the company has set up its own cumulative capacity of 15.4MW solar PV projects across districts in Madhya Pradesh. During FY16, solar power plant revenue stood at INR 300mn (11% of total revenue FY16), up 37% YoY. EBIT was flat at INR 256mn, with an EBITDA margin of 85%.
10
25 20
Unlike Ujaas Solar Park which targets small and mid size enterprises, Ujaas My Site caters to commercial users where the plant is based on the customer’s premises or preferred location. Installation at customer premises needs fewer approvals and can be executed rapidly. Similar to Ujaas Solar Park, the company provides turnkey solutions for projects of more than 25kW.
15
30
Growing portfolio of solar parks
Targeting commercial users through Ujaas My Site
UJEL IN/UJAA.BO 200/200 5/69 492,613 1
5
10 Aug-15
Nov-15
Feb-16
Vol. in mn (RHS)
May-16
0 Aug-16
Ujaas Energy (LHS)
Source: Bloomberg
Shareholding (%)
Q2FY16 Q3FY16 Q4FY16 Q1FY17
Promoter
70.7
70.7
70.7
70.7
Institutional Investors
1.3
1.4
1.5
1.6
Other Investors
9.4
9.3
8.1
7.4
General Public
18.6
18.6
19.8
20.3
12M
Source: BSE
Price performance (%)
3M
6M
Sensex
10.9
21.5
9.0
Ujaas Energy
(2.1)
(6.3)
57.7
BSE Power
16.2
29.2
17.4
BSE Midcap
18.7
34.9
25.8
Source: Bloomberg
EBITDA CAGR of 11% over FY13-16 Revenue grew by 2.5x to INR 2.8bn based on better execution of solar projects in FY16, but was well below its peak of INR 5.3bn in FY14. EBITDA grew by 48% to INR 625mn, with an EBITDA margin of 22.6%, down 1,552bp, owing to higher revenue from projects. The company posted an EBITDA CAGR of 11% over FY13-16. PAT was up 27% YoY to INR 209mn in FY16. The company trades at 22x FY16 P/E and 7.2x FY16 EV/EBITDA. Key Financials YE Revenue YoY EBITDA EBITDA Adj PAT YoY Fully DEPS March (INR mn) (%) (INR mn) growth (%) (INR mn) (%) (INR) FY13 2,426 614.7 454 NA 268 NA 1.3 FY14 5,255 116.7 914 101.5 343 28.0 1.7 FY15 1,111 (78.9) 423 (53.7) 164 (52.1) 0.8 FY16 2,771 149.4 625 47.8 209 27.1 1.0 Note: pricing as on 24 August 2016; Source: Company, Bloomberg, Elara Securities Research
RoE (%) 22.7 23.4 9.8 11.4
RoCE (%) 19.9 15.4 8.5 9.8
P/E (x) 12.7 7.7 20.6 21.7
P/BV (x) (0.3) 0.7 10.2 7.2
Deepak Agrawala •
[email protected] • +91 22 6164 8523 Harshit Kapadia •
[email protected] • +91 22 6164 8542 Elara Securities (India) Private Limited
Ujaas Energy
Financials (YE March)
614.7 nm nm 18.7 11.1
116.7 101.5 28.0 17.4 6.5
(78.9) (53.7) (52.1) 38.1 14.8
149.4 47.8 27.1 22.6 7.5
1.3 0.2 12.7 7.2 1.4 2.4 7.0 0.9
1.7 0.2 7.7 3.6 0.6 1.3 10.0 1.5
0.8 0.1 20.6 10.2 3.9 1.6 10.7 0.3
1.0 0.1 21.7 7.2 1.6 1.9 12.2 0.4
(0.1) 22.7 19.9
0.3 23.4 15.4
0.4 9.8 8.5
(0.0) 11.4 9.8
Revenue & margin growth trend 38.1
6,000
40
5,000 (INR mn)
FY16 2,771 149.4 625 22.6 23 649 80 569 155 414 205 49.6 209 209 FY16 200 1,724 1,924 931 524 3,379 2,001 242 1,759 2 263 670 685 3,379 FY16 561 551 1,112 1,112 (11) 1,101 (217) (241) 643 FY16
35
4,000 3,000 2,000
30 22.6 18.7
25 20
17.4
1,000
15
0
10 FY13
FY14
FY15
Net Revenues (LHS)
FY16
EBITDA Margin (RHS)
Source: Company, Elara Securities Estimate
Adjusted profit growth trend 400
(INR mn)
FY15 1,111 (78.9) 423 38.1 22 445 81 364 180 184 67 36.2 164 (47) 117 FY15 200 1,533 1,733 1,099 407 3,239 1,992 162 1,830 21 1,228 160 3,239 FY15 406 (442) (36) (47) (83) (4) (87) (416) (10) (512) FY15
120
200
28.0
27.1
60
0.0 0
0 (52.1)
(200)
(60) FY13
FY14
Adjusted PAT (LHS)
FY15
FY16 PAT Growth (RHS)
Source: Company, Elara Securities Estimate
Return ratios 25
22.7
23.4
20 (%)
FY14 5,255 116.7 914 17.4 76 991 47 944 91 853 479 56.1 343 31 374 FY14 200 1,428 1,628 1,315 379 3,322 1,988 81 1,907 10 751 654 3,322 FY14 802 (24) 777 31 808 (1,429) (621) 1,229 (10) 598 FY14
(%)
FY13 2,426 614.7 454 18.7 54 508 19 489 51 439 169 38.4 268 2 270 FY13 200 1,101 1,301 262 90 1,652 435 34 400 125 751 376 1,652 FY13 420 46 466 2 468 (147) 321 (410) (89) FY13
(%)
Income Statement (INR mn) Net Revenues Change (%) EBITDA % of Total Revenues Add:- Non operating Income OPBIDTA LESS: Depreciation & Amortization EBIT Less: Interest Expenses PBT Less: Taxes Rate (%) Adjusted PAT Extra-ordinary Income (net) Reported PAT Balance Sheet (INR mn) Share Capital Reserves Net Worth Borrowings Deferred Tax Liability Total Capital Employed Gross Fixed Assets Less: Depreciation Net Block Add: Capital Work in Progress Investments Net Working Capital Cash & Bank Balance Total Assets Cash Flow Statement (INR mn) Cash PAT after adj of non cash items (Inc)/Dec in WC CF from Operations EO Income CF from Oper. Incl. EO Items Capex Free Cash Flow Financing Cash Flow Investing Cash Flow Change in Cash Financial Ratios Profitability ratios (%) Revenue Growth EBITDA Growth PAT Growth EBITDA Margin Net Margin Per Share data and valuation ratios (%) EPS (INR) DPS (INR) P/E (x) EV/EBITDA (x) EV/Sales (x) P/B (x) BVPS (INR) Dividend Yield (%) Return & Liquidity ratio (%) Net debt/Equity ratio (x) RoE RoCE
15
19.9 15.4
10
9.8
8.5
5
11.4
9.8
0 FY13
FY14 RoE
FY15 FY16 RoCE
Source: Company, Elara Securities Estimate
Note: pricing as on 24 August 2016; Source: Company, Elara Securities Estimate
132
Elara Securities (India) Private Limited
Ujaas Energy
Ujaas is an early entrant in solar power by focusing on developing its own solar parks. Over the past few years, it has managed to set up seven solar parks in Madhya Pradesh, with cumulative capacity of 124MW, as on March 2016. Some investors in these solar parks are small and mid-size corporate, such as KRBL, SRS, Friends Group, Rockwell, Avon cycles, NALCO and SECI. In its “Ujaas Park” segment, the company offers end-toend turnkey solutions: land acquisition, evacuation infrastructure facility [transformers, substation & grid connectivity], common facilities like monitoring equipment & software like SCADA, requisite approvals & permissions and operations & maintenance services. Usually, each project within the park is more than 500kW. Exhibit 1: Key projects of Ujaas Solar Park
Exhibit 2: Portfolio of solar parks in Madhya Pradesh built by Ujaas Energy Solar parks
(MW)
Rajgarh
16
Barod
28
Rojhani
33
Susner
17
Icchawar
14
Sitamau
13
Bercha
6
Total Source: Company, Elara Securities Research
124
Renewables
Early entrant on setting up own solar park
Source: Company
Elara Securities (India) Private Limited
133
Ujaas Energy Solar parks revenue streams: EPC + O&M Execution of turnkey projects and O&M services are the revenue streams of the solar park. Ujaas undertakes end-to-end EPC works of the solar power plant, from levelizing the land to installation of solar panels & allied equipment and systems, such as inverters, air circuit breakers, string monitoring boxes, HT cables, SCADA and transformers. Operations and maintenance work, such as monitoring of solar power generation, functioning of equipment and cleaning of solar panels, is offered by the company. The investor would earn from the quantum of the sale of solar power to the grid and the sale of please expand (REC), which is issued based on the generation of solar power.
Exhibit 4: Some key projects executed in “Ujaas My Site” segment Name of solar parks
kW
Hyderabad
200
Noida
510
Bhubaneshwar
360
Ludhiana
350
Jhunjhunu
100
Kanpur
200
Ajmer
100
New Delhi
100
Bhopal
200
Bathinda
90
Source: Company, Elara Securities Research
Exhibit 3: Various activities involved in setting up a solar park
Source: Company
Solar plant on customer premises or preferred site In its “Ujaas My Site” segment, the company caters to the needs of commercial users which want to install solar power generation systems on their own premises or sites of their choice. Installation at own premises need fewer approvals and can be executed rapidly. Just as in Ujaas Solar Park, the company provides turnkey solutions for such projects. Activities include location selection, feasibility study, design, procurement, commissioning and long-term O&M (as per user requirements). Usually, the plant size is from 25 kW.
134
Elara Securities (India) Private Limited
Ujaas Energy
Renewables
Exhibit 5: Snapshot of key projects of Ujaas My Site
Source: Company
Ujaas Home – rooftop solutions provider
Stable revenue from solar generation
Similar to the Ujaas My Site, Ujaas Home covers rooftop solutions at customer site with project size of less than 25kW. Customers are primarily residential and commercial buildings. Solar power generated is consumed for its captive use. Just as in Ujaas My Site, the company offers turnkey solutions with activities, such as the study of load requirements, feasibility study, design, procurement, commissioning and long-term O&M.
Ujaas was one of the first companies to set up its own cumulative capacity of 15.4MW solar PV projects by FY14. The plants — Rajgarh (2.2MW) and Barod (13.2MW) are based in solar parks in Madhya Pradesh. They generate a stable source of cashflow for the company. In FY16, Ujaas earned a revenue of INR 300mn (11% of total revenue FY16), up 37% YoY. EBIT remains flat at INR 256mn with a margin of 85%. Management plans to sell the plant at an appropriate valuation and remains focused as a turnkey services provider in the solar space.
Exhibit 6: Ujaas owns and operates 15.4MW solar power generation plant…
Exhibit 7: …which gives a stable revenue stream with higher margin
18
350
15.4 (INR mn)
9 6 3
110
250 200
90
150 100
2.2
(%)
(MW)
15 12
130
300
70
50 0
0 FY12 Own Solar Capacity Source: Company, Elara Securities Research
Elara Securities (India) Private Limited
FY14
50 FY13 Revenue
FY14 EBIT
FY15
FY16 EBIT Margin (RHS)
Note: EBIT margin is well above 100% in FY15 due to edemption of REC Source: Company, Elara Securities Research
135
Ujaas Energy Solar power system constitutes 88% of FY16 revenue
Landbank of 900 acres
Solar power systems is the largest segment comprising EPC and O&M revenue. It constitutes ~88% of total revenue in FY16. This segment’s revenue jumped by 2.9x to INR 2.4bn with a proportionate increase in the EBIT to INR 336mn in FY16. EBIT margin was at 13.8%, up 20bp. However, segment revenue was lower than its peak of INR 4.8bn in FY14. As on June 2016, the company has an REC inventory of INR 420mn.
Ujaas has entered into an MoU with Madhya Pradesh, which would lease a landbank of 700 acres to the company to set up another solar power plants in the State. Presently, UJEL owns a landbank of 200 acres, about 70% is in Madhya Pradesh and balance is in Maharashtra.
22
5,000
20
4,000
18
3,000
16
2,000
14
1,000
12
0
Exhibit 9: Order book remains flat in Q1FY17
10 FY13 Revenue
FY14
FY15
EBIT
46
50
40
40 (MW)
6,000
As on June 2016, the company’s orderbook stood at 25MW, flat QoQ, but higher by 2.5x YoY. Further, it has submitted bids for solar projects aggregating 85MW. During Q1, it has received an order inflow of 14MW.
(%)
(INR mn)
Exhibit 8: Better execution drives revenue, although it is still well below its peak
Flat orderbook in Q1FY17
FY16
30
25
Q4FY16
Q1FY17
20 10
10
EBIT Margin (RHS)
25
0
Source: Company, Elara Securities Research
Q1FY16
Q2FY16
Q3FY16
Orderbook Source: Company, Elara Securities Research
Exhibit 10: Details of orders announced over FY16-August 2016 Order size (MW)
Order size (INR mn)
Order details
States
Customers
EPC contract for grid interactive solar PV power plant at Jaisalmer
Rajasthan
Oil India
9
880
EPC including warranty, O&M of rooftop solar PV system
A&N Islands
SECI
1
80
10
659
6
370
EPC for solar PV power project at Teesta Canal Fall hydroelectric plant West Bengal
West Bengal SEB
Grid connected solar PV project, including five years of O&M
Electricity Daman and Diu Department of Daman and Diu
Grid connected solar PV project, including 25 years of O&M at Vadodra
Gujarat
Sardar Sarivar Narmada Nigam
10
918
Grid connected ground-mounted solar PV project at Jaipur airport
Rajasthan
Airports Authority of India
1.8
108
Establish solar PV power plant and O&M for Visakhapatnam Steel Plant
Andhra Pradesh
Rashtriya Ispat Nigam
5
347
EPC and O&M of 10 years for solar PV power plant at Aligarh Muslim University
Uttar Pradesh
Aligarh Muslim University
3
207
Source: Company, Elara Securities Research
136
Elara Securities (India) Private Limited
Ujaas Energy Exhibit 11: Power systems execution drives revenue but its low from its peak in FY14
4,000 117
3,000
149
2,000 (79)
1,000 0 FY13
FY14
FY15
Revenues
100% 80% 60% (%)
(INR mn)
5,000
700 600 500 400 300 200 100 0 (100) (200)
20% 0% FY13
FY16
38.1
1,000
17.4
400
30
300
20
Solar Plant
40
27
20 0 0
200 (20)
(52) 100
10
200 0 FY14
FY15 FY16 EBITDA Margin (RHS)
0.20 9.0 7.1
PAT Growth (RHS)
23.4
19.9
15
15.4
9.8
11.4
10
0.10 0.05 0.00 FY13
FY14
DPS
FY15
4
5
0
0
8.5
FY13
FY16
Dividend Payout (RHS)
0.4
1,500
0.4
1,000
1,000
0.3
500
800
0.2
600
0.1
(0.0)
0.0
(0.1)
200
(0.1)
0
(0.2) FY13 Debt
FY14
FY15
FY16
Net debt to equity (RHS)
Source: Company, Elara Securities Research
Elara Securities (India) Private Limited
(x)
0.5
0.3
1,200
FY15
9.8
FY16
RoCE
Exhibit 18: Cashflow from operations rises
(INR mn)
1,400
FY14 RoE
Exhibit 17: Net debt : equity is down nil
400
FY16
20
12 8
22.7
25
(%)
0.15
FY15
Exhibit 16: Return ratios improves marginally
16
13.6
FY14
PAT (LHS)
(%)
13.1
(60) FY13
Exhibit 15: Lower dividend payout in last two years 0.25
(40)
0
0 FY13 EBITDA
(INR/share)
Solar Systems
28
400
(INR mn)
FY16
(%)
22.6 18.7
FY15
Exhibit 14: PAT was up 27% YoY in FY16
40
(%)
(INR mn)
800
FY14
Transformers
Revenue growth (RHS)
Exhibit 13: EBITDA margin contracts as solar power system execution picks up
600
40%
Renewables
615
(INR mn)
6,000
Exhibit 12: Solar power system contributes 88% of total revenue in FY16
0 (500) (1,000) (1,500) FY13
FY14
Cash flow from operation
FY15
FY16
Cash flow from investment
Cash flow from finance Source: Company, Elara Securities Research
137
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Elara Securities (India) Private Limited Disclosures for U.S. Investors The research analyst did not receive compensation from Suzlon Energy Limited, Inox Wind Limited, NTPC Limited, PTC India Limited, ABB India Limited and Ujaas Energy Limited.
Elara Capital Inc.’s affiliate did not receive compensation from Suzlon Energy Limited, Inox Wind Limited, NTPC Limited, PTC India Limited, ABB India Limited and Ujaas Energy Limited in the last 12 months. Elara Capital Inc.’s affiliate does not expect to receive compensation from Suzlon Energy Limited, Inox Wind Limited, NTPC Limited, PTC India Limited, ABB India Limited and Ujaas Energy Limited in the next 3 months.
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Managing Director
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+91 22 6164 8571
Deepak Sawhney
India
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+91 22 6164 8549
Nishit Master
India
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+91 22 6164 8521
Prashin Lalvani
India
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+91 22 6164 8544
Sushil Bhojwani
India
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+91 22 6164 8512
Sudhanshu Rajpal
India
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+91 22 6164 8508
Parin Vora
North America
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+91 22 6164 8558
Manan Joshi
India
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+91 22 6164 8555
Manoj Murarka
India
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+91 22 6164 8551
Sanjay Joshi
India
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+91 22 6164 8554
Vishal Thakkar
India
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+91 22 6164 8552
Sales
Sales Trading & Dealing
Research Abhishek Karande
Analyst
Technical & Alternate Strategy
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+91 22 6164 8562
Adhidev Chattopadhyay Analyst
Infrastructure, Real Estate
[email protected] +91 22 6164 8526
Ashish Kejriwal
Analyst
Metals & Mining, Railways
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+91 22 6164 8505
Deepak Agrawala
Analyst
Power, Capital Goods
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+91 22 6164 8523
Jay Kale, CFA
Analyst
Auto & Auto Ancillaries
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+91 22 6164 8507
Rakesh Kumar
Analyst
Banking & Financials
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+91 22 6164 8559
Ravi Menon
Analyst
IT Services
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+91 22 6164 8502
Ravi Sodah
Analyst
Cement
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+91 22 6164 8517
Sumant Kumar
Analyst
Agri, Travel & Hospitality, Paper
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+91 22 6164 8503
Swarnendu Bhushan
Analyst
Oil and gas
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+91 22 6164 8504
Harshit Kapadia
Sr. Associate
Power, Capital Goods
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+91 22 6164 8542
Manuj Oberoi
Sr. Associate
Banking & Financials
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+91 22 6164 8535
Aniket Pande
Associate
IT Services
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+91 22 6164 8510
Anuja Barve
Associate
Agri, Travel & Hospitality, Paper
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+91 22 6164 8541
Harsh Jhanwar
Associate
Cement
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+91 22 6164 8546
Hetal Gada
Associate
Metals & Mining, Railways
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+91 22 6164 8536
Kamlesh Shirbhate
Associate
Infrastructure, Real Estate
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+91 22 6164 8525
Milan Desai
Associate
Media
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+91 22 6164 8516
Vijay Gyanchandani
Associate
Auto & Auto Ancillaries
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+91 22 6164 8511
Vaishnavi Mandhaniya
Executive Research Telecom
[email protected] +91 22 6164 8519
Priyanka Sheth
Editor
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+91 22 6164 8568
Gurunath Parab
Production
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+91 22 6164 8515
Jinesh Bhansali
Production
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+91 22 6164 8537
Access our reports on Bloomberg: Type ESEC Also available on Thomson & Reuters Elara Securities (India) Private Limited CIN: U74992MH2007PTC172297 SEBI RA Regn. No.: INH000000933 Member (BSE, NSE) Regn Nos: CAPITAL MARKET SEBI REGN. NO.: BSE: INB 011289833, NSE: INB231289837 DERIVATIVES SEBI REGN. NO.: NSE: INF 231289837 Website: www.elaracapital.com Investor Grievance Email ID:
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